Ski Club of Great Britain Reports and Accounts 2019

great britain

ANNUAL REPORT & ACCOUNTS 2019 AND AGM NOTICE

PHOTO:ROSS WOODHALL

Contents 2

AGM notice & agenda

6

Chairman’s report

10

Chief Executive’s report

14

Financial summary

16

Council nominations

24

Membership statistics & product usage

34

Online statistics

36

Statutory accounts

56

Voting

Ski Club of Great Britain Connect House, 133-137 Alexandra Road Wimbledon, London SW19 7JY +44 (0)20 8410 2000 agm@skiclub.co.uk

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AGM Notice The Annual General Meeting is taking place on Thursday 14th November at 58 Victoria Embankment, Temple, London EC4Y 0DS. Please arrive at 5.30pm for tea & coffee prior to the meeting commencing at 6pm. Find out more at the skiclub.co.uk

Agenda

Questions and discussion

1. Approve the minutes of the 110th

After the main business of the AGM, there

Annual General Meeting, held on

will be a questions and discussion session.

Thursday 14th November 2019

If any member wishes to raise a topic, it would be helpful to receive written

2. The Chairman’s Report

notification prior to the meeting by post or email. Please email agm@skiclub.co.uk

3. The Chief Executive’s Report 4. Presentation of the Report and Accounts for the year ended 30 April 2019 5. Reappoint Alliotts as auditors 6. Re-election of the Chairman

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.

Click here for more information on Ski Club Council members and staff.

7. Election of the Treasurer (please see page 17 for further details) 8. Election of Council members (please see page 16 onwards for further details) 9. Member's resolution (please see page 56 for futher details)

Report & Accounts 2019

Chairman’s Report I see the last financial year to 30th April 2019 and the months since from two very different perspectives: the members at large and the Club internally. For the vast majority of members, their priority as skiers and snowboarders is to obtain the most enjoyment from their time in the mountains and this we hope continued or improved, enhanced by the Club. On the other hand, internally at the Club we have encountered a number of events and factors giving us challenges, which fortunately do not impact the majority of members.

Thus our members’ holiday programme catered to very similar numbers as in the previous season with our unique offering allowing members to ski or snowboard with likeminded fellow members. The Instructor Led Guiding and Leader Service were enjoyed by an increased number of members and the feedback showed that the ILG was much improved. Many other members benefited from excellent insurance cover, saved their subscription and more on our partner discounts, stayed in touch and informed through Ski & Board and other Club communications and generally enjoyed the company of other Club members socially and on the mountain.

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Anecdotally, as we do not gather statistics, the extent of Club social skiing (members meeting up to ski or snowboard together and arranging their own groups) continues to expand very well. This is very evident in Val d’Isere with Verbier and Zell am See being two other examples where there have

regularly been social groups to complement the Leader led ones. We have been working to promote and expand social skiing in any case and this now becomes a very important part of Club activity with the loss of the Leader Service. Reps have no "on snow" responsibilities and thus are free to ski with whoever they wish and go wherever they wish on the mountain in social groups.

The former Ski Club Leaders Course will become our Mountain Safety Course with the same excellent training such that it will equip members passing the course to ski or snowboard safely off piste. We would encourage members intending to go off piste in social groups (groups without a professional guide or instructor) to do this course so that they and fellow group members obtain the best and safest experience off piste. We will still ensure that Reps are good skiers with good experience (purple or higher) and so we still respect on-snow expertise as part of being a Rep and the Mountain Leader Course would meet this.

We were very disappointed to have to withdraw the Leader Service, for long an iconic and much valued part of the Club. It was incumbent on us to seek legal advice that the service operated legally, particularly to protect the Leaders from possible arrest and actions against them, as of course occurred in France several years ago leading to the withdrawal of the service in France in 2014. The fact is that our lawyers could not confirm that it was legal but on the contrary advised us that it was not permitted and exposes us to a risk that cannot be eliminated. The laws in other European

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countries have strong similarities to those in France and apply regardless to piste or off piste skiing and the latter would be an aggravating factor in any case.

We will continue to keep abreast of regulations, the market, what other clubs and organisations are doing etc. and review any ideas that may give us the opportunity to reinstate or introduce a service that will give members the best experience on snow in member groups provided it is legal.

In April Darren Neylon resigned unexpectedly, having been our Chief Executive for just over a year. He achieved a considerable amount in that time, most noticeably with the organisational structure and developing our Strategic Plan that we continue to follow. His resignation necessitated the recruitment of a replacement and we undertook this with the research consultants Warren Partners.

Taking account of our experience without a Chief Executive from June 2017 on the passing of Frank McCusker, we resolved

to have an interim Chief Executive and fortunately Ian Holt offered to step into the role and resigned as Treasurer. During the search Ian expressed his interest in a permanent position and so was then included in the rigorous selection process along with external candidates that numbered more than 200. An excellent short list of candidates was interviewed

by Council members and ultimately it was decided to appoint Ian. We are delighted that he is now in this role with the Club in its current position combining challenges and opportunities and he expands on these in his own report.

The financial report to 30th April shows a considerable deficit for the period, a very unsatisfactory result and at odds with the original budget to make a small surplus. This is largely due to a combination of difficult market conditions across all our main sources of income such that they underperformed, over-ambitious budgeting and restructuring costs.

