ROYAL ULSTER AGRICULTURAL SOCIETY
ANNUAL REPORT AND CONSOI.IDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST OCTOBER 2022
CHARITY NUMBER: 101946

ROYAL ULSTER AGRICULTURAL SOCIETY
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022
Pvdge
Legal and admln15trative information
Report of the Couneil
3 to 10
Report of the Indep¢ndent Audltors
11 to 13
Consolfidated Statement of Flnanci81 AetlvAtles
ConsoRldated B4lAnce Sheet
14
15
Soclety BAlance Sheet
16
Stitement$ of Changes In Fund5
17
Consolidydted Cash Flow Statement
18
Notes to the Consolld&ted Cash Flow Statement
19
Iyotes to the Consolldated Financlal Statements
20 to 32

ROYAL ULSTER AGRICULTURAL SOCIETY
LEGAL AND ADMtNISTRATIVE INFORMATION
FOR THE YEAR ENDED 31 ST OCTOBER 2022
PATRON: HRH The Earl Df We&sex
VICE PATRON.. Billy Martin OBE FRA8S
PRESIDENT: Mrs Christine Adams
Bajrlay Bell NDA FRAgS
Vaughan Byrne
Dr Sain Cainpbell
RobEn Cherry MBE FRAgS
Mrs Linda Davi5
Mrs Pat Erwi
Ashley J Fleming FRAgS
Miss Pauline Gibson
Desinond Gib50n
PAST PRESIDENTS: John BamberMBE, MArga￿t Collinson OBE, Roly Mrs Jayne H2￿neSs-Bortcs MSC. BA (Honsl ARAgS
Cunningh•n fvassed awuy l&ih Ociober 2022]. Johth G Kelly OBE BAgr
DipAgrComi)J FRAgS, Brian T King FRAgS. Cyril M Millar FRAgS. The
Ian Harvey
LoTd O'Neill KCVO TD, Willi￿n H Robson OBE bRA8S. J L Courtenay
Nornia Hoy
ThompsDn DL BA BBS
Mrs Denise Kelso
Jay Lindsay
Richa￿ Lyttl¢
Alistair McDon41d
Adiaaij M¢Gowan
Robert S R M¢Kibbin
GeotThry Rthgland
Trevor Shields ARAgS
Stephen Smith BAgr DipFM FRA8S
Mi8s Alexandjx Woods
DEPUTY PRESIDENT: C Jokn HcTWirtg OBE Nsch FRAgS
VICE PRF.SIDF.NTS..
RETIRING MARCH 2023
lan Duff BAgr Msc MIAgrE. FRAgS. Terence McKeag BEM,
Edwin T Adams. David T C Wotknan FRAgS
RETIRING MARCH 2024
C John Hennuw OBE Nsch FRAgS, J A Conn Williamson tpassed Qway
31Jih November 2022J. Jean Monn, Drane Gibson.
RETIRtNG MARCH 2tr25
Alan Arm$tronglappoiKied I" April 21J22], Wolla¢e Boyd, Sllm
M¢Causland lappoiniedHonor&ry Vice Presideni IO, November 2022],
George Hiini]￿n.
RETIRIIYG MARCH 2025
Gareth AnnsitY)ng
Stewart H&xter
AThd￿w Binghom
Ms Libby Clarke
James Cobum
David Cunninghom lappointed Vice President on 10th
November 20221
Ni8¢1 T Haznill
Robin ]rvine HND, Dipfmatt. FRAIS
Caroline A Jebb
Judith Lyons
liarlcs MArk
David G Mark
John McMoTdie
John me￿eT Bsc IFlonsl CErtg
Dr ChArlolte A Moore BAgr PhD DipAgrComm, FRAgS
Pcter MorTOW
John Murphy
Mr$ Joanne M McKibbin
The Hon Mt5 Celia O'N¢ill BA IH0Th51
John El RObin.￿n
Vanda Stewart
Siefan Smyth [pass¢d 4way [6th June 20221
Patricia SwandL,I Ipassed away 1st October 20221
David Thoinp50n
RETIRING MARCH 2026..
Wilgon Logan, Crosby Cl¢iAnd FRA8S, Robert Harkne8s, Austin Peny.
HONORARY VICL PRESIDENTS.,
Dorinda Lady Dunicath I￿55¢￿ away 19th March 20221
ELECTED MEMBF.RS: The Coun¢ll of the RUAS coDgIBti of fhe
PreBldent, PA81 Presld¢nt4 Vlte Pr¢$ldent$ the foUowlnK'.
REI'IEiING MARCH 2023
Mervyn Achcso
A James C Allcn
Mn Shirley Anderson
Harold Di¢key
BriRn Hunt¢r
WElliam Jon¢s
Gernrd FTancis Kelly
Brendan Kelly
M4ik Logan OND PRAgS
Ian Matk
John Campbell Martin BEM HNDIAgri¢} Lm Nsch, FRAgS
W Duke Mccartney
Mrs Sara McCra¢ken
Williattl M¢E]roy
Howanl Mcllwjine
Miss Roberta Mcmullan
James MCV Morrisott BEM. BAgr [Honsl FRA8S
David O'Neill
Mrs Myrtle Peak
Wilbert Rankin
Jason Robert Rankin NSdL, ARAgS
Samuel James Smyth
Jay Warden
Mrs Leamle Workman
NQi¢hael J Drake MBE ljtsigned 14th March 20221
Dan McConni¢k Iresigned D¢Lember 20221
Appolnted hy the DEp%rtment of Agrl¢ulture. EnvlronmentAI & Rural
Affalrs
Dr Alist4Lir F Cat50n BAgr PhD PGCHET FRAgS
Nomian Fulton
Robert J Huey MVB, Dvph(MHI. MRCVS. ARAgS
Martin McKetMtry
SENIOR MANAGEMENT TEAM
Finance Director & Commerclol Dir¢etor
TherE$a Moryissey FCPFA, MS¢, BSclEconl
Op¢rAtlons Director
Rhonda Geary
RETIIUNG MARCH 2024
William Edward Adam60n FRA8S
Mrs Cynthia A&e
Page I

ROYAL ULSTER AGRICULTURAL SOCIETY
LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2022
REGISTERED OFFICE
RUAS Office
Eikon Exhibition Centre
Balmoral Park
Hatftown Road
Lisburn
BT27 5RD
AUDITOILS
Bakcr Tilly Mooncy Moore
Slatutory Auditor5
17 Clarendon Road
Clarendon Dock
Belfasi
Co Antrim
BTI 3BG
SOLICITORS
Johns Elliott
40 Linenhall Street
Belfast
BT2 8BA
Mills Selig
21 Arthur Sircet
Belfasl
BTI 4GA
BANKERS
Dankse Bank
Donegal Square West
Bclfasl
BTI 6SJ
CHARITIES COMMISSION
REGISTERED NUMBER
101946
Page 2

ROYAL ULSTER AGRICULTURAL SOCIETY
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2022
Th¢ Council presents Its annual report and audited consolidated financial 51alemenls of the group for the year ended 31
October 2022. The Council has adopted the provisions of the Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland {FRS 102) effe¢live I sl January 2019 - (Charities SORP (FRS
102)), in preparing the annual report and financial 51atem¢nts of the Society.
REFERENCE AND ADMINISTRATION DETAILS
Details of the registered office, elected members, independent advisors and other relevant infomation are given on
pages 110 2.
DETAIIS OF THE SOCIETY
The Soclety
The Society was established in 1854 as the North East Agricultural Association. It was incorporated in 1894 under the
Educational Endowments {Ireland) Act 1885 and a Scheme was drawn up ai that time for its future governance and
management. The Association changed ils name in 1903 to the Ulster Agriculiural Society and permission to use the
Royal prefix was granted the following year. The Society Is rcgislered with the Chariiy Commission for Northern
Ireland (Northern Ireland Charity number: NICI 01946, Inland Revenue Ref. XN 46025) and its income is applied
towards the delivery of its objectives.
Commercl41 Tradlng Actlvltles
The King's Hall Exhibition & Conference Centre Limited was incojporaicd in October 1997 as a wholly-owned
subsidiary of the Royal Ulster Agricultural Society. This company's principal activity is Ihc provision of event
facilities and event operation servi¢es for hire by external event organisers. This company has no fixed assets or staff
bul is charged a li¢ence fee for the use of the Society's premises and equipment and a management fee lo Cover
eslablishmeni expenses and the secondment of staff.
King's Hall Harberton Estates Limited was incorporated in November 2014 as a wholly-owned subsidiary of the
Society. This ¢oinpany's sole activity is managing residential real eslale activities. This company has no staff bul is
charged a management fee by the Society for the secondment of staff and resources.
KH Balmoral Eslales Limited was incorporated in October 2017 as a wholly-owned subsidiary of the Society. This
company's sole actlvlly is managing Commercial real estate activities. This company ha5 no staff but is charged a
management fee by the Society for the secondmenl of staff and rcsourc¢s.
Any surpluses generated by the subsidiary companies are paid lo the Society under covenant.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governllnce and Internal Control
Council has ovcrall responsibility for ensuring that the Society has an appropriat¢ Sy51em of controls, financial and
otherwise, and for providing reasonable assurance that il is operating efficiently and effectively, its asscts are
Safeguard￿ against unaulhorised use or disposition, proper records are maintained, and finan¢ial information uscd
within the Society or for publication is reliable and that it complies with relevant laws and regulations.
The Council, as a corporate body, is also considered the trustee of the Society for Charities Act purposes. The President
of the Society shall be cx-officio the Chairnian of the Council.
The system of internal controls is designed to provide reasonable, but not absolute, assurance against material
misslatemenl or loss. Key features of the system include the preparation of an annual budget for approval by the
Finance Commillee.. regular consideration by the Finance Committee of financial results. review of variance from
budgets,. non-financial performance indicators and benchmarking rcviews.. delegation of authority and segregation of
dutles. and the identification, review and management of strategic, business and operational rfftsks.
Page 3

