ROYAL uisfER AGIUCULTURAL SOCtETY ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31￿ ocfoBER 2025 cHAR￿y 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 Conwlld*ted 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 SOUc￿0￿$ 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 DIp￿r 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 Gib￿0. 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 2￿25). 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. LiT￿say. 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. RETIRIf*G MARCH 2028 Dr Keith Agn¢w PhD, Gareth ArmstroThg. A]ithrAM￿8. St¢w'an 53axrer. Andrew BiE]gh3nb Libby Clarke NDA MNAE& James Coburll, Trevor Gabbic, Michael Graha￿4 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 DI￿rtMent 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 ￿0￿p 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 pre￿Ing 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 AD￿msTRATIoN 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 g￿ted the following year. The Society is regISte￿d 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 Li￿lled 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 pUr￿ses. President of the S¢xiety shall, ex Offici￿ be the Chainnan of the Council. The system of internal controls is designed to provide Te￿Trable. but not absolute, assurance against material mAs5tatem¢nt or loss. Key featU￿S 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-f￿ancIal 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 a￿e 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£YMemb￿S for their prof¢ssioDal contribution to the Society and their continued loyalty. support and hard work. OrganIs*tio￿al 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 f￿￿tIal year, there were fifty-seven commit*e meeting4 and Couu¢il met on six Oc￿￿10￿5. 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 S￿red by eff￿tive 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 f￿an0 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[t￿l¢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 fr￿managingthenSkS faced by the Society. Ddailed risk consideration is delegatedto the Finallcc Committee, assisted by the Senior Management Team. A forn￿1 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 And￿le4 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 n￿l￿taIning 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 fO￿S of the Strategic Plan is to ensure that the Society is upheld as a viabl¢ and vli )rant orghnisatioll for fjjtt￿e £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 appT￿lati0Tt of the seC￿r. the envirOn￿¢￿t and n￿1 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: ￿8￿cIalty 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 re￿IonshIpS with key partners: Shows and Events.. the cel¢bration of a8ri¢uItU￿ that connects the n￿81 and ll￿all 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 s￿lety'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 craft5m￿￿1P necessary to enhan¢¢ the agricultural sector. F￿SUring 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&3tsttdi￿g 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 fi￿anCial 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 C1￿1p10n was awaTded to JCB Comrnercia]s from Newtownards with The Skunk. The Ulst¢r Housewife's Cbatnpionship w&8 judged this yearby14)cal t￿tcher 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 RU￿herPaIr 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 S￿all 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 s￿lery hosted the 156th Balmoral Sbow from 14th to 17th May 2¢n5. The Sociery was delighted to welcome a significant number of vi51t￿S 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 livest￿k, 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 Worship￿1 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 n*ional 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 al￿t. 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&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 oblig￿lon￿ 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 flltt￿e 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¢lor*d, ¢tth8nceiL or replaced to deliver the ￿pi￿tionS 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 geDer*tion 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 p￿agraph 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 fi￿d$ 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 eIt￿ents ofthe shows to audie]]ces thtoughoui treland and continue the development of the Elki￿ Ex￿￿11t10￿ 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 a￿OrdanCe 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 a￿1 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 depart￿eS 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 rea￿Dable acc￿r&¢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 a￿ellded by the Charitie5 Art (Northern lTcland) 2022), the Clwities {A￿oU￿ts 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 aUdi￿rS 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 sOc￿Ty Opinlon We have audited the fusancial statements of the Royal U15ter Agricul￿ra1 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 financI￿re[￿l￿g 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 Cl￿ri￿5 affair5 as at 31st October 2025, and of the group's total incoming resourees aDd expL*dithre 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¢[T￿lIOn￿ StaDdarts on Auditing (UK) (ISAS (UK)) and applic*ble law. Our responsibilities under those standard5 are further described in the Auditorfs re5ponsibilitie5 for th¢ audit of the fin￿1￿1 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 SL￿dar¢ 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 f￿aDelaI 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 se￿lon$ 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 f￿￿1¢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 cOnn￿tiOn 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 Missta￿￿ent 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 cOu￿e 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 requirem￿ts. Mat*er8 on which we ar¢ requir￿ to report by ex¢eplio In the light of the knowl¢dge and und¢rstsnding of the g￿llp 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: adeq￿￿e 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 