Report & Accounts 2019

The most important shortfall was in the margins achieved on our holidays, which were squeezed by higher supplier costs, compounded by Sterling weakness and lower occupancy rates and group numbers.

The advertising markets continue to be very competitive such that the earnings from partnerships and Ski & Board fell again, as has been the trend for some years. Similarly our insurance commission income fell and underwriting costs for our Platinum membership increased.

The budget anticipated increased contributions from holidays and insurance and consistent levels from other income streams and the overhead budget was increased in line with this.

Finally, Council, in discussion with our auditors, has decided to write off completely the investment in website development.

Whilst a decision has not yet been made to replace the website or when this should

occur, it is clear that it has little long term value to the Club.

Prior to knowing the extent of the deficit, Council had already reviewed the policy on the use of the Club’s investment reserves.

At the time Council made the decision to sell the White House we said that holding liquid reserves would give us the flexibility for future investment as we seek to grow and develop the Club. Holding all the reserves for the long term provides little benefit for the Club and its members, whilst at the same time we would be constrained from taking up initiatives or investment opportunities. Thus it is for the better long term benefit of the Club and its members, both present and future, to use the reserves judiciously to develop the Club in line with our strategy. Nevertheless Council agreed that we should hold minimum reserves of ÂŁ1.5 million to sustain the Club through a two year period of major disruption or crisis such as economic crisis, natural disaster, PHOTO:ROSS WOODHALL

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military conflict etc. This was estimated in fact at £800,000.

Council has agreed to release £1.25 million from our investment portfolio of £4.2 million to cover the cash shortfall and allow judicious investment in new projects.

The Council and management are determined that such a major deficit should not be repeated and that we will also very actively pursue our strategic goals.

The budget for the current year has been re-worked rigorously in light of last year’s results to produce a credible plan that should yield a surplus and at the same time allow for new initiatives, for example in membership, events and holidays and a particular focus on younger people. Ian sets this out in his report.

As usual we require new candidates to join Council each year and since before last year’s AGM we have been seeking to encourage those with the appropriate skills and experience to apply to contribute to the important role of Council as the nonexecutive board of the Club. Following a selection process from seven candidates we were pleased to appoint Abigail Bunney and Angus Maciver to Council in April to fill the casual vacancies arising on the resignation of Kim Moss and Mark Borland.

With Ian’s appointment as Chief Executive we require a new Treasurer and Council propose that Angus Maciver be elected.

Having been appointed by Council during the year, Abigail retires at the AGM and, being eligible for re-election, is proposed by

Council. Both Angus and Abigail have made a considerable contribution to the working of Council since appoint in April and we hope that the membership will support both these candidates recommended by Council.

Three further vacancies arise at the AGM due to the nomination of Angus as Treasurer and the normal retirement of Elected Council Members in accordance with the Articles. Five candidates have applied and their profiles are presented later in this report. The Nominations Committee of Council met with selected candidates to identify those with the appropriate profile, skills and experience and proposes Charlotte Metcalfe for election and recommends her to the membership.

Council plays an important role and I very much thank all members for their contribution and work and particularly Kim Moss and Mark Borland, who both served for over 5 years until retiring in April.

It has been a period of great change in the management and staff of the Club in the last 18 months and on behalf of the membership, Council and myself the management and staff deserve considerable thanks for their work and dedication during this period and for their ability and willingness to see the future opportunities for the Club and themselves in the coming year as Ian expresses so strongly in his report.

Malcolm Bentley Chairman Report & Accounts 2019

Chief Executive’s Report I was very pleased to be appointed as Chief Executive during the summer. I’ve loved the Club since I first joined about ten years ago, and became a Leader shortly after joining.

I’ve always been excited about what the Club offers, but more importantly what we should and could offer, and to a much larger audience. The Club we love should be open to all, and we’ve been working very hard to enhance what we offer.

Whilst we have real momentum behind important initiatives, we've also had to work hard to understand the financial picture and getting the finances under control. With Tanya Moiseyenko, our new Finance Director, we have completely reviewed our finances, cost-control procedures and areas of discretionary spend. As Malcolm explained in his statement, the shortfall is primarily due to both reduced holiday sales with increased costs experienced throughout the 2018/19 season.

We have completely revamped how we account for holiday costs, and you will have seen that we have now adopted a variable pricing policy, to protect the Club from unforeseen costs. Our members will always benefit from cheaper than comparable holidays, one of the prime benefits of being a member, but I am sure you would agree that we cannot risk selling holidays at a loss. We have also reduced our cost-base, cutting all non-essential costs, to return to a neutral position for 2019/20.

Whilst the financial position is frustrating, 10

our marvellous team has been working incredibly hard to implement the growth strategy outlined last year. Highlights include: 1. New membership options: especially for younger members and those about to leave family memberships; on-line only membership; professional membership and lifetime membership options 2. A range of products and services to attract younger members, in particular the creation of our New Horizons holiday programme – 12 holidays aimed at the younger holiday-maker 3. New Freshtracks holidays with new resorts. We’ve also been working with some of our partners to be able to provide more holidays as the season progresses 4. Mountain Tracks has also increased its scope – more trips to more interesting places for the more adventurous skier.

