MURTON PARK YORKSHIRE MUSEUM OF FARMING LIMITED Known as Murton Park ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (A company limited by guarantee and not having a share Gapital) Registered charity number 510900 Registered company number 01522789
YORKSHIRE MUSEUM OF FARMING LIMITED INDEX PAG REPORT OF THE BOARD OF TRUSTEES INDEPENDENT EXAMINERS, REPORT CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES CONSOLIDATED BALANCE SHE BALANCE SHEET CONSOLIDATED CASH FLOW STATEMENT 10 CONSOLIDATED NOTES TO THE CASH FLOW STATEMENT 10 ENTITY ONLYCASH FLOW 11 ENTrrY ONLY NOTES TO THE CASH FLOW STATEMENT 11 NOTES TO THE ACCOUNTS 12-26
YORKSHIRE MUSEUM OF FARMING LIMITED REPORT OF THE BOARD OF TRUSTEES The board of trustees (who are also the diredors of Yothshire Museum of Farning Limited for the purposes of company law) are pleased to submit their annual report and accounts for the year ended 31 December 2024. The board of trustee5 have adopted the provisions of the Statement of RecoTnmended Practi ISORP) °Accounting and RekK)rting by Charities" in preparng the annual rewrt and financial ststements of the Gharity. The financial statements have been prepared in accordance wilh the accounting policies set OLrt in notes to the alxounts and mplY with the charity's governing d0Ment, the Charities Act 2011, the Companies Ad 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to chaiities preparing theK accounts in accordance wth the Financial Repcrting Stsndard appliczble in the UK and Republic of Ireland published in OctotRr 2019. O&JECTIVES AND ACTIVITIES The principal activity is to operate the business of Ihe Yorkshire Museum of Faming Limited, the objects of which are to preserve for the benefit of the Nation. agriculiural machinery, equipment, buildings, documents and INestock of educational and historical interest and to maintain and operate a museum at Murton in the c(NJnty of North Yorf(shire for the purpose of exhibiting to the public such items of educational or hislorical interest. The museum is sited at Murton Park and the day by day management is supervised by a committee consisting of ten twstees. In this they are assisted by the sit8 director and the projeds officer. In order to comply wrth the stated objects of the ccmmpany, the exhibition areas, together with the area set aside for the reseNe collection and the library, are subject to a carefully monitored environrnentsl programme. All cloth items are removed from the unheated and uninsulated Four Seasons exhibition building in the winter and there 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 exhibts. A team of volunteers also serViS and maintains all the working machinery. All livestock on the stte is looked after by our stockman and subjed to regular veterinary inspection. The charity's income is derived primarily from two sources, admission fees and YMF Services Limited, ivs subsidiary which provides catering and retsil facilities to visitors and operates an educational programme which includes tours of the museum and a "living histow, project centr&1 on the conception of a dark ag8s village and 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 stsff 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 museu believes that its work creates public value in all fnfe categories noted within the cuent charity act - ie- Democratic value Cultural and creative value Educational value Social and community value Global value The activities in this report reflect the museum's Commitment to best practice, and supporting the local cultural and educational infrastructure. By Gcncentrating on the public benefit that the museurn can bring, the museum will be better placed to meet the challenges and opportunities of the future even in times of economic uncertainty. The truslees confimi thal they have complied with their duty to have due regard to the guidance on public benefrt published by the Charity Commission in exercising their powers or duties.
