Ulster Rugby Annual Report 2015 - 2016

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 APRIL 2016

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1. ACCOUNTING POLICIES The financial statements have been prepared in accordance with the 2015 Bye Laws of the Branch, and applicable United Kingdom Accounting Standards. They have all been applied consistently throughout the current and prior year. The principal accounting policies adopted are described below.. CONVENTION These financial statements have been prepared in accordance with the historical cost convention and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The prior year financial statements have were restated for material adjustments on adoption of FRS 102 in the current year. For more information, see note 13. INCOME Income, including all revenue grants, is included in the financial statements on the basis of the amounts receivable during the year. Season ticket income and advance ticket sales income received in advance is deferred and recognised over the period to which it relates. GOING CONCERN The IRFU (Ulster Branch) (“the Branch”) meets its day to day working capital requirements through its cash at bank and an overdraft facility with the Danske Bank. The Branch undertook major development work during 2009, with the construction of a new stand. This work was partially funded by way of a £2.5m loan provided by !RFU Dublin, which is now repaid in full. Current ongoing redevelopment has been fully funded by grants from the depm1ment formerly known as DCAL (now the Department for Communities). Despite the current economic climate creating unce11ainty particularly over demand and the stability of organisations which may trade from time to time with the Branch, the Members have a reasonable expectation that the Branch has adequate resources to continue in operational existence for the foreseeable future. IRFU Dublin have confirmed that they will continue to provide financial support to the Branch for both the domestic and professional rugby game in Ulster for a period of at least 12 months from the date of signing the financial statements. Thus they continue to adopt the going concern basis in preparing the financial statements. CURRENCY TRANSLATION Euro transactions in the period have been translated at the rates of exchange then ruling. Balances as at 30 Tangible fixed assets are stated at cost net of depreciation and any provision for impairment. Land and buildings at Ravenhill Park, Belfast (excluding Ground and Buildings costs in Note 4) are the prope1iy of the Irish Rugby Football Union, Dublin. They are occupied by the Ulster Branch under a tenancy at will. Depreciation is provided in equal annual instalments over the estimated useful lives of the assets as follows: — ground – over 25 years @ 4% per annum, — buildings adaptations – over 25 years @ 4% per annum, — fixtures, fittings and equipment – over 5 years @ 20% per annum. — motor vehicles – over 5 years @ 20% per annum. No depreciation is provided on land or assets not yet in use. GOVERNMENT GRANTS Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. TAXATION Current tax is provided at amounts expected to be paid ( or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. April 2016 in Euro have been translated at the rate of exchange at the year end. The exchange differences are included in the Income and Expenditure Account. TANGIBLE FIXED ASSETS

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