Company number.. 07931440 IEngland and Wale51 Charity number.. 1146219 The Auckland Project IA Company Limited by Guarantee) Repo"rt and Financial Statements For the Year Ended 31 March 2024 *ADCVOIG2' 0211012024 COMPANIES HOUSE
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The Auckland Project. {A Company Limited by Guarantee) CONTENTS Page Trustees, Report including the Strategic Report Independent Auditors, Report 10- 13 Consolidated Statement of Financial Activities Consolidated Balance Sheet 15 Charitable Ccmpany Balance Sheet Consolidated Cash Flow Statement. 17 Notes, lo the Financial Statements 18-40
The Auckland Project (A Company Limited by Guarantee) TRUSTEES. REPORT INCLUDING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also the Directors of Ihe charily for the purposes of company law) present their annual report and audited financial statements of The Auckland Project (TAP) for the y8ar ended 31 March 2024. OBJECTIVES AND ACTIVITIES TAP'S vision is to fevive Bishop Auckland. It is doing this throu9h the CFealion of sevetal different visitor attfadions and sustainable employment for job ready people in the community, The objects of TAP as staled in the Articles of Asscciation afe as lollows.. Creating a ygnifi¢ant. varied and high-quality Vlsitor destination in and around the town of Bishcy Auckland capable of attracting substantial 'spending foottall, and leading to the creation of new, sustainable employment both wthin TAP and through the independent establishment ol other businesses seeking to seNe that foorfall. Operating visitor attractions on a long temi, financially sustainable way such that an operaling surplus is available to support the work with the local community lo make them job ready,. Identifying barriers to the job maikel experienced by the residents of Bishop Auckland and working with them lo eliminate such barriers to allow them to lake athantage of the newly created jobs. Raising money through fund-raising and charilable ocINilies to further enhance the work with the local community. Volunteer8 Volunteers are an important element of the TAPS purpose and operalion. We are increasingly seeing the evidence that volunteering changes lives and enhances prospects through skills development, Confiden raising, improved wellbeing, knowledge, social skills, pride of place and a sense of identity. And our volunteers comprise the majority of the Visitor Operations team who meet, greet, seNe and engage the visitors lo our attractions, In 2023124 we saw vcJLJnleers successfully gain paid roles not only wilh TAP but further afield. For inslance, volunteer Chloe secured role wlh Morrisons in Autumn 2023, She shared, "Volunteering in Thè Auckland Project gift shops helped me prepare for vK)rk by providing rne wth useful experience in customer seNice. It was a thoroughly enjoyable experience." We also welcomed a number of undergraduates from Durham University who gain valuable experience in our galleries. We aim lo further develop volunteer-led activities to engage the local community with heritage and cultural assets and to diversify our volunteer base to refiecl the loca demographi¢. In the pasi year. our volunteering prcgram CeiVed 187 applications. During the year, an average 01468 active vdunleers recorded a lolal of 21,222 hours vthich is an increase of 62% in average volunteer numbers and 13% on hours compared to 2022123. 222 volunleers1750/0l support the operatson and interpfetakn'on of our visitor atlractions (15,190 hours): olhei areas of volunteering are Cuiatorial (21%), Engagement & Learning1170hl, Park & Gardens 17tykn}, Catering & Events (2%), Facilities110knl and Weardale Railway130/0) induding activits'es such as.. Developing our holiday let offer, supporting engagement activities and fundraising foi the Henry Vlll Tapeslry campaign and assisting with AGLOW, our first major outdoor evenl al Christmas.
The Auckland Project (A Company Limited by Guarantee> TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT (Contlnuedj FOR THE YEAR ENDED 31 MARCH 2024 The increase in volunteering within the garden and parks team, due to the Big Help Out activtiies, was reflected in the 2.129 hours recorded. Jyne 2023 saw the inaugural TAP Celebrating Volunteering Event durin9 Volunteers Week, a highlight that acknowledged contributions from new volunteers and recognised outstanding achievements. We will continue to grow storytelling around the impact of volunteering. highlighting not only the benefits lo the vdunleers but also the positive effects on staff. members. teams, and stakeholders. We conlinue lo adapt our volunleeiing program lo offer flexikn'lily and choice, maintaining recruitment lor Visitor Operations while expanding opportunities in other areas. For example, the Education team can engage wilh many more schools thanks lo a dedicaled team of volunteers. The stories volunteers share with Ihe children make significant impact. wth many children returning on repeal visits. hoping to see the same volunteers. In 202312024, 364 education volunteer hours were recorded. We have increased opportunities for corporate partnefships to boost volunteering. In 202312024. we recorded 534 hours of corporate volunteering. One partner remarked, "A big thank you fr us al GSK for the opportunity to volunteer for the day. The apprentices enjoyed the day, and the purpose of them getting to know each other better was definitely achieved.. We continue lo aim to further develop volunteer delivered acts'vity within the organisalion lo. engage the local community with the heritage and cullufal assets and we continue lo aim to dwersify our volunleer base in line wilh the local demographic. The Trustees truly acknowledge the unique gift of lime that all volunteers support TAP with. Their understanding of this vitsl resource leads.the organisation in continuing lo grow ils engagement of new and existing volunteers. Public benefit The Trustees have due regard lo the guidance published by the Charity Commission on public benefit. TAP'S activities encompass a number of the charitable purposes which are referred lo in the Charities Acl 2011. in particular the advancement of the arts, culture and hentage, education and environmental enhancement. ACHIEVEMENTS AND PERFORMANCE The viglor attractions opened Wednesday to Sunday b81ween February and the end of December. In the 23124 financial year a total of 38,567 visits were made across Auckland Castle159% of total visitors). the Mining Art Gallery 118%) and the Spanish Gallery (23QA) c¢)mpared lo 23.646 in 2022123 and 4.288 in 2021122. The Castle saw a significant increase in visils147°/o of total vi&ls in 22r231, doubling the previous year and reflecbng the broad appeal of ils ttislory and the fullest programme of aclivilies, An Annual Pass was introduced in 2023124 with a discount offered lo local residents of Bishop Auckland. The number of group visits and coach parties in 2023124 also doubled compared to the Previous year. 'What's On, guides publicised events and aclivities Ihfoughoul the year. One of the highlights in the Castle was the exhibition ' Sin, which broughl'togelher works of art across the centuries from the Nabonal Gallery's collection and which explored the contrpi of sin. The exhibition of excepts'onal paintings was accompanied by talks and workshops. Other exhibitions. included -missing Women and With Dinah,: five professional artists worked with local young people to imagine and give a voice to the women in the lives of Jacob and his 1ve sons painted by Francisco de Zurburan and hangin9 in Auckland Caslle. Again. talks and tours broadcast this collaboralive project led by Creative Youth Opportunities, Bishop Auckland Town Hall and The Auckland Project.