And look out for the exciting summer 2020 programme to come 5. The return of the Ski Club Travel Service: older members may recall that we used to run a service to book any trip you wished, if a Freshtracks holiday wasn’t going to the resort you wanted or on the dates convenient to you. The SCTS will be back this season!

6. Mountain Safety and Education: developing our programme both in the mountains but also at home, to practice those skills before you go. Our former Leaders’ Course will continue this year as the Mountain Safety

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Course. In addition, we have been working with various UK training and education organisations to have the course officially accredited. We will also be running courses at home, to get practising before you get to the mountains 7. Events: a founding principle of the Club is to bring members together. We have started on some innovative member events, including an evening with Jaz Taylor, our world-beating Telemark racer, as well as film screenings and expert talks. Our partnership with The White Haus pub in London is growing from strength to strength and we are starting to develop the programme around the country 8. Partnerships: to bring you ever more interesting experiences, as well as save you even more money than before.

Whilst we all like to save a little cash (or maybe a lot!), we are looking to develop partnerships that provide something interesting, valuable and unique for our members, as well as a saving 9. Performance Clinics: a fantastic new programme of events to help you improve: one-day events at snowdomes across the UK and one-week and one-month ‘make me an awesome skier’ courses in the mountains 10. Extending Instructor-led Guiding to new resorts, and a new social activity plan for our fantastic communities in Val d’Isère and Zell am See 11. Continuing to develop our relationships with the UK Governing Bodies, to ensure full representation of the Club across the industry

Report & Accounts 2019

12. Developing our Social Media presence, to keep you entertained and informed, and provide a platform for our partners to communicate their special offers to members As you can see, the team have been incredibly busy, and many of these initiatives are ready to launch, or will be, as the season progresses. The Club has always been open to anyone who loves the mountains, and this year sees us trying many new ways of reaching different audiences.

The decision to change our Leader Service to the new Reps Service was personally very difficult. I have been a Leader for eight years, and it is the main reason I became a member in the first place.

As Malcolm has explained, the risk to individual Leaders, and to the Club as a whole, was just too great. Having said that, the Reps Service is a return to our roots – the core objective being to ensure our members have a great time in resort. They’ll continue to act the as the focal point for the Ski Club in resort,

facilitating social skiing and getting as many members – or future members – together.

I’ve spent some time meeting with others in the UK Snowsports industry, the Governing Bodies and other outdoors sports organisations. The message is clear: we are greatly valued across the industry, and they would all like to see us play our part in protecting the industry and sport we love. The Club occupies a unique position in the UK Snowsports landscape, and we can both protect our sport and support other organisations while still providing innovative, interesting partner offers to our members.

Sustainability has come ever more in to focus and we will shortly announce some exciting news. We’ve already implemented our Sustainability Policy, starting with reducing paper and plastic use, and we’ve designed some special Freshtracks trips travelling by train to reduce the carbon emissions created by flying. We have been working on a major new initiative which we will announce PHOTO:ROSS WOODHALL

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shortly. The focus is the mountains, the landscape we love, and we hope to take a leading role, supported by various partners from across the industry.

This initiative will also allow you to be involved, as you wish, to protect and support the most beautiful environment in the world (I am a little biased!).

I’d particularly like to thank the team.

We’ve had a very busy, and not always easy summer. The team have tackled each subject in turn, in a pragmatic, robust and supportive manner. We all, and me especially, are very lucky to have a bright,

motivated, fun and professional team running our Club.

We’ve had a couple of significant challenges to resolve, but as you can see we’ve been very busy and we’ve much to look forward to. I hope you can join me in seeing the bright, exciting future for our Club. Thank you for your continued support: please continue to get involved – and tell your friends!

Ian Holt Chief Executive Report & Accounts 2019

Financial Summary

CONTRIBUTION FROM, OR NET COSTS OF, CLUB ACTIVITIES: Freshtracks Mountain Tracks Leader Service and ILG Membership Ski + Board Advertisement and Partnership Insurance Commission Total Contribution Investment Income

2018/19

2017/18

£ £ £ -200,505 233,127 181,573 19.713 70,072 84,540 -207,438 -197,527 -207,059 965,859 948,236 930,777 -144,850 -107,948 -109,744 -146,638 -121,476 -67,009 151,817 192,897 18,232 437,958 1,017,381 1,031,310 93,145 67,950 89,136

TOTAL

531,102 1,085,331 1,120,446

SUPPORT ACTIVITIES Admin and Staff cost Premises IT & Telephony Digital Marketing and Communication Content production and other marketing

569,372 551,404 563,425 246,523 230,840 207,336 153,533 105,183 91,900 101,773 62,941 52,820 173,720 172,215 163,625

TOTAL (Deficit)/ Surplus from ordinary activities

1,244,921 1,122,583 1,079,106 -713,819 -37,252 41,340

Profit on disposal of building Unrealised gains on investments 214,984 120,748 Exceptional items Website W/off -342,756 Taxation (Deficit)/Surplus for finacial year

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2016/17

2 -841,589

1,612,846 6,818

8,389 -106,148 91,885

1,554,856

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Report & Accounts 2016

Council Nominations NB: The 2019 election is for the position of four elected Council member.