YORKSHIRE MUSEUM OF FARMING LIMITED REPORT OF THE BOARD OF TRUSTEES (contlnued) ACHIEVEMENTS AND PERFORMANCE The trading position of Murton Park remains sound. The policy to concentrate on the site maintenance lo ensure our future viabiif(y continues to Pay dividends. There is a constant need to keep ahead of wealher inflicted deterioration to the site's wooden infrastructure. Flooding, particularly of the Romanl Fort, is an urgent issue. The Management Board is well served by Ihe Project Working Group which has established procedures for the timely allocation of funds. balancing affordability againsl ambition. The construction of an additional roundhouse in the Stone-Age area is a signtficant achievement which has enabled more flexible usage of the area for living history classes. Risk assessment of the longer-term safely of several roots of the Viking Village buildings has identified the need to progress with their refurbishment. The ever-rising cost of materials has limlted th8 rate at which this can be achieved. One house has been reroofed with 3 more due for completion during 2025, with a further 4 during 2026. Dr8inage of the Roman Fort site is in progress. There is a recognition that Living History numbers are in a gradual decline probably as a result of school class sizes. Adjustment of staff ratios to match the products we promote is being addressed. Rising running costs have made it necessary to increase ticket entry and Llving History product charges. Strong on-line marketing continues to promote the popularity of the site and a wide range of supporting activities. The OVLR have recently introduced a charge for passenger rides to help defray large increases in fuel cost. The longer-term effect on the popularity of the rides remains to be analysed. initial takings seem impressive. The care of museum artifacts has benefitted frotn enthusiastic volunteers. and staff. Betler Watherpro0r1ng of the Four Season's Building would greatly improve the effectiveness of their efforts in the long term. The trustees and Management Board are V11 served by the provision of a wide range of statistics and comprehensive accounting detail. l appreciate the effcrt that goes into their production. FINANCIAL REVIEW At the year end total funds of the charty and ils subsidiary. YMF SeNices Limti@d, were £1,165.780 (2023: £1,176,203). Of this £14,233 ha5 been designated to the Railway Fund. £529,708 held in the asset fund. £200,000 for Freehold land fund and £600 is held in the restricted ScArdrfield tractor fund, Of the balance, £145.000 was YMF seices fixed assets leaving £276.839 in reserves.
YORKSHIRE MUSEUM OF FARMING LIMITED REPORT OF THE BOARD OF TRUSTEES {contlnued) 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 fLrture. Having an appropriate level of reserves will allow an opportunity to secure alternative income sources. The committee of management consider an aFpropriate level of reserves to be 3 months recuning overhead expenditure on operations of the museum. This could enable work to continue whilst alternative sources of inGome are found. This is required to satisfy tl objectives of the charily set out in the Memorandum of Association. Although levels are currently greater than this, various repairs have been held back and investment is needed in the facilities at the museum. STRUCTURE, GOVERNANCE AND MANAGEMENT Govoming document Yorf(shire Museum of Farming Limited is a company limited by guarantee and a règistered charity governed by ts Memorandum and Artides of Association as amended by special resolutions dated 2211108, 11111108 and 2316115. Recruitment. appolntmon( inducllon and tralnlng of management The Artides of Association provide that the committee shall consist of the followng:" Suth persons as shall be detemiin8d in writing by the subscribers to the Memorandum of Ass(Kiation or the majority of them. Two persons appointed by the partners of Yorf( Livestock Centre. TV persons appointed by the Yorkshir& Folk Park TrusL The persons so appointed under paragraphs (b) and (c) shall not be subjeci to retirement by rotation. The committee members to retire each year shall be th)se who have been the longest in office since their lasi election. A retiring member shall be eligible for re-elertion. 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'5 activities. Organisational structure The trustees make strategic financial, budgeting and personnel decisions. They are assisted in their deliberations by the site director and 51te manager. Risk assessment The committee of management have an 0gOIng process of reviewing the risks to whh the charity is exposed, in particular those in relation to its operations and financ£s. Subsequent to Ihis review. systems have been put into place to mitigate exposure lo major risks. PLANS FOR FUTURE PERIODS other items in the sights of the Project Working Group are.. The need to replace the 'Principia' building in the Roman Fort, improvement of site walkways to improve accessibility particularly in wet weather conditions. d8V8lopment of the playground area and refurbishment of the main-building toilets. An application has been submitted for grant funding from The Museum Estate Development Fund (MEND) round 5.