ROYAL ULSTER AGRICULTURAL SOCIETY
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMEWf- continued
Employees
A staff of nineteen employees undertakes the management and operations of the Society. The Society's employment
policies and pra¢lices are reviewed annually lo ensure they comply with local relevant employment legislation. The
Society has a training and development policy to ensure that all staff are competent lo undertake the duties set out in their
job descriptions. Regular fornial meetings lake placc to ensure communication of all pertinent maltcrs. Council would
like lo thank the staff members for their professional contribution to the Society. and their continued loyalty, support and
hard work
Organl$atlonAR Structure
Details of how Council is composed, and its current membership, can be seen on page l. The Scheme provides for the
appointment by Council of committees consisting of members of the Society. Potential new Council members are
nominatcd by a Society member and elected by the Society's membership. They are subject to rctiremenl by rotation bul
are eligible to sland for re-cleclion. Commiltecs mcel as rcquired and make recommendallons for decision by Council.
The Finance Committee has a range of delegated dulles that il can implement without referenc¢ lo Council. During the
financial year, there were sixly-one committee meetings, and Council met on seven occasions.
Rl$k management
Through the Finance Committee, Council has eslablishcd a detailed procedure lo review the significant risks to which the
Society is exposed. This review aims lo establish a risk management strategy which comprises..
Regular review of the risks that the Society may face, which are evaluated on an annual basis based on a
comprehenstve risk register.
The eslablishmenl of systems and procedures to miligale those risks identified in the review.
The implementation of procedures designed to minimise the impact on the Society should any identified risks
materialise.
The review of significant risks ha5 identified the following key risks..
The Society's firtancial sustainabilily is reliaiit on the generation of enabling finance through its commercial
subsidiaries, which transfer under covenant all surpluses generated lo the Society.
The nced to ensurc adequate succession planning and a retention policy is in place for the Council, committees
and key management positions.
The need to maintain adequate levels of capital funds held as unrestricted reserves to ensure that the Soctety's
development strategy can bc implemented and that Ihird-party obstacles can be managed and were necessary
miligaled.
The risk that Socicly events or enabling finance activities are cancelled due lo external factors such as weaihcr,
an outbrcak of animal illnesses, political factors or pandemics.
The Finance Committee has prudently reviewed the significant risks that the Society faces and bclieves that achievin8
the free reserves sufficient to fund twelve months of normat activity combined with the annual review of the controls
over key financial systems will provide adequate resources in the evenl of adverse conditions. The Finance Committee
has a150 examined other busin¢s5 and operational risks the Society faces and confirms that it has established systems to
mitigate significant risks.
Council is responsible for the management of risks faced by the Society. Detailed ¢onsideraiion of risk is delegated to the
Finance Committee, as51Sted by the Senior Management Team. A formaI review of the So¢iety's risk management process
is undertaken annually.
OBJECTIVES AND ACTIVITIES
The Scheme, which was last amcnded in 1984, identifies the Council as a body corporate with power and ability to
exercise general supervision and control over the Society's affairs. The Society's property, funds and securitie5 are vested
in Council lo be ulilised for the purpose of fulfilling the charitablc objectives of the Society as detailed within the Scheme.
Page 4

ROYAL ULSTER AGIUCULTUIL4L SOCIETY
REPORT OF THE COUIW4CIL
FOR THE YEAR ENDED 31ST OCTOBER 2022
ORJECTIVES AND ACTIVITIES _ continued
The Society's charitable objectives ar¢..
The promotion of agriculture by holding agricultural shows and delivering agriculturaI instnjction tEwough
cxhibitions, Icclur¢s and other such means as may from timc to time be found expedient and in accordance with
the provisions of the Scheme.
The promotion of industries, art, sciences and lilcralure. These items were added to the Scheme in 1937 but have
always been treated as minor relative to the main objcclive of promoting agriculture.
The RUAS seeks to achieve its objectives through the following..
Delivery of agricultural shows which seek to..
Contribute to the enrichment of public awareness and understanding of the Province's agri-food sector.
Pro]i]ote good fam]ing practices and development of the skills and crafts needed to enhance the scclor.
Encourage the advancement of breeding and rearing of livestock (including horscs and poultry).
Presentation of awards to those engaged in agriculture, particularly recognising individual employ¢es' service
in the agricultural sector.
Working in partnership with other bodies to assist in the promotion of the sector.
Promotion of the arts through maintaining facilities and s¢rvices to enable the venues to host a range of cultural
and sporting events.
Furthermore KH Balmoral Eslales Limited oversees
The preservation of the iconic King's Hall building which is listed with the Northern Ireland Environment
Agency,
The Slratcgy of the Society is as follows..
Ensure that the objectives as detailed in the Scheme are delivered.
Ensure that the Society's assets, investments and funds are prudently managed.
Utilise the Society's assets, investments and funds to implement sustainable enabling finance streams.
PUBLIC BENEFIT
Council considers that these objcclives, activities and goals have a ¢lear public benefit in enhancing rural communities,
swial, economic, and cultural well-being.
The public benefits include:
Improving Standards of livestock and agricultural practices within the agri¢ullural sector in Northern Ireland in
particular and beyond,.
Preycrving and maintaining high standards and skill levels within the agricultural sector in Northcm Ireland and
beyond,,
Developing and preserving of rural crafts and craftsmanship necessary to enhance the agricultural sector in the
Province
Ensuring that rural traditions and ski115 are passed down through successive generations of the agri¢ullurai
community,
Improving the welfare of agricultural animals through the recognition of high standards of agricultural husbandry
throughout the Province and beyond.
Enhancing the general public's knowledge and understanding of the Province's agri-food sector.
In drafting these slatemenls, Council ha5 complied with the duty outlined in Section 4 of the Charities Act (Northern
Ireland) 2008 (as amended by the Charities Act (Northern Ireland) 2022), to have due regard to the public benefit guidance
published by the Charity Commission.
ACHIEVEMENTS AND PERFORMANCE
The financial year represented a p¢riod of recovery and growth for the Society as th¢ impact of the pandemi¢ dissipated
and activities during the year wer¢ revilalised with support from a wide range of 51akeholders. The Council committed lo
expending funds from 115 reserves to hold tt5 annual agricultural shows in safe and responsible forniats lo ensure that the
Society continued to deliver its objectives. In order to achieve the Society's objectives, the following events have taken
place within the financial year..
Page 5