Vote online at surveymonkey.co.uk/r/SCGBAGM19 Election of Elected Council Members The election of four Elected Council Members is expected to arise at the AGM. Abigail Bunney was appointed to Council in April 2019 and is required by the Articles to retire and is eligible for re-election. Two further Elected Council Members retire in accordance with the Articles and together with the proposal of Angus Maciver as Treasurer this is expected to create three further vacancies.

Members will be aware that Council has sought proposals from those with the required business experience, skills and commitment to contribute towards the good stewardship and growth of the Club, to provide an independent voice and represent members and their concerns. Council is also keen to improve diversity, especially with a view to having younger members on the Council as we aim to attract some more younger members. The Nominations Committee’s task is to recommend to Council those candidates that meet these criteria and Council may then propose these candidates to the members.

Council recommendations Council proposes Angus Maciver as Treasurer, and Abigail Bunney and Charlotte Metcalfe as council members.

Candidates and voting The profiles of the six candidates standing are set out below and members may vote for four candidates. Voting is available online surveymonkey.co.uk/r/SCGBAGM19 by proxy or in person at the AGM.

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Angus MaciverStanding as Treasurer Proposed Council I have been on Council for 7 months and feel I can help in three main ways as Treasurer: • Focussing on ensuring the club finances get healthier • Using my business experience to help the club be run professionally, grow membership and improve member services.

• Supporting the Chair in getting the most out of the Council’s experience and helping with improving communication to members.

Here’s why I am right for the role: • Commitment to the Club: I have been a member for fourteen years and am currently on Council; I’ve skied in many resorts with leaders; been on multiple Freshtracks holidays; and I was a Ski Club Leader and am looking

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forward to being a Rep this coming season. Additionally, having left full time employment I have the time to invest in helping the CEO. • Strong Business Background: I combine enthusiasm for skiing with a business background including senior Marketing and Sales roles in: PepsiCo (UK and International); Prudential UK; Morrisons Supermarkets where I was the Group Marketing and Communications Director; and for the last seven years until September 2018 was the CEO of a successful sales enterprise doubling the turnover to £70m and employing 1500 full time staff.

• In Summary: We have a vision to double the membership alongside expanded services and partnerships.

I believe the Treasurer should be someone who has Council experience, a history of enthusiasm for the club and skiing combined with the kind of commercial skills which can be deployed to help achieve that vision.

Abigail Bunney Proposed Council

I’ve been a co-opted member of the Ski Club Council since May 2019, actively drawing on business experience and experiences as a club member. I try to speak up for the 20,000+ members who don’t presently ski regularly with the club, but want access to events, information and other great member benefits. I believe that keeping members interested will lead them to be more active members in the future.

Having worked in property and banking in London for many years, I have a

strong and varied skill set and a wide network. My particular strength is in building business through good working relationships.

I first skied at the age of 14 and worked two winter seasons in my early twenties.

More recently, I have shared my passion for skiing with my two boys. My youngest son trained as a ski instructor in Japan and will be working in Whistler next winter.

I was lucky enough to ski in Japan, Canada and Europe last winter and I’m planning several trips again this year. I’d like to continue devoting time to the Club, enhancing the offering, particularly for younger generations, in order to ensure a solid membership base for the future.

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Charlotte Metcalfe Proposed Council I am a focused and determined professional with over two years at Land Rover and three years in the City managing investments. I am a proactive and committed self-starter with proven exceptional communication and interpersonal skills. I believe I would be a positive steward in facilitating a sustainable future for the Club. I will be capable of analysing situations, hunting for the best possible solution while maintaining the Club’s reputable status

in the snowsports industry. Owing to my relative youth, I would also like to explore means of attracting younger members.

With a career founded on a politics degree from Exeter University, I began as a ski consultant and journalist. This led to an opportunity at Land Rover Mayfair where I created and drove a strategy which improved client satisfaction by 68% to #1 in the UK in twelve months.

I then wished to further my career by qualifying in investment management for Rathbones. I am conscious of the Club’s duty to increase membership. This is familiar to me as I was fundamental in growing the membership of my University Ski Club and Caledonian Society, the latter of which achieved 34% membership growth in 6 months.

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Ed Killwick Proposed Cleeves Palmer Alex Howard I have been a member since 1990 and a Rep since 2001. My early career was in the ski industry working for Ski Thomson in France and Switzerland and I still have many friends within the business.

After leaving Thomson’s I set up my own clothing business originally selling into shops (Fat Face, Jack Wills, Edinburgh Woollen Mills and many hundreds of others) In recent years the business has adapted and changed with most of our sales now coming from websites and internet

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platforms.

I am also a member of the Kandahar (who have a much younger profile and in the last 20 years have doubled their membership with 170 children in their race training program with 80% of the British Team made up of Kandahar members including Dave Riding) I am a keen amateur ski racer competing in the AICC in the Kandahar veterans team and next year will be my 30th Inferno.

I believe my experience with Ski Clubs, the Ski industry and running a business for nearly 30 years (adapting and evolving as the business landscape changes to keep it successful) has given me relevant skills to help the club have a bright future.

Gerry Aitken Proposed Richard Peterson Simon White

I have spent the last 30 years running my own small business supplying and fitting tiles to the volume house building industry.

I had my first skiing experience at Aldershot dry slope in 1987. I joined the Ski Club in 1989 to get more out of skiing.

I passed the 2003 Reps course and was honoured to receive New Rep of the Year Award at season's end. I have led many Freshtracks holidays and was honoured to receive the Holiday Leader of the Year Award 2006.