The Auckland Project (A Company Limited by Guarantee) TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT (Contlnued) FOR THE YEAR ENDED 31 MARCH 2024 The opening of the Faith Museum in Oclober added lo the healthy InC3$e in visitor numbers lo the Castle, A decade in the making, wilh a story spanning 6,000 years, the Faith Museum illustrates how faith has impacted the INes of people across lime and shaped almost every aspect of life in Bnlain. Leading visitors on a journey through British history, the museum compnses four dynamic gallery spaces with an active programme of changing displays and temporary exhibitions showcasing over 250 objects from 50 lenders across England. Scotland and Wales, including rarely seen objects. nalional treasUS. personal mementos and contporary crynmissions. EaGh week, our curators presented 15-minule short talks highlighting some of the objects on display alongside more formal lectures. The Mining Art Gallery also doubled ils visits compared lo last year and continues lo be a North East favourile. The year started with an exhibition titled 'Coal.' Mining the Gemini Colleclion, featuring some of the favourile pieces of art from the nOwned Gemini Collection of mining art In October, the Gallery brought together a selection of drawings and paintings by Len Tabner ln an exhibition -Elemenls of 08rkness'. Our volunteers each week discussed their personal highlights of the Gallery, bringing their knowledge of and passion for mining art and the arbst5. The Spanish Gallery could not match Ihe increase in visits lo the Castle and Mining Art Gallery, flat lining at 9.000. To celebrat8 the eleven paintings on loan from the Hispanic Society in New York, a series of short talks was held throughout the year. Every Wednesday from March, highlight Ioufs by doctoral students were well allended and reinforced an excellent partnership vAlh Durham University. The loans from the Hispanic Society weie replaced by len new painlin9s from the Spanish Golden Age. The Spanish Gallery was also the venue for a fascinatsng live- slfearnéd conversation bebNeen leading British artists, Michaèl Craig-martin, and Director of the National Portrait Gallery, Nicholas Cullinan. The visitor attractions are supported by small retail operations in each of Ihe venues. a tea room in the Castle (the Bishop's Kitchen) and our tapas bar, El Castillo all of which saw increases in turnover.. In Autumn 2023, The Auckland Project submilled a bid lo Ihe NLHF to save a Iosl Tudor tapestry and bring national treasure to the Faith Museum. The lapeslry was commissioned by Henry Vlll following his declaration as Supreme Head of the Church of England in 1534 and is of enomous historic, religious and political &gnificance. As part ol the Lottery application. activities for all the lamily including. interactive weaving demonstrations. schools, engagement and family acts'vities. Farnily aclivilies VR a key feature of the holidays and a deliberate allempt to attract families lo all the attraction& Activities such as Knight School. Summer Storytelling, Outdoor Nature Sessions, Singing IAlorkshops. Children's Art, and a Film Making Summer School proved lo be incredibly popular. Pregnant lo Preschool sessions, the Young Archaeologist. Club, Walking for Wellbeing and a range of social and art workshop5 were held across our venues. 2023124 saw a large focus on events both at The Auckland Project and in Bishop Auckland's historic Market Place. Aglow was the largest.. this 1.5 mile illuminated Chrislmas light trail around the Castle grounds and Deer Park allracted over 30.000 people in ils first year. The Market Place also h051ed foul inslallalions for the ¢ounty's biennial Lumiefe. the UKS only light art festival, in November using the Auckland Tower and the Spanish Gallery as backdrops (10.000 visilorsl,. Lumiere was funded by the Art Hub which is part of the Stronger Towns Fund and which is administered by The Auckland Project. TAP was also active in the ever-popular Bishop Auckland Food Festival (32.000 visitors). Christrnas Town 13S,000 visitors) and the Heritage Festival which further contribule lo Ihe town's events strategy lo draw the community together and lo bring visitors to Bishop Auckland.
The Auckland Project {A Company Limited by Guarantee) TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 The Auckland Project hosted the Bishop Auckland Horticultural & Produce Show which missed a year but which has now found a home in the Castle grounds. Our Learning & Skills team delivered creative.and immersive curriculum4inked workshops to schools across EYFS to KS5 in all our vistor allractions. using an enquiry-led. objecl-based and fflullisensory appfoach. For students in KS3 and above, we also facilitated teacher-led visits, empowering teachers lo inspire their students themselves and embed our unique sites and stories across the curriculum. Visits can lake place either on a onedf basis (primarily for schools outside of the local areal, or local schools can ggn up for a SeNice Level Agreement, which includes 20 half day vigits across the course of the school year. alongside specialist advice and support frorn the Learning and Skills Department. In 2023124, 8 local feeder schools and a college entered such an SLA. Eighty work placements were delivered in the year. giving individuals ihe opportunity to acquire meaningful workplace experience. building confidence, enhancing employability skills and developing career aspirations. By connecting Students to our leam of specialist staff across the organisation. we can further raise aspirations and highlight future potential career paths, including within OUT own organisation, cullivatsng future gefteralions of staff al The Auckland Project, We engaged with 7.706 school children in 2023124. Park Head Hotel opened in February 2023 after a period of almost 2 years of major refurbishment. The 36-bed hotel and '80-cover Oak Restaurant bfds a much-needed addition to Go. Durham'$ accommodation portfolio which is recognised as being insuff icieht to cater for the antipated visitor number8 to Bishop Auckland and SW Durham. The hotel's turnover in ils first year af trading was just short of £1m,' the team fed 20.222 guests and hosted 10.329 sleepers. The Park Head Hotel employs 51 people (22 FTE} all of whom bar live wthin 6 miles of the hotel. Since 2020 The Auckland Project has invested £3.Sm in Weardale Railway's infraslruclure, rolling stock and running costs. Durham County Council as part of the purchase arrangement made a grant of £2.13m towards the rna1ntenan of the bridges for which TAP is responsible. Weafdale Railway continued to grow its operational seiCe in 2023124 viith 6,000 passengers using the regular timetable. Events are very popular., events such as the Christmas Santa Specials13,000 visilorsl. and Mince Pie Specials, Halloween Family Fun, Photography Trans. and Driver Experience Days18 further 3,300 viglorsl. FINANCIAL REVIEW Flnanclal summary Full details of TAP'S financial position can be found in the accompanying financial statements allached lo this report. The Slalemenl of Financial Activities shows total incoming resources of £14,076,919 {2023 £7,755.332}. total resources expende¢J of £13,700.629 12023 £11,799,028) resulting in a surplu5 for the year before investment movements of £376.290 (2023 deficit . £4,043,696). ReseNes policy TAP is still in the development phase and has sufficient reserves to complete its medium term plans. In due course the Trustees will develop a reserves policy In line with ils operating plan that secures the long lenr future of TAP. Currently all fun¢Js recebved are held as unreslricled unless the lunding body.specifically requires TAP to ulilise the funding on particular aclivilies. Al 31 March 2024 TAP had free reseNes of £14,379,86912023 - £17,517.487).
