For the financial year to 31 October 2020, the Royal Ulster Agricultural Society (RUAS) returned a deficit on ordinary activities of £983,959, members were told at the AGM held virtually on Friday.
That compares to a surplus of £992,534 for the previous year.
Incomes have been hit by the cancellation of various events in 2020 due to the COVID-19 lockdown, including the flagship Balmoral Show.
For 2021, it has moved from its traditional date and is scheduled to happen between 22 and 25 September.
Turbulent financial year
Reporting to the AGM, chair of the RUAS finance committee John Martin said that the year to the end of October 2020 had been one of the most turbulent in the history of the society.
However, the RUAS council remains confident that the society will come through the current crisis intact.
The last set of accounts to October 2019 highlight that the society is in a healthy financial state, with net assets of nearly £32m.