I was elected to Council in 2005. Over the next three years I attended all but three meetings and was also active on several subcommittees. Elected to Council again in 2011, over the next four years I played my part in helping to guide the Club through challenging times.

If elected I will seek to guide the Club towards a future where membership subscriptions form a larger percentage of income. I also believe passionately that people should be allowed to form ski clubs, train volunteer leaders and ski behind them in the mountains without interference.

To that end I will encourage the Club to revisit its recent decision to wind up its leading service.

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Martin Jordan Proposed Susie Llewelyn Susan Laming

My name is Martin Jordan, I’ve been a ski club member for 27 years and a leader for 12 years.

I’ve led mainly in Zermatt and Wengen, which I’ve enjoyed immensely. I’ll be repping in Zermatt this season I graduated from Trent Business School in 1981. I formed a property development company in 1987. The company looks for opportunities to add value to residential buildings, often buying projects at auction. I also have a portfolio of property in Kent which are mixed between assured tenancies, holiday lets

and shops. I am a director of another property company and also act as a sole trader.

For fun, I ski obviously, play golf, take photos, ride a motor bike, try and play the piano. To keep fit I ride a push bike and run.

I wouldn’t be half the skier I am without the club, it has guided and encouraged my progression, in technical ability and mountain craft. I’ve also met some amazing people along the way, and feel I owe the club a lot. This seems like the right time to give something back. I want to bring my business and organisational skills to council and help guide the club through the challenging times we currently face.

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Tom Jarman Proposed David Baker David Morgan

Twenty years ago my love for skiing was re-awoken by two marvellous Ski Club Reps, who shared the joys of all-mountain, club skiing. I was very proud to become a Leader in 2008 and have since enjoyed skiing with many member groups across Europe.

I believe great in-resort and on-snow support for skiers is core to the club. We are a members club and I would work to help ensure we are proactively engaged, supporting members and local club groups in the UK and resort.

I am one of a large group of Leaders (now Reps) who are seeking ways to support the club through recent challenges, to ensure knowledgeable, volunteer led groups can continue. This needs care to ensure Club, Reps and members have legal, insurance and other support. I would work with Council, members and leaders to do all we can to protect this vital aspect of the Club.

My background is as a Director of environmentally sustainable business, such as HAB Housing and Community R4C, a ground-breaking not-for-profit business. I have a financial background, and believe that club assets should be focussed on supporting members. Very keen to be in touch with all, active on social media.

Report & Accounts 2019

Member Statistics Members by type

Members by regi 2017 Total: 27,789

320

5,512

8,318

420 13,129

2019 Total: 24,776

0.6%

11,031 110 243

0.3% 5,877 7,515

10

BEGINNER UNDER 24 FAMILY INDIVIDUAL SKI CLUB PLATINUM 24

*NB. Figures for Beginner memberships include Individuals, Family and Under 24.

0.8%

1.2%

Rest of World

Rest of Europe

ion

Members by age

5.1%

4.61%

3.43%

2.80%

11.58%

13.11%

15.18%

23.23%

24.78% 27.09%

24.32%

1.3%

23.87% 22.54%

7.6%

5.4%

5.2%

2.9%

8.28%

4.41% 2.06%

4.46% 1.90%

20.83%

20.17%

18.38%

2017

2018

2019

10.6%

2.0%

0.4%

8.96%

7.42% 5.14% 1.35%

39.3%

UNKNOWN

35-44

65+

24-34

55-64

UNDER 24

45-54

FAMILY U24 Report & Accounts 2019

Freshtracks Statistics Although Freshtracks sales started well, total a late season drop in sales resulted in an overall decrease of 3.48%.

We saw a mixture of weather conditions across the Alps, which had an impact on the 13.11% decrease in touring and off piste holiday bookings compared with 2017/18. Austria and Eastern Switzerland experienced record-breaking January snowfall, while Italy suffered limited snowfall, particularly in the Dolomites and the North East Monte Rosa regions.

Despite a drop in touring and off-piste bookings, the Freshtracks team saw an 18.37% increase in bookings on our on-piste instruction holidays.

The resorts of Bad Hofgastein, Les Deux Alpes and Engelberg have become staples within the diaries of many of our Freshtracks and Peak Experience passengers, and were once again some of the most popular trips within the programme. The introduction of new resorts such as Klosters and Heiligenblut proved a hit with our Freshtracks members, and we will continue to run holidays to these resorts in the upcoming 2019/20 season.

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11

Holidays

2018-19

33

Total: 2,495

226 393

625

Total Passengers

1200 2495 2692 2597 18

ACTION

TOURING

DEVELOPMENT

WEEKEND

HELI

TAILORMADE

OFF PISTE

2016-17

2017-18

2018-19

Report & Accounts 2019

Mountain Tracks Statistics Summer 2018 saw Mountain Tracks take 120 climbers and trekkers to the Alps, twice the number of passengers carried in the previous summer (60 pax in 2017). In July 2018, Mountain Tracks also ran a highly successful, 25-day, 6-man expedition to China’s Muztagh Ata, a 7,546m summit, a significant logistical undertaking for the team.

Bookings and interest were strong for our summer products in 2018, however the summer program still presents an exciting challenge for the brand, with further room to grow and develop.

