ANNUAL REPORT & ACCOUNTS 2017 AND AGM NOTICE
Report & Accounts 2017
Contents
AGM Notice
2
AGM notice & agenda
3-4
Chairman’s report
Notice is hereby given that the 110th Annual General Meeting of the Ski Club of Great Britain Limited will be held on Thursday 16 November 2017 at 6pm, in The Garden Room, City of London Club, 19 Old Broad Street, London EC2N 1DS.
5
Treasurer’s report
6
Financial summary
7
Chairman and Treasurer Elect
Agenda
Questions and Discussion
1. Approve the minutes of the 109th
After the main business of the AGM, there
Annual General Meeting, held on
will be a questions and discussion session.
11-15 Membership statistics & product usage
Thursday 17 November 2016.
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2. The Chairman's Report.
8-10 Council nominations
If any member wishes to raise a topic,
Online statistics
17-28 Statutory accounts
it would be helpful to receive written
3. The Treasurer’s Report and adoption
29 Voting
of the Report and Accounts for the
year ended 30 April 2017.
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
4. Reappoint Alliotts as auditors.
us know by emailing agm@skiclub.co.uk
5. Elect Honorary Officers for 2017-18:
so we know how many people to expect.
a) The Chairman, Robert Crowder, retires from office. Please see page 7 for details of the council member who has been nominated to fill the vacant Chairman position. b) Please see page 7 for details of the council of the member who has been nominated to fill the position of treasurer. 7. 6. Elect two new members of the
Council. Please see pages 8-10 for
details of the 6 members who
are standing for election.
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Cover photo: Ross Woodhall
Report & Accounts 2017
Chairman’s Report Rob Crowder Chairman We reported earlier in the year on the sudden and unexpected loss of our Chief Executive, Frank McCusker, who died at the end of June whilst on a cycling trip with friends. It was a huge shock to all of us and especially the family that he left behind. He had been running our Club for exactly 5 years and over that time I developed a very close working relationship and understanding with him. As a consequence, this report will also cover topics normally presented in the Chief Executive’s report. In December 2016 we successfully sold our freehold premises, The White House, for just short of the asking price of £4m. We have taken a lease on commercial office premises in Wimbledon, just a short distance from the station, and we will move in midNovember. We reported last year that it was our intention to reinvest a proportion of the sale proceeds in new premises. Council have since reassessed the strategy and concluded that it would be in the best long-term interests of our Club to have a liquid and much more diverse, both geographically and by asset class, medium to long term investment portfolio, to ensure the longterm security of the Club. This also allows us maximum flexibility in premises for our operational needs going forward without having the constraints of a single freehold property.
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We have taken great care to find a longterm solution for our library and heritage assets, both to protect them for the future and facilitate greater access for members and the public alike. We have reached agreement with a proven operator of pubs and restaurants who will be opening an Alpine-themed pub in central London in 2018. They will display many of the pictures, skis, trophies, boards and other artefacts which will be visible to many people on a daily basis. We have taken care to ensure that they remain in our ownership and are suitably protected and insured. This venue will be available for member functions, meetings and industry events and will become an official Ski Club venue. At the same time we have secured a long-term partnership with a leading international Centre for Sporting History who will house the Ski Club’s Library and Heritage assets (other than those required for the new office premises and the Alpinethemed pub) on permanent loan. They will curate, catalogue, preserve and care for the collection and be responsible for its insurance and upkeep. This arrangement will mean that the collection will become available to a much wider national and international audience. The new website was launched in the middle of the summer, in time for the start of the Freshtracks booking season. We are using a Content Management System called Sitecore which will allow us to manage all our content in house. The new site is mobile and tablet enabled. Whilst there were still many features to add in a phased
roll out we decided to launch in the middle of summer when traffic to the site is at its lowest, and to gradually build features and functionality as we approach the peak season. It has been another year of growth for Freshtracks holidays despite challenging snow conditions. We also acquired the Mountain Tracks holiday company just before the start of the winter season. Mountain Tracks is a great fit with Freshtracks. All Mountain Tracks holidays are accompanied by Mountain Guides or instructors and offer unique experiences in the mountains in summer as well as winter. On 13th June 2017, The Supreme Court in Paris considered the appeal of a Ski Club Leader for the judgement against him from The Appeal Court in Chambery on 4th May 2016. The Supreme Court accepted the Court of Appeal’s judgement, and have decided that there are no grounds for preliminary referral to the European Court in Luxembourg. The Supreme Court stated that, in their opinion ‘The Leader could not have qualified as a volunteer as he was receiving benefits in kind. Further it found that the mountains and skiing are risky and that a qualification for leading may therefore legitimately be required.’ Sadly, the Club has exhausted all forms of appeal. We continue, however, to build up the Instructor-led Guiding programme across the French resorts in particular, and it will also be available in St Anton for the first time this coming season. The Club was instrumental in establishing the British Snowsports Fund by acting as the
catalyst to bring the industry together. The fund raises money through its contributors (tour operators, retailers, ski hire companies and transfer operators) adding a small levy to their invoices. After the first successful season, awards are currently being made to UK athletes. This fund is one of the initiatives established by Frank McCusker and will be remembered as one of his great legacies. We now wish to build on the success of the first year by increasing the number of contributing partners. On 7th September this year we presented our Consumer Research findings to 85 representatives of the UK snow sports industry. This is the 5th consecutive year of the report and we are grateful to our insurance providers, TIF Group, for their sponsorship. The key findings of the research are that skiers are a resilient group who will not forgo their annual snow pilgrimage despite Brexit, the weakness of sterling or consecutive seasons of challenging snow conditions. Indeed there were positive findings that many skiers and lapsed skiers intend to increase the frequency of trips. The challenge for the industry is to attract new entrants to the sport to replace aging participants . The presentation of this annual research report is now a firmly established event in the industry calendar. We have recently presented two Ski Club awards at separate functions. On 13th September the Evie Pinching award was presented to Thomas Gerken Schofield at a reception in The House of Commons. The reception was sponsored by Swiss Tourism
Report & Accounts 2017
and The Swiss Embassy and was the first official function in The House of Commons attended by the new Swiss Ambassador to London, H.E. Alexander Fasel. The Evie Pinching award is presented to an up and coming athlete that shows real potential prospects for the future. As well as receiving a Ski Club cheque, Thomas also received a two-week training course with the Swiss Ski Team and national coaches. On 20th September Frank Gardner OBE, the President of the Club, and I were delighted to be able to present The Pery Medal, the Club’s highest award, to Sir John Ritblat. Sir John has been supporting and funding British athletes and the National Championships since 1978, first with British Land and now with Delancey. The Pery Medal was first awarded in 1930 to Arnold Lunn and has many internationally famous names amongst its recipients. The presentation ceremony was held in The White House and attended by 50 people from the industry.
