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2020-12-31-accounts

YORKSHIRE MUSEUM OF FARMING LIMITED

Known as Murton Park

ACCOUNTS

FOR THE YEAR ENDED

31 DECEMBER 2020

(A company limited by guarantee and not having a share capital) Registered charity number 510900 Registered company number 01522789

YORKSHIRE MUSEUM OF FARMING LIMITED

I N D E X P A G E
________________
REPORT OF THE BOARD OF TRUSTEES 1 - 5
INDEPENDENT EXAMINERS’ REPORT 6
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 7
CONSOLIDATED BALANCE SHEET 8
BALANCE SHEET 9
CONSOLIDATED CASH FLOW STATEMENT 10
CONSOLIDATED NOTES TO THE CASH FLOW STATEMENT 10
ENTITY ONLY CASH FLOW 11
ENTITY ONLY NOTES TO THE CASH FLOW STATEMENT 11
NOTES TO THE ACCOUNTS 12 – 25

YORKSHIRE MUSEUM OF FARMING LIMITED

REPORT OF THE BOARD OF TRUSTEES

The board of trustees (who are also the directors of Yorkshire Museum of Farming Limited for the purposes of company law) are pleased to submit their annual report and accounts for the year ended 31 December 2020. The board of trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

OBJECTIVES AND ACTIVITIES

The principal activity is to operate the business of the Yorkshire Museum of Farming Limited, the objects of which are to preserve for the benefit of the Nation, agricultural machinery, equipment, buildings, documents and livestock of educational and historical interest and to maintain and operate a museum at Murton in the county of North Yorkshire for the purpose of exhibiting to the public such items of educational or historical interest. The museum is sited at Murton Park and the day by day management is supervised by a committee consisting of ten trustees. In this they are assisted by the site director and the projects officer.

In order to comply with the stated objects of the company, the exhibition areas, together with the area set aside for the reserve collection and the library, are subject to a carefully monitored environmental programme. All cloth items are removed from the unheated and uninsulated Four Seasons exhibition building in the winter and there is a regular cleaning and waxing programme for all wooden and metal exhibits. This is carried out by volunteers under the supervision of a trustee as is the cataloguing of exhibits. A team of volunteers also services and maintains all the working machinery.

All livestock on the site is looked after by our stockman and subject to regular veterinary inspection.

The charity's income is derived primarily from two sources, admission fees and YMF Services Limited, it’s subsidiary which provides catering and retail facilities to visitors and operates an educational programme which includes tours of the museum and a "living history" project centred on the conception of a dark ages village and a reconstructed roman fort named Brigantium.

The success of the museum could not be achieved without the efforts of the large and dedicated team of paid staff and volunteers.

PUBLIC BENEFIT

The Museum of Farming is a charity which exists, for the benefit of the public, to preserve agricultural machinery, equipment, buildings, documents and livestock of educational and historical interest. The museum believes that its work creates public value in all five categories noted within the current charity act – ie:

The activities in this report reflect the museum’s commitment to best practice, and supporting the local cultural and educational infrastructure. By concentrating on the public benefit that the museum can bring, the museum will be better placed to meet the challenges and opportunities of the future – even in times of economic uncertainty.

The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.

YORKSHIRE MUSEUM OF FARMING LIMITED

REPORT OF THE BOARD OF TRUSTEES (continued)

ACHIEVEMENTS AND PERFORMANCE

The coronavirus pandemic had a very considerable effect on the operation of the Murton Park site. The early lock down closed the site for the first half of the year. Limited opening was possible in late summer and early autumn, but restrictions tightened again. A successful revised Santa Special was achieved, but without the use of the DLVR trains. Most of the staff were placed on the government furlough scheme. The flexible nature of the scheme allowed staff to work when required and has prevented making any redundancies.

An operating loss of about £20k has been offset with the grants and donations kindly received in the period to support the recovery of the museum into future years. Completion of the building extension to provide additional educational facilities and house the Scardifield tractor collection stalled over Drainage Board planning application issues. Communication with the appropriate authorities was made excessively difficult with most officials working from home and unable to visit the site. We look forward a return normal next year.