Winter 2018/19 was also not without its challenges. A tough and increasingly competitive market, and ongoing internal organisational change provided a difficult operating environment. In spite of this, the team delivered hundreds of excellent on snow experiences for our clients and ultimately finished the season with many success stories, and lots of great feedback. Mountain Tracks has gained enormous strength and experience from this tough environment, which will no doubt bring positive results in the 2020 winter season.

2018-19 Total:563

120

443

WINTER SUMMER 28

Report & Accounts 2019

On-Snow Service We were present again in the same 18 resorts in Andorra, Austria, Canada, Italy, Switzerland and USA. There was an increase in the total days’ members spent with Leaders although a significant decrease in the number of non-members using the service which had an impact on our Alpine Join programme. Despite the challenging snow conditions particularly in Austria in January we saw an increase in numbers across Austria. This however didn’t deter our enthusiastic members who were making the most of the conditions. Those lucky enough to ski in the North American resorts of Jackson Hole and Whistler experienced exceptional conditions. We saw a good increase in member engagement in Zell am See with Crystal putting on buses for their guests to ski with our Leader service in neighboring resorts each week. 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 55 330

6755

6623

6822 2666

273 2344

1929

2016/17

2017/18

2018/19

MEMBERS NON-MEMBERS 30

Report & Accounts 2016

However, due to legal advice the service will be replaced with our new Ski Club Reps service. Ski Club Reps will still bring members together to form their own sociable groups on snow – and act as a social focus off the slopes. This will allow a much more flexible approach to how members can engage with the club in resort, with weekly events programmes curated by the in-resort rep providing members opportunity to meet other members in resort and enjoy all the mountains have to offer.

Instructor-led Guiding Feedback for the service was extremely positive in the 18/19 season, following improvements made after last season. We made a few changes to the Instructor-led-Guiding offering for the 18/19 season primarily switching our provider in most resorts to New Generation Ski School who received great feedback from the members. The additional sessions in Val d’Isère and Tignes were particularly well received as well as a ski touring session that was introduced in Tignes. The off piste days are still the most popular and the changes to the Tuesday session as an introduction to off piste have been very well received. We will be introducing Instructor-led guiding into Wengen and the Jungfrau region as well as Verbier and Zermatt for next season to support the new Reps service.

TOTAL ILG USAGE

400

2017/18 2018/19

Sessions ran

404

434

Total places booked

1991

2165

350

Sessions booked by resort 300

2017/18 2018/19

250

200

150

100

50

0 32

TIGNES

VAL D'LSERE

AVORIAZ

MERIBEL

AGRENTIERE

FLAIN

NE

LA PLAGNE

LES ARCS

COURCHEVEL

LES DUEX ALPES

VAL THORENS

ST ANTON

Online Statistics Website usage remained consistent year-on-year with 566,867 visitor sessions and 275,543 unique visitors.

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. *Figures are for the January of each year.

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.

CURRENT REGISTERED USER TOTAL: 120,169

34

18,989 18,062

14,818

PAGE LIKES Average engagement up 15.22% from 2018

2017

2018

2019 18,583

19,200

19,430

2018

2019

FOLLOWERS Average engagement up 2.06% from 2018

7,823

2017

4,735

CURRENT INSTAGRAM FOLLOWERS: 1,450

2,699

Average engagement up 22.10% from 2018 2017

2018

2019

Report & Accounts 2019

Statutory Accounts Directors’ Report for the year ended 30 April 2019 The directors present their annual report and financial statements for the year ended 30 April 2019.

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.

Principal activities 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.

financial statements in accordance with applicable law and regulations.

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 group and company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

Directors The directors who held office during the year and up to the date of signature of the financial statements were as follows: MKS Bentley CHAIRMAN I Holt (Resigned 15 May 2019) A Poodle B West C Radford K Moss (Resigned 24April 2019) M Borland (Resigned 24 April 2019) B Cassey J Milner-Percy D Davenport A Bunney (Appointed 24 April 2019) A Maciver (Appointed 24 April 2019)

Statement of directors' responsibilities The directors are responsible for preparing the Annual Report and the 36

• Select suitable accounting policies and then apply them consistently; • make judgements and accounting estimates that are reasonable and prudent; • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

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

that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to 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 has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

SKI CLUB OF GREAT BRITAIN LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SKI CLUB OF GREAT BRITAIN LIMITED Opinion 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 2019 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).

In our opinion the financial statements: • give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2019 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.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Report & Accounts 2019

38

• the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or • the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the parent company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters 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

Other information The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other

Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and 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 by the parent company, 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 in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

Responsibilities of directors As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they

could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of the audit in accordance with ISAs (UK), the auditor exercises professional judgement and maintains professional scepticism throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report 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 auditor's 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.

Report & Accounts 2019

GROUP PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30APRIL 2019

2019 ÂŁ

2018 ÂŁ

Cost of sales

5,863,075 (5,425,118)

5,954,350 (4,858,809)

Gross profit

437,957

1,095,541

Administrative expenses

(1,244,291)

(1,200,743)

Other operating income

20

800

(342,756)

0

(1,149,700)

(104,402)

93,145 (12) 214,984

67,152 (2) 120,748

Tax on (loss)/profit

(841,583) 2

83,496 8,389

(Loss)/profit for the financial year

(841,581)

91,885

NOTES Turnover

Website development cost write off

3

4

Operating loss Interest receivable and similar income

7

Interest payable and similar expenses

8

Fair value gain on investments (Loss)/profit before taxation

(Loss)/profit for the financial y-ear is all attributable to the owners of the parent company.

