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Cousins working together on our family owned farm with the aim of running a commercial modern farm producing high yielding, high standard crops while maximising wildlife diversity. Brian is said to be the farmer and conservationist, whereas Patrick is a conservationist and farmer. This mix has given a new direction for the farm, building upon the work that our fathers and grandfather has done to improve the overall success of the farm business. The farm has gone from strength to strength with the farm being recognised at a national level winning the coveted National FWAG’s Silver Lapwing Award for farming and conservation in 2009 and then Patrick and Brian were named Countryside Farmer of the Year by the Farmers Weekly in 2010.

Tuesday, 17 April 2012

YFC Answers and possible a few more questions!

I have had a number of readers ask for the answers to the YFC Valuation day questions that I posted, I have found the answer sheet and so here are the answers that they aim for!  
·         Calculate the cost of re-roofing the farmhouse roof (show your workings).
Calculated from the Insurance rebuild a estimate cost would be £35,000 depending on level of any damage or structure problems that might be found.
  • In the context of residential property, what does ‘Ag Tag’ mean?
A property sublect to agricultural occupancy condition, i.e. the occupant must be employed or last employed in agriucture or widow or widower of such a person.
  • Calculate a basic gross margin for this field, assuming the field is 20 ha (49 acres)
The field they were shown was a field of Winter wheat and the gross market was taken from The John Nix Farm Management Pocketbook 2011 at £985/ha
  • Estimate the average wheat yields (t/acre or t/ha) :-
World Average - 7.1t/ha, UK Average - 7.8t/ha, Lodge Farm Westhorpe - 9.8t/ha, World Record – 15.4t/ha
  • What is the annual investment allowance being reduced to for 2012/13?
  • In renewable energy, what does ‘FIT’ stand for?
Feed in tariff (i.e. £ per kilo watt fed in to the National Grid)
  • Looking at the building used as a carpenters’ workshop, under what legislation could this tenant be protected?
Landlord & Tennant Act 1954
·         The machinery is our three main tractors that I have explained in more detail on other posts!
·         The Butterfly is: a Comma

Just to keep you on your toes here are a couple more questions…….
·         What is the main difference between a lease and a licence?
·         What is an individual’s capital gains tax annual exemption for 2011/12?
·         Describe 4 weeds or crop diseases common in this crop of winter Wheat?
·         Describe 4 HLS options and points available
·         Estimate the price of the following if bought today in a Supermarker (£/Kg or L)

British beef rump silver side joint £       /kg
British unsmoked back bacon £           /kg
Boned shoulder of lamb £         / kg
1 litre of semi skimmed milk £
(Supermarket brand) white sliced load of bread £

·         Estimate the livestock prices for the following sold off farm (p/kg Deadweight or L)
Finished steer cattle £      / kg
65kg fattened pig £       / kg
Finished lamb £      / kg
1 litre fresh milk @ farm quota       p/L


Answers will follow once you have hd a chance to scratch your head!

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