FINANCIAL REVIEW

At the year end total funds of the charity and its subsidiary, YMF Services Limited, were £998,488. Of this £10,272 has been designated to the Railway Fund, £46,686 restricted in Arts Council fund, £508,599 held in the asset fund, of the balance £22,940 was YMF Services fixed assets leaving £409,991 in free reserves.

RESERVES POLICY

The committee of management seeks sufficient cash reserves to fund the on-going maintenance of the museum. Reserves are needed as some sources of income could be vulnerable in the future. Having an appropriate level of reserves will allow an opportunity to secure alternative income sources. The committee of management consider an appropriate level of reserves to be 3 months recurring overhead expenditure on operations of the museum. This could enable work to continue whilst alternative sources of income are found. This is required to satisfy the objectives of the charity set out in the Memorandum of Association. Although levels are currently greater than this, various repairs have been held back and investment is now needed in the facilities at the museum.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Yorkshire Museum of Farming Limited is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association as amended by special resolutions dated 22/1/08, 11/11/08 and 23/6/15.

Recruitment, appointment, induction and training of management

The Articles of Association provide that the committee shall consist of the following:-

YORKSHIRE MUSEUM OF FARMING LIMITED

REPORT OF THE BOARD OF TRUSTEES (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

The persons so appointed under paragraphs (b) and (c) shall not be subject to retirement by rotation.

The committee members to retire each year shall be those who have been the longest in office since their last election. A retiring member shall be eligible for re-election. The power of admitting members of the museum shall be exercisable by the committee. As part of the induction process they are given full information on the charity’s activities.

Organisational structure

The trustees make strategic financial, budgeting and personnel decisions. They are assisted in their deliberations by the site director and site manager.

Risk assessment

The committee of management have an on-going process of reviewing the risks to which the charity is exposed, in particular those in relation to its operations and finances. Subsequent to this review, systems have been put into place to mitigate exposure to major risks.

PLANS FOR FUTURE PERIODS

The short-term prospects will be determined by the course of the pandemic. Nevertheless, there has been a long running need to improve the café and catering offering at Murton. We aim to modernise the café area and we had entered negotiation with a potential café operator, which to date have not reached a satisfactory resolution. This and completion of the Scardifield building are high priority projects. Examination of the fire alarm systems on the site has prompted the need for a full fire risk assessment, the outcome of which is likely to require further expenditure. We aim to restore and rebalance our staffing levels which should enable a better living-history production and events and IT management. The trustees are confident that successful future trading will be restored once the anti-virus restrictions are relaxed.

YORKSHIRE MUSEUM OF FARMING LIMITED

REPORT OF THE BOARD OF TRUSTEES (continued)

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity name Yorkshire Museum of Farming Company number 01522789 Charity number 510900 Registered office Yorkshire Museum of Farming Murton Park Murton Lane York YO19 5UF

Advisors Solicitors Cowling, Swift & Kitchin Bankers Barclays Bank Plc 8 Blake Street 23 Yorkersgate York Malton YO1 1XJ YO17 0GR Independent examiner N Clemit ACA, FCCA JWPCreers LLP Chartered Accountants Genesis 5 Church Lane Heslington, York YO10 5DQ

Committee of management (trustees)

The persons who served as members of the committee of management during the year are as follows:-

Mr C T Benton (appointed 26 June 2018) Mr P J Draper (appointed 26 June 2002 and resigned 16 July 2020) Mrs J C Drewniak (appointed 13 October 2015) Mr J C Hopwood (appointed 1 June 2004) Captain RN M A James (appointed 11 October 2016) Mr J B Morrell (appointed 25 October 1992) (Morrell Trust Representative) Mr J Sawkill (appointed 26 June 2002) Mr J F Stephenson (appointed 25 October 1992) (York Livestock Centre appointee) Mr A Trezise (appointed 17 June 2013) Mr C Downes (appointed 2 July 2019) Ms L Bowling (appointed 29 September 2020)

YORKSHIRE MUSEUM OF FARMING LIMITED

REPORT OF THE BOARD OF TRUSTEES (continued)

