24 January 2022
Group Insurance Update
As some of you may be aware the Insurance Trust has owned a holiday lodge in the Cotswolds for many years which was available for our members to book for holidays.
When our new Trustees were appointed in July 2020, they completed a review of the entire business which included the lodge. Although our financial records only go back as far as 2008, from that year to 2020 the lodge lost a total of £124,479.00 and never once broke even. Clearly this was not sustainable. As this review took place during Covid lockdown when we could not accept guests, the Trustees placed a private tenant into the property, and this is the first time the lodge has brought in a sustained income to cover it’s running costs.
Once we emerged from lockdown, the Trustees planned on selling the lodge, and we can confirm this has now taken place as of Friday 21st January 2022.
The Trustees have a legal duty to act carefully and distribute assets correctly but still preserving the value of the Trust capital. In respect of the lodge, it has not provided an income for many years.
As part of the ongoing work of the Trustees, we purchased a holiday home in Hunstanton last summer which has performed exceptionally well and already has several bookings throughout 2022.
We also have another surprise addition coming very soon, which we think you’re going to love and will be very popular – more to come on this as soon as we can.