Royal Highland Show delivers third successive year of record revenue, generating £4.35 million
The Royal Highland and Agricultural Society of Scotland (RHASS) has reported a year of growth with total income in the year ended 30 November 2016 at £7.85 million (2015: £7.07 million) – an increase of £779k.
This 11% uplift is reflected in income generated from RHASS’ land assets which generated £1.24million, a 30% growth (2015: £954k) from the previous year.
RHASS’ flagship event, The Royal Highland Show, delivered a third successive year of record revenue, generating £4.35 million – an increase of £284k from 2015.
Trading income, generated by the Society’s wholly owned subsidiary Highland Centre Ltd, raised £1.6million, a new high and an increase of £227k from 2015.
Other key income streams include membership subscriptions which also enjoyed a healthy growth in numbers.
Expenditure increased by £1.34million to £7.67million (2015: £6.33million), a figure which includes the write off £560k of historical development costs. Net Income/Expenditure (Operating Surplus) stands at £262k.
This year has seen a significant increase in the value of Fixed Assets, with a corresponding reduction in Net Current Assets reflecting a prudent reallocation of cash reserves into the upgrading of the Royal Highland Centre site.
RHASS Chairman Keith Brooke said: “RHASS is in a very strong financial position with good performance across membership, Royal Highland Centre and The Royal Highland Show. This robust financial position will enable the Society to fulfil our charitable aims including delivering the award-winning Royal Highland Show.”
RHASS Chief Executive Alan Laidlaw said: “This is an exciting time as the Society forges ahead with our ambitious investment programme in the Royal Highland Centre. Our vision is to create the best outdoor event space in Scotland and we are making great strides in achieving this.
“We are committed to being a dynamic and progressive membership organisation playing a supportive and influential role in a thriving rural economy.
“Our investment in the Royal Highland Centre asset during this financial year will ensure we remain a sustainable business with an ability to generate sufficient funds to allow us to meet our charitable remit, including our significant financial support of the Royal Highland Education Trust.”