Page 72 - RFU Annual Report 2018

7 FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
0

13. Tangible fixed assets continued

Assets in the course of construction as at 30 June 2018 include costs in respect of the on-going stadium works and AGPs.

Land and buildings of the Group and Parent includes freehold land and works of art of £4.5m (2017: £4.5m).

The amount of interest capitalised during the year was £0.5m (2017: £0.1m). The total amount of interest capitalised to date is
£13.1m (2017: £12.6m). The interest rate was 2.4% (2017: 2.3%).

14. Loans to clubs
2018 2017
Group £m £m

At 1 July 7.7 7.7
Advances during the year 1.3 1.4
Repayments during the year (1.2) (1.4)

At 30 June 7.8 7.7
1)
2)
3)
15. Investments 4)
Other 5)
Unlisted fixed asset 6)
Group investments investments Total 7)
8)
£m £m £m 9)
Cost or valuation 10)
At 1 July 2017 1.3 7.7 9.0 11)
Additions - 8.2 8.2 12)
Fair value adjustment - 0.1 0.1
Disposals - (8.2) (8.2) 13)
Impairment (1.3) - (1.3) 14)

At 30 June 2018 - 7.8 7.8 15)
16)
Included in other fixed asset investments are investments held by RFU Injured Players Foundation of £7.8m (2017: £7.7m).
The investment portfolio is in the following proportions: equities 94% and cash 6% (2017: bonds 37%, equities 59% and cash
4%). The change in composition and significant additions and disposals during the year are as a result of a decision of the
trustees of the RFU Injured Players Foundation to switch investment managers.

Unlisted investments compromise a 8.4% (2017: 8.4%) shareholding in Rugby International Marketing LLC. During the year,
significant uncertainty arose over RIM’s future cash flows which triggered an impairment review. As a result of this review,
the full value of the RFU’s investment of £1.3m was impaired.

Annual
Report
2018