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09/03/2009
Losses Continue As Maze Rejection Hits RUAS Plans
As arrangements for this year's prestigious 'Balmoral Show' continue, it has been revealed that the organisers, the Royal Ulster Agriculture Society (RUAS) is losing money, with a significant deficit recorded in its latest figures.
In excess of £3,500 a week is being lost by the society at its Lisburn Road location.
The RUAS annual meeting revealed that the society, which runs not only the Balmoral Show but also events at the King's Hall and showgrounds, recorded a deficit of over £186,000 in 2008.
The organisation has been consistently pushing for a move away from the existing location and has supported the now stymied development of the former jail site at the Maze.
Now that the Stormont Executive has pulled back from the proposed multi-million pound redevelopment of the Maze - including a massive Northern Ireland stadium complex - the RUAS has been left behind.
Speaking in relation to the proposed move, Finance Committee Chairman John Bamber said on Friday: "It has been frustrating that our efforts to create the opportunity for a strategic move are currently been thwarted by factors over which we have no control."
He also said this had been exacerbated by a drop in the value of the showgrounds, despite gaining planning permission for a housing development.
"I had hoped to be in a position to bring options to the members but unfortunately that is not likely to happen in the shorter term."
However, the RUAS had a £23,000 surplus in 2007 and, despite the heavy operating loss in 2008, still has healthy cash reserves.
"We have increased our bank deposits from £2,071,784 to £2,247,083 along with investment holdings of £1,315,534 in medium risk contract," said Mr Bamber.
"The RUAS is prepared for the future and while figures will always have to be carefully considered and balanced we are up for the task that will face us in the period ahead."
RUAS has already cut staff and operating costs, the AGM was told.
(BMcC/JM)
In excess of £3,500 a week is being lost by the society at its Lisburn Road location.
The RUAS annual meeting revealed that the society, which runs not only the Balmoral Show but also events at the King's Hall and showgrounds, recorded a deficit of over £186,000 in 2008.
The organisation has been consistently pushing for a move away from the existing location and has supported the now stymied development of the former jail site at the Maze.
Now that the Stormont Executive has pulled back from the proposed multi-million pound redevelopment of the Maze - including a massive Northern Ireland stadium complex - the RUAS has been left behind.
Speaking in relation to the proposed move, Finance Committee Chairman John Bamber said on Friday: "It has been frustrating that our efforts to create the opportunity for a strategic move are currently been thwarted by factors over which we have no control."
He also said this had been exacerbated by a drop in the value of the showgrounds, despite gaining planning permission for a housing development.
"I had hoped to be in a position to bring options to the members but unfortunately that is not likely to happen in the shorter term."
However, the RUAS had a £23,000 surplus in 2007 and, despite the heavy operating loss in 2008, still has healthy cash reserves.
"We have increased our bank deposits from £2,071,784 to £2,247,083 along with investment holdings of £1,315,534 in medium risk contract," said Mr Bamber.
"The RUAS is prepared for the future and while figures will always have to be carefully considered and balanced we are up for the task that will face us in the period ahead."
RUAS has already cut staff and operating costs, the AGM was told.
(BMcC/JM)
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