40

GROUP BALANCE SHEET AS AT 30 APRIL 2019 Notes Fixed assets

2019 £

2019 £

2018 £

2018 £

Intangible assets

10

203,319

526,694

Tangible assets

11

133,034

141,256

Investments

12

4,237,876

3,963,392

4,574,229

4,631,342

Current assets Stocks Debtors

15

Cash at bank and in hand

Creditors: amounts falling due within one year Net current liabilities

16

67,558

55,058

283,165

245,903

277,526

1,004,432

628,249

1,305,393

(1,704,508)

(1,587,195) (1,076,259)

(281,802)

3,497,970

4,349,540

8,728

8,728

Profit and loss reserves

3,489,242

4,340,812

Total equity

3,497,970

4,349,540

Total assets less current liabilities Capital and reserves Other reserves

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18th September 2019

Report & Accounts 2019

COMPANY BALANCE SHEET AS AT 30 APRIL 2019 Notes Fixed assets

2019 £

2019 £

2018 £

2018 £

Intangible assets

10

Tangible assets

11

48,057

40,243

Investments

12

4,237,876

3,963,392

4,285,933

4,279,362

275,727

Current assets Stocks Debtors

15

Cash at bank and in hand

Creditors: amounts falling due within one year

16

67,558

55,058

159,003

231,397

112,379

866,684

338,940

1,153,139

(1,316,192)

(1,723,758)

Net current liabilities

(977,252)

(570,619)

Total assets less current liabilities

3,308,681

3,708,743

8,728

8,728

Profit and loss reserves

3,299,953

3,700,015

Total equity

3,308,681

3,708,743

Capital and reserves Other reserves

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's loss for the year was £400,062 (2018 - £67,253 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18th September 2019

42

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2019 1. Accounting policies Company information Ski Club Of Great Britain Limited ("the company") is a private company limited by guarantee incorporated and domiciled in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, Wimbledon, London, SW19 7 JY. 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. All of which have the registered office: Connect House, 133-137 Alexandra Road, Wimbledon, London, SW19 7JY.

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 nearestÂŁ.

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 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 Report & Accounts 2019

accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

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 All financial statements are made up to 30 April 2019. 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 Turnover 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.

1.4 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.

44

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: Website development To be amortised over the beneficial life of the development costs 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: Leasehold improvements Over the period of the lease 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.

Report & Accounts 2019

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.

1.8 Impairment of fixed assets 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 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 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 46

Cash and cash equivalents 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.

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.

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

Current tax The company is not subject to corporation tax on its activities arising as mutually trading with club members.

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 Report & Accounts 2019

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

1.14 Leases Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leased 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.

1.15 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.

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.

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.

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 48

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 3. Turnover and other revenue

Other significant revenue Interest income Dividends received Commissions received 4. Exceptional item Website development cost write off

2019 ÂŁ

1,145 92,000 20

2018 ÂŁ

689 66,463

342,756

5. Auditor's remuneration Fees payable to the company's auditor and associates: For audit services Audit of the financial statements of the group and company Audit of the financial statements of the company's subsidiaries

6,395 12,395 4,535 4,535 10,930 16,930

For other services All other non-audit services

11,955

16,935

In the prior year ÂŁ6,000 of audit fees were over-accrued in Ski Club of Great Britain which have subsequently been released against the relating audit cost in the financial year ended 30 April 2019.

Report & Accounts 2019

6. Employees The average monthly number of persons (including directors) employed by the group and company during the year was:

Group Company

2019

2018 2019 2018 Number Number Number Number

Total employees 32 32 20 22 Wages and salaries Social security costs Pension costs

1,205,848 - -

1,156,357 - -

703,719 (19,206) (8,628)

1,205,848 1,156,357 675,885 806,068 2019 ÂŁ

7. Interest receivable and similar income Other interest receivable and similar income

806,068 -

2018 ÂŁ

93,145

67,152

-

-

342,756

-

8. Interest payable and similar expenses Interest payable to group undertakings 9. Impairments Website development cost write off 10. Intangible fixed assets Group

50

Goodwill

Website developement

Total

Cost At 1 May 2018 Additions

266,649 332,010 598,659 - 85,676 85,676

At 30 April 2019

266,649

417,686

684,335

Amortisation and impairment At 1 May 2018 Amortisation charged for the year Impairment losses At 30 April 2019 Carrying amount At 30 April 2019

36,665 26,665 - 63,330

35,300 39,630 342,756 414,936

71,965 66,295 342,756 478,266

203,319

-

203,319

At 30 April 2018

229,984

296,710

526,694

More information on the impairment arising in the year is given in note 9.

