The Ulster Farmers’ Union (UFU) recorded a surplus after tax of £374,849 in 2020, up from £319,382 in the previous year, accounts presented at last Wednesday’s AGM show.
Member subscriptions were up slightly from £1.27m to £1.32m, and are a major contributor to total turnover, which stood at just over £2m in 2020, up £56,000 on the previous year.
However, costs were down by nearly £150,000, mainly due to a £120,000 reduction in travelling expenses, with staff and the Presidential team confined to home during the COVID-19 pandemic. Costs attributed to member services fell from £227,493 to £117,243.
Overall, the UFU remains in a very healthy financial state, with investments of over £3.6m, and net assets approaching £4.3m, up from £3.91m in 2019.