Improvement in RUAS finances

Cyril Millar and Crosby Clelland from the RUAS Finance Committee pictured with Ian Jordan from Ulster Bank.
Cyril Millar and Crosby Clelland from the RUAS Finance Committee pictured with Ian Jordan from Ulster Bank.

Last Friday’s AGM of the Royal Ulster Agricultural Society (RUAS) saw the organisation’s finance committee chairman confirm a progression in the development strategies for the King’s Hall Complex.

“In the financial year to 31st October 2014 the society has returned a net outgoing resources of £283,475,” Cyril Millar, RUAS finance committee chairman, said.

“This compares favourably with the deficit of £755,595 in the previous year, a reassuring improvement of £442,257. The net outgoing resources incorporate a depreciation charge for the year totalling £554,304 of which £443,043 is the charge on the existing buildings.”

Mr Millar referred to the funds used by the society during the annual meeting: “The society’s development costs during the year amounted to £322,426 and bring the total investment in on-going projects to £2,554,714.”

He added that future development at Balmoral Park will be phased in line with the receipts from the residential development at the King’s Hall complex.

When discussing charitable activities Mr Millar said these activities generated total revenues of £2,269,824 generating a negative outflow of £261,414.

“This represents an improvement of £506,604 on the previous year. This has been achieved in part through the numerous cost saving and efficiency measures implemented by the society’s committees,” he added.

In considering the society’s two annual shows, Mr Millar stated: “The 28th Royal Ulster Winter Fair in December 2013 retained its position as the premier dairy event on the Island of Ireland. The success of the event is evident from the necessity to erect an additional marquee to meet the demand for trade.”

He added: “The second Balmoral Show at its new home in Balmoral Park was a great success with livestock entry levels remaining high and attendance levels reaching record levels.”

Mr Millar concluded: “The financial year to 31st October 2014 was a period of steady trading for the King’s Hall Exhibition and Conference Centre limited. The company has maintained its core business and paid the society a licence fee of £353,311 and transferred its trading surplus of £118,354 to the society under covenant.

“We have now commenced a new and exciting chapter in the history of this great society.

“Council and finance committee are carefully steering the financial path for the society so that the objectives set by our membership for future generations will be realised.”