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||||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||17-39|
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|Directors and Trustees|Directors and Trustees||||||||
|---|---|---|---|---|---|---|---|---|
|The Directors of TAP are the Trustees||for the|purpose|of charity|law. The Trustees|and officers serving|during|the|
|year and since the year end were as follows:|||||||||
|Trustees:|Bob Bigley||(Chair)|(Resigned|06 December 2022)||||
||Robert Yorke||(Chair)|(Appointed|26 October 2022)||||
||Jane Dean|||(Resigned|24 June 2022)||||
||Anna Lynch||||||||
||Myles Marmion||||||||
||Jonathan
Ruffer||||||||
||Daniel Wolfe||||||||
||Malcolm Rogers|||(Resigned|16September 2021)||||
||Brendan
Finucane|||(Appointed|26 October 2022)||||
||The Rt Revd Nick|Holtam||(Appointed|26 October 2022)||||
|Patrons:|Lord Rothschild||||||||
||Most Rev. and RT Hon.J||P Welby||||||
|Company|Secretary:|Nicholas|Eldred||||
|---|---|---|---|---|---|---|
|Senior Management||Team:|David Madden||||
||||Edward
Perry|(Resigned|25 June 2021, appointed|13September 2022)|
||||Lyndsey Short|(Appointed|1 November 2021, Resigned 10January 2023)||
||||Rebecca Coates|(Resigned|31 August 2022)||
||||Liz Fisher|(Resigned|31 January 2023)||
||||Adrian Jenkins|(Resigned|30June 2022)||
||||Robyn Brown||||
||||Andrew Taylor||||
||||Keith Boiston|(Appointed|23 January 2023)||
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|||||Unrestricted|Restricted||Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||Funds|Funds||2022|2021|
||||Note||||||
|Income from:|||||||||
|Donations||||5,020,134|376,859||5,396,993|10,447,532|
|Other trading
activities|||||||||
|Subsidiary
income||||190,928|||I90,928|101,497|
|investments||||320,356|||320,356|299,085|
|Other||||678,515|||678,515|445,516|
|Total income||||6,209,933|376,859||6,586,792|11,293,630|
|Expenditure
on:|||||||||
|Raising funds|||||||||
|Subsidiary
expenditure||||1,517,146|||1,517,146|724,756|
|Other||||120,867|||120,867|142,640|
|Charitable
activities||||6,040,663|565,921||6,606,584|7,129,378|
|Total expenditure||||7,678,676|565,921||8,244,597|7,996,774|
|Net movement
in|funds before investment||||||||
|(loss)/gain||||( 1,468,743 )|( 189,062 )|( 1,657,805 )||3,296,856|
|Loss on investment||||(8,113 )|||(8,113 )||
|Transfer between|funds||21|( 29,448 )|29,448||||
|Net movement
in|funds after transfers|||( 1,506,304 )|( 159,614 )|(|1,665,918 )|3,296,856|
|Reconciliation
of|funds||||||||
|Total funds brought||forward||88,320,867|694,979|89,015,846||85,718,990|
|Total funds carried||forward||86,814,563|535,365|87,349,928||89,015,846|
##
##
|||||||2022||2021|
|---|---|---|---|---|---|---|---|---|
|||||Notes||E|||
|Fixed assets|||||||||
|Tangible assets||||14||42,768,120||40,243,055|
|Heritage assets||||15||17,546,931||16,859,183|
|Intangible assets||||16||247,759||198,739|
|Investments||||17||1,510,000||1,518,113|
|||||||62,072,810||58,819,090|
|Current assets|||||||||
|Stock|||||72,339||61,428||
|Debtors||||18|1,171,154||1,772,780||
|Cash at bank and||in|hand||25,894,962||29,949,245||
||||||27,138,455||31,783,453||
|Creditors:|amounts||falling due||||||
|within one|year|||19|( 1,861,337 )||( 1,586,697 )||
|Net current|assets|||||25,277,118||30,196,756|
|Net assets||||||87,349,928||89,015,846|
|Funds|||||||||
|Unrestricted|funds|||||86,814,563||88,320,867|
|Restricted funds||||||535,365||694,979|