Trustees’ responsibilities in relation to the financial statements

The charity trustees (who are also the directors of the Yorkshire Museum of Farming Limited for the purposes of company law) are responsible for preparing a trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year, which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure, of the charitable company and group for that period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable company and group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

BY ORDER OF THE BOARD OF TRUSTEES

M James Member of Committee of Management Murton Park Murton Lane YORK YO19 5UF

31 August 2021

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

YORKSHIRE MUSEUM OF FARMING LIMITED

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2020 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the charity balance sheet, consolidated and entity only cash flow and related notes.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am member of ICAEW and ACCA, which are listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

N Clemit ACA, FCCA JWPCreers LLP Chartered Accountants Genesis 5 Church Lane Heslington York

YO10 5DQ 31 August 2021

YORKSHIRE MUSEUM OF FARMING LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
Unrestricted Restricted Total & Total
INCOME Note 2020 2020 2020 2019
£ £ £ £
Donations and legacies
Donations and grants 2 55,159 - 55,159 9,026
Investments 283 - 283 671
Other trading activities
Trading subsidiary 4 262,698 - 262,698 389,481
Trading activities 5 3,022 - 3,022 8,202
Charitable activities
Admission fees 52,035 - 52,035 51,078
Grants - 93,371 93,371 -
Other income 3 8,787 - 8,787 640
______ ______ ______ ______
Total income 381,984 93,371 475,355 459,098
______ ______ ______ ______
EXPENDITURE
Raising funds
Trading subsidiary 4 282,602 - 282,602 326,956
Trading activities 5 934 196 1,130 2,396
Advertising 3,844 - 3,844 3,824
Charitable activities 6 48,254 11,887 60,141 81,204
______ ______ ______ ______
Total expenditure 335,634 12,083 347,717 414,380
______ ______ ______ ______
Net income for the year 46,350 81,288 127,638 44,718
Tax on profit on ordinary activities 4 (88) - (88) (1,986)
______ ______ ______ ______
Net Income after tax 46,262 81,288 127,550 42,732
Funds transfer 34,602 (34,602) - -
______ ______ ______ ______
Net movement in funds 80,864 46,686 127,550 42,732
Total funds brought forward 870,938 - 870,938 828,206
______ ______ ______ ______
Total funds carried forward 951,802 46,686 998,488 870,938

The statement of financial activities includes all gains and losses recognised in the year.

YORKSHIRE MUSEUM OF FARMING LIMITED

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2020

Note 31 December 2020 2019
£
£		 £
FIXED ASSETS
Tangible assets 11 146,385 137,403
Heritage assets 12 401,047 401,047
CURRENT ASSETS
Stock 14 6,660 8,422
Debtors 15 25,267 30,577
Cash at bank and in hand 508,496 399,827
______ _____
540,423 438,826
CREDITORS: Amounts due within
one year 16 (86,131) (105,592)
______ _____
NET CURRENT ASSETS 454,292 333,234
______ ______
TOTAL ASSETS LESS CURRENT LIABILITIES 1,001,724 871,684
CREDITORS: Amounts due after
one year 17 (2,750) -
PROVISION FOR LIABILITIES
Deferred taxation 19 (486) (746)
______ ______
TOTAL NET ASSETS 998,488 870,938
THE FUNDS OF THE CHARITY
Unrestricted funds 21
Designated funds 518,871 525,830
General reserve 409,991 316,658
Non-charitable trading funds 4 22,940 28,450
Restricted funds 22 46,686 -
______ ______
TOTAL CHARITY FUNDS 998,488 870,938

For the year ended 31 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year ended 31 December 2020 in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved by the board of trustees on 31 August 2021 and signed on their behalf by:

.......................................…………………………….

