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).”
Super6 preview: struggling Stirling Wolves host top of the table Watsonians
Ben Cairns to step down as Stirling Wolves head coach at end of Super6 Championship
Scottish Rugby unveils six-year state school strategy
“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
Ben Cairns to step down as Stirling Wolves head coach at end of Super6 Championship
Now is the time for Keith Wallace to bring his difficult questions outside the tent, inside the tent and ask them in a loud voice
Coupled with the lateness of the double-header decision re the Bulls vs Southern Knights, there is more than a little concern re the lateness of the Annual Report, is this evidence of an underlying management weakness/ineptitude within the hierarchy at Murrayfield Palace?
Or am I being over critical?
My only question is …why does it have to be almost under protest that the accounts are published? They have a duty and responsibility to the union and its members to publish on time.
Why are they different from other commercial operations?
Not the worst set of accounts I have seen
Credit to the board for a decent effort considering the climate and the changing work place
Maybe a tick to mr D ( well done )
However I suspect the ( not )so great and good will find holes in the document
It makes me wonder how forensically you examined the other set of accounts you have looked at, the Devil is in the detail is a somewhat overused expression owing it’s veracity.
Happy to compare cv any time george
Well GB it will not take long to study mine, it isn’t Academia that suggested checking the small print, if you get my drift. As my previous comment suggested there is a lot to take in in a short space of time no doubt time will tell.
“Not the worst set of accounts I have seen”
Hardly a glowing endorsement is it?
And how good to see that Mr Dodson was given £17k to tide him over in these difficult times.
If I’m understanding this correctly, Scottish Rugby paid our Chief Executive a one off payment of what must have been around £17k in May to assist him with the cost of living crisis as part of his £570k aggregate emoluments?
It doesn’t seem a lot of time to look into the accounts, not sure why the need for extra 24 marketing and commercial staff, not sure about an AGM at the arms length of a video call, agree there has to be a record of all the discussions. No doubt sharper minds than mine will have some forensic questions, I just hope they get answered.
It’s an SGM George on the back of a previous extra meeting for SCOG purposes and the actual AGM last month.
Thanks for the information, my point was that with admittedly limited experience these remote ‘Skype’ type meetings just seem less effective.
I believe it is both, Dom.
An SGM to consider SCOG stuff, following a resumed AGM re the accounts.