standing down at the AGM. I would like to thank Frank for his enthusiastic and knowledgeable contributions to the Club. He has always been willing to attend functions and represent the Club subject to the demands and unpredictability of his work for the BBC. I am delighted to announce that Chemmy Alcott has agreed to become our Honorary President and will bring equal enthusiasm and energy to the post.
We are recruiting for a new Chief Executive and have appointed an Executive Search Consultancy, Warren Partners, to manage the process, reporting to a sub-committee of Council. The early signs are very encouraging with around 150 applicants. We will interview at the end of October and early November and will announce progress in due course. In the meantime the Senior Management Team is continuing to manage the day-to-day functions of the Club on a ‘business as usual’ basis, reporting to myself and the Treasurer weekly. Council members are also contributing more time to manage and lead projects.
Council members give freely of their time to guide the Club, ensure good governance and look after the assets and interests of the members. They come from a range of backgrounds and experience but all share the same desire and beliefs in the values of the Club. There are 6 new candidates standing for election to 2 vacancies at this year’s AGM and I would urge you to use your votes to exercise your democratic rights as members.
Our President, Frank Gardner OBE, has now served 6 years in office and will be
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We are fortunate to have a dedicated team of staff working for the Club who have experience, knowledge and enthusiasm to provide services and benefits for members, build lasting relationships with industry partners and continually look for new opportunities to create new member benefits and increase the sphere of influence of the Club. I would like to personally acknowledge their contributions and say how much I have enjoyed working with them over these past five years.
It was a terrible shock to lose Frank McCusker earlier this year and we feel deeply sorry for his family and loved ones left behind. We will shortly announce an annual award in his name.
I have served as your Chairman for the last five years and have enjoyed the role and respected the honour and privilege afforded to me. I will miss the close involvement with this Club but know that there is a promising future ahead and it will be guided by a very capable Chairman Elect, Malcolm Bentley, a Treasurer Elect, Ian Holt, and the talented and dedicated members serving on Council. Malcolm and Ian have both served the Club for the past 4 years, as Treasurer and Council member respectively. These two, with other long-standing Council members, have been supporting myself and the Senior Management Team as we search for a new Chief Executive, and they will ensure continuity.
Volkl
Rob Crowder Chairman
Report & Accounts 2017
Treasurer’s Report extensive discount, affiliation, information and other Member and industry benefits through the website, print and events etc.
Malcolm Bentley Treasurer The operations of the Club, as reflected in the Profit and Loss account, have continued on a consistent basis reflecting the focus on delivering benefits for members and snowsports. In line with our budget and policy, we achieved a small operating profit. As always, there were some variations from the previous year and budget and these are managed throughout the year to ensure that the final result is appropriate. The increase in turnover of £697,000 is due to the inclusion for the first time of Mountain Tracks holidays, an excellent addition to the portfolio of Members’ benefits. Mountain Tracks has been fully integrated into the Ski Club organisation, whilst retaining its brand identity, and its financial contribution is justifying the acquisition. This year the Financial Summary reflects the analysis used by the management and Council to budget and monitor performance. This helps show the relative contributions of income streams and the resources that are devoted to delivering the main Member benefits. Thus Membership subscriptions, insurance commission, Freshtracks, Mountain Tracks and advertising are net positive contributors towards delivering On-snow activities, particularly Leaders and Instructorled guiding, Ski+board magazine, and the
Insurance gave a further increased contribution and we are working to push this even more. Freshtracks did extremely well considering poor snow conditions, particularly early season, and with weak Sterling making skiing a more expensive holiday, its slight decline in contribution was easily offset by a first contribution from Mountain Tracks.
