Union posts a profit as finances improve
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.’