crown resorts 2015 agm booklet

Annual General Meeting

20th September 2015

Great Hall

James Graham Building Leeds Beckett University

Headingley Campus Leeds

LS16 5LF

What you will find in this booklet ….. PAGE CONTENTS

1-2 Committee Chairman’s Welcome

3 Acknowledgements

4 Timetable and Arrangements for 20th

September 2015

5 Formal Notice of AGM and Agenda

6 Voting Arrangements

7-11 Formal Resolutions

12-13 CVs and Mandates of Candidates for Election to the Committee

14-17 Committee Report

18-24 Club Accounts for 2014

25-28 Travel, Sleeping and Refreshment Arrangements

29 Useful Names and Contact Details

1

Committee Chairman’s Welcome

Dear Member As Chairman of the Crown Resorts’ Committee, I am pleased to write to you and introduce this year’s AGM Booklet which has been prepared in readiness for the Club’s 2015 Annual General Meeting. This year the AGM will be held on Sunday 20

th September in the Great Hall,

James Graham Building at Leeds Beckett University. As only some of our members will be able to attend the AGM, this Booklet is prepared and circulated to the membership to provide an overview of the Club’s affairs over the past year as well as to offer an indication of plans for the forthcoming 12 months. In accordance with the Club Constitution, this year the two members of the Committee who are standing down at the end of their three-year terms are Jackie Collins and myself. We are both offering ourselves for re-election. The Club has entered into a new and exciting phase of its existence. It is nearly 20 years since we achieved independence and during that time the Club has been controlled by and for the benefit of its members. Sadly, due to various reasons beyond our control, the number of members has reduced to where there is a significant imbalance with the number of apartments within the Club - and we predict that we will not be able to attract new members to make up the inevitable shortfall in income that this reduced number of membership causes. The Committee has therefore taken the bold, but necessary, step to propose that we should sell the remaining Club Caronte apartments - with the intention of building up sufficient funds to invest in much improved apartments without the need to significantly increase Management Charges. We intend to start this upgrading with some 25 apartments in Club Marbella, creating accommodation that we are calling the ‘Sapphire Collection Apartments at Club Marbella’. The sale of the Club Caronte apartments is likely to take several years, and we will make a decision then on whether to continue to downsize the Club. By taking this approach we can continue to best serve the interests of the membership. In accordance with the above, we are putting forward a Resolution to allow the Committee to sell a further 63 apartments at Club Caronte. Further details are

2

Committee Chairman’s Welcome (continued)

given within this Booklet. Your Committee request that you vote FOR this Resolution to safeguard the on-going viability of your Club - and to those members who will be reallocated into other apartments, we thank them in advance for their understanding and support. In addition to the above Resolution, since the pre-AGM notice was sent out earlier this year, a further issue has arisen which the Committee feels is sufficiently urgent to put forward at this year’s AGM. Following a recent court ruling in Spain, a Resolution is being proposed to reduce the length of the Club’s timeshare scheme to less than 50 years. At the same time it proposes that a simple majority of members may at a General Meeting of the Club resolve to extend the life of the scheme for a further period of up to 50 years. Further information on both the Resolutions can be found within this Booklet. Finally I would like to thank all our loyal members, my hard-working Committee colleagues and our management team in the UK and Spain for their continued and valued support of our Club. This is crucial to the Club continuing to be in a healthy position and being able to offer the best ‘value for money’ holiday experiences. Yours sincerely David Francis Chairman of the Crown Resorts’ Committee

3

Acknowledgements

The Committee of Crown Resorts is grateful to the following companies for contributing towards the running costs of this year’s Annual General Meeting. Gold Sponsor Interval International - the quality vacation exchange network RCI - the world’s largest timeshare exchange company Silver Sponsors Julia Travel SL - providers of excursions from our resorts First National Trustee Company - the Club’s Trustee Hospital Xanit - the Club’s local medical clinic Manudecor - a supplier of furniture to the Club

4

Timetable and Arrangements for 20th September 2015

9.30 am REGISTRATION COMMENCES

Free tea, coffee, soft drinks and biscuits will be available.

