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Record Financial Performance From RHASS
Annual Report Reveals Continuing Growth In 2007
The Royal Highland and Agricultural Society of Scotland recorded its best ever financial performance in 2007 with turnover increasing to £5.6 million from a record £5.1 million in 2006.
The Society’s accounts to November 30, 2007, show a surplus of £800,000 of which £400,000 has been donated to the Ingliston Development Trust to assist in the pre-funding of the Norton Park development.
During the year the Society awarded £125,000 to the Royal Highland Education Trust to continue its work in promoting farming, food and the countryside to Scottish schools.
The Society also made various grants and awards for academic excellence, long service, travel scholarships, innovation and performance, with more than £300,000 donated.
RHASS Chief Executive Ray Jones said: “As Scotland’s leading agricultural charity, our accounts give a clear indication of our continuing growth and our disbursement of funds.
“In the modern age, however, a Society such as ours cannot exist by agriculture alone and in parallel with many farm and land owners, we are having to secure more varied and constant income streams.
“This policy is now bearing fruit with hotel and car park income, a full letting of property from our agricultural and environmental cluster group at the Royal Highland Centre and successful lettings of our grounds and properties outside the period of the Royal Highland Show.”
Although the Royal Highland Show delivered the main income stream for the Society at just over £3 million (£3.05 million compared to £3.01 in 2006), there were significant contributions from the Royal Highland Centre at £1.34 million (£1.03 million) with rents received at £773,059 (£700,736) and membership subscriptions at £342,485 (£284,132).
Total income during the year was £5,650,757. Expenditure of £4,849,931 left an operating surplus of £800,826.
In his report, Ray Jones states that the Society is now embarking on a significant milestone in its history - the development of Scotland’s National Showground at Norton Park, brought about by an enforced re-location to allow the neighbouring airport to expand and for the West of Edinburgh to develop its full potential.
“Our board has approved the decision to plan a completely new showground on the basis it is fully funded by BAA (and Government if necessary) and has agreed a commitment of £1.15 million to take it through to outline planning by May 2009.
“If we are to meet our deadline of 2013, construction needs to commence by mid 2010. We believe it can be done via the partners we have currently engaged, providing we can assume timely negotiations with BAA.
Mr Jones added: “There has been much speculation on the Society’s asset land value. What is important, however, is that we are not financially constrained by the move to Norton Park. It is paramount that the re-location cost is the figure used in any negotiations.”
RHASS Chairman Allan Murray said: “ We regard this ambitious project, not only as a focus for the aspirations of the Society, but as an invaluable future asset to Edinburgh, the Lothians and Scotland.
“There is still much lobbying and negotiation ahead before the first brick will be laid but I wish to pay tribute to our directors for their far-sighted decision to progress to outline planning. Their faith is on a parallel to the board of the late 1950’s who voted in favour of a move to Ingliston as the permanent home of the Society.”
In his annual report statement, Mr Murray made four main points…
The Royal Highland Show consolidated its position as the flagship for agriculture and rural industry and can now rightly claim to be one of the most prestigious events of its kind in Europe, if not the world.
The Royal Highland Education Trust was set very ambitious targets of school and pupil participation in 2007 and delivered on all fronts - a progressive organisation that is more than fighting the industry’s corner.
The Society has taken a prominent role in Scotland’s food and drink industry and is now regarded as a major player in the chain of primary production through to processing and retailing.
During 2007, the Society continued to secure its position as a pivotal player in agriculture, food, education, events, business, commerce and rural life.
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