The Auckland Project IA Company Limited by Guarantee) TRUSTEES, REPORT INCLUDING.THE STRATEGIC REPORT (Contlnued) FOR THE YEAR ENDED 31 MARCH 2024 Principal funding The principal funding was obtained from Lempriere Pringle 2015. Oelails of other funds received during the year can be found in note 4 of the financial slalements. PLANS FOR THE FUTURE Our hopes for 2024125 will be built on the success of 2023124. We aim for a 500A increase in visits to all our attractions (58.000 compared to 38.567 in 23124) wilh the Castle and Gardens leading the way with 40,000 visits. The 8roaoWalk is close lo completron with the Upper Walled and Faith Gardens. due to open in May 2024. Work on the Great Garden has started and will complete the restoratlon and creation ol seven gardens in time for 2025. We have a busy events programme for 2024 with a Summerfest of Concerts in June and July, and Aglow returns with the prospect of higher numbers. New events include Easter celebrations, a Pumpkin Forest in the autumn. Christmas al the Palace an¢J other live musi¢ perfornances. Bishop Auckland events will also go frc¥n slfength lo strength with an extended Food Festival and Christmas Town aiming to raise the town's gr0h as a destination and pride of aCe. We will continue the programme of objecl lalks, expert lectures, workshops and lamily aclNilies. We will conlinue,lo offer volunteer opportunities. Our Learning learn plans to engage wilh 10,000 pupils. Plans to. develop Binchesler Roman Fort into a regional visitor 'attraGtion with st'rong learning and community elements in line with TAPS. core purpose and mission Continue in the hope TAP can operate Ihe sile in 2025. The Auckland Project musl also play ils part on the regional slage n¢)W tal Co. Durham is one of seven Ipcal .authorities within the new North East Combined Aulhorily. As a member of the Town Board, TAP is involved in the delivery of over £50m of projects funded through the Government's High Slreel Fund and Stronger Towns Fund that are in combination designed to upgrade the infrastructure and revitalise the town as a place lo live., work and visil. We will continue lo work closely. and collaboralrvely wilh Durham County Council lo achieve our mission lo revive Bishop Auckland and with Visit County Durham to develop Co. Ourham as a cultural deslinalion. We recognise Ihal by working closely with our sis18r charity, 11 Arches. the sum of our efforts to revive Bishop Auckland is greater than the parts.
Thè Auckland Projeet (A Company Limited by Guarantee) TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT (Contlnuedj FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE OETAILS Charity number. Company number.. Registered offio.. 1146219 07931440 58 Kingsway, Bishop Auckland, Co, Durham. England. DL14 7JF Advisors Audilors Bankers CL4 Evelyn Partners Limited Barclays Bank Pl¢ 17 Queens L4ne, Newcastle upon Tyne. NE1 1RN 6 Market Placg, Durhanl, DHI 3ND. Directors.and Trustees The Oireclors of TAP are the Trustees for the purpose of charity law. The Trustees and officers seNing durin9 the year and since Ihe year end were as follows.. Truslees.. Robert Yorke, Anna Lynch my.les Mamiion Jonathan Ruffer Daniel Wolfe Brendan Finucane The Rt Revd Nick Hollam Jane Dean. Haltie O'Roufke (Chair) (Resigned 2 Sepleffiber 2024) {Resgned 0.6 June 2024) (Appointed 25 April 2023) (Appointed 06.Junè 2024) Patrons.. Lord Rothschild Most Rev. and RT Hon.J P Welby Company Secretary.. Nicholas Eldred Key management personnel: David Madden (Resigned 25 Apnl 2024) Edward Perry
The Auckland Project (A Company Limited by Guarantee) TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT (Continued) FOR THE YEAR ENDED 31 MARGH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents TAP is re9iStered as a charitable company (number 07931440) limited by guarantee and Ias sel up by a Memorandum of Association on 1 February 2012. TAP is. consliluted under its Memorandum of Association and is a registered charity (number 1146219), The original Articles have been appfoved by the Charity Commission, and subsequent amen(knents were approved by Special Resolution of the Members on 5 August 2016. Appolntment ol Trustees The management of TAP is the responsibility of the Trustees. New Trustees are appointed by the existing Trustees after consideration of the skills, experience and knowledge required by the Board. The Trusle8s hold no shares in TAP, bul each Trustee, as a member. is a guarantor of TAP to an amount not exceeding £1 In the event of TAP being wound up. Inductlon and trainlng of Tru$l¢o8 New Trustees are welcomed to Auckland Castle by the Chair, and introdu¢ed lo the general aims gnd work of TAP. They are invited lo lake a proactive interest in those areas in which they brin9 particular skills, knowledge and experience. They are subsequently provided with 8 pack of information containing f Ljlure dates: minutes of previous Trustees, meeting, the Artides of Association, contact details of fellow Trustees, the latest Audited Accounls, elc. All Trustees are encouraged lo maintain an up lo date knpwledge of Trustee responsibilities and lo read the helpful bookleis provided by the Charity Commission in this respect.. Throughout the year. befvRen Trustees, fomal meellngs, they recelve reports lo update them on all key matlets. Organisatlonal structure The Trustees have appointed a Chief Executive OffIr who is charged with the day to day running of TAP. He is aided in this by the Senior Managemenl Team which comprises the heads Of Develorment. Finance and IT, Commercial Operations, Engagemenl and HR. Pay pollcy for seniorstaff The Trustees comprise .the board of D1ClOrS. The senior management team comprises the key management personnel of the charity in charge ol directing and controlling. running and operating TAP on a day lo day basis. All Directors give their lime freely and no Directors received remuneration in the year. Details of Directors, expenses afe disclosed in note 13 to the accounts and related party transactions ar.e disclosed in note 23 to the accounts. The pay of the key management team is reviewed annually.
