ROYAL ULSTER AGRICULTURAL SOCIETY
ANNUAL REPORT AND CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST OCTOBER 2023
CHARITY NUMBER: 101946

ROYAL ULSTER AGRICULTURAL SOCIETY
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023
Page
Legal and administrative information
Report of the Council
3 to 10
Report of the Independent Auditor5
Con$olldated Statement of Flnaneial Activltles
14
Consolldated Balance Sheet
Soelety Balance Sheet
16
Slatements of Changes In Funds
17
Consolidated Cash Flow Statement
Notes to the Consolidated Cash Flow Statement
19
Notes to the Consolldated Flnaneial Statements
20 to 32

ROYAL ULSTER AGRICULTURAL SOCIETY
LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2023
REGISTERED OFFICE
RUAS Office
Eikon Exhibition Centre
Balmoral Park
Halftown Road
Lisbum
BT27 5RD
AUDITORS
Baker Tilly Mooney Moore
Statutory Auditors
17 Clarendon Road
Clarendon Dock
Belfast
Co Antrim
BTI 3BG
SOLICITORS
Johns Elliott
40 Linenhall Street
Belfast
BT2 8BA
Mills Selig
21 Arthur Street
Belfast
BTI 4GA
BANKERS
Danske Bank
Donegall Square West
Belfast
BTI 6SJ
CHARITIES COMMISSION
REGISTERED NUMBER
101946
Page I

ROYAL ULSTER AGRICULTURAL SOCIETY
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2023
Patron: HRH The Duke of Edinburgh
Vice Patron: Billy Martin OBE FRAgS
President: Mr8 Christine Adams
Deputy Presldtnt: C John Henning OBE Nsch FRAgS
Past Presidents: John Bamber MBE. Margaret Collinson OBE. John G Kelly OBE BAgr DipAgr Comm FRAgS, Brian T King FRAgS.
Cyril Millar FRAgS, The Lord O'Neill KCVO TD, William H Robson OBE CertAgr FRAgS, J L Court¢nay Thompson DL BA BBS
Vice Presidents:
Retirc 2024: C John Henning OBE Nsch FRAgS, Cynthia Aiken, Jean Mann, Diane Gibson.
Retire 2025: Alan Arn)slrong. Wallace Boyd. David Cunningham, George Flamilton.
Retire 2026.. Crosby Cleland FRAgS, Robert Harkn¢ss. Robin Irvine HND, Dipfman. FRAgS.
Retire 2027.. lan Duff BAgr Msc MIAgrE. FRAgS, Terence McKeag BEM Ipas5ed away 6th October 20231, T Edwin Adams, David T
C Workman FRAgS.
Wilson Logan resigned as Vice President13 Isl March 20231
J A Conn Williamson Ip&ss¢d away 30th November 20221
HtsnorAry Vlce Presldent: Sam Mccausland [10th November 2022], Au51in Perry Ipassed away 16th May 20231
ELEcfED MEMBERS: The Councll of the RUAS conslsts of the Presldent, Past Prtsldents, Vl¢e Pre5ideTrtS And the following:"
RETIRING MARCH 2024
Jimmy Allen, William Edward Adamson FRAgS, Mrs Cynthia Aiken Ibecam¢ a Vice Presidenl 16th March 2023],
Barclay Bell NDA FRAgS, VaughRn Byrne, Dr Sam Campbell, Robin Cherry MBE FRAgS. Mrs Linda l)avis,
Mrs Pal Erwin, Ashley J Flemin8 FRAgS, Miss Pauline Gibson. Desmond Gibson, Mrs Jayne Harkness-Bones Msc. BA {Hons) ARAgS.
18n Harvey MBE MCIJ Fls, Mrs Norma Hoy, Mrs Denise Kelso, Jay Lindsay, Richard Lyiile. Alislair McDonald, Adrian McGowan, Robert
S R M¢Kibbin. Geoffrey Ringland, Trevor Shields ARAgS. Stephen Smiih BAgr DipFM FRAgS, Miss Alexandra Woods.
RETIRING MARCH 2025
Dr Keith Agnew BAgr, Garcth Arnislrong, Almslair Armslrong. Stewart Baxter, Andrew Bingham, Ms Libby Clarke.
James Coburn, David Cunningham Ibeeame a Vice Presidcnt on Ioih November 20221, Michael Cjraham.
Nigcl T Hamill. Robin Irvine HND Dipfman FRAgS [became a Vice President on 16th March 20231, Caroline A Jebb. Judith Lyons.
Charlcs Mark, David G Mark, John M¢Mordie, John Mcrcer BSc11 Ions) CEng, Dr Charlolle A Moore BAgr PhD DipAgrComm FRAgS,
Peter Morrow, John Murphy. Paula Mccarthy, Mrs Joanne M McKibbin. The Hon Mrs Celia O'N¢ill BA (Hons), John B Robinson, Allison
Mercer BS¢ (Hons) BSAgr Chem {Hons), Vanda Stewart Iresigned 10th March 20231, David Thomp50n
RETIRING MARCH 2026
Mervyn A¢h¢son, Mrs Shirley Anderson, Harold Diekey, Brian Hunter, William Jone& Gerard Francis Kellyj Brendan Kellyy Mark Logan
ON[) rRA8S, lan Mark, John C8mpbell Martin BEM FfNDIAgric) Lm Nsch FRAgS,
W Duke MLCartney, Mrs Sara Mccracken Iresigned 3rd february 20231, William McElroy, Howard M¢llwaine.
Mis5 Roberta Mcmullan BEM, Scott McKibbin, JRme5 MCV Morrison BEM 13Agr (Honsl FRAgS, David O'Neill,
Mrs Myrtle Peak, Wilbert Rankin Iresigned 8th February 2023]. Jason Robert Rankin Nsch ARAgS, Michacl Robson ONDA ARAgS,
Samuel James Stnyth. Amanda Wallace, Jay Warden, Mrs Leanne Workman
Appointed by the Department of Agriculture, Environment & Rurfil Affairs
Dr Alistair F Carson BAgr PhD PGCHET FRAgS, Nomian Fulton. Robert J Huey MVB Dvph(MH) MRCVS ARAgS, Martin McKendry
Page 2

ROYAL ULSTER AGRICULTURAL SOCIETY
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2023
The Council presents its annual report and audiled consolidated financial statements of the group for the year ended 3 Isl
October 2023. 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) effective I st January 2019 (Charities SORP (FRS
102)), in preparing the annual report and financial statements of the Society.
REFERENCE AND ADMINISTRATION DETAILS
Details of the registered office, elected members, independent advisors and other relevant infomiation are given on
pages I to 2.
DETAILS OF THE SOCIETY
The Society
Th¢ Society was established in 1854 as the North East Agriculrnral Association. It was incorporated in 1894 under the
Educational Endowmenls (Ireland) Act 1885 and a Scheme was drawn up at that time for its future govern ance and
management. The Association changed its name in 1903 to the Ulster Agricultural Society, and pennission to use the
Royal prefix was granted the following year. The Society is registered with the Charity Commission for Northern
Ireland (Northern Ireland Charity number: NIC101946, Inland Revenue Ref. XN 46025) and it5 income is applied
towards the delivery of its objectives.
Commtrci41 Trading Activities
The King's Hall Exhibition & Conference Centre Limited was incorporated in October 1997 as a wholly owned
subsidiary of the Royal Ulster Agricultural Society. This company's principal activity is the provision of ¢vent
facilities and event operation services for hire by external event organisers. This company has no fixed assets or staff
but is charged a licence fee for the use of the Society's premises and equipment and a management fee to cover
establishment expcnses and the secondment of staff.
King's Hall Harberton Estates Limited was incorporated in November 2014 as a wholly-owned subsidiary o f the
Society. This company's sole activity is managing residential real estate activities. This company has no staff but is
charged a managcment fee by the Society for the secondment of staff and resources.
KH Balmoral Estates Limited was incorporated in October 2017 as a wholly-owned subsidiary of the Society. This
company's sole activity is managing commercial real estate activities. This company has no staff but is charged a
management fee by the Society for the secondment of staff and resources.
Any surpluses the subsidiary companies generate are paid to the Society under covenant.
STRUCTURE, GOVERNANCE AND MA]YAGEMENT
Governance and Internal Control
Council has overall responsibility for ensuring that the Society has an appropriate system of controls, financial and
otherwise, and for providing reasonable assurance that it is operating etTiciently and effectively, its assets are
safeguarded against unauthorised use or disposition, proper records are maintained, and financial inforniation used
within the Society or for publication is reliable and that il compli¢s with relevant laws and regulations.
The Council, as a corporate body, 15 also considered the Trustee of the Society for Charities Act pU￿oSe$. The
President of the Society shall be ex-officio the Chairnlan of the Council.
The system of intemal controls is designed to provide reasonable, but not absolute, assurance against material
misstatement or loss. Key features of the system include the preparation of an annual budget for approval by the
Finance Committee. regular consideration by the Finance Committee of financial results. review of vari ance from
budgets; non-financial perforniance indicators and benchmarking reviews; delegation of authority and segregalion of
duties. and the identification, review and managemeni of strategic, business and operational risks.
Page 3

