RASE finances ‘safe’ as it pays out on Royal Show prizes

Around half of the prize winners from this year’s show have still not received their money, but RASE confirmed letters had been sent yesterday (Monday, October 26), to all exhibitors still awaiting payment.

RASE also moved to dismiss rumours the Society is in financial trouble following the departure of its finance director, Neil Harris, and the decision by its trustees to appoint independent financial advisors Baker Tilly to review its finances.

Communications and marketing director Denis Chamberlain said the Society had faced a ‘short term cash-flow problem’ and apologised to Royal Show winners for the late payments, but following the financial review, he said he was ‘completely confident’ about the Society’s future.

He said: “It is a difficult time for everybody with the recession and that is being felt throughout the agricultural exhibitions industry at the moment.

“We appointed Baker Tilly to take a look at our finances and our business planning and they were confident that we have a good plan going forward.

“We own the site at Stoneleigh so there are no worries there and there is no debt that is not covered by our assets and our business planning.”

The review of the Society’s finances came in the wake of the last ever Royal Show – an event which was costing it around £200,000 a year.

In a recent letter to members, RASE chairman Henry Cator said the Society was now taking steps to ensure a solid financial base as it looks to move forward into a post-Royal Show era.

He said: “It is unfortunate that we find ourselves where we are now but be in no doubt that we are heeding the best professional advice to reverse a trend which has been prevalent for too long.

“I speak for all Trustees when I say we are adamant in our resolve to do whatever is necessary to promote recovery.”

Have your say

Please do not complete the following form field for security reasons.

Name

E-mail

Comment

Post as

Anonymously

Display name