Page 67 - RFU Annual Report 2017

65
Financial Statements

15. Investments continued

Capitalised
Subsidiary loans to Group Other
Parent undertakings undertakings investments Total
Cost or valuation £m £m £m £m

At 1 July 2016 87.1 11.0 0.1 98.2
Additions 0.9 0.9 - 1.8
Disposals - (2.0) - (2.0)

30June2017 88.0 9.9 0.1 98.0
At

Details of the investments in which the Parent company hold 17% or more of the nominal value of any class of share capital
are as follows:
Country of % holding
incorporation of shares Status Year end Principal activities

1) Twickenham Experience Limited Great Britain 60% Subsidiary 30 June Hospitality services
2) England Rugby Limited Great Britain 100% Subsidiary 30 June Elite rugby
3) England Rugby Travel Limited Great Britain 51% Subsidiary 30 June Sports travel agency
4) British & Irish Lions DAC Rep of Ireland 25%** Associate 30 June Overseas rugby tours
5) Rugby Reflink Limited Great Britain 60% Subsidiary 30 June Radio equipment
6) Rugby Football Foundation Great Britain n/a* Quasi-subsidiary 30 June Community rugby
7) Rugby Football Development Limited Great Britain 100% Subsidiary 30 June Community rugby
8) RFU Hotel Limited Great Britain 100% Subsidiary 30 June Hospitality services
9) RFU Health and Leisure Limited Great Britain 100% Subsidiary 30 June Health club
10) Rugby Sure Limited Isle of Man 100% Quasi-subsidiary 30 June Insurance
11) RFU Injured Players Foundation Great Britain n/a* Subsidiary 30 June Player welfare
12) Injured Players Foundation Trading Limited Great Britain 100% Subsidiary 30 June Player welfare
13) Rugby Football Foundation Trading Limited Great Britain 100% Subsidiary 30 June Community rugby
14) Great Britain Rugby Sevens Limited Great Britain 33% Joint Venture 30 June Operation of Olympic
Games Sevens rugby team
15) Rugby Football Union USA USA 100% Subsidiary 30 June Holding company
16) Six Nations Rugby Limited Rep of Ireland 17%*** Investment 31 August Competition management
17) England Rugby 2015 Limited Great Britain 100% Subsidiary 30 June Hosting RWC 2015

In addition to the shareholdings above, the Parent company is one of nine members of European Professional Club Rugby, a
Swiss association whose principal activity is managing the relevant European club competitions.

* As charities, neither Rugby Football Foundation (RFF) nor RFU Injured Players Foundation (IPF) have share capital. The
Rugby Football Union has control of these entities through representation on their Boards of Trustees and they are therefore
considered to be quasi-subsidiaries.

** Due to the Group’s inability to exercise significant influence over the Associate investment above, and the immateriality of
its net surplus and net assets after the settlement of its contractual obligations, the Directors have not equity accounted this
investment on the grounds of materiality.

*** Six Nations Rugby Limited’s share capital is beneficially owned by Six Nations Council. Six Nations Council is an
unincorporated members’ association formed by The Rugby Football Union, the Irish Rugby Football Union, the Welsh
Rugby Union Limited, the Scottish Rugby Union plc, La Federation Francaise de Rugby and La Federazione Italiana Rugby.
The company operates as an agent on behalf of the Council and the Member Unions.

Annual Report 2017