Leicester Football Club Plc Annual Report & Financial Statements
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Leicester Football Club Plc 2017 Annual Report & Financial Statements Annual Report & Financial Statements 2017 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 9 Independent Auditors’ Report to the Members of Leicester Football Club Plc 10 Consolidated Profit and Loss Account 14 Consolidated Statement of Comprehensive Income 14 Consolidated and Company Balance Sheets 15 Consolidated Statement of Changes in Equity 16 Company Statement of Changes in Equity 16 Consolidated Statement of Cash Flows 17 Notes 18 Annual Report & Financial Statements 2017 Page 2 Directors and Officers PETER TOM CBE SIMON COHEN Executive Chairman Chief Executive Officer Peter made 130 appearances for Leicester Tigers Tigers’ Head of Rugby Operations since 2005, Simon joined between 1963 and 1968 and has been Chairman of the the board of directors in 2011 and was appointed as Chief club for 20 years. He is currently Executive Chairman Executive Officer in January 2012. Previously a sports of the UK’s largest independent construction materials lawyer and partner at James Chapman & Co in Manchester, group, Breedon Group plc, and was formerly Chief Simon represented the England Rugby team, the Rugby Executive and latterly Chairman of Aggregate Industries. Peter is a director Players’ Association and British and Irish Lions players. He also set up Rugby- of Premier Rugby Limited and Chairman of Jacksons (CI) Limited. In 2006 he class, a nationwide rugby coaching company and was an agent for a number of was awarded a CBE for services to Business and Sport and also holds an England players, including Jonny Wilkinson. Simon is a director of Rugbycare. Honorary Degree from De Montfort University. ANDREA PINCHEN IAN WALKER Commercial Director 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 the sale of season and match tickets. In 2012 she he has developed the finance function to ensure it was appointed Commercial Manager with additional properly meets the needs of a complex and growing responsibility for conference and events, corporate hospitality and business. He is responsible for the financial management of the salary cap sponsorship. During her time at Tigers she has been instrumental in the and has represented PRL in its financial negotiations with the RFU on the Elite growth of business and securing agreements with key sponsors including Player Squad agreement. Ian was appointed to the board as Finance Director Caterpillar, Mattioli Woods, and NBTY Europe, which holds the Holland & in September 2014. Barrett brand. Andrea was appointed to the board as Commercial Director in September 2014. PETER ALDIS Non-executive Director DAVID ABELL Peter is Chief Executive Officer of Holland & Barrett Non-executive Director International Limited, a leading health food retailer with stores in the UK, Ireland, Holland, Belgium and Sweden, David is Executive Chairman of Jourdan plc. He was including the MET-Rx brand in the UK. previously Chairman and Chief Executive of Suter plc and a director of British Leyland Limited. He has been Peter has spent his 34-year career in retailing, and held a supporter of the club for nearly 40 years. various management roles at Currys and ASDA before joining Holland & Barrett in 1990. He has held several positions at Holland & Barrett in Retail Operations, Acquisitions, Property, Marketing and Buying. He became the Commercial Director in 1998 and Managing Director in 2003. He assumed the role of CEO in October TERRY GATELEY 2008. He is President of the Health Foods Manufacturers’ Association and a Fellow Non-executive Director of the Health Food Institute. Peter enjoys watching all sports and occasionally plays some squash and golf. 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. He has also been a non-executive and senior independent DIGBY, LORD JONES OF BIRMINGHAM Kb 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 Risk Solutions and Jaguar and is a senior advisor to international, double European champion and six-time Babcock International Group plc and Harvey Nash Group PLC. Digby is Deputy English league champion, Ben Kay retired in 2010 as one Chairman of Unipart Expert Practices. He is Chairman of Triumph Motorcycles of the most successful players in rugby history. He made Ltd, Celixir plc, Thatchers Cider Ltd, On-Logistics Ltd and G-Labs Ltd and the 281 appearances for Leicester Tigers (1999-2010) and Advisory Board of Argentex LLP. He is Chairman of the Governors of earned 62 caps for England, including the World Cup win of 2003 and the Final Stratford-upon-Avon College. Following his successful BBC Troubleshooter again in 2007. Ben is a partner in an award-winning advertising agency and series, his second book “Fixing Business” was published in March 2017. 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 on the board of trustees of the Rugby Players’ Association charity, Restart. TOM SCOTT 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 Non-executive Director and 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, and is a non-executive director of Alcumus, a risk management solutions provider, Prescient Power, a renewable energy company, Punt For Your Club Limited, an online rugby predictions game, and Getum Limited, a media/search engine company. Company Secretary: Mary Ford Registered Office: The Club House, Aylestone Road, Leicester LE2 7TR Page 3 PAGE 5 Strategic Report Chairman’s Statement The level of loyalty and commitment among supporters of Leicester Tigers remains the envy of our competitors. It is a position reflected, too, in our relationships with sponsors and partners, many of whom have long-term links with the club. This loyalty resulted in record ticket sales at Welford Road during the 2016/17 season while, in a very competitive marketplace, the club also secured record levels of sponsorship including improved terms with existing partners and a number of new relationships. All of this was secured against the background of seeking a new main partner at the conclusion of an eight-year relationship with Caterpillar, with Holland & Barrett welcomed into that role before the start of the season. The Tigers’ position as the biggest and best-supported club in the professional game in this country remains intact and it is one on which we continue to build. The club continues to work extremely hard on improving facilities for supporters alongside improvements in the matchday experience at Welford Road and also in attracting newcomers to experience what we have to offer. We welcome hundreds of young supporters from schools and junior rugby clubs across the region and beyond for every home game, while developing broader links throughout the country with events like Tigers Rugby Camps, matchday coaching clinics, the Tigers Challenge and our junior rugby tournaments. Alongside this investment of time and resource in local markets, the club also has a global plan which spreads the name of Leicester Tigers far and wide. In the last 12 months, we have continued to work with clubs and young players in Italy, Japan, Malaysia and the United States. These are significant locations in the development of the global game and it is important for us to be central to that growth. As a business, Leicester was one of the first clubs to fully embrace professionalism when the game went open in the mid-1990s and we continue to develop as professional rugby enters its third decade. Competitive arena In February 2017, the team lifted its first silverware in four years as the only three-time winners of the Anglo-Welsh Cup. The format of the tournament, played during the international windows, allows competitive opportunities for younger and inexperienced players, led by a core of their seniors. Whilst we were disappointed not to reach the Premiership final, the team reached the knockout stage for a record 13th consecutive season. This is a remarkable achievement that is, sadly, often overlooked. Supporters, as ever, remain at the core of the Club and we were proud to say that during the 2016/17 season, Welford Road welcomed a record number of visitors in the first full season since the opening of the new Robin Hood Stand which takes capacity to beyond 25,000. We hosted the biggest-ever crowd for an Anglo-Welsh Cup fixture outside the Final and also achieved the club’s biggest-ever European Cup attendance. The 2016/17 season saw the end of Richard Cockerill’s tenure as Director of Rugby and I would like to take this opportunity to acknowledge his immense contribution to the club both as player and coach.