YORKSHIRE MUSEUM OF FARMING LIMrrED REPORT OF THE BOARD OF TRUSTEES (continued) REFERENCE AND ADMINISTRATIVE INFORMATION Charity name yOshIre Museum of Farming Company number 01522789 Charity number 510900 Registered offlce Yorkshire Museum of Famiing Murton Park Murton Lane York Y019 SUF Advlsors Sollcltors Cowling, Swbft & Kitchin 8 Blake Street Yorf< Y011XJ Bankers Barclays Bank PIC 23 Yorkersgate Malton Y017 CGR Independent examlner Frances Howard FCA Fortus Limited Equinox House Clifton Parf( Avenue Shipton Road York Y030 SPA Commlttee of management (trustees) The persons who served as members of the committee of management during the year are as follows:_ (appointed 26 June 2018) (appointed 13 October 2015) {appointed 1 June 2004) {ap)inted 11 October 2016) {8ppointed 25 October 1992) (Morrell Trust Representative) (apFoint8d 25 October 1992) Iyork Lrvestod( Centre appointee) (appointed 17 June 2013) (appointed 2 Juty 2019) (appointed 29 September 2020> (appointed 8 August 2023) (appointed 8 August 2023) (appointed 8 August 2023) (appointed 12 September 2024) Mr C T Benton Mrs J C Drewniak Mr J C Hopwood Captain RN M A James Mr J B Morrell Mr J F Stephenson Mr A Trezise Mr C Downes Ms L B0Ing MrT Stubbins Mrs D K8mp Mr N Kemp Mr O M H Edwards
YORKSHIRE MUSEUM OF FARMING LIMITED REPORT OF THE BOARD OF TRUSTEES (contlnued) Trustees. responslbllltles in relatlon to tho fSnancial statemenls The charity trustees (who are also the directors of the Yorkshire Museum of Famiing Lirnited for the purposes of company law) are responsible for preparing a trustees, report and financial statements in accordance with applicable law and Unit8d Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires th8 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 statem8ntS. the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2019 (FRS 102). make judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed. subject to any material departures disclosed and explained in the financial ststements- prepare the financial slatements on the going concern basis unless it is inappropriate to presume that the charity will continu8 in operats'on. The trustees are responsible for keeping proper accounting records th8t 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 hen tsking 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 goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. BYORDER OF THE BOARD OF TRUSTEES M James Mernber of Committee of Management Murton Park Murton Lan8 YORK Y019 SUF 4 September 2025
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 2024 which comprise the consolidated ststement of financial activities. the consolidated balance sheet, the charity balan sheet. consolidated and entity only cash flow and related notes. Responsibllltles 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 prep8r8tion of the accounts in accordance with the requirements of the Companies Act 20C ('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 Aot 2011 (th8 2011 A¢f). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Aet. Independent examlner's statement Since the cornpany's gross income exeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am member of ICAEW which is 8 listed body. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect- accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of section 396 of the 2008 Ad other than any requirement that the accounts give a 'true and fair view, vthich is not a matter considered as part of an independent examinalion; or the accounts have not been prepared in aGcordance 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 attenti should b8 drawn in this report in order to enable a proper understanding of the accounts to be reac Frances Howard FCA Fortus Limited Equinox House Clifton Park Avenue Shipton Road York Y030 SPA 4 September 2025
YORKSHIRE MUSEUM OF FARMING LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted 2024 Restricted 2024 Total 2024 Total 2023 INCOME Note Donatlons and legacies Donations and grants Investments Other Irading activities Trading subsidiary Trading activities 16.739 6.491 16,739 6,491 34.194 2,712 473.283 15.885 473,283 15.885 436.548 11.503 Charitable actlvttles Admission fees 167.629 167,629 182.161 Other Income 2,349 2,349 155 Totsl Income 682,376 682,376 667,273 EXPENDITURE Raising funds Trading subsidiary Trading activities Charitable activities 464,540 3.679 223,980 464,540 3,679 223,980 451,306 160.039 Totsl expenditure 692,199 692,199 615,890 Net incomel(expendlture) for the year (9,823) (9.823) 51,383 Tax on profit on ordinary activities Net Incomel(expendlture) after tax (9,823) 19,823) 51,383 Funds transfer Net movement In funds (9.823) (9,823) 51,383 Total funds brought fOard 1.175.603 600 1,176.203 1.124,820 Total funds carried forward 1.165,780 600 1,166,380 1.176,203 The slatement of financial activities incllkles all gains and losses recognised in the year.
