Union posts a profit as fi­nances im­prove

The Oban Times - - Farming -

NFU SCOT­LAND is in good fi­nan­cial shape to face the chal­lenges of Brexit and keep­ing its farming and croft­ing mem­bers on the front foot.

Ac­counts for year end­ing Oc­to­ber 31, 2016, show an op­er­at­ing profit of £ 37,335 com­pared with a small loss of £18,167 the year be­fore.

This year’s an­nual ac­counts for NFUS are the first to be pro­duced un­der new ac­count­ing rules. Com­pli­ance with ac­count­ing stan­dard FRS102 means the­o­ret­i­cal gains on in­vest­ment and prop­erty must now be ac­counted for and this has re­sulted in un­re­alised gains of £187,860 for 2016 be­ing in­cluded in the ac­counts.

That has seen the union’s re­serves (which in­cludes prop­erty val­ues and shares) rise in value to £2.7 mil­lion be­cause of the FRS102 reval­u­a­tion.

NFU Scot­land chief ex­ec­u­tive Scott Walker said: ‘As we en­ter a hugely chal­leng­ing time for the union and Scot­tish farming, it is im­por­tant that we do so in ro­bust shape.

‘NFU Scot­land re­mains fully com­mit­ted to de­liv­er­ing the very best ser­vice to its mem­ber­ship. That means as­sist­ing in­di­vid­ual mem­bers through our net­work of branch sec­re­taries and re­gional man­agers, and hav­ing a head of­fice team to se­cure the poli­cies and sup­port that will en­sure farming and croft­ing are fit for the fu­ture.

‘While this year has seen a re­duc­tion in turnover, sav­ings in ex­pen­di­ture have helped se­cure a small profit. Those sav­ings have been achieved while NFUS has con­tin­ued to de­liver an ex­cep­tional flex­i­ble level of ser­vice and com­mit­ment to its mem­bers.’

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