ROYAL uisfER AGIUCULTURAL SOCtETY ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2025 cHARy NUMBER: 1111946
ROYAL ULSTER AGRICULTURAL SOCIETY coiYrENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED JIST ocfoBER 202S Page L¢gal aod admintstrxtive inforn(io Report ofthe Couneil REPOrt ofthe Independent Auditors 11 to 13 cons01id#t¢d StstemeTrt of FinaDetsl Activilies CoDsolidated Balanee Sb¢et 14 15 So¢lety Balance Sbeet 16 St4temtnts ofchanges Im Funds 17 Consolidated Ca5b Flow Statemejtt 18 Notes to the Conaolldgtsd Cash Statement 19 Notes to the Conwlldted blHsnc141 Ststem¢nts 20 to 32
ROYAL ULSTER AGIUCULTURAL SOCIETY LEGAL AND ADMINISTRATIVE tNTORMATION FOR THE YEAR ENDED 31ST OCTOBER 2025 REGISTERED OFFICE RUAS Office Eikon Exhibition C¢otr¢ 94C Haiftown Road Lisbum BTr7 5RD AUDrroRS Baker Tilly Mooney Moore Ststutory Auditors 17 Clarendon Road Clarendon Dock BeIfast Co Antrim BTI 3BG SOUc0$ Elliotts Legal 40 Linenh211 Street Belfast BT2 8BA Uills Seiig 21 Arthur Street Belfast BTI 4GA Danske Bank Donegall Squ2re West Belfast BTI 6SJ CHARITIES CObtMtssioN REGISTERED NUMBER 101946 Page I
ROYAL ULSTER AGRICULTURAL SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31ST OCTOBER 2D25 PatroD: EIRHThe Duke of Edinbur8h Vke Patron: Christsne Ad Fr¢sident: C Joljn H¢nuing OBE Nsch FRA8S Deputy PruideDt: David Cwmingtwn Past Pre5ide4Lts: John Bamber MBE. MargaTd Collinym OBE, John G Kelly OBE BAgr DIpr Comm FRAgS. Brian T King FRAgS. WilliaTll fvfartlll OBE JP FL4gS. Cyril Millar FRAES. The knrd Oweill KCVO TD, William H Robson OBE CertW FRAgS. Vi¢e Pr¢sidellt5: Retsrc 2026: CT05by Cl¢land FRAgS Rob¢rt Harkness Robin Irville FRAgS, OND FRAgS. RetiTe 2027.. Ian Duff BAgr Msc MIAgrE FRtigS. Ashley I Flemitsg FRA8S. Travid T C Wotkrnatt FIL4g8, Jay Ward¢n. Rctire 2028: CynthiaAikw Je8tt Mantl Diant Gib0. John CllmTthII Uartin BEM HNDLAgricl Lm Nsth, FRAgS. Retire 2029: Alan Arm5tron& Wallatt Boy( David Cunnin8ham, Georg¢ Harniltyn. Honor•ryVict Presidwht: Sam Mccsusland. Wilsm tA)g)o T Edwin Adams (14 NlaT¢h 2025) ELECTED MEMBERS: The Cottotil •ftke RUAS ¢oR5ists flf tht Presid¢llL Pr¢sidents Vice Pre5id¢Dts the followittg".- RETIRING MARC.H 2026 MtrvyTL Acheson. Richard Bcatti4 Brian clingh0 Harold Ditkcy. Brian I{r, William Jotte5. Gerard FraDCi5 Kelly, Br¢ndan Kelly, SheilaMalcotll50n, lan Mark. W Duk¢ M¢Carlnw, William MtElro), Howard McIlwainE Robetta Mcmullan BE Scott hicKibbiT4 James MCV Morrisort BEM BAgr (Honsl FILAgS. David Oweill. Myrtle Pe8K Jason Rob¢rtRafflkinNSGh ARAgS. Micbael Robso]L ONDA ARAgS, SaD)ucI James Smy1 Amanth wall L¢amk¢ Dialle Jotte5. RETIRING MARCH 2027 Jam65 C Allw4 Edwerd MBE FRAgS. Barclay Bell NDA FRAgS. Vaughan Byrn¢ Dr S8n Campbell, Robin che MBE FRAgS Ipass¢d aw¥y 26 April 225). Linda Davis, Mrs Pat Erwiti. Pauline Gibson. Desmond Gibwo Jayne Harknes5-Bon¢s MS¢ BA (Honsl ARAgS, NoTtn& Hoy, Mary Hunter Msc NItAgrM ARAg& Cwoline A Jd)b. DeThise Kclso. LiTsay. Richard L)ffjl& Alisiair McDonai(L Adrian M¢Gowsn. Robert S R McKibbiJL Cn)fftey Rillglrt Trevor Shi¢ld5 AFAg& Gavin Waislu Al¢xandTa Woods. RETIRIfG MARCH 2028 Dr Keith Agn¢w PhD, Gareth ArmstroThg. A]ithrAM8. St¢w'an 53axrer. Andrew BiE]gh3nb Libby Clarke NDA MNAE& James Coburll, Trevor Gabbic, Michael Graha4 Wallace Greg& Nigel T Homill. Gary HatLO& Judith Lyort& Charles M3rL David Ci MarK John McMordi¢ John Mercer Bsc tHonsl CEn& Dr (knlotte A BW PhD DipArfomN4 FRAgS. pdermoryow. John Hugh Murphy, Joann¢ MM¢Kibbin, Robeffa SimTllOn& Allison McTc¢r Bk Hons Bs8Er Ch¢m Hon4 Robert T H Wallace. Appoithtwj by tke DIrtMent of Agriculture. Envirfynrnul & Rural Afflin Dr Alisrair F Carson BAgr PhD PGCHET FRAg& Nlartin McKendry Page 2
ROYAL ULSTER AGRtCULTURAL SOCIETY REPORT OF THE COU,YCIL FOR THE AR Ef4DED 31ST OCTOBER 21125 The Couucil presents its annual repon and audited consolidated financld statements of the 0p for the year end¢d 31 October 2025. The Council has adopted the provisions of the Accour]ting and Reporting by Charities: Statement of R¢comm¢nded Practice appIicAble to chariti¢5 preIng their accounts in accordance with the Financial Reporting Stand2Td applicable in the UK and Republic of Irelaud (FRS 102), effe¢tive 1st January 2019 _ (Chariiies SORP (FRS 102)), in prepariug the annual reFx)rt and finanrial slat¢ments of the kni¢ty. REFERENCE AND ADmsTRATIoN DETAU tktaily of the registered office, elected m¢mber4 ind¢pendent advlsors and other relevant inforniation are given on pages I to 2. DETAILS OF THE SOCIETY The ciety The &)ciety w&$ ¢stablished ID 1854 a¥ the Nonh East AgrieuhuraI Association. It WAS incoryorated in 1894 under the Educational Endowments (Ireland) Att 1885, and a Sch¢me was drnwn up at that time for its futhre governance and maaagement. The Association changed its Dame ID 1903 to the Ulster Agriculthr Society, and pernii$5ion to use the Royal prefu was gted the following year. The Society is regISted with the aTrarity Commission for Northern Ireland (Northern Ireland Charity nwnP¢r. NIC101946. Inland Revenue Ref. XN 460?5) and its income is applied towards the delivery of its objectives. Comm¢reial Trading Activities The King's Hall Exhibition & Conference Centre Lilled was iDCOTporated in October 1997 as a wholly owned subsidiary of the Royal Ulst¢r Agrt¢ultura] SocA¢ty. This company's priDcipal artivity is the provision of evtht facilitie5 and EveDt opcration services for hire by extern ¢veni organisers. This company has no fixed assets or staff but is charged a licence fee for the use of the letyS pren)ises and equipment and a manageme]rt fee to cover establishment expeD8es and the seconthnent of stsff. King's Hall Harberton Estates Limited wa5 incorporated In November 2014 as a wholly owned subsidiary of the Society. This company bas successfully accomplished its remit.. to sell the lallds &ssociat¢d with the residential development at the King'5 Hall site. This compatty has no sthff but is eharg&l a management fe¢ by th¢ Society for the seconthneot of staff aud resour. KH Bahll0T Estate5 Limited was itiCOlFrt)rW in October 2017 as a wholty owned subsidiary of the Soctety. This company's sole aetivity is managing comm¢rciaI real estste activities kt th¢ King's Hall sit¢. This cotnpany has no staff but is ¢harged a manogemeot fo by the Soci¢ty for the seconthDent of staff and resourc¢s. Any surpluses geAJerated by the subsidlary companies are paid to the Society uDdeT coYeAJanL STRUCTURE, GOVER'ANCE Al MANAGEMENT Govern4Rce and lllt¢rnal Control Council overall r¢sponsibih"ty for ensutitig that the Society ha5 an appropriate system of CODtroJs, fujancial and otherwise. and for providttig reasonable as5urnDce that it is operating efficiently and effectively, its assets are safeguarded against Unauthorised use or disposttion, proper r¢cords ATe maintaine4 and f]nanctal inforniation used within the Society OT for publication is reliable and that it cunplie5 with relevant laws and Teglll*ii)ns. The Council, as a cotporafr body, is also coLsidered the Tnty ofthe Society for Charitie5 Act pUrses. President of the S¢xiety shall, ex Offici be the Chainnan of the Council. The system of internal controls is designed to provide TeTrable. but not absolute, assurance against material mAs5tatem¢nt or loss. Key featUS of the system include the preparation of an annual tr#Jdget for approval by the Finance Committee. regular consideration by the Finance Committ¢e of fuwcial r¢sults,' review of variance from budgets" non-fancIal perforn]anre indicators and bendllnarking reviews. del¢gatioll of authority and segregation of duties,. and the identifAeatiQD, revi¢w and management of strategic. atd (yerational risks. Page 3
ROYAL ULSTER AGRICb'LTURAL SOCIETY REPORT OF THE COUNCIL FOR THE YEAR ENDED 31ST OCTOBER 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT- continued Ernployees A staff of twenty-two eowloyees under the directiffl of the Group Executive Director undertake the management ajd operations of the Society. Th¢ Society's ¢mployment wlicies and prkctices ae review¢d annually to ensure compli3¢ with rel¢vallt local empltrym¢nt legislation. The &xiety has a traiDing and development ]1 to ensure that all 5taifare ompetent to undertake the dutie5 set t)ut in their job d]ptionS. Regular fomal meeting5 take place to eD5ure communication of aIl pertinent matters. Coull¢i] w(Mdd like to thaJ)k sta£YMembS for their prof¢ssioDal contribution to the Society and their continued loyalty. support and hard work. OrganIstioal Structhre Details of th¢ Council's composition and its cutrent membership can be fouud on pag¢two. The Scheme provldes for the appointment by Council of wmmittee5 consistillg of members of the Society. Potential ntw Council members are nominated by Society memkrs alld elerted by the Society's merllbership. Council members are subject to retirement by rothti<)n but are eligible to stand for re-¢lectioD. Committees meet &5 required And make recoromendations for Council's approval. The Finance Conmnitke has a range ofdelegated duties that it can impleEuent without reference to CouD¢iI. During the ftIal year, there were fifty-seven commite meeting4 and Couu¢il met on six Oc105. Risk