Please ensure that you give yourself sufficient time to register and to be seated for a prompt 10.30 am start.

10.30 am ANNUAL GENERAL MEETING

The formal Agenda items will include various presentations followed by a Questions and Answers session.

1.00 pm to 1.30 pm MEETING CLOSES.

5

Formal Notice of AGM and Agenda

Notice is hereby given that the 2015 Annual General Meeting of Crown Resorts will be held at 10.30 am on Sunday 20

th September 2015 in the Great Hall,

James Graham Building, Leeds Beckett University, Headingley Campus, Leeds, LS16 5LF. AGENDA

1 Chairman’s welcome and introductions 2 Ratification of new members to the Club 3 Formal Resolutions 4 Election of Committee members 5 Committee Report 6 Club Managers’ Report 7 Resort Manager’s Report 8 Presentation of Club Accounts for 2014 9 General discussion: Questions and Answers 10 Declaration of results The language of the meeting will be English and to comply with Data Protection requirements you are hereby advised that it will be recorded. Further information

on Data Protection can be obtained from Steven Bevan, VacationCare, by telephone (020 8939 6666) or by email ([email protected]).

Notes on voting arrangements are on page 6.

mailto:[email protected]

6

Voting Arrangements

If you are attending the AGM

To let us know you will be attending the AGM, please register using this link: www.crownresortsagm.com You will be given a ballot paper when registering at the meeting and you need do nothing in advance of the meeting about voting.

If you are not attending the AGM you may vote electronically*

If you wish to vote this can be done on-line using this link: www.crownresortsagm.com Your vote must be received by no later than 10.30am on 17

th September

2015 when the electronic voting will close and votes can no longer be accepted.

*If you wish to vote by post, please contact VacationCare on 020 8939 6666 to request a voting paper which will be posted to you. Your completed voting paper must be received at our offices by no later than 10.30am on 17

th September 2015, so please allow plenty of time.

For advice, information and guidance on voting, please phone VacationCare or a Committee member. A list of their names and contact details is on page 29 of this booklet.

http://www.crownresortsagm.com/

http://www.crownresortsagm.com/

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Formal Resolutions

Resolution 1 - Potential Disposal Apartments

At the Club’s AGMs in 2011 and 2012 and again in 2014, Resolutions were passed which allow the sale of up to a total of 41 apartments. Members with one or more of the identified apartments on their Membership Certificates have had alternative apartments allocated within the Club’s other resort locations, so these 41 apartments are in the process of being sold. Of these 41 apartments, 36 are located in Club Caronte, where the Club originally owned 99 apartments in total. For many years the focus of the Committee has been to attract new members to the Club to replace those who have departed - and this task has become more difficult in recent years. Over time, it is inevitable that the overall number of members of the Club will reduce as will the management charge income received. For future planning, the Committee believes that it is important to maintain the right balance between the number of weeks for which occupancy rights have been sold and the number of apartments within the Club. From a Club perspective, the resort which appears to be the best option to release for sale is Club Caronte. Although the apartments have their own virtues, the location is remote from the other parts of Crown Resorts and, with an ageing membership, this resort is less acceptable. The Committee is very aware that it has to be careful to sell apartments at the best possible price and to use the proceeds appropriately. At the time of writing, 11 Caronte apartments have been sold. Although the finances of the Club are not currently in urgent need of the funds from potential sales, it would be unwise to turn a blind eye to the inevitable continuing decline in Club members / income and the growing inconsistency between ‘owners’ and number of apartments. The major intended use of the funds created will be to refurbish other (remaining) apartments and to do so without the need to increase management charge rates for this purpose. The market for selling properties outright is beginning to improve and the Committee is seeking authority to make a further 63 apartments available for sale

8

Formal Resolutions (continued)

(this will still leave the Club with 350 apartments, which keeps it as one of the largest independent timeshare clubs in Europe). The apartments identified are all of those remaining in the Club at Caronte - and the net proceeds will be used exclusively for the benefit of members. All of the apartments identified for potential sale are listed below. Members owning within these apartments will, over time, be offered alternative similar sized apartments within the Club, with a choice of resort location and change-over day, subject to availability. The Committee considers that it is prudent to seek the authority to sell these further apartments and therefore encourages you to vote in favour of this Resolution. RESOLUTION 1