M James

For and on behalf of the committee of management Company registration number: 01522789

YORKSHIRE MUSEUM OF FARMING LIMITED

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
31 December 2020
£
FIXED ASSETS
Tangible assets
11
Heritage assets
12
Investments
13
CURRENT ASSETS
Debtors
15
6,551
Cash at bank and in hand
481,167
_
487,718
CREDITORS: Amounts due within
one year
16
(20,771)
_
NET CURRENT ASSETS
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY
Unrestricted funds
21
Designated funds
General funds
Restricted funds
22
TOTAL CHARITY FUNDS
£
107,552
401,047
2
__
508,601
466,947
_
975,548
518,871
409,991
46,686
_____
975,548		 2019
£
117,395
401,047
2
__
518,444
42,109
286,366
_
328,475
(4,431)
_
324,044
_
842,488
525,830
316,658
-
_____
842,488

For the year ended 31 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year ended 31 December 2020 in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved by the board of trustees on 31 August 2021 and signed on their behalf by:

.......................................…………………………….

M James

For and on behalf of the committee of management Company registration number: 01522789

YORKSHIRE MUSEUM OF FARMING LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

Notes 2020 2019
£ £
Cash flows from operating activities:
Net cash generated by operating activities 1 125,447 49,909
Cash flows from investing activities:
Purchase of fixed assets (22,061) (13,150)
Interest from investments 283 671
Proceeds on disposal of fixed asset 5,000 -
______ __
Net cash inflow 108,669 37,430
______ __
Cash and cash equivalents at 1 January 2020 399,827 362,397
______ __
Cash and cash equivalents at 31 December 2020 2 508,496 399,827
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2020 2019
£ £
Net income after investments 127,550 42,732
Adjustments for:
Depreciation charges 10,690 12,305
Decrease/(Increase) in stocks 1,762 (2,823)
Decrease/(Increase) in debtors 5,310 (11,592)
(Decrease)/Increase in creditors (16,971) 9,958
Interest from investments (283) (671)
Gain on disposal of fixed asset (2,611) -
______ ______
Net cash generated by operating activities 125,447 49,909
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2020 2019
£ £
Cash in hand 508,496 399,827

YORKSHIRE MUSEUM OF FARMING LIMITED

ENTITY ONLY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

Notes 2020 2019
£ £
Cash flows from operating activities:
Net cash generated by operating activities 1 189,518 41,344
Cash flows from investing activities:
Interest from investments 283 671
Proceeds on disposal of fixed 5,000 -
______ __
Net cash inflow 194,801 42,015
______ __
Cash and cash equivalents at 1 January 2020 286,366 244,351
______ __
Cash and cash equivalents at 31 December 2020 2 481,167 286,366
NOTES TO ENTITY ONLY THE CASH FLOW STATEMENT
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2020 2019
£ £
Net income after investments 133,060 31,873
Adjustments for:
Depreciation charges 7,454 9,162
Decrease/(Increase) in debtors 35,558 (872)
Increase/(decrease) in creditors 16,340 1,852
Interest from investments (283) (671)
Gain on disposal of fixed asset (2,611) -
______ ______
Net cash generated by operating activities 189,518 41,344
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2020 2019
£ £
Cash in hand 481,167 286,366

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020

1. ACCOUNTING POLICIES

BASIS OF ACCOUNTING

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charites Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

Yorkshire Museum of Farming Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

GROUP FINANCIAL STATEMENTS

These accounts consolidate the results of the charity and its wholly owned subsidiary YMF Services Limited on a line by line basis. A separate statement of financial activities for the museum itself is not presented because it has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006, and paragraph 397 of the SORP.

INCOME

All income is included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

No amounts are included in the accounts for services donated by volunteers.

EXPENDITURE

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category.

Charitable expenditure comprises those costs incurred by the charity in pursuit of its charitable object.

HIRE PURCHASE AGREEMENTS

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged as an expense on a straight line basis.

TANGIBLE FIXED ASSETS

Individual fixed assets costing £1,000 or more are capitalised at cost.

Depreciation of tangible fixed assets is provided to write off those assets over their expected useful lives. The following annual rates have been applied:-

Method Rate
Displays and graphic display panels straight line 15%
Plant and equipment straight line 20%
Leasehold improvements straight line 2%
Catering equipment straight line 15%
Motor vehicles straight line 33%

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020 (continued)

1. ACCOUNTING POLICIES (continued)

HERITAGE ASSETS

The original cost of the museum collection cannot be established. The collection was initially included in the accounts in the year ended 31 December 2012 at replacement cost for insurance purposes.