ROYAL ULSTER AGRICULTURAL SOCIETY
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2023
STRUCTURE, GOVERNANCE AND IVIANAGEMENT- eontlnued
Employees
A staff of twenty-one employees undertakes the management and operations of the Society. The Society's employment
policies and practices are reviewed annually to ensure they Comply with local relevant employment legi slalion. The
Society has a training and development policy to en sure that all staff are competent to undertake the duties set out in their
job descriptions. Regular formal meetings take place to ensure communication of all pertinent matters. Council would
like to thank the staff members for their professional contribution to the Society and their continued loyalty, SUPPOrt and
hard work.
Organisational Structure
Details of how Council is composed, and its current membership, can be seen on page I, The Scheme prov ides for the
appointment by Council of committees consisting of members of the Society. Potential new Council members are
nominated by a Society member and elected by the Society's Tnember5hip. They are subjecl to retirement by rotation but
are eligible to sland for re-election. Committees meet as required and make recommendations for decision by Council.
The Finance Committee has a range of delegaled duties that it can implement without reference to Council. During the
financial y¢ar, there were fifty-seven committee meetings, and Council met on six occasions.
Rlsk management
Through the Finance Committee, Council has established a detailed procedure to review the significant risks to which the
Society is exposed. This review aims to establish a risk management strategy which Comprises:
Regular review of the risks ihat the Society may face, which are evalualed on an annual basis based on a
comprehensive risk register.
The establishment of systems and procedures to mitigate 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 has identified the following key risks:
The Society's financial sustainability is reliant on the generation of enabling finance through its comrnercial
subsidiaries, which transfer under covenant all surpluses generated to the Society.
There is a need to ensure adequate succession planning and a retention policy is in place for the Council,
committees, and key managcrnent positions.
There is a need to maintain adequate levels of capital funds held as unrestricted reserves to ensure that the
Society's development strategy can be implemented and that ihird-party obstacles can be managed and, when
necessary, mitigatcd.
The risk that Society events or enabling finance activities are cancelled due to external factors such as weather,
an outbreak of animal illnesses, political factors or pandemics.
The Finance Committee has prudently reviewed the significant risks that the Society faces and believes thal achieving
thc free reserves sufficient to fund twelve months of normal activity. combined with the annual review of the controls
over key financial systems, will provide adequate resources in the event of adverse conditions. The Finance Committee
has also examined other business and operational risk5 the Society faces, confirming that it has estab lished systems to
mitigate significant risks.
Council is responsible for the managem¢nt of risks faced by the Society. Detailed consideration of risk is delegated lo the
Finance Committee, assisted by the Senior Management Team. A fornial review of the Society's risk managernent process
is undertaken annually.
OBJECTIVES AND ACTIVITIES
The Scheme, which wa5 last amended 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 securities are vested
in Council to be utilised for the purpose of fulfilling the charitable objectives of the Society as detailed within the Scheme.
Page 4

ROYAL ULSTER AGRICULTURAL SOCIETY
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2023
OBJECTIVES AND ACTIVITIES - continued
The Society's charitable objectives are:
The promotion of agriculture by holding agricultural shows and delivering agricultural instruction through
exhibitions. lectures and other such means as may from time to time be found expedient and in accordance with
the provisions of the Scheme.
The promotion of industries, art, sciences and literature. These items were added io the Scheme in 193 7 but have
always been treated as minor relative to the main objective of promoting agriculture,
The RUAS seeks to achieve its objectives through the following:
Delivery of agricultural shows which seek to..
Contribute lo the enrichment of public awareness an d understanding of the Province's agri-food sector.
Promote good farming practices and d¢velopment of the skills and craft5 needed to enhance the sector.
Encourage the advancement of breeding and rearing of livestock (including horses and poultry).
Presentation of awards to those engaged in agriculture, particularly recognising individual employees, 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 services to enabl¢ the venues to host a range of cultural
and sporting events.
Furtherniore KH Balmoral Estates Limited oversees
The preservation of the iconic King's Hall building which is lisled with the N I Environment Agency.
The overarching strategy of the Society is as follows:
Ensure that the objectives as detailed in the Schem e are delivered.
Ensure that the Society's assels. investments and funds are prudently managed.
Utilise the Society's assets, investments and funds to implement sustainable enabling finance streams.
The Finance Committee has recommended a comprehensi ve exercisc to produce a new five-year strategic pl an that will
articulate the Society's vision for the future, mission statement, and aims. This strategic plan will ensure that:
The Society focuses on its beneficiaries, needs within the challenging environment in which the Agri-f(iod sector
now operates.
The future direction and development of the Socicly is defined in a cohesive manner.
The Society's future performance will be measured against agreed aims and objeclives;
The Society operates in a financially prudent manne r to safeguard the financial sustainability of the Society.
The reputation and relevance of the Society across a rang¢ of age groups is enhanced.
PUBLIC BENEFIT
Council considers that these objectives, activities and goals have a clear public benefit in enhancing rural communitles,
social, economic, and cultural well-being.
The public benefits include..
Improving standards of livestock and agricultural practices within the agricultural sector in Northern Ireland in
particular and beyond;
Preserving and maintaining high standard5 and skill levels within the agricultural sector in Northem Ireland and
beyond.
Development and preservation of rural crafts and craftsmanship necessary to enhance the agricultural sector in
the Province.
Ensuring that rural traditions and skills are passed down through successive generations of the agricultural
community,
Improving the welfare of agricultural animals through the recognition of high standards of agricultura I husbandry
throughout the Province and beyond;
Enhancing the general public's knowledge and understanding of the Province's agri-food sector,
In drafting these statements, Council has 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 publ ic benefit guidance
published by the Charity Commission.
Page 5