ROYAL ULSTER AGRICULTURAL SOCIETY
REPORT OF THE COiNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2022
ROYAI Ulster Premier Beef & LAmb Champfionships 2021
The 4th Royal Ulster Premier Beef & Lamb Championships, in partnership with principal sponsor Bank of Ireland, took
place on Tuesday 23rd Nov¢mbei' 202 I, in the Logan Hall. The Society welcomed visitors to the Show and Sale, having
implemented COVID-19 miligalions to ensure the safety of all attendee5. A record number of exceptional quality animals
were entered this year. with one hundred and two cattle, thirty-three calves and fifty-nine pairs of shecp coming forward
on the day. James Nesbiti from Scotland judged the cattle classes and championships, Garry Jennings from Kesh judged
the Ulster Housewife Championship. and Alfie MutTay judged the lambs. The judges confirmed that thcy were impressed
with the standard of anima15 presentcd. The Show and Sale were live-slreamed through Ihe website, Facebook and
YouTube, where viewers could enjoy the spectacular exhibition of beef cattle and lamb classes and the highly anticipated
auction.
Royal Ulster WAnter Fair 2021
The Society was pleased lo relum to a live formal for the 35th Royal Ulslcr Winter Fair in Association with Danske Bank
on Thursday 9th December 2021. Altendanee al the event exceeded expectations, given the prevailing environmental
conditions and COVID-19 restrictions. The event hosted 173 seelor-specific trade stands wllh Iwenty-five firsl-time
trade exhibitors, including companies from Italy. France, Germany. and Florida. This represented approximately sevcnty
perccnl attendance from traditional exhibitors. Anna Marie McHugh, of the National Ploughing Championships in Alhy,
judged the Trade Stand Awards. Lely won Ihe Best Large Trade Stand Award, and Moore Concrete won the Bcsl Small
Trade Stand Award. Over 140 cattle were entered, with almost seventy percent coming forward on the day. Th¢ event
attracted a strong livestock entry from ROI, with some thirty-seven cattle entering. The livestock was housed for the
rirsl time in the recently complcled Annex.
Edward Griffiths from Yorkshire was the judge on the day. The Showmanship Junior winner was Ava Montgomery from
Lisburn. while Jack King from Ballymena won the Intermediate Class. Alisa Fleming from Seaforde won the Senior
Class. Sunrise Shorthorns won Ihc Dairy Shorthorn Breed Championship with Sunrise Perfect Heather. Clandeboye
Estates won the Jersey Championship with Clandeboye Tequilla Cookie, the Ayrshire Champion went to Christian
Keenan with Three Mile Pretty Rock and the Holstein Championship was won by Hallow Holsteins with Hallow Atwood
Carman. The overall Interbreed champion was won by Clandeboye Estates, with Clandeboyc Tequila Cookie.
The Best Kept Dairy Stall was won by William & Alan Paul from Maghera. Live streaming of the catilejudging was a
new addition lo Winicr Fair and approximately 3,000 peoplc tuned in via Facebook and YouTube.
Balmoral Show 2022
With the relaxation of COVID-19 regulations, the Council could schedule the 153rd Balmoral Show for I I th to 14th May
2022. The Society was delighted to welcome a significant number of visitors over the four days. Of note, the Society
welcomed the Secretary of State, Brandon Lewis, and the Saudi Ambassador for Ireland and his family to the Show.
Balmoral Show was well supported by livestock exhibitors with 2,695 animals compcling within the livestock
competitions. Once again, the cattle exhibitors delivered an excellent exhibit of high-quality livestock, with 589 cattle
presented for judgii)g over the Show's four days. The President's Trophy & Special Prize for the overall Dairy breed
Champion of Champions was won by the Fleming Family From Seaforde and the President's Trophy & Special Prize for
the overall Beef breed Champion of Champions was won by S & J Smyth froin Newtownstewart. Th¢ Show's finale
was the callle parade which this year saw a selection of stock frorn across th¢ breeds proudly parade in the Main Arena.
The Horse Classes and Show Jumping Competitions in the Show were a great success, with the horses competing in
excellent condition. Following ils absence in 2021, the full complement of International show jumping competitions made
a welcome return lo the Balmoral Show programme for May 2022. Balmoral Show hosis the only CS12* International
Show that Is held in Northern Ireland, and demand is high from athletes from all over UK and Ireland striving to bring
their top horses to jump on the Society's exceptional Grade l international standard grass arena
Page 6

ROYAL ULSTER AGIUCULTURAL SOCIETY
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 3 1ST o￿oBER 2022
ACHIEVEMENTS AND PERFORMANCE - eontinued
The show jumping highlight of the main ar¢na programme was the prestigious International Grand Prix which on Friday
afternoon with 18-year-old young rider Niamh McEvoy from Omagh, claiming Vi¢lory on Templepatrick Welcome
Limmcrick, owned by local man Robin Bingham. The Main Arena attraction programme, included displays of a quad
slunl team and a polo exhibition match. A highlight of the event was the RAF parachute display team. who closed the
Show on Saturday evening.
The Sheep Shearing Competitions were again hosted in the Fold structure. The competitions saw 1600 sheep
shom. and 160 competitors demonstrated high standards of shearing, especially in the young sliearers. competitions. The
Society was honoured to host the Six Nations competition this year and delighted that the Northem Ireland team where
rowned the worthy winners. Given the high level of overseas interest in sheep shearing, the competitions w¢re live-
streamed.
The rclurn of competitions for the Sheep Section was wel¢omed, and several new sheep classes were introduced to the
ompetilivc line-up. Making their debut in the sheep rings were the following breeds,. Bleu Du Maine, Berrichon and
Valais Blacknose sheep. The new breeds performed well. with the Berrichon breed winning the champion pair in the
Interbreed Competition. Within the Goal Se¢lion, the Champion and Rescrve Champion goat was won by Marcus
Galbraith from Portstewart.
Unfortunately, the poultry, pigeon and egg sections were cancelled in line with DAERA rcslrietions on poultry gatherings
due to avian flu's prevalence. The Chairman of the Poultry Committee and his family provided a display of 150 birds
from Ihcir tlock. The standard of birds within the display was exceptional, and the Chairnian's enduring efforts to deliver
the exhibit were commendable.
The Show wa5 well supported by livestock exhibitors in all sections and the Society is grateful for the on-going 5UPPOrt
of the livcslock exhibitors.
The Healthy Horticulture Marquee at the Show was well received and delivered educational content lo a wide audience.
Exhibitors in this section included Rural Support, National Trust, RSPB, CAFRE, Horticulture Forum, and Ulster Bee
Keepers, delivering informative exhibits. The VEG NI IHorticultural Forum exhibit was excellent and delivered a wide
variety of enga&Fing and educational topics alongside the Mighty Spud display. which included Cookery demonstrations.
The polling table for kids to plant seeds and plants was successful with Ihc CAFRF. students providing information and
assistance. Other educational altraclions at the Show included the Children's Fami which was extremely well attended by
familie5.
The Food Nl Pavilion returned to the Show with over l 00 local food and drink companies and three theatre kitchens.
Organised by f(M)d and drink membership organisalion Food NI, and supported by the Northem Ireland Regional Food
Programme, and Tourism Nl, The Pavilion included a number of new and innovative businesses that started during the
pandemic with emerging trends in suslainabilily, health and food tourism. The Tesco Theaire Kitchen focused on cooking
on a budget using local ingredients, the Tourism Nl Kitchen showcased some of Northern Ireland's lop food and drink
experi¢nces, and the Moy Park Kitchen focused on all that is chicken.
The Balmordl Show Schools Trail attracted over three thousand Children from primary and special needs schools who
enjoyed an inleraclive and educational day out. The Schools Trail programme aims lo help school children better
understand food and agriculture within Northern Ireland in an exciting and dynamic environment.
The trade exhibit layouts were reviscd and a total of 520 trade exhibitors sUPPOrted the Show, including 30 new trade
exhibitors and many long-standing trade exhibitors. The Society is grateful for this vital support. The Show's success is
also dependent on the continued support of the Show sponsors. The efforts of our prin¢ipal sponsor Ulster Bank and our
platinum sponsors, ABP, Marks & Spencers, SPAR and Tescos, are particularly significant during this challenging period
in the Show's history.
As mentioned previously, sections of the Show were live-streamed over the four days, with approximately 37.000 views.
M05t of the viewers were from the UK and Ireland. with further viewers from the USA, India, Australia, Germany, Spain,
Canada and New Zealand. Overall attendance was in line with projections for the eneapsulated event. which complied
with the COVID-19 Risk Assessment.
Page 7

ROYAL ULSTER AGRICULTURAL SOCIETY
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2022
FINANCIAL REVIEW
The Consolidated Statement of Financial Activities on page 14 details a net income of £424.885 (2021 loss: £925,695).
Review of performAncÈ
The performance of the Socicty and ils subsidiaries during the year is discussed in the Annual Report. The following
paragraphs indicatc where a detailed analysis of the results can be found in the financial statements.
Income generation
Tlie Consolidated Statement of Financial Activities provides a detailed analysis of the Society's income during the year.
Resources expended
The supporting notes to the Consolidated Statement of Financial Activities disclos¢ in detail how the Society's resources
have been expended in the year. Expenditure is in line with budget and reflects the rationale given in the paragraph on
plans for future periods below.
Reserves
Council, through the Finance Committee, reviews the reserves policy of the Society on an annual basis.
The Society's policy 15 to retain a level of free reserves that malch the Society's requirements boili al the ¢urrent time and
for the foreseeable future. Free reserves are those funds not lied up in fixed asset5 or restricted funds.
The unre51ricled liquid reserves as al 3 Isl October 2022 are £4,977,995 (2021.. £8,366,901 }, representing ten month5
(2021: thirteen months) of unrcslriclcd aclivity. In calculating reserves, Council has excluded from the total funds, fixed
assets of £25,232,682 (2021.. £21.418.931) and reslricted funds of £15.572 (2021.. £15,532).
The Finance Committee considcrs that the Society requires free reserves equivalent lo twelve month5 of unre51ri¢lcd
activitie5 to enable the So¢iety lo develop its agricultural shows,. to ensure that they continue to meet the needs of the
agricultural sector and lo expand the educational elements ofthc shows to audiences throughout Ireland and continue the
dcvelopment of the Eikon Exhibition Ccntre at Balmoral Park as an international events venue.
FUIYDS HELD AS CUSTODIAN ON BEHALF OF OTHERS
There are no funds held as custodian tNslee on behalf of others.
PLANS FOR FUTURE PEIUODS
The strategic objective of Council is to progress the Society's development opportunilies to ensure that the enabling finances
required are achieved in the medium lem, thcreby enabling the Society to enhance it5 charitable activities within that
lime5cale. In 2012, the Society's membership approved the proposal lo develop the King's Hall Complex for residential and
commercial use and reinvest in a new showground at Balmoral Park, Lisburn.
KH Balmoral Estates Limited administers the implementation of Ihc development agreement with Bcnmore Octopus
Healthcare Developments for the commercial redevelopment of the King's Hall and the as.sociated lands al the Complex.
The intention is that this will provide the Society with significant revenue streams of enabling finance for the foreseeable
future.
King's Hall Harberton Estates Limited oversee5 the development agreement's execution by the developer through the
disposal of 16.25 acrc5 of lands al the Harberton end of the Complex for residential development. The capital funds derived
from thi5 agreement are transferred lo the Society. They arc held by the Society to be reinvested in the Eikon Exhibition
Centre al Balmoral Park'5 development to facilitate the charitable objectives of the Society.
In line with the Society's strategic plan, the Eikon Exhibition Centre is the key component of Balmoral Park's developmenl.
The Eikon Hall and Dr E F Logan Hall combine lo create the largest events and exhibition destination in Northern Ireland,
with more than 10,600 sqm of inlemal exhibition space. During the reporting period, the Society continued the development
of Balmoral Park, and these included extensive drainage, fencing, entrance improvements, and staff facilities.
The Finance Committee regularly consider detailed financial projections in relation to each element of the overall strategic
plan and ensure that the Balmoral Park's development plans are phased to ensure the on-going viability and growth of th¢
Society.
Page 8