mAnag¢ment Through the Finatice Commfflttee. Council ba8 established a ddxiled proced to review the significattt risks the Society is exwsed to. This review aims to establish a risk anagement sts*egy whicb compri8es: Regular review of the risk8 that the Society may fac4 which are Evalu&t on an aDnua] basis based on a comprehensiY¢ risk r¢gi5ter. The establithment of system5 and procedures to mitsgat¢ thos¢ risks ikntified in th¢ review. The irnplementstion of proc&lures designed to minimi5e th¢ impact on the Society should aDy identified risks materialis¢. The review of $ignifiiant risks has idartAfi¢d the following key risks.. The review of the Society's Govern•]c£ needs to ensure that it aligDS with best prnctic¢ as defjned in the Code of Good Governance. As a Charity. the Soci¢ty must demollstrate that it 15 Sred by efftive strategi¢ leadership ali8D¢d with its obj¢ctivcs, rnission, and values. The Society's l¢adership nceds to ensure ttwt decision-making is informed, rigorous and ttrnety while abiding by ¢urTent legislation and commercial onfidentiality requirements. The irnpact public perception aDd confidence in the Society require5 the &Kiety to ejthanee its reporting of its publi¢ benefit transparentty and c4Jhe5ively. The Society's flnancial sustainability relies on the generation of enabling finance through its commercial subsidiaries, which transfer all sllrpluses genernt¢d to the &xiety under covenaut. Th¢r¢ is a need to ensure adequate succession planning and a retention policy is in place for the CouneiL committees, and key managem¢Dt positiOn5. Ihe risk that Society events or enabling fan0 activities ate ¢¢lIed due to external facttrs su¢h a5 weather, an othak of animal itlnesses, political factOTS or pandemi. A k¢y pri(Kity of the Society's Strategic Plan for the next threeyeats is the ongoing governanc¢ review to ensure that the Society's governiag strncture is 'fft forputpose and fi¢ for the firture,. The Finance Cojnmittee has prndently reviewed th¢ significaT]t risks the Society faces &nd believes achieving free reserv¢s suificient to fund twelve m¢)nths of nomal activty, COJDbined with the annual review ol rontrols over key fjnancial systems. will provide adequatr Tesollrce5 in the event of adverye conditions. The P[tl¢e Committee has also examitied other business and operational risks the Society faces and confimed that it has established systems to mitigate significant risks. Council is responsible frmanagingthenSkS faced by the Society. Ddailed risk consideration is delegatedto the Finallcc Committee, assisted by the Senior Management Team. A forn1 review of tbe So¢iety's risk management process is undertaken annualty. Page 4
ROYAL ULSTER AGRtCULTURAL SOCIETY REPORT OF THE COiINCIL FOR THE YEAR ENDED 31 OCTOBER 2025 OBJECTIVVS AND ACTivrrIES The Scheme, which was last amend¢d in 1984, identifies the Council as a ¢OTporate with the power and ability to exercise general supervision and control overthe Society's affairs. The Society's propety, funds and securities are vested in Coullcii tt> be utilTrsed for the purp05¢ of fvifiuing tht Socw's ¢harAtsble obje¢tives as detailed in the Scheme. The Society's charitable objectivL8 are.. The prornotion of agrlcuhute by holding agricultural sbow5 and delivering agricultural illstruction through exhibitions, lectuw and irther such m&ms as n]ay from time to time be found expedient and in accordance wit the provisions of th¢ Schane. The promoiion of Andle4 ao sciencts and lifrrature. These items were added to the Scheme in 1937 but have always been treated as minor relative to the main objective of promoting agriculthre. The RUAS seeks to achieve its objectives throw the following." Delivery of agricultural shows which seek to: Contribute to the enricbment of public awareness and under5tsnding of the province's agri-food sector. Promot¢ gLx)d farming pwtices and the develop¢1 of the skills and crafts needed to enbance th¢ sector. Encourdge the &lvancement of ttrding and rearing of livestock (in¢luding horses and poulty). Presentation of aw2Tds to those engaged in agrtcuhure, parti¢u]arfy rewising individual employee5, sentice in th¢ agricultural sector. Worktng in paJtttership with other b(Klies to enhanc¢ the promotion of the sertor. Promotion of the arts through nltaIning faciliti&5 and s¢rvices enable the Venue to host a range of cultural and sporting events. During the flnancial year, the Society ha5 intiiated the iwplementation of its Strategic Plan for 2025 to 2027. The fOS of the Strategic Plan is to ensure that the Society is upheld as a viabl¢ and vli )rant orghnisatioll for fjjtte £eneraiions. The So¢iety has adopted the following as the mTSSiOn of the lety. To position the Society as a forwaT&kKkkiD& inclusiv¢ and resilient or88nisatioD that PTomotes the agri-food industy by showcasitig excellence. innovatioffj and b¢st practi¢e fatrning and f(KNI. The Society aims to ethicat¢ inspire. and inform (7]Trent generations oll Ihe itnportance of sustainable agriculture and local qualty pr(Kfuce . ¢tthancing appTlati0Tt of the seCr. the envirOn¢t and n1 communities. We support excellenc¢ in livestock husbandry and fixmj pr(MJuction through c(xnpEttlions and events as we embrare futhre challeng¢s and optmmthities. The Society bas Identifi nin¢ strategic priorities. Each priority bas its own clw vision and operational iniiiatives. The piioriiies are as follows.. Financial Sustainability: 8cIalty robust with 5UStainable income gen¢ration' Governance Strll¢ture.' fit for PllTwse at]d for the fittur¢" Education.. corujeciing people to the story ond purw>se of agriculmre; People: nurtwing talent within the Society to be gmbitious. creative artd resili¢nt: Engag¢ment'. th¢ RUAS is engaged across th¢ agri sector and the wider cornmunity" Partners.. strengthen and develop reIonshIpS with key partners: Shows and Events.. the cel¢bration of a8ri¢uItU that connects the n81 and llall communities,. Place.. where people enjoy coming together to connecL learn. trade and sociali5e' Heritage: boni>uring the p&8t and embracing the future. Page S
ROYAL UISTER AGRICULTURAL SOCIETY REPORT OF TIIE COUNCIL FOR THE YEAR Ef4DED 31ST OCTOBER 2025 PUBLIC BENEFTr Council considcrs thkt these objectives, rni5SiOn stAtcmcnt and strategic priorities demonstrnte the slety's clear public benefit in enhaneitig rurAI eommwiiti¢5' so¢ial. ¢¢onomi¢, and cultural wcll-being. The Public benefits inelude= In]proYing standards of livest(Kk and agricul[al PTactices within the agriculthral sector in Nortbern Ireland aThd beyond,. Preserving and maintaining higb standards and skill leve15 within the agricultUTal Sector in NortbErn Ireland and beyond. Developing athl preserving rural cr8fis and craft5m1P necessary to enhan¢¢ the agricultural sector. FSUring that rural traditions and skill$ are possed down through su¢ces5ive generations of the agri¢ultllral community., Improvillg the welfare of agricultwal animals thTough the witioD of high stsndards of agriculturaI husbandry, Enhancing the genernl public's knowkdge and und&3tsttdig of the Province'5 agri-food sedor. In drafting these statements, Council has complied with the dury outlined tn Section 4 of the Clwities Act (Northern Ireland) 2008 {as amendedbythe CharitiesActlNonhern Ireland) ?022). tohave duer¢gardto tb¢ public benefitguidance published by the Charity Commi5SiOll. ACHIEVEMENTS AND PERFORMANCE TILe fianCial year was a peri¢yJ of gTowth and success for the &Iety, as its charitable adivities were enhanced with 8UPPQrt from a wide range of stakeholder5. The Council committed to ex[ding ndS to hold its annual Agricult] show5, ensuring that the Society continued ro deliver its objectives. To achieve th¢ Society's objective4 tbe following events have taken place within the financlal year. Royal Ulster Premier Beef & LAmb Champlonsbip% 21ll4 Th¢ P Royal Ulster Premier Beef & Lamb Championships took place on Tuesday, 20 Novernber 2024, in the Loga Hall. The Soci¢ty welcomed Yisitors to the Sbow and Sale, which hosted a significant number of exceptional quality anirnals ihis year. with 97 Cattle. 40 calves and 84 pairs of sheep coming forward (Trn the day. The Cattle Young H0ndler and Lamb Young Handler Classes werewell supported. Thejudge5 confirmed thattheywere impressed with the standard of animals presenied and tbe skill ayknbited by the p8rtiCiPabng y(Ktng handlers. The winner of the covded RJ Allam'5 Cup and the highly sought-after title of Supreme Champion was the Ca]laghaD Fami]y's Charoiais-sired heifer, Shabooz¢y. llie CallaghanFan)ily were alsodeclared the firstwinner5 ofthe new Bred & Fed Championship and Rodgers Family Perpethal Cup. This accolth w&8 introduced to the 2024 Show to recogThÉse the highest placed exhibitor-bred animal from across all the fdttle sectiot)s, and on the day, Shaboozey Sto to the judge as an ouistauding example of the faTnily'5 preparation and investment in theÈr home herd. The tide of Reserve C11p10n was awaTded to JCB Comrnercia]s from Newtownards with The Skunk. The Ulst¢r Housewife's Cbatnpionship w&8 judged this yearby14)cal ttcher Alfie Murrny Ballygowan. Taking the top honour5 was Limousin heifer, Jatnmie D(L, exhibit by the Cochralle Family fro Portadown. The Reserye U]ster Housewife's Championship title wL% to RMC Con)mercials' British Blue heifer from Mon¢ytuor¢. Tornmy Jackson from Ballynabinch se¢ur¢dthc F4cst RUherPaIr title forthe sEwnd wns¢c4rtiveyearwith Dutch Spott¢d lambs. The Res¢rve title w&s awarded to Jaden Mccutcheon from Trilli& for his impressive Beltex pair. Royal Ulster Wint¢r Fjlr 2024 The Society hosted the 38th Roya] Ulster Wmter Fair in ass(Kialion wtth sole sponsor Danske Bank on Thursday 12th December 2024. The Society was PTiYileged to host its PatroD. HRH The Duke of Edinburgh, on hls inavgural visit to tbe Royal UI*er Winter Fair, during which he visited severnl trade stsnds. engaged with many of thc Fair's visitors, and was th¢ gu¢st of honour at the President's Lun¢b. After lunci the Patron iour¢d th¢ ¢attlc lines and pr¢sMtcd th¢ Champion Holst¢in award. Roberta MiuTa. from Dan5ke BanK judged the trade stand awards at the evenl ttvi¢wing over 200 sector-spe¢ific tr stands. including comyanies from Italy, France, #nd Getrnany. Lely Center Eglish won th¢ Large Trade stan and the Best Sall Trade Statkd was awarded to Provila An]} Health. Page 6