Company

Website development

Cost At 1 May 2018 308,277 Additions 70,282 At 30 April 2019

378,559

Amortisation and impairment At 1 May 2018 Amortisation charged for the year Impairment losses

32,550 35,347 310,662

At 30 April 2019 Carrying amount At 30 April 2019

378,559

At 30 April 2018

275,727

-

PHOTO:ROSS WOODHALL

Report & Accounts 2019

11. Tangible fixed assets Group

Leasehold improvements £

Plant and equipment £

Fixtures and fittings £

Total £

Cost At 1 May 2018 Additions

107,145 -

47,509 -

446,157 23,251

600,811 23,251

At 30 April 2019

107,145

47,509

469,408

624,062

Depreciation and impairment At 1 May 2018 Depreciation charged in the year

8,242 17,858

36,363 4,386

414,950 9,229

459,555 31,473

At 30 April 2019

26,100

40,749

424,179

491,028

Carrying amount At 30 April 2019

81,045

6,760

45,229

133,034

At 30 April 2018

98,903

11,146

31,207

141,256

Company Cost At 1 May 2018 Additions

49,193 364,835 414,028 - 20,402 20,402

At 30 April 2019

49,193

385,237

434,430

Depreciation and impairment At 1 May 2018 Depreciation charged in the year

39,194 4,386

334,591 8,202

373,785 12,588

At 30 April 2019

43,580

342,793

386,373

Carrying amount At 30 April 2019

5,613

42,444

48,057

At 30 April 2018

9,999

30,244

40,243

12. Fixed asset investments

Investments

52

Group 2019 £ 4,237,876

2018 £ 3,963,392

Company 2018 £ 2019 £ 4,237,876 3,963,392

13 Subsidiaries Details of the company's subsidiaries at 30 April 2019 are as follows: Name of undertaking Cost

Registered Office

Mountain Tracks Limited

England

Nature of business

Class of % Held Direct Shares held Indirect

Dormant

Ordinary

100.00

Ski Club Services Limited England Intermediate holding

company Ordinary 100.00 Ski Club Winter Arrangements Limited England

Skiing holidays for Ski Club of Great Britain Members

Ordinary

100.00

The aggregate capital and reserves and the profit for the year of the subsidiaries noted above was as follows:

Capital and Profit/(Loss) £ Reserves £

Name of undertaking Mountain Tracks Limited Ski Club Services Limited Ski Club Winter Arrangements Limited

100 29,759 (441,519)

179,533

14.Financial instruments Group 2019 £ Carrying amount of financial assets Instruments measured at fair value through profit 4,237,876 or loss

2018 £

3,963,392

Company 2019 £

2018 £

4,237,876 3,963,392

15.Debtors Amounts falling due within one year: Trade debtors Corporation tax recoverable Other debtors Prepayments and accrued income

Group 2019 £

2018 £

Company 2019 £

2018 £

71,298 66,425 71,287 139,262 131 - 131 89,824 92,149 6,546 30,501

121,912 87,329 81,039 61,634 283,165

245,903

159,003 231,397 Report & Accounts 2019

16. Creditors: amounts falling due within one year

Group 2019£

2018 £

Company 2019 £

2018 £

17 43,677 - - Bank loans and overdrafts 661,189 431,937 168,485 110,526 Trade creditors Amounts owed to group

- - 213,434 660,639 undertakings 460 460 - Corporation tax payable other taxation and social

- 42,504 - security 18 810,867 773,267 779,872 750,446 Deferred income 72,807 59,392 72,807 59,392 other creditors 279,635 81,594 142,755 Accruals and deferred income 115,508

1,704,508

1,587,195

1,316,192 1,723,758

17.Loans and overdrafts Bank overdrafts Payable within one year 18.Deferred income Other deferred income

43,677 43,677

810,867

- -

773,267

- -

779,872

-

750,446

19 .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:

54

Group 2019£

2018 £

121,645

243,960

Company 2019 £

2018 £

-

-

PHOTO:ROSS WOODHALL Report & Accounts 2019

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

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 14th November at 58 Victoria Embankment, Temple, London EC4Y 0DS For all members plaining to vote in person please bring along your membership card or form of ID

Voting online You can vote online at surveymonkey.co.uk/r/SCGBAGM19 Online votes must be cast by 5.00pm on Friday 8 November 2019.

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 8 November 2019.

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

Member’s resolution This resolution has been submitted by a member. The sentiments of the resolution broadly reflect those of the Club, as more fully expressed in the Chairman’s report.

Consequently, whilst we did not feel its presentation to members was necessary, we did not wish to oppose it, despite it not being proposed by the requisite 5% of the membership.

The resolution That members regret the loss of the leading service and requires council to take all reasonable steps to reinstate some form of experienced member-coordinated, on-snow, all-mountain member group skiing to the extent that this is legally possible. This may require country-specific legal advice.

Council is encouraged to work with experienced members and ex-leaders through an independent Reps Association or other suitable mechanism so that they feel able to ski with ski club member groups while having legal and insurance protections in place.

Council is asked to report regularly on progress.

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Your proxy by post 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.

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 14 November 2019 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

Withheld

Reappointment of Alliotts as Auditors Support the Member's resolution ELECTION OF OFFICERS: Malcolm Bentley, Chairman Angus Maciver, Treasurer

Election of Council Members: There are four positions available for Council membership. Please put a cross against the name of the four candidates for whom you wish to vote.

Abigail Bunney

Ed Killwick

Charlotte Metcalfe

Martin Jordan

Gerry Aitken

Tom Jarman

Your details You must sign this section or your votes cannot be counted Signature Name in BLOCK CAPITALS Membership Number Email Address Report & Accounts 2019