Ski Club of Great Britain Annual Report & Accounts 2018

ANNUAL REPORT & ACCOUNTS 2018 AND AGM NOTICE

Report & Accounts 2018 2016

Contents 2

AGM notice & agenda

3

Chairman’s report

4

Chief Executive’s report

5

Treasurer’s report

6

Financial summary

7-11

Membership statistics & product usage

12

Online statistics

AGM Notice Notice is hereby given that the 111th Annual General Meeting of the Ski Club of Great Britain Limited will be held on Thursday 15 November 2018 at 5:30pm, at the 58VE, 58 Victoria Embankment, London, EC4Y0DS. Directions and travel information can be found at skiclub.co.uk

Agenda 1.

After the main business of the AGM, there

Annual General Meeting, held on

will be a questions and discussion session.

Thursday 16 November 2017 If any member wishes to raise a topic,

13-20 Statutory accounts 21

Questions and discussion

Approve the minutes of the 110th

Voting

2.

The Chairman’s Report

3.

The Chief Executive’s Report

4.

The Treasurer’s Report and

presentation of the Report and Accounts for the year ended 30 April 2018 5. Reappoint Alliotts as auditors Ski Club of Great Britain Connect House, 133-137 Alexandra Rd

6. Re-election of the Chairman and Treasurer for a further one year term

Wimbledon, London, SW19 7JY T +44 (0)20 8410 2000 E agm@skiclub.co.uk

2 Ross Woodhall

Cover photo: Melody Sky

it would be helpful to receive written notification prior to the meeting by post or email. Please email agm@skiclub.co.uk if you have anything to raise.

If you plan to attend the AGM, please let us know by emailing agm@skiclub.co.uk so we know how many people to expect.

2016 Report & Accounts 2018

Chairman’s Report In the period to 30 April 2018 we achieved a broadly balanced result before investment gains or losses, in line with our policy, and successfully delivered benefits to over 27,000 members.

It is testament to the dedication of our management and staff team supported by council members that this was achieved in the absence of the leadership of the greatly missed Frank McCusker from June 2017.

The first Frank McCusker Young Leader Award, established in his memory, will shortly be presented to the successful young skier chosen from 16 applicants to enable them to join our Leader training course this December.

On snow activities showed increases in holiday numbers with Freshtracks and Mountain Tracks, and in those out with our volunteer Leaders and Instructor Led Guiding. The number of members buying our insurance policies also increased.

Darren Neylon joined us as Chief Executive Officer on 13th March and was chosen to develop and lead an ambitious future for the Club. We need to grow in size and become relevant to many more skiers and snowboarders. We wish to see far more people skiing, snowboarding and socialising together through a Ski Club connection.

This is entirely consistent with the guiding purpose of the Club established at its foundation, indeed it will take us back into some areas where we were much more active in the past as well as new initiatives.

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Thus, his initial months have been devoted particularly to examining and changing the organisational structure and drawing up a new strategic plan. The right structure is essential to provide the skills and resources to capitalise on our present activities and quickly develop and implement the new strategic plan. Growth and development are also essential to preserve the Club and avoid the risk of slow decline over the coming years.

The strategic plan was approved by Council in September after a considerable amount of work by Darren and his team in the previous months and active involvement by Council.

The principal strategic objectives agreed are: (i) Satisfy the wants and needs of existing members through enhanced services and enjoyable experiences for likeminded individuals and groups, focusing on social skiing, events and the provision of exceptional service. (ii) Improve the inclusiveness, reach and relevance of Ski Club to non-members across Great Britain through the provision of services and fun experiences to core and new audiences, engaging all ages and abilities, particularly in the UK domestic market. (iii) Expand Ski Club’s non-subscription, commercial activities, including the provision of accessible, affordable, unique and immersive holiday experiences and quality, multi-trip insurance products, for purposes of generating increased revenues for reinvestment in Ski Club’s membership services. (iv) Raise Ski Club’s profile, positioning

ourselves at the centre of the snowsports industry and providing a consistent and compelling voice across all snowsports to influence the industry’s sustainability and future development. (v) Promote Ski Club’s core values of safety and trust through all Club activities, including messaging, branding, events and representatives to uphold the Club’s integrity and reputation for independent, impartial advice, best practices in mountain safety and awareness that makes the Club a trusted leader for safety in the mountains.

