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!