SCOTTISH RUGBY has finally issued its financial statements for the year up to 31st May 2022, more than three weeks after the cut-off date mandated in the organisation’s bye-laws.
The papers confirm that while revenue rose by £5.5m to £57.9m (more than £3m less than the pre-pandemic level), the business ran at an operating deficit of £5.3m.
According to the papers: “In the financial year the highest paid Director received aggregate emoluments of £570k (2021: £403k), comprising salary and benefits of £570k (2021: £403k ) and pension contributions of £nil (2021: £ nil).”
“Under agreements entered into with executive Directors, senior employees and players during the Coronavirus pandemic voluntary salary reductions agreed during that period ended and salaries were restored on 1 June 2021 to the contracted pre-Covid levels, unless otherwise agreed. Non-executive Director fee rates were also restored to pre-Covid levels, with effect from 1 June 2021.
“As part of a cost of living package approved by the Board in May 2022, a one-off lump sum payment equivalent to 3.5% of salary was applied across the Company for non-playing/ coaching colleagues, including the executive Directors, and is reflected in the aggregate emoluments figures for 2022 mentioned above. This was not applied to non-executive Directors.
“In July 2021 a small portion of the salary reductions agreed during the Covid period (2.5% of salary for the period between 1 September 2020 and 31 May 2021) was reimbursed. As a result of the Company’s financial performance and surplus generated in financial year 2020/21, a further contractual reimbursement covering the period from 1 January 2021 to 31 May 2021 was also triggered for affected employees and was included in the prior year (2020/21) figures.”
The aggregate emoluments to the Directors (executive and Non- Executive) during the financial year comprised totalled £1.1.91m (up from £1.024m the previous year).
The staff headcount rose from 436 to 445, which was mainly down to a rise in professional players from 111 to 114, and a rise from 66 to 92 in staff categorised as ‘commercial, marketing and other corporate functions’. Employment costs rose from £29.7m to £32.9m.
“After the challenges brought about by the Covid-19 global pandemic, I am pleased that our Financial Statement 2021-22 paints a positive picture of recovery for rugby and the support shown to our national, professional and club game is clear to see,” claimed Scottish Rugby’s Chief Executive, Mark Dodson.
The accounts will be put before a specially arranged SRU AGM part two – being held virtually rather than the now customary in-person/online hybrid model – next Wednesday evening.
Clubs have been invited to an online session with Scottish Rugby’s Chief Financial Officer, Hilary Spence, on Monday afternoon to discuss any questions they may have … and it is important that these conversations are minuted and published in time for the AGM, when clubs will decide whether or not to approve the accounts.
To view the accounts click HERE.
- More to follow