House sale being invested with professional investment managers Rathbones on a discretionary basis with a medium to long term investment horizon. I am standing for Chairman at the AGM and thus will stand down as Treasurer. We are very fortunate that Ian Holt has offered to stand as Treasurer. Ian has been on Council for four years and his continuing commitment as Treasurer will allow the Club to benefit from his experience and provide continuity as we work on ambitious plans for the Club.
Last year I reported on the new Content Management System (CMS) and the cost overruns due to the withdrawal of the original contractor and their underestimation of the extent of the project. The Chairman reports that the new website based on the CMS was launched during the summer and the remaining functionality and content is being launched during the remainder of this year. Whilst the timetable has had to be pushed back, the technical delivery and costs remain within the specification. Part of the cost of this project is being capitalised in line with accounting standards and to reflect its benefit over future years. The sale of the White House generated net proceeds of £3.8 million. As the Chairman mentions, Council reassessed the preliminary intention to reinvest in freehold premises. This reassessment was carefully investigated and thoroughly debated with the key deciding factors being the operational flexibility provided by leasing and the improved investment profile available from a liquid, diversified portfolio. This decision has resulted in the entire proceeds from the White
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Report & Accounts 2017
Financial Summary
2016/17
2015/16
CONTRIBUTION FROM, OR NET COST OF, CLUB ACTIVITIES Freshtracks 181,573 207,167 Mountain Tracks 84,540 0 Leader service and Instructor-led Guiding -207,059 -216,262 Membership 930,777 978,611 Ski+board Magazine -109,744 -113,490 Website including advertising 106,771 119,232 Affiliates, discounts and snowsports industry initiatives -173,780 -131,291 Insurance commission 218,232 190,982 Total contribution from Club activities
1,031,310
1,034,949
Investment Income
95,954
146,033
Total 1,127,264 1,180,982 SUPPORT ACTIVITIES Administration and marketing 563,425 569,565 Premises 207,336 164,147 IT and telecoms 91,900 91,328 Digital development 27,695 136,582 Content production and website costs 188,750 195,440 Total 1,079,106 1,157,062 Surplus from ordinary activities
48,158
23,920
Profit on disposal of building
1,612,846
0
Taxation -106,148 -12,231 SURPLUS FOR FINANCIAL YEAR 1,554,856 11,689
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Chairman-Elect and Treasurer-Elect Malcolm Bentley Chairman Elect
Malcolm was a childhood member of the Club, following his grandfather and mother’s membership from the 1920s, and his grandfather was a founding member of the Scottish Ski Club in 1907. Malcolm learnt to ski in Scotland at a young age and has an affinity with the heritage of British skiing and the Club, and re-joined in 2002 on becoming a Leader, was elected to Council in 2012 and became Treasurer in 2013.
He has a financial services and ski industry background, giving a wide-ranging business experience with a strong financial and strategic bias. He now uses this experience working as a volunteer in the not-for-profit sector, including an active involvement with disabled sailing. The Club is well placed to be ambitious for the future, as well as manage the interim period since Frank’s death and the appointment of a new Chief Executive. Ross Woodhall
This ambition includes increased engagement with a far greater crosssection of the skiing public, for example presently being under-represented to the 'once-a year' skiers and the under 40s.
Ian Holt Treasurer Elect
Ian founded a strategy consultancy ten years ago, to support global Insurers and Retail Banks in developing product, service and distribution strategies. He is passionate about start-ups and growing new initiatives, both in the UK and across Europe.
He is married and lives in Dorset, where he sails regularly, and has two grown up sons in Australia.
Melody Sky
Ian has been skiing since the age of 14, was hooked immediately and now spends as much time as possible in the French Alps. He became a member of the Club over 10 years ago, and attended the Leaders’ Course in 2012. On his first ever outing as a Leader in Les Arcs he was stopped by the French police. This experience fired an interest in the direction and future of the Club,
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and potential threats, and he therefore became a Council member four years ago.
He has a number of charitable interests; particularly the recovery and reintegration of severely disabled former military personnel, and the development of national apprenticeship schemes. Ian wishes to see a thriving Club which continues to support its members and develop new propositions, whilst growing in size and influence across the ski industry, ensuring we remain relevant in a changing world.
Council Nominations NB: The 2017 election is for the position of 2 elected Council members. Vote online at www.surveymonkey.co.uk/r/SCGB2017 Dave Davenport Proposed Kim Moss
I qualified as a Leader in December 2011 and am privileged to be a member of the Leaders course training team. Ironically, I had no idea that the Club existed prior to 2010 when a friend told me about the course and suggested I apply! I have been very fortunate in life and am still able to participate in exciting activities enjoying the opportunities and challenges the Club has to offer.
After a busy childhood as a Navy brat I joined the Royal Marines at 16 and served for 27 years around the globe in a variety of operational and training roles, initially at the top of Norway learning to ski and survive in the arctic during the Cold War! On leaving the RM in 1999 I set up a team and leadership development business working with organisations often utilising experiential and adventurous activities. Some of my experiences include being a charity trustee, school governor and organiser of fund raising events. If selected I would continue to look at ways of attracting more members and opening new resorts for Leaders.