The plan identifies a large number of initiatives across all our activities to achieve these objectives. They are designed to deliver a doubling of membership and subscriptions, holidays numbers, revenue, insurance policies and commission over the next three years. Benefits, services and products to members and non-members will be expanded commensurate with, and to support, these targets. These are ambitious aims, will certainly bring challenges along the way, will not be without risk and will require a substantial effort from the management team and council. However, the opportunities and goals for a bigger and more relevant Club are significant, whilst preserving our ethos and sustaining the Club for the long term.

After the AGM we will adjourn for the first time to the White Haus, the alpine themed pub nearby in Farringdon Street that has been decorated with much of our heritage memorabilia and will now be our social home in central London. It will also provide a permanent showcase for the Ski Club to everyone visiting the pub.

With mountain safety practice continually developing, last year we prepared a Code of Conduct for Off Piste to complement

the FIS Rules for Conduct on the piste, this was partly in response to enquiries from members socially skiing off piste. This year we will introduce the American Avalanche Association training course into our Leaders’ Course, for the first time giving an element of recognition to the course. We have also just altered our policy for anyone skiing off piste with a Ski Club Leader to make it mandatory to carry a shovel and probe as well as a transceiver.

Your Council has been busy during the past year and on your behalf, I offer them sincere thanks for the effort they voluntarily provide. Some of this was above and beyond the expectations for non-executive directors, not least whilst we missed Frank and before Darren’s arrival and, as mentioned, the management and staff did a sterling job and I thank them very much as well.

Kim Moss and Mark Borland are due to retire at the AGM. However, we do not have any candidates for election and thus Kim and Mark have agreed to stay as council members until replacements are identified.

In the invitation in August to seek members, we invited proposals from those with the required business experience, skills and commitment, and industry or business contacts to contribute towards good stewardship and growth of the Club.

Our intention is to actively seek candidates in the coming months with a view to replacing Kim and Mark in the first half of 2019. Any new Council members would then be eligible for election at the next AGM.

Malcolm lcolm Bentley i Chairman

Report & Accounts 2016 2018

Chief Executive’s Report Ski Club’s mission is to encourage and support people to ski and snowboard, providing those who love snowsports with social, safe, enjoyable and inspiring experiences. By pursuing this mission statement, we intend to create compelling reasons to be a member of the Ski Club, through fun on snow experiences and engaging social activities, providing our members memorable lifetime ski journeys. Our new 3 year strategy outlines our expansive ambitions, focusing on enhancing a sense of pride in the Club and making it a central hub for all those enthusiastic about snowsports.

A principal strand of our strategy is to substantially improve our presence in the UK domestic scene. The launch of the White Haus in central London in November 2018 in partnership with Hippo Inns provides the Ski Club with a spiritual home where we can meet and talk about all things skiing. We are planning an ongoing programme of engaging events, encompassing Ski Club social nights, music, technical presentations and a range of award and anniversary celebrations. Over time, we intend to roll this strategy out to other parts of the UK, partnering with similar organisations to bring our Club members together.

We are also planning national domestic competitions and Members Days for grass roots participants at indoor snow and dry slopes alongside commercial partners and snowsports organisations, incorporating recreational awards programmes. Our consumer research shows some 25% of people visit a UK ski centre before

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going on their overseas holiday. We are in discussions with key organisations, such as the National Schools Snow Sports Association, British Universities & Colleges Sport, Equity Inspiring Learning and NUCO to arrange engaging activities for the schools and universities sectors. Our member volunteers will be important in ensuring the success of these domestic initiatives. It is very important that we explore new areas of growth for our membership, especially youth, families, and twenty-somethings, encompassing travel and entertainment activities such as music gigs (eg. Sunset Sons at the 2018 Telegraph Ski and Snowboard Festival) and other similar attractions.

We already use social media to enable meet ups, social skiing and local events hosted by the Club, providing a platform for members and leaders to create their own social experiences. We are building a comprehensive support programme to assist our Leaders and have established a Leaders Forum to ensure regular consultation with this community. We are exploring a Leader qualification with snowsport governing bodies as well as training to attract youth as part of the Frank McCusker Young Leader Award. Of course, we will continue to explore new initiatives for the Leader service, such as the potential development of a Leader service for the international inbound market into Europe, particularly from China, India and Japan.

