Page 76 - RFU Annual Report 2015/2016

Financial Statements
74

Notes to the Financial Statements continued

30. Transition to FRS 102 continued
On transition to FRS 102 from previous UK GAAP, the Company has taken advantage of transitional relief as follows:

a) Investments in subsidiaries
The Group has elected to treat the carrying amount of investments in subsidiaries under previous UK GAAP at the date of
transition as deemed cost on transition to FRS 102.

b) Public benefit entity combinations
The Group has elected to not apply paragraphs PBE34.75 to PBE34.86 of section 34 Specialised Activities relating to public
benefit entity combinations to combinations that were effected before the date of transition to FRS 102.

31. Rugby Football Foundation

The financial results and position of the Rugby Football Foundation, which are included in the Group financial statements,
are provided below on the grounds that its funds may only be applied towards its charitable objects and therefore are
material by nature. The Rugby Football Foundation’s charitable objects are, for the benefit of the public: to promote
community participation in healthy recreation, provide and assist in providing facilities for sport, recreation and leisure time,
and to advance the education of children and young people.

2016 2015
Statement of financial activities £m £m

Donations received 28.6 25.8
Direct charitable activities (26.9) (24.8)
Business and administration (0.5) (0.5)
Grants to clubs (0.3) (0.4)

Surplus for the year 0.9 0.1

2016 2015
Balance sheet £m £m

Loans due from clubs 7.7 7.9
Debtors 1.1 0.6
Cash at bank and in hand 1.6 0.8
Loan due to Group undertakings (7.2) (7.2)
Creditors falling due within one year (1.3) (1.1)

1.9 1.0

Represented by:
Unrestricted funds 0.4 0.2
Restricted funds 1.5 0.8
1.9 1.0

Annual Report 2015/16