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Sue Dowden Proposed Sula Bruce & Donna Hicks
I love skiing with a passion and would like to see more people taking it up and being involved with the Club. I started skiing in my late twenties and have skied every year since. I have dabbled in snowboarding and can definitely see its appeal. I have been a Ski Club member for over a decade, initially skiing in groups with Leaders and recently on Freshtracks
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holidays. I would hope to help implement ideas to broaden the appeal of the Club to all ages, abilities and budgets. I would like to explore ways of engaging more skiers in France where the guiding ban has affected participation and to add value for members at a time when skiers’ budgets are being challenged by exchange rate movements. My experience and skills are varied. My recent career has been in IT and management and formerly in NHS hospital pharmacy and as a college tutor. I have experience volunteering as Gamesmaker at London 2012 and, previously, on the committee at a windsurfing club. Above all I would like to think I bring enthusiasm and common sense. I would relish the opportunity to be able to contribute to make a good club better.
Report & Accounts 2017
Edward Kilwick Proposed Martin Jordan & Cleeves Palmer
My love for skiing started in Snowdonia where I leant to ski. After leaving Art school I became a ski leader for Ski Thomson and worked two seasons for them in La Plagne and Wengen where I was invited to be a ski leader for the Down Hill Only club, which I enjoyed for two seasons and got involved with the Inferno ski races and the Kandahar Ski Club, which I joined in the early 1990s.
Tom Jarman Proposed Anna Henley, Roo Thorncroft, David Morgan & Dave Beecham
I think the Ski Club is exceptional. It has been special to me ever since being led by fantastic Club reps in the 1990’s, introducing beautiful off-piste skiing and reawakening my love of skiing. This is a member-led club, helping all to have a great, safe time on snow. Council members can ensure the voice of members is strongly represented; communication, engagement and accountability are important. We should
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I started a clothing business in 1989 from scratch and have managed it - first selling into shops very successfully and now becoming a very successful online business. I also now run a commercial property business. I feel very passionate about the Ski Club, which I have been a member of since 1990 and becoming a Ski Club Leader in 2001 and feel with my experience of other clubs and skills running a business I have a lot to offer the club. I would like to see the Club become more appealing to younger people (which the Kandahar does do very well) maybe running race camps etc. I would like to see a proper club house with the memorabilia for all to enjoy.
look to help enrich the Club experience for all, e.g. more support for member’s holiday plans (not just Freshtracks) and facilitate more group skiing, ideally with a leader. This can be challenging, we should seek new ways to widen the availability of member-group skiing in France and elsewhere. Club Leaders are an exceptional and able resource, keen to help, we should look to do more with them, which needs support and opportunity. The Club can encourage/ support resort based initiatives such as the fantastic Val d’Isère member-led group skiing. I’m a Leader/Rep (2008) and company director, including HAB (a sustainable housing business) and Community R4C (community owned circular economy business).
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Report & Accounts 2017
Zoe Phillips Proposed Ian Holt
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Joanna Milner-Percy Proposed Paul Mongan & Christine Robinson
With over 35 seasons of leading, I have experience of bringing the values of the Ski Club to the members in resort. Elected to Council in 1997, many discussions pertinent to the move from Eaton Square were well under way but I heard and contributed to arguments for investing and safeguarding the Club's future: with a freehold property providing lateral office space, generating some income from letting and a splendid reception room for displaying the historic
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memorabilia, rightly called The Arnold Lunn Library. Wimbledon, in outer London, was not my choice and the social aspect of the Club has since suffered. To address this, I recently organised two successful 'Reps’ Reunions' in the Clubhouse. Like many loyal, long term Leaders and members I am concerned for the Club's future - its reputation as the standard bearer of British skiing, custodian of skiing history and the social aspect of the Club both in the UK, and in resort. I have ideas for a London location, displaying the ski history doubling as a Club meeting place, investing in property, not in a leaky bank account and how to attract young loyal skiers to the Club - just as we were in our twenties.
Skills and experience I feel I can bring to the council if elected are: I have extensive marketing experience, which means I’ve been involved in helping to re-evaluate the positioning, advertising, messaging and branding of companies and products. I’ve much experience in listening to customers, planning, organizing events, steering committees and meetings, and proposing ideas for challenges, alternative solutions and generally suggesting ways to improve things. Where our customers are our members, I’d like to ensure that we offer them the best club in terms of value for money, offerings relative to their interests & extra benefits.
During my time in office, I would like the club to achieve: 1. The ‘go-to’ club for all relevant sports – an increase in snowboarding members, off-season members (increase information, news on other related and relevant activities to our members) and offerings for other on-piste activities such as snowboarding, and propose specific snowboarding off-piste/touring Freshtracks holidays. 2. ‘Not just a jacket’ – gain international recognition of the Ski Club Leader course qualification, that will be recognized across all our resorts and enable Leaders to be officially recognized in resort and distinguish them from the likes of ‘holiday reps’ or ‘chalet hosts’. 3. ‘Partner in active sports’ - to develop a strong proposition to attract potential partners to increase support, which can translate into uniforms for the Leaders and up to date equipment for members skiing with them.
