Under International Financial Reporting Standards (IFRS) conventions, under which revenues and direct expenditure for the 2015 World Cup are deferred until the year of the tournament, the governing body reported a loss of £68.2 million ($106.4 million/€98.3 million) for 2014, on revenue of just £6.4 million ($9.9 million/€9.2 million).

Before the IFRS “adjustment”, however, World Rugby said its loss for the year was £1 million ($1.6 million/€1.4 million), “which represents a position significantly ahead of forecast”.

It went on: “Better than anticipated cashflows and commercial programme outcomes, combined with costs in line with expectations, resulted in a net position for 2014 that was ahead of budget.”

Deferred expenditure on the body’s balance sheet at end-December 2014 reached £7.1 million ($11.1 million/€10.2 million), while deferred revenue was £126.6 million ($197.5 million/€182.4 million).

Notes to the financial statements revealed that just under £75 million ($117 million/€108 million) of this deferred revenue related to broadcasting, £47.5 million ($74.1 million/€68.4 million) to sponsorship and £4.2 million ($6.5 million/€6.1 million) to merchandising.

World Rugby now expects its overall investment in the game over its 2013-2016 business cycle to top £200 million ($312 million/€288 million) - 34 per cent up on the equivalent figure for 2009-2012.

Bernard Lapasset, chairman, said, “These record levels of investment are driven by the strength of the Rugby World Cup brand as one of the world’s most successful, best-loved and largest major sporting events”.

Brett Gosper, chief executive, said: “The commercial programme for Rugby World Cup 2015 in England is on track to deliver a record net surplus for investment in the game of approximately £150 million ($234 million/€216 million), with our top-level worldwide partner programme locked down in record time and with record value and a wider, stronger broadcast platform.

“World Rugby’s mission to grow the global rugby family is reflected by the organisation’s diligence in maintaining reduced operating costs and strategically investing in the game for the period 2013-16 through targeted programmes, including training and education, player welfare, tournaments and high performance, including assistance with preparation costs for Rugby World Cup 2015.

“We are also investing significantly in men’s and women’s sevens, as we continue preparations for our Olympic Games return at Rio in 2016.”

Previously-released figures have put 2014 investment in rugby sevens high-performance tournaments at £5.7 million ($8.9 million/€8.2 million).

The sport will next year return to the Olympics for the first time in 92 years, in sevens format, ensuring it will be one of the stories of the Rio 2016 Games.

It is currently in the final stages of gearing up for this year’s 15-a-side Rugby World Cup in England in September and October.

It this week received the disappointing news that it will not, after all, be able to utilise Japan’s planned National Stadium for the next Rugby World Cup in 2019, which Japan is hosting.

This is a consequence of Japanese Prime Minister Shinzō Abe’s announcement that plans for the controversial new Zaha Hadid-designed stadium, being built for the 2020 Olympics and Paralympics in Tokyo, are to be revised in light of spiralling costs, which had risen to ¥252 billion (£1.3 billion/$2 billion/€1.8 billion).

To read the full accounts click World Rugby accounts for 2014.pdf.