YORKSHIRE MUSEUM OF FARMING LIMITED CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024 Note 31 December 2024 2023 FIXED ASSETS Intsngible assels Tangible assets Heritage assets 6.253 267,409 401.047 12 13 247,909 401,047 674,709 648.956 CURRENT ASSETS- Stock Debtors Cash at bank and in hand 15 16 11,797 29,633 540,009 10.593 26.714 577,339 581.439 614,646 CREDITORS: Amounts due within one year 17 (89.768) (86,899) NET CURRENT ASSETS 491.671 527.747 TOTAL ASSETS LESS CURRENT LIABILrriES 1,166,380 1,176.703 CREDITORS: Amounts due after ono year 18 {500) TOTAL NET ASSETS 1,166,380 1.176,203 THE FUNDS OF THE CHARITY Unrestricted funds Designated funds General reserve Non-charrtable trading funds Restricted funds 20 743,941 434,975 (13,136) 600 740.940 448.542 (13,879) 600 21 TOTAL CHARrtY FUNDS 1,166,380 1.176.203 For the year ended 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No memb8rs have required the company to obtain an audit of its accounts for the year ended 31 December 2024 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 cornpanie5 subject lo the small companies, regime. ents were approved by the tx)ard of trustees on 4 September 2025 and signed on their behalf The financial stat by.. M James For and on be of the commttlee of management Company registration number. 01522789
YORKSHIRE MUSEUM OF FARMING LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024 Note 31 December 2024 2023 FIXED ASSETS Intsngible assets Tangible assets Heritage assets Investments 6.253 122,409 401,047 12 13 14 128,624 401,047 529,711 529,673 CURRENT ASSETS Debtors Cash at bank and in hand 16 168.899 495.351 106,321 565,530 664.250 671,851 CREDITORS: Amounts due within one year 17 (14,445) 111,442) NEF CURRENT ASSETS 649,805 660,409 TOTAL NET ASSETS 1.179,516 1,190.082 THE FUNDS OFTHE CHARITY Unrestrided funds Designated funds General funds Restricted funds 20 743,941 434,975 600 740.940 448,542 600 21 TOTAL CHARITY FUNDS 1.179,516 1.190.082 For the year ended 31 December 2024 the company was entitled to exemption und8r 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 2024 in accordance with s8Ction 476 of the Companies Act 2006. The directors aCknOedge their responsibility for complying with the requirements of the Act with respect to accounling records and for the preparation of accounts. These accounts have been prepared in accordanc8 with the provisions applicable to companies subject to the small companies, regime. The financial statements were approved by the board of trusiees on 4 September 2025 and signed on their behalf by: M James For and on behaff ofthe committee of mana3ement Company registration number.. 01522789
10- YORKSHIRE MUSEUM OF FARMING LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 Notss 2024 2023 Cash flows from operatlng activities: Net cash generated by operating activities 4,380 33,972 Cash flows from inv8$ting activities: Purchase of fixed assets Interest from investments Proceeds on part disposal of red assets (50,120) 6,491 1,919 (31,486) 2,763 Net cash inflow l {outtlowl (37,330) 5,249 Cash and Gash equivalents at 1 January 2024 577,339 572,090 Cash and cash equivalents at 31 December 2024 540,009 577.339 NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net Incomel(expendituro) after investments Adjustments for: Depreciation charges Depreciation eliminated on part disposal of fixed assets Decreasel(Increase) in stocks Decreasel(Increase) in debtors (Decrease)Ilncrease in creditors Interest frorn investments {9,823} 51,383 22,475 127) (1,204) (2,919) 2,369 {6,491) 15,042 (479) (3,343) (32,554) (2,763) Net cash generated by operating activities 4.380 33.972 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand 540.009 577,339
11 YORKSHIRE MUSEUM OF FARMING LIMITED ENTITY ONLY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 Notes 2024 2023 Cash flows from operatlng acllvltles: Net cash generatedl(used} by operating activities (65,476) 100,598 Cash flows from investing activities: Purchase of fixed assets Interest from investments Proceeds on part disposal of fixed assets {11,678) 6,491 484 (11.226) 2,712 Net cash inflow l (outflow) <70.179) 92,084 Cash and cash equivalents at 1 January 2024 565.530 473.446 Cash and cash equivalents at 31 December 2024 495.351 565,530 NOTES TO ENTrrY ONLY THE CASH FLOW STATEMENT RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net incomel(expenditure) after investments Adjuslrnents for: Depreciation charges Decreasel(Increase) in debtors Increasel(decrease) in creditors Interesl from investments (10,566) 59.141 11,156 (62,578) 3,003 (6.491) 7.933 31,656 4,580 (2.712) Net cash generatedl(used) by operating activities (65,4761 100,598 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand 495.351 565,530
12- YORKSHIRE MUSEUM OF FARMING LIMrrED NOTES TOTHEACCOUNTS- 31 DECEMBÉR2024 ACCOUNTING POLICIES BASIS OF ACCOUNTING Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: ststement of Recommended Pradice applicable to charities preparing their acLounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Finanoal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}, the Charites Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. Yorkshire Museum of Farrning Limited meets the d8finitton of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unl8SS Otherwise stated in the relevant accounting policy note(s). GROUP FINANCIAL STATEMEMrs These accounts consolidate the results of the charity and its wholly owned 5ub5idiary YMF Services Limited on a line by line basis. A separate stalemenl of financial activities for the mus8um itself is mt presented because it has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006, and paragraph 397 ofthe SORP. GOING CONCERN At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable Gompany has adequate resour$ to continue in operational exist8nce for t foreseeable future. Th8 trustees continue to adopt the going concern basis of accounting in preparing the financial statements. INCOME All income is included in the stat8ment of financial actrvities when the charity is legally entitled to the income and the amount can be quantified wilh reasonable 81xuracy. No amounts are included in the accounts for serVIS donated by volunteers. EXPENDITURE All expendtiure is accounted for on an accnjals basis and has been dassified under headings that aggregate all costs related to that category. Charitable expendrture comprises those costs inCued by the charity in pursuit of its charitable object. HIRE PURCHASE AGREEMENTS Assets held under hire purchase agreements are capitalised and disc105ed under tangible fix8d assets at their fair value. The capilal element of Ihe future payments is treated as a liability and th8 interest is charged as an expense on a strawjht line basis. INTANGIBLE FIXED ASSETS OTHER THAN GOODWILL Intangible assets acquired separately from a business are recognised at cost and are subsequenlly measured at cost less accumulated amortisation and accumulated impaimient losses.