ROYAL ULSTER AGRICULTURAL SOCIETY
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2023
ACHIEVEMENTS AND PERFORMANCE
The financial year represented a period of growth and success for the Society as the charitable activities of the Society
were enhanced with support from a wide range of stakeholders. The Council coinmitted to expending funds from its
reserves to hold its annual agricultural shows to ensure that the Society continued to deliver its obj ectives. In order to
a¢hi¢ve the Society's objectives, the following events have taken place within the financial year..
Royal Ulster Premler Beef & Lamb Championships 2022
The 5th Royal Ulsler Premier Beef & Lamb Championsh ips, in partnership with principal sponsor Bank of Ireland, took
plac¢ on Tuesday 22nd November 2022. in the Logan Hall. The Society welcomed visitors to the Show and Sale, which
hosted a significant number of exceptional quality animals this year, with ninety-two cattle, tweT]ty-s ix calves and sixty-
five pairs of sheep Coming forward on the day. The Caltle Young Handler and Lamb Young Handler Classes were well
supported. The judges confirnied that they were impressed with the standard of anirnals presented and the Skill exhibited
by the participating young handlers. The winner of the covekd Allams Cup and the highly sought-after title of Supreme
Champion was JCB Commorcials from Co Down with their heifer Totally Illegal. Robert Miller from Moneymore won
the popular Housewife's Championship with his Limousin Heifer, Dashing Princess. The Champion Calf was exhibited
by Joseph Mccarragher from Armagh. Lambs, shown on the day, competed for the title of Best Butcher Pair. Jamie
Mccutcheon from Trillick received the prestigious award and was also awarded the Champion Young Farmer title.
Royal Ulster Winter Falr 2022
The Society hosted the 36th Royal Ulster Winter Fair in Association with Danske Bank on Thursday 8th December 2022.
Along with substantial visitor numbers, the event hosted 190 sector-specific trade stands, including companies from Italy,
France. and Germany. lan Wilson, President of the Belfast Dog Show Socicty. judgcd the Tradc Stand Awards. The Best
Large Trade Stand was awarded to Keenan Alllech, the Best Small Trade Stand was awarded to Rural Support and the
Best Kept Dairy Stsll was awarded to Kirf(inriola Pedigree Livestock.
The event drew 159 entries, with 113 cattle coming forward on the day - which demonstrales excellent support for the
event. The Republic of Ireland was well represented, with 49 cattle entered, which is the highest num ber al an RUAS
Winter Fair to date.
Canadian livestock judge Pierre Boulet was welcomed to the event, One of Canada's most successful show men, Pierre
has been Premier Exhibitor at The Royal Agriciiltural Winter Fair Holstein Show 8 times as well as Prem ier Breeder. On
the day the Showmanship junior class was won by Kate Jones from Gorey, while the interniediate class was won by Will
Jone5 from Gorey. Holly Keenan from Monaghan won the senior class. and Alexander Tinney from Letterkenny won
the mature class. The Dairy Shorthom Breed Championship was won by Ihe McLean family from Bushmills. The Jersey
Champion was won by the Fleming Family from Seaforde. The Ayrshire Champion went to Raymond Stewart from
Ballyclare. The Holstein Championship was won by Li am & Sandra Murphy from Co Carlow. The overall Interbreed
Champion was won by the Flem ing Family from Seaforde with Potterswalls Chrome Glamour.
Balmoral Show 2023
The Society hosted the 154th Balmoral Show from 10th to 13th May 2023. The Society was delighted to welcotne a
significant number of visitors over the four days. Of note, the Society welcomed the Secretary of Slate for Northern
Ireland, the Right Honourable Chris Healon-Harris and the Right Honourable Therese Coffey. Secretary of State for
DEFRA. Many international visitor5 also Visited the Show, including a delegation from the Chinese Consulate and a
group of visitors from Vietnam.
Balmoral Show was well supported by livestock exhibitors with 3,127 animals competing within the livestock
competitions. Once again. the cattle exhibitors del iver¢d an excellent exhibit of high-quality livestock, with 567 beef
cattle and 154 dairy cattle presented for judging over the Show's four days. Notable prize winners included WD & JA
Connolly with their Charolais bull Balmyle Sandy, who was th¢ overall champion in the beef section and also won the
Champion of Champions. Cyril and Martin Millarwon the overall Dairy Champion with their Holstein cow Damm Tattoo
Sallie. The Show's finale was the cattle parade which this year saw a selection of stock from acr05S the breeds proudly
parade in the Main Arena.
Page 6

ROY AL ULSTER AGRICULTURAL SOCIETY
RF.PORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2023
ACHIEVEMENTS AND PERFORMANCE- continued
The Sheep Shearing Competitions were again hosted in the Fold structure. The entries were up from the previous year
with 163 competitors and 1557 sheep shorn. Ther¢ were shearers from New Zealand, Norway and Patagonia. The quality
of shearing was excellent, especially from the Junior shearers. There were sheep shearing demonstrations on Thursday
where the Wool Board set UP training videos, which provided a lot of interest.
The Horse Classes and Show Jumping Competitions in the Show were a great success, with the horses competing tn
excellent condition. The coveted title of Supreme Hunter Champion was awarded to Endeavour R, owned by Debbie
Harrod and bred by Simon Mccarthy. Young Stock Champion was awarded to Flogas Rothschild SPB, owned by Tiernan
Gill and brcd by A de Crom; Supreme Mini Ridden Champion was awarded to Dowhills Beau Soleil, owned by Cherie
McHugh and ridden by Brylei Gallagher. Balmoral Show hosts thc only CS12* International Show that is held in Northern
Ireland, and demand is high, with athletes from all over the UK and Ireland striving to bring their top horses to jump on
the Society's exceptional Grade l international standard grass arena. Over the four days, 12 show jump ing championships
took place. All 125 qualifying places were taken up in the national classes and the dcmand to jump intemationally al
Balmoral CS12* was high, with 72 athlete applicatio ns submitted from 10 different nations, all hoping to claim one of the
40 available spots.
Unfortunately, the poultry, pigeon and egg sections were again cancelled in line with DAERA restrictions on poulty
gatherings due lo avian flu's prevalenc¢, The Chairman of the Poultry Committee and his farnily provided a display of
birds from their flock. The standard of birds within the display was exceptional, and the Chairnian's enduring efforts to
deliver the exhibit were commendable.
The Show was well supported by Itvestock exhibitors in all sections, and the Society is grateful for their ongoing support.
The Healthy Horticulture Marquee was well-received and delivered educational content to a wide audience. Exhibitors in
this section included Rural Support, National Trust. RSPB, CAFRE, Horticulture Forum, and Ulster Bee Keepers, all
delivering inforniative exhibits. The VEG NI IHort icultural Forum exhibit was excellent and delivered a wid¢
variety of engaging and educational topics alongside the Mighty Spud display. The potting table for ch ildren to plant
seeds and plants was popular. The Gabble family provided over 2000 lettuce plugs for the children's potting table, along
with flower and vegetable seeds provided by Westland Horticulture Ltd. The "Crown Your Teapot" floral competition
took place io mark HRH King Charles III'S Coronation and was well supported. The Cookery Theatre drew large
audiences. There was a full Cookery and Gardening Demonstration timetable with demonstrations provided by One Small
Seed Flower Farm who, fami local, 5ea50nal and sustainable flowers. Esker Farm Daffodils. Island Flowers who
demonstrated edible kitchen wreaths. Conservation Volunteers wlth Growing for Health and Biodiversity- and Rural
Support with Social Farming and caring for our communities.
Organised by Food Nl and supported by the Northern Ireland Regional Food Programme. the Nl Food & Drin k Pavilion
included a number of new and innovative businesses with emerging trends in sustainability, health and food tourism.
New to thc Pavilion this year was the Nl Drinks Area, which c¢lebrated excellent local producers of beer, cider, gin, and
whiskey. Throughout the Show, three theatre kitchen s hosted Cooking demonstrations celebrating Northern Irish produce.
The Tesco Theatre Kitchen focused on cooking on a budget using local ingredients, while the Tourism Nl Kitchen
showcased some of Northern Ireland's top food and drink ¢xpcriences. A new addition this year was the Moy Park 80th
Anniversary Theatre Kitchen, which focused on exciting* simple family meals highlighting local chicken.
The Balmoral Show Schools Trail attracted over three thousand children from primary and special needs schools who
enjoyed an interactive and educational day out. The Schools Trail programme aims to help school children better
understand food and agriculture within Northern Ireland in an exciting and dynamic environment.
The trade exhibit layouts were revis¢d, and a lotal of 587 trade exhibitors supported the Show. The new trade concept in
the Eikon, "The Makers Market". was a great success, with over 40 local artisan producers, artists, and crafters exhibiting.
The Trade Stands were judged by Mared Jones, previously of the Royal Welsh Agricultural Society. The w orthy winner
of the overall trade stand went to Gibson Paving, who had a fantastic stand in the Healthy Horticulture area. The Society
is grateful for this vital support. The Show's success is also dependent on the continued support of the Show sponsors,
including the efforts of our principal sponsor, Ulster Bank and our platinum sponsors, ABP. Marks & Spencer, SPAR and
Tesco.
Page 7

