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Leicester Football Club Plc twenty nineteen Annual Report & Financial Statements 2019 Annual Report & Financial Statements 2019 Page 1 Contents Directors and Officers 2 Strategic Report 3 - Chairman’s Statement 3 - Business Review 4 Professional Advisers 6 Directors’ Report 7 Statement of Directors’ Responsibilities in respect of the Financial Statements 9 Independent Auditors’ Report to the Members of Leicester Football Club Plc 10 Consolidated Profit and Loss Account 15 Consolidated Statement of Comprehensive Income 15 Consolidated and Company Balance Sheets 16 Consolidated Statement of Changes in Equity 17 Company Statement of Changes in Equity 17 Consolidated Statement of Cash Flows 18 Notes 19 Annual Report & Financial Statements 2019 Page 2 Directors and Officers PETER TOM CBE SIMON COHEN Executive Chairman Chief Executive Officer Peter has been Chairman of the club for over 20 years, Tigers’ Head of Rugby Operations since 2005, Simon having made 130 appearances between 1963 and 1968. joined the board of directors in 2011 and was appointed He is a director of Premier Rugby Limited and Jacksons as Chief Executive Officer in January 2012. Previously a (CI) Limited. Peter’s previous roles include Executive sports lawyer and partner at James Chapman & Co in Chairman of Breedon Group plc and Chief Executive, Manchester, Simon represented the England Rugby team, (latterly Chairman) of Aggregate Industries. In 2006 he was awarded a CBE the Rugby Players’ Association and British and Irish Lions players. He also set for services to Business and Sport. He holds an Honorary Degree from up Rugbyclass, a nationwide rugby coaching company and was an agent for a De Montfort University and in 2018 was awarded an Honorary Degree by the number of England players, including Jonny Wilkinson. University of Leicester. ANDREA PINCHEN IAN WALKER Chief Operating Officer Finance Director Andrea spent 11 years in the Middle East working with Ian joined Leicester Tigers as Financial Controller in 1999 Emirates Airlines before joining Leicester Tigers in with previous financial management experience in both 2004 with responsibility for increasing revenue from manufacturing and service industries. Whilst at Tigers he the sale of season and match tickets. In 2012 she has developed the finance function to ensure it properly was appointed Commercial Manager with additional meets the needs of a complex and growing business. responsibility for conference and events, corporate hospitality and He is responsible for the financial management of the salary cap and has sponsorship. During her time at Tigers she has been instrumental in the represented PRL in its financial negotiations with the RFU on the Elite Player growth of business and securing agreements with key sponsors including Squad agreement. Ian was appointed to the board as Finance Director in Caterpillar, Mattioli Woods and Holland & Barrett. Andrea was appointed September 2014. to the board as Commercial Director in September 2014 and recently took on the role of Chief Operating Officer, reflecting her expanded role within the business. PETER ALDIS Non-executive Director DAVID ABELL Peter has just left Holland & Barrett International Limited, where he was Chief Executive Officer for nearly 11 years. Non-executive Director Holland & Barrett is a leading health food retailer with David is executive chairman of Jourdan plc. He was over 1,200 stores in the UK, Ireland, Holland, Belgium and previously chairman and chief executive of Suter plc and Sweden, including the MET-Rx brand in the UK. a director of British Leyland Limited. He has been a Peter has spent his 36-year career in retailing and held various management supporter of the club for over 40 years. roles at Currys and ASDA before joining Holland & Barrett in 1990 where he held positions in Retail Operations, Acquisitions, Property, Marketing and Buying. He became the Commercial Director in 1998 and Managing Director in 2003, taking on the role of CEO in October 2008. He is President of the Health Foods TERRY GATELEY Manufacturers’ Association and a Fellow of the Health Food Institute. Non-executive Director Peter played all sports in his youth, excelling at cricket and rugby. He enjoys watching all sports and works tirelessly to reduce his golf handicap. Terry was a senior partner and UK Board Member at KPMG. Since then he has chaired eight private equity-backed businesses and has direct investments in private companies. DIGBY, LORD JONES OF BIRMINGHAM Kb He has also been a non-executive and senior independent director of several quoted companies. Non-executive Director Digby is a lawyer who, after 20 years in corporate law, served from 2000 to 2006 as Director-General of the CBI. BEN KAY MBE In 2007 he moved to the House of Lords as Minister of Non-executive Director State for Trade and Investment. Digby now sits as an independent peer on the crossbenches. He is a corporate Rugby World Cup