2021-03-31-accounts

			Page
Trustees' Report including the Strategic Report			1-8
Independent	Auditors' Report		9-12
Consolidated	Statement of Financial	Activities	13
Consolidated	Balance Sheet		14
Charitable Company Balance Sheet			15
Consolidated	Cash Flow Statement		16
Notes to the	Financial Statements		17-38

Trustees:	Bob Bigley	(Chair)
	Jane Dean
	Anna Lynch
	Myles Marmion
	Dr Malcolm Rogers	(Resigned 23 September 2021)
	Jonathan Ruffer
	Daniel Wolfe
Patrons:	Lord Rothschild
	Rt Revd JPWelby

Company Secretary:	Nicholas	Eldred
Management Team:
Chief Executive		David Maddan
Departmental Heads:
Finance and IT		Adam Duncan	Resigned	31 May 2020
		Chris Bramley	Interim 1	June 2020 to 31 October 2021
		Lyndsey Short	Appointed	1 November	2021
Human Resources		Rebecca Coates
Marketing and Communications		Ann Cooper	Resigned	12June 2020
Curatorial		Liz Fisher	Until 3October 2021
		Adrian Jenkins	From 4 October 2021
Commercial		Rebecca Coates	Until 3October 2021
		Robyn Brown	Interim 4	October 2021
External Affairs		Lynda Sale	Resigned	31 August 2020
Property and Projects		Andrew Taylor	Appointed	25 May 2020
Regeneration 8 Communities		Liz Fisher

					Unrestricted	Restricted	Total	Total
					Funds	Funds	2021	2020
				Note	f	f		f
Income from:
Donations				4	9,628,843	818,689	10,447,532	16,579,838
Other trading	activities
Subsidiary income					101,497		101,497	303,126
Other					(1,244 )		( 1,244 )	16,279
Investments					299,085		299,085	536,703
Other					446,760		446,760	552,587
Total income					10,474,941	818,689	11,293,630	17,988,533
Expenditure on:
Raising funds
Subsidiary expenditure					724,756		724,756	650,986
Other					142,640		142,640	94,126
Charitable activities				7	6,413,959	715,419	7,129,378	9,550,661
Total expenditure					7,281,355	715,419	7,996,774	10,295,773
Net movement	in	funds before transfers			3,193,586	103,270	3,296,856	7,692,760
Transfer between		funds		21	( 156,217 )	156,217
Net movement	in	funds after transfers			3,037,369	259,487	3,296,856	7,692,760
Reconciliation	offunds
Total funds brought			forward		85,283,498	435,492	85,718,990	78,026,230
Total funds carried			forward		88,320,867	694,979	89,015,846	85,718,990

				Notes		2021		2020f
Fixed assets
Tangible assets				14		40,243,055		33,655,844
Heritage assets				15		16,859,183		16,652,229
Intangible assets				16		198,739		226,961
Investments				17		1,518,113		1,518,113
						58,819,090		52,053,147
Current assets
Stock					61,428		59,244
Debtors					1,772,780		1,816,673
Cash at bank	and	in	hand		29,949,245		33,418,322
					31,783,453		35,294,239
Creditors: amounts			falling due
within one year				19	( 1,586,697 )		( 1,628,396 )
Net current	assets					30,196,756		33,665,843
Net assets						89,015,846		85,718,990
Funds
Unrestricted	funds					88,320,867		85,283,498
Restricted funds						694,979		435,492
				21		89,015,846		85,718,990

					2021	2020
			Notes			f
Fixed assets
Tangible assets			14		39,631,972	33,215,844
Heritage assets			15		16,859,183	16,652,229
Intangible	assets		16		198,739	226,961
Investments			17		1,518,313	1,518,313
					58,208,207	51,613,347
Current assets
Debtors			18	3,993,776		3,310,176
Cash at bank and in		hand		29,926,152		33,408,026
				33,919,928		36,718,202
Creditors:	amounts	falling due
within one	year		19	( 1,473,563 )		( 1,576,979 )
Net current assets					32,446,365	35,141,223
Net assets					90,654,572	86,754,570
Funds
Unrestricted	funds				89,959,593	86,319,078
Restricted funds					694,979	435,492
					90,654,572	86,754,570

				2021	2020
			Note	F
Net cash flow from operating	activities:
Net cash provided by (usedin) operating		activities	27	3,595,684	8,242,037
Cash flows from investing activities
Interest and rents received				299,085	536,703
Purchase of tangible assets				( 7,363,846 )	( 16,922,664 )
Net cash flow from investing	activities			( 7,064,761 )	( 16,385,961 )
Net increase in cash and cash equivalents				( 3,469,077 )	( 8,143,924 )
Cash and cash equivalents at	the beginning	ofthe year		33,418,322	41,562,246
Cash and cash equivalents	at the end of	the year		29,949,245	33,418,322
Cash and cash equivalents	consist of:
Cash at bank and in hand				29,949,245	33,418,322