ROYAL ULSTER AGRICULTURAL SOCIETY
RF.PORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2023
FINANCIAL REVIEW
The Consolidated Statement of Financial Activities on page14 details a net income of £322,974 (2022 income: £424,885).
Review of perfornianee
The perforniance of the Society and its subsidiaries during the year is discussed in the Annual Report. The following
paragraphs indicate where a detailed analysis of the results can be found in the financial statements.
Ineome generation
The Consolidated Statement of Financial Activities provides a detailed analysis of the Society's income during th¢ y¢ar,
Resourees expended
The supporting notes to the Consolidated Statement of Financial Activities disclose in detail how the Society's resources
have been expended in the year. ExpendiNre is in l ine 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 is to retain a level of free reserves that match the Society's requirements both at th¢ ¢utT¢nt time and
for the foreseeable future. Free reserves are those funds not tied up in fixed assets or restricted funds.
The unrestricted liquid reserves as at 31 st October 2023 are £6,512,876 (2022.. £4,977,995), representi ng fourteen months
(2022., ten months) of unrestricted activity. In calculating reserves, Council has excluded from the total funds, fixed assets
of £24,020,716 (2022: £25,232,682) and restricted funds of £15,631 (2022: £15.572).
The Finance Committee considers that the Society requires free reserves equivalent to twelve months of unrestricted
activities to enable the Society to develop its agricultural shows. to ensure that they continue to meet the needs of the
agricultural sector; and to expand the educational elements of the shows to audiences throughout Ireland and continue the
development of the Eikon Exhibition Centr¢ at Balmoral Park as an international events venue.
FUNDS HELD AS CUSTODIAN ON BEHALF OF OTHERS
There are no ￿ndS held as custodian tn15tee on behalf of others.
PLANS FOR FUTURE PERIODS
The strategic objective of Council is to progress the Society'5 development opportunities to ensure that the enabling finances
required are achieved in the medium term, thereby enabling the Society to enhance its charitable activities within that
timescale. In 2012, the Society's membership approved the proposal to 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 the development agreement with KH (Balmoral)
Commercial Limited for the commercial redevelopmcnt of the King's Hall and the associated lands at 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 oversees the development agreement's execution by the developer through the
disposal of16.25 acres of land at the Harberton en d of the Complex for residential development. The capital funds derived
from this agreement are transferred to the Society. They are held by the Society to be reinvested in the Eikon Exhibition
Centre at Balmoral Park's 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 development.
The Eikon Hall and Dr E F Logan Hall combine to create the largest events and exhibition destination in Northern Ireland.
with more than l 0,600 sqm of internal exhibition space. During the reporting period. the Society continued the development
of Balmoral Park, including groundworks and staff facilities. The Finance Committee regularly consider detailed financial
projections in relation to each element of the overall strategic plan and ensures that the Balmoral Park development plans are
phased to ensure the ongoing viability and growth o f the Society.
Page 8

ROYAL ULSTER AGRICULTURAL SOCIETY
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2023
IMPACT OF THE COST OF LIVING
During the year and subsequent to the reporting period, the cost of living crisis has affected the Society in ternis of increasing
costs - particularly fuel, light and heating, and contracted labour costs. Furtherniore, the spiralling cost of construction will
impact the viability of future capital projects. Looking forward. it is envisaged ihat the running costs of the Society will
continue lo rise. During the financial year, the Office for National Statistics recorded a Retail Price Index change of13.4%
in January 2023, a 40-year high, before reducing to a Retail Price Index increase of 6.10/0 at the year-end. This inflationary
pressure continues to significantly impact the runn ing costs of the Society going forward.
Regarding energy prices. the Society notes that electricity prices and gas prices are expe¢led to remain high. The Society
has revised its budgets to reflect these increasing costs. The Society intends to utilise capital funds lo install energy-saving
components and systems and ensure that encrgy is used prudently and loads are managed efficiently, particularly during
Balmoral Show and other large-scale ev¢nts. During the financial year, the Society has sourced its electricity from North¢m
Ireland's only supplier of100 % locally-generated renewable electricity. Fuel prices incurred by the Society reached record
highs in the previous year, and although the price has Slowly declined during this financial year, it has remained historically
high due to production CLlts by OPEC+ nieinbers includiiig Russia. The price of ci'tjde oil lias been volatile iii recent months,
and a li ighei. oil price is a key risk given tlie ongo ing conflict in the Middle East. A siistaiiied period of higher oil pi'ices will
I'aise inflation. If the UK government decides to raise fuel duty in spring 2024, this will compound the difficulties facing
the Society as a result of the HMRC reclassification on the use of red diesel. As part of the Society, s strategy to reduce its
carbon footprint, it inlends to appraise renewable energy and energy efficiency projects at the Venue.
The Sooiety has a professional team of employees with skill and exp¢rience bases that are not readily replicated within the
Province. The Society is aware of the need to retain its staff complement and delivera succession plan. The Society uplifted
the Noveinber 2023 pay award significantly, albeit below the prevailing inflation rate. and this was affordable going forward
due to a reduction in the overall strdffing number. Due to the nature of the Society's activities, the Society is dependent on
the supply of contracted labour teams. With the Nat ional Living Wage set lo rise by 9.8 % from I st Apri12024, this will
significantly increase the costs of event services, including security, first aid, housekeeping and manual labour. The Society
will ensure that contractors are managed effectively and service contracts are tendered on a cyclical basis.
The Office for Budgetary Responsibility predicts rising prices and the impact of interest rate increases will continue to erode
real wages and reduce living standards over the next two financial years. This will significantly impact the disposable
income of individuals and, consequently, make generating charitable income through Show admissions and livestock entries
more challenging. Th¢ challenge for the Society is to ensure that the costs ofattending events, including the Balmoral Show,
represent value for money from the attendees, perspective while ensuring full cost coverage.
From a commercial
perspective, the reduction 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 to the Society and the Group. The
Society plans to 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
activilies to ensure that the Society delivers its future events programme.
However, Council considers that in the short to med ium terni, and bas¢d on the information available, the Society will
continue to operate as a viable going concern. Through its strategic planning and prudent management, the Society has
accumulated unrestricted reserves at a level that demonstrates the Society's ability to continue as a going concern in the
medium term. The Society. through its slaff. has devis¢d adaptable event platf0rn15 and formats that will allow the Society
to deliver its charitable objectives safely, effectively and efficlently.
The Society has three diverse subsidiaries that operate within the events, commercial real estate and residential development
sectors. The diverse nature of these sectors provides a spread of the risk in generating enabling finance for Ihe Society.
Furtherniore, all subsidiaries have programmed activ ities in future periods. The Society has invested in world-class facilities
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 use5 should this be detemiined as
necessary. Council is confid¢nt that with the resou rces 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.
Page 9

