At the Annual Meeting of the Royal Ulster Agricultural Society held on Friday 7th March 2025 at the T3 Conference Centre, Mr John Martin, Chairman of the Finance Committee, said:
The year to 31st October 2024 has seen the Society continue to operate within a challenging environment, which is reflected in the financial results presented today. The Society has returned a surplus from ordinary activities of £449,791 for the financial year, which compares with the surplus of £375,411 in the previous year. The Society's consolidated unrestricted liquid reserves as at 31st October 2024 are £7,826,771, representing eighteen months of unrestricted activity.
Reviewing the Society's financial activities, he noted that the Society spent £3,321,295 on charitable activities, £102,291 on membership expenses and £384,704 on centralised costs. This represents an increase in Society expenditure of £284,084 on the previous year.
The subsidiary companies of the Society engage in commercial activities solely to generate funds to enable the Society to fulfil its charitable objectives. During the financial year, the subsidiaries contributed enabling revenue of £578,031 to the Society.
During the financial year, the Society developed a Strategic Plan for the period 2025 to 2027, which sets the ambitions for the Society's future as a viable and vibrant organisation for future generations. The Society aims to:
- Position the RUAS as a forward looking, inclusive and resilient organisation that promotes the agri-food industry by showcasing excellence, innovation, and best practice farming and food.
- Educate, inspire, and inform current and future generations on the importance of sustainable agriculture and local quality produce - enhancing appreciation of the sector, the environment and rural communities.
- Support excellence in livestock husbandry and food production through competitions and events as we embrace future challenges and opportunities.
The Society has identified nine strategic priorities for the next three years. Each priority has its own clear vision and operational initiatives. The years ahead are exciting as the Society embarks on a journey to ensure its future sustainability, clarity of purpose and direction, and enhance its reputation and relevance.
With every passing year, the Society's charitable activities, including its flagship events, grow, and the Society has ambitions to expand the delivery of its objectives. However, the Society's charitable activities do not generate sufficient funds to cover the delivery costs of the existing charitable activities. Therefore, the critical factor of the Society's financial model and utilisation of capital funds must be to develop robust and increasing sustainable income streams.
The Society has two diverse subsidiaries generating enabling finance within the events and commercial real estate sectors. The diverse nature of these sectors provides a spread of the risk in generating enabling finance for the Society. The Society has invested in world-class facilities that are flexible in structure and suitable for a wide range of future activities. Concluding, John Martin confirmed that the Council is confident that with the resources it has in place and the efforts of its staff, committees, members, exhibitors and other stakeholders, the organisation will continue its beneficial work in line with its charitable objectives.