ROYAL ULSTER AGRICULTURAL SOCJETY REPORT OF THE COUNCtL FOR THE YEAR ENDED 31ST ocfoBER 2025 ACHIEVEMENTS AND PERFORMANCE- CODtinued The event attraaed a recoTd enty of 196 dairy attk. and the shownanship ¢lasses are also growing in popularity, with 37 entries over the two cl¢$. The canle judge, Nathan Thomas from Ohi(Tr, had the task of seleuing the winners on the day, ald the overall supreme Interbreed chaTnPiQll was WOD for the second consecutive year by Hallow Ho15teins from Gorey with Hallow Octtin Twi321e andthe FleJning Famty from Dowllpatrith were awardedthe Reserve Champio with their Jersey Pottersw411$ Bontino Dawn. Baljnorgl Show 202S The slery hosted the 156th Balmoral Sbow from 14th to 17th May 2¢n5. The Sociery was delighted to welcome a significant number of vi51tS ov¢r the four days. Of note. the Society welcomed thE Secretwy of Strdte, Hilary Betu), the First and depury First MiDist¢is, Michelle O'Neill and Emma Little-PEngelly. and the Ministrr of Agriwltt Environmenl and Rural Affairs of Northern Irelan(L Artdrew Muir. Livestock exhibitors were well supportcd at the Ba]mornl Show, with a]most 3.500 animals competing in the livestock competitions. Once again, the rattle exhibitors deliyered An excellent &thibit of high-qualiry livestk, with 595 beef ttle and 116 dairy cattle preyent¢d for judging overthe Show's four days. Olytnpic Gold Medallist Hannah Scott MBE had the tssk of choosing the 2025 Champion ofchampion4 which w&$ won by Steph¢n Magsmi from Downpatrick with his senior Saler st(Kk bulL Sidney. The Sheep Sheartng Competition5 w¢r¢ again hosted in the Fold stsvcnllE. There We 171 entries with a record 2148 sheep shory an increase of 1611h on the previous year. Th¢ ¢ompetitiOnS attracted int¢rnational shearers from Chile and New Zealand The second Wwl IDnovatots Competition, an educational initiative for primary sch(x)I children led by Jayne Harkness Bones. was a great su¢$5, with 12 primary h[M)IS completing class-based projects that were displayed in the Fold thiring the Baimordl Sbow. The Worship1 Company of Woohnen, the eveDt sponsor. were delighid witb the entries and the Childr'S engagetnent wtth the dmllenge. Balmoral Show delivered anotber memordble week of nional and int¢rndtional show jumping in the main arena. Co]m Quinn, a worl&Tenowned FEI Level 3 wur5e designtt, was appointed as the uew intemational CS12 course designer for 2025. His challcnging yet welcoming traths Teceived great feedback froln athlelES and judges alt. Seventy-sev¢n internati¢)nal rider% representing Dine diff¢reDt nationalitie5 applied to wmpete at Balmora] Show. once again demonstratingthÈ event's high demand and itrt¢Test in securing oneofth¢40 ¢omp¢titive places. Irish rideTFrancisDerwin nearly achieved a double victory in the Grdnd Prix Ba]monL falling JU short to f¢llow Irish rider Jessica Burke, who claimed the top share of the grnnd prix prize prnviding an exciting collclusion to the Internation cl&<ses. Spring qualifiers for th¢ sChIs Team. Under Io's and National h(Kses Classes. held across Vario equestrian venue5 i treland. A record totsl of 351 Amaleur riders batt]ed it out ts) compete for one of the 25 qualified places in the championship fmal at BalmoTal. Again. another example of how local ITish riders seek th¢ opportLmity to ride in our sllpb Grade l arena. Unfortunately* thep0ulty.pig¢O and sections wereCaltIIed in line with DAERA restrictions Dnpoulty gatherings due to the prevalence of avian flu. The McKibben famity provided a display of birds from their flook. The standard of birds within the display was ¢x¢¢ptional, and the _McKibben farnily's enduring efforts to deliver th¢ exhibit were Dmmendable. The Sheep Section had a successful Sbow with 1.191 excellent entrie& and the Pig Section was also very success1 with a significant number of entries. The Young Handler COMltionS were well supporte£L 2nd the stallda of h8ndling livestock was excelLent. The Show wa5 well sllpp)ttrdby livestock exhibitors in all %ttions, and the Society is gratefiLI for their ongoing supporL The Healthy Horticulture Marquee was well received and Fvided ucational content to alorge alldience. including the Kids Knowledge Trnil, which attracted 800 childre eath of whom received wildflower seeds ÉO take home. Exhibitors in this section included Rural SupporL Ulster Wildlif¢. RSPB, CAFRQ and Ulster BeekeepeTS Associatio all of wbich offered infomative displays. The Ulster Farn]ers Union cornmissioned an Impre1ve model that explained Page 7
crop rolation and how farni¢rs protect waterquality. The potting table for ¢hildren to plant see41s and young plants was suceessfuL with 1.500 plants potted. The"Bee th¢ Chge- floral competiti(m was held and attracted 31 entries. The cookery 8J]d gardening theatre drew large cmwds with infornjative and ¢ntertaining pYesentstion% on topics sucb willow weavit)& beekeepiu& social farniin& attracting wildlife into gard5, and cookery demonstrations by Joy Rolston. Page 7
ROYAL ULSTER AGIUCULTURAL SOCIETY BIPORT OF THE COUNCIL FOR THE YEAR ENDED 31ST ocfoBER 21ns ACHIEVEMENTS AND PERFORMANCE- eontknued This year saw the return of the Sustainability Village #t the Show. which hosted an arrdy of businctses and charitie5 ommitted to supporting (MEr cumt ne¢yAs and preparing for the next generation. From renewable energy specialists to expe in ¢lectri¢ vehicles, the Sustainability Village hosted a variety of industry l¢aders keen to advise visitors on how to 5UStaAnably meet their energy needs and Consid how aaions t(Y might Impa the next generation. The visioo of the initiative is to help local busiD¢sses deliver auth¢ntic leadership whell it G(Knes to adopting and implementing Sustainable prdctices. The Sustainabilty Villag¢ aIso provided a platfomi to increa5¢ valuable awareness of sustainability issues to the ViSAtors to the Show. The Bahnoral Show Schools Trail atlracted 2roxitelY 5.000 children frc*n 106 prinmry and wial needs school4 who enjoyed an interactive and educational day OUL The SchooL8 Trail programme atms to help schoolchiidreD better understand food and agriculture in Northern Ireland ill exciting and dynamtc virOnMent. The trade exhibit ]ayouts were revtsed, and a total of 575 trade exhibitots suptM)rted the Shgw. including 42 new exhibitors. The new product innovation award was a great success. attra¢ting nine entries. The winner. GfvIG Software. with tts livestock maDagemeDt system, Farn]drive. was aDD0Ced at the Show. The Trade Stands were judged by Alison Baylis5 and Charlotte Patrick from Bucks County Show. Ibe worthy wiDneT of the overall trade stand went to Glenp Estatc, who had a fantastic stsniL The Society ts grateful for this viial 5UPPOrt. The shOs success also depends on the continued support of the Show sp)nsor4 including our Princi1 sponsor. Ulster BanK and our platinum sponsors, ABP, MaTks & Spencer, SPAK and Tesco. PLANS FOR FUTURE PERIODS The Society's strategic priorities for the next thTtt years are detsiled page 5. The strategy Sets i)uta vision for growth and sustainabilty. }SitiOn]ng the Society to meet firtute challeA]ges and s¢ize opp)rtuuities. Th¢ capital development of the Eikon Exhft)ition Centre was enabled bythe membership's courngeous decision on 12thJune 2012. when they voted to T¢io¢ate to Balmornl Pth to enable the rtsidenti development to preed at the King's Hall Complex. King's Hail HaTberton Estates Limited oversaw the execution of the development agreement by the developer, involving the disposal of 16.25 a¢res of land at the Harb end of the Complex for residential d¢v¢lopment. Disposal of the lands was completed tn the prior fmallcial year. The capital fimds derived from this agreement ar¢ transferred to th¢ Society under the t¢TmS of the covenant. These capitxl funds have been inv¢sted by the Society in th¢ development of the Eikon Exhibition Centre and showgrouDds and will fimd captfal obligations and fu1CC fubjre development opportLmiti¢s. To date, £10 million has been invested in constructing sthJctUTeS, with £5.5 million spent on 8cquiriDg and improving land. The Society ha8 additional obligations totalling £1 million. As custi>dians of the E&oD Exhibition Centre and showgrounds, the Soeiety is Enindful of maiDtsining the fa¢ilities to th¢ high standards expected by Show visitor5 andpartiCIpall evetti organis¢r& and regulatory bodi¢s. Therefore. there is a need to ensur¢ that thnds from the trading subsidi8ries arE sufficient to meet ongoing cost4 including pl8nDed and routine Tllaintenance, iDSUTance. and tsx liabilities. Page 8
