## ## ||||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|