ROYAL ULSTER AGRICULTURAL SOCIETY
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2022
IMPACT OF THE COST OF LIVING CRISIS
During the year and subsequent to the reporting period, the Cost of living crisis has affected the So¢iely in tenns of increasing
costs, particularly fuel, light and healing, and contracted labour costs. Furthcrmore, the spiralling cost of construction will
impact the viability of future capital projects. Looking forward, il is envisaged that the running costs of the Society will
continue lo rise. In November, the Office for Budget Responsibility eslimaled that inflation is sel to peak al a 40-year high
of I l % in the first quarter of the Society's next financial year. This will significantly impact the running costs for the Society
going forward.
Regarding rising energy prices. the Society notes that electricity priccs i n the UK rose by 65.4% and gas prices by 128.90/.
in the year and are expected to remain high. The Society has revised its budgets to reflect thcse increasing cosls. The Soci¢ly
intends lo utilise capital funds to install cnergy-saving components and systems, ensure that energy is used prudcntly and
loads are managed efficiently, particularly during Balmoral Show and other large-scale events. During the financial y¢ar,
the Society has moved its supplier to Northern Ireland's only supplier of l OOO/fj locally-generaled renewable electricity.
Fuel priccs incurred by the Society reached record highs in 2022. Although the price trend is in decline, if the UK
government decides to raisc fuel duty in spring 2023, this will compound the diffi¢uliies facing the Society as a result of
the HMRC re¢lassificalion on the Ltse of rcd diesel. As part of the Society's strategy to reduce it5 carbon footprint, il intends
to appraise renewable energy and energy efficiency projects at the Venue.
The Society ha5 a professional team of employees with .8kill and experience bases that are not readily replicated within the
Province. The Socieiy is aware of the need to retain its staff complement and deliver a succession plan. The Socieiy uplifted
the November 2023 pay award significantly, albeit below the prevailing inflation rate. this was affordable going forward
due to a rcdu¢tion in the overall staffing number. Due to the nature of the Society's aclivilies, the Socieiy is dependent on
the supply of conlracl¢d labour teams. With the National Living Wage set to rise by 9.70/0 from I sl April 2023, this will
signifieanily incrcase the ¢osts of event services, including Security, first aid, holtsekeeping and manual labour. The Society
will ensure that contractors are managed effectively and service contracts are tendered on a cyclical basis.
Thc Office for Budgetary Responsibility predicts rising prices will erode real wages and reduce living standards by 70
/0 over
the next two financial years. This will significantly impact Ihe disposable income of individuals and, consequently, make
generaiing charitable income Ihrough Show admissions and livestock entries more challenging. The challenge for the
Society is to ensure that the Cosls of attending events, including the Balmoral Show, represent value for money from the
allendees, perspective while ensuring full cosi coverage. From a commercial perspective, the rcduction of disposable
income may impact the viability of the events contracted by King's Hall Exhibition & Conference Centre Limited.
Through the Finance Committee, the Council monitors this situation and associated risks lo the Society and the Group. The
Society plans lo deliver a full schedule of agricultural events for the next financial year and beyond. Prudent financial and
operational plans for these Society events are reviewed regularly with the ability to flex budgets and revise operational
activities lo ensure that the Society delivers ils future events programme.
However, Council considers that in the short lo medium term, and based on the infom)alion available, the Society will
continue to operate as a viable going concern. Through ils strategic planning and pnjdenl management, the Society has
accumulated unrestricted reserves at a level that demonslratcs the Society's ability lo continue as a going Concern in the
medium lertn. The Society, through its staff, has devised adaptable event platfom]s and formals that will allow the Society
to deliver ils charitable objectives safely,
effectively and efficiently.
The Society has three diverse subsidiaries that operate within the events, Commercial real eslale and residential development
sectors. The diverse nature of these sectors provides a spread of the risk in generating enabling finance for the Society.
Furthermore, all subsidiaries hav¢ progrdmmed activitie5 in futurc periods. The Society has invested in world_class faciliti¢5
that
are
flexible
in
structure
and
suitable
for
wide
range
of future
activities.
The Society has sufficient liquid capital funds to invest in modifying assets for future uses should this be determined as
necessary. Council is confident that with the resources it has in place and the efforts of its staff, committees, members,
exhibitors and other slakcholders. the organisation will continue its beneficial work in line with its charitable objective5.
Page 9

ROYAL ULSTER AGIUCULTURAL SOCIETY
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2022
STATEMENT OF COUNCIL'S RESPONSIBILITIES
The Council is responsible for preparing the Annual Report and the financial statcments in accordance with applicable
law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Northern Ireland requires the Trustee to prepare financial statements for each financial
year which give a true and fair view of the state of affairs of the Society and the Group and of the incoming resources and
application of resources of the group for that period.
In pr¢paring these financial statements, the Trustee is required to..
select suitable accounting policies and then apply them consistently.
observe the mcihods and principles in the Charilies SORP 2019 (FRS 102).
make judgments and estimates that are rcasonable and prudent.
slate whether applicable accoltnling standards, comprising FRS 102. have been followed, subject to any
material departures disclosed and explained in the financial slatemenls,. and
prepare the financial slalemenls on the going concern basis unl¢s5 il is inappropriate to presume that th¢ Society
will continue in business.
The Council are responsible for keeping proper accounting records that disclose wilh reasonable accuracy al any time the
financial position of the Society and cnable them lo ensure that the financial slatemenls comply with the Charities Act
(Northcrn Ireland) 2008 (as amended by the Chariiies Act (Northern Ireland) 2022), the Charities (Accounts and Reports)
Regulations (Northem Ireland) 2015. They are also respon5iblc for safeguarding the as5els of the Society and the Group
and hence for laking reasonable steps for the prevention and detection of fraud and oihcr irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
Each of the Council m¢mbers confirms that, so far as they are aware, there is no rclevant audit information of which the
auditors are unaware. Each Council member has taken all the slep% that they ought lo have taken as a Council member
in order lo make themselves aware of any relcvant audit information and to establish that the auditors are aware of that
inforrnalion.
AUDITORS
The auditor,s, Baker Tilly Mooney Moore, have indicated their willingness lo continue in office, and a resolution
conc¢rning their re-appointment will be proposed at the Annual General Meeting.
BY ORDER OF THE COUNCIL:
Jmartin
Chaimian of the Finance Committee
Date..
101.01129.2&......
Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ROYAL ULSTER AGRICULTURAL SOCIETY
Opinion
Wc have audited the financial statements of the Royal U15ter Agricultural Society (the 'parent charity) and ils subsidiari¢s
(the 'group') for the year ended 31 Oclober 2022 which comprise the Consolidated Statement of Financial Activities,
Consolidated Balance Sheet, Society Balance Shttt, Statements of Changes in Funds (Group and Society), Consolidated
Cash Flow Statement, Notcs to the Consolidated Cash Flow Statement and Notes lo the Financial Statements, including
a summary of significant accounting polici¢s. The financial reporting framework that has been applied in th¢ir preparation
is applicable law and United Kingdom Accounling Standards. including Financial Reporting Standard 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting
Practice).
In our opinion thc financial slatemenls:
give a Irlte and fair view of thc state of the group's and parent charity's affairs as at 31 st October 2022, and of
the group's total incoming resources and expenditure of resources for the year then ended,.
have been properly prepared in a¢¢ordan¢c with United Kingdom Generally Accepted Accounting Practice. and
have been prepared in accordance wilh the requirements of the Charities A¢1 (Northern Ireland) 2008 (&8
amended by the Charities Act (Northern Ireland) 2022).
Basis for oplnlon
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law.
Our responsibilitie5 under those standards are further described in the Auditor's responsibilities for the audit of the
financial statements section of our report. We are independcnl of the group and parent charity in accordance with the
ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical
Standard. and wc have fulfilled our other ethical responsibililics in accordance with Ihesc requirements. We believe that
the audit evidcnce we have obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslon re8Arding going concern
In auditing the financial stalem¢nts, we have concluded that the trustec's use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
Based on the work we have performcd, we have not identified any material uncertaintlC5 relating lo events or conditions
that, individually or collectively, may cast significant doubt on the group and parent charity's ability to continue as a
going concem for a period of al least twelve months from when the financial slatcmenls are auihorised for issue.
Our responsibilities and the responsibilities of Ihc trustee with respect to going concern are described in the relevant
sections of this report.
Other RnformAtlon
The trustees are responsible for the other information. The other information comprises the information included in the
trustee's annual report, other than the financial slalements and our Auditor's report Ihereon.
Our opinion on the financial statements does not cover the other information and, except to the cxtenl otherwise explicitly
staled in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial 5talemenls, our re8ponsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with th¢ financial statements or our knowledge
obtaincd in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstalemenls, we are required to determine whether there is a material misstatement in the financial
Statements or a material misstatement of the other information. If, based on the work we have performed, we conclude
that there is a material misstatcmenl of this other information, we are required to report that fact. We have nothing to
report in this regard.
Pagell