ROYAL ULSTER AGRICULTUIL4L SOCIETY REPORT OF THE COUI%CIL FOR THE YEAR ENDED 31ST ocfoBKR 2025 PLANS FOR FUTURE PERIODS- eolltknued KH Ba]morai Estates Limited ovetsees the itnplementstioD of the development agreement with KH (Bahnoral) Commercial Limited for the commercial redevelopment of the King's Hall and the associated lands ai the Complex. The intention 15 th thts will provide th¢ Soclety with signiflcant revettue streams of abl]ng fllw)ce for the foreseeable fubJr¢. All future developmeni proposa]s must b¢ fmanced through sustainable iDcremental enabling fmance stream4 which will ensur¢ that the Society can ffjeet its firture financial obliglon The Soei£ty nced5 to align its resource vs¢ with tbe Visio for th¢ Society to maintain a q)mpetitive advantage and achieve the be outcorn¢s. The Societyn¢eds to ensure that flltte generation$ wi]Ihav¢ the resou and funds they T¢quire available tty them to ensure the faoilities and uth¢r assets of the Soclety may be dev¢lord, ¢tth8nceiL or replaced to deliver the pitionS of fvture membership. To achieve thi4 it is essenttal that the Society's financial model has rolxLSt and sustainable income thams that deliver a SUTpllls aftEr the application of dqjreciation and other provisions. FINANCIAL REVIEW The Consolidated Ststement of Financial Activities on page 14 detsils a net income of £1262.507 (2024.. £1.444,742). Revlew ofperformance The perforniance of the Society and its subsidiaritts during the year is disctL8sed in the Annual Report. The following paragraphs indicate where a detailed analysis of th¢ results can be found in the financial 5tatem¢nts. Income geDertion The Consolidated Stalement of Financial Activities provid¢s a detsiied SiS of the Society'5 income during theyear. Resources expended The supporting notes to the Consolidated Statement of Financial Activiti¢5 disclose in detsil how the Sociery's resources have been exp¢nded the year. E4)enditure is in line with the budget and reflects tbe rationate given in the pagraph on plans for fijture peTiods b¢low. Reserves Council, through the Finan¢e Committee, reviews the reserves rrfjlicy of the Society on annual basis. The Society's policy is to r¢tsin a level of free reserves that matches the Societys r¢quirements both at the current time and for the foreseeable fvnjre. Free reserves those funds tied up in fixed &%5¢ts or restricted fiJDds. The unrestricted liquid reserves a8 at 31st Iktolxr 2025 are £5205.722 {2024.. £7.826,771). repres¢nting twelve months (2024.. eighteen months) of unTe5trided activity. In calcu]ating reserv Council has excluded from the total fimds, fix¢d assets of £28.034,942 (2024: £24.151.475} and r¢strictrd fid$ of £15.808 (2024: £15.719). The Financ¢ Committee wn5iders that the Society requitrs free reserves equivalent to twelv¢ months of unrestricted activilics to ¢nable the Society to develop its agricultural shows. to ensurc that they contittue to meet the needs tsf the agricultural sector and to ¢xpand the educational eItents ofthe shows to audie]]ces thtoughoui treland and continue the development of the Elki Ex11t10 Centre at Baknoral Pprk as an international events venue. FUIWS HELD AS CUSTODIAN ON BEHALF OF OTHERS Ther¢ are no fimds held as custodiati tNstee on b¢half of others. Page 9
ROYAL ULSTER AGRICULTURAL SOCIETY REPORT OF THE COUNCIL FOR THE YEAR ENDED 31ST OCTOBER 2025 STATEMENT OF COUNCIL'S RESPONSIBILITIES The Council is restM)nsible for kyepsring the ADnu8] RqK)rt and th¢ financial statements in aOrdanCe with applicable law and United Kingdolll Accounting Standard5 (United Kingth)m Generally Aceepted Accounting Practi¢e). The law applicable to chgrities in borthem Ireland requires the Trustee to prepare fllvancial Stat¢ents for ¢a¢h fmaDcial y¢ar which give a and fatr view of the ale of affairs of the Society and the Group and of th¢ incoming resoLwces and application of resouTC¢S of the Group for that peri(xL In preparing these financial statemen1$, th¢ Trustee is required to: select suitsble accounting 1]cieS and then apply consisientty; observe the methods a1 priociples in the tharitie5 SORP 2019 (FRS 102). make judgoTnent5 and estimates that are re&50Dable and pnulent. st2tt whether applicable accounting standards, comprising FRS 102. hav¢ been followel sllbject to any m&erial departeS disclosed and explained in the fmaDcial statements; and prepare the fman¢ial stsiement5 on the going wicern basis wiless it is inappTopriate to presume that the Society will continue in business. The Council are re5kwnsible for keeping prow accountillg records thatdisclose with reaDable accr&¢Y at any tllne the fjnancial po51tion of the Society and ¢nable thetn to w]sure that thc f]n8ncial statemellts comply with the Charities Act (Northern Jr¢land) 2008 (as aellded by the Charitie5 Art (Northern lTcland) 2022), the Clwities {AoUts and Reports) RegulatlODS (Northem ITel8nd) 2015. They are also resp)nsible for safeguarding the assets of the Society and the Group and hence for taking reasonabl¢ steps for the preventi and detrction of frnud alld other irregularities. STATETrIENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS Each of the Council tnemkn confirnjs thaL so far as they are aware, ther¢ is llo levant audit inforniation of whith the aUdirS are unaware. Each Council member has tsken all the steps that they ought to have thken as a Council rncmber in order to make themselves aware of any rckvallt audit inforniation and io ¢stdblish that the auditors aware of that iuforniation. AUDITORS The auditors, Baku Tilly MooDey MoLYe, hAv¢ indicated their willin¢S5 to continue in office, and a resolution ncerning their re-appointrnenl will be prowwd at the Annual Generydl Meetin BY ORDER OF THE COUNCIL: J Martin Chairman of the Finance Committee Date.. 6th February 2026 Page 10
REPORT OF THE INDEPFNDENT AUDITORS TO THE MEMBERS OF ROY AL UtSTER AGRICULTbRAL sOcTy Opinlon We have audited the fusancial statements of the Royal U15ter Agriculra1 Society (the Iwent charity) and its subsidiaries (the 'group) for the year ended 31 October 2025 wbich comprise th¢ Consolidated SÉatement of Financial Activities, Consolidated Balance SheeL Society Balance Sheet, Statements of Changes Funds (Group and Societyl Consolidated Cash Flow Srdtemen( Notes to the CollsolidAted Cash Flow Siatelnenl aud Notes to the Finèncial Stateni¢Dts, including aswnmary of significant accowiting wlicies. The financIre[lg fraInewo thath&s been applied intheir preparation is applicable law aDd United Kingdom Accounting Sts)dards including Financia] ReFO StAndard 102 The Financial Reporting Standard applicabl¢ in th¢ ond Republic of Ireland (United KingdoD] Gen¢rnlly Accept¢d Aecounting Pra&ice). In our opinion the fJnan¢ial statements: give a tNe and fair view of the state of the group's and parent Clri5 affair5 as at 31st October 2025, and of the group's total incoming resourees aDd expLdithre of resources for the year then end¢d' have been prcyerly prepaTed in accordance with United Kingdom Generalty Accepted Accounting Practice. and have b¢en PTepared iti aceordance with the rwirem¢nLS of the Charities Act (Northern Ircland) 2008 (as amended by the Charities A¢f (Northern Ir¢land) 2022). siq for opinio We conducted our audit in accordance with tht¢[TlIOn StaDdarts on Auditing (UK) (ISAS (UK)) and applicble law. Our responsibilities under those standard5 are further described in the Auditorfs re5ponsibilitie5 for th¢ audit of the fin11 statemeDts section of our reporL We 3r¢ independent of th¢ group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial Wements in the UK, including the FRC'S Ethiral SLdar¢ and we have fijlfilled our ither ethical r¢wsibilitie5 tti accordance with th¢se requirements. W¢ believe that the audit evidence w¢ have otrrtained 15 sufficient aDd appropriate to proyide a b2sis for our opinion. Concluslon regarding going eoncern In auditing the faDelaI stht¢ments, we have concludedth4t the Tnjslee's use of the going con¢ern basis of accounting in the preparation of the financial statemetits is appropriate. Based on the wotk we have we have 1 identified any mawial uncertaintie% rel]ng to ¢vents or conditions that, individually or¢ollectively, may casisignificallt doubt on the 0Up alld parent charitgs ability to continue as & going CODC¢rn for a peri of at le&8t twelvE months from thE fllwicial statements are authorised for issue. Our rcsponsibi]ities and the resrM)nsibilities of the Tn with regpttt to going ¢oncern are described in the relevant selon$ of this Tel Other Inforniatlon The Trnstee is responsible for the other infomiation. The other infomation comprises the infoTnthtion included in the Trustee's annud report other than the f1¢141 stafrments aDd our Allditor's report thereon. Our opinion on the fmaDGial statements does not coverthe other nrforniation and. ex¢¢M to the extent otherwise explicitly stated in our retrf we do not express any foTEll of assurance wnclu5ion thereon. In cOnntiOn wTrth our audit of the [anCIal statemeTrts, our re4K>llsibility is to read the oth¢r information an¢L in doin8 so, consid¢r whetber the other inforroation is malerially incoDSlSteni with the financial ststements OT our knowledge obtained in the alldit or otherwise appears to be materially mis5tate(L If we identify such rnaterial inconsistencies or apparent material misstatements, we are required to deterniine whdher th¢re is a terIal misslxtement the f]nancial statements or a material Misstaent of the oth¢r infonnation. l( based rn the work we have r*rfonned. we ¢on¢lude that there 15 a material n)isstatement of this other yllformation, we are required to report that fact. We have nothing report in this regar Page 11