The Auckland Project {A Company Limited by Guarantee) TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Risk Assessment Lockdowns slowed ihe growth of visitor numbers and delayed the cc*npletion and opening of projects reducing anlicipaled revenues. By way of example the costs lo bring the Weardale Railway line back into operation have grown as the detail of the works. required became dearer and visitor opening delayed. However, railway events offer 'Ihe prospect ol the railway making a positive conlribulion in a year or so. More broadly, TAP has the financial resources to deliver ils programme and. to reduce the reliance on the principal funder. considerats.on is being given lo identifying partners for some projects Related parties TAP has a close working relationship with Jonathan Ruffer, and has recewed signilicanl financial support frn him, 8nd also from Lempriere Pringle 2015 where he is a Trustee. Conlribulions received from Lempriere Pringle 2015 can be found in note 4 to these accounts. During the year Jane Ruffer, a Trustee of th8 Charrty, donated a Fxoperty lo. the Charity. The value of thi5 property recognised in Ihe financial stalemenls was £300.000. TAP also has a close working relationship with The Zurbaran Trust, where Jonathan Ruffer and Brendan Finucance are Trustees and Eleven Arches Trust where Jonathan Ruffer is a Truslee. Full details of the relationships can be found in note 23 to the accounts. The Charitable C(Ynpany provides financial support lo TAP Trading Limrted, Park Head Leisure Limited and Weardale Railway Limited whose results are included in the conlIdated accounts of TAP. The financial support is given by way of loans which are carried in the books of the individual companies as fully repayable and in the case of Weardale Railway Limited are secured on the assets of the company. The support 1$ given in Ihe furtherance of the overall charitable ol'edives in order to allow thè underlying enlilies to become established 11 is intended that the loans will be repaid over lime as the financial circumstances of the borrower allow. The value of the individual loans can be found in 'Amounts due from gfOUP undertakings, in the accounts of TAP Trading Limited, Park Head Leisure Limited and Weardale Railway Limited. The Tfuslees have assessed the recoverability of these loans in accofdance with accounling requirements, See nole 18 for further details, A donation of £40,000 was received from Jonathan Ruffer for the development. reparation and furnishing of three TAP properties to wnvert them frcffl residenlial properties lo short tern holiday lets.12023 - £nil). Auditors In accordance with the Companies Acl 2006 a resolution proposing the appointment of CLA Evelyn Partners Limited as auditor for the year ending 31 March 2025 will be pul lo the members.
The Auckland Project IA Company Limited by Guarantee) TRUSTEES, REPORT INCLUDING.THE STRATEGIC REPORT (Contlnued) FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees (who are also Directors of The Auckland Project for the purpose of company law) are responsible for preparing the Trustees Report (induding the Slralegic Report) and the financial slalements in accordance wlh applicable law and United Kingdom Accounting Standards (United .gdoM Generally Arxepled Accounting Practice). Company law requires the Trustees lo prepare the financial statements for each financial year which give a true and fair view of the slate of affairs of Ihe charitable Gompany and the group and the incoming resources and application of resources, including the net income or exponditufe, of the charily and the group for the year. In preparing these financial statements. the Trustees are required lo.. select suitable a(oUnting policies and then apply them consistently; obSee the methods and principles in the Charities SORP 2015 {FRS 102).. make judgements and estimates that are r8asonable and prudent., state whether applicable UK Accounting Slandards have been fc41owed, subject to any material departures disclosed and explained in the financial slalements. 'prepare the financial statemenls on a going concerrb basis unless il is inappropriate lo assume that the charitable company will continue in operation. The Trustees are respjnsible for keeping adequate accounting records which disclose with reasonable accuracy at any lime the financial position of the charitable crynpany and the group and lo enable them lo ensure that the financial slalemenls Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charilabie company and the group and hence for laknng reasonable steps for the pVenOn and detection of fraud or other irregularities. In so far as the Trustees are aware.. Ihere is no relevant audit infonnation of vthich the charity's auditors are unaware,. and the Truslees have taken all the steps that we ought to have taken in order lo make oursehles aware of any relevant audit infomalion and lo establish that the auditor is aware of that infornalion. Approved by the Trustees on and Signed on their behalf by: Robe Trust Yorke Myl Marmion Trustee
The Auckland Project IA Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE AUCKLAND PROJECT FOR THE YEAR ENDED 31 MARCH 2024 Opinion Vve have audited the financial stalemeDts of The Auckland Project (the 'charitable company'l and its subsidiaries {the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charitable Company Balance Sheet, the Consolidated Cash Flow Statement and notes lo the financial statements. including a summary of significant accounting policie5. The financial reportin9 framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Slandard apPIable in the UK and Republic of lrnland (United Kingdom Generally Accepted Ar£ounling Practice}. In our opinion the finan¢i81 slatemenls.. give a true and fair view of the slate of the group's and charitable company's affairs as al 31 March 2024. and of the group's incoming resources and application of resources, incltsding ils income and expenditure. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Attounting practi., and have been prepared in accordance with the requirements of Ihe Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI (ISAS (UKI> and applicable law. Our responsibilities under "those standards are further described in the Auditor's responsibilities for the 8udil of the financial s'lalements section of our report. We are independent of the group and charitable company in accordance with the ethical requirements Ihat are relevanl lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical r8sponsibilili8s in accordance with these requiremenls. We believe Ihal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial stalemenls, we have conduded that the trustees, use of the going concern basis of accounting in Ihe preparation of the financial statements is approprialo. Based on the work we have performed, v* have not Identified any material uncertainties relaling lo evenls or conditions that, individually or colle¢lNely, may cast %gnificanl doubl on the charitable company's ability lo continue as a going concern for a period of al least e1v month5 from when the finanaal slalemen15 are aulhorised for issue. Our responsibilities and Ihe responsibilities of the Iruslees with respect to going concem are described in the relevanl sections ol this rert. Other information The Iruslees are responsible for the other infomiation. The other information comprises the information included in the trustees, annual report. other than the financial stalements and our auditor's report Ihefeon. Our opinion on the finanaal slaterrients does not cover the other information and, except to the. exlent otherwise explicitly stated in our report, we do not express any fom of assurance conclusion thereon. 10