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ROYAL ULSTER AGRICULTURAL SOCILTY
OpAnion on other m4tters prescribed by the Ch4ritfies Act (Northern Ireland) 2008 (as amended by the Charities
Act (Northern Ireland) 2022)
In our opinion, based on the work undertaken in the course of the audit..
the infornlation given in the Report of the Council for th¢ financial year for which the financial statements are
prepared is consistent with the financial slatemen15' and
the Report of the Council ha5 been prepared in accordance with applicable legal requirements.
Matters on whlch we are required to report by exe¢ption
In the light of the knowledge and understanding of the group and parent charity and ils environment obtained in the
ourse of the audit, we have not identified material misstatemenis in Ihe Report of the Council.
We have nothing to report in respect of the following mallers in relation to which the Charities (Accounts and Reports)
Regulations (Northern Ireland) 2015 require us lo report lo you if, in our opinion:
adequate accounting records have not been kept. or returns adequate for our audit have not been received from
branchcs not visited by us.. or
the financial slalemcnls are not in agreement with the accounting records and returns,. or
certain disclosurcs of tnistee s remuneration spccificd by law are not made. or
we have not received all the information and explanations we require for our audit: or
Respon$lbilitie$ of trustees
As explained more fully in the trustee's responsibilities statement set out on page 10 the trustee are responsible for the
preparation of financial 51alemenls which give a true and fair view, and for such internal control as the truslces dclerminc
is necessary lo enable the preparation of financial statements that are free from material misstalemenl, whether due to
fraud or ern)r.
In preparing the financial slatemenls, the trnslees are responsible for assessing the 8n)up'5 and parent charity's ability to
continue as a going concern, disclosing. as applicable, mallers related to going concern and using the going concern
basis of accounting unless the Iruslees either intend lo liquidate Ihc group or the parent charity or to cease operation5,
or have no realistic aliemative but lo do 50,
Audltors, re8ponsiblllties for the audlt of the finAncAAI statements
We have been appointed as Auditor under paragraph 6 of schedule 6 of the Charities Act (Northern Ireland) 2008 (as
amended by the Charities Act (North¢rn Ireland) 2022) and report in accordance wilh regulations made under section
66 of that Act.
Our objectives are lo obtain rcasonable assurance about whether the financial statements as a whole are free from
material misslalemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assuran¢e is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAS (UK) will always detect a material misstatement when it exi%ls. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic
decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud.
The exlenl to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered Ihe opportunities and incentives ihat may exist within the organisation for fraud and identified the
greatest potential for fraud in relation lo revenue recognition. In common with all audits under ISAS (UK), we are also
required to perfom spccifi¢ procedures lo respond lo the risk of management override.
Page 12

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ROYAL ULSTER AGRICULTUIL4L SOCIETY
Audltor5' responsibilitie$ for the audit of the fmAnciAI yt*tements - Continued
We also obtained an understanding of the legal and regulatory frameworks that th¢ group and parent charity operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and
disclosures in Ihc financial statemcnts. The kcy laws and regulation5 we considered in this context included the UK
Companies A¢t.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial
statemeiils bul compliance with which may be fundamental to the group and parent charity's ability to operate or lo avoid
a material penalty.
Our procedures lo respond to risks identified included the following..
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
provisions of relevant laws and r¢gulalions dcscribed as having a direct effect on the financial slalements,.
enquiring of management and cxternal legal counsel conceming actual and potential liligalion and Claims.
perfom)ing analytical procedures to identify any unusual or unexpccled relationships that may indicate risks of malerial
misstatement due lo fraud.
rcading minutes of meetings from those charged with governancc,.
in addressing the risk of fraud through management ovcrride of controls, lesling the appropriateness of joumal entries and
other adjustments. assc55ing whether the judgements made in making accounting estimates are indicative of a potential
bias,. and evaluating the business rationale of any significant transactions that are unusual or outside the nom]al course of
busin¢ss.
We also communi¢aled relevant identified laws and regulations and potential fraud risks lo all engagement team members
and r¢mained alert lo any indications of fraud or noncompliancc with laws and regulations throughout the audit.
Because of the inlierent limitations of an audit, there is a risk that we will not delect all irregularities, including th05c leading
lo a material misstatement in the financial slatemcnts or non-compliance with regulation. This risk increases the more that
compliance with a law or regulation 15 removed from events and transactions reflected in the financial statements, as we
will be Ic55 likely to become aware of in.8lances of non-compliance. The risk is also greater regarding irregularit1¢5 occurring
due to fraud rather than error, as fraud involves intentional concealment, forgery* Collusion, omission or misreprcsenlation,
A further description of our responsibilities for the audit of the financial slalements is located on the Financial Reporting
Council's website at www.frc.or8.uklaudilorsresponsibililies. This description forms part ot our Auditor's report.
Use of our report
This report is made solely lo the charity's trustee, as a body* in accordance with Part 4 of the Charities {Ac¢ounls and
Reports) Regulation5 (Northern Ireland) 2015. Our audit work has been undertaken so that we might slate to the charity's
trustees those mallers we are required to slate lo them in an auditor's report and for no other putpose. To the fullest extent
permitted by law, we do not accept or assume responsibility lo anyone other than thc chariiy and the Charity's trustee as a
body, for our audit work. for this report, or for the opinions we have formed.
Joanne Small (Senior Siatulory Auditor)
For and behalf of Baker Tilly Mooney Moore
Statutory Auditors
17 Clarendon Road
Clarendon Dock
Belfast
BTI 3BG
Date..
Page 13

ROYAL ULSTER AGRICULTUIL4L SOCIETY
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST OCTOBER 2022
Unrestricted
funds
Restrleted
funds
Total
31.10.22
Total
31.10.21
Notes
INCOME
Voluniary income
Activitics for generating funds
Income from charitable activities
61,533
3,503,232
2,785,957
61,533
77 3,503,309
2,785,9S7
53,278
1,126,756
1,612,610
TOTAL INCOME
6J50,722
77 6,350,799
2,792.644
EXPENDITURE
Costs of generating funds
Charitable activities
Other expenditure
2,461,845
2,893,019
432,920
2,461,845
37 2,893,056
432,920
820,840
2,347,468
550,031
TOTAL EXPENDITURE
5,787,784
37 5,787,821
3 718,339
NET INCOME
562,938
40
562,978
925,695
Net gainsl(losses) on Investments
(138,093)
(138,093)
NET INCOME
424,845
40
424,885
(925,695)
Total funds brought forward
29,785,832
15,532 29,801,364
30,727,059
Total funds e*rrled forward
30,210,677
15,572 30,226,249
29,801,364
The notes forni
art of these financial statements
Page 14

ROYAL ULSTER AGRICULTUIL4L SOCIETY
CONSOLIDATED BALANCE SHEET
FOR THE YEAIi ENDED 31ST OCTOBER 2022
31.10.22
31.10.21
FIXED ASSETS
Intangible assets
Tangible assets
Investments
Notes
io
li
13
615
19,345,953
5,886,114
25,232,682
862
21,418,069
CURRENT ASSETS
Stocks
Debtors
Cash al bank and in hand
21,418,931
38,778
1,018,100
4,832,144
31.608
590,158
9,050.213
14
S,889,022
9,671,979
CREDITORS
Amounts falling due within onc year
NET CURRENT ASSETS
15
(864,840)
(1,260.548)
5,024,182
8,41 I,431
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
NET ASSETS
30,256,864
29,830,362
16
(30,615)
(28,998)
30 226,249
29,801,364
FUNDS
Unreslricled funds
Restricted funds
18
19
30,210,677
15,572
29,785,832
15,532
TOTAL FUNDS
30 226,249
29 801,364
The financial statements were authorised for issue by the Council on
.Jolol.1201S...
and signed on its behalf by:
J Martin
Chairman of the Finance Commitle¢
The notes form
art of these financial statements
Page 15