REPORT OF THE ll¥DF.PENDENT AL[ToRs TO THE MEMBERS OF ROYAL ULSTER AGRICULTURAL SOCIETY Oplnion On Other mgtters prestrib¢d by the Charities Act (North¢rn ITeland} 2008 (as #Melld by tbe ChJrilies Act (f+lortbern Ire]xnd) 2022) In our opinion, bascd on the work undertaken ill the cOue of the audit. the inforD]ation given in the Report of the Council for tbe fllwicial yw for which the finan¢ial statsrneDts are prepared is consistent with th¢ fmancial sfatemcnts: and the Report of the Council hasbeen prepar in accordance with applicabl¢ legal requiremts. Mat*er8 on which we ar¢ requir to report by ex¢eplio In the light of the knowl¢dge and und¢rstsnding of the gllp and parent charity and its eDvironm¢nt obthined in the urse of the audit, w¢ have t)ot identified materhal missiatetnents ip the Report of the Council. We haye nothiDgto r¢port in resp¢rt of the following matters in relat50n to which the Charities (Accounts and Reports) R¢gulations (Northern Ireland) 2015 require us to report to you if. in our opinion: adeqe accounting records have notbeen k OrT¢nIn adequatE forour auditbave not been receiveAI from branches not visited by us" or the financial ststements are Iiot in agreement with the acujwititig records and retums. or cert3in dilOSur%% of Tntee'S remunetztion specified by law are not made; or we have not received ail the infoTmation and explan105 we wuire for our audit. or Responsibilitie5 of ikne Trllstee As expigined more fully irt the Trustee's responsibilities ststement set out oll page 10 the Tee is r¢5ponsible for the eparati()n of fmaDcial statements whirb give a true and fair view. and for such internal control as the Trustee deterniiu¢s is necessary to etthl¢ the pr¢paration of financial statements that are fre¢ from material misstatement. whether due to fraud or em)r. In pr¢paTing the fmancial sratements, the Tnts is rwnsil)le for assessing the group's and parent charity's ability to ¢oniinue as a going concern: disclosin& as aFplicable, matters related to going concern and u$ing the going concern basis of accounting unless the Trusiee eiiber intends to liquidate the group or the parent tsity or to Ce operations. or have no realistic alternative bui to do so. Auditors, respoDsibilities for the audit of the fillaD¢ial Stat¢ellts We have been appoitited as Auditor under paragraph 6 of schedule 6 of the Clwities ACÉ (Northern Ireland) 2008 {as nend¢d by the Charities Ad (Nortbern IrelaDdl 2022) and rert ID acc(xdance with TegulAtions made under section 66 of thatAcÉ. Our objectives are to obtsin reasotMbl¢ assura1 about wh¢ther the fJnall¢iai st#temeTrts as a whole are fre from Materi misstatemen¢ wh¢ther due to fraud or etTor, and to issue all auditoes report that includes our opinion. Reasonable assurdnoe is a higb level of a&SuraC¢bUt is not aguarantec thatan audit conducted in aOrdance wtth ISAS (UK) will always detect a mattrial misstatrmeni when it exists. MisstatetneDts can aTise from fraud or.em)r and ar¢ Considered material if. individually or in the aggr¢gat< they could rewonably exp¢cted ty influence the economi¢ decisions of usets taken on the basi% of these finan¢iai statements. Irregularities including frau are instances of nots-compliance with laws and regulations. We design procedures in line with our T¢4xbnsibilities, outlined above, to detect rnatrrial l$Statements in respect of irregularitie5, including fraud. The extent to which ow edureS are capable of detecting iffeguloritie4 including fraud, is detailed below: We considered the opportunities and incentives that may exist withlli the orgaDiSation ts fraud and identified the greatest Poiential for fraud in r¢Lation to revenue recognition. In common wtth all audits under ISAS (UK), we are aiso required to perforni Specific procedures to respolld to the risk of management override. Page 12
REPORT OF THE INDEPENDENT ALI)ITORS TO THE MEMBF.RS OF ROYAL ULSTER AGIUCULTURAL SOCIETY Audltor5' re5pon%ibSlltlu for tb¢ •udit of the fanCial statements- ContiDued We also obtained an understandittg of the legal and regulatory frameWOS that the group and por¢nÈ chlty 0rate in, focusing on provisions of those and regulations thttt h&1 a direct effert OD the detrrniinaiion of material alnounts and disclosures in the fmancial stat¢m¢nts. The key laws and regulation5 we collgidered in this context included the UK Companies Act. In additio we considered provisions of other laws aDd ]Egulations that not have a direct ¢ff¢ct on the fmancial statements but compliance with which may E¢ fimdam¢ntai to the group atMI parnt chaTity's ability to operatr or to avoid a material pewdlty. Our procedures fo respond to risk5 identified included the following: -reviewingthe financial stalement disclosllres and[g to SUPP)rtg documenthtion to assess complianre with provisions of relevant lawg and regulations d¢scrId as having a direct effect on the f]nancial statements. - enquiring of management 8lld external legal counsel concerniE]g actual and wtrnti21 litigation and claims: - perfomiiTrg analytical procedures to identify any unusual or ull¢xpected relationships th&t may indicate risks of material misstatcm£nt due to fiaud. - reading minuies of meetings from those charged wsth gov¢rllance; - in addressingthe risk of fraudthrough managemeni oveTride of control& testing the appropriateness of journal entries and other adJustTne]. aesSIng wh¢ther the judgements made in making accounting estimates are indicative of a potential bias,. and evaluating the busitws fdtionale of any signifi¢allt traT]sactions that are unusual or outside the norn1 course of business. We also communicated relevant identified laws and regulatioD5 and p)tential fraud risks to all engagement team members and rema[n slert to any indications of fraud or noncornplipnce with laws and regulttions throughout the audiL Becaus¢ of the inherent limitstion5 of an audii thete is arisk that w¢ will not detect all irr¢glllarities, including those leading to a material misstatement in the finpncikl statements or non-¢{)P1]allce with regulations. This risk tncreases the more that complianc¢ with a law or regulation is removed from events and transactions ret]ected in th¢ ftnancial statements, as we will be less likely to become aWATe of installc&s of non-wmpliance. The risk 15 41so greater regarding irregularities occurring due to fraud rather than eTror. as fiaud involv¢s illteDtional concealment, forgery. collusion. omission OT rnisrepTeS¢Dtstion. A further d¢s¢ription of our responsibrlitics for the audit of the f]Dancial statetnents is located on th¢ FiTl¢la1 Reporting Council's websits at www.frc.org.ukJaudiiorsreSpblIittes. Thi5 d&scription forn)s part of our Auditi>V5 reporL Use of our report This report is made solely to the charity's Trustee, as a Ixty. in accordance witb Part 4 of the Charities (Accounts aTMI Reports) Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might state to the charity'g trnstees those Tnatters we are required to stat¢ to theln in an auditt)¢s report and for no other purpL)se. To the fullest extent permitted by law, we do not aept or assume r¢sp)u5ibility to anyone other than the charity and the charity's Trnste¢ as a body, for our audit work, for this repoit or for th¢ opinions we have forniefL Joanne Small {S¢nior Stttutory Auditor} For and behalf of Baker Tilty Mooney Moore ststutory Auditors 17 ClarEndon Road ClarEndoD Dock B¢lfa6t BTI 3BG Date.. Pag¢ 13
ROYAL ULSTER AGRICULTURAL SOCIETY CONSOLIDATED STA TEIMENT OF Ftyi ANCIAL AcfiviTIES FOR THE YEAR EIYDED 31ST OCTOBER 2025 Unrestricted fndS RestTiCttyJ fllnds Totsl 31.1025 Total 31.10.24 INCOME Voluntary in¢om¢ Activities forgenerdting funds Income from charitable activities Notss (A,688 1,680,418 3J99,997 64,688 1,6811,732 3,599.997 314 61.840 2.367,645 3 J32,688 TOTAL INCOME 5J4S103 314 &345,417 EXPENDrruRE Costs of generating fithds Charitable activities Other expenditllre 5,762.173 1,015,426 3,474L093 34010 1,015,426 225 3A74J18 338.IlJO 1,606,383 3.321295 384.704 TOTAL EXPENDrruRE 4027329 225 U27,754 NET ThCOME 5 J12,382 517J74 89 517ffj63 Net gAiD5100sge$) OD invfstmeDts 449,791 744,844 994,951 NET INCOME 1261418 1,261507 1.444,742 Totsl fDnds brought fonvard 31J78246 15,719 31.993,965 30.549,223 Total funds earrfjed fonvard 3324Q,664 JSW18 33256472 3 1.993.965 The notes forni art of these fjnancial statements Page 14