|||||21||87,349,928||89,015,846|
##
##
|||||||2022||2021|
|---|---|---|---|---|---|---|---|---|
|||||Notes|||||
|Fixed assets|||||||||
|Tangible assets||||14||41,965,047||39,631,972|
|Heritage assets||||15||17,546,931||16,859,183|
|Intangible
assets||||16||106,888||198,739|
|Investments||||17||1,510,201||1,518,313|
|||||||61,129,067||58,208,207|
|Current assets|||||||||
|Debtors||||18|5,116,101||3,993,776||
|Cash at bank and||in|hand||25,649,005||29,926,152||
||||||30,765,106||33,919,928||
|Creditors:|amounts||falling due||||||
|within one|year|||19|( 1,584,447 )||( 1,473,563 )||
|Net current|assets|||||29,180,659||32,446,365|
|Net assets||||||90,309,726||90,654,572|
|Funds|||||||||
|Unrestricted|funds|||||89,774,361||89,959,593|
|Restricted funds||||21||535,365||694,979|
|||||||90,309,726||90,654,572|
##
##
||||||2022|2021|
|---|---|---|---|---|---|---|
|||||Note||f|
|Net cash flow from operating
activities:|||||||
|Net cash provided byI(used in) operating|||activities|27|( 643,953 )|3,595,684|
|Cash flows from investing|activities||||||
|Interest and rents received|||||323,706|299,085|
|Purchase
oftangible assets|||||( 3,722,472 )|( 7,363,846 )|
|Acquisition
of subsidiary
net||ofcash received|||( 11,564 )||
|Net cash flow from investing||activities|||( 3,410,330 )|( 7,064,761 )|
|Net increase
in cash and|cash equivalents||||(4,054,283 )|( 3,469,077 )|
|Cash and cash equivalents|at|the beginning|ofthe year||29,949,245|33,418,322|
|Cash and cash equivalents||at the end ofthe year|||25,894,962|29,949,245|
|Cash and cash equivalents||consist of:|||||
|Cash at bank and
in hand|||||25,894,962|29,949,245|
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##
||||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|---|
||||||Funds|Funds|2021|2020|
|||||Note|f|f|f|f|
|Income from:|||||||||
|Donations|||||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|||||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|
##
##
##
|4.|Income from donations|Income from donations|Income from donations|||||
|---|---|---|---|---|---|---|---|
|||||||2022|2021|
||Lempriere
Pringle 2015|||||5,000,000|7,250,000|
||Jonathan
Ruffer||||||1,750,000|
||National
Lottery Heritage|||Fund|||81,426|
||Seedbed Christian|Community|||Trust||100,000|
||Heritage
England|||||109,641|106,322|
||Garfield Weston||||||200,000|
||Wolfson Foundation||||||250,000|
||Government
Grants||||||626,459|
||Tees Valley Combined||Authority|||100,000||
||The Jerusalem
Trust||Foundation|||150,000||
||Other (less than P50,000)|||||37,352|83,325|
|||||||5,396,993|10,447,532|
|5.|Investment
income|||||||
|||||||2022|2021|
||||||||R|
||Interest received|||||21,685|11,607|
||Rental income|||||298,671|287,478|
|||||||320,356|299,085|
|6.|Other income|||||||
|||||||2022|2021|
||The Zurbaran
Trust|||||268,476|268,476|
||Durham
University|||||105,500|140,667|
||Museum
Tax Relief|||||174,433||
||Other|||||130,106|36,373|
|||||||678,515|445,516|
##
||||||Activities||||
|---|---|---|---|---|---|---|---|---|
||||||undertaken|Support|Total|Total|
||||||directly|costs|2022|2021|
||||||||E.|F|
||projects in||progress||1,821,445|386,038|2,207,483|2,562,084|
||Operational||activities||3,578,881|803,493|4,382,374|4,556,805|
||Feasibility|activities|||13,802|2,925|16,727|10,489|
||||||5,414,128|1,192,456|6,606,584|7,129,378|
|8.|Support costs||||||||
||||||||2022|2021|
||||||||f||
||Staff costs||||||905,357|621,784|
