Page 60 - RFU Annual Report 2015/2016

Financial Statements
58

Notes to the Financial Statements continued

13. Tangible fixed assets continued

Assets in the course of construction as at 30 June 2016 represent costs in respect of the on-going stadium works.

Land and buildings of the Group and Parent includes freehold land and works of art of £4.5m (2015: £4.5m).

The amount of interest capitalised in the year is £nil (2015: £0.4m). The total amount of interest capitalised to date is £12.5m
(2015: £12.5m). Interest is capitalised at a rate of 2.3% (2015: 2.3%).

14. Loans to clubs Group Group Parent Parent
2016 2015 2016 2015
£m £m £m £m

At 1 July 8.0 7.7 - 0.1
Advances during the year 0.8 1.3 - -
Repayments during the year (1.1) (1.0) - (0.1)

At 30 June 7.7 8.0 - -

1)
2)
3)
15. Investments 4)
5)
Other 6)
Unlisted fixed asset 7)
Group investments investments Total 8)
£m £m £m 9)
Cost or valuation 10)
At 1 July 2015 - 7.1 7.1 11)
Additions 1.3 1.3 2.6 12)
Fair value adjustment - (0.2) (0.2) 13)
Disposals - (1.1) (1.1) 14)
15)
16)
As at 30 June 2016 1.3 7.1 8.4
17)
Included in other investments are:

investments held by SPIRE of £5.2m (2015: £5.3m). These investments are held in permanent endowment and, as such,
the capital amounts must remain invested. The Group is able to use the investment income generated only in its related
charitable activities; and
investments held by the RFU Injured Players Foundation of £1.9m (2015 £1.8m).

The investment portfolio is in the following proportions: bonds 40%, equities 52% and cash 8% (2015: bonds 38%, equities 57%
and cash 5%).

Unlisted investments comprise a 10% shareholding in Rugby International Marketing LLC, held by Rugby Football Union
USA Inc.

Annual Report 2015/16