Acquisitions are made by purchase or donation. Purchases since 31 December 2012 have been recorded at cost and donations are recorded at current value as determined by the trustees.

Depreciation is not charged on heritage assets which have an indefinite useful life.

OPERATING LEASE

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the leaser are charged against profits on a straight line basis over the period of the lease.

FUND ACCOUNTING

Funds held by the charity are either:

Unrestricted general funds – these are funds which can be used in accordance with charitable objects at the discretion of the trustees.

Designated funds – these are funds which the trustees have set aside for a particular purpose.

Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanations of the nature and purpose of each fund is included in the notes to the accounts.

STOCKS

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

TAXATION

As a registered charity, the company benefits from business rates tax relief, and is generally exempt from income tax, capital gains tax and corporation tax.

Deferred taxation arising in the subsidiary undertaking is provided using the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

Unrecognised deferred tax assets arising on the trading losses of the subsidiary undertaking are reassessed at each balance sheet date and are recognised to the extent that it becomes probable that future profits will allow the deferred tax asset to be recovered.

LEGAL STATUS OF THE CHARITY

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020 (continued)

2. DONATIONS AND LEGACIES

Unrestricted
Restricted
2020
2020
£
£
Donations
10,159
-
Grants
45,000
-
__

55,159
-
OTHER INCOME
Unrestricted
Restricted
2020
2020
£
£
Proceeds from sale of assets
2,611
-
Sundry sales
1,762
-
Furlough Income
4,414
-
__
_____
8,787
-		 Unrestricted
Total
& Total
2020
2019
£
£
10,159
9,026
45,000
-
_

55,159
9,026
Unrestricted
Total
& Total
2020
2019
£
£
2,611
-
1,762
640
4,414
-
__
_____
8,787
640

3. OTHER INCOME

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020 (continued)

4. NET INCOME FROM TRADING SUBSIDIARY

The company holds 100% of the ordinary share capital of YMF Services Limited, a company incorporated in England. YMF Services Limited provides retail and catering facilities for visitors to the farming museum and an educational programme, operated by Danelaw. The company covenants its distributable income to Yorkshire Museum of Farming Limited. A summary of its trading results is shown below:

Total Total
2020 2019
£ £
Shop and cafe sales 12,317 18,708
Danelaw income 126,979 311,043
Santa Special income 62,065 55,946
Sundry income 2,190 2,754
Grants 15,750 750
______ ______
219,301 389,201
Cost of sales 179,454 219,103
______ _
Gross profit 39,847 170,098
Other operating income
Coronavirus job retention scheme grant 43,299 -
Income from group undertakings 34,602 -
Expenses 111,148 115,853
______ _
Net profit 6,600 54,245
Other interest receivable and similar expenses 98 280
Taxation (88) (1,986)
Amount covenanted to parent (12,120) (41,680)
______ ______
Increase in subsidiary’s reserves (5,510) 10,859
Consolidation adjustments
Intercompany transactions
Rent 8,000 8,000
Deed of covenant 12,120 41,680
______ _
20,120 49,680
______ ______
Net profit from trading subsidiary 14,610 60,539

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020 (continued)

4. NET INCOME FROM TRADING SUBSIDIARY - continued

The assets and liabilities of the subsidiary were:

Unrestricted & Unrestricted & Unrestricted &
Total Total
2020 2019
£ £
Fixed assets 38,832 20,008
Current assets 70,568 142,903
Creditors: Amounts falling due within one year (83,224) (133,715)
Creditors: Amounts falling due after more than one year (2,750) -
Provisions: Deferred taxation liability (486) (746)
_____ _____
Total net assets 22,940 28,450
Share capital 2 2
Profit and loss account 22938 28,448
5. TRADING ACTIVITIES
Unrestricted Restricted Total Unrestricted &
Total
2020 2020 2020 2019
£ £ £ £
Room hire/functions 1,170 - 1,170 5,755
Café rent 1,852 - 1,852 2,352
Livestock income - - - 95
_____ ______ _____ _____
3,022 - 3,022 8,202
Livestock expenses (934) (196) (1,130) (2,396)
_____ ______ _____ _____
Net profit 2,088 (196)
 1,892 5,806