In resort, we will be utilising innovative technologies to expand brand awareness and engagement with our members.

Social media and mobile apps will be used to bring members together for fun social events and skiing. We will work closely with resort partners to deliver compelling offerings of social activities for our members, navigating a path through a challenging legislative landscape to restore resort relationships which have sustained the legacy of Ski Club through the ages.

Our holidays available through Freshtracks will be expanded to include culture, cuisine, wellness and city breaks.

Importantly, we plan to develop new Club Holidays offering a choice of accommodation, where the Club runs a fun on-snow and event programme that people can join in as much they wish.

There are many avenues of development for this style of trip: focusing on twenty somethings, singles, off piste, Peak Experiences or families – even encompassing a resort takeover, festivalstyle week.

The Ski Club’s Leader service is an important on-snow benefit for Club members that provides guiding in 18 resorts worldwide. We intend to substantially improve awareness of this service, both in the UK and in resort, attracting skiers to use it. We are also looking to expand the number of resorts taking advantage of favourable costs and increasing skier numbers, particularly in Austria, Italy and Scotland. In-resort activities will be expanded - such as races, family days and other cultural activities.

We are also excited about our Mountain Tracks business, which runs backcountry ski holidays during the European winter, from learning to ski off-piste and ski touring skills through to expert adventures and remote alpine skiing. In the summer, it runs trek and climbing trips requiring an IFMGA qualified mountain guide. We aim to expand the existing offering in the UK, with Matterhorn training weekends in North Wales, summer trekking, mountain biking and private groups for education,

corporate and armed forces sectors. Our goal is to build Trek & Climb products in summer to eventually equal winter volumes, effectively doubling numbers by 2020-21.

For over 15 years the Ski Club has offered specialist winter sports travel insurance products to both members and nonmembers. Our objectives are to expand the product across non-ski activities, such as trekking, and enhance the service and support provided by our underwriters, TIF. Recently we presented Ski Club’s 2018 Consumer Research Report to the snowsports industry at the Science Gallery, London. A new, more engaging approach was adopted to restore Ski Club’s profile as the voice of the snowsports industry.

We will continue to build this modern profile so that we can protect and sustain our members interests in the sport.

This includes our traditional award and charitable funding programmes, where we aim to enhance our contribution and support to future athletes and industry participants.

In 2018, we have restructured our business with the future in mind, ensuring resources, skills and service structure are fit for purpose to enable us to achieve our stated ambitions. We have recruited a new Head of Sales & Marketing and Head of Digital to deliver our expansive marketing plans. With the help of our Council, volunteer members, leaders and management team, I’m confident the Ski Club can grow and achieve success in the pursuit of our ambitious new strategy.

Darren Neylon Chief Executive

Report & Accounts 2018 2016

Treasurer’s Report The operations of the Club have continued on a consistent basis, reflecting the focus on delivering benefits for members and snow-sports.

Membership subscriptions, Freshtracks and Mountain Tracks continue to act as net positive contributors towards delivering onsnow activities (particularly Leaders and Instructor-led Guiding), Ski+board magazine, and the extensive discounts, affiliation, information and other member and industry benefits.

Overall, the 2017/2018 financial year resulted in a deficit of £37,000, which is reflected in the slight reduction in income and increase in support costs following a difficult year.

Net contributions have reduced by 1%, reflecting a slight reduction in advertising and insurance contributions. Central costs increased to £1,122,000 (2017: £1,079,000) mainly due to overlapping lease payments for the new offices, and increased IT support and licence costs increase for both Mountain Tracks website and the new SCGB website.

Cash balances declined due to various one-off charges. These include £100,000 corporation tax charge on the sale of the White House; SCGB and Mountain Tracks websites spend; and Summit database integration. The move to new

5

offices incurred some refit costs, upgrade of various IT systems, and payment of a refundable deposit to our landlord. We continue with our policy of funding all business-as-usual costs from income made in-year.