The Trustee of Crown Resorts (“the Club”), Timeshare Trustees (International) Limited (“the Trustee”), be and is hereby authorised to: (a) reduce the number of Apartments in the Club by a further sixty three (the

“Potential Disposal Apartments”) as listed herein and for the Club to transfer current Ordinary Members having one or more of these Apartments on their Membership Certificates of the Club to other Apartments within the Club with a similar week of occupancy right;

(b) make such necessary amendments to the registered Deed of Adaptation

to facilitate this Resolution;

(c) sell, transfer or otherwise dispose of these Apartments after discussion and agreement with the Committee; upon such release of the Potential Disposal Apartments from Trust, the Trustee shall be discharged from all duties and responsibilities under the terms of the Deed of Trust in respect of those apartments so released.

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Potential Disposal Apartments (all in Club Caronte)

30A1-CAR 33B2-CAR 44B1-CAR

30A2-CAR 33B3-CAR 44B2-CAR

30B1-CAR 41A2-CAR 44B3-CAR

30B2-CAR 41A3-CAR 45A1-CAR

30B3-CAR 41B2-CAR 45A2-CAR

31A1-CAR 41B3-CAR 45A3-CAR

31A2-CAR 42A1-CAR 45B1-CAR















Resolution 2 – Clause 16 of the Constitution

Following a recent Spanish Supreme Court ruling, the Committee has concerns that members may be approached by unscrupulous companies seeking to recruit them to take action against the Club based on the fact that the Club Constitution provides for the Club to exist for a period of 79.5 years from 1989. In summary, a case was brought by a member of another Club to the effect that such a period exceeds the limit imposed under the 1998 Spanish Timeshare law that timeshare schemes could not exist for a period of more than 50 years. In fact that same law provided that existing schemes (of which Crown Resorts is one) need not comply with this requirement if they entered into and registered a Deed of Adaptation. This is something that Crown Resorts did soon after the introduction of that law, so we do not have to comply with the 50 year rule.

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Members are advised not to be persuaded by any company to submit to any such claim that Crown Resorts is not fully compliant. However, to further protect the Club and to stop any such claims falsely being brought against the Club, the Committee wishes to modify Clause 16 of the Constitution to reduce the length of the scheme to less than 50 years. At the same time it proposes that a simple majority of members may, at a General Meeting of the Club, resolve to extend the life of the scheme for a further period of up to 50 years. By restructuring the Constitution in this way, there is no diminution in rights, and accordingly the Committee seeks your support by asking you to vote for this Resolution. RESOLUTION 2

To consider and resolve to make the following alterations to clauses 16.1 and 16.6 of the Club Constitution. Current Clauses:

16.1 The Club shall continue in existence until (a) the 31st December 2068 or (b) Resolution to determine the Club is passed at a General Meeting of the Club by not less than a three quarters majority of all votes cast by or on behalf of Membership Certificate Holders in accordance with the provisions of Clause 14 of the Constitution (whichever is the sooner). Upon termination the Club shall then be wound up and its assets dealt with in accordance with the provisions of this Clause.

16.6 The Club may by a Resolution passed by not less than a three quarters

majority of votes cast by or on behalf of Membership Certificate holders in accordance with the provisions of Clause 14 hereof at a General Meeting of the Club to be held during the calendar year 2068 resolve to continue in existence for a further period of 80 years thereafter on the terms and conditions as herein provided.

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Proposed Clauses: 16.1 The Club shall continue in existence until (a) the 31st December 2035 or

(b) a Resolution to determine the Club is passed at a General Meeting of the Club by not less than a three quarters majority of all votes cast by or on behalf of Membership Certificate Holders in accordance with the provisions of Clause 14 of the Constitution (whichever is the sooner). Upon termination the Club shall then be wound up and its assets dealt with in accordance with the provisions of this Clause.

