The Welsh Rugby Union Limited Annual Report 2011 Adroddiad Blynyddol 2011 Undeb Rygbi Cymru Cyf f y C u r m y C i b g y R b e d n U 1 1 0 2 l o d d y n y l B WRU Board as of 2 May 2011 d a i d d o r d A • 1 1 0 2 t r o p e R l a u n n A d e t i m i L n o i n U y b g u R h s l e W e h T The Welsh Rugby Union Limited & Millennium Stadium plc Millennium Stadium, Westgate Street, Cardiff CF10 1NS Tel: + 44 (0)870 013 8600 Email:
[email protected] www.wru.co.uk www.millenniumstadium.com Leading Welsh rugby to the forefront of the global game in performance and reputation Taking Wales to the world with our rugby Developing grass roots rugby, increasing participation, Welcoming the world to supporting clubs and bringing Wales in our stadium communities together Defining Wales as a nation Promoting the Millennium Stadium as a unique, must play, must visit venue Contents Financial highlights 02 Neges y Llywydd / President’s message 04 Chairman’s statement 06 Group Chief Executive’s summary 08 Operating and financial review Financial review 14 Elite rugby 20 Community rugby 36 Stadium 44 Key performance indicators and business risks 52 Directors’ report 53 Consolidated profit and loss account 56 Consolidated statement of total recognised gains and losses 56 Balance sheets 57 Consolidated cash flow statement 58 Notes to the financial statements 59 Independent auditors’ report 80 Welsh Rugby Union governance 81 Registered office and advisers 84 Commercial partners 88 THE WELSH RUGBY UNION LIMITED - ANNUAL REPORT 2011 1 Financial highlights 60 P&L extract