Our investment made from the sale of the White House continue to improve in value. The 2017-18 performance shows an increase to £3.96m (from £3.8m last year). Dividends of £67,000, which have been re-invested, are lower than could have been expected as the full sum was not invested until the end of October 2017. We anticipate annual dividends to be significantly greater with the sum fully invested (depending upon market conditions).

In March 2018, we handed over our Arnold Lunn Library and Ski Club Collection to the De Montfort University, which has a world-renowned department specialising in sports history. We are very excited to know that the Library and Collection will not only be stored in the best conditions possible, but also that the collection is now available to a global audience, for anyone interested in snow sports and the history of skiing to which the Club has contributed so greatly. The Club retains full ownership and members are welcome to see the collection and library as they wish.

We are about to establish ‘Ski Club of Great Britain – France’ which will provide us with a formal presence in France. We believe it is incumbent on us to fully engage with the French resorts, including

the people and organisations that live and work there. A properly constituted French club will benefit and provide a focus for members, particularly seasonal residents, skiing in France. It will also protect the Club’s operations against any potential ‘Brexit’ impact.

Ian Holt Treasurer

Report & Accounts 2018

Financial Summary

6 Ross Woodhall

Report & Accounts 2018 2016

Member Statistics Members by type

Members by region

2016

Total: 27.789

Total: 27,822 246 467 503

Members by age

2017 4,189

5,512

7,829

8,318

3.4%

4.6%

3.3%

13.1%

11.6%

10.4%

24.8%

23.2%

22%

23.9%

24.3%

25.5%

320 420

5.6%

14,588

13,129

2018 Total: 26,692

0.7%

1.3%

6,116

5.6%

7,949

8.3%

164 339

4.5%

0.3% 5.6%

1.9%

3.0%

5% 4.4% 2%

2%

11.1%

2.2%

12,122

9.9% 9%

8.2%

20.2%

20.8%

21.9%

2018

2017

2016

41.4%

10.5%

SKI CLUB+ BEGINNER

UNKNOWN

UNDER 24 FAMILY INDIVIDUAL SKI CLUB PLATINUM 7

*NB. Figures for Ski Club+ and Beginner memberships include Individuals, Family and Under 24. Ski Club+ was discontinued in 2018.

35-44

65+

24-34

1.2%

1.3%

55-64

UNDER 24

Rest of World

Rest of Europe

45-54

FAMILY U24

Report & Accounts 2018 2016

44

Freshtracks Statistics

18

Total: 2,629

375

267

A great start to the 2017/18 season, with early snowfall throughout Europe, meant that the Freshtracks team saw a prominent rise in passenger bookings for the months of January (7.6% increase) and February (9% increase). Despite a decrease in March and April bookings, we ended the season with an overall increase of 1.2% in passenger numbers.

The launch of the new Ski Club website in the summer of 2017 had an impact on the number of Freshtracks passengers choosing to book their holidays online. Although the online bookings were slow at the opening of sales in July, from November until the end of the season, an average of 25% of all bookings were processed via the website. This culminated in an overall rise in online bookings of 7.9% on the previous year.

The Chamonix Chalet experienced a drop in its overall occupancy rate from its inaugural year of running. However, its Flaine counterparts saw an increase, with an overall occupancy rate of 94%. The two Flaine Chalets have become a staple in the diaries of many of our regular Freshtracks passengers. This is due in part to the fantastic work of our lead chalet host, who has been based in Flaine for a number of winters, and will be continuing her role for the upcoming season.

Holidays

2017-18

16

48

303

359

528 275

1365

496

417

34

1,291

38

37

2016-17 Total: 2,597 55 307

308

2015-16 Total: 2,557 461

1,347

42

Total passengers 2692

ACTION

TOURING

DEVELOPMENT

WEEKEND

HELI

TAILORMADE

2597

2557

OFF PISTE

2015-16

8

Ross Woodhall Melody Sky

2016-17

2017-18

T

Report Report & & Accounts Accounts 2018 2016

Mountain Tracks Statistics The 2017/18 summer season was slow for Mountain Tracks with less than 60 passengers. A combination of the previous ownership slowing down marketing activity and an ageing website had a large impact on the number of bookings obtained before SCGB started managing operations. Climbers made up 95% of the passengers with Mont Blanc and The Matterhorn being the main products.