16.6 The Club may by a Resolution passed by not less than a simple majority

of votes cast by or on behalf of Membership Certificate holders in accordance with the provisions of Clause 14 hereof at a General Meeting of the Club to be held during the calendar year 2035 resolve to continue in existence for a further period of not greater than 50 years thereafter on the terms and conditions as herein provided.

The Committee encourages you to vote in favour of this Resolution.

12

CVs and Mandates of Candidates for Election to the Committee

Two candidates have put themselves forward for election to the Committee (for the two vacancies). Reproduced below are the letters of application as submitted by the applicants for the vacancies - these give brief details of their background, experience and mandate.

Candidates have been listed alphabetically. Both are existing committee members offering themselves for re-election. Further nominations can be accepted at the AGM. All candidates will require to be seconded and these will be sought at the AGM.

Jackie Collins, Cheshire Club Delta Mar

I have been an owner at Delta Mar since 1988, visited the Club on a regular basis and have celebrated Christmas and New Year at the Club on many occasions during this period. I was first elected onto the Committee in 2008 and since 2011 have served as Hon Secretary. Since my last re-election I have visited the club for all annual Resort Monitoring Visits and attended all the Committee meetings including the AGMs. It has been a challenging time as all members will be aware; the timeshare industry universally is having to deal with an aging ownership base and the competition from other holiday choices. The Club and the Committee have been responsive to these challenges and it is because of this that the Club maintains Silver Crown status offering both a good holiday experience and good exchange opportunities. If re-elected I will continue to build on the work that has already been done to ensure that the Club continues to provide a memorable holiday experience for Members. I will give unlimited time and energy while working in cooperation with committee colleagues, managers and resort staff and owners for the good of all Members.

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CVs and Mandates of Candidates for Election to the Committee (continued)

David Francis, Buckinghamshire Club Marbella

Since joining the Committee in 1997, I have been actively involved in the Club’s many successes - including the upgrading of the resorts and the resulting improved ‘trading power’. I am the longest serving / most experienced member of the Committee - and have served as Chairman since 2009. Being a Chartered Accountant and qualified Internal Auditor, my professional experience enables me to better understand the complexities of the Club’s operations - and to be well equipped for the challenges encountered. In addition to being Committee Chairman, I have specific responsibilities relating to the all-important financial aspects that are crucial to the Club’s future. With your vote, I will be happy to continue working on these (and other) important issues. Since originally becoming a Club member, I have purchased additional weeks which I ceded to RCI Points. Using that system, I regularly holiday at one of our resorts (so understand the holiday experience of our members and guests). There are on-going and new challenges to overcome to protect the future viability and success of our Club - and I have adequate time to dedicate my enthusiasm and expertise for the overall benefit of the Club and its Members (if re-elected).

14

Committee Report

Following last year’s AGM which was held in the South West of England, this year it will be held in Leeds, in the North of England, on Sunday 20

th September.

The Annual General Meeting is an occasion for our members to get together and catch up on general Club matters. Presentations will be made by the Committee Chairman, the Resort Manager and Vacation Care. These presentations offer Members the opportunity to hear Club news first-hand and to be informed about the Club’s finances. Throughout the year, great efforts are made by the Club staff on-site, our Advisers and Managers, to protect and improve the Club’s present and future standards and ongoing viability. In recognition of having successfully maintained standards, we are proud to report that the Club has once again been awarded the important RCI Silver Crown Status across all resorts for 2015 and the prestigious Premier Tier categorisation by Interval International for a second year. Additionally we are very pleased to inform our Members that Crown Resorts has successfully passed the re-accreditation inspection by TATOC (The Timeshare Association) in all 5 Clubs for an additional 3 years. Below are listed details of operational improvement initiatives which were undertaken over the past 12 months - and which assisted the Club to maintain its ranking within the sector whilst improving membership value and holiday experience for guests. Winter Refurbishment Programme 2014/15 All Clubs

- 172 apartments received maintenance checks and, where necessary, a thorough clean.

- The ongoing bathroom upgrade programme initiative continues and to date 155 apartments have had the newly styled bathroom upgrades.

