Latest News
HomeAfricaAir Travel Trust publishes its Annual Report and Financial Statements
Increase in the deficit to £42.3 million

Air Travel Trust publishes its Annual Report and Financial Statements

The Air Travel Trust (“ATT”) has published its Annual Report and Financial Statements for the year ended 31 March 2011, reporting an increase in the deficit to £42.3 million. the report shows that the ATT received income of £47.7m during the year; substantially from ATOL Protection Contributions for 18.5m ATOL protected passengers.

The most significant impact on the Trust arose from the insolvency of Goldtrail Travel Limited, going into administration at the height of the 2010 summer holiday season. The circumstances around this failure are under investigation. This failure highlighted the poor standards of customer documentation issued by some in the travel industry; leading to unacceptable delays in refunds to holidaymakers. 

The Trustees welcome the Government’s consultation on secondary legislation to introduce reform of ATOL from January next year. The report records that 29 ATOL holders failed during the year to 31 March 2011, and because of the ATOL scheme, over 47,000 ATOL protected passengers were to able to complete their holiday and around 146,000 received a refund of advance payments.

In parallel to the ATOL reform consultation, the ATT is considering amendments to its payment policy. This action follows on from changes made to the policy earlier this year, highlighting the importance of issuing customers with the correct documentation for their holidays. It is hoped the proposed revisions will provide even greater clarity to industry of the requirements and the documentation that should be issued to their customers.

The ATT Chairman, Roger Mountford, said: “Despite the Trust facing an increase in its deficit, largely caused by the failure of Goldtrail Travel Limited, it has continued to meet its objective of providing refunds to customers affected by the failure of their ATOL holder. This past financial year has seen the Trust either repatriate or refund a record 193,000 UK holidaymakers. Government has published its consultation on reforming the scope of ATOL and bringing clarity to consumers, the trade and the ATT as to who is covered by the ATOL scheme. We look forward to a decision by the Government to proceed with a reform that is clearly in the public interest.” 

News Editor - Travel Media Applications | Website | + Articles

Tatiana is the news co-ordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes to monitor the hundrends of news sources of TravelDailyNews Media Network and skim the most important according to our strategy. She holds a Bachelor degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.

23/02/2024
22/02/2024
21/02/2024
20/02/2024
19/02/2024