13- YORKSHIRE MUSEUM OF FARMING LIMITED NOTES TO THE ACCOUNTS - 31 DECEMBER 2024 (continued) ACCOUNTING POLICIES {continued) INTANGIBLE FIXED ASSETS OTHER THAN GOODWILL (continued) Amortisation is recognised so as to write off the cnst or valuation of assets less their residual values over Iheir useful lives on the following bases: Digital 330h straight line TANGIBLE FIXED ASSETS Individual fixed assets costing £1,000 or more are capitalised. Depreciation of tangible fixed assets is provided to write off those asset5 over their expected useful lives. The following annual rates have been applied: . Method Rate Displays and graphic display panels Plant and equpment Leasehold improvements Catering equipment Motor vehicles straight line straight line straight line straight line straight line . 15°A, 20Yo HERITAGE ASSETS The original cost of the museum collection cannot be established. The collection was initially induded in the accounts in the year ended 31 December 2012 at replacement cost for Insuran purposes. Acquisitions are made by purchase or donation. Purchases Sin 31 December 2012 have been rewrded at cost and donations are recorded at Current value as determined by the tTUStees. Depreciation is not charged on heritage assets which have an indefinite useful life. OPERATING LEASE Rentals applicable to operating leases where substantially all the benefrts 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 ftjnds 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 specrfied by the donor or when funds are raised for particular restricted pUoses. Further explanatDns of the nature and putpose of each fund is induded in the notes to the accounts.
14- YORKSHIRE MUSEUM OF FARMING LIMITED NOTES TO THE ACCOUNTS - 31 DECEMBER 2024 (continued) ACCOUNTING POLICIES (continued) STOCKS Stock is valued at the lower of cost and net realisable value after making du8 allowance for obsolete and Slow moving it8ms. TAXATION As a registered chartty, the company beneftts from business r8tes 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 tak& account of timing differences between thè treatment of Certain items for a¢¢ounls purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respecl of 811 matarial timing differences. Unrecognised deferr8d tax assets arising on the trading losses of the subsidiary undertaking are reassessed at each balance sheet date and are recognised to th8 extent that it becomes probable that future profrts will allow the d8ferred 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 limbted to £1. DONATIONS AND LEGACIES Unrestricted Restricted 2024 2024 Total 2024 Unrestricted Restricted 2023 2023 Total 2023 Donations Grants 15,839 900 15.839 900 18.444 150 600 15,000 19.044 15,150 16,739 16,739 18,594 15,600 34,194 OTHER INCOME Unrestricted Restricted 2024 2024 Total 2024 Unrestricted Restricted 2023 2023 Total 2023 Sundry sales 2.349 2.349 155 155 2.349 2.349 155 155
YORKSHIRE MUSEUM OF FARMING LIMITED NOTES TO THE ACCOUNTS - 31 DECEMBER 2023 (continued) NET INCOME FROM TRADING SUBSIDIARY The MpanY holds 100% of the ordinary share capital of YMF serVs Limwied. a company incorporatj in England. YMF Services Limited provides retail and (xtering faGiliiies for visiiors to the faming museum and an eduGational programme. operated by Danelaw. The company Venants its distributable income to Yorkshire Museum of Famiing Limiied. A summary of its trading results 15 shown below: Total 2024 Total 2023 Shop and cafe sales Danelaw income Santa Special income Sundry income Grants 28.414 372,856 67.842 3,404 750 27.579 349.302 56,398 2.468 15.750 473.266 451.497 Cost of sales (292,566) (261.534> Gross profit 180.700 189,963 Expenses (179,974) (197,772) Net profit 726 (7.809) Other interest receivable and similar expenses 17 51 Taxation Amount covenanted to par8nt Increas81 (decrease) in subsidiary's reserves 743 (7.758)
