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20152014Notes Stg£ Stg£ASSETSNon-current assetsProperty, plant and equipment121,208,545 1,089,212Intangible assets1377,002 77,002Deferred expenditure14- 7,132,170Available for sale financial assets1587,512,197 96,741,77588,797,744105,040,159Current assetsTrade and other receivables1663,327,295 21,792,200Cash and cash equivalents1772,058,209 23,042,114Restricted cash18781,067 781,067136,166,57145,615,381Total assets 224,964,315150,655,540EQUITYCapital and reserves Retained earnings21201,031,290 11,508,561LIABILITIESCurrent liabilitiesTrade and other payables2022,014,576 12,533,258Deferred revenue191,918,449126,613,721Total liabilities23,933,025139,146,979Total equity and liabilities 224,964,315150,655,540CONSOLIDATED BALANCE SHEETYear-ended 31 December, 2015CONSOLIDATED CASHFLOW STATEMENTYear-ended 31 December, 201520152014Note Stg£ Stg£Cash flows from operating activitiesCash generated from operations22119,913,32619,543,687Income tax paid(49,612)(45,855)Grant payments(84,282,565)(34,795,383)Net cash generated by/(used in) operating activities35,581,149(15,297,551)Cash flows from investing activitiesPurchases of property, plant and equipment(492,360)(1,121,673)Purchase of available for sale financial assets(17,438,500)(25,312,836)Proceeds on disposal of available for sale financial assets27,653,71926,065,739Interest received1,652,4881,741,983Net cash generated from investing activities11,375,2181,373,213Cash flows from financing activitiesIncrease in restricted cash-(781,067) Net cash generated from financing activities-(781,067) Net increase in cash and cash equivalents 46,956,496(14,705,405)Exchange gain/(loss) on cash and cash equivalents2,059,599 (224,780)Cash and cash equivalents at beginning of the year23,042,11437,972,299Cash and cash equivalents at end of the year72,058,20923,042,114YEAR IN REVIEW 2016 WORLD RUGBY 103FINANCIAL STATEMENTS | FINANCING