THE august Royal Dublin Society, once an exclusive citadel for personages of breeding and discernment, which, in these libertarian times, is open to many nouveau riche riff raff who can afford the fees, saw its total membership decline 8 per cent last year to 5,000, despite signing up 300 new members. But income from overall membership was remarkably healthy, jumping 22 per cent to £385,000 with regular annual income from new entrants more beneficial than the once off life fee.
The RDS says the high average age of members on its books meant that overall numbers fell, perhaps a coded way of saying that the intake of younger status seekers was insufficient to make up for the numbers of old codgers falling off their favourite Ballsbridge perches while sipping a whisky and soda and perusing the Financial Times. But commercial letting, not membership, is now the springboard of RDS income. Nostalgia associated with the generation overlap was offset by another good financial year.
Operating income advanced 11 per cent to £4.6 million, which combined with cost controls to produce a creditable 20 per cent improvement in operating profits at £582,000. The society ended the year in good financial shape with a surplus of £797,000 and nearly £3 million of liquidity.
