We operate a totally transparent, open, honest and professional service to care for you and your investment.
Each syndicate has its own bank account, through which all payments for services or work done on behalf of the syndicate are made. This is a “Designated Client Account”, which means that the Bank accepts that the money in the account belongs to the share owners and not Carefree Cruising. Any share owner may request a copy of the bank statement for their account at any time. Your money is therefore 100% safe.
An Annual General Meeting is held once per year in a central location. Share owners have the opportunity to discuss with Carefree Cruising staff in person anything relating to the running of their syndicate and boat. The syndicate budget for the following year is discussed and approved along with the management fee and the charge rate for repairs and servicing to be made by Carefree Cruising.
We maintain a “work log” for each syndicate that includes details of all work required on the boat, when the requirement was reported, when the work was completed and how much it cost. This “work log” is posted into the syndicate area of our web based communication and information system for all owners to see and comment on if appropriate.
Syndicate accounts are prepared each month, showing full details of all income and expenditure, and these are posted into the syndicate area of our web based communication and information system for all owners to see. Any owner can query or ask an explanation of anything within these accounts.
Twice per year (“Part Year” for the AGM and “Full Year” when the financial year has ended) full syndicate accounts, including a commentary are prepared and sent to all share owners. These are discussed and approved at the syndicate Annual General Meeting. Any share owner can inspect all the invoices, bank statements and documents relating to their syndicate at any time.
We operate an internet based share owner communication and information system for the benefit of all of our owners. As well as having a “forum” communication board that you can communicate with the other owners in your syndicate, you can contact other owners in every other syndicate too.
All share owners are given full contact details for the other owners in their syndicate, and communication between owners is encouraged.
Carefree take away all the stress of private ownership – maintenance, insurance, mooring, etc. We have found the company extremely helpful and their engineers very knowledgeable.