ROYAL ULSTER AGRICULTURAL SOCIETY
SOCIETY BALANCE SHEET
FOR THE YEAR EIYDED 31ST OCTOBER 2022
30.10.22
30.10.21
Note5
FIXED ASSETS
Intangiblc assets
Tangiblc assets
Investtnenls in group subsidiaries
Investments
io
li
12
13
615
9,817,510
23,850,000
5886 114
39,554,239
862
10,126,669
23,850,000
33,977,531
CURRENT ASSETS
Stocks
Debtors
Cash al bank and in hand
20,836
892.130
91,371
20,213
690,120
3,108,611
14
1,004J37
3,818,944
CREDITORS
Amounts falling duc within one year
Is
(10,301,712)
(7,966,113)
NET CURRENT LIABILITIES
(9,297,375)
(4,147,169}
TOTAL ASSETS LESS CURRENT LIABILITIES
30,256,864
29,830,362
CREDITORS
Amounts falling due after more than one year
16
(30,615)
(28,998)
NET ASSETS
30,226,249
29,801,364
FUNDS
Unrestricted funds
Restricted funds
18
19
30,210,677
15,572
29,785,832
15,532
TOTAL FUNDS
30 226 249
29,801,364
The financial statements were auihorised for issue by the Council on
..101ti2.120.18...
and signed on its behalf by:
J Martin
Chairman of the Finance Committee
The notes form
art of these financial stat¢ments
Page 16

ROYAL ULSTER AGIUCULTURAL SOCIETY
STATEMENTS OF CHANGES IN FUNDS
FOR THE YEAR ENDED 31ST OCTOBER 2022
GROUP
Unrestricted
funds
Restricted
funds
Total funds
Balance at 1st November 2020
30,711,554
15,505 30,727,059
Deficit from financial activities
925 722
27
925 695
Balance at 31st October 2021
29,785,832
15,532 29,801,364
Surplus from financial activities
424 845
40
424 885
Balance at 31st October 2022
30 210 677
30 226 249
SOCIETY
Unrestricted
funds
Restrlcted
funds
Total funds
Balance at 1st November 2020
30,711,554
15,505
30,727,059
Deficit from financial activities
925 722
27
925 695
Balanee at 31st October 2021
29,785,832
15,532 29,801,364
Surplus from financial activities
424 845
40
424 885
BAIAnce At 31st October 2022
30 210 677
15 572 JO 220 249
Page 17

ROYAL ULSTER AGRICULTURAL SOCIETY
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2022
31.10.22
31.10.21
Notes
Cash floivs from o
eratin
tivitie5
Cash generated from operating activities
{558079)
(121,211)
Net cash from operating activities
558 879
121211
$h flows from Investln
actlvl
Purchase of tangible fixed assets
Proceeds from the sale of development of land
Purchase of investments
Gains and losses on Investing activities
(189,556)
2,554,573
(5,886,114)
(138,093)
(286,952)
509.800
Ncl cash from investing activities
3 659 190
222 848
(DecreAse)/lncreA$e In ea8h and cash equivalents
Cash and CAsh equlvAlents At beglnnlng of yevdr
(4,218,069)
9,050,213
101,637
8,948,576
Cash And CAsh equlvalents at end of year
4 832 144
9 050213
The notes form
art of Ihese financial statements
Page 18

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2022
RECONCILIATION OF DEFicrr TO CASH EXPENDED ON OPERATIONS
31.10.22
31,10.21
Nel rnovement in funds
Amortisation of intangible fixed assets
Depreciation of tangible fixed assets
L05s on disposal of tangible fixed assets
Gain on disposal of development land
Gains/(loss¢s) on Investing activities
424,885
247
498,715
(925,695)
248
434.284
8.124
(85,413)
(791,616)
138 093
270J24
{7,170)
(427,942)
(395,708)
(568,452)
14,916
(76,851)
506.540
(In¢rca5e)/Decrease in stocks
(Increase)/Decrease in trade and other debtors
(DecreaseyIncreas¢ in trade and other crediiors
Increase/(Decrease) in deferred income
CAsh generated from operatlons
558 879
CASH AND CASH EQUIVALENTS
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these
Balance Sheet amounts..
Year ended 31st October 2022
31.10.22
1.11.21
Cash in hand
Bank deposits
381
4 831763
283
9 049 930
4 832 144
9 050 213
Year ended 31 O¢tober 2021
31.10.21
1.11.20
Cash in hand
Bank deposits
283
9 049 930
800
8 947 776
9 050 213
8 948 576
Page 19

ROYAL ULSTER AGRICULTURAL SOCIETY
IYOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022
GENERAL INFORMATION
The Royal Ulster Agricultural Society'5 objective 15 the promotion of agriculturc in Northem Ireland by holding
agri¢uliural shows, and by giving agricultural instruction by exhibition5, lectures and by oiher such means as may
from time to lime be found expcdient and in accordance with the provisions of the Scheme. The registered office
can be found on th¢ Legal and Adminislralive Information page.
The presentation currency of the financial statements is the Pound Sterling (£)
ACCOUNTING POLlCJtES
Basis of preparAtlon
I'he charity constitutes a public benefit enlily as defined by FRS 102. Thc financial Statements have been prepared
in ac¢ordan¢e with Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable lo
charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) (effective I st January 2019) - (Charities SORP (FRS 102)). the Financial Reporting
Standard applicable in thc UK and Republic of Ireland and the Charities Act (Northern Ireland) 2008 (as amended
by the Charities Act (Northem Ireland) 2022). I'he financial stalemcnls are prepared on a going Loncern basis under
the historical cost convention, modified to include certain items at fair value.
Golng concern
The Society's forecasts and projections, taking account of reasonable possible changes in performance and the
potential impact of the on-going cost of living crisis, show that the organisation will be able to operate within the
level of ils current cash and investment resources. The Council have a reasonable expectation that the organisation
has adequate re,%ources lo Continue in operational existence for a period of at least 12 months from the dalc of
approval of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing
th¢ annual financial Slatements.
Flnlnclal Reportlng StAndard 102 - reduced di$e108ure exemptions
The parent charity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has
been taken of the following disclosurc exemptions available under FRS 102..
a) No cash flow statement has been presented for the parent charity.
b) Disclosures in rc5pecl of financial instruments have not been presented.
) No disc105ure has been given for the aggregate remuneration of key management personnel.
Ba815 of consolidatlon
The consolidated financial statements present the results of the Royal Ulster Agricultural Society and its subsidiaries
as if they fomi¢d a single eniily. Intercompany transaction5 and balances between group companies are therefore
eliminated in full. A separate statement of financial activities for the Society itself is not presented as the Society
has taken advantage of Ihc available exemptions.
Speclflc Judgements and esdmates
In preparing these financial statements Ihe trustees have not had lo make any significant judgements or e51imates.
Income
All income 15 included in the statement of financial activities when the group is entitled to the income and the
amount can be quantified with reasonable accuracy. The following specific policies are applied to particular
ategories of income..
Gifts and donations are included in full in the statement of financial activities when reccivable.
Legacies are recognised when received or when their amount is capable of measurement.
Page 20

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022
ACCOUIYTING POLICIES - continued
Income- contlnued
Annual subscriptions are recognised in full in the Statement of Financial Activities upon receipt. Life
mcmbers, fees are recorded as deferred income and released to the Statement of Financial A¢tivities al a
rate equivalent lo annual membership.
Commercial income represents the invoiced value of services supplied during the year. excluding value
added lax and is net of sales returns, trade discounts and rebate5. Revenue is recognised when, and lo the
extent that. Ihc group or parent charity obtains the right to consideration in exchang¢ for ils performance.
Expendltur¢
Resources expended represent all costs incurred in the Course of the group's activilics and are accounted for on an
accruals basis. Where costs cannot be directly attributed to particular heading5, they have been allocated based on
activity.
Charitable expenditure comprises costs incurred by the Society in the delivery of ils aclivitics and services
for its beneficiaries. It includes both costs that can be al located directly lo such aclivilies and those costs
of an indirect nature necessary to support them.
Governance costs in¢lude those incurred in the governance of the group's assets and are associated with
constilulional, slatulory and strategic requiremenls.
Cost of generating funds include expenditure relating to members, subscriptions and agriculiural/equc8trian
rental tncome which can be allocated directly lo quch activities and those costs of an indirect naiure
necessary lo support them.
Defined contribution pension sch¢mes are operated on behalf of certain staff members. Contributions are
Charged as incurred.
Intinglble Asset$
Intangible assets are stated at historic cost less accumulated depreciation.
Intangible assets are included al purchase cosl, together with any incidental costs of acquisition. Depreciation is
calculated to write off the cost of intangible assets, less estimalcd residual values. on a slraighi-line basis over the
expected useful economic live5 of the assets concerned, The principal annual rates used are as follows..
Trademarks
Where the recoverable amount of an intangible asset is found lo be below its net book value, the asset is written
down lo the recoverable amount, and the loss on impairnienl is rc¢ognised in the Statement of Financial Activities.
Tangible fixed asset5
Property, plant and equipment are stated at Cost less accumulated depreciation and accumulated impairnlent losses.
Such cost include5 Costs directly attributable to making the asset capable of operating as intend¢d.
Depreciation is provided at the following annual rates in order to write off each asset over its estimate useful life..
Showgrounds
Land h¢ld for development
Buildings
Plant, vehi¢les and equipment
Nil
210-25 /.
100/0-50 /
Page21