				Unrestricted	Restricted	Total	Total
				Funds	Funds	2020	2019
			Note
Income from:
Donations			4	14,506,523	2,073,315	16,579,838	23,636,949
Other trading	activities
Subsidiary income				303,126		303,126	150,324
Other				16,279		16,279	27,397
Investments				536,703		536,703	542,358
Other				552,587		552,587	422,971
Total income				15,915,218	2,073,315	17,988,533	24,779,999
Expenditure on:
Raising funds
Subsidiary expenditure				650,986		650,986	304,146
Other				94,126		94,126	33,289
Charitable activitie's				8,250,609"	1,300,052	9,'550,661	9,045,611
Total expenditure				8,995,721	1,300,052	10,295,773	9,383,046
Net movement	in	funds before transfers		6,919,497	773,263	7,692,760	15,396,953
Transfer between		funds	21	4,327,204	(4,327,204 )
Net movement	in	funds after transfers		11,246,701	( 3,553,941 )	7,692,760	15,396,953
Reconciliation	offunds
Total funds brought forward				74,036,797	3,989,433	78,026,230	62,629,277
Total funds carried forward				85,283,498	435,492	85,718,990	78,026,230

4.	Income	from donations	from donations
						2021	2020
	Lempriere Pringle 2015					7,250,000	14,500,000
	Jonathan	Ruffer				1,750,000
	National	Lottery Heritage		Fund		81,426	1,779,053
	Seedbed	Christian	Community		Trust	100,000
	Heritage	England				106,322
	Garfield	Weston				200,000
	Wolfson	Foundation				250,000	250,000
	Government Grants					626,459
	Other (less than 850,000)					83,325	50,785
						10,447,532	16,579,838
5.	Investment income
						2021	2020f
	Interest	received				11,607	249,837
	Rental income					287,478	286,866
						299,085	536,703
6.	Other income
						2021	2020
	The Zurbaran Trust					268,476	268,476
	Durham	University				140,667	140,667
	Other					37,617	143,444
						446,760	552,587

				Activities
				undertaken	Support	Total	Total
				directly	costs	2021	2020
	projects in progress			2,222,917	339,167	2,562,084	4.403.564
	Operational	activities		3,953,579	603,226	4,556,805	5,475.657
	Feasibility activities			9,101	1,388	10,489	31.440
				6,185,597	943,781	7,129,378	9,550.661
8.	Support costs
						2021	2020
	Staff costs					621,784	774,748
	Office costs					214,612	247,428
	External professional		costs			62,500	30,553
	Other costs					18,759	24,408
	Governance	costs (note 9)				26,126	34,083
						943,781	1,111,220
9.	Governance	costs
						2021	2020
	Auditors fees					13,850	10,715
	Trustee insurances					4,064	3,851
	External professional		costs			8,146	12,315
	Other costs					66	7,202
						26,126	34,083

Net income is st	ated after charging;
		2021	2020
Amortisation		81,610	39,110
Depreciation		516,293	226,881
Operating lease	costs	29,167	50,000

	2021	2020
Income	11,172,020	17,685,407
Expenditure	(7,272,018 ) (9,644,787 )
Net income	3,900,002	8,040,620

The total staff costs and employees benefits were a	s follows:
	2021	2020
Wages and salaries	2,913,560	3,260,888
Social security costs	248,215	295,355
Other pension costs	139,965	191,058
	3,301,740	3,747,301

			2021		2021	2020	2020
			Number		FTE	Number	FTE
Visitor services			16		16	27	27
Marketing			5		5	12	12
Management	and administration		20		20	23	23
Project management		and delivery	6	I	6	6	6
Education and Arts			15		15	15	15
Property and grounds		maintenance	14		14	17	17
Fundraising			1		1	1	1
Community	Engagement		11		11	15	15
			88		88	116	116

th	an	860,0	00 is as follows:
				Number	Number
				2021	2020
In	the	band	260,001 - f70,000
In	the	band	670,001 - 880,000
In	the	band	f80,001 - F90,000
In	the	band	690,001 - f100,000
In	the	band	f100,001 - 8110,000
In	the	band	f140,001 - 2150,000