||Office costs||||||177,682|214,612|
||External professional|||costs|||60,583|62,500|
||Other costs||||||13,119|18,759|
||Governance||costs (note 9)||||35,715|26,126|
||||||||1,192,456|943,781|
|9.|Governance||costs||||||
||||||||2022|2021|
|||||||||f|
||Auditors fees||||||20,500|13,850|
||Trustee insurances||||||2,962|4,064|
||External professional|||costs|||9,068|8,146|
||Other costs||||||3,185|66|
||||||||35,715|26,126|
##
##
|Net income is stated after charging;|||
|---|---|---|
||2022|2021|
||f|f|
|Amortisation|123,129|81,610|
|Depreciation|533,435|516,293|
|Operating
lease costs|68,000|29,167|
##
##
|The summary
financial
performance
ofthe charity alo|ne is;||
|---|---|---|
||2022|2021|
||f|f|
|Income|6,599,357|11,172,020|
|Expenditure|(6,936,090 )|(7,272,018 )|
|Loss on investment|(8,113 )||
|Net (deficit) Isurplus|( 344,846 )|3,900,002|
|The total staff costs and employees
benefits were a|s follows:||
|---|---|---|
||2022|2021|
|||E|
|Wages and salaries|2,188,757|2,913,560|
|Social security costs|218,292|248,215|
|Other pension costs|117,026|139,965|
||2,524,074|3,301,740|
||||2022|2022|2021|2021|
|---|---|---|---|---|---|---|
||||Number|FTE|Number|FTE|
|Visitor services|||||16|16|
|Marketing|||||5|5|
|Management|and administration||18|18|20|20|
|Project management||and delivery|22|22|6|6|
|Education
and Arts|||6|6|15|15|
|Property
and grounds||maintenance|2|2|14|14|
|Fundraising|||12|12|1|1|
|Community|Engagement||3|3|11|11|
||||70|70|88||
##
|Tangible fixed assets
Consolidated||||||
|---|---|---|---|---|---|
||Assets|Freehold|Leasehold|Fixtures,||
||under|land and|land and|fittings and||
||construction
f|buildings
f|buildingsf|eguipmentf|Total
f|
|Cost||||||
|At 1 April 2021|24,550,348|12,673,451|1,106,835|3,166,061|41,496,695|
|Additions|3,465,693|39,579||245,122|3,750,394|
|Disposals|(1,041 )||||(1,041 )|
|Transfer ofassets under||||||
|construction|( 14,387,352 )|11,064,693||2,631,806|( 690,853 )|
|At 31 March 2022|13,627,648|23,777,723|1,106,835|6,042,989|44,555,195|
|Depreciation||||||
|At 1 April 2021||525,9?8|64,399|663,263|1,253,640|
|Charge for the year||207,432|17,071|308,932|533,435|
|At 31 March 2022||733,410|81,470|972,195|1,787,075|
|Net book value||||||
|At 31 March 2022|13,627,648|23,044,313|1,025,365|5,070,794|42,768,120|
|At 31 March 2021|24,550,348|12,147,473|1,042,436|2,502,798|40,243,055|
##
|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|f||
||Cost|||||||
||At 1 April 2021||24,550,348|12,233,451|1,106,835|2,981,061|40,871,695|
||Additions||3,465,693|39,579||10,301|3,515,573|
||Disposals||(1,041 )||||(1,041 )|
||Transfer of|assets under||||||
||construction||( 14,387,352 )|11,064,693||2,631,806|( 690,853 )|
||At 31 March|2022|13,627,648|23,337,723|1,106,835|5,623,168|43,695,374|
||Depreciation|||||||
||At 1 April 2021|||525,978|64,399|649,346|1,239,723|
||Charge for the year|||207,432|17,071|266,101|490,604|
||At 31 March|2022||733,410|81,470|915,447|1,730,327|
||Net book value|||||||
||At 31 March|2022|13,627,648|22,604,313|1,025,365|4,707,721|41,965,047|
||At 31 March|2021|24,550,348|11,707,473|1,042,436|2,331,715|39,631,972|
##
|Heritage assets
Consolidated
and Charitable
Company||
|---|---|
||Freehold|
||land and|
||buildings|
||E|
|Cost and Net Book Value||
|At 1 April 2021|16,859,183|
|Additions||
|Transfer ofassets under construction|687,748|
|Disposals||
|At 31 March 2022|17,546,931|
##
##
##
##
|Intangible assets
Consolidated||||