The Auckland Project {A Company Limiled by Guaranlee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE AUCKLAND PROJECT (Contlnued) FOR THE YEAR ENDED 31 MARCH 2024 In connecbon with our audit of. the finanual slalemenls, our responsibility IS to read the other inforrnation and. in doing so, consider whether the other infomalion is materially inconyslent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are requir8d lo delemiine whether there is a material misstatement in the financial slalemenls or a material misstatement of the other infofmalion. If. based on the work W8 have perfomied, we conclude that there is a material misslatemenl of this other infomation. we are required lo report that fact. We have nothing to report in this regard. Oplnions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audll.. the infonnation given in the trustees, report lincorporaling the strategic report and the directors. report) for the financial year for vthich the financial statemenls are prepared is consistent with the financial stat8menls', and the. slrategic report and Ihe directors. report have been wepared in accordance with applicable legal requirements. MattorB on whlch wg are requSrod to report by exception In the light of our knowledge and understanding of the group and parent charitable company and ils environment obtained in the ¢ourse of the audit, we have not identified rnalerial misslalefflenls in the directors, report. We have nothing lo report in respect of the following matters in relab'on to which the Companies Act 2006 requires us to report to you il. in our opinion.. adequate accounling records have not been kept by the parenl charitabl8 company, or felurns adequale for our audit have not been received from branches nol visited by us,. or the parent charftable company's financial slatwnents are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made. or we have not received all Ihe infomialion and .explanations we reqLtire for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities staternenl sel out on page 9. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the finanaal statements and for being salisfied that they gNe a true and fair view, and for such. internal control as the Iruslees determine is necessary lo enable the preparation of financial slalemenls Ihal are free Irom material misslatemenl, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the group's and parent charilable company's ability to continue as a 90ing concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the tru51ees either intend lo liquidale the charitable company or to ase opefations. or have no realistic alleinalive but lo do $0. 11
The Auckland Project (A Company Limited by Guarantee) INDEPENDEr AUDITORS. REPORT TO THE MEMBERS OF THE AUCKLAND PROJECT (Contlnuedj. FOR THE YEAR ENDED 31 MARCH 2024 Audltor's responslbilltles for the audlt of the flnancial statements We have been appointed auditor under the companies Act 2006 and we report in acLordance wth this Act Our objectives are lo obtain reasonable assuran¢e about whether tho financial statements as a wholo are free from material misstatement. whether due to fraud or error. and to issue an audilorfs report. that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that, an audit conducted in accordance" th ISAS {UK) 11 always delecl a material misslalement when il exists. Misslalements can arise from fraud or 8rror and are considered material if, individually or in the aggregate. they could reasonably be expected to influenc¢ the economic decisions of users taken on the basis of these financial statements. Irregularities. includin9 fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misstatements in respect of irregularities. including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud, is detailed below. We oblaine(l an understanding of the le9al and regulatory framework applicable to both the company ilself and the industry in which it operates. We identified areas of laws and regulalions that could reasonably be expected lo have a material effect on the financial slalemenls fr(Jn Our sector experience and through discussion with the directors and olhei management. The most significant were identified as the Charities Act 2011, Companies Act 2006, UK GAAP IFRS102) and relevant lax legislation. We considered the extent of compliance wlh those laws and 'regulations as part of our procedures on the relaled financial statements, Our audit procedures included. confirming with the trustees arKI managemenl whether they have any knowledge or suspicion of fraud.. obtaining an understanding of Ihe internal controls established to mitigate risks relaled to Iraud or non-¢omplian¢e with laws and regulations,. assessing the risk of management overrid8 including idenlrfying and lesling a sample ofjournal entries,. ¢onfim)alion received from the banks lo verify the balan¢e as on the last day of the accounbng year,, reviewrng minutes of meetings of those charged with governance., and challenging the assumptions and judgefflenls made by management in ils significant accounting eslirnates, in. particular the recoverability of assets. Our audit did not identify any key audit matter5 relating lo the detection of irregularities induding fraud. However. despite the audit being planned and conduded in accordance wilh ISAS (UK) there remains an unavoidable risk that material misslalemenls in the financial slalements may not b'e detected owing lo inherent limitations of the audit. and that by their very nature, any such inslances of fraud or irregularity likely involv.e collusion, forgery, intentional misrepresentations, or the override of internal controls. A further description of our responsibilities for the audit of th8 financial slalements is located on the Financial Reporting Council's website at.. www.frc.org.uklaudilorsresponsibilities. This description fonns part of our auditor's report. 12
