The Royal Highland and Agricultural Society of Scotland (RHASS) has reported a solid performance with total income in the year ended November 30, 2015 at £7.06 million (2014: £7.26 million), down marginally on 2014 due to a £301,000 reduction in bequests: underlying income increased by £105,000.
The Royal Highland Show delivered a second successive year of record revenue, breaking the £4 million barrier for the first time. Other main income streams included subscriptions and rents at £526,000 and £954,000 generated by the Royal Highland Centre.
With expenditure at £6.3 million (2014: £6.2 million), the operating surplus stands at £0.73 million (2014: £1.05 million).
Higher expenditure has been experienced due mainly to the increased cost of staging the Show. Other notable increases are to be found in Depreciation Costs, this is the result of increased investment in the site.
The Net Assets stand at £14.77 million (£14.1 million in 2014) with significant growth in Fixed Assets, whilst Investments increased by £629,000 as a result of the prudent re-allocation of underperforming cash reserves into a management investment portfolio.
RHASS’ Chairman, Willie Gill, expressed satisfaction with the performance of the Society. Mr Gill said: “The Society is in a very strong financial position with good performance across membership, Royal Highland Centre and The Royal Highland Show. The Society is focused on supporting and encouraging the best of agriculture and developing a greater appreciation of the impact of this industry on everyday life; we are satisfied that our robust financial position will allow us to forge ahead with our charitable remit in these challenging times for the industry.”
Adding to Willie’s comments, RHASS’ Chief Executive, Stephen Hutt, said: “It is good to see another year of underlying growth, this position of strength has allowed us to carry on the significant investment programme, key to ensuring the long-term future of the Society.”