April 2, 2025
Dear Shareholders,
Thank you to everyone who invested in FarmWorks’ Fourteenth offer of Shares – some of you have invested in every offer! Please visit FarmWorks website to keep up to date with all the wonderful FarmWorks clients who are growing food and food businesses for Nova Scotians using the money you have invested. The clients appreciate your support and your purchases of their food and beverages. Please keep the Map of Loan Recipients close at hand!
Due to difficulty with finding an accounting firm able to provide International Financial Regulatory Statements (IFRS) in time for the Fourteenth Offer to open, we were required to stay under the $6 million cap despite having worked with the NS Securities Commission to raise the cap to $25 million. We’ll recover when we open the next offer!
The Fourteenth offer raised $300,000 as we had to turn down over $300,000 to stay under $6 million cap. The overall total to date is $5,983,300 and over 14 years only 11.6% of investments have been redeemed, primarily by people collapsing RRSPs. Rather than redeeming FarmWorks shares at age 71, especially if part-way through a five-year term, it may be convenient for RRSP holders to switch to non-registered shares that continue to be invested in FarmWorks. All FarmWorks documents are immediately provided at the close of each Offer to the Department of Finance which issues the Equity Tax Credit Certificates and to the Canadian Workers Cooperative Federation which issues the RRSP tax deferral forms.
To date over $10,850,000 has been loaned to 173 qualifying businesses that are helping to increase the economic, health, social, environmental, and other benefits that result from producing and eating Nova Scotian food. Loan recipients are carefully chosen by the Board to balance risk and achieve strategic goals: increasing the supply of food, creating and maintaining jobs and stimulating the economy, and supporting people and the environment. FarmWorks Clients are adapting to rising input costs and climate-related challenges as they develop their food-related businesses to provide for their clients, their communities, and the Province.
The volunteer Directors of FarmWorks Investment Co-operative Limited come from across Nova Scotia and bring expertise in agriculture and food production, economic development, education, health, business, finance and sustainability and the environment. It is an honour to be a Director of this organization that’s making a significant difference in outcomes across Nova Scotia. Those of you who have attended any of our ‘Gentle Dragons’ Information sessions have heard from clients and applicants about the respect they have for what FarmWorks is accomplishing.
FarmWorks’ 2025 Annual General Meeting will take place at 2 pm on Sunday April 27th at the Royal Canadian Legion, 310 Main Street, Wolfville, in person, and virtually (https://us02web.zoom.us/j/84786380311). FarmWorks’ independent accountants are preparing year-end Financial Statements which will be posted on FarmWorks’ website together with the Agenda and information about the FarmWorks Clients who will be Guest Speakers.
FarmWorks will be participating in various events during the summer and fall and these will be posted on the website – watch for announcements!
Thank you everyone!
For more information please contact:
Linda Best
FarmWorks Investment Co-operative Limited
Phone: 902-542-3442
Cell: 902-670-3660
FarmWorks Directors and Clients sincerely thank the Shareholders – your confidence in Nova Scotian producers provides us with the opportunity to support outstanding business people who are providing excellent food and beverages. We are pleased to provide you with the 2024 Annual Report and hope you can join us in person or online for the AGM.