11% rise in annual revenue
Investment to follow record Royal Highland Show
Record spending by visitors and exhibitors at the Royal Highland Show helped boost income for the organising society which plans further investment in its operations near Edinburgh airport.
The Royal Highland and Agricultural Society of Scotland reported an 11% rise in turnover from £7.07 million to £7.85m for the year to the end of November.
Its flagship event delivered a third successive year of record revenue, generating £4.35m – an increase of £284,000 on 2015.
Land assets generated £1.24m, which is 30% up on the previous year.
Trading income, generated by the Society’s wholly owned subsidiary Highland Centre, raised £1.6m, a new high and an increase of £227,000.
Other key income streams include membership subscriptions which also enjoyed a healthy growth in numbers.
Expenditure increased by £1.34m to £7.67m which includes writing off £560,000 of historical development costs. Net Income/Expenditure (Operating Surplus) stands at £262,000
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.”
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.”