Winter bookings also started slower than the historical norm, this was mainly attributed to skiers lack of faith in recent snow years and also the impact of migration to a new website. Mountain Tracks enjoyed a very strong recovery however achieving 12 straight weeks’ excellent sales results.

Mountain Tracks carried 519 skiers over the winter the bulk of these (275) being private trips or hut to hut ski touring trips.

All in all this was a challenging year of systems integration, discovery and learning for the Mountain Tracks operations team. Despite this we retained a high number of customers and achieved a Feefo gold standard for service award.

2017-18 Total: 519

SUMMER WINTER 9

Jonny Cass

Report & Accounts 2018

Leader Statistics We were present again in the same 18 resorts in Andorra, Canada, Italy, Switzerland and USA. We saw an increase in overall skier days and utilisation. This is a positive result and a combination of a stronger marketing campaign and great snow conditions throughout the season.

Although the conditions in general were brilliant last season in Europe we did face some issues with resorts being closed due to weather.

We saw great member engagement in Soldeu and Zell am See, with Switzerland being slightly lower, perhaps due to the challenging exchange rate.

Our feedback revealed the service is still highly regarded by our members and continues to be an excellent way to enjoy the mountains.

Total Skier Days

Members and non-members skiing with a Leader

6,858 6,623 6,552 2,344 2,061

2015-16

2016-17

2017-18

1,867

277

268

2015-16

2016-17

330

2017-18

MEMBERS NON-MEMBERS

10 Melody Sky

Report & Accounts 2018

Instructor-led Guiding Statistics The programme continues to be well received and member feedback for the service was extremely positive. We made some more changes to the service introducing a new resort in Austria. St Anton was very well received by our members and proved a very popular resort for bookings. Once again, the offpiste sessions were very well utilised and the introduction of an intro to off piste session helped increase bookings and utilisation.

There were some early season challenges due to resort closures meaning a higher number of cancelled sessions, however the great conditions across Europe really helped increase our bookings this year.

TOTAL ILG USAGE Sessions run

395

Total places booked

1,995

Sessions booked by resort 318 315 Jonny Cass

256 184 149

141

133

128

125 116 97 33

Val d'Isere

11

Tignes

St. Anton

Argentiere

Avoriaz

Les Arcs

La Plagne

Courchevel

Meribel

Flaine

Val Thorens

Les Deux Alpes

Report & Accounts 2018 2016

Online Statistics

18,062

Online Page Views* 14,818

1,149,506 12,948

1,118,626

553,065

476,653

500,775

2016 277,724

2017

2018

PAGE LIKES

VISITOR SESSIONS UNIQUE VISITORS

2016

2017

19,200

2018

18,583

DEFINITIONS: UNIQUE VISITORS: An individual person that is browsing the internet.

VISITOR SESSIONS: A session of activity that an individual spends on a website - can also be called a visit.

This could include several page views as the individual browses through the website.

17,576

*Figures are for the January of each year.

Registered Users

4,735

2016

Registered Users are people who have signed up with their email address at skiclub. co.uk, to gain access to certain areas of the site (such as posting messages on the chat forum), and to receive communications from the Club, such as the fortnightly Edge newsletter, Discounts newsletter, and emails regarding Freshtracks holidays.

One of the Club’s main aims is to increase the number of Registered Users converting to paid members, which we do through regular messaging, engaging content, and occasional membership offers.

804

2016

CURRENT REGISTERED USER TOTAL: 115,646 12

2017

FOLLOWERS

2017

FOLLOWERS

2,699

2018

2018

Report & Accounts 2018 2016

Statutory Accounts Directors’ Report for the year ended 30 April 2018

financial statements in accordance with applicable law and regulations.

The directors present their report and consolidated financial statements for the year ended 30 April 2018.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the group and of the profit and loss of the group for that period. In preparing those financial statements, the directors are required to:

CONSTITUTION The Ski Club of Great Britain Limited is a company limited by guarantee. The liability of the members is limited in the event of the company being wound up to an amount not exceeding £1 each.

DIRECTORS The following directors have held office during the year.

