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Recently filed accounts of the National Ploughing Association (NPA), the company behind Europe’s largest outdoor exhibition, The Ploughing championships show that it made a pre-tax loss of €494,370 for the year ended January 2019.
The three-day event which was held outside Tullamore again last September was forced to close on the Wednesday due to damage caused by Storm Ali. The storm which brought gusts of almost 100km/h to the site at Screggan caused varying degrees of damage to many trade stands and tents, on the site during the storm. It resulted in the event being called off on the day and a further day added on the Friday.
This was the first time in its 87-year history that The Ploughing had to be cancelled and the public turned away. Despite the disruption, more than 1,700 exhibitors and 240,000 people visited the event last year, according to the NPA.
The abridged accounts show that despite the increase in trade stands and visitor numbers, sales for the association, which is mainly made up of gate receipts, exhibitors' fees and sponsorship fell €670,000 (12%) to €4.9m.
Income from investments which is mainly made up of prize bonds and interest on fixed-term deposits increased from €102,000 to €457,000 during the year. The association saw the value of its investments fall by €800,000 to €11.1m at the end of the year. Cash held at bank increased €240,000. The NPA had an accumulated surplus on its balance sheet of €13.4m at the end of January 2019.
During the year, the association had 11 full-time employees and wages and salary costs amounted to €457,000. Director remuneration was €220,000 during the year.
The Association made a loss after tax of €608,741 for The Ploughing 2018. Ploughing 2017 which was also held at Tullamore made an after tax loss of €81,445.
This was the final year for The Ploughing at Screggan, Tullamore which had been held there since 2016. Over the three year-period Tullamore made a total €283,000 for the NPA. This is significantly down on the €3.2m that the NPA made from the Ratheniska Ploughing held the prior three years between 2013 and 2015. This September The Ploughing is moving to Co. Carlow.
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