Page 77 - RFU Annual Report 2018

7
FINANCIAL STATEMENTS

5

24. Share capital
2018 2017
Allotted, called up and fully paid £m £m

2,000 allotted, called up and fully paid shares of £1 each - -

There are a total of 2,000 allotted, issued and fully paid up ordinary shares of £1 each as at 30 June 2018. Each
member of the Rugby Football Union must hold one share which is subject to forfeiture upon ceasing to be a member.

25. Operating lease and other commitments

Future minimum rentals payable under non-cancellable operating leases are as follows:

Lease arrangements where Group and Parent are lessees 2018 2017
£m £m

Motor vehicles
Within one year 0.1 -
Between two and five years 0.2 -

0.3 -

26. Reserves

Debenture reserve
The debenture reserve comprises the accumulated gains on the sale of debentures issued prior to 2000.

Other reserve
The other reserve records the impact of transactions in the minority interest in Twickenham Experience Limited.
It primarily comprises the amount to acquire the Compass Group’s 40% shareholding in TEL in 2028. The reserve
is increasing on a straight line basis of £1.3m per year which is charged to the Profit and Loss Account as an interest
expense.

Profit and loss reserve
The profit and loss reserve records the accumulated gains and losses to date through the Statement of Comprehensive
Income.The TEL transaction generated a gain after associated costs of £31.6m which, as it relates to a transaction in
shares of a subsidiary, has been recorded directly in the profit and loss reserve.

Annual
Report
2018