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020 (continued)

6. CHARITABLE ACTIVITIES

Unrestricted
2020
£
Salaries
22,548
Building costs – rates
1,323
Equipment
757
Repairs and maintenance
8,101
Subscriptions
584
Special events expenditure
122
Depreciation
7,454
Support costs (note 7)
7,365
__
48,254

7.
SUPPORT COSTS
Unrestricted
2020
£
Note
Training
-
Legal and professional
3,644
Bank interest and charges
87
Motor and travelling expenses
441
Computer equipment and software
264
Sundry expenses
471
Archiving costs
-
Cleaning and laundry
94
Accountancy fees
8
1,542
Printing, postage and stationery
822

7,365
8.
ACCOUNTANCY FEES
Unrestricted
2020
Independent examination fees (inc. VAT)
1,542
__
1,542
Restricted
2020
£
5,679
332
268
2,279
98
314
-
2,917
__
11,887

Restricted
2020
£
-
2,356
106
-
64
8
-
-
377
6

2,917

Restricted
2020
377
__
377
 Total
2020
£
28,227
1,655
1,025
10,380
682
436
7,454
10,282
__
60,141
Total
2020
£
-
6,000
193
441
328
479
-
94
1,919
828

10,282
Total
2020
1,919
__
1,919		 Unrestricted &
Total
2019
£
30,724
3,652
1,365
27,277
725
923
9,162
7,376
__
81,204
Unrestricted &
Total 2019
£
245
1,543
357
1,944
276
660
300
2
1,959
90

7,376
Unrestricted &
Total 2019
1,959
_
1,959

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020 (continued)

9. STAFF COSTS AND TRUSTEES REMUNERATION

Personnel costs during the year amounted to:

2020 2019
Group Company Group Company
£ £ £ £
Wages and salaries 176,072 26,631 201,967 28,762
Social security costs 4,329 724 7,908 1,275
Pension 4,438 717 4,421 687
______ _____ ______ ______
184,839 28,072 214,296 30,724

No employee earned more than £60,000 per annum (2019: none).

None of the members of the committee of management or any person connected with them received any remuneration from the charity or none of the committee of management received any reimbursement of expenses in either year.

10. STAFF NUMBERS

The average number of employees during the year was:

2020 2019
Group Company Group Company
Museum 4 4 4 4
Danelaw 10 - 11 -
Administration 2 - 3 -
___ ___ ___ ___
16 4 18 4

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020 (continued)

11. TANGIBLE FIXED ASSETS

GROUP
Leasehold
Catering
Display
Plant and
Improvements equipment
panels
equipment
£
£
£
£
Cost:
At 1 January 2020
330,606
4,312
121,415
159,917
Additions
-
-
-
-
Disposals
-
-
-
(4,829)
__
_


At 31 December 2020
330,606
4,312
121,415
155,088




Depreciation:
At 1 January 2020
216,840
4,312
121,415
136,280
Charge for the year
6,563
-
-
4,127
Disposals
-
-
-
(2,440)




At 31 December 2020
223,403
4,312
121,415
137,967




Net book value at
31 December 2020
107,203
-
-
17,121




Net book value at
31 December 2019
113,766
-
-
23,637



___		 Motor
Assets under
vehicles construction
Total
£
£
£
14,299
-
630,549
-
22,061
22,061
-
-
(4,829)
__
_

14,299
22,061
647,781


_
14,299
-
493,146
-
-
10,690
-
-
(2,440)



14,299
-
501,396



-
22,061
146,385



-
137,403


___
The net book value at 31 December 2020 represents fixed assets used for:
Direct charitable
Other purposes: 107,552
Trading 38,833
______
146,385
______

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020 (continued)