16- YORKSHIRE MUSEUM OF FARMING LIMITED NOTES TO THE ACCOUNTS- 31 DECEMBER 2024 (contlnued) NET INCOME FROM TRADING SUBSIDIARY Icontlnu•d) The assets and liabiltties of the subsidiary were- Tolal 2024 Total 2023 Fixed assets Cuent assets Creditors.. knounts falling due within one year Creditors.. Amounts falling due after more than one year Provisions.. Defeed taxatian liability 145,000 119,285 83,539 46,258 1241,675) (178.922) (500) Total net assets (13,136) (13,879) sha capital Profit and loss account (13,138) (13,881) (13,136) {13,879} TRADING ACTIVITIES Unrestricted Restricted Totsl 2024 2024 2024 Room hirelfijnctions Café rent Livestock income 7,153 6,CQO 2,732 7.153 6,CQO 2.732 15.885 15.885 LiVeStk expenses (3,679) (3,679) Net profrt 12.206 12,206
17- YORKSHIRE MUSEUM OF FARMING LIMITED NOTES TO THE ACCOUNTS - 31 DECEMBER 2024 (continued) 5. TRADING ACTIVITIES (continued) Unrestricted Restricted Total 2023 2023 2023 Room hirelfunction5 Café rent 7.003 4.500 7.003 4.500 11,503 11.503 LivestcKk expenses (4,545) (4.545) Net profrt 6,958 6,958 6. CHARITABLE ACTIVITIES Unrestricted Restricted Total 2024 2024 2024 Salarie5 Building costs - rates Repair5 and maintenance Subscriptions Special events expenditure Depreciation Support o)sts (note 7) 132,836 1,842 18,383 539 7,094 11.156 52.130 132,836 1,842 18.383 539 7.094 11.156 52.130 223,980 223.980 Unrestricted Restricted Total 2023 2023 2023 Salaries Building costs - rates Equipment Repairs and maintenan Subscriptions Special events expendilure Depreciation Support costs (note 7) 79,747 2,447 719 14.766 513 3,891 7,935 50.021 79,747 2.447 719 14,766 513 3,891 7,935 50,021 160,039 160.039
18- YORKSHIRE MUSEUM OF FARMING LIMITED NOTES TO THE ACCOUNTS- 31 DECEMBER 2024 (continuad) SUPPORT COSTS Unr8Stricted 2024 Restricted 2024 Total 2024 Note Legal and professional Bank interest and charges Motor and travelling expenses Computer equipment and sofvare Sundry expenses Archiving costs Cleaning and laundry Accountancy fees Printing. postage and stationery 43,469 444 488 859 931 46 278 2.350 3,265 43,469 444 488 859 931 46 278 2.350 3.265 52,130 52,130 Unrestricted 2023 Restricted 2023 Total 2023 Note Legal and professional Bank interest and charg8S Motor and travelling expenses Computer equipment and software Sundry expenses Archiving costs Cleaning and laundry Accountancy fees Printing, postage and ststionery 41,164 239 659 924 1.892 1,982 48 2,109 1,004 41,164 239 659 924 1,892 1,982 48 2,109 1,C()4 50.021 50,021
19- YORKSHIRE MUSEUM OF FARMING LIMITED NOTES TO THE ACCOUNTS - 31 DECEMBER 2024 (Gontinued) ACCOUNTANCY FEES Unrestrided 2024 Restricted 2024 Total 2024 Independent examination fees (inc. VAT) 2,350 2,350 2.350 2,350 Unrestricted 2023 Restrictè 2023 Total 2023 Independent examination fees (inc. VAT) 2,109 2,109 2,109 2,109 STAFF COSTS AND TRUSTEES REMUNERATION Personnel costs during the year amounted to: 2024 2023 Group Company Group Company Wages and salaries SocAal security Costs Pension 365.043 19.104 9.803 124,001 3,398 5,437 307,371 12,508 7.923 75.299 1.851 2.503 393,950 132.836 327,802 79.653 No employee earned more than £60.000 per annum (2023.. none). During the year 1 trustee had subsistence 8xpenses of £19 paid by the charity (2023.. £nil for O trustees).