ROYAL tILSTER AGRICULTURAL SOCIETY CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31ST ocfoBER 2025 31.ID.25 31.10.24 FIXED ASSETS Iniangli)le &ssets Tangible ass¢ts Ittvestm¢nts Notes i(J 120 17,196,676 11 131373 28,328,169 182811,1193 13,085,951 31 J66,044 CURRENT A&SETS Stocks Debtors Cash a¢ the bank in hatLd 3J,186 536289 2J52J66 27,549 484,998 4,044.512 14 2,919,841 4,557,059 CREDITORS AmouDts falling due within one year 15 (991,IS4} (853,055) NET CURRENT ASSETS 1.92&687 3,704,1)04 TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS AD]ounts falling due aftermor¢ than one year 3334731 32,032,173 16 (38259) (38,208) NET ASSETS 33256,472 31,993,965 FUNDS Unrestricted funds Restricted funds 18 19 33240.064 As08 31,978,246 15.719 TOTAL FUNDS 33256,472 31,993,965 The fmaDcial staternents were authorised for issue by the Council on 6th Febrnary 2026 and signed oll its behalf by: J Marti Chaimall of the Finance Committee The note5 fomi of these financial srxtem¢Dts Page 15
ROYAL ULSTER AGRICULTURAL SOCIETY SOCIETY BALANCE SHEET FOR THE YEAR ENDED 31ST ocfoBER 2025 31.1025 31.10.24 FIXED ASSETS Intangible assets Tangible assets Investments in group subsidiaTies Investments Nole5 io li 12 13 120 9,396.676 23,850,000 11 131,373 44,378.169 10,480,1193 11.850,0(MI 13.085,951 47,416,044 CURRENT ASSETS Stocks Debtors Cash at bank and ill hond 31,186 1,459,913 914,637 2,405,736 7,874 1,273,367 1,468,351 2,749,592 14 CREDITORS Amounts falling due within one year NET CURREIYT LIABILITIES 15 (16J27,049} {15,095,588) (14121 J13} (12,345,996) TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falLing due after morE thatt ¢Jne year NET ASSETS 33394,731 32.032.173 16 (382YJ) (38,208) 33356.472 31,993.965 FUNDS Unrestricied fi]nds Restricted fund 18 19 33,240,664 15,808 31,978.246 15,719 TOTAL FUI¥DS 33.256,472 31,993,965 The finaneial statements wetr authorised for issue by the Council on 6th FebThary 2026 and signed on its b¢half by.. J Martin Chauman of the Finance Committee The notes forni of th¢se finan¢ial sthtements Page 16
ROYAL ULSTER AGRICULTURAL SOCIETY srA TEMENTS OF CHANGES IN FUNDS FOR THE YEAR EF4DFD 31ST ocfoBER 2025 GROUP Ullttstritted funds Restrieted fuods Totsl fund$ Balance at 1st N0vebe 21ll3 30J33,592 15,631 30J49213 Surplus from fjnanctal activities 1444 654 88 742 Bal#nce at 31$t Oe¢ober 2024 31.97&246 15.719 31,993.965 Surplus from financial activities 1262418 89 62.5117 Balance at 31st October 2025 4D.664 33 SOCIETY UnrÉstrict nds R¢strleted funds Totsl funds Balanee at 1st Novemb¢r 2023 30,533J92 IWI 30,549223 Surplus frorn fmaDcial a¢tiviti 1444 654 88 1444742 BAl¥anee at 31st O¢tober 21124 31,978246 1&719 31,993,965 Surplus fronj fiDaD¢ial adivjties 1.262,418 89 1.262,507 Balance at 31st October 2025 15 08 33 Page 17
ROYAL ULSTER AGRtCULTURAL SOCIETY CONSOLIDATED CASH FLOW sfATEMEKr FOR THE YEAR ENDED 31ST ocfoBER 2025 31.10.25 31.10.24 Not sh tTrJw5 f eratl xctivilies Cash generdted from operating activities 9267 409.342 Net cash from OptIng activities 92 409 342 wsf investill Purchase of iangible fixed assets Proceeds from the sale of developrnent of land Cash invested into investment portfolio 0,6A7J93) (271,882) 1,030.470 111110 OOD Net cash from investing actiyities 2 617 993 758 588 Inerea5el(Decrease} and equivalents Cash aDd cash tquivslents at begtUDiNg ofyeAT (1.692.146) I14412 1.167,930 2,876,582 Casb and tash equivwknts at eDd of year 66 4044512 The notes forni of these rn]claI statements Page 18
ROYAL ULSTER AGRICULTLIiAL SOCIETY NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST OCTOBER 2D25 REcof4CILIATION OF SURPLUS TO CASH EXPEI¥DED ON OPERATIONS 31.1025 31.10.24 Net movement in fi]nd5 Amortisation of intangiThle fixed a&8ets Depreciation of thngible fAx¢d assets (Oains)/Losses on disposal of fixed assets (Gains)IL05ses OD tnvesting adivities Realised Gain on disposal of iovesDDent Inyestmcnt IDCOm¢ received into portfolio ]nvestm¢nt fees paid out of portfolio 1262507 120 534,IM17 568 (744,844) (94,6221 {160.126) 4&015 1,444.742 247 520,836 (403,094} (994.951) (55.102) (176,979) Decreasel{Inerease) An sto¢ks (tncrease)l Decrease in trade aDd other debtors Increasel {Decrease) in trade and other credittrs InEr¢ase in deferred in¢ome 842,625 (3,637) [51291) 138,099 51 378,701 12,491 (1,793) 15,888 Cash gen¢rted from operathos CASH AI%T) CASH EQL'IVALENTS The amounts disclosEd on the C&sh How Statement iD respect of cash and cash equivalents are in respect of the Balance Sheet aounts.. Yvar end¢d 31st October 21ll5 31.1025 1.1124 C8sh in band Bank deposits 328 1,047 4 043 465 52J66 4044512 Year ¢nded 31 Ortober 21n4 31.10.24 1.11.23 Cash in hand Bank deposits 1,047 4 043 465 541 2 876 041 2 876 582 Page 19
ROYAL ULSTER AGRICULTURAL SOCIETY NOTES TO THE CONSOLIDATED FINANCIAL grATEMENrs FOR THE YEAR ENDED 3Jsr OCTOBF.R 21J25 GENERAL INFORMATION The Royal Ulster Agriculkn]ral &Kiety's objectiv¢ is the Promotion of agricuItte in Northern treland by holding gricultural shows, and by giving agricultural instruction by exbibitions. lectures and by other such means as m from time to time be found expedielli and in accordance with the provisions of the S¢h¢me. The registered office can be found on th¢ Legal and Administrative Inforn)ation page. The presentation fUTrency ofthe fJn8n¢ial statements is the Pound Srling (£) ACCOUNTING POLICIFS Basis ofpreparatio The charity constitut&s a publi¢ benefit ¢ntity as dered by FRS lir2. The r]nancial statements have been prep2red in accordance with Accounting and ReTM)rting by Charities.. Statement of RecomEnended Prydctice applicablc to charities preparillg their accounts in awordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective IM January 2019)- {Cl]arities SORP (FRS 102)). the Financial Reporting Standard applicablc in the UK and Rwtblic of Ireland and the ajarities Act (Northern Ireland) 2008 (as amended by the Charities Act (Northern Ireland) 2022). The fJnau¢ial stateznents are prepared on agoing concern basis under th¢ historical cost convention, modifi¢d to include certain items a¢ fair value. Going eofjc¢rn The Society's forecasts and PTojectioa& tsking accix]llt of re&%Mable possible changes in perforrnaDce and the potential impact of the on-going cost of living erisi& show that the orgaDis2tion will be able to operats within the level of its Cllent cash and investment resources. The Counci] have areasonable expectation th the OrganitiOn has adequate resources to ¢ontinue operational existence for a period of at least 12 months fr(mi the date of approval ofthe financial stat¢ments. Thus. they contioueto adw the gotng concern b&sis of accountiT]g inpreparing the annual financial sthtem¢nts. Finanei41 Retmbrting Stsndard 1112- redtyeed dwlosure exemptions The par¢nt charity satisfiEs the criteria of a qualifytDg entity as d¢ed ill FRS 102. As such, advantage has bcen tsken of the following disclosure exemptions available under FRS 102-. a) No cash flow statement has betn presented for the parent charity" b} Disclosures An respect of financiaI instnmi¢nts bave Dot Ien presellted; ¢) No dilosure has beeu given forthe aggregwe remunerdtion of key rnanagement personnel. Basis of coMsolldiion Theconsolidated fancial statements presentthe results of the Royal Ut5terAgrAeultural &*iety and its subsidiaries as if they fonned a singl¢ ¢nuty. tntercompany transactions and balances between group companies are therefore elirttinafrd in fvll. A separate sthtement of financial activities for th¢ Society itself is not presented a5 the So¢i¢ty has tthn advantsge of the ayailable ex¢JDptÈons. Specific jlldgements eslimates In preparing the finaDcial ststements the tnL8tces hav¢ not bad io make any sigllificant judgements or e#imates. InMe All income is Included in the statement of fu1¢14] activities wben the group is entitled kn the income and the arnount can be quantified with reasonable accurw. The following specific policies are applied to partIlar cat£gories of income- Gifts and dollations are InchKI in full in the Swement of f]nallciaI a1VItieS when receivable. Legacies are reCOlSed when received orwhen thetr amoullt is capable of nTr¢asuremenL Pag¢ 20
