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NFUS in Good Financial Shape to Face the Future

Union records operating profit of £37,335

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 31 October 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 that 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.  In 2016, our team of regional managers collectively travelled more than 130,000 miles supporting members while our officeholder team attended more than 160 local NFUS meetings throughout the year.

“The way we deliver that service is constantly evolving and while there will always be a place for meetings, events and traditional mailings such as our monthly membership magazine; NFU Scotland has moved with the times.

“Daily, 2200 members receive an email from NFUS updating them on the day’s news and information; the Union can now send mobile phone text messages to more than 4000 of its members and, across its Twitter and Facebook accounts, it has more than 11,000 followers on social media.

“Every member’s subscription is valued at NFUS and the good news is that the level of service, the widening range of affinity deals, the information we provide and the way we provide it has seen 299 farming, crofting and professional members join NFUS as new members in 2016.

“And for every member, we are fulfilling our promise of offering them the potential to make considerable savings for their business through a widening range affinity deals that already stretches from ferry travel to LED lights.

“On vehicles alone, the number of members taking advantage of exclusive membership savings has risen by more than 30% this year.  No fewer than 577 pickups, ATVs and cars – valued at almost £12 million – were bought by NFUS members this year, generating a collective member saving of £785,000.

“It is important that we continue to deliver value-for-money from subscriptions as all memberships are needed to ensure we continue to be regarded as the lead voice on Scottish agriculture, giving us the clout we need at local, regional and national level.

“Brexit negotiations and future agricultural policies post-Brexit present both a challenge and an opportunity to Scottish food and farming.  We will make the most of those challenges and we enter that period in good shape.”

Notes to Editors

  • NFU Scotland produces an annual report each year, updating the membership on activities undertaken in the previous 12 months and the challenges ahead.   As part of the report, the President and Chief Executive lay out their thoughts on the year gone by.   The latest annual report is at: http://www.nfus.org.uk/about-nfus/annual-report
  • As a membership organisation, NFU Scotland also publishes its accounts on an annual basis and a copy of the Union's financial performance is sent to all NFUS members.   The latest accounts are also at: http://www.nfus.org.uk/about-nfus/annual-report


Ends

Contact Bob Carruth on 0131 472 4006
 

Date Published:

News Article No.: 276/16


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