-20- YORKSHIRE MUSEUM OF FARMING LIMITED NOTES TO THE ACCOUNTS - 31 DECEMBER 2024 (continued) 10. STAFF NUMBERS The average nurnber of employees during the year was: 2024 2023 Group Company Group Company Museum Danelaw Administration Front of House 12 13 23 22 INTANGIBLE FIXED ASSETS Group Dlgltsl assets Company Digital assets Cost: At 1 January 2024 Additions 8.495 8,495 At 31 December 2024 8,495 8,495 Amortisation: At 1 January 2024 Amorti5ation charged for the year 2.242 2,242 At 31 December 2024 2,242 2,242 Net book value at 31 December 2024 6,253 6.253 Net book value at 1 January 2024
21 YORKSHIRE MUSEUM OF FARMING LIMITED NOTES TO THE ACCOUNTS - 31 DECEMBER 2024 (continued) 12. TANGIBLE FIXED ASSETS GROUP Leasehold Catering Improvements equipment Display panels Plant and Motor Assets under equipment vehicles construction Totsl Cost: At 1 January 2024 Additions Transfer Diswsals 407,128 26,220 41,912 8,316 121.415 179,723 3,853 14.299 42,320 11,552 773,201 41.625 (3,366) (484 At 31 December 2024 475,260 8,316 121.415 180,210 14.299 11,476 810,976 Depreciation: At 1 January 2024 Charge for the year Disp)sals 244,112 10,285 5,363 601 121.415 140,103 9.347 (1,958) 14,299 525,292 20,233 (1,958) At 31 December 2024 254.397 5,964 121,415 147,492 14,299 543.567 Net book value at 31 December 2024 220,863 2,352 32.718 11,476 267,409 Net book value at 31 December 2023 163,016 2,953 39.620 42.320 247.909 The net book value at 31 Dember 2024 represents fixed assets used for. Direct charitable Other purposes,. Trading 122.409 145,000 267,409
-22- YORKSHIRE MUSEUM OF FARMING LIMITED NOTES TO THE ACCOUNTS - 31 DECEMBER 2024 (continued) 12. TANGIBLE FIXED ASSETS (continued) COMPANY Leasehold improvements Display panels Plant and equipment Assets Under Construction Total Cost: At 1 J8nuary 2024 Additions Trdnsfers Disposals 330,606 121.415 91.062 3.183 38,510 581.593 3.183 38,026 (38.026) (484) (1,931} (2.415) At 31 December 2024 368,632 121.415 92,314 582,361 Depr8ciation: At 1 January 2024 Chae for year Eliminated on disposaLq 243,092 6,977 121.415 88,462 1,937 (1,931) 452,969 8,914 (1,931) At 31 Dember 2024 250,069 121,415 88,468 459.952 Net book value at 31 December 2024 118,563 3,846 122,409 Net book value at 31 Decerllber 2023 87,514 2,600 38.510 128.624 13. HERITAGE ASSETS Colledion Cost or valuation At 1 January 2024 Additions 401,047 At 31 December 2024 Heritage assets acquired prior to 1 January 2012 have been included at replacement value of £351.047 for insurance purposes at that date. Subsequent ajditions have and will be capitalised at cost or valuation. There are no heritage asset transactions in the last 5 years.
-23- YORKSHIRE MUSEUM OF FARMING LIMrrED NOTES TO THE ACCOUNTS - 31 DECEMBER 2024 (continued) 14. INVESTMENTS 2024 2023 Group Company Group Company Shares in subsidiary- at cost 2024 Company 2023 Group Group Company 15. STOCKS GdS for resale 11,797 10,593 2024 Company 2023 Group Group Company 16. DEBTORS Trade debtors ArLrued income Prepaymenls Amounts due from- group undertakings 17.168 1,237 11.228 910 988 848 15,502 253 11,212 2,605 166,352 103.463 29.633 168.898 26,714 106,321 2024 2023 17. CREDITORS Group Company Group Company Amounts due within one year Trade creditors Other taxes and social securty Other creditors Accruals Deferred income (note 18) 12,817 36,819 32,305 7,327 500 400 1.504 10.079 2,462 16,689 32,581 30.057 6,822 750 456 1,197 7,378 2.411 89.768 14,445 86,899 11,442
-24- YORKSHIRE MUSEUM OF FARMING LIMITED NOTES TO THE ACCOUNTS - 31 DECEMBER 2024 (continued) 2024 2023 18. CREDITORS Group Company Group Company Amounts falling due after mcfe than one year Other creditrjrs 500 50 2024 Company 2023 Group Group Company 19. DEFERRED INCOME Balance at 1 January 2024 Amounts released to income 1,250 (750) 2,000 {750) Balance at 31 December 2024 1,250 Deferred income relates to deferred grarrt income £500 (2023: £1,250). 20. UNRESTRICTED FUNDS Balance 01.01.24 Movement in Income Expenditure Balance 31.12.24 Transfers Designated funds RaiaY fund Fixed asset fund Freehold land fund 11.269 529,671 200,000 18,135 <15,171) (11,157) 14,233 529,708 200,000 11.194 740,940 18,135 (26.328) 11.194 743,941 General reserve Non-charitable trading funds 448,542 190.958 (193.331) (11,194) 434,975 (13,879) 473.283 (472.540} (13.136) 1,175,603 682,376 (692.199) 1.165.780