ROYAL ULSTER AGRICULTURAL SOCIETY NOTES TO THE CONSOLIDATED FIthYANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025 ACCOUNTING POLICIES- eDDlioued Incom¢- eontlnued Annual subSCri10nS aTe recogni5ed in full in the Statement of Financi21 Activities upon receipt. Life members, fees aT¢ recorded as deferred income and Atl¢ased to the Statement of Financial Activities at a rdte equivalent to annual membership. Commercial income represents the invoiced value of seTvice% supplied during the year, excluding value added tax ald is net ofsates return4 trad¢ discounts and rebxtcs. Rev¢nue is recognised wh¢n, and to the extent thal the group or parent charity olxains the right to consideration in exchange for its p¢rforniance. Expendlture Resources expended represent all costs incurred in the course of th¢ groups ¥tivities and are accouDt¢d for on att accruals b1$. Where ¢osts caunot be directly aitributed to particular headiw. they have been allocat¢d based on tivity. Clwttable expenditure c¢)mpTi5¢S costs incurTed by the &)ciety in the delivery of its acttvities and services for its beneficiaries. It includ¢s both costs that fdn be allocated direetly to such activities and those costs of art indireLt atre n¢¢¢ssary tQ 5UPP(rt them. Governan¢e costs in¢de those incu in the governance of the group's assets and are as50ciatsd with ¢ODstitutional. stalutory atMI strategic requtranents. of generating fund8 includes expendire relating to me4nbers' subscription$ and agriculturdvequeslrian rental income. which can be allocated directly to Such activities and those costs of an iDdireci nature necessary to support them. Defined C¢mtribution pension schetnes are opernted on behaIf of 811 staff EnefftbaE. Contributions are charged a5 incurre Intajjgibk g$sets Intangible assets are stated at histOTiC f05t le&s accumulat¢d depreciatso Intangibk assets are included at pubaSe cos4 togeth¢T with aDy incidentrl costs of acquisition. Depreciation is calculat¢d to writ¢ off the cost of intangible assets. le55 estlmated residu21 value4 on a straight-line basis over the expected useful econornic liv¢s of th¢ assets concerne(t The principal amiual rate5 used 8s follows: Tr&kn#rk5 Where the recoverdb]e amnt of an intangible as5¢t is found to below its Det b(M)k walue. the assd is written down to the recoverable am¢)unL and the loss OD impairment is recognised in the Statement of Finonrial Activities. Tangible fjxed 4ssets Property, plant and equipment ar¢ stated at cost less accumulated d¢preciation and accumulated impairrnent losses. Such costs in¢lude those directly attrll)utable kn making the asset ¢apable of operdttng as intended. Depreciation is provided at the following annua] rates ID order to wrxie off each oS5et OV¢T its estimated useful life.. show0unds Land held for devElopment Buildings Plant. vehicles and equipment Nil 2Vtr25% IIP/tr51Ph Page21
ROYAL UISTER AGRICULTURAL SOCIETY NOTES TO THE CONSOLIDATED FIYAliCIAL STATEiVENrs FOR THE YEAR ENDED 31ST ocfoBER 2025 ACCOUNTING POLICIES- ¢ontinued Investments Investments in subsidiaries are measured at cost less accutnU1a AmpairmenL Fixed Assei investtnents are stated at rnark value at the balance sbed date. The Statement of Financial Artivities includes the n¢t gains and losses arising on revaluatiODS and diswsals tIoughOUt the ye2r. All gains and lo&ses are taken to Th¢ Staiement of FinaDcial Activities as they arise. Re&li5ed gains and losses on investments ar¢ ca]culated as the difference between sales proce£¢l8 and their op¢ning carrying valLL¢ or thelr purchase value if acquired subsequent to the ftrst d&te of tbe financiaI year. Unrealised gains and losses ar¢ calculated as the difference between the fair wdlue at the year end and their carrying value. Realised and unrealis¢d investtnentgains aDd lows are combined in The Stateme4t of Finoncial A1vitieS. Stocks Stock5 are valued at the lower of cost and Det realisable value, after kIng due allowance for obsolete aud slow-moving item Flnancial instruments All financial instrutnents of the group and parellt charity are considered to meet the definition of b&si¢ financial iD$truments. - Short-t¢rm debiors andtreditors D¢btors and creditors with no stated illtere5t rate and are receiyable or payable on dematsd are Tecognised 4t tranSalOn price. and subjert to annual impairn)enl reviews. Any losses arising on impairnent ar¢ recognised in the profit and l(w account. - Ct75h ond ca¥h eqE4ivalenis Cash and rash equivalents comprise at bank and in hand. Taxation There is no liability to taxation due to th¢ SoGiety's charitable statu5. Foreign curreNcl¢g Transactions de410minated in foreign ¢urrencies are trnated at the exchange rate at the date of transaction. Monetary assets aDd liabilities denomitiated in foreigo currencies are translatsd the rats of exrhange ruling at the balance sheet date. The re%uliiDg gain or1055 is recorded in the ststement of fJnan¢ial activities. Fund accounting The group has various of funds for which it is responsjble and whtth require separate disclosure. Definitions of the Yarious tM)es of funds are &8 follows: - Restricledfvnds Restrirted funds are to be used for specified purtmw as laid down by the donor. Expendityre which meets these criteria is iderttifjed io the fim(L together with a fair allation of overheads and supp)rt ¢osts. - Unrdstriedfynds Unrestricted funds are donations and other ADcoming resourcts r¢ceAv¢d or genernted which are expendable at the discretion of the Society in fiJrtheranc¢ of its objective. Page 22
ROYAL ULSTER AGIUCULTURAL SOCIETY NOTES TO THE CONSOLIDATED FINANCIAL sfATEMEKrs FOR THE YEAR ENDF,D 31ST ocfoBER 2025 INCOME Notes Unre5trkted Restricted Total Funds d5 Fllnd5 31.10.25 Total Full 31.10.24 Volunt#ry income MeJnber5' subscriptions 2nd donations 64,688 61.840 64ffj88 61,840 Actlvilies for gener#tlDg fun Commereial incorrte Other in¢ome 1,40&21r2 274J16 1.4110,202 274,530 2,082,123 285.522 314 418 314 1680 732 Income from eharitablt •¢tivities Ba]moral Show income Winfrr Fair income Beef and lamb income 2,367,645 3,196593 372,179 31225 3,196,593 372,179 31225 3599 997 2,955,536 352,398 24,754 3 332 688 5.1113 314 5 762 173 EXPENDITURE NotL8 Unrestrieted Restricted Fund5 TotAI FUd$ 31.111.25 TotaI Funds 31.10.24 Cost of generating funds Members, sub%riptions Commereia] activity 72,982 942,444 1.015,420 72,982 942,444 lJ115,426 102,291 1,504,092 1.606,383 Charitable activitks Agricultural shows Other charitable activity suprKJrt costs 3365,432 225 3,465,657 8,061 3,315.130 6.165 225 18 95 Other eKpeTrdlture C¢ntrali5ed costs IDvestment expenditure 291995 45,015 292,995 45,015 341.702 43,002 J38 010 27 29 225 4 827 754 5312382 Page 23
ROYAL UISTER AGRICULTUIL4L SOCIETY NOTES TO THE CONSOLtDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025 COMMERCIAL INCOME AND EXPEI¥DURE 31.IIL25 31.10.24 Commercia] income 1,406.202 2.082,123 2 082 123 Support e05ts Salaries and wages. labour and Slty Direct expense5 Office costs Establishment expenses Development costs (363,633) (355J26) (4S,708) (177,777) (403.547) (849,117) 148.351) (203,077) 1.504 092 Net income 578 031 The income and ewnditswe tOtS ab(>ve inc(Kyxats the proft ond loss ¢0rt of the &Kiety's trading subsid1leS The King's Ha]1 Exhthiiion & Conftrthce CEDtre Limite¢l Kings Hall Htherton E5ta*s Limited and KH Balrnordl Estates LimitciL Th¢ filanciai year-ead for all Com185 is 315t (knb¢r2025. EXPEI¥DTfuRE ON CHARITABLE ACTIVITIES Notes Unrestricted Restri¢ted Totsl Funds Total Funds Fuud5 31.115 31.10.24 Dlrect e05ts Prize5 to exhibir$ Ground PT¢paration Exhibition stand pteparation Judge5, exp@ Catering costs Advertising, promotion and printing Attrdctitsns and associated costs Cost of rar parking fa¢ilities Showground cl¢aning Fees for services Miscellaneous A99ffi72 81&626 61.847 35.008 81.241 108 71.037 190,112 A27.115 396,799 8,155 2,09&496 lJ66,936 225 199,897 818,626 61,847 35.008 81,241 108,884 71,037 190,112 127,115 396.799 8.155 1098,721 l J66,936 208,242 863,428 61,678 29,236 78,301 132.543 86,677 203,730 157.529 354,790 8.840 2,187,994 1,127,136 Support costs relating to agriculttwaI shows Total expenditure relatlng to agrKultsral skoJv8 225 3,46S432 225 3,405,657 3,315.130 Page 24
ROYAL ULSTER AGIUCULTURAL SOCIETY NOTES TO ThE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR EP4DED 3Jsr ocroBER 21)25 TOTAL XXPENDITURE Empknymemt D¢pree*tioll Estsbli8hmeRt Other Total 31.10.25 Total 31.10.24 Amortisation Commerci activity Agrtcultyral shows Other charitable activity supp)rt oosts Centra]ised costs 363ffj33 177,777 4DI,034 942,444 1.504,092 661.628 384J85 205J67 2.213,877 3,465.657 3,315,130 14J80 25,095 72982 102.291 149J61 85,546 13,824 292.995 341.702 Other lld5 Inyestsnettt Expenditure &661 45,015 &661 45,015 6,165 43,002 1,102J32 534,146 483,7711 1707,506 4J27,754 5.312,382 EMPLOYEE COSTS Staff costs 31.ID.25 31.10.24 Wages and salaries Social security costs Other pension costs Totsl payroll eosts 872,12 Iin,776 105 592 108D 488 798,259 87,393 Contract labour and other staff)Sts 21,844 35,489 Totsl employment costs 1 011717 The average llLmiber of employees during the year were: 31.111.25 31.1024 Monthly paid Weekly paid 17 16 23 23 The number of ¢mployees wbo receiv tota] employee benefits (including employers, NIC and excluding ¢mployer pension costs} of more than £60.OIMI T$ fouows: 31.10.25 31.10.24 £00.001- £70,(MIO £70,(K)1- £80,000 £80,001- £90.000 £90.001- £100.(K)O £IOO,000- £I10,(KM) Page 25