- 26 apartments were fitted with new furniture packs. To date 225 apartments have received this upgrade.

15

Committee Report (continued)

- 26 kitchen improvements were undertaken. To date 198 apartments

have benefited in this way. These included: implementation of new kitchen granite worktops (where necessary), new cupboards, drawers, new handles and also new lighting and new extractors where needed.

- Replacement of refrigerators, microwaves, washing machines, toasters and coffee machines where necessary.

- New mattresses (a combination of single and double) purchased and distributed amongst apartments.

- Approximately €140,000 was spent on soft furnishings, including items such as sofa covers, bedspreads, curtains, cushions, net curtains and kitchen window blinds.

- Ongoing painting of communal areas, in general. Special Projects

- Club Calahonda - a programme to repair and paint the building exteriors.

- Repair of the drainage system and laying of new flooring in the Palm Tree restaurant.

- Installation of new front doors (sun resistant) for apartments where most required.

- Installation of 134 security card locking systems in Club Marbella (all apartments in this Club are now fitted with these).

- Completion of the improvement of the Club Marbella reception. - Enclosure of part of the terrace area of Plaza los Naranjos

incorporating it into the Café Marbella facility. - 147 LCD TVs purchased for apartments. - Club Marbella - Installation of a portable non-slip pathway for safety

when walking in wet conditions to and from Café Marbella (off season use).

Upgrade works contemplated for 2015/16

A new concept / design for apartments will be launched in Club Marbella under the banner of the ‘Sapphire Collection’. These works will be financed from the proceeds of outright apartment sales made by the Club. This standard is set to reflect a smart and elegant apartment to serve the Club for the next 10 years and beyond.

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Particular attention is being given to the layout, flooring, air conditioning, kitchen, carpentry, bedrooms, floors, bedding, decoration and the overall look. Viability

Despite the challenges confronted by the Club to remain competitive within today’s timeshare sector, we believe that it is still well positioned and is adapting its structure as and when required in order to continue offering the “Best Value for Money Holiday Experience” to our Members and guests. Communication

The Club uses different communication channels to keep in contact with its members and guests, with much information being available on its website, www.crownresorts.com. The Club Blog Press – “Club Talk” has now replaced the previously printed hard copy Club Newsletter and is sent electronically to all Club Members who have provided us with an e-mail address. This electronic publication gives readers the information on Club News and forthcoming events. Our Facebook page is now followed by over 1,000 Likers and the internal Club TV Channel (Channel 99) is kept updated with information on the activities available at the Club. PLUS Department

Our Members and guests continue to appreciate the assistance of the staff in the PLUS department in relation to accommodation availability and an array of related holiday enhancement services. The PLUS department works closely with its commercial advisers to generate the revenue which is used to hold the management charges at competitive levels. To find out how to maximize your holiday experience at Crown Resorts to the full, please contact the Crown Resorts PLUS department by e-mail at [email protected], or when onsite just call in. (The PLUS department is located at Club Marbella, adjacent to Reception.) Crown Resorts Estates

Please note that the Club has a number of great value for money properties approved for disposal and which are available for outright purchase. Further information can be found on the Crown Resorts website www.crownresorts.com,

http://www.crownresorts.com/



17


by sending an e-mail to: [email protected] or calling extension 1506 when staying onsite. The reduction in apartments will assist to reduce general property ownership costs in addition to generating income to be invested in further improvements to the remainder of the Club. Sales & Marketing

Diversified Resorts Ltd continues to be the Club’s appointed and exclusive onsite Membership Sales vendors. Their central offices are located at Club Marbella from where Club Membership details can be obtained. Diversified Resorts work closely with the Club and importantly purchase a minimum agreed number of Club stock weeks per annum. This process assists the Club to maintain its financial stability. The way forward

The timeshare industry in general faces difficulties to remain attractive and competitive in today’s market. We do however strongly believe that with the assistance of our Advisers, Managers and Staff, as well as the continued and thoroughly appreciated support of our fellow members, Crown Resorts will continue to prosper and offer its members and guests “The Best Value for Money Holidays” well into the future. The Crown Resorts’ Committee Geoffrey Holliman Andrew Jenkins David Francis