di￿lOSur%% of Tn￿tee'S remunetztion specified by law are not made; or we have not received ail the infoTmation and explan￿10￿5 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 T￿￿ee 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$ing the going concern basis of accounting unless the Trusiee eiiber intends to liquidate the group or the parent tsity or to Ce￿ operations. or have no realistic alternative bui to do so. Auditors, respoDsibilities for the audit of the fillaD¢ial Stat¢￿ellts We have been appoitited as Auditor under paragraph 6 of schedule 6 of the Clwities ACÉ (Northern Ireland) 2008 {as nend¢d by the Charities Ad (Nortbern IrelaDdl 2022) and re￿rt ID acc(xdance with TegulAtions made under section 66 of thatAcÉ. Our objectives are to obtsin reasotMbl¢ assura1￿ about wh¢ther the fJnall¢iai st#temeTrts as a whole are fre from Materi￿ misstatemen¢ wh¢ther due to fraud or etTor, and to issue all auditoes report that includes our opinion. Reasonable assurdnoe is a higb level of a&Sura￿C¢bUt is not aguarantec thatan audit conducted in a￿Ordance wtth ISAS (UK) will always detect a mattrial misstatrmeni when it exists. MisstatetneDts can aTise from fraud or.em)r and ar¢ Considered material if. individually or in the aggr¢gat< they could rewonably ￿ exp¢cted ty influence the economi¢ decisions of usets taken on the basi% of these finan¢iai statements. Irregularities including frau￿ are instances of nots-compliance with laws and regulations. We design procedures in line with our T¢4xbnsibilities, outlined above, to detect rnatrrial ￿l$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 f￿anCial statements- ContiDued We also obtained an understandittg of the legal and regulatory frameWO￿S that the group and por¢nÈ ch￿lty 0￿rate 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)rt￿g documenthtion to assess complianre with provisions of relevant lawg and regulations d¢scrI￿d 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]￿. a￿esSIng 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 norn￿1 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¢ FiT￿l¢la1 Reporting Council's websits at www.frc.org.ukJaudiiorsreSp￿￿blIittes. 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 a￿ept 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 f￿ndS 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 As￿08 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 N0ve￿be￿ 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 926￿7 409.342 Net cash from Op￿tIng 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) I144￿12 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¢r*ted 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 a￿ounts.. 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 agricuItt￿e 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 S*rling (£) ACCOUNTING POLICIFS Basis ofpreparatio The charity constitut&s a publi¢ benefit ¢ntity as der￿ed 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 Cll￿ent cash and investment resources. The Counci] have areasonable expectation th￿ the Organi￿tiOn 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 I￿en presellted; ¢) No di￿losure has beeu given forthe aggregwe remunerdtion of key rnanagement personnel. Basis of coMsolld*iion Theconsolidated f￿ancial 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 th￿e finaDcial ststements the tnL8tces hav¢ not bad io make any sigllificant judgements or e#imates. In￿Me All income is Included in the statement of fu￿1¢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 partI￿lar cat£gories of income- Gifts and dollations are InchKI￿ in full in the Swement of f]nallciaI a￿1VItieS when receivable. Legacies are reCO￿lSed 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 subSCri￿10nS 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 b￿1$. 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 ￿atr￿e 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 expendi￿re 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 pu￿baSe 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 am￿nt 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.. show￿0unds 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 tI￿oughOUt 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 A￿1vitieS. 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 tranSa￿lOn 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 tr￿n￿ated 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 all￿ation of overheads and supp)rt ¢osts. - Unrdstri￿edfynds 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 FU￿d$ 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¥D￿URE 31.IIL25 31.10.24 Commercia] income 1,406.202 2.082,123 2 082 123 Support e05ts Salaries and wages. labour and S￿lty 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 tOt￿S ab(>ve inc(Kyxats the proft ond loss ￿¢0￿rt of the &Kiety's trading subsid1￿leS 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 Com￿1￿85 is 315t (knb¢r2025. EXPEI¥DTfuRE ON CHARITABLE ACTIVITIES Notes Unrestricted Restri¢ted Totsl Funds Total Funds Fuud5 31.1￿15 31.10.24 Dlrect e05ts Prize5 to exhibi￿r$ 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 FIN￿NCIAL 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 Memb￿5, indemnity Yll5urance been pU￿h￿sed 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 Pa￿ble 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¢JitL￿e 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 fi￿d5 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 s31￿7 (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 o￿n 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 &moU￿ts. 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 OCto￿r 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 (￿￿t5￿￿ed) Th¢ Soei¢tys iJ]vesth]ents at the Ba]2nce she￿ date in the 5twe Capi￿ of c(XDpani¢s comprise the following subsid1￿les. The KIrn￿$ Hall Exhibltion and Conference Centre Llmited Comwdny numi*r.' 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, }l￿ft(￿￿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 nUM￿r.. N1648449 Registered office.. RUAS Offiee, Bakn(￿ Park, Fla]ftown Rc*4 LIS1￿rn, BT27 5RD '8ture of business.. Ma[jagan￿t of hekl fordevelO￿ Cl&¥s of shares: (Minary % holding I￿.00 The Council believ¢ that the vaIu&s of the investsll￿ts 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 C￿h held by S47