FarmWorks 2018 AGM took place at Horton Ridge Grain and Malting Company, a FarmWorks client business, on Sunday April 30th, 2018
Please review the FarmWorks Annual Report 2018 and FS FarmWorks Investment Co-operative Limited 2017-1 – more information will follow!
The Seventh Annual General Meeting of FarmWorks Shareholders was held on Sunday, April 29th at Horton Ridge Malting and Grain Company in Hortonville. Alan Stewart told 25 shareholders and 10 guests that before Horton Ridge was established Stewart’s Organic Farm borrowed from FarmWorks to tile fields for crops that became the inspiration for Horton Ridge’s formation. He said that the support FarmWorks provides for creative and energetic people who are working to grow Nova Scotia’s economy is critical for their success. Pieces of Nova Scotia’s food system are missing and FarmWorks is helping clients to provide solutions.
FarmWorks took root and started to bear fruit in 2012, and now is reaching a sustainable level of production, thanks to the energy, enthusiasm, wisdom and work of our clients. Many Nova Scotians are benefiting from the foresight of those who are investing in FarmWorks to help ensure better food and economic outcomes for the Province.
Starting with small investments and minimal income in the first several years, the FarmWorks portfolio is now closing in on its financial goals so that income can be allocated equally to administration, losses and profits. The Nova Scotia Department of Finance provides up to 65% Provincial tax credits over 15 years to offset subordinate debt risks assumed by investors in Community Economic Development Investment Funds. An important aspect of FarmWorks operation is the security provided by lending to a broad portfolio of businesses relative to investments in single entities that may involve considerable risk. Money invested in FarmWorks is not sunk, it is continually generating interest income, and shares are marketable at full cost with FarmWorks intending to be the purchaser.
Extensive and ongoing due diligence is the foundation of FarmWorks’ lending strategy. Potential applicants review the lending criteria online and submit the required documents. Three or more Directors conduct interviews and visit the site and prepare comprehensive reviews prior to a Board vote. FarmWorks seeks to provide mentoring and promotion to assist clients and monitors their progress.
The Financial Statements prepared by Independent Reviewer Barry Kendall, Grant Thornton LLP, were presented to the Shareholders with the commentary that the financial statements represent fairly the financial position of FarmWorks Investment Co-operative Limited as at December 31, 2017. Barry Kendall was appointed as Independent Reviewer for the ensuing year.
The two Directors leaving the Board were thanked for their contributions. Two founding Directors who had completed two terms were considered important for transition and a bylaw change requiring two thirds approval by shareholders was passed to enable Linda Best and Ann Anderson to serve for one year as ex officio voting Directors and this Bylaw amendment will be submitted to the Registry of Joint Stocks.
The Directors for 2018 are
- Johanna Kwakernaak – Berwick Chair
- Andrew Meade – Woodville Vice-Chair
- Valerie VanOostrum – Woodville Secretary
- Linda Best – Greenwich Treasurer, Ex Officio Director
- Ann Anderson – Wolfville Ex Officio Director
- Chris Atwood – Yarmouth Director
- Peter Hicklenton – Waterville Director
- Robert MacEachern – Halifax, Antigonish Independent Director
- Aaron Eisses – Halifax Director
- Jenny Osburn – Berwick Director
- Dave Oulton – Windsor Independent Director
- Amin Tran – Windsor Independent Director
- Leslie Brown – Halifax Director
- Keith Rudderham – Point Edward, Halifax Director
- Ginny Point – Black River Director
FarmWorks AGM 2017 Report and New FarmWorks’ Board for the year 2017 to 2018
On April 30th 23 people came to our 6th Annual General Meeting in at the Mahone Bay Centre in beautiful Mahone Bay. We welcomed shareholders from near and far. The meeting began with presentations from Sherry Redden, who spoke about her work as Manager of Business and Workforce Integration for ISANS (The Immigrant Services Association of NS), and David Eisnor who spoke about opportunities for young entrepreneurs and his role as Business Development Manager with Futurpreneur Canada (Atlantic). Thank you to David and Sherry for interesting updates and for alerting us to the opportunities that exist for collaboration with FarmWorks and other community organisations.
In addition to the standard business of the AGM, including a review of financial results, Linda Best, a founding director of FarmWorks provided an update on the progress of the co-operative since its inception in 2012. Linda underlined how much had been accomplished, and touched on the excellent report recently completed by Director Chloe Kennedy entitled ‘FarmWorks Investment Cooperative Limited – Economic and Social Benefits in Nova Scotia and Beyond’. The full report is available at https://farmworks.ca/sixth-annual-agm/ and it paints a fascinating picture of the impact that our cooperative has had on food and agriculture businesses throughout Nova Scotia, and the community benefits that have flowed from FarmWorks success.
All reports, including financials are available on the FarmWorks website (farmworks.ca), and your board of Directors is pleased to talk about any aspects of the cooperative, should you have questions. Please contact Linda Best at firstname.lastname@example.org or by phone at 1 902 542 3442. Linda also keeps in touch via the FarmWorks facebook page at Facebook.com/farmworks, so please check us out and give us a ‘Like’
The continuing Directors and Shareholders wish to thank Richard Melvin, Chloe Kennedy and David Bethune whose terms ended at this meeting. They will assist us as advisors.
And finally, an invitation to meet your FarmWorks Directors for 2017-18. A special welcome to new directors Aaron Eisses, Johanna Kwakernaak, Dave Oulton, and Sherry Redden starting the first of their 3 year terms.