RHASS looks to further growth as turnover climbs to £6.39m

Despite the challenging economic climate, the Royal Highland and Agricultural Society of Scotland has repeated its positive financial performance of recent years.

Turnover was £6.39 million, up from £6.35m in 2010, and operating surplus increasing by 7.5 per cent to £1.11m from £1.03m in the year to 30 November, 2011.

The society, which is principally known for organising the Royal Highland Show at Ingliston, near Edinburgh, reported that its balance sheet now stands at £10.8m against £9.9m in 2010. Net current assets have increased by £530,000 and long-term liabilities were reduced by £330,000.

At the annual meeting held at Ingliston, near Edinburgh, yesterday, RHASS chairman Clark Stewart referred to the past year as one of “consolidation, achievement and success”. He continued: “Through a combination of prudent house-keeping and a sterling effort by management and staff to maintain growth, we have emerged from 2011 with our affairs in good order.”

Although the Highland show – which this year will be held at Ingliston from 21-24 June – dominates the society’s activities with an income last year of £3.7m, Stewart pointed to the other parts of the organisation where progress had been made.

“The Royal Highland Centre proved it was a serious player in its sector with a number of new events and a total income of £1.2m,” he said.

“The Royal Highland Education Trust once again demonstrated its importance as a vehicle for getting across farming, food and countryside’s message to the younger generation.

“Communicating that message to a wider audience, while encouraging skills, innovation, excellence and achievement, lies at the heart of our remit as a charitable organisation.”

Chief executive Stephen Hutt, who joined the society last April, described the main challenge in the past financial year as the “continued pressure in the market place. “In this environment, it is heartening to see increases in revenue and operating surplus.

“With a sound balance sheet, we are in a strong position to pursue our development plans over the coming years.”

Last April, the society had a master plan approved for the future development of its 130-acre base at Ingliston, but Hutt admitted that more recent events – including the sale of Edinburgh Airport and delays in detailed planning application approval – had held back the first phases of the development.

He was hopeful, however, that progress would take place over the coming months.