Margaret Main Jackie Collins Stuart Mackenzie


18

Club Accounts for 2014

The Club’s Constitution requires that accounts be presented to the Members at each AGM. Accordingly, a statement, together with some explanatory notes, is given below. Summary As a consequence of the reducing level of members over recent years, the Club and its Committee identified a number of apartments which were non-core to the operation and considered that the value which could be obtained from selling them could be put to better use for the benefit of the membership as a whole. Therefore, a Resolution to sell apartments and use the income generated to accelerate the refurbishment programme - and assist in the efforts to maintain RCI Silver Crown status and achieve industry standards - was presented to the membership for the first time at the AGM held on 9 October 2011. The Resolution was supported by the vast majority of members who voted. Similar Resolutions relating to additional apartments were presented and passed at the AGM in 2012 and in 2014. At 31st December 2014, 11 units (2.42% of the original 454 apartments owned by Crown Resorts) were taken out of Trust and sold. Net proceeds from the sale of these units totalled £751,140. The list of disposed apartments is: A5-RDM 40B3-CAR 38B2-CAR 39BAH-RDM 38BAH-RDM 39A3-CAR 39B2-CAR 37B2-CAR 38A2-CAR 43BAH-RDM 40B2-CAR Income and Expenditure Account Income in 2014 totalled £5,047,923, a drop of 8.68% when compared to the previous year, as a consequence of the reduction of members whose annual fees constitute the Club’s main source of income.

19

Club Accounts for 2014 (continued)

Operating expenditure in 2014 amounted to £4,984,822, this being a 12.91% reduction compared to year 2013. The Club showed an operating deficit of £223,172, although the extraordinary net proceeds from the sale of apartments (which amounted to £751,140) and the movement in the taxation contingency (£21,637) resulted in a total surplus of £549,605 which was taken to the Management Fund Reserve. Balance Sheet A new Restructuring Fund has been set up from the net proceeds on disposed apartments, according to the Resolutions passed at the AGM’s held in 2011, 2012 and 2014. This fund will be used to accelerate the refurbishment programme and improve management efficiency in order to maintain the viability of the Club. After transferring £751,140 to the new Restructuring Fund and £3,870 to the Sinking Fund, the Management Fund surplus was £2,609,499 at 31st December 2014. The total of cash, bank balances and short-term investments (including the Sinking Fund and other financial assets) at 31st December 2014 was £5,858,099, which signified a slight reduction of 1.6% when compared to the end of 2013. Net Current Assets increased to £3,723,630, from £3,194,494. Tax Situation Following a favourable resolution of a number of lawsuits between the Spanish Tax authorities and the timeshare industry, our advisers’ view of the Club tax exposure has led us to reduce the tax provisions previously shown in the Balance Sheet. The balance of the Tax provision at the 2014 year-end was £56,644. The Committee continues to follow the advice of its professional advisers in all tax matters. 1st June 2015

20

Summary Balance Sheet as at 31 December 2014

Pounds Sterling

Description 2014

2013

FIXED ASSETS Investments 1,990,000

1,990,000

Financial assets 3,900

10,136

1,993,900

2,000,136

CURRENT ASSETS Members' contributions outstanding net 1,500,907

1,440,169

Allowance for bad debts (309,961)

(259,003)

Intercompany receivables 2,616

2,803

Other debtors and prepayments 520,581

279,873

Short-term investments 5,270,688

4,770,490

Cash and bank balances 271,178

893,838

Sinking fund bank balance 310,247

283,223

Other financial assets 5,986

6,154

7,572,242

7,417,547

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Members' contributions receivable/received in advance 3,608,538

3,882,812

Creditors and accruals 240,074

265,965

Financial instruments reserve/liability short-term 0

74,276

3,848,612

4,223,053

NET CURRENT ASSETS 3,723,630

3,194,494

PROVISION FOR OTHER LIABILITIES 56,644

83,349

TOTAL ASSETS LESS LIABILITIES 5,660,886

5,111,281

FUNDS (Note 1) Property Fund 1,990,000

1,990,000

Management Fund 2,609,499 2,814,904

Sinking Fund 310,247

306,377

Restructuring Fund 751,140

0

5,660,886

5,111,281

The notes to these accounts are on pages 22-24.