|---|---|---|---|
||Goodwill|Capitalised||
|||software|Total|
||f|f|f|
|Cost||||
|At 1 April 2021||419,459|419,459|
|Additions|169,044||169,044|
|Transfer ofassets under construction||3,105|3,105|
|At 31 March 2022|169,044|422,564|591,608|
|Amortisation||||
|At 1 April 2021||220,720|220,720|
|Charge for the year|28,173|94,956|123,129|
|At 31 March 2022|28,173|315,676|343,849|
|Net book value||||
|At 31 March 2022|140,871|106,888|247,759|
|At 31 March 2021||198,739|198,739|
|Charitable
Company||||
|||Capitalised||
|||software|Total|
|||f|f|
|Cost||||
|At 1 April 2021||419,459|419,459|
|Additions|||169,044|
|Transfer ofassets under construction||3,105|3,105|
|At 31 March 2022||422,564|591,608|
|Amortisation||||
|At 1 April 2021||220,720|220,720|
|Charge for the year||94,956|123,129|
|At 31 March 2022||315,676|343,849|
|Net book value||||
|At 31 March 2022||106,888|247,759|
|At 31 March 2021||198,739|198,739|
##
##
##
|17.|Investments||||||
|---|---|---|---|---|---|---|
|||||Consolidated|Charitable|Company|
||||2022|2021|2022|2021|
|||||F|||
||Investment
properties||1,510,000|1,518,113|1,510,000|1,518,113|
||Share in subsidiary|undertaking|||201|200|
||||1,510,000|1,518,113|1,510,201|1,518,313|
||Investment
properties||||||
||Valuation||||||
||At 1 April 2021|||||1,518,113|
||Loss on investment|||||(8,113 )|
||31 March 2022|||||1,510,000|
||Net book value||||||
||At 31 March 2022|||||1,510,000|
||At 31 March 2021|||||1,518,113|
||Historical cost|||||1,549,463|
||Investments
in subsidiaries||||||
||||||2022|2021|
||Cost and Net Book|Value|||||
||At 1 April 2021||||200|200|
||Additions||||1||
||At 31 March 2022||||201|200|
##
||||||||2022|||2021|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||f|
|Turnover|||||||164,486|||58,383|
|Other Income|—Government||Grants||||13,031|||117,670|
|Cost ofsales|||||||( 153,036 )||(|243,816 )|
|Administrative|expenses||||||( 145,050 )|||( 88,821 )|
|Loss for the year|||||||( 120,569 )||(|156,584 )|
||||||||2022|||2021|
|Total assets|||||||205,759|||117,044|
|Total liabilities||||||( 1,427,597 )||( 1,218,313 )|||
|Shareholders'|funds|||||(|1,221,838 )|(|1,101,269 )||
||||||Percentage||||||
|Company|||Country||Shareholding||Description||||
|Weardale
Railway||Limited|England|and Wales|100'/o||Ordinary||||
|||2022|2021|
|---|---|---|---|
||||E|
|Turnover|||41,114|
|Cost ofsales||(500 )|(426 )|
|Administrative|expenses|( 892,739 )|( 557,321 )|
|Other Operating|income|17,950|24,148|
|Interest payable||( 89,824 )|(44,870 )|
|Loss for the year||( 965,113 )|( 537 355 )|
##
##
##
||||||2022||2021|
|---|---|---|---|---|---|---|---|
||||||f.|||
|Total assets|||||996,474||665,481|
|Total liabilities|||||( 2,498,842 )|( 1,202,836 )||
|Shareholders'|funds||||( 1,502,368 )|(|537,355 )|
|Acquisition ofsubsidiary||undertaking||||||
|||Percentage||||||
|Company||Country||Shareholding|Description|||
|Park Head Leisure Limited||England|and Wales|100'/0|Ordinary|||
|are accounted
for under the acquisition
me
assets and liabilities
acquired
and their fair|thod. The following
table sets out th
value to the Group:|e book values o|f the identifiable|
|---|---|---|---|
||||Fair value to|
||Book value|Adjustments|Group|
||E|||
|Tangible Fixed Assets|27,922||27,922|
|Current assets||||
|Debtors|1,675||1,675|
|Cash|(11,563 )||( 11,563 )|
|Total assets|18,034||18,034|
|Creditors||||
|Trade creditors|43,175||43,175|
|Accruals|1,500||1,500|