The Auckland Projecl (A Company Limited by Guarantee) INDEPENDENT AUDITORS.. REPORT TO THE MEMBERS OF THE AUCKLAND PROJECT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Use of our report This report is made solely, lo the charitable ¢ompany's members, as a body, in accordance Wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thal'we mighl slate lo the charitable company's members those malters. we are required to state'lo them in an auditor's report and for no.other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone olher.lhan the 'charitable company and the charitable company's members'as a body. for'our. audit work. fof this report. or'for the opinions we have fomed. Donna Bulmer 8A(Hons) ACA (Senior Statutory Auditor) for and on behalf of CLA Evelyn Partner8 Llmlted 25 S.ep.tremk)er 202lk Statutory Auditor 17 Queens Lane. Newcastle upon Tyne NE1 1RN' -13
The Auckland Project (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES lincludlng .consolldated income and expenditure acco.unt) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds Restricted Fund$ Total 2024 Total 2023 Note Income from: Donations Other trading aclivilies Subsidiary income Other Investments Olher 8,275.995 1,292,143 9,568,138 5.218.535 2,672,097 50.305 919.138 867.241 '.2,672,097 50.305 919,138 867,241 1,520,211 672,238 344.348 Total Income 12,784,776 1,292,143 14.076,919 7.755,332 Expendilure on: Raising funds Subsidiary expenditure Other Charitable activities 3,945,490 183,121 8,709,317 3,945,490 183,121 9,5.72,018 2.963,575 150.130 8,685.323 862,701 Totsl •xpendlture 12,837.,928 862,701 13.700,629 11,799,028 Net movement in funds before investment {loss)1gain { 53,152 1 429,442 376.290 { 4,043,696) Loss on investment (.62,500 } (62,5001 Transfer beiween funds 21 644.493 (644,493 ) Net movefflent In funds aftgr transfers 528,841 1215.051 1 313,790 (4,043,696) Reconciliatlon of funds Total funds brought forward 83.016,557 289,675 '.83,306,232 87,349.928 Total funds carried"forNard 83,545,398 74,624 83,620,022 83.306,232 AM income and eXpendilLe derive from continuing aGINlties. Tl* Stalemenl of FinarKial.Aclivil¢es indudes all gains and losses recognised in the year. 14
The Auckland Project (A Company Limited by Guarante8} CONSOLIDATED BALANCE SHEET AS A T 31 MARCH 2024 2024 2023 Notes Fixed assets Intangible assets Tangible assets Heritage assels Investments 16 14 15 144,752. 35.602,410 31,130,867 2.287.500 19'4.405 43.155,023 20.639.642 1.510,000 69,165.529 65,499,070 Current assets Stock Debtors Cash at bank and in hand 135,379 2,945,034 13,529,225 96,750 2.316,517 17,450,323 18 16.609,638 19,863,590, Credltor8: omoynt$ falling due within one year 19 (2,155.,1451 (2.056,428 } Net current assets 14,454,493 17.807,162 Net a8g•ts 83,620.022 83,306,232 Charlty Funds Unrestricted funds Restricted funds 83,545,398 74,624 83,016,557 28.9.675 Total Charity Funds 21 83,620..022 83,306.232 The notes on pa.ges 18 to 40 fomi part of these financial statefflenls. The financial slatemenls were approved by the Truslee5 on and signed on their behalf by: Robe Yorke Trus ee Myle Trustee armion Company Number.. 07931440 15
The Auckland Project (A Company Limited by Guarantee) CHARITABLE COMPANY BALANCE SHEET AS A T.31 MARCH 202.4 2024 2023. Notes Fixed assets Tangible assets Herilage assets Intangible assets Investments 14 16 16 17 34,740,455 31,130,867 60,227 2,287,701 42,249.07.6 20,639,642 81.707 1,510,201 68,219.250 64,480.626 Current assets Debtors Cash al bank and in hand 1.8 5.707.002 13,015,159 4.013,780 1.6.9Q6.624 18,722,161 20,920.404 Creditors: amounts Talling due within one year 19 (1.603.292 ) 11,522.751 1 Net current assets 17,.118,869 19,397.653 Net assets 85,338,119. 83,878.279 Funds Unrestricted funds Flestricted funds 85,263,495 74.624 83,588.604 289.675 21 85.338.119 83,878,279 The notes on pages 18 lo 40 fom part of these financial slalements. The financial slalements were approved by the Trustees on IQ.. 9...24. and signed on their behalf by,: Robert Y Trustee fke Myle Trustee armion Company Number.. 07931440 16
The Auckland Project (A Company Limited by Guaranlge} CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 .2024 Notè Net cash provided by/(used in) opernting activities 27 266,541 (4.131.598 ) Cash flows from Investlng actlvltie8 Interest and rents received Purchase"of tangible asset's Pufchase of intangible assets Purchase ol iriveslment properties 919,138 668,780 { 4,852,.067 ) { 4,981.821 ) 137.545 ) 1217,165) Net cash ljow from,Investlng actlvltles .(4.187,639) (4.313.041 > Net d•crnase In cash and ¢ash equlval•nts { 3,921,098 ) (8.444,639) Cash and.cash equivalenls.at the beginning of the year 17,450.323 25.894,962 Cash and cash equlvalènts at thé ènd of the year 13,529,'225 17.450,323 Cash and cash equivalents con818t of: Cash at bank and in hand 13,529.225 17.450,323 17
The Auckland Project {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies 1.1 Basls of preparation of financial stalement$ The financial stalemenls have been prepared in accordance with Accounting and Reporting by Charitses.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK an'd Republic of Ireland {FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). the Chafilies Act 2011. the Companies A¢1 2006 and UK Generally Accepted Practsce. TAP meets the definition of a public benefit entity under FRS 102. The financial slalemenls are prepared under the historical cost convention or transaction value unless olheNise slated. in the relevant accounting policy nole(s}. The financial statements are. Pfepargd in Sterling which is the functional currency of the charity and rounded to the nearest £. The, significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 1.2. Basis of consolldatlon The financial statements consolidate the results of TAP and its wholly owned subsidiaries TAP Trading Limited and Weardale Railway Limited on a line-by-line basis. A separate Slatemenl of Financial Activities and Income and Expondilure Account for the charity has not been presented because TAP has taken advantage of Ihe exemption aflorded by section 408 of the Companies Acl 2006. 1.3 Going concern The financial statements have been prepared on a going concern 'basis. The Trustees have reviewed and considered relevant information, including operating perfonnance ol the group. the annual budget. rc)Iling financial forecasts and future tash flows in making. their assessmenl. These assessments fom the base case and appropriate and sufflcient lunding is in place to fulfil forecasted expenditure over the next eighteen months. They anticipate that additional funding will be received from its foundef to continue ils operations, acquisitions and grovrth strategy, as well as the increased rev8nue streams Ihal could mitigate and reduce the requirements of funding from ils founder. Increased revenues fr¢)m growth in visitors lo Ihe existing attractions and events, togelhef with the development of new allractions in Binchester, and establish Bishop Auckland as a premier heritage tourist deslinalion. In making their assessment the group also considered a downturn in operational income from lack of projected visilor numbers, coupled with reslricled funding from ils founder and rising overhead costs. The Tnjstees have ¢on¢luded Ihat, when considering both the base case and a down turn scenario. including a series of miligalion actions, that there is sufficient cash resources to use a goin9 concern In the accounts. 18