M K S Bentley CHAIRMAN I Holt TREASURER A Poodle B West M S Borland K Moss B Cassey C Radford J Milner-Percy (appointed 16/11/2017) D Davenport (appointed 16/11/2017) W K R Crowder (resigned 16/11/2017) PRINCIPAL ACTIVITIES AND REVIEW OF THE BUSINESS The principal activity of the company and group continues to be the facilitation and encouragement of skiing, snowboarding and other snow sports in all their forms.

DIRECTORS’ RESPONSIBILITIES The directors are responsible for preparing the directors’ report and the

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• •

•

select suitable accounting policies and then apply them consistently make judgements and accounting estimates that are reasonable and prudent prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s and group’s transactions and disclose with reasonable accuracy at any time the financial position of the company and group and to enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding

the assets of the company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT OF DISCLOSURE TO THE AUDITOR The directors who are in office on the date of approval of these consolidated financial statements have confirmed that:(a) so far as the directors are aware, there is no relevant audit information of which the company’s auditor is unaware, and (b) they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that is has been communicated to the auditor.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

This report was approved by the directors on 17 October 2018, and is signed on their behalf by M K S Bentley, Director.

Independent Auditor’s Report to the members of the Ski Club of Great Britain Limited for the year ended 30 April 2018 We have audited the financial statements of Ski Club Of Great Britain Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2018 which comprise the group profit and loss account, the group balance sheet, the company balance sheet and notes to the

financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS As explained more fully in the Directors’ Responsibilities Statement in the Directors’ Report, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit, and express an opinion on, the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

Report & Accounts 2018 2016

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Directors’ Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

OPINION ON FINANCIAL STATEMENTS In our opinion the financial statements: • give a true and fair view of the state of the group and parent company’s affairs as at 30 April 2018 and of the group’s loss for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006.

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OPINION ON OTHER MATTER PRESCRIBED

BY THE COMPANIES ACT 2006.

In our opinion, based on the work undertaken in the course of our audit, the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and the Directors' Report has been prepared in accordance with applicable legal requirements.

preparing the directors’ report, and from preparing a strategic report.

Stephen Meredith FCA 29 September 2018 for and on behalf of Alliotts Chartered Accountants, Statutory Auditor, Friary Court, 13-21 High Street, Guildford, Surrey, GU1 3DL.

Consolidated Profit and Loss Account for the year ended 30 April 2018

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or • the financial statements are not in agreement with the accounting records and returns; or • certain disclosures of directors’ remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit; or • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in

Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations. No separate Statement of Total Recognised Gains and losses has been presented as all such gains and losses have been dealt with in the Profit and Loss Account.

Report & Accounts 2018 2016

Balance Sheets as at 30 April 2018

Notes to the Consolidated Financial Statements for the year ended 30 April 2018 1. Accounting Policies Company information Ski Club Of Great Britain Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, Wimbledon,, London, SW19 7JY. The group consists of Ski Club Of Great Britain Limited and all of its subsidiaries: Ski Club Services Limited, Ski Club Winter Arrangements Limited and Mountain Tracks Limited.

1.1 Accounting Convention These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the group and company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Basis of Consolidation In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities

These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

These financial statements were approved by the board of directors and authorised for issue on 29 September 2018 and are signed on its behalf by: MKS Bentley, Director.

incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Ski Club Of Great Britain Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated

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Report & Accounts 2018 2016 from the date that control passes.

All financial statements are made up to 30 April 2018. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3 Income Income is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenues from the sale of holidays are recognised when the holiday departs.

Subscription incomes are recognised across the term of the subscription.

Insurance commissions are recognised at the end of the month in which the trip occurred.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7 Fixed asset investment Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial

1.4 Intangible fixed assets - goodwill Goodwill represents the excess of the cost of acquisition of a business over the fair value of

and operating policies of the entity so as to obtain benefits from its activities.

net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected

1.8 Impairment of fixed assets

life, which is ten years.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where

For the purposes of impairment testing, goodwill is allocated to the business units expected to benefit from the acquisition. Business units which goodwill has been allocated to are tested for impairment at least annually, or more frequently when there is an indication that

it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

the unit may be impaired. If the recoverable amount of the business unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the

amount of any goodwill allocated to the unit and then to the other assets of the unit prorata on the basis of the carrying amount of each asset in the unit.

investment is not tested separately for impairment.