ROYAL ULSTER AGRICULTURAL SOCIETY
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 31ST OCTOBER 2023
STATEMENT OF COUNCIL'S RESPONSIBILITIES
The Council is responsible for preparing the Annual Report and the financial statements 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 ihe slate of affairs of the Society and the Group and of the incoming resources and
application of resources of the group for that period.
In preparing these financial statements, the Trustee is required to..
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2019 (FRS 102).
rnake judgements and estimates that are reasonable and prudent.
state whether applicable accounting standards. comprising FRS 102, have been followed, subject to any
material departures disclosed and explained in the financial statements. and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society
will continue in business.
The Council are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tirne the
financial position of the Society and enable them lo ensure that the financial statements comply with the Charities Act
(Northem Ireland) 2008 (as amended by the Charities Act (Northern Ireland) 2022), the Charities (Accounts and Reports)
Regulations (Northern Ireland) 2015. They are also responsible for safeguarding the assets of the Society and the Group
and, hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
Each of the Council members confirms that, so far as they are aware, there is no relevant audit infomiation of which the
auditors are unaware. Each Council member has taken all ihe steps that they ought to have taken as a Council member in
ord¢r to make themselves aware of any relevant audit inforniation and to establish that the auditors are aware of that
infomiation.
AUDITORS
The auditors, Baker Tilly Mooney Moor¢, have indicated their willingness to continue in office, and a resolution
concerning their re-appointment will be proposed at the Annual General Meeting.
BY ORDER OF THE COUNCIL:
J Martin
Chairnian of the Finance Committee
Date..
frL...F£.k.. J.Id34.
Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ROYAL ULSTER AGRICULTURAL SOCIETY
Opinion
We have audited the financial statements of the Royal Ulster Agricultural Society (the'parent charity,) and its subsidiaries
(the 'group') for the year ended 3 1st October 2023 which comprise the Consolidated Statement of Financ ial Activities,
Consolidated Balance Sheet. Society Balance Sheet, Statements of Changes in Funds (Group and Society), Consolidated
Cash Flow Statement, Notes to the Consolidated Cash Flow Statement and Notes to the Financial Statements, including
a summary of significant accounting poli¢i¢s. The financial reporting framework that has been applied in their preparation
is applicable law and United Kingdom Accounting 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 the financial statements:
give a true and fair view of the state of the group's and parent charity's affair5 as at 31 st October 2023, and of
the group's total incoming resources and expenditure of resources for the year then ended:
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and
have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2008 (as
amended by the Charities Act (Northern Ireland) 2022).
Basis for opinion
We conducted our audit in accordance with Tnternational Standard5 on Auditing (UK) {ISAs (UK)) aT]d app licable law.
Our responsibilities under thos¢ standards are further described in the Auditor's responsibilities for the audit of the
financial statements section of our report. We are independent of the group and parent charity in accordance with the
ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibil ities in accordance with these requirements. We believe that
the audit evidence we have obtained is suffici¢nt and appropriate to provide a basis for our opinion.
Concluslon regarding going eoncern
In auditing the financial statements. we have concl uded that the Trustee's use of the going concern basis of accounting in
the preparation of the financial statements is appropriate,
Based on the work we have perfomed, we have not identified any material uncertainlies relating to 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 at least twelve month s from when the financial statcments are authorised for issue.
Our responsibililies and the responsibilities of the Trustee with respect to going concem are described in the relevant
sections of this report.
Other Informatlon
The Trustee 15 responsible for the oiher information. The other infomation comprises the infornlation included in the
Trustee's annual report, other than the financial statements and our Auditor's report thereon.
Our opinion on the financial slatements does not cover the other infomiation and, except to the extent otherwise explicitly
stated in our report, we do not express any fomi of assurance conclusion thereon.
En connection with our audit of the financial statements, our responsibility is to read the other inforniation and, in doing
so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise app¢ars to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements, we are required to deterniine 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 perfomled, we conclude
that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing lo
report in this regard.
Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS O F
ROYAL ULSTER AGRICULTURAL SOCIETY
Oplnion on olher matters preseribed by the Charities Aet (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 infomiation given in the Report of the Counci I for the fmancial year for which the financial statements are
prepared is consistent with the financial statements. and
the Report of the Council has been prepared in accordance with applicable legal requirements.
Matters on whieh we Are required to report by exception
In the light of the knowledge and understanding of the group and parent charity and its environment obtained in the
course of the audit, we have not identified material misstatements in the Report of the Council.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports)
Regulations (Northem Ireland) 2015 require us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns. or
certain disclosures of Trustee's remuneration speci fied by law are not made; or
we have not received all the inforn)ation and explanations we require for our audit; or
Responslbllltles of trustees
As explained more fully in the Trustee's responsibi lities slatement set out on page 10 the Trustee 15 responsible for the
preparation of financial statements which give a true and fair view, and for such internal control as the Trustee
deterniines is necessary to enable the preparation of financial statements that are free from material misstatemeni,
whether due to fraud or error.
In preparing the financial statemenls, the Trustee is responsible for assessing the group's and parent charity's ability to
continue as a going concern, disclosing, as applicable, matlcrs related to going concern and using the going concern
basis of accounting unless the Truslee either intends to liquidate the group or the parent charity or to ¢e&se operaiions,
or have no realistic altemative but to do so.
Auditors, responsibilities for the audit of the fin aneial statements
W¢ have been appointed as Auditor under paragraph 6 of schedule 6 of the Charities Act (Northem Ireland) 2008 (as
amended by the Charities Act (Northern Ireland) 2022) and report in accordance with regulations inade under Section
66 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAS (IJK) will always delecl a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be exp¢cl¢d ¢0 influence the economic
decisions of users iakcn 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 mi55tatements in respect of irregularities, including fraud,
The extent to which our procedures are capable of detecting irr¢gularities, including fraud is detailed below:
We considered the opportunilies and incentives that may exist within the organisation for fraud and identified the
greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAS (UK), we are also
required to perforni specific procedures to respond to the risk of management override.
Page 12

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ROYAL ULSTER AGRICULTURAL SOCIETY
Auditors, responsibilities for the audit of the fin ancial statements - Continued
We also obtained an understanding of the legal and regulatory frameworks that the group and parent charity operates in,
focusing on provisions of those laws and regulations that had a direct effect on the detemiination of material amounts and
disclosures in the financial stateTnent5. The key laws and regulations we considered in this context included the UK
Companies Act.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial
statements but compliance with which may be fundamental to the group and parent charity's ability to operate or to avoid
a material penalty.
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and tcsling to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial slalem¢nts;
enquiring of management and external legal counsel concerning actual and potential litigation and claims"
perforniing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material
misstatement due to fraud.
reading minutes of meetings from those charged with govemance.
in addressing the risk of fraud through management override of controls. testing the appropriat¢ne5s of journal entries and
other adjustments; assessing 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 nornial course of
business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members
and remained alert to any indicattons of fraud or noncompliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading
to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more thal
compliance with a law or regulation is removed from events and transactions reflected in the financial statemcnts. as we
will be less likely lo bccome aware of instances of non-compliance. The risk is also greater regarding irregularities occurring
due to fraud rather than error, as fraud involves i ntentional concealment, forgery, collusion, omission or misrepresentalion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website at www.frc.org.uklauditorsrespons ibilities. This description forms part of our Auditor's report.
Use of our report
This report is made solely to the charity's Trustee, as a body, in accordance with Part 4 of the Charities (Accounls and
Reports) Regulations (Northern Ireland) 2015, Our audit work has been undertaken 50 that we might state to the charity's
Trustee those matters we are required io state to them in an auditor's report and for no other purpose. To the fullest extent
perniitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustee as a
body, for our audit work, for this report, or for the opinions we have formed.
Joann¢ Small (Senior Statutory Auditor)
For and behalf of Baker Tilly Mooney Moore
Statutory Auditors
17 Clarendon Road
Clarendon Dock
Belfast
BTI 3BG
l J-rE
Zo&
Page 13

ROYAL ULSTER AGRICULTURAL SOCIETY
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST OCTOBER 2023
Unrestricted
funds
Restrlcted
funds
Total
31.10.23
Total
31.10.22
Notes
INCOME
Volunlary income
Activities for generating funds
Income from charitable activities
52,410
2,734,971
3,093,009
52,410
2,735,205
3,093,009
61,533
3,503,309
2,785,957
234
TOTAL INCOME
5,880,390
234
5,880,624
6.350,799
EXPENDITURF.
Costs of generating funds
Charitable activities
Other expenditure
2,077,976
3,084,876
342,186
2,077,976
175 3,085,0S1
342,186
2,461.845
2,893,056
432,920
TOTAL EXPENDITURE
5,505,038
175 5,505,213
5,787,821
NET INCOME
375J52
59
375,411
562,978
Net galnsl(losses} on Investments
(52,437)
(52,437)
(138.093)
NET INCOME
322,915
59
322,974
424,885
Total funds brought forward
30,210,677
15,572 30,226,249
29,801,364
Total funds earrSed forward
30,533,592
15,631 30,549,223
30,226,249
The notes forni
art of these financial statements
Page 14

ROY AL ULSTER ACRICULTURAL SOCIETY
CONSOLIDATED BALANCE SHEET
FOR THE YEAR ENDED 31ST OCTOBER 2023
31.10.23
31.10.22
Notes
FIXED ASSETS
Intangible assets
Tangible assets
Investments
io
367
18,073,006
9,947,343
28,020,716
615
19,345,953
5.886,114
25,232,682
13
CURRENT ASSETS
Stocks
Debtors
Cash at bank and in hand
40,040
483,205
2,876,582
38,778
1,018,100
4,832,144
14
3,399,827
5,889,022
CREDITORS
Amounts falling due within one year
15
(837,167)
(864,840)
IYET CURRENT ASSETS
2,562,660
5,024,182
TOTAL ASSETS LESS CURRENT LIABILITIES
30,583,376
30,256,864
CREDITORS
Amounts falling due after more than one year
16
(34,153)
(30,615)
IYET ASSETS
30,549,223
30,226,249
FUNDS
Unrestricted funds
Restricted Funds
18
A9
30,533,592
15,631
30,210,677
15,572
TOTAL FUNDS
30,549,223
30,226,249
The financial statements were authorised for issue by the Council on 9th February 2024 and signed on its behalf by..
J Martin
Chairnlan of the Finance Committee
The notes forni art of these financial statements
Page 15