|Other creditors|142,402||142,402|
|Total liabilities|187,077||187,077|
|Net assets|(169,043 )||( 169,043 )|
|Total consideration||||
|Goodwill|||169,044|
##
|Debtors||||||
|---|---|---|---|---|---|
||||Consolidated|Charitable|Company|
|||2022|2021|2022|2021|
||||||E|
|Trade debtors||129,786|57,142|127,986|53,646|
|Recoverable|VAT|264,787|859,924|221,444|848,522|
|Prepayments|and accrued income|536,992|337,599|454,222|363,135|
|Other debtors||239,589|518,115|239,589|517,365|
|Amounts
due|from group undertakings|||4,072,860|2,211,108|
|||1,171,154|1,772,780|5,116,101|3,993,776|
##
||||Consolidated|Charitable|Company|
|---|---|---|---|---|---|
|||2022|2021|2022|2021|
||||f|||
|Trade creditors||1,411,572|1,140,090|1,283,192|1,062,160|
|Social Security and taxes||83,576|66,246|86,910|63,141|
|Accruals and deferred|income|345,107|356,644|214,345|344,875|
|Other creditors||21,082|23,717||3,387|
|||1,861,337|1,586,697|1,584,447|1,473,563|
##
|The future|minimum|lease payments|under non-cancellable|operating|leases are as follows;||
|---|---|---|---|---|---|---|
||||||2022|2021|
|Not later than one||year|||82,391||
|Later than|one and|not later than five|years||329,564||
|In more than five years|||||989,394||
||||||1,401,349||
##
##
|Year ended|31March 2022|31March 2022|31March 2022||||||
|---|---|---|---|---|---|---|---|---|
||||Balance at|||||Balance at|
||||1 April|||Transfers|Gains/|31 March|
||||2021|Income|Expenditure|inlout|(losses)|2022|
|Unrestricted|funds||||||||
|General
fund|||88,320,867|6,209,933|( 7,678,676 )|( 29,448 )|(8,113 ) 86,814,563||
|Restricted|funds||||||||
|National
Lottery Heritage||Fund||6,507|( 35,955 )|29,448|||
|Development|ofthe Spanish||||||||
|Art Gallery||||150,000|(150,000 )||||
|Walled Garden Apprentice|||||||||
|Scheme|||212,421|||||212,421|
|Restoration|of the Gardens||106,322|89,927|(196,249 )||||
|Engagement|activities||376,236|10,711|( 91,346 )|||295,601|
|Centre for Young People||||19,714|(18,495 )|||1,219|
|Geothermal||||100,000|(73,876 )|||26,124|
||||694,979|376,859|( 565,921 )|29,448||535,365|
|Total funds|||89,015,846|6,586,792|( 8,244,597 )||(8,113 )|87,349,928|
##
##
##
##
##
##
##
##
##
|Year ended 31March 2022|Year ended 31March 2022|Year ended 31March 2022|||||
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total|Total|
||||Funds|Funds|2022|2021|
|Tangible|assets||42,768,120||42,768,120|40,423,055|
|Heritage|assets||17,546,931||17,546,931|16,859,183|
|Intangible|assets||247,759||247,759|198,739|
|Investments|||1,510,000||1,510,000|1,518,113|
|Current assets|||26,603,090|535,365|27,138,455|35,294,239|
|Creditors|amounts|due within one year|( 1,861,337 )||( 1,861,337 )|( 1,628,396 )|
||||86,814,563|535,365|87,349,928|89,015,846|
|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|
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|Reconciliation
of net inc|om|e to net cash flow from oper|ating
activities||
|---|---|---|---|---|
||||2022|2021|
|Net deficit for the year|||( 1,665,918 )|3,296,856|
|Interest and received from|investments||( 320,356 )|( 299,085 )|
|Valuation
loss|||8,113||
|Amortisation
on intangible|assets||123,129|81,610|
|Depreciation
on tangible assets|||533,435|516,293|
|Loss on disposal offixed assets|||1,041||
|Decrease
in debtors|||599,951|43,893|
|Increase
in creditors|||87,563|(41,893 )|
|Increase
in stock|||(10,911 )|(2,184 )|
|Net cash flow from operating||activities|( 643,953 )|3,595,684|