21

Summary Income and Expenditure Account for the year ended 31 December 2014

Pounds Sterling

Description 2014

2013

INCOME (Note 2) 5,047,923

5,528,002

EXPENDITURE Direct Expenditure (Note 3) 769,740

871,237

Service Company Costs (Note 4) 4,215,082

4,852,217

4,984,822

5,723,454

(Deficit) / Surplus for the year 63,101

(195,452)

Unrealised exchange loss/gain (286,273)

48,050

Operating (Deficit) for year (223,172)

(147,402)

Movement in taxation contingency 21,637 172,712

Net proceeds on disposal of apartments 751,140

0

Management Fund Surplus 549,605

25,310

(transferred to Management Fund)

Transferred from Management Fund to Restructuring Fund (751,140) 0

Transferred from Management Fund to Sinking Fund (3,870) (27,115)

Management Fund surplus brought forward 2,814,904

2,816,709

Management Fund surplus carried forward 2,609,499

2,814,904

22

Notes to the Accounts

1. FUNDS The movements in funds during the year were as follows:

Pounds Sterling

TOTAL

Management Fund

Property Fund

Sinking Fund

Restructuring Fund

1 January 2014 5,111,281 2,814,904 1,990,000 306,377

Surplus in year 549,605 549,605

Interest allocated to Sinking Fund

(3,870)

3,870

Transfer (751,140) 751,140

31 December 2014

5,660,886 2,609,499 1,990,000 310,247 751,140

2. INCOME

Pounds Sterling

2014

2013

Management charges receivable (net) 4,759,440

5,346,817

Other revenue: Gains on financial instruments 74,276

48,325

Cost recovery from utilisation of Club weeks 161,139

79,200

Membership certificates 27,468

28,530

Interest received 6,330

9,543

Sundry revenue/adjustments 19,270

15,587

5,047,923

5,528,002

23

Notes to the Accounts (continued)

3. DIRECT EXPENDITURE

Pounds Sterling

2014

2013

Community fees and local taxes 421,557

436,595

Management fees 172,719

189,096

Audit fees 8,266

11,962

AGM and committee expenses 18,583

28,543

Legal and professional 42,942

95,160

Trustee fees 72,657

69,444

Other expenses 33,016

40,436

769,740

871,237

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Notes to the Accounts (continued)

4. SERVICE COMPANY COSTS The under-noted figures have been taken from the financial statements provided by Crown Resorts Management S.L. (CRM SL) to enable a comparison of costs expended on behalf of the Club with those of the preceding year.

2014

2013

Euro

Euro

Staff Costs in Spain 4,357,506

4,293,986

Cleaning and laundry 263,792

276,254

Refurbishment 40,172

264,656

Repairs, replacements and maintenance 532,729

587,624

Utilities, insurance, taxes and community fees 554,393

553,288

Telephone, stationery, postage 134,166

121,023

Transport costs 52,348

66,061

Legal and professional fees 70,640

67,014

Depreciation 26,548

19,923

Audit Fees 16,444

30,464

Bank interest & charges 11,133

10,472

AGM and committee expenses 4,354

4,439

Management Fee 437,635

420,781

Food and beverage 292,789

402,899

External servicing income and sundry income less expenses (2,118,360)

(1,932,520)

Sub Total 4,676,291 5,186,364

IVA 467,629

518,636

Total 5,143,920 5,705,000

Effective Sterling cost, after timing

adjustments, etc. £4,215,082 £4,852,217

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Travel, Sleeping and Refreshment Arrangements

Please be seated in good time for the AGM to start promptly at 10.30 am. It is expected that the meeting will finish around 1.00 pm to 1.30 pm. Venue

Great Hall James Graham Building Leeds Beckett University Headingley Campus Leeds LS16 5LF

26

Travel, Sleeping and Eating Arrangements (continued)