ROYAL ULSTER AGRICULTURAL SOCIETY
SOCIETY BALANCE SHEET
FOR THE YEAR ENDED 31ST OCTOBER 2023
31.10.23
31.10.22
Notes
FIXED ASSETS
Intsngible assets
Tangible assets
Investments in group subsidiaries
Investments
Jo
367
9,645,630
23,850,000
9,947,343
43,443,340
615
9,817,510
23,850,000
5,886,114
39,554,239
12
13
CURRENT ASSETS
Stocks
Debtors
Cash at bank and in hand
20,631
1,492,940
363,452
20,836
892,130
91,371
14
1,877,023
1,004,337
CRFDITORS
Amounts falling due within one year
15
(14,736,987)
(10,301,712)
IYET CURRENT LIABILITIES
(12,859,964)
(9,297,375)
TOTAL ASSETS LESS CURRENT LIABILITIES
30,S83,376
30,256,864
CREDITORS
Amounts falling due after more than one year
16
(34,153)
(30,615)
NET ASSETS
30,549,223
30,226,249
FUNDS
Unrestricted funds
Restricted funds
18
19
30,533,592
15,631
30,210,677
15,572
TOTAL FUNDS
30,549,223
30,226,249
The financial statements were authorised for issue by the Council on 9 February 2024 and signed on its behalf by:
J Martln
Chairnian of the Finance Committee
The notes form
art of these financial statements
Page 16

ROYAL ULSTER AGRICULTURAL SOCIETY
STATEMENTS OF CHANGES IN FUNDS
FOR THE YEAR ENDED 31ST OCTOBER 2023
GROUP
Unrestricted
funds
Restricted
funds
Total funds
Bglanee al 1st November 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
15,572 30,226,249
Surplus from financial activities
322915
59
322 974
Balance at 31st Oetober 2023
30 533 592
30 549 223
SOCIETY
Unrestrleted
funds
Restricted
(unds
Total funds
Balance at 1st November 2021
29,785,832
15,532 29,801,364
Surplus from financial activities
424 845
40
Balance at 31st October 2022
30,210,677
15,572 30,226,249
Surplus from financial activities
322 915
59
322 974
Balanee at 31st October 2023
30 533 592
30 S49 223
Page 17

ROYAL ULSTER AGRICULTURAL SOCIETY
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2023
31.10.23
31.10.22
Notes
Cash flows from o
eratin
activities
Cash generated from operating activities
938,087
(558,879)
Net cash from operating activities
938,087
558,879
Cash flows from investin
activities
Purchase of tangible fixed assets
Proceeds from the sale of development of land
Gains and losses on Investing activities
Cash invested into investment portfolio
(337,629)
1,443,980
(189,556)
2,554,573
(138,093)
5886 114
4 000 000
Net cash from investing activities
2 893 649
3 659 190
(Deer¢ase)/lnerease In cash and cash equlvalents
Cash and cash equivalents Ht beginning rjf yeur
(1,955,562)
4,832,144
(4,218,069)
9,050,213
Cash and cash equlvalenty at end ofyear
2 876 582
4 832 144
The notes forni
art of these financial statements
Page 18

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2023
RECONCILIATION OF SURPLUS TO CASH EXPENDED ON OP ERATIONS
31.10.23
31.10.22
Net movement in funds
Amortisation of intangible fixed assets
Depreciation of tangible fixed assets
Gain on disposal of development land
Gains/(losses} on Investing activities
Realised Gain on disposal of investment
Investment Income received into portfolio
Investment fees paid out of portfolio
322,974
248
509,508
(342,913)
52,437
(28,043)
(110,208)
424,885
247
498,715
(791.616)
138,093
428,589
(1,262)
534,895
(27,673)
270,324
(7,170)
{427,942)
{395,708)
(Increase)IDecrease in stocks
Decrease l(Increase) in trade and other debiors
(Decrease)Ilncrease in trade and other creditors
Increase/(Decrease) in deferred income
Cash generated from operatlons
938 087
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 Oetober 2023
31.10.23
1.11.22
Cash in hand
Bank deposits
541
2 876 041
381
4831763
2 876 582
4832 144
Year ended 31st October 2022
31.10.22
1.11.21
Cash in hand
Bank deposits
381
4831763
283
9 049 930
4,832 144
9050213
Page 19

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023
GENERAL INFORMATION
The Royal Ulster Agricultural Society's objective is the promotion of agriculture in Northern Ireland by holding
agricultural shows, and by giving agricultural instruction by exhibitions, lectures and by other such means as may
from time to lime be found expedient and in accordance with the provisions of the Scheme. The registered office
can be found on the Legal and Administrative Inform ation page.
The presentation currency of the financial statements is the Pound Sterling (£)
ACCOUNTING POLICIES
Basis of preparation
The charity constitutes a public benefit entity as deftned by FRS 102. The financial statements have been prepared
in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to
charities preparing their accounts in accordance with ihe Financial Reporting Slandard applicable in the UK and
Republic of Ireland (FRS I02) (effective I st January 2019)- (Charities SORP (FRS 102)), the Financial Reporting
Standard applicable in the UK and Republic of Ircland and the Charities Act (Northcrn Ireland) 2008 (as amended
by the Charitie5 Act (Northern Ireland) 2022). The financial statements are prepared on a going concern basis under
the historical c05t convention, modified to include certain items at fair value.
Golng eoncern
The Society's forecasts and projections, taking account of reasonable p055ible changes in perforniance 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 its current cash and investment resources. The Council have a reasonable expectation that the organisalion
has adequate resources lo continue in operational exislence for a period of at least 12 months from the dale of
approval of the financial statements. Thus, they continue to adopt the going concern basis of accounti ng in preparing
the annual financial statements.
Flnanclal Reportlng Standard 102- redueed diselosure exemptions
1.he p(Irent charity satisfies the criteria of being a qualifying entity as defined in FRS 102, As such, advantage has
been taken of the following disclosure exemptions available under FRS 102:
a) No cash flow statement has been presented for th e parent charity.
b) Disclosures in respect of financial instruments have not been presented.
c) No disclosure has been given for the aggregate remuneration of key management personnel,
Basls of eonsolidation
The consolidated financial statements present the results of the Royal Ulster Agriculiural Society and its subsidiaries
as if they fornled a single entity, Intercompany transaclions and balances between group companies are therefore
eliminated in full. A separate stalemenl of financial activities for the Society itself is noi presenled as the Society
has taken advantage of ihe available exemptions.
Specific judgements and estimales
In preparing these financial statements the trustees have not had to make any significant judgements or estiniates.
Income
All Income is included in the statement of financia l 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
categories of income..
Gifts and donation5 are included in full in the statement of financial activities when r¢c¢ivable.
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 2023
ACCOUNTING POLICIES- continued
Income- eontinued
Annual subscriptions are recognised in full in the Statement of Financial Activities upon receipt. Life
members. fees are recorded as deferred income and released to the Statement of Financial Aclivities at a
rate equivalent to annual membership.
Commercial income represents the invoiced value of services supplied during the year, excluding valu¢
added tax and is net of sales returns, trade discounts and rebates. Revenue is recognised when, and to the
extent that, the group or parenl charity obtains the righi to consideration in exchange for its pcrformance.
Expendilure
Resources expended represent all costs incurred in the course of the group's activities 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 its activities and services
for its beneficiaries. It includes both costs that ¢an be allocated directly to such activities and those costs
of an indirecl nature necessary to support them.
Governance costs include those incurred in the governance of th¢ group's assets and are associated with
constitutional, statutory and slrategic requirements.
Cost of generating funds include expenditure relati ng lo members, subscriptions and agricultural/equcs¢rian
rental income which can be allocated directly to such activities and those Costs of an indirect nature
n¢c¢ssary lo support them.
Defined contribution pension schem¢s are operated on behalf of certain staff members. Coniributions are
charged as incutted.
Intanglble assets
Intangible assets are stated at historic cost less accumulated depreciation.
Intangible assets are included at purchase ¢05t, together with any incidental costs of acquisition. Depreciation is
calculated to writ¢ off the c05t of intangible assets, less estirnaled residual values, on a straight-l ine basis over the
expected useful economic lives of the assets concerned, The principal annual rates used are as follows:
Trademarks
Where the recoverable amount of an intangible asset is found to be below its net book value, the asset is written
down to the recoverable amount, and the loss on impaiment is recognised in the Statement of Financial Activities.
Tangible fixed assets
Propety, plant and equipment are stated at cost less accumulated depreciation and accumulated impairn ent losses.
Such c05t includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided at the following annual rates in order to write off each asset over its estimate useful life:
Showgrounds
Land held for development
Buildings
Plant, vehicles and equipment
Nil
Nil
Page 21