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Report & Accounts 2017
Member Statistics Members by type
Members by region
2016
2015
Total: 27,822 246 467 503
Members by age
Total: 28,597 7,953
4,189
7,829 515
Family
2017 Total: 27,789
Under 24
9.3%
10.4%
11.6%
20.6%
22%
23.2%
25.7%
25.5%
24.3%
0.7%
10.9%
9.9%
1.5%
8,318
5,512
Chart Title
Beginner
320 420
8.3%
Platinum
5.8% 13,129
5.7%
9% 4.1%
0.3%
3.1%
2.3%
5% 2%
11.5%
Individual
2.4%
4.4% 2%
23.2%
21.9%
20.8%
2015
2016
2017
42.3% 10.5%
SKI CLUB+ BEGINNER UNDER 24 FAMILY
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4.6%
5.4%
16,575
14,588
SKI CLUB PLATINUM
3.3%
3,022
532
INDIVIDUAL
3.9%
*NB. Figures for Ski Club+ and Beginner memberships include Individuals, Family and Under 24.
UNKNOWN
35-44
65+
24-34
1.1%
1.3%
55-64
UNDER 24
Rest of World
Rest of Europe
45-54
FAMILY U24
Report & Accounts 2017
Line-S was launched in September 2015, with the aims of introducing a new student demographic to the Ski Club, creating a platform that allows the Club to communicate with student members, and creating a pathway for students to become full members of the Ski Club. During the 2016-17 financial year the Club partnered with Wasteland Ski, one of the UK’s biggest university ski trip operators, to provide all students booked on a Wasteland trip with free Line-S membership, which gives them access to discounts and competitions featured on the dedicated website – www.line-s.co.uk For the coming season, we are planning developments to the Line-S website, to make the site easier to navigate and create more engagement with the online content.
Line-S Members 1 MAY 2016: 10,598 1 MAY 2017: 22,143
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Registered Users 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.
REGISTERED USER TOTAL AT 1 MAY 2017: 110,828 12
62 Title Chart
Freshtracks
48
18
Total: 2,597
2014-15 66
496
We opened a new chalet in Chamonix, Chalet Shiraz, which not only started with an occupancy rate of 87% in its first year, but also was an operational success, not least in part due to the fantastic couple running the chalet. This compares to 93% occupancy in the established Flaine chalets. Operationally it was all hands on deck, as the Ski Club also acquired Mountain Tracks which, while being managed by the existing Mountain Tracks team, was brought in to the Freshtracks fold at the Ski Club. The once rival tour operator will continue to be run by a separate team within the on snow operations at the Club.
2016-17
359
303
2016-17 held a number of challenges for Freshtracks – not least a slow start to the season for snow, and the worsening exchange rate following Brexit. However, despite this, we ended with a small increase of 1.5% in passenger numbers. This was helped by another strong season for Peak Experience bookings which increased in number by 13%.
Report & Accounts 2017
Total: 2,369 275
302
417
1,291 38
22
1,269 37 Action
Development
Heli
Off Piste
Touring
Weekend
Tailormade
55 307
308
2015-16 461
Melody Sky
1,347
Total: 2,557
42
Total passengers
2557
ACTION
TOURING
DEVELOPMENT
WEEKEND
HELI
TAILORMADE
2597
2369
OFF PISTE
13
2014-15
2015-16
2016-17
Report & Accounts 2017
Leaders We were present again in the same 18 resorts in Andorra, Austria, Canada, Italy, Switzerland and USA. The overall skier days are a little lower for Resort Leading, however the utilisation overall was the same with us having fewer weeks in some resorts due to the available dates of the programme. This is a positive result for the Club, especially considering the challenging snow conditions we experienced in the 1617 season as well as an increase in costs due to having a weaker pound than in previous years. The start of the season in particular was a challenge again last year following a dry December / January in the 2015-16 season. This however didn’t deter our enthusiastic members who were making the most of the conditions across the board. Those lucky enough to ski in the North American resorts of Jackson Hole and Whistler however did experience exceptional conditions. We again saw a good increase in member engagement in Soldeu-Grandvalira, although Switzerland was lower, perhaps due to the challenging exchange rates. Our feedback continues to be excellent and the service is held in high regard by those members participating.
Total Skier Days
Members and non-members skiing with a Leader
6,858 6,476
6,552
2,048
2014-15
2015-16
2016-17
2,061
1,867
310
277
268
2014-15
2015-16
2016-17
MEMBERS NON-MEMBERS
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Ross Woodhall Melody Sky
Report & Accounts 2017
Instructor-led Guiding The programme continues to be well received and member feedback for the service was extremely positive in the 16-17 season, following improvements made after the first season. We made a few changes to the Instructor-led-Guiding offering for the 16-17 season, which saw us move away from Alpe d’Huez and introduce Les Deux Alpes - which we are hoping will build in popularity for the 17-18 season. The additional sessions in Val d’Isère and Tignes were particularly well received. Whilst the off piste days continued to be very popular, overall numbers did drop a little in the 16-17 season, due to the more advanced on piste sessions being less popular. We will be changing these sessions to half-day off piste sessions in all resorts for the season ahead. We will also be implementing more sessions in Val d’Isère and Tignes, where we have higher member demand. We will also be introducing St. Anton to the programme as the first non-French resort.
TOTAL ILG USAGE 371
Sessions ran
1,699 Total places booked
Sessions booked by resort 397
370
381
379
Melody Sky
220 194
193 174
112
125
159
149
151
143
116
129 96
73
52
Tignes
15
Val d’Isère
Avoriaz
Meribel
Argentière
Flaine
La Plagne
Les Arcs
Courchevel
2015-16
84 59
Les Deux Alpes* Val Thorens
2016-17
*Les Deux Alpes was a new resort introduced for the 2016-17 season.