11. TANGIBLE FIXED ASSETS (continued)

COMPANY Leasehold Display Plant and
improvements panels equipment Total
£ £ £ £
Cost:
At 1 January 2020 330,606 121,415 105,503 557,524
Additions - - - -
Disposals - - (4,829) (4,829)
______ ______ ______ ______
At 31 December 2020 330,606 121,415 100,674 552,695
______ ______ ______ ______
Depreciation:
At 1 January 2020 216,840 121,415 101,874 440,129
Charge for year 6,563 - 891 7,454
Disposals - - (2,440) (2,440)
______ ______ ______ ______
At 31 December 2020 223,403 121,415 100,325 445,143
______ ______ ______ ______
Net book value at
31 December 2020 107,203 - 349 107,552
______ ______ ______ ______
Net book value at
31 December 2019 113,766 - 3,629 117,395
______ ______ ______ ______
12. HERITAGE ASSETS Collection
£
Cost or valuation
At 1 January 2020 401,047
Additions -
_
At 31 December 2020 401,047

Heritage assets acquired prior to 1 January 2012 have been included at replacement value of £351,047 for insurance purposes at that date. Subsequent additions have and will be capitalised at cost or valuation.

Five year financial summary of heritage asset transactions: -

Additions:
Donation in kind		 2020
£
-		 2019
£
-		 2018
£
-
 2017
2016
£
£
-
50,000

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020 (continued)

13.
INVESTMENTS
Shares in subsidiary – at cost
14.
STOCKS
Goods for resale
15.
DEBTORS
Trade debtors
Accrued income
Prepayments
Amounts due from -
group undertakings

16.
CREDITORS
Amounts due within one year
Trade creditors
Other taxes and social
security costs
Corporation tax
Other creditors
Accruals
Deferred income (note 17)
Amounts owed to group undertakings		 2020
2019
Group
Company
Group
Company
£
£
£
£
-
2
-
2

2020
2019
Group
Company
Group
Company
£
£
£
£
6,660
-
8,422
-

2020
2019
Group
Company
Group
Company
£
£
£
£
5,916
950
12,646
1,358
13,762
4,987
8,060
5,596
5,589
614
9,871
2,603
-
-
-
32,552
__
_


25,267
6,551
30,577
42,109

2020
2019
Group
Company
Group
Company
£
£
£
£
22,125
812
6,398
2,360
28,228
-
34,403
-
348
-
-
-
12,751
-
30,515
-
6,929
2,094
5,736
2,071
15,750
-
28,540
-
-
17,865
-
-
__
_

_
86,131
20,771
105,592
4,431

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020 (continued)

2020 2019
17. CREDITORS Group Company Group Company
£ £ £ £
Amounts falling due after more than one year
Other creditors 2,750 - - -
_____ _____ _____ ____
2,750 -
 - -
2020 2019
Group Company Group Company
18. DEFERRED INCOME £ £ £ £
Balance at 1 January 2020 28,540 - 18,538 -
Amounts released to income (23,990) - (18,538)
-
Amount deferred in period 11,200 - 28,540 -
_____ _____ _____ _____
Balance at 31 December 2020 15,750 -
 28,540 -

Deferred income relates to deposits received in advance £12,500 (2019: £124,290) and deferred grant income £3,500 (2019: £4,250).

19. DEFERRED TAXATION

The movement in the deferred taxation provision arising in the subsidiary undertaking during the year was:

was:
Total & Total &
Restricted Unrestricted
2020 2019
£ £
Provision brought forward 746 (1,240)
Profit and loss account movement
arising during the year (260) 1,986
__ _ ____
Provision carried forward 486 746
========= =========

The provision for deferred taxation consists of the tax effect of timing differences in respect of:

2020 2019
Provided Provided
£ £
Excess of taxation allowances over depreciation on fixed assets 486 746
-------------- ---------------
486 746
========= =========

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020 (continued)

20. COMMITMENTS UNDER OPERATING LEASES

At 31 December 2020 the group had aggregate total commitments under non-cancellable operating leases as set out below.


as set out below.
2020 2019
Group Company Group Company
£ £ £ £
Operating leases:
Within 1 year 1,108 - 1,108 -
Within 2 to 5 years 832 - 1,941 -
____ ___ _____ ___
1,940 - 3,049 -

21.