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023
ACCOUNTING POLICIES- continued
Investments
Investments in subsidiaries are measured at cost less accumulated impairnient.
Fixed Asset investments are stated at market value at the balance sheet date. The Statement of Financial Activities
includes the net gains and losses arising on revalualions and disposals ihroughout the year.
All gains and losses are taken to The Statement of Financial Activities as they arise. Realised gains and losses on
investments are calculated as the difference between sale5 proceeds and their opening carrying value or their
purchase value if acquired subsequent to the first date of th¢ financial year. Unrealised gains and losses are
calculated as the difference between the fair value at the year end and their canying value. Realised and unrealised
investment gains and losses are combined in The Statement of Financial Activities.
Stocks
Stocks are valued at the lower of cost and net real isable value, after making due allowance for obsolete and
slow moving items.
Flnanelal Instruments
All financial instruments of the group and parent charity are considered to meet the definition of basic fmancial
instrumcnts.
- Shorl-lerm debiors and creditors
Debtors and creditors with no stated interesl rate and are receivable or payable on demand are recognised al
transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the
profit and loss account.
Cash and ¢a.yh equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Taxatlon
There is no liability to taxation due to the Society's charitable status.
Foreign currencies
Transactions denominated in foreign cu￿encieS are translated at the exchange rate at the date of transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchan ge ruling at the
balance sheet date. The resulting gain or loss is recorded in the statement of financial activilies.
Fund aecountlng
The group ha5 various types of funds for which it is responsible and which require separate disclosure. Definitions
of the various types of funds are as follows:
Reslricledfunds
Restricted fund5 are to be used for specified purposes as laid down by the donor. Expenditure which meets these
criteria is identified to Ihe fund, together with a fair allocation of overheads and support costs.
Unrestricledfund
Unrestricted 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 2023
INCOME
Notes
Unrestricted
Funds
Restricted Tot81 Funds
Funds
31.10.23
Total Funds
31.10.22
Voluntary income
Members, subscriptions and
donations
52,410
52,410
61,533
52,410
52,410
61,533
Activities for generatlng funds
Commercial income
Other income
2,522J40
212,631
2,522 J40
212,865
3,457,496
45,813
234
2 734 971
234
2 735,205
3 503.309
Income from eharltAble aetivities
Balmoral Show income
Winter Fair income
Beef and Lamb income
2,742,259
328,439
22,311
3 093 009
2,742,259
328,439
22,311
3 093 009
2,498,215
259,077
28,665
2 785 957
5 880 390
234
5 880 624
6 350 799
EXPENDITURE
Noles
Unrestrleted Restrieted Total Funds
Funds
Fund$
31.10.23
Total Funds
31.10.22
Cost of generating funds
Members, subscriptions
Commercial activity
96,969
1,981,007
2,077,976
96,969
1,981,007
2,077,976
59,195
2,402,650
2,461,845
Charitable activitles
Agricultural shows
Other charitable activity SUPPOrt costs
3,069,348
15,528
175
3,069,523
15,528
2,893,056
3 084 876
175
3 085 051
2 893,056
Other expenditure
Centralised costs
Investment expenditure
342,186
342,186
423,023
9,897
342 186
342 186
432 920
5,505,038
175
5,505 213
5,787,821
Page 23

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023
COMMERCIAL INCOME AND EXPENDITURE
31.10.23
31.10.22
Commercial income
2,522,340
2,522,340
3,457,496
3 457 496
Support costg
Salaries and wages, labour and security
Direct expense5
Office costs
Establishment expenses
Development costs
(366,596)
(267,493)
(1,338,760) (1,973.663)
(49,910)
(28,334)
(225,741)
{133.160)
1981007
2 402 650
Net incom¢
541333
1054 846
The income and expenditure totals above incorporale the profit and loss account of the Society's tradin&1 subsidiaries
The King's Hall Exhibition & Conference Centre Limited, King's Hall Harberton Estates Limited and KH Balmoral
Eslates Limiled. The financial year-end for all companie5 is 3 1st October 2023.
EXPENDITURE ON CHARITABLE ACTIVITIES
Notes
Unrestrleted Restrleted Total Funds
Funds
Funds
31.10.23
Total Funds
31.10.22
Dlrect costs
Prizes to exhibitors
Ground preparation
Exhibition stand preparation
Judges, expenses
Catering costs
Advertising, promotion and printing
Attrdctions and associated costs
Cost of car parking facilities
Showground cleaning
Fees for services
Miscellaneous
178,609
791,579
55,094
24,188
56,220
124,796
79,989
170,257
156,690
362,611
6,962
2,006,995
1,062,353
175
178,784
791,579
55,094
24,188
56,220
124,796
79,989
170,257
156,690
362,611
6,962
2,007,170
1,062,353
164,166
762,114
53,990
32,901
54,306
140,123
69.041
155,407
145,804
341,845
3,469
1,923,166
969,890
175
Support costs relating to agricultural
shows
Total expenditure relallng to
agricultural shows
3,069,348
175
3,069,523
2,893,056
Page 24

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023
TOTAL EXPENDITURE
Employment Depreciation Establishment
costs
Other
costs
Total
31.10.23
Total
31.10.22
Commercial
activity
Agricultural
shows
Other charitable
activity SUPPOrt costs
Centralis¢d
costs
Investment
Expenditure
366,596
225,741
lJ88,670
1,981,007
2.402,650
379,653
367,024
214,431 2,108,415 3,069,523
2,893,056
45,603
18,225
48,669
112,497
59,195
127,159
142,732
57,256
15,039
342,186
423,023
9,897
919,011
509,756
515,053 3,560,793
5,505,213
5,787,821
EMPLOYEE COSTS
Staff cost$
31.10.23
31.10.22
Wages and salaries
Social security Costs
Other pension costs
745,810
69,140
78,442
682,301
71,361
71,456
Total payroll costs
893,392
825,118
Contract labour and other staff Costs
25,019
15,559
Total employment costs
919011
840 677
The average number of employees during the year were:
31.10.23
31.10.22
Monthly paid
Weekly paid
15
14
21
19
The number of employees who received total employee benefits (excluding employer pension costs) of more
than £60,0(M) is as follows:
31.10.23
31.10.22
£60,001- £70,000
£70,001- £80,000
£80,001- £90,000
£90.001- £100,000
£ioo,000- £110,000
Page 25

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR EIYDED 31ST OCTOBER 2023
EIVIPLOYEE COSTS (continued)
Employer pension contributions totalling £5,702 (2022.. £226) were made during the year on behalf of the higher paid
employee.
Compensation paid to key management personnel in the year to 31 st October 2023 was £ 85.553 (2022., £81 ,932).
The Council member5 received £Nil remuneration during the year (2022- £Nil). Travel expenses totalltng £3,907
(2022: £1,683) were reimbursed to 10 (2022: 4) Council members during the year. Council member5, indemnity
insurance has been purchased by the Society at a cost of £8,193 (2022.. £6,097).
NET INCOME FOR THE YEAR
Net Income is 51ated after charginW(credltlng):
31.10.22
31,10,22
Fees payable to the group's Auditor for the audit of the financial statements
Fees payable to the group's Auditor for other services
Depreciation - owned assets
24,150
1,575
509,508
23,000
1,500
498,715
Total net expenditure after transfers and unrealised gains was a surplus of £322,974 (2022: surplus of £424,885). No
profits were retained in the subsidiaries, The operating surplus for unrestricted funds for the year was £322,915 (2022..
surplus of £424,845). The movement in the restricted funds was a net income of £59 (2022., income of £4 0).
io,
INTAIYGIBLE ASSETS
Group and Society
Trademarks
COST
At 31 st October 2022 and 31 st October 2023
AMORTISATION
At 31 st October 2022
Charge for Year
1,860
248
At 31 st October 2023
NET BOOK VALUE
At 31st October 2023
367
At 31 st October 2022
61S
Page 26

