At the Royal Ulster Agricultural Society Annual Meeting today (Friday, March 6th) Cyril Millar, RUAS Finance Committee Chairman, reported on the Society’s business during the financial year to 31st October 2014.
Mr. Millar stated that in the last financial year: “The Society has continued to diligently advance the development strategies for the King’s Hall Complex as approved by the membership at its historic meeting in June 2012.”
The Society has continued to diligently advance the development strategies for the King’s Hall Complex as approved by the membership at its historic meeting in June 2012Cyril Millar, RUAS Finance Committee Chairman
“In the financial year to 31st October 2014 the Society has returned a net outgoing resources of £283,475. 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 continued 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 which is 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.”
In considering the 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.”
During the Annual Meeting, Billy Robson OBE was elected as the new RUAS President. He will hold this position for a period of two years.
The following 24 members were declared elected as members of the Council for a period of three years: S Wallace Boyd, Libby Clarke, James Coburn, David Cunningham, Michael Drake, William Haire, Robin Irvine, Andrew B Magowan, Charles Mark, David Mark, John Mercer, Robert James McConnell, Dan McCormick, Mrs Joanne McKibbin, John McMordie, The Hon Mrs Celia O’Neill, John Robinson, Mrs Vanda Robinson, Michael Robson, Stefan Smyth, John W Suffern, Mrs Patricia Swandel, David Thompson and David Workman.