1.5 Intangible fixed assets other than goodwill Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Recoverable amount is the higher of fair value less impairment, costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value

Software Website development/development

of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

15% - 100% on cost Amortised over a seven year straight line period

1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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Leasehold improvementsOver the period of the lease Plant and equipment 15% - 100% on cost Fixtures and fittings 15% - 100% on cost

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

2016 Report & Accounts 2018 1.9 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is impaired where the net realisable value has fallen below the current value it is held at.

1.10 Cash at bank and in hand Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial Instruments The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.14 Leases Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Basic financial assets The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade debtors and creditors.

1.15 Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Trade debtors are measured at transaction price less any impairment.

2 Judgements and key sources of estimation uncertainty

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

Actual results may differ from these estimates.

1.12 Taxation The tax expense represents the sum of the tax currently payable and deferred tax.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.13 Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is

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demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Insurance premium for platinum membership The platinum insurance premiums are recognised immediately as this is the stage when the risks and responsibilities are transferred due to there being no recourse available with Ski Club for cancellations and other issues.

Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Report & Accounts 2018 2016 Forward Contracts Forward contracts are measured at their fair value at year end based on the last trade which the seller of the forward contract made before the year end date for that specific forward.

Goodwill Goodwill is amortised based on an assessment of the brand value from experience of their existing brand.

3 Turnover and other revenue

6 Intangible fixed assets Group Cost At 1 May 2017 Additions - seperately acquired

Other significant revenue Interest income Dividends received

2017 £

689 66,463

1,007 1,803

2018 £

2017 £

4 Auditor's remuneration Fees payable to the company's auditor and associates:

Development costs £ 189,753

Total £ 456,402

-

142,257

142,257

266,649

332,010

598,659

At 1 May 2017 Amortisation charged for the year

10,000 26,665

16,772 18,528

26,772 45,193

At 30 April 2018

36,665

35,300

71,965

229,984 256,649

296,710 172,981

526,694 429,630

At 30 April 2018 2018 £

Goodwill £ 266,649

Amortisation and impairment

Carrying amount For audit services Audit of financial statements of the group and company Audit of financial statements of the company's subsidiaries

For other services All other non-audit services

12,395 4,535

12,035 6,435

At 30 April 2018 At 30 April 2017

16,930

18,470

7 Tangible fixed assets

16,935

13,365

5 Employees The average monthly number of persons (including directors) employed by the group and company during the year was: Group Company 2018 2017 2018 2017 No. No. No. No. Total Employees 32 33 23 22 Their aggregate remuneration comprised:

Wages and salaries

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2018 £ 1,156,357

Group Company 2017 2018 2017 £ £ £ 1,105,998 806,068 850,992

Group

Leasehold improvements

Plant and equipment

Cost At 1 May 2017 Additions

£ 107,145

£ 45,609 1,900

At 30 April 2018 Depreciation and impairment

Fixtures and Fittings £ 431,833 16,948

Total £ 456,402 125,993

107,145

47,509

448,781

603,435

At 1 May 2017 Depreciation charged in the year

8,242

33,363 3,000

409,597 7,977

442,960 19,219

At 30 April 2018

8,242

36,363

417,574

462,179

98,903 -

11,146 12,246

31,207 22,236

141,256 34,482

Carrying amount At 30 April 2018 At 30 April 2017

Report & Accounts 2018 2016

7 Tangible fixed assets

Profit/(Loss)

Company

Plant and equipment £

Cost

Fixtures and Fittings £

£

At 1 May 2017 Additions

47,293 1,900

350,064 397,357 17,395 19,295

At 30 April 2018 Depreciation and impairment

49,193

367,459

416,652

At 1 May 2017 Depreciation charged in the year

36,194 3,000

330,238 6,977

366,432 9,977

Capital and Reserves £

Mountain Tracks Limited Ski Club Services Limited Ski Club Winter Arrangements Limited