14.	Tangible fixed assets
	Consolidated
		Assets	Freehold	Leasehold	Fixtures,
		under	land and	land and	fittings and
		construction f	buildings	buildings	equipment	Total f
	Cost
	At 1 April 2020	18,372,821	11,963,754	'I,106,835	2,949,781	34,393,191
	Additions	6,546,666	505,296		207,697	7,259,659
	Disposals	(45,813)				(45,813 )
	Transfer ofassets under
	construction	( 323,326 )	204,401		8,583	( 110,342 )
	At 31 March 2021	24,550,348	12,673,451	1,106,835	3,166,061	41,496,695
	Depreciation
	At 1 April 2020		329,325	42,262	365,760	737,347
	Charge for the year		196,653	22,137	297,503	516,293
	At 31 March 2021		525,978	64,399	663,263	1,253,640
	Net book value
	At 31 March 2021	24,550,348	12,147,473	1,042,436	2,502,798	40,243,055
	At 31 March 2020	18,372,821	11,634,429	1,064,573	2,584,021	33,655,844

14.	Tangible fixed assets	Tangible fixed assets	(continued)
	Charitable	company
			Assets	Freehold	Leasehold	Fixtures,
			under	land and	land and	fittings and
			construction	buildings	buildings	equipment	Total
						f
	Cost
	At 1 April 2020		18,372,821	11,523,754	1,106,835	2,949,781	33,953,191
	Additions		6,546,666	505,296		22,697	7,074,659
	Disposals		(45,813 )				(45,813 )
	Transfer of	assets under
	construction		( 323,326 )	204,401		8,583	( 1'10,342 )
	At 31 March	2021	24,550,348	12,233,451	1,106,835	2,981,061	40,871,695
	Depreciation
	At 1 April 2020			329,325	42,262	365,760	737,347
	Charge for the year			196,653	22,137	283,586	502,376
	At 31 March	2021		525,978	64,399	649,346	1,239,723
	Iklet book value
	At 31 March	2021	24,550,348	11,707,473	1,042,436	2,331,715	39,631,972
	At 31 March	2020	18,372,821	11,194,429	1,064,573	2,584,021	33,215,844

Heritage assets Consolidated and Charitable Company
	Freehold
	land and
	buildings
Cost and Net BookValue
At 1 April 2020	16,652,229
Additions	150,000
Transfer ofassets under construction	56,954
Disposals
At 31 March 2021	16,859,183

16.	Intangible assets Consolidated and	Charitable Company
					Capitalised
					software	Total
	Cost
	At 1 April 2020				366,071	366,071
	Transfer ofassets under construction				53,388	53,388
	At 31 March 2021				419,459	419,459
	Amortisation
	At 1 April 2020				139,110	139,110
	Charge for the year				81,610	81,610
	At 31 March 2021				220,720	220,720
	Net book value
	At 31 March 2021				198,739	198,739
	At 31 March 2020				226,961	226,961
17.	Investments
			Consolidated		Charitable	Company
			2021	2020	2021	2020
	Investment properties		1,518,113	1,518,113	1,518,113	1,518,113
	Share in subsidiary	undertaking			200	200
			1,518,113	1,518,113	1,518,313	1,518,313
	Investment properties
	Valuation
	At 1 April 2020 and	31 March 2021				1,518,113
	Net book value
	At 31 March 2021					1,518,113
	At 31 March 2020					1,518,113
	Historical cost					1,549,463

Investments	(Continued)	(Continued)	(Continued)
Investments	in subsidiaries
										2021 f			2020f
Cost and Net Book			Value
At 1 April 2020										200			100
Additions													100
At 31 March 2021										200			200
							Percentage
Company				Country			Shareholding			Description
TAP Trading	Limited			England	and Wales		100%			Ordinary
TAP Trading	Limited		carries	out the day	to day charitable		visitor activities		of	TAP and performs	some non
charitable retailing,		catering		and functions	activities.	The results		and summary		of assets and liabilities			of the
company are	as follows:
										2021f			2020f
Turnover										58,383 '		303,126
Other Income	—Government			Grants						117,670
Cost ofsales										( 243,816 )	(	455,353 )
Administrative	expenses									(88,821 )	(	104,838 )
Loss for the year										(156,584 )	(257,065 )
										2021			2020
										f			f
Total assets										117,044			78,594
Total liabilities										( 1,218,313 )	( 1,023,279 )
Shareholders'	funds									( 1,101,269 )	(	944,685 )

			Percentage	Percentage
Company			Country			Shareholding	Description
Weardale	Railway	Limited	England	and	Wales	100'/o	Ordinary

company are	a	s follows:
			2021
Turnover			41,114
Cost ofsales			(426 )
Administrative		expenses	( 557,321 )
Other Operating		income	24,148
Interest payable			(44,870 )
Loss for the year			( 537,355 )
			2021
Total assets			665,481
Total liabilities			( 1,202,836 )
Shareholders'	funds		( 537,355 )