ROY AL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023
TANGIBLE FIXED ASSETS
Group
Improvements
to land held
under lease
Land and
buildings
held for
development
Buildings
Plant,
vehicles
and
equipment
Total
COST
At 31 October 2022
Additions
Disposals
3,771,544
99,787
9,528,443
,023,778
101,019
1,326,299
136,822
22,650,064
337,628
(1,101,067)
(1,101,067)
At 31 October 2023
3,871 J31
8,427,376
8,124,797
1,463,121
21,886,625
DEPRECIATION
At 31 October 2022
Charge for Year
Disposals
878,816
135,596
1,575,892
268,626
849,403
105,286
3,304,111
509,508
At 31 October 2023
1,014 412
1844518
3 813 619
NET BOOK
VALUE
At 31 October 2023
2 856,919
8 427 376
6 280 279
18 073 006
At 31 October 2022
2 892 728
9 528 443
6 447 886
476 896
19 345 953
Analysis of cost or
valuation
Cost
Valuation
3,871 J31
1,480,355
6,947,021
8,124,797
1,463,121
14,939,604
6,947,021
31 8 427 376
8 124 797
1463 121
21886,625
Certain buildings were revalu¢d in October 2013 on the basis of valuation for existing use by BTW Shie Ils. The
showgrounds were revalued by Simon Brien in October 2015 on the basis of open market value. The remain ing
buildings were revalued in October 2017 on the basis of valuation for existing use by Colliers Intemalional.
If land and buildings had not been revalued, they would have been included at the following amounts.
31.10.23
31.10.22
Net book value
6,905,528
6,905,528
Page 27

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATFD FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023
ii.
TANGIBLE FIXED ASSETS (continued)
Society
Improvements to
land held under
lieenee
Buildings
Plant,
vehicles and
equipment
Totsl
COST
At 31 October 2022
Additions
Disposals
3,771,544
99,787
8,023,778
101,019
1,326,299
136,822
13,121,621
337,628
At 31 October 2023
31
8 124 797
1463 121
13 459 249
DEPRECIATION
At 31 October 2022
Charge for Year
Eliminated on Disposal
878,816
135,596
1,575,892
268,626
849,403
105,286
3J04,111
509,508
At 31 October 2023
1014 412
1844 518
954,689
3 813 619
NET BOOK VALUE
At 31 October 2023
2 856 919
0 280 279
9,645 630
At 31 October 2022
2 892 728
6 447 886
476 896
9 817 510
12.
FIXED ASSET IIYVESTMENTS
Society
Shares in
group
undertaking5
COST
At 31 st October 2022 and 31 st October 2023
23 850 000
NET BOOK VALUF
Al 31st October 2023
23 850,000
At 31 st October 2022
23 850 000
Page 28

ROYAL ULSTERAGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR EIYDED 31ST OCTOBER 2023
12.
FIXED ASSET INVESTMENTS {continued)
The Society's investments at the Balance Sheet date in the share capital of companies comprise the following
subsidiaries..
The Klng's Hall Exhibition and Conference Centre Llmlted
Company number: N1033140
Registered office.. RUAS Office, Balmoral Park. Halftown Road, Lisburn, B￿7 5RD
Nature of business.. Provision of event facilities
/0 holding
100.00
Class of shares: Ordinary
King's Hall Harberton Estates Llmlted
Company number: N1627613
Registered office.. RUAS o￿lce, 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 nurnber: N1648449
Registered otTice: RUAS Office. Balmoral Park, Halftown Road, Lisburn, BT27 5RD
Nature of business.. Management of land held for developrnent
/0 holding
100.00
Class of shares.. Ordinary
The Council believe that ihe canying values of the investments are supported by the underlying net assets of each
subsidiary.
13.
FIXED ASSET INVESTMENTS
Value
brought
forward
Addltions
Disposals
Movement
In cash
Change
in
market
value
Value
carrled
forward
Quoted Investments
Cash held by
investment brokers
5,563,980
322,134
1,728,138
(468,286)
(52.437)
6,771 J95
3,175,948
2,853,814
5886114
1,728 138
468 286
9 947,343
The change in m8J*et value of investments during the year comprises all increases and decreases in the market value
of invesÉments held at any time during the year. including profits and losses realised on sales of investments during
the year.
Page 29

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023
14.
DEBTORS
Group
Society
31.10.23
31.10.22
31.10.23
31.10.22
Trade debtors
Amounts owed from group undertakings
Other debtors
Other tax and social security
Prepayments
Accrued Income
302,424
826,905
192,580
1,217a58
355
210,229
587,187
94,169
93,815
15,637
79,077
85,645
967
483,205
97,380
82,647
1018 100
1,492 940
892 130
15.
CREDITORS: amounts falling due wlthin one year
Group
Soelety
31.10.23
31.10.22
31.10.23
31.10.22
Trade creditors
Amounts owed to group undertakings
Other tax and social security
Other creditors and accruals
Payments received in advance
130,989
249,374
117,380
14,073,334
23,333
166,773
356,167
184,766
9,644,328
15,303
111,476
345,839
91,138
188.722
426,318
66,033
130.896
418,537
864 840
14 736 987
10 301712
DEFERRED INCOME
Group and Soclely
Life
Members
Composition
Account
At 31 st October 2022
Receipts in year
Interest credited
Utilised in year
30.615
9,287
541
(6,290)
At 31st October 2023
34,153
Page 30

ROYAL ULSTER AGRICULTURAL SOCIETY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023
17.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Group
Unrestricted
fund5
Reslrieted
funds
Total funds
31.10.23
Intangible fjxed assets
Investments
Tangible fixed assets
Net current assets
Deferred income
367
9,947,343
18,073,006
2,547,029
34,153
30 533 $92
367
9,947,343
18,073,006
2,562,660
34.153
30,549 223
15.631
15,631
18.
UNRESTIUCTED FUNDS
Group and Soclety
General
funds
At 31st October 2022
Net movement in funds
30,210,677
322,915
At 31 st October 2023
30 533 592
19.
RESTRICTED FUNDS
The income funds of the Society include restricted funds comprising the following unexpended balance of
donattons to be applied for specific purposes:
Group and Soclety
Movement in funds
1.11.22
Incoming
Outgolng
31.10.23
W Fullerton Legacy
John Kirkpatrick Legacy
10,000
5.572
150
84
(150)
(25)
10,000
5,631
234
175
15,631
The Willle and Elsie Fullerton Bequest
Willie and Elsie Fullerton bequest the sum to be invested and the income used to augment the Society, s funds.
John Kirkpatrick Legacy
Donation to the Society in memory of John Kirkpatrick. The legacy's annual proceeds to be used to prov ide 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 2023
20.
FINANCIAL INSTRUMENTS
Group
31.10.23
31.10.22
Flnanclal Assets
Financial assets that are debt instruments measured at amortised cost
3,179,006
5,659,049
3,179,006
5,659,049
Flnanclal Ilabilities
Financial liabilities measured at amortised cost
130,989
249,374
130 989
249,374
Financial assets measured at amortised cost comprise trade debtors and cash at bank.
Financial liabilities measured at amortised cost comprise trade creditors.
21,
RELATED PARTY DISCLOSURES
The group has taken the exemption contained in FRS 102 Section 33.1 A - "Related Party Disclosure" not to disclose
any transactions with its subsidiary undertakings or the associated undertakings of any wholly-owned group company
on the grounds that the consolidated accounls of th e Royal Ulster Agricultufdl Society are publicly available.
22,
CAPITAL COMMITMENTS
At 315t October 2023, the Society had entered into a capital commitment which was contracted but not provided for in
these financial statements of £NIL (2022.. £NIL).
23,
TAXATION
The Society is a registered charity and as such is entitled to certain tsx exemptions on income and profits from
investments and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these
profits and su￿luseS are applied solely for charitable purposes.
24.
ULTIMATE CONTROLLING PARTY
The ultimate controlling paty is consid¢red to b¢ Council of the Royal Ulster Agricultural Society.
Page 32