Notes to the financial statements continued
22. Pension commitments (continued) |
||||
(j) Actual return on plan assets - gains and losses |
||||
2008 |
2007 |
2006 |
2005 |
|
£m |
£m |
£m |
£m |
|
| Defined benefit obligation | (16.3) |
(16.0) |
(16.8) |
(15.5) |
|---|---|---|---|---|
| Plan assets | 18.2 |
18.1 |
15.7 |
13.8 |
| Surplus/(deficit) | (1.1) |
(1.7) |
||
| Experience adjustments on plan liabilities | 0.1 |
(0.1) |
0.0 |
(0.2) |
| Experience adjustments on plan assets | (1.4) |
0.1 |
0.1 |
2.4 |
|
23. Related parties
In 2000 the RFU established a subsidiary company, Twickenham Experience Limited (‘TEL’), and assigned to that company the rights to provide catering and hospitality services at Twickenham Stadium. The share capital of TEL at 30 June 2008 was held 52.5% RFU, 40.0% Compass Services (UK) Limited (‘Compass’) and 7.5% Hamsard five thousand and eighteen Limited.
The RFU has leased certain areas of Twickenham Stadium for £0.1m (2007: £0.1m) per annum for 15 years to TEL.
During the year the RFU received £0.9m (2007: £1.4m) from TEL in respect of ticket revenue and royalties, and paid £1.7m (2007: £1.3m) in respect of catering services. The Group also paid £2.5m (2007: £4.9m) in respect of provisions, staff costs, royalties and other services to Compass and its subsidiary companies.
At 30 June 2008 a balance of £2.1m (2007: 4.5m) was owed to the RFU by TEL and is shown in amounts owed by Group undertakings in the Parent balance sheet; also, an amount of £0.3m (2007: £0.1m) was owed by the RFU to TEL and is shown in amounts owed to group undertakings in the Parent balance sheet. Both these amounts have been eliminated on consolidation from the Group balance sheet. At 30 June 2008 a balance of £nil (2007: £0.2m) was owed to the Group by Compass in respect of operating activities and is shown in trade debtors in the Group balance sheet.
At 30 June 2008 a balance of £1.5m (2007: £1.5m) was owed to the RFU by Churchill Cup Rugby LP, a USA registered partnership that administers the annual Churchill Cup tournament in North America. This is shown in debtors falling due after one year in the Group and Parent balance sheets. At 30 June 2008, a provision for impairment of the loan to associate of £0.9m (2007: £0.9m) has been made against the balance owed by Churchill Cup LP.
During the year the RFU paid £0.1m (2007: £0.1m) to England Rugby Limited and £5.0m (2007: £5.0m) to Premier Rugby Limited which owns 50% of England Rugby Limited; this amount is included in allocations to clubs and Constituent Bodies in the Group profit and loss account.
At 30 June 2008 there were operating balances of £0.7m (2007: £0.6m) owed by the RFU to Premier Rugby Limited and £0.9m (2007: £1.2m) owed by Premier Rugby Limited to the RFU. These are shown in trade creditors and trade debtors, respectively in the Group and Parent balance sheets.
During the year, the RFU paid £0.7m (2007: £0.4m) to England Rugby Travel Limited in respect of travel expenses.
24. Post balance sheet events
There are no post balance date events that require disclosure in the financial statements
25.Contingent assets and liabilities
There are no contingent assets and liabilities that require disclosure in the financial statements.