Debtors
		Consolidated		Charitable	Company
		2021	2020	2021	2020
				F
Trade debtors		57,142	228,946	53,646	223,714
Recoverable	VAT	859,924	663,742	848,522	663,742
Prepayments	and accrued income	337,599	466,370	363,135	432,722
Other debtors		518,115	457,615	517,365	455,528
Amounts due	from group undertakings			2,211,108	1,534,470
		1,772,780	1,816,673	3,993,776	3,310,176

		Consolidated	Consolidated	Charitable	Company
		2021	2020	2021	2020
					I
Trade creditors		1,140,090	1,248,622	1,062,160	1,235,023
Social Security and taxes		66,246	98,614	63,141	98,614
Accruals and deferred	income	356,644	251,843	344,875	238,023
Other creditors		23,717	29,317	3,387	5,319
		1,586,697	1,628,396	1,473,563	1,576,979

The future minimum lease payments under non-cancellable opera	ting leases are as follows;
	2021	2020
Not later than one year		29,167
Later than one and not later than five years
		29,167

Year ended	31March 2021	31March 2021
			Brought				Carried
			Forward	Income	Expenditure	Transfers	Forward
						E	f.
Unrestricted	Funds
General fund			85,283,498	10,474,941	( 7,281,355 )	( 156,217 )	88,320,867
Restricted	Funds
National Lottery Heritage		Fund		81,426	(237,643 )	156,217
Development	ofthe Spanish
Art Gallery				250,000	( 250,000 )
Walled Garden Apprentice
Scheme			332,713		( 120,292 )		212,421
Restoration	ofthe Gardens			106,322			106,322
Engagement	activities		102,779	380,941	( 107,484 )		376,236
			435,492	818,689	( 715,419 )	156,217	694,979
Total funds			85,718,990	11,293,630	( 7,996,774 )		89,015,846
						I

Year ended	31March 2020	31March 2020
			Brought				Carried
			Forward	Income	Expenditure	Transfers	Forwardf
Unrestricted	Funds
General fund			74,036,797	15,915,218	( 8,995,721 )	4,327,204	85,283,498
Restricted	Funds
National Lottery Heritage		Fund		1,779,053	( 601,959 )	( 1,177,094 )
Development	ofthe Faith
Museum			2,815,865			( 2,815,865 )
Restoration	ofthe Castle		462,974		( 128,729 )	( 334,245 )
Walled Garden Apprentice
Scheme			517,956		( 185,243 )		332,713
Restoration	ofthe West Mural
Tower			45,000		(45,000 )
Development	ofthe Spanish
Gallery				250,000	( 250,000 )
Development	of the Mining
Art Gallery				9,000	{9,000 )
Engagement	activities		147,638	35,262	(80,121 )		102,779
			3,989,433	2,073,315	( 1,300,052 )	( 4,327,204 )	435,492
Total funds			78,026,230	17,988,533	( 10,295,773 )		85,718,990

Year ended 31March 2021	Year ended 31March 2021	Year ended 31March 2021
			Unrestricted	Restricted	Total	Total
			Funds	Funds	2021	2020
			F
Tangible	assets		40,243,055		40,243,055	33,655,844
Heritage	assets		16,859,183		16,859,183	16,652,229
Intangible	assets		198,739		198,739	226,961
Investments			1,518,113		1,518,113	1,518,113
Current assets			31,088,474	694,979	31,783,453	35,294,239
Creditors	amounts	due within one year	( 1,586,697 )		( 1,586,697 )	( 1,628,396 )
			88,320,867	694,979	89,015,846	85,718,990
Year ended 31March 2020
			Unrestricted	Restricted	Total	Total
			Funds	Funds	2020	2019
					f
Tangibles	assets		33,655,844		33,655,844	29,072,739
Heritage	assets		16,652,229		16,652,229	4,592,802
Intangible	assets		226,961		226,961	212,820
Investments			1,518,113		1,518,113	1,518,113
Current assets			34,858,747	435,492	35,294,239	45,293,715
Creditors	amounts	due within one year	( 1,628,396 )		( 1,628,396 )	( 2,663,959 )
			85,283,498	435,492	85,718,990	78,026,230

Reconciliation ofnet inc	om	e to net cash flow from opera	ting activities
			2021	2020
			F	f
Net income for the year			3,296,856	7,692,760
Interest and received from	investments		( 299,085 )	( 536,703 )
Amortisation on intangible	assets		81,610	39,110
Depreciation on tangible assets			516,293	226,881
Decrease in debtors			43,893	1,884,911
Decrease in creditors			( 41,699 )	( 1,035,563 )
Increase in stock			(2,184 )	(29,359 )
Net cash flow from operating		activities	3,595,684	8,242,037