Report & Accounts 2017
Online Statistics
14,818
Online Page Views* 12,948
1,149,506
9,948
1,118,626 929,400
500,775 476,653
2015
413,545
2017
VISITOR SESSIONS UNIQUE VISITORS
2015
2016
2016
PAGE LIKES
2017
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. 18,583 17.576
*Figures are for the January of each year. 14,896 2,699
804
2016
INSTAGRAM FOLLOWERS 16
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2017
2015
2016
FOLLOWERS
2017
Report & Accounts 2017
Statutory Accounts Directors’ Report for the year ended 30 April 2017
financial statements in accordance with applicable law and regulations.
The directors present their report and consolidated financial statements for the year ended 30 April 2017.
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. W K R Crowder CHAIRMAN M K S Bentley TREASURER B West P Usborne (resigned 17 Nov 2016) S Williams (resigned 18 Apr 2017) M S Borland K Moss B Cassey I Holt C Radford A Poodle (appointed 17 Nov 2016) 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
17
• 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.
Financial Reporting Standard for Smaller Entities (effective January 2015) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
STATEMENT OF DISCLOSURE TO THE AUDITOR So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
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.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
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.
This report was approved by the directors on 28 September 2017, 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 2017 We have audited the financial statements of Ski Club of Great Britain Limited for the year ended 30 April 2017, which comprise the Consolidated Profit and Loss Account, Consolidated and Company Balance Sheets, and the related Notes to the Accounts. The financial reporting framework that has been applied in their preparation is applicable law and the
Report & Accounts 2017
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 2017 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.
18
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. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the 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 parent company 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 from the
requirement to prepare a strategic report. Stephen Meredith BA FCA DChA (Senior Statutory Auditor), 28 September 2017 for and on behalf of Alliotts Chartered Accountants, Statutory Auditor, Friary Court, 13-21 High Street, Guildford, Surrey, GU1 3DL.
Ski Club of Great Britain Limited Group Profit and Loss Account for the Year Ended 30 April 2017
2017 2016 NOTES £ £
Turnover
3
Cost of sales
5,513,419 (4,482,109)
Gross profit Administrative expenses
4,816,407 (3,781,458)
1,031,310 (1,079,106)
1,034, 949 (1,157,062)
Other operating income
86,327
Operating profit
38,531 23,268
145,381
Interest receivable and similar income
3
2,810
743
similar expenses
(1)
(91)
freehold building
1,612,846
-
Fair value gain on investments
6,818
Interest payable and Profit on disposal of -
Profit before taxation
1,661,004 23,920
Tax on profit
(106,148)
Profit for the financial year 14 1,554,856
(12,231) 11,689
Profit for the financial year is all attributable to the owners of the parent company.
Report & Accounts 2017
Company Balance Sheet as at 30 April 2017
Group Balance Sheet as at 30 April 2017 NOTES
2017 £
2017 £
2016 £
2016 £
FIXED ASSETS
NOTES
2017 £
2017 £
2016 £
2016 £
FIXED ASSETS
Goodwill
6 256,649
Other intangible assets
6
-
172,981 1,203
Intangible assets
6
148,163
1,203
Tangible assets
7
30,925
2,216,054
Investments 8 3,806,821 3 Total intangible assets Tangible assets
7
429,630
1,203
34,482
2,220,957
3,985,909 2,217,260
Investments 8 3,806,818
CURRENT ASSETS
Stocks 19,644 30,694
4,270,930
2,222,160
CURRENT ASSETS
Debtors
Stocks 19,644 30,694
Cash at bank and in hand
Debtors
10 221,537 239,050 741,957 1,505,860
10 253,576 254,010
Cash at bank and in hand
1,454,089 1,733,451
983,138 1,775,604
1,727,309 2,018,155
Creditors: amounts falling due within one year 11 (1,326,557) (1,719,846)
Creditors: amounts falling due within one year 11 (1,736,881) (1,535,516) Net current (liabilities)/assets Total assets less current liabilities Provisions for liabilities
(9,572) 482,639 4,261,358
2,704,799
(2,703) -
Net assets 4,258,655
2,704,799
CAPITAL AND RESERVES 13
Profit and loss reserves 14
-
2,165,664
9,728
10,728
4,248,927 528,407
3,642,490
2,273018
55,758
-
2,165,664
9,728
10,728
CAPITAL AND RESERVES Revaluation reserve Other reserves
13
Profit and loss reserves 14
3,632,762 96,626
TOTAL EQUITY
3,642,490 2,273,018
TOTAL EQUITY 4,258,655 2,704,799
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £1,370,472 (2016 - £165,333 loss).
These financial statements have been prepared in accordance with the provisions
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
applicable to groups and companies subject to the small companies' regime. These financial statements were approved by the board of directors and authorised for issue on 28 September 2017, and signed by MKS Bentley, Director.