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINAIYCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022
ACCOUNTING POLICIES- rontlnued
Investments
InvestTnents in subsidiaries are measured at cost less accumulated impaimenl.
Fixed Asset investments are stated at market value at the balance sheet dale. The Statement of Financial Activilics
includes the nel gains and losses arising on revaluations and disposals throughout the year.
All gains and losses are taken to The Statement of Financial Activities as thcy arise. Realised gains and losses on
inveslmcnts are calculated as the differencc between sales proceeds and their opening carrying value or their
purchase value if acquired subsequcnt to the first date of the financial year. Unrealised gains and losses are
calculated as the differencc between the fair value at the year end and their carrying value. Realised and unrealised
investment gains and losses are combined in The Statement of Financial Aclivilies.
Stock8
StoLks are valued at the lower of cost and net realisable value, after making duc allowance for obsolete and
slow-moving items.
Flnanclal Instruments
All financial instruments of the group and parent charity are Considered to meet the definition of basic financial
inslrumenls.
- Short-lerm debtors and creditors
Debtors and creditors with no slated interest rale and arc receivable or payable on demand are recognised al
transaction price, and subject to annual impairmcnl reviews. Any losses arising on impaimient are rccognised in
the profil and loss a¢couThl.
Cash and cajh equivalenls
Cash and cash equivalents Comprise cash at bank and in hand.
TaxY4tion
There is no liability to taxation due to the Society's charitable status.
Forelgn currencies
Transactions denominated in foreign currencies are translated at the exchange rate at the dal¢ of Iransaclion.
Monetary assets and liabilities denominated in foreign currencies are translated at the rale of exchange ruling at the
balance sheet date. The resulting gain or loss is recorded in the statement of financial activities.
Fund YdCCOUNtlng
The group has various types of funds for which it is responsible and which require separate disclosure. Definitions
of the various types of funds are as follows..
- Reslricledfu￿dS
Restricted fund5 are to be used for specified purposes as laid down by the donor. Expenditure which meets these
criteria is identified lo the fund, together wilh a fair allocation of overheads and support costs.
Unrestricledfunds
Unrestri¢ted funds are donations and other incoming resources received or generated which are expendable at the
discretion of the Society in furtherance of its objective.
Page 22

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022
INCOME
Notes
Unrestricted Restrlcted Total Funds
Funds
Funds
30.10.22
Total Funds
31.10.21
Voluntary Ineome
Members, subscriptions and
donations
61,533
61,533
53,278
61,533
61,533
53,278
A¢tivfitles for gener*ting funds
Commercial income
Other income
3,457,496
45,736
3,457,496
45,813
925,151
201,605
77
Income from ¢h4rlt4ble actAvltl¢$
Balmoral Show income
Winter Fair incom¢
Beef and Lamb income
3 503 232
77
3 503 309
1 126 756
2,498,215
259,077
28,665
2 785 957
2,498,215
259,077
28,66S
2 785 957
1,594,176
2,599
15,835
1612 610
6 350 722
77
6 350 799
2 792 644
EXPENDITURE
Note8
Unre$trlcted Restrlcted Total Funds Total Funds
Funds
Funds
30.10.22
31.10.21
Cost of generatlng funds
Members, subscriptions
Commcrcial activity
59,195
2,402,650
2,461,845
59,195
2 402,650
2,461,845
47,563
773 277
820,840
Charltable actlvitles
Agricultural shows
2 893,019
37
2 893 056
2 347,468
Other expendlture
Centraliscd costs
Investment expenditure
2 893 019
37
2 893 056
423,023
9,897
423,023
9,897
550,031
432 920
432 920
550 031
5 787 784
37
5 787 821
39
Page 23

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR EIYDED 31ST OCTOBER 2022
COMMERCIAL INCOME AND EXPENDITURE
31.10.22
31.10.21
Commercial income
Other income
3,503,232
925,151
50.000
975 151
3 503 232
Support costs
Salaries and wages, labour and security
Direct expenses
Office costs
Establishment expenses
Development costs
(267,493)
(1,973,663)
{28 J34)
(133,160)
(132,159)
(539,923)
(18,652)
(82,543)
2 402 650
773 277
Nel income
1054 846
201874
The income and expenditure lolals above Incorpo￿te the profit and loss a¢¢ounl of the Society's trading subsidiaries
The King's Hall Exhibition & Conference Ccnlre Limited, King's Hall Harbcrton Estatcs Limited and KH Balmoral
Estsles Limited. The financi￿ year-end for all companies is 3 1st October 2022.
EXPENDITURE ON CHARITABLE ACTIVITIES
Notes
Unre$trieted Restricted TotAI Funds
Funds
Fund8
30.10.22
Total Funds
31.10.21
Dlrect costs
Prizes to exhibitors
Ground preparation
Exhibition stand preparation
Judgcs, expenses
Catering cosls
Advertising, promotion and printing
Attractions and associated costs
Cost of car parking facilities
Showground cleaning
Fees for servi¢cs
Miscellaneous
164,129
762,114
53,990
32,901
54,306
140,123
69,041
155,407
145,804
341,845
37
164,166
762,114
53,990
32,901
54J06
140,123
69,041
155,407
145,804
341045
86,083
573,878
18,583
20,041
31,761
123,383
80,368
102,162
121,567
323,277
594
1,481,697
865,771
1,923,129
969,890
37
1,923,166
909,890
Support costs relating to agricultural
shows
Total expenditure r¢latlng to
agricultural shows
2,893,019
37
2,893,056
2,347,468
Page 24

ROYAL ULSTER AGIUCULTUIL4L SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022
TOTAL EXPENDITURE
Employme Depreciation Establishjnent
nt costs
Other
cost5
TotAI
31.10.22
Total
31.10.21
Commer¢ial
activity
Agricultural
shows
Other charitable
activity support costs
Cenlraliscd
costs
Investment
Expenditure
267,493
133,160 2,001,997 2,402,650
773,277
379,471
359,253
153,595 2,000,737 2,893,056
2,347,468
17,533
11,166
30,496
59,195
47,563
176,180
139,462
69,883
37,498
423,023
550.031
9,897
9,897
840,677
498,715
367,804 4,080,625 $,787,821
3,718,339
EMPLOYEE COSTS
StAff co$t8
31.10.22
31.10.21
Wages and salaries
Social sccurity costs
Other pcnsion costs
682,301
71a61
71,456
661,602
52,705
77,901
Total payroll costs
825 118
792 208
Contract labour and other staff costs
15,559
18,979
Total employment costs
840 677
811 187
The average number of employees during the year were:
31.10.22
31.10.21
Monthly paid
Weekly paid
14
16
19
21
The number of employees who received total employee benefits (excluding employer pension costs) of more
than £60,000 is as follows..
31.10.22
31.10.21
£60,001- £70,000
£70,001- £80,000
£80.001- £90.000
£90.001- £100,000
£ 100,000 - £I10,O(M)
Page 25

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022
EMPLOYEE COSTS (continued)
Employer pension contributions totalling £226 (2021: £6,790) were made during the year on behalf of the higher paid
employee.
Cornpcnsation paid to key management personnel in the year to 31 st October 2022 was £ 81,932 (2021..
£111.650).
Thc Council members received £Nil remuneration during the year (2021- £Nil). Travel expenses totalling £1.683
(2021.. £335) were reimburscd lo 4 (2021.. 2) Council members during the ycar. Council members, indemnity
insurance has been purchased by the Society at a cost of £6,097 {2021.. £4,495).
NET INCOME FOR THE YEAR
iY¢t In¢ome As stAted After charyin81{¢redltlng):
31.10.22
31.10.21
rees payable to the group's Auditor for the audit of the financial statements
rees payable lo the group's Auditor for other services
Profit on disposal of fixed a5￿t8
Depreciation - owned assets
21,000
2,000
17,500
2,000
77,289
434,284
498 715
Total net expenditure before transfers and unrealised gains was a surplus of £424,885 (2021: deficit of £925,695). No
profits were retained in the subsidiari￿. The operating sutplu5 for unreslricled funds for the year was £424,845 (2021:
Deficit of £925,722). The movement in the restricted funds was a net income of £40 (2021.. income of £27).
io.
INTANGIBLE ASSETS
Group and So¢l¢ty
Trademarks
COST
Ai 3 1st October 2021 and 31st October 2022
AMORTISATION
Al 31 st October 2021
Charge for Year
1,013
247
At 31st October 2022
NET BOOK VALUE
At 31$t October 2022
015
At 31 st October 2021
862
Page 26