The Auckland Project (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 1.4 Funds Unrestricted funds are available for use at Ihe discretion of the Trustees in furtherance of .the general objeclives of TAP and which have not been designaled for other purposes. Designated funds. comprise unreslricled funds that have been set asKle by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the financial stalemenls. Reslricted funds are funds which are lo be used in aordanCe with specific restrictions imposed by donors which have been raised by TAP for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and us8 of each reslricled fund is set Out in the notes to the financial statements. 1.5 Income All incoming resources are included in the Statement of Financial Actwits'es'when TAP has enlillemenl to the funds, any perfomiance conditions have been mel, the amount can be measured reliably and it iè probable that Ihe income will be received. Donations from individuals and charitable T'rusts are recognised when notification of payment is received. unless there.are specific conditsons attached. No amount is Included within the linancial slalemenls for volunteer time in line with the SORP IFRS 1021. Further detail is gwen in the. Trustees Report. Investment income is earned through holding assets for investment purposes such as cash 'held on deposit and property. 11 includes interest and renl. Interest income is recognised when receivable and rental income is recognised as TAP'S right lo receive payment is established. 1.6 Expenditure and Irrecoverable VAT All expendilure is accounted fof on an accruals basis and is recognised where there is a legal or constructive obligation lo make payments lo third parties, il is prcbable that the settlement will be required and the amount of the obligalion can be measured reliably.11 is categori5ed under the following headings. Costs of raising funds includes all costs incurred in the running of the trading subsidiary, and Expenditure on charitable activities ind.udes all direct and support costs incurred in the management of the charity Irrecoverable VAT is charged as a cost against the expenditure when incurred. 1.7 Supportcost allocation Support costs are those that assist the work of the chaiity bul do not direclly represent charitable activities and include office costs, governance costs and administralwe payroll costs.. They are incurred directly in support of expenditure on the objects of the charity. 19
Thè Auekland Proje¢t {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continuedj FOR THE YEAR ENDED 31 MARCH 2024 1.8 Tangible fixed assets Tangible fixed assets are staled at cost (or deemed costl or valuation less accumulated depre¢iation and accumulated impaiment losses. Cost indudes costs directly attributable lo making the asset capable of operating as intended. Freehold land and buildings Leasehold land and buildings over 50 years following year of acquisition over the shorter of Ihe length of the lease or over 50 years fdlowing year of acquisition over 10 10 20 years - over 3 10 5 years Building improvements Fixtures. fittings and equiprnenl 1.9 Intangible fixed assets Intangible fixed assets are slated al cost less amortisation.. Arnortisation is provlded at rates calculated lo write off Ihe cost of the fixed assets. less their estimated residual value, over their expected useful lives on the following basis.. Capitalised Software Goodwill - over 4 years. - over 5 years 1.10 Asset under construction Costs felaling to projects where there is signfficanl refurbishment, building or olhet srgnificant adivities of a development nature {eg IT proie¢l$) are held as 'As$ets under Construction, and not depre¢ialed. Assets are transferred lo the relevanl fixed asset category vthen the work 1$ complete and the asset is placed into seNice. Once transferred such assets are depreciated in accordance wlh the accounting policy relevant lo the asset category lo which they have been transferred. 1.11 Heritage assets Heritage assels are recconised on the balan sheet and initially measured al cost then purchased or If donated, their valualion. Assets are subsequently staled al cost or valuation less accumulaled impairment losses. Heritage assets are deemed to have indeteminale live5 and a high residual value, hence the Trustee5 do not consider il appropriate to charge deprecialion. Where information on the cost or valuation of heritage assets is not available or the cost of providing such infomalion significanlSy oumeighs any benefil to the users of the accounts. then heritage assets are not recognised on the balance sheet. Acquisitions only arise when donated lo the tharity or if il is believed that they will further the charity s objeclives. Once acquired they will be preseNed by the charity in order to keep their historical, artistic, scientific, technological, geophysical or environmental qualities to such a high level as 10 contribute lo knowledge and culture. A fegister of all assets held by the charity is available .and the assets themselves afe accessible to the public with prior agreement. Hentage assets are lo be held for the foreseeable future. 20