19
(343,419)
Total assets less current liabilities
Revaluation reserve Other reserves
Net current (liabilities)/assets
The financial statements were approved by the board of directors and authorised for issue on 28 September 2017 and are signed on its behalf by MKS Bentley, Director. Company Registration No. 04312167
Report & Accounts 2017
Notes to the Financial Statements for the year ended 30 April 2017 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 The White House, 57/63 Church Road, Wimbledon, London SW19 5SB. The group consists of Ski Club of Great Britain Limited and all of uts subsidiaries: Ski Club Services Limited, Ski Club Winter Arrangements Limited and Mountain Tracks Limited. 1.1
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements: •
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
•
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
•
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
•
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
•
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
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. These group and company financial statements for the year ended 30 April 2017 are the first financial statements of Ski Club Of Great Britain Limited and the group prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements for the preceding period were prepared in accordance with previous UK GAAP. The date of transition to FRS 102 was 1 May 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 17. 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.
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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 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
Report & Accounts 2017
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.
Insurance commissions are recognised at the end of the month in which the trip occurred.
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 from the date that control passes.
1.4
All financial statements are made up to 30 April 2017. 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. Mountain Tracks Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account includes the results of Mountain Tracks Limited for the period from its acquisition on 16 December 2016. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of 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 life, which is ten years. 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 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 amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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: Software
15% - 100% on cost
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.
21
Website development/development: To be amortised over a seven year straight line period once the development goes live
Report & Accounts 2017
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: Freehold land and buildings
Nil - 12.5% on cost
Plant and equipment
15% - 100% on cost
Fixtures and fittings
15% - 100% on cost
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 investments
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.
determine the extent of the impairment loss (if any). Where 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 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 investment is not tested separately for impairment. 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 of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. 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.
1.9 Stocks 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 and operating policies of the entity so as to obtain benefits from its activities.
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 1.8
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 22
Cash at bank and in hand
Impairment of fixed assets 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.
Report & Accounts 2017
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.
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 demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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. Trade debtors are measured at transaction price less any impairment. 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.
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.
1.12 Taxation 1.15 The tax expense represents the sum of the tax currently payable and deferred tax. 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. 23
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.
Report & Accounts 2017
2. Judgements and key sources of estimation uncertainty 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.
2017 £
2016 £
Interest Income
1,007
743
Dividends received
1,803 -
Other significant revenue
2,810 743
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.
4. Auditor's Remuneration
Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
For audit services
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. 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.
24
3. Turnover and other revenue
2017 £
2016 £
Fees payable to the company's auditor and associates
Audit of the financial statements of the group & company
12,035
11,740
6,435
3,350
Audit of the financial statements of the company's subsidiaries
18,740 15,090 For other services All other non-audit services
13,365
2,945
Report & Accounts 2017
5. Employees
7. Tangible fixed assets
The average monthly number of persons (including directors) employed by the group and company during the year was: Group Company 2017 2016 2017 2016 Number Number Number Number Total employees
31
32
21
23
Their aggregrate remuneration comprised:
1,119,820
1,158,034
850,992
904,489
6. Intangible fixed assets Group Goodwill Development Website Total costs development/ development £ £ £ £ Cost At 1 May 2016 Additions - separately acquired Additions - business combinations
- 266,649 -
14,700 153,270 -
12,032 2,080 7,761
26,732 421,999 7,671
At 30 April 2017
266,649
167,970
21,783
456,402
Amortisation & impairment At 1 May 2016 Amortisation charged for the year
- - 10,829 10,000 - 5,943
10,829 15,943
At 30 April 2017
10,000 - 16,772
26,772
Carrying amount At 30 April 2017
256,649
167,970
At 30 April 2016 -
25
Cost At 1 May 2016 2,266,174 40,796 387,858 2,694,828 Additions - 1,819 18,056 19,875 Business combinations - 2,994 25,919 28,913 Disposals (2,266,174) - - (2,266,174) At 30 April 2017
Group Company 2017 2016 2017 2016 £ £ £ £ Wages and salaries
Group Freehold land Plant & Fixtures & Total and buildings equipment Fittings £ £ £ £