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022
ii.
TANGIBLE FIXED ASSETS
Group
Improvements
to land held
under lease
Land and
buildings
held for
development
Buildings
Plant,
vehicles
nd
equipment
Total
COST
Ai 31 October 2021
Additions
Disposa15
3,722,228
49J16
11,291,400
7,974,498
49,280
1,235,339
90,960
24,223,465
1¥9,556
(1,762,957)
(1,762,957)
At 31 October 2022
3 771544
9 528 443
22 650 064
DEPRECIATION
Ai 31 October 2021
Charge for Year
Disposals
746,101
132,715
I J09,590
266,302
749,705
99,698
2,805,396
498,715
At 31 October 2022
878 816
1575 892
849 403
3304 111
NET BOOK
VALUE
At 31 October 2022
2 892 728
9 528 443
6 447 886
476 896
19 345 953
At 31 October 2021
2 976 127
11291400
6 664 908
485 634
21418 069
Analysis of cost or
vAluatlon
Cost
Valuation
3,771,544
1,480,355
8,048,088
8,023,778
lJ26,299
14,601,976
8,048,088
9 528 443
8 023 778
Certain buildings were revalued in October 2013 on the basis of valuation for existing use by BTW Shiells. The
showground5 were revalued by Simon Bricn in October 2015 on the basis of open market value. The remaining
buildings were revalued in October 2017 on the basis of valuation for existing use by Colliers International.
If land and buildings had not been revalued, they would have been included at the following amounts.
31.10.22
31.10.21
Net book value
6,905,528
7 640 168
Page 27

ROYAL ULSTER AGRICULTUIL4L SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022
ii.
TANGIBLE FIXED ASSETS (continued)
Soclety
Improvements to
lond held under
li¢¢n¢¢
Bulldlngs
Pl4n¢
vehicles and
equipment
Total
COST
At 31 October 2021
Additions
3,722,228
49J16
7,974,498
49,280
1,235J39
90,960
12,932,065
189,556
Disposals
At 31 Oclobcr 2022
3 771544
8 023 778
1326 299
13 121621
DEPRECIATION
Al 31 Oclobcr 2021
Charge for Year
746,101
132,715
I J09,590
266J02
749,705
99,698
2,805,396
498,715
Eliminated on Disposal
Ai 31 October 2022
878 816
849 403
1575892 ￿ ￿04111
NET BOOK VALUE
At 31 October 2022
2 892 728
6 447 886
470 896
9 817 510
At 31 October 2021
2 976 127
6 664 908
485 634
10 126669
12.
FIXED ASSET INVESTMENTS
Society
ShY4re$ In
group
undertaklngs
COST
At 31 st October 2021 and 3 1st October 2022
23 850 000
NET BOOK VALUE
At 31st October 2022
23 850 000
At 31 st October 202 I
23 850 000
Page 28

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENrs
FOR THE YEAR ENDED 31ST OCTOBER 2022
12.
FIXED ASSET INVESTMENTS (continued)
The Society's investments at the Balance Sheet dale in the shar¢ capital of companies comprise the following
subsidiaries:
The Klng's Hall Exhibition and Conferen¢e Centre Limlted
Company number.. N1033 I40
Registered offi¢e: RUAS Office, Balmoral Park, Halftown Road, Lisbum, BT27 5RD
Nature of business: Provision of event facilities
/& holding
100.00
Class of shares: Ordinary
Klng's Hall Harberton Estates Limited
Company number.. N1627613
Registered office: RUAS Office, Balmoral Park, Halftown Road, Lisburn, BT27 5RD
Nature of business: Management of land held for development
/0 holding
100.00
Class of shares: Ordinary
KH Balmoral Estates Llmlted
Company numbcr.. N1648449
Registered offi¢c: RUAS Office, Balmoral Park, Halftown Road, Lisbum, BT27 5RD
Nature of business.. Management of land held for development
/0 holding
loo.00
Class of shares.. Ordinary
The Council believe that the carying values of the investments are supported by the underlying net assets of each
subsidiary.
13.
FIXED ASSET INVESTMENTS
Value
brought
forward
PurchAses
at cost
Sxles
proeeed$
Ch&nge In
market
value
VAlue carried
forwArd
Quoted Investments
Cash held by investment
brokers
5,770,625
322,134
(68,5S2)
(138,093)
5,563,980
322,134
6 092 759
138 093
5 886 114
The change in market value of investments during the year comprises all increases and decreases in the market value
of investments held at any time during the year, including profits and losses rvdlised on sales of inv¢stmenls during
the year.
Page 29

ROYAL UISTER AGIUCULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022
14.
DEBTORS
Group
Socfiety
31.10.22
3R.10.21
31.10.22
31.10.21
Trade debtors
Amounts owed from group undertakings
Other debtors
Other lax and social security
Prepayments
826,905
374.392
2AO,229
587,187
250,794
298.008
93,815
93,814
95,837
26,115
15,637
79,077
117,093
24,224
97J80
1018 100
590 158
892 130
690 120
15.
CREDITORS: amounts falllng due wlthln one yewr
Group
So¢lety
31.10.22
31.10.21
31.10.22
31.10.21
Trade Creditors
Amounts owed to group undertakings
Other lax and social security
Other creditors and accruals
Paymcnls received in advance
249,374
633,460
184,766
9,644,328
15,303
111,470
34S,839
621,885
6,791,803
18,070
240,080
294,275
66,033
130,896
418,537
18,070
254,679
354,339
864 840
1260 548
10 301712
7966113
16.
DEFERRED INCOME
Group And Society
Life
Member$
Composition
Aecount
Ai 31 sl October 2021
Receipts in year
Interest credited
Utilised in year
28,998
7,289
478
{6,150)
At 31st October 2022
Page 30

ROYAL ULSTER AGIUCULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022
17.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Group
Unrestrlcted
funds
Restricted
funds
Total funds
31.10.22
Intangible fixed assets
Investmen15
Tangible fixed assets
Net current assets
D¢ferrcd income
615
5,886,114
19,345,953
5,008,610
615
5,886,114
19,345,953
5,024,182
15,572
30 210 677
30 226 249
18.
UNRESTRICTED FUNDS
Group And Soclety
GenerAI
funds
Al 31 sl October 2021
Nel movement in funds
29,785,832
424,84S
At 31 st October 2022
30 210 677
19.
RESTIUCTED FUNDS
The incoine funds of the Society include restricted funds comprising the following unexpendcd balance of
donations lo be applied for specifi¢ pu￿ose5..
Group and Soclety
Movement in funds
1.11.21
Incoming
Outgoing
31.10.22
W Fullerton Legacy
John Kirkpatrick Legacy
10,000
5,532
120
66
(120)
(26)
10,000
5,572
186
146
The Willie Ydnd Elsie Fullerton Bequest
Willie and Elsie Fullerton bequesl the sum to be invested and the income used to augment the Society's funds,
John Kirkpatrlck I￿g4¢Y
Donation to thc Society in memory of John Kirkpatrick. The legacy's annual proceeds to be used to provide special
prizes in the Children's Ponies Ridden and Working Hunters Section.
Page31

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022
20.
FINANCIAL INSTRUMENTS
Group
31.10.22
31.10.21
Fin4nclal A$sets
Financial assets that are debt instrumen15 measured at amortised cost
5,659,049
9,424,605
FlnanciAI liablllties
Financial liabilities measured at amortised cost
5,659,049
9 424,605
249,374
633,460
249 374
633 460
Financial &ssels measured at amortised cost comprise trade debtors and cash al bank.
Financial liabilitie5 measured al amortised cost comprise trade creditors.
21.
RELATED PARTY DISCLOSURES
The group has taken the exemption contained in FRS 102 Scction 33.IA - "Related Paty Disclosure" not lo disclose
any transactions with ils subsidiary undertakings or the asso¢iaied undertakings of any wholly-owned group company
on the grounds that the consolidated accounts of the Royal Ulster Agricultyral Society are publicly available.
22.
CAPITAL COMMITMENrs
Al 31 si October 2022, the Society had entered into a capital commitment which was contracted but not provided for in
thes¢ financial statements of £NIL (2021.. £NIL).
23.
TAX4TION
The Society is a registered charity and as such is entitled lo certain lax exemptions on income and profits from
investments and surpluses on any trading activities ¢arried on in furtherancc of the charity's primary objective5, if these
profits and surpluses are applied solely for charitablc purposes.
24.
ULTIMATE CONTROLLING PARTY
The ultimate controlling paty is considered to bc Council of the Royal Ulster Agricultural Society.
Page 32