By Road

Leeds is well served by motorway, with links from the M1 and M62. From the North: A1 - A58 From the East: M62 to J29, then M621 to J3 From the South/South-East: M1 to J43, then M621 to J3 From the South-West: M62 to J27, then M621 to J3 From the West: M65 J10 via Kirkstall From the North-West: A660 via Headingley From the City Centre:

Take the A660 (Otley Road), go past the petrol station and turn left after the pedestrian crossing. From the Ring Road (A6120):

Go past the Village Urban Resort, through the traffic lights and turn right before the pedestrian crossing. Car Parking

Please enter the campus via the Church Wood Avenue entrance. You can park in any designated car parking space and there is no charge at the weekend. There are 4 marked car parking spaces for blue badge holders at the side entrance of the James Graham Building.

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By Train

Leeds Station is approximately a 10 minute taxi ride away. The local station is Headingley which is approximately a 20 minute walk across Beckett Park. For more information on train times, please call the National Rail Enquiries on 08457 484950.

By Air

The nearest airport is Leeds Bradford airport and is approximately 20 minutes by car or taxi.

Wheelchair Access

Wheelchair access is through the side entrance of James Graham building. The meeting room is on the ground floor and is easily accessible by wheelchair. On Site Directions

Once you have parked your car, please head to the James Graham Building (the

main building on campus). The AGM is being held in the Great Hall situated in

the James Graham building. The registration desk will be signposted from both

the main entrance and side entrance (where the “blue badge” parking spaces are

located).

Refreshments

Free tea, coffee and biscuits will be provided on arrival in the refreshment area. After the AGM, there will be no refreshments available at Leeds Beckett University. However, a 5 minute drive away is Weetwood Hall, Otley Road, LS16 5PS, which has a restaurant, brasserie and pub where you can purchase lunch. For further details please visit www.weetwoodhall.co.uk or call on 0113 230 6000. Booking is recommended.

http://www.weetwoodhall.co.uk/

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Accommodation

If you require accommodation in or near Leeds you might like to choose one of the establishments from the following list and contact them directly to make your booking. This list is provided for your convenience only and any reservations made are your own responsibility. If you choose to stay at Weetwood Hall, quote reference “Crown Resorts” to obtain the special bed and breakfast rate of £110 for a double room, subject to availability.

Name

Telephone Approx Price B&B Double Room**

Village Urban Resort Leeds North

0871 222 4594* £169

Holiday Inn Express Leeds City Centre

0871 902 1616* £142.99

Weetwood Hall

0113 230 6000 £110

Premier Inn Leeds City Centre (Leeds Arena)

0871 527 9231*

£97.50

*you might wish to check with your telephone supplier for call charges to this number. **reduced prices are often available on the internet

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Useful Names and Contact Details Present members of the Committee, in alphabetical order:

Jackie Collins, Cheshire +44 (0)161 427 6915 David Francis, Buckinghamshire +44 (0)1494 473849 Geoffrey Holliman, Argyll +44 (0)1436 673187 Andrew Jenkins, Mid Glamorgan +44 (0)1443 831232 Stuart Mackenzie, Alloa +44(0)1259 724733 Margaret Main, Aberdeen +44 (0)1224 707249 You can also contact the Committee by email via the “Committee Contacts” section of the Members Area of www.crownresorts.com.

VacationCare:

Email: [email protected] Tel: 020 8939 6666 (from UK) +44 20 8939 6666 (from outside UK)

Crown Resorts PLUS for timeshare reservations, accommodation rental, airport transfers, internal exchange, meal plans, car hire and golf bookings:

Email: [email protected] Tel: 0871 964 3014* (from UK)

+34 952 934 534 (from outside UK)

*calls cost 10 pence per minute from a BT landline, calls from other networks and mobile phones may vary.

Other Useful Numbers:

Leeds Beckett University 0113 8123165 Leeds General Infirmary 0113 2432799 Weetwood Police Station 0845 6060606* Tourist Information 0113 2425242 National Rail Enquiries 08457 484950* Taxi Companies: Amber Cars 0113 2636445 T-Line taxis 0113 2304020




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