UNRESTRICTED FUNDS

Balance Movement in Movement in Balance
01.01.20 Income Expenditure Transfers Tax 31.12.20
£ £ £ £ £ £
Designated funds
Railway fund 7,388 - - 2,884 - 10,272
Fixed asset fund 518,442 - (7,453) (2,390) - 508,599
General reserve 316,658 119,286 (45,579) 19,626 - 404,528
Non-charitable trading
funds 28,450 262,698 (282,602) 14,482 (88) 22,2940
_ _ ______ ______ ____ ______
870,938 381,984 (335,634) 34,602 (88) 951,802

All designated funds can be used at the discretion of the committee of management for any of the charitable objectives of the charity. The committee of management have allocated funds, in the Railway Fund, towards the refurbishment of the railway. This designation is subject to the overall needs of the charity.

The fixed asset fund represents all the tangible fixed assets and heritage assets held by the charity.

The general reserve fund represents those funds which are unrestricted and not designated for other purposes.

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020 (continued)

21. UNRESTRICTED FUNDS - continued

Transfers

General from non-charitable trade (gift aid, intercompany transactions) £20,120 General to railway fund (allocation to railway fund) £2,884 Fixed asset fund movement (£2,390) Arts Council restricted fund allocation to YMF Services Ltd (£34,602)

Balance Movement in Movement in Balance
01.01.19 Income Expenditure Transfers Tax 31.12.19
£ £ £ £ £ £
Designated funds
Railway fund 6,231 - 7,778 8,935 - 7,388
Fixed asset fund 527,604 - 9,162 - - 518,442
General reserve 276,780 69,617 70,484 40,745 - 316,658
Non-charitable trading
funds 17,591 389,481 326,956 (49,680) (1,986) 28,450
_ _ ______ ______ ____ ______
828,206 459,098 414,380 - (1,986) 870,938

22. RESTRICTED FUNDS

Balance Movement in Movement in Balance
01.01.20 Income Expenditure Transfers
Tax		 31.12.20
£ £ £ £ £ £
Arts Council fund - 93,371 (12,083) (34,602) - 46,686
_ _ ______ ______ ______ _____
- 93,371 (12,083) (34,602) - 46,686

The Arts Council fund is a grant received to assist the ability to continue despite difficulties caused by Covid 19.

The transfer represents the grant being used in YMF services to overall help the group continue to operate.

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Total
funds funds funds
2020 2020 2020
£ £ £
Fixed Assets 146,385 - 146,385
Heritage Assets 401,047 - 401,047
Current Assets/(Liabilities) 407,120 46,686 453,806
Non-Current (Liabilities) (2,750) - (2,750)
______ _____ _
951,802 46,686 998,488

YORKSHIRE MUSEUM OF FARMING LIMITED

NOTES TO THE ACCOUNTS - 31 DECEMBER 2020 (continued)

24. RELATED PARTY TRANSACTIONS

Craig Benton, a trustee, is sole director of Lork Limited. During the year YMF Services Limited paid consultancy fees of £12,000 (2019: £nil) to Lork Limited and Yorkshire Museum of Farming Limited paid consultancy fees of £6,000 (2019: £nil) to Lork Limited.

Craig Benton, a trustee and the wife of Chris Downes, a trustee are also trustees of Derwent Valley Light Railway Society. During the year YMF services paid railway expenses of £792 (2019: £nil).

There was a recharge cost to Stephenson and Son of £328 for subscription costs (2019: £nil).

25. OTHER FINANCIAL COMMITMENTS

The company’s land and property is subject to a 99 year operating lease, dated 1982. The terms of this lease are that a peppercorn rent is payable for the first 25 years and, thereafter, rent will be payable at open market value. Following the end of the initial 25 year period, rent continues to be charged on a peppercorn basis at the discretion of the York Auction Centre.

26. RESULTS OF YORKSHIRE MUSEUM OF FARMING LIMITED

The amount of the surplus for the year dealt with in the accounts of the museum is £133,060 (2019 surplus of £31,873). The museum has not presented its own profit and loss account as permitted by Section 408 of the Companies Act 2006 and paragraph 397 of the SORP.