25- YORKSHIRE MUSEUM OF FARMING LIMITED NOTES TO THE ACCOUNTS - 31 DECEMBER 2024 (continued) 20. UNRESTRICTED FUNDS (continued) Balance 01.01.23 Movement in Income Expenditure Balan 31.12.23 Transfers Designated funds RaiaY fund Fixed asset fund Freehold land fund General reserve Nonacharitable trading funds 10,396 526.378 873 11.226 200,000 215,125 (148,651) (212,099) 11.269 529,671 200,000 448,542 (7.933) 594.167 (6.121) 436,548 (459,306) 15,000 (13,879) 1,124.820 651,673 (615.890) 15,000 1.175,603 All desvJnated funds can be used at the discretion of the committee of management for any of the chariiable objectives of the charity. The committee of management have alloGated funds, in the RaifrNay FU1. towards the refurbishment of the railway. This design*ion is subject to the overall needs of the charity. The fixed asset fijnd represents all the tangible fixed assets and heritage assets held by the chariiy. The transfer represents movement in fixed assets in the year. Freehold land fund represents a provision for purchasing the freehold laTrJ. The general reseNe fund represents those funds which ar8 unrestricted and not designated for other purposes. 21. RESTRICTED FUNDS Balance 01.01.24 Movement in Income Exp8nditure Balance 31.12.24 Transfers Tax Scardffield trador fund 600 600 600 600 Balance 01.01.23 Movement in Income Expendilure Balance 31.12.23 Transfers Tax Morrell Trust- Sawkill Building fund Scardffield tractor fund 15,000 600 {l5,OC) 600 15,600 (15,000) 600 The Scardifield tractor fund is money donated for the maintenance of a tracior in the collection. The Morrell Trust (2023 only) - Sawkill Building fund is a grant received toward the construction of the John Sawkill building to house the Scarnlifield tractor collection.
-26- YORKSHIRE MUSEUM OF FARMING LIMITED NOTES TO THE ACCOUNTS - 31 DECEMBER 2024 (continued) 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricled funds funds 2024 2024 Total funds 2024 Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Fixed Assets 273.662 Heritage Assets 401,047 Current Assetsl{Liabilities) 491,071 Non-current (Liabililies) 273,662 401,047 491.671 247.909 401.047 527,147 1500) 247.909 401,047 527.747 (500) 600 600 1,165,780 600 1,166.380 1,175,603 600 1,176.203 23. RELATED PARTY TRANSACTIONS Craig Benton, a trustee, is sole director of Lork Limited. During the year £36.000 {2023: £36,000) was paid for consultancy fees Lork Limited. The wife of Chris Down8s, a trustee and Craig Benton, a trustee are also trustees of DeNent Valley Light Railway Society. During the year YMF services paid ralway expenses of £240 (2023: £495). Andrew Trezise. a trustee, provided £nii (2023: £1,071) of building contracling seNices. There was a recharge cost to Stephenson and Son of £424 for subscription costs (2023: £635 for subscription costs). Stephenson & Son also act as a wages bureau on behalf of the group. 24. OTHER FINANCIAL COMMITMENTS The company's land and property are subject to a 99year operaling lease, dated 1982. The lerms of this lease are thal a peppercorn rent is payable for Ihe first 25 years and, thereafter, rent will be payable at open market value. Following the end of the initial 25-year period, rent conlinues lo be charged on a peppercorn basis at the discretion of the York Aucti Centre. 25. RESULTS OF YORKSHIRE MUSEUM OF FARMING LIMtrED The amount of the deficit for the year dealt with in the accwnls of the museum is £10.566 (2023: surplus of £59,141). The museum has not presented its own profit and loss account as pemiitted by Section 408 ofthe Companies Act 2006 and paragraph 397 of the SORP.