152,403

100 29,759 647,717

10 Debtors

At 30 April 2018

39,194

337,215

376,409

At 30 April 2018

9,999

30,244

40,243

At 30 April 2017

11,099

19,826

30,925

Carrying amount

8 Fixed asset investments

Investments

Group 2018

2017

Company 2018

2017

Amounts falling due within one year Trade debtors Other debtors

£ 66,425 92,149

£ 14,009 71,776

£ 139,262 30,501

£ 36,849 66,332

Prepayment and accrued income

87,329

167,791

61,634

118,356

245,903

253,576

231,397

221,537

11 Creditors Group 2018

2017

Company 2018

2017

Notes

Group 2018

2017

Company 2018

2017

£

£

£

£

Amounts falling due within one year Trade creditors

£ 431,937

£ 419,332

£ 110,526

£ 164,547

3,963,392

3,806,818

3,963,392

3,806,821

Amounts due to group undertakings Corporation tax payable Other taxation and social security

460 42,504

1,974 99,218 41,603

660,639 -

111,264 98,758 -

773,267 59,392

797,354 95,036

750,446 59,392

739,772 54,511

279,635

282,364

142,755

157,705

1,587,195 1,736,881

1,723,758

1,326,557

9 Subsidiaries

Deferred income Other creditors Details of the company's subsidiaries at 30 April 2018 are as follows: Name of undertaking

£

Total

Registered Nature of business office

Accruals and deferred income

Class of % Held shares held Direct Indirect

12

12 Deferred income Mountain Tracks Limited England

Dormant

Ordinary 100.00

Ski Club Services Limited England Intermediate holding company Ordinary 100.00 Ski Club Winter England Skiing holidays for Ski Club of Ordinary 100.00 Arrangements Limited Great Britain Members Other deferred income The aggregate capital and reserves and the profit for the year of the subsidiaries noted above was as follows

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Group 2018 £ 773,267

2017 £ 797,354

Company 2018 2017 £ £ 750,446 739,772

Report & Accounts 2018 2016

13 Profit and loss reserves Group 2018 £

2017 £

Company 2018 £

2017 £

At the beginning of the year Profit for the year Transfer from revaluation reserve

4,248,927 91,885 -

528,407 1,554,856 2,165,664

3,632,762 67,253 -

96,626 1,370,472 2,165,664

At the end of the year

4,340,812

4,248,927

3,700,015

3,632,762

14 Operating lease commitments Lessee At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

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Group 2018

2017

£ 243,960

£ 84,260

Company 2018 £ -

2017 £ -

Report & Accounts 2018 2016

Your vote is important

Your proxy by post

As a member of the Ski Club of Great Britain, you have the opportunity to make your opinion count.

If you wish to appoint a proxy of your choice, delete the words ‘the Chairman of the meeting’ and insert the name and address of your appointee.

There are three ways to vote:

Voting at the AGM If you’re voting in person at the AGM you don’t need to complete this form, and we look forward to seeing you there. The AGM will be held on Thursday 15 November 2018 at 5:30pm at 58VE, 58 Victoria Embankment, London, EC4Y 0DS.

Voting online You can vote online at https://www.surveymonkey.co.uk/r/SCGB18 Online votes must be cast by 5.00pm on Thursday 8 November 2018.

I being a full member of the above mentioned Club hereby appoint the Chairman of the meeting, or of as my proxy to vote for me on my behalf, if a poll is called, at the Annual General Meeting of the said Club to be held on 15 November 2018 and at any adjournment thereof.

Voting form Please mark ‘X’ to indicate how you wish to vote. The person you appoint as your proxy will vote as you instruct them, unless you have items blank, in which case your proxy will vote or abstain as he or she thinks fit in respect of your membership.

Agenda item

For

Against

Adoption of accounts

Vote by postal proxy If you’re unable to attend the AGM, you may appoint a proxy (this can be the Chairman or another person who is attending the AGM) to vote on your behalf. To do this, please print and complete this form. The form MUST be signed and returned to The Club no later than 5.00pm on Thursday 8 November 2018.

Reappointment of Alliotts as Auditors ELECTION OF OFFICERS: Malcolm Bentley, Chairman

Family memberships are entitled to two votes. To use your second vote, please email the Ski Club’s Membership Manager Guy Cobbold at guy.cobbold@skiclub.co.uk

Ian Holt, Treasurer

Your details You must sign this section or your votes cannot be counted Signature Name in BLOCK CAPITALS Membership Number Email Address

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Withheld