5,011
429,630
- 1,203 1,203
Depreciation & impairment At 1 May 2016 Depreciation charged in the year Eliminated in respect of disposals
-
45,609
431,833
477,442
72,129 26,286 401,973 500,388 - 7,077 7,624 14,701 (72,129) - - (72,129)
At 30 April 2017
-
33,363
409,597
442,960
Carrying amount At 30 April 2017
-
12,246
22,236
34,482
At 30 April 2016
2,194,045
15,657
11,255
2,220,957
Company Cost At 1 May 2016 2,266,174 45,474 333,966 2,645,614 Additions - 1,819 16,098 17,917 Disposals (2,266,174) - - (2,266,174 At 30 April 2017
-
47,293
350,064
397,357
72,129 - (72,129)
29,817 6,377 -
327,614 2,624 -
429,560 9,001 (72,129)
At 30 April 2017
-
36,194
330,238
366,432
Carrying amount At 30 April 2017
-
11,089
19,826
30,925
At 30 April 2016
2,194,045
15,657
6,352
2,216,054
Depreciation & impairment At 1 May 2016 Depreciation charged in the year Eliminated in respect of disposals
Report & Accounts 2017
8. Fixed asset investments
9. Subsidiaries
Group Company 2017 2016 2017 2016 £ £ £ £
Details of the company's subsidiaries at 30 April 2017 are as follows: Nature of business
Class of shares held
Investments 3,806,818
Ski Club Services Limited England Intermediate holding company
Ordinary
100.00
Ski Club Winter England Skiing holidays Arrangements Limited for Ski Club of Great Britain Members
Ordinary
100.00
Mountain Tracks Limited England Adventure holidays for Ski Club of Great Britain Members
Ordinary
100.00
- 3,806,821
3
Movements in fixed asset investments Group Investments other than loans £ Cost or valuation At 1 May 2016 Additions 3,806,818 At 30 April 2017
3,806,818
Carrying amount At 30 April 2017
3,806,818
At 30 April 2016
-
Movements in fixed asset investments Company Shares in Other Total group investments undertakings other than loans £ £ £
26
Cost or valuation At 1 May 2016 Additions
3 - 3 - 3,806,818 3,806,818
At 30 April 2017
3
3,806,818
3,806,821
Carrying amount At 30 April 2017
3
3,806,818
3,806,821
At 30 April 2016
3
-
3
Name of undertaking Registered office
% Held Direct Indirect
The aggregrate capital and reserves and the profit for the year of the subsidiaries noted above was as follows: Name of undertaking Profit Capital and reserves £ £ Ski Club Services Limited - 29,759 Ski Club Winter Arrangements Limited 80,582 503,314 Mountain Tracks Limited 111,106 272,053
10. Debtors Group Company 2017 2016 2017 2016 Amounts falling due £ £ £ £ within one year: Trade debtors Other debtors Prepayments and accrued income
14,009 71,776 167,791
95,504 31,440 127,066
36,849 66,332 118,356
95,504 31,436 112,110
253,576 254,010 221,537 239,050
Report & Accounts 2017
11. Creditors: amounts falling due within one year
14. Profit and loss reserves
Group Company 2017 2016 2017 2016 Notes £ £ £ £
Group Company 2017 2016 2017 2016 £ £ £ £
Trade creditors 419,332 403,011 Amounts due to group undertakings 1,974 - Corporation tax payable 99,218 8,813 Other taxation and social security 41,603 73,484 Deferred income 12 797,354 687,018 Other creditors 95,036 71,876 Accruals 282,364 291,314
At the beginning of the year Profit/(loss) for the year Transfer from revaluation reserve At the end of the year
164,547
142,140
111,264 98,758
629,186 8,811
- 739,772 54,511 157,705
35,479 678,897 71,875 153,458
1,736,881 1,535,516 1,326,557 1,719,846
12. Deferred income
797,354
687,018
739,772
678,897
13. Other reserves
9,728
Company £ At 30 April 2016 Other movements
10,728 (1,000)
At 30 April 2017
9,728
The Lang Legacy Fund is used to support school snowsports activities in the UK and abroad.
27
96,626 1,370,472 2,165,664
261,959 (165,333) -
4,248,927
528,407
3,632,762
96,626
15. Acquisitions On 16 December 2016 the group acquired 100 percent of the issued capital of Mountain Tracks Limited. Adjustments £
Fair Value £
Tangible Fixed assets 24,768 Debtors 220,853 Creditors (416,854) Cash and cash equivalents 337,621
- 24,768 - 220,853 - (416,854) - 337,621
Total identifiable net assets
-
166,388
166,388
Goodwill 266,649
Group £ At 30 April 2016 10,728 Other movements (1,000) At 30 April 2017
516,718 11,689 -
Book Value £
Group Company 2017 2016 2017 2016 £ £ £ £ Other deferred income
528,407 1,554,856 2,165,664
Total consideration
433,037
The consideration was satisfied by
£
Cash 433,037 Contribution by the acquired business for the reporting period included in the consolidated statement of comprehensive income since acquisition:
£
Turnover 590,401 Profit after tax 111,106
The goodwill arising on the acquisition of the business is attributable to the brand value.
Report & Accounts 2017
16. 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:
Group Company 2017 2016 2017 2016 £ £ £ £
84,260
-
-
-
17. Reconcilliations on adoption of FRS 102 Reconciliation of equity - group 1 May 30 April 2015 2016 £ £ Equity as reported under previous UK GAAP and under FRS 102
2,693,111
2,704,799
Reconciliation of group profit for the financial period 2016 £ Profit as reported under previous UK GAAP and under FRS 102 11,689
Notes to reconciliations on adoption of FRS 102 - group In the prior year and at the point of transition website build costs were categorised as tangible assets, under the new FRS 102 regulations the assets have been reclassified as intagible assets, therefore the net book value of these items (£2,406 on the 01/05/2015 and £1,203 on the 30/04/2016) have been adjusted for on the balance sheet and in the relating notes.
28
Report & Accounts 2017
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 16 November 2017 at 6pm at The Garden Room, City of London Club, 19 Old Broad Street, London EC2N 1DS
Voting online You can vote online at www.surveymonkey.co.uk/r/SCGB2017 Online votes must be cast by 5.00pm on Friday 10 November 2017.
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 Friday 10 November 2017.
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
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 16 November 2017 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 ELECTION OF OFFICERS: Malcolm Bentley, Chairman Ian Holt, Treasurer
Election of Council Members: There are two positions available for Council membership. Please put a cross against the names of the people you would like to vote for. (Please note that if you put a cross against more than two names, your vote will be void).
Dave Davenport
Sue Dowden
Edward Kilwick
Tom Jarman
Joanna Milner-Percy
Zoe Phillips
Your details You must sign this section or your votes cannot be counted Signature Name in BLOCK CAPITALS Membership Number Email Address
29
Withheld
Report & Accounts 2017
30