Ulster Rugby Annual Report 2015 - 2016

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 APRIL 2016

42

8. RELATED PARTY TRANSACTIONS As the Branch is established under the auspices of the Irish Rugby Football Union (Dublin) (IRFU (Dublin)), the IRFU (Dublin) is regarded as a related party. Revenue of £1,175,274 (2015: £872,476) was receivable from IRFU (Dublin) in the year. £371,230(2015: £245,500) of this amount is a grant received by Branch, £40,000 (2015 - £40,000) of which is allocated specifically to the RavenhilI ground. Tite remainder is received to cover expenses incurred by the Branch in the development of rugby in Ulster. In 2008/2009 an amount of £2.5m made available as a loan from IRFU (Dublin) for the redevelopment of Ravenhill. The loan was unsecured and interest was charged by IRFU (Dublin) at either the rate at which the IRFU (Dublin) borrows money should it be in debt or the rate it received on its deposits should !RFU (Dublin) have a cash surplus. The loan was repaid in foll at the balance sheet date. In addition, the Branch entered into a number of transactions with IRFU (Dublin) as a result of its affiliation. These include the remission of gate receipts including those receipts in respect of tickets sold for international matches, the collection on behalf of the IRFU (Dublin) of club affiliation fees, match fees and personal accident insurance premiums which are in turn remitted to Dublin. These transactions are not included in the income and expense account of the Branch. The balance due to the IRFU (Dublin) at the year end is disclosed in note 6. During the year, income of £70,083 (2015: £68,000) was received from Dale Farm for sponsorship and corporate box income. This is a related party by virtue of the fact that the CEO of Dale Farm is also the Chair of the Management Committee of the Branch. In addition, income of £19,000 (2015: £18,000) was received from Hamilton Shipping for corporate box income. This is a related party by virtue of the fact that an Executive Director of Hamilton Shipping is also a member of the Branch Management Committee. Key management personnel is considered to include senior management who have authority and responsibility for planning, directing and controlling activities. The total remuneration for key management personnel for the period totalled £271,164 (2015: £253,570). 9. CONTINGENCIES The Department of Culture, Arts and Leisure (now known as the Department for Communities) grant of £207,667 (2015: £228,724) administered by Sport Northern Ireland, which was received for the development of amateur rugby, may become repayable in full or in pa11 if there are significant changes to the project plan.

10. FINANCIAL COMMITMENTS The future minimum lease payments under 11011-cancellableo perating leases for vehicles are as follows:

2016

2015

DUE AFTER MORE THAN ONE YEAR

£

£

within one year

18,145 6,737

14,380

between one and five years

1,989

after five years

—

—

24,882

16,369

42