Page 60 - RFU Annual Report 2017

58
Financial Statements

Notes to the Financial Statements continued

3. Judgements in applying Pension assumptions actuaries who perform the pension
accounting policies and key sources calculations and by taking into account
of estimation uncertainty continued The most significant assumptions all relevant past, present and future
affecting the valuation of the pension information at their disposal.
b) Areas of estimation uncertainty scheme liabilities at year end are those
relating to the discount rate of return Taxation
The following are the Group’s key areas on investments and the future rates of
of estimation: increases in salaries and pensions. The amount of deferred tax assets
that can be recognised based on the
Management make these assumptions likely timing and level of future taxable
by taking advice from the firm of profits, together with an assessment of
future tax planning strategies.

4. Revenue

Revenue is attributable to the activities as a governing body of rugby in England.
2017 2016
£m £m

Rendering of services 177.3 398.0
Grants 3.9 5.2
Sale of goods 3.4 3.0
Rental income 0.2 0.8
Royalties 0.1 0.1

184.9 407.1

5. Operating (loss)/profit 2017 2016
£m £m
Operating (loss)/profit is stated after charging:
Board and Council - RFU administration costs 0.6 0.8
- match related expenditure 0.9 0.8
Depreciation of tangible fixed assets 15.3 15.2
Amortisation of intangible fixed assets 0.3 0.5
Loss on disposal of tangible fixed assets 0.2 0.2
Loss on disposal of intangible fixed assets 0.3 0.2
Operating lease rentals 1.2 1.4
Auditor’s remuneration – audit services 0.1 0.2

Annual Report 2017