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102 WORLD RUGBY YEAR IN REVIEW 2015WORLD RUGBY CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER, 2014IntroductionThe preceding pages provide a review of World Rugby’s financial activities in 2015 and an overview of some financial highlights from the four-year investment cycle 2012-15. As an unincorporated association resident in Ireland, World Rugby prepares statutory consolidated financial statements on an annual basis. At the time of going to print, the 2015 statements are in the process of being finalised for audit. The following pages present the most recent consolidated financial statements for the year ended 31 December, 2014. Please note that due to the statutory nature of the following report, the categorisation of amounts differs from the preceding pages. Please note also that this is an abridged version of the 2014 statements; in particular, the Notes to the Consolidated Financial Statements have been omitted. The full report can be accessed at www.worldrugby.org/documents/annual-reports.StatementsCONSOLIDATED STATEMENT OF CHANGES IN EQUITYYear Ended 31 December, 2014Total equity Stg£Balance at 31 December, 2012120,052,607Total comprehensive loss for the year(42,765,105)Balance at 31 December, 201377,287,502Total comprehensive loss for the year(65,778,941)Balance at 31 December, 201411,508,561CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEYear Ended 31 December, 201420142013 Stg£ Stg£Loss for the year(68,156,473)(45,155,571)Fair value gain on available for sale financial assets2,377,5322,390,466Total comprehensive loss for the year(65,778,941) (42,765,105)FINANCIAL REPORT | FINANCIAL STATEMENTSCONSOLIDATED INCOME STATEMENT Year Ended 31 December, 201420142013Notes Stg£ Stg£Revenue56,423,6006,652,982Tournament related expenses(14,733,857)(11,223,691)Grant related expenses6(36,910,858) (22,674,289)Administration expenses7(23,543,145) (21,354,257)Other income81,741,983 2,074,439Ot s)/gains 9(1,083,930) 1,406,225Loss before income tax(68,106,207) (45,118,591)Income tax expense11(50,266) (36,980)Loss for the year(68,156,473)(45,155,571)