ROYAL ULSTER AGRICULTURAL SOCtETY NOTES TO THE CONSOLIDATED FINNCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025 EMPU)YEE COSTS (eontinued) Employer pension contribu¢ions totslling £26,680 (2024: £17.549) were made during the ye4r on beELalf of the higber paid employees. Cotnpensatioll of the highest paid member of key management personnel in the year to 31st October 2025 was £105.541 {2024: £101307), wFLich is inclwive of employets, NIC and employers, peusion contributions. The Council members r¢ceivoJ £Nil Temwieratton during the year (2024.. £Nil). Travel expense5 totalling £4.171 (2024: £7,727) were reimbutxl to 6 (2024: 7) Council members during the year. Coun¢il Memb5, indemnity Yll5urance been pUhsed by the Society at a cost of £2.814 (2024: £7.960). ET INCOME FOR THE YEAR Iyet ineome ts ststrd after thrgingl(erediting): 31.ID25 31.10.24 Pable to the group's Auditor for the wdit of the fu]allcial stat¢ments Fees payable to the group's Auditor for other servi DepreciatiOD- owned assets 25065 1,600 534,007 25,350 1,635 520 836 Totsl n¢t expen¢JitLe after transfers and WJTealised gains was a surplu5 of £1,262.50712024'. surplus of £1,444,742}. No proftts were retained in the subsidiaries. The tillg Surplus for ufLre5tricted funds foT the year was £1,262,418 (2024". surylus of £1,444,654). The movem¢nt in th¢ Mtricted fid5 w&5 a net incom¢ of £89 (2024: income of £88). INrANGIBLE ASSETS Group Society Trndemgrks COST At 3 1st October 2024 and 315t October2025 AMORTISATiof4 At 3 1st October 2024 Charge for Year 2,355 J2 At 3 1st October 2025 NET BOOK VALUE At 31st October 21125 At 3 1st Octolxt 2024 J20 ge26
ROYAL ULSTVR AGRICULTUIL4L SOCIETY NOTES TO THE CONSOLIDATED FtNLNCIAL STATEMENrs FOR THK YEAR ENDED 31ST ocfoBF.R 2t125 ii. TANCIBLE FIXED ASSETS Group Improvements to land held uoder kase Land buildings held for developmeDt P(allt, vehitles and equipment Total COST At l Nov¢mFrtr2024 Additions Disposals 3,93523 J 20057 7JOIIiNh) IJOAJ21 ,129J61 liJ65 1ffj2&539 83,150 (64.927) 21,493,131 J,617993 (64,927) At 31 October 2025 088 DEPRECIATtoiY At l November 2024 Charge for Year Disposals oi 141J26 1646 762 1.151951 140.044 2.IlJ.752 267,411 1,031.752 125,952 (04J58) 4,29(455 s317 (64J58) At 31 October2025 93,59S 79 163 11193 346 4 766 104 NET BOOK VALUE At 31 October 2025 At 3 1 October2024 2 782 280 596 787 17 196 676 Analysis ofcost or v•lualioD Cost VaIuatio 3.956,1188 2.981176 6J19ffj4S &J41J26 1,646,762 16.n6,552 6J19,645 8,141 1646 761 23 046 197 Certain buildings were revalued in 0th 2013 (XJ the b&si5 of valuation for existing use by BTW Shiells. The showgrounds were revalued by Simon Brien in October 2015 on the basis of on market valu¢. The remaining buildings w¢re revalued in octob 2017 on the basis of Valu]n for extstlDg use by Colliers International. If ]and and buildings had not been revaIu&l they would have been iocluded at the following &moUts. 31.10.25 31.10.24 Net bwk value 1 7.992 583 Page27
ROYAL ULSTER AGRICULTURAL SOCIETY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER2025 ii. TANGIBLE FIXED ASSETS (continued) Soelety Imprnveme nts to laNd held under licellee Build5Dgs PIAnL vehiiles Total COST At l Novemb¢r 2024 Addition5 Diswsa]s equipJ4ell¢ 3J35231 20057 129J59 12,165 iJOi821 1.628J39 83.150 (64,927) 13,693,131 1,61 7,993 (64,927) At 31 OctobeT2025 3 956 1188 21 141 762 15246 197 DEPRECIATION At l Novembet 2024 ChaTge for Year Eliminated on Disposal 1,152,951 140,644 2,111,750 267AIA 1,031.752 125.952 (64a58) 4296,455 534,iX17 (64358) Ai 31 October 2025 93J95 46 4 766 104 NET BOOK VALUE At 31 October 2025 66 493 21 10 480 IJ93 At 31 October 2024 80 6 017609 596 787 9 396 676 12. FIXED A&SET INVESTMENTS Society Shares group llndertaklngs COST At 31* Cktith 2024 and 31st OCtor 2025 23 850 000 NET BOOK VALL'E At 31st Oetober 21)ts 23 850,1100 At 31M October 21Y24 23 850 Page 28
ROYAL ULSTER AGRICULTURAL SOCIETY NOTES TO THE CO.NSOLIDATED FINANCIAL STATEMEKTS FOR THE YEAR ENDED 31ST OCTOBER 2025 li FLXED ASSET INVESTMENTS (t5ed) Th¢ Soei¢tys iJ]vesth]ents at the Ba]2nce she date in the 5twe Capi of c(XDpani¢s comprise the following subsid1les. The KIrn$ Hall Exhibltion and Conference Centre Llmited Comwdny numir.' N1033140 R¢gist¢red office.. RUAS Offic< Balmml Pth, Halftown Roa(L Li%kn BT27 5RD Na[e of busine&%.. Provisi( of event facilities Clw of slwes." (kdi /0 holding 100.00 King's H311 Harberton Estates Limited CLinpany numlKr'. Nt627613 Registered offic¢.. RUAS Balm(Yal Park, }lft(Tr R[d. ListwrTL BTr7 5RD atU of busiDes8.' MaDagement of Ia[ hekl for deVel(t cl of shares: (duwy Y• hokling loo.00 KH Balmoral Estates Llmlted Company nUMr.. N1648449 Registered office.. RUAS Offiee, Bakn( Park, Fla]ftown Rc*4 LIS1rn, BT27 5RD '8ture of business.. Ma[jagant of hekl fordevelO Cl&¥s of shares: (Minary % holding I.00 The Council believ¢ that the vaIu&s of the investsllts are 5UPPNtal by the unthrlying net 4ssets of each subsidiary. 13. FIXED ASSET tNVEsfMENTS Value brought forward AddiliDDs Dispwls Movement In cash C]tange S Juarket value Value eArried ronvard 11,(W298 ]Yestments Ch held by S47<IMKI {4J09,928) 744.844 12,917,214 investtnent brokers J23JV5 45,662 168,737 928 46.662 13 th85 951 The ¢hange in mark¢1 value of investhients during they¢4rc(xnprts¢s all incrw and decre&ses in the market vaIue of investtnents held at any time during the year. includujg wofits and k)&ses rdi%d on sales of investments durlljg the year. Page 29
ROYAL ULSTER AGIUCULTURAL SOCIETY NOTES TO THE CONSOLIDATED FINNCIAL STATEMEKrs FOR THE YEAR ENDED 31ST OCTOBER 2025 14. DEVTORS Group SocS¢ty 31.1025 31.10.24 31.lQ.25 31.10.24 Trade debtor5 Amounts owed from group undertak)gS Other dthors Prepayments Accrned In¢ome 374JOS 318.002 175J06 1225,054 217.145 986.142 39,059 31,021 94215 6S852 1,417 132.976 33.949 71 59?53 1459 913 1273 367 15. CREDITORS: fAUing e withio one ye4r Group Society 31.1025 3 1.10.24 31.JO.25 31.10.24 Trade creditors Amounts owed to group uDd¢nakings Other tsx and social se¢urity Other ereditors and accruals Payments received in 4dvan¢e 1115152 49,506 5&638 15032,952 31,89D J83,620 35,118 14.417,087 52,006 136,896 454,481 15 095 588 126213 1993S7 559 32 133,381 152,984 517 184 853.055 16 527 049 i& DEFERRED INCOME Group and &J¢iety Life Members Composition A¢c&ynt At 1st November 2024 Receipts the year Interesi credited Utiiised Au the year 3(208 5,1131 1450 (6830) At 31st Octob¢r 2025 Page30
ROYAL ULSTER AGRICULTURAL SOCIETY NOTES TO THE CONSOLMATED FINAiICtAL gfATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2025 17. ANALYStS OF NET A&SE13 BrrwEEN FUNDS Group Unrestricted R¢stritted fulld$ Tolal funds 31.10.25 Intangtble fix¢d assets InY¢slments Tatsgible fixed assets Net rurrent assets Deferred income 13,085,951 18,280,093 1,912,879 13,085,951 18.280.093 1,928,687 38.259 33 256 472 15,808 33 40.664 18. Group #nd General fllud5 At 1st November 2024 Net movemcnt in fimds 31,978246 1,262A18 At 3 1st October 2tr25 33 240 664 19. The ino)me fi]nds of d)e Society imclude rttstri fijtth ¢(HnprisiDg the following Unexpendj balance of donations to be applied for speeifjc pu4XW.' Group aDd So¢iety Mov¢meht in funds Incomkng Outgoing 31.10.25 W Fullerton Legacy John Kirkpatn"ck Legacy 10.000 5.719 200 114 {200) 125) 10,0 5,808 15.719 314 25 Th¢ Willle artd Elsie Thllerton Bequest Willie and Elsie Fullerton queSt the sum to invested aiKI the iDcorne used to augment the So¢iety's funds. John KirktriCk Legaey Donation to the S(Kiety iry meJDOry of JOFLD Kiwick The legacy's atjnual proc¢¢d8 to be used to provide special prizes ITh th¢ ChildTen'3 Ponies Ridden and Worting HullteT5 Section. Page31
ROYAL ULSTER AGRICULTURAL SOCIETY NOTES TO THE CONSOLIDATED FINAf4cIAL STATEMENTS FOR THE YEAR ENDED 31ST ocfoBER 21125 20. FINANCJAL bysfRUMEN13 Group 31.10.25 31.10.24 naneial &ssets Pinancial assets that are debt instr1effits meawred 4t ainortised cost 1727,171 4,529,510 Finane141 liabilities Financial liabjlities measured at amortised cost L727,J71 4.529 510 105,852 49,506 Financial liabilities measwed at at]lortis ste(m1$C trdk credit(Ys. 21. RELATED PARTY DISCLOSURES The group bas raken the exemption contsined in FRS 102 secti 33.IA- TieIated Paty DAs¢losure" not to disclose any transactions with its subsidiary the associated Undertskings of any wholly-owned wup compa on the grounds that the consolidawl ofthe Roya] Ulster AgricUlttd] Society publi¢ly alIabl£ 22. At 315t (ktober 2025. the &iety had ellt into a rapitsl which wa5 colltra but ZLOt provmled for these fuwieiaI slaimellts of £NIL (2024.. £NIL}. 23. TAXATION The Society is a registered charity as such 15 eniitl8d to I31n exemptions on income and profits from Iveslments and swpluses on trling activities CrIed further of tb¢ charity¥ primary obie¢tive4 if tbese profrts and surpluse5 are appli solely forcharitsble pury coiYriNGENT L[ABy During the pffeyi0 fnan¢ial year. tand & Forny Strvices removed the (knitable exemption from the Stsciety's 0Th. domestic Net AnnuaI Valuation to applKd trO4)VelY for a]1 lOdS efftctive from September 2015. The Society h&% appealed this decislon to the Lands Tribunal and awatts a hearing d. HAving sought lega] advice aDd n(rting the outcome of a simiiarw¢ uj Great Britatn, the kniety isofthe opinion that the will be resolved on favi)urable tem5. The liability aTn(Mllrt is discA05ed within theseaCCots &8 to CIN¢ thatthe ollgoittg legal case is not preNdired. iJLTIMATE CONTrOLLING PARTY The ultimate ¢ontrollingwty is c(msidered to be the c(MClI ofthe ROYAI U15ter Agricultural &Kidy. Page 32