We have a profit share arrangement with our buildings insurance provider.
This means we receive a payment if there is money left over as a result of a low number of claims. If the level of claims are high, then the payment will be low or there may be no payment at all.
This payment amount varies from year to year, and over the last few years, the payments have been as follows:
- 2015/16 - £345,742
- 2016/17 - £108,390 *
- 2017/18 - £0
- 2018/19 - £0.
* this includes a further £21,000 released in 2018 to settle remaining outstanding claims from 2016/17
This money is added to any surplus made by Lowther during the financial year. Unlike most other factors, Lowther doesn’t make a profit. Any surplus is gift-aided to The Wheatley Foundation, our parent company’s charitable trust.
Wheatley Foundation runs a number of schemes to help tackle poverty, create job and training opportunities and improve neighbourhoods.