winner, British & Irish Lion, England ambassador for AON and is Chairman of Triumph Motorcycles Ltd, Thatchers Cider international, double European champion and six-time Ltd, On-Logistics Ltd and Probuild 360 Ltd. He is also Chairman of Argentex English league champion, Ben Kay retired in 2010 as one Group plc and Elonex Ltd. Digby is a director of Croft Property Development Ltd of the most successful players in rugby history. He made and drp group ltd. He is a Visiting Professor in Business Studies at the University 281 appearances for Leicester Tigers (1999-2010) and of Western Australia. The author of two books, he speaks regularly at conferences earned 62 caps for England, including the World Cup win of 2003 and the Final and events in the UK and internationally and appears frequently on television again in 2007. Ben is a partner in an award-winning advertising agency and and radio. regularly works with blue-chip companies to improve their team skills. He is a key part of the BT Sport rugby commentary team, a patron of Forces’ charity, Scotty’s Little Soldiers and sits on the board of trustees of the Rugby Players’ TOM SCOTT Association charity, Restart. Non-executive Director Tom is both a lifelong Tigers’ supporter and a major RORY UNDERWOOD MBE investor in the club. He has a number of business and Non-executive Director charitable interests in the Channel Islands, the UK and worldwide. Rory scored 134 tries in 236 games for Leicester Tigers. He is England’s record try-scorer with 49 tries in 85 internationals. He toured with the British Lions in 1989 and 1993. A pilot in the RAF during his playing career, he now runs his own management consultancy, Wingman. Company Secretary: Mary Ford Registered Office: The Club House, Aylestone Road, Leicester LE2 7TR Page 3 PAGE 5 Strategic Report Chairman’s Statement Professional club rugby has reached a significant moment in its history with the outside investment from CVC Capital Partners (“CVC”) in Premier Rugby Limited (“PRL”). At Leicester Tigers, after more than 20 years at the forefront of the professional game, we are in a strong position to make the most of this opportunity and to continue to help shape the professional game in this country. In playing terms, 2018/19 was extremely disappointing, with an 11th-place finish in the Gallagher Premiership, but we have become used to success over so many years and everyone at the club is striving to get back to that position again. Financial performance In the 12 months to 30 June 2019, Tigers recorded revenues of £20.0million for a second successive year. Despite this, the business recorded an operating loss, before an exceptional item, of £1.9million, compared to a loss of £1.0million in 2017/18. Strong support Welford Road again attracted the highest aggregate and average attendances in Premiership Rugby with more than 300,000 tickets sold for Tigers’ home fixtures during the 2018/19 season, despite a disappointing year on the pitch. The club continues to secure the biggest support in Premiership Rugby and our rivals at home and in the European competition are always pleased to see how many Tigers followers attend their stadiums for away fixtures. Commercial relationships, too, remain strong with a number of national and global brands, many of whom have become long-term partners. We are very grateful to everyone associated with the club as all play a significant part in developing the business and generating income that is vital to ensure funding is available to fully support recruitment and retention of players, coach- ing staff, management and support staff as well as our successful academy structure. The academy has claimed the National Under-18 League title in the last two seasons without losing a game and produced record numbers of graduates into the development ranks and then onwards into senior rugby. It remains the core of our development programme and we invest in it accordingly. As well as senior international players preparing for the Rugby World Cup in Japan this autumn, a number of players have won age-group honours, including England’s Under-18 captain, and we were again represented at the World Under-20s Championship by our young players who continue to develop. Tom Youngs, Dan Cole, Manu Tuilagi and Ben Youngs started their careers at Tigers this way and we would like to see our younger players replicating their success. Since the end of last season the club has sadly lost its record appearance holder and former captain, coach, president and director, David Matthews, a man whose association and influence here stretched over almost 65 years. He will be greatly missed and everyone is determined that the values for which he stood in the game - honesty, integrity and constant improvement – are upheld in his memory. Growing appeal The club remains active off the field, representing the interests of the professional game and our own markets and supporters at the highest levels.

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