The Auckland Project IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS fcontlnued) FOR THE YEAR ENDED 31 MARCH 2024 1.12 Investment properties Investment properties are measured at fair value at each reporting dale with changes in fair value recognised in the Statement of Financial AGtivities. 1.13 Investments Investrnents in subsidiary undertakings are held at cost less impaiment. 1.14 Stock Stock is valued al the lower of cost and net realisable value. 1.15 Debtors Trade and other debtors are recognised al the settlement amount due after any trade discount offered. Prepayfflenls are valued al the amount prepaid net of any trade discounts due. 1.16 Cash at bank and In hand Cash at bank and cash in hand includes cash and short teffti highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 1.17 Credltors and provisions Creditors and provisons are recognised where the charity has a present obligation resulting from a past event that will ptobably result In the transfer ol funds. lo a third party and the amount due lo satll8 the obli9alion can be measured or estimated reliably. Creditor5 and provisions are recognised al their selllemenl after allowing for any trade discounts due. 1.18 Penslons TAP operates 8 money purchase pension scheme. Amounts payable by TAP are included in the Statement of Financial Acltvities when the related salary is paid. Unremilled amounts are included in creditors. 1.19 Flnanclal Instruments TAP only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their selllemenl value with the excepiion of bank loans which are subsequently measured al amortised cost using the effective interest melhod. 1.20 Judgements. and key sources of estimation uncertainty In the application of the charitable company's accounling policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liaiylilies that are not readily apparent from other sources. The estimates and associated assumptions are based on historic81 experience and other factors that are considered lo be relevant. Actual results may drffer from these estimates. The estimates, and underlying assumptions are reviewed on an.ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and futufe periods where Ihe revision affects both curr.ent and future periods. 21
The Auckland Project (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 1.20 Judgemenls and key. SoUeS of estimation uncertainty (continued) The Iruslees consider that the impaiment of assets are the main source of estimation and uncertainty, as these are dependent on expected future inflows from the assets and the. selection of an appropriate discount rate. both of which require signiftcanl judgernenl and eslimalion. Legal status TAP is a company limited by guarantee. registered in England and Wales, (number'07931440) and not having a share capital. In the event of Ihe.G¢ynpany being wound up. the liability in respect ol the guarantee is limited to £1 per member of the charity. Statement of financlal activltles from the prior year Unrestrlcted Funds Restrlcted Funds Total 2023 Total 2022 Note Income,from; Donations Olher trading activities Subsidiary in¢ome Investments Other 4,516.095 702.440 5,218,535 5,396,993 1,520,211 672,238 344,348 1,520,211 672,238 344,348 190,.928 320,356 678,515 Total incomé 7,052,892 702,440 7,7SS,332 6.586,792 Expendlture on: Raigng funds Subsidiary expenditure Other Charitable activities 2.963,575 150.130 8,,179.848 2,963,575 150.130 8,685,323 1,517,146 120.867 6.606,584 505,4.7.5 Total expenditure 11.293.553 505,475 11,799,028 8,244,597 Not movement.tn funds. before investment Ilossllgain { 4.240,661 ) 196,965 (4.043,696 ) 11,657,805 } Losson investment (8,113) Transfer beeen funds 21 442,655 1442,655 ) Net movement in funds'after transfers (3,798.006) 1245,690 ) 14.043,696111.665.9181 Reconclliation of funds Total funds brought forward 86,814,563 535.365 87.349.928 89,015.846 Total funds ¢arried forward 83.016.557 289,675 83.306,232 87,349,928 22
The Auckland Project (A Company Liniited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued). FOR THE YEAR ENDED 31 MARCH 2024 1n.come from donations 2024 ,2023 Lernpriere Pnngle 2015 National Lottery Heritage Fund The Jerusalem Trust Foundation Jane Ruffer Other (less than £50.000) 7.500.000 1,111,210 600,000 300,000 56.928 4,500,00 468.535. 250,.OIyJ 9,568,138 5,21.8,535 Invpstment In¢ome 2024 2023 Interest received Rental incomé 724,727 194.411 443.465 228,773 919.138 6.72,238 Other income 2024 2023 The Zurbaran Trust Other 268,476 598,765 268,476 75,872 867,241 344.348
The Auckland Project (A Company Limiteé by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (ContInd) FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charltable activities Activities undertaken .dlre¢tly Support costs Total 2024 Tntal 2023 P.rojecls in progress. Operational actsvilies Feasibility activities 1,283.135 7,225,263 144,02& 919,595 1,427.160 .8,144,858 2,103,377 6,543,176 38.770 8,508,398 1.063.620 9.572.018 8.685.'323 Support costs 2024 2023 Staff costs Office costs External professional costs: Other costs Governance costs (note 91 783.687 132,253 25.980 42.540 79.160 1,168.162. 198.922 26,394 1.3,620 1,480,038 Gover.nan¢e costs 2024 2023 Accountancy fees Trustee insurances External professional costs, Olher costs 63,170 1.243 10,523 4,224 42,025 1,547 13,301 3,441 79,160 60.314 24
The Auckland Project IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continu•dJ FOR THE YEAR ENDED 31 MARCH 2024 10. Net income for the year Net income is stated after Charging" 2024 2023 Amortisation Depr.eciation Operating lease costs 87,198 1.369,984 82,00.0 53,354 1.134.629 82,391 11. Auditors remuneratlon. The auditors remuneration arnounls to an audit fee of £40.00012023 - £36,000) and non-audil fees of £66,210 (2023 - £1,575) 12. Financlal performance of the,charltable company The Consolidated Slalement of Financial AotNilies includes the resulls of Ihe wholly owned subsidiaries. T.he summary financial perfomiance of the charlty alone isi 2024 2023 Income Expenditufe Loss on investment 11,736,098 8,612,660 (10,213,758 ){ 13,044.1071 (62,500) Net (deficitl I surplus 1,459,840 16.431.447) 25
Th¢ Auckland Project, (A Company Lirniled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 MARCH 2024 13. Analysis" of staff costs, Trustee remuneration and expenses, and the cost of key man'agement personnel The total staff costs and efflployees benefits were as follows.. 2024 2022 Wages and salaries Social securily costs Other pension costs 2,899,123 272,388 3,882,597 379.992 231.9.55 3,404,665 4,494.544 The average numb.er of employees.and full time equivalent (FTEI during.the year d$ as follows.. 2024 Number 2024 FTE 2023 Number 2023 FTE Visitor serViS Marketing Management and administration Project management and delivery Education and Arts Property and grounds maintenance Fundraising Commuriily Engagement 57 38 59 24 23 14 13 13 19 13 13 19 22 12 137 116 The number of employees who received total employee benefits {excluding employer pension costs) of more than £60.000 is as follows. Number 2024 Number 2023 In the band £60,001- £70,000 In the band £70.001 - £80,000 In the band £80.001- £90.000 In the band £90,001- £100.000 In the band £100,001 £.110.000 In the band £140,001 - £150,000 In the ban¢J £1 $0.001- £160, 000. In the bank £160,001- £170.000 26
The. Auckland Project {A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS (Continuod) FOR THE YEAR ENDED 31 MARCH 2024 .13. Analy.sis of staff costs, Trustoe remuneration and expenses, and the cost of key management p'ersonnel expenses (contlnued) The Trustees were not paid or received any other benefits from employment in the year (2023 £nil). No Trustee received paymant for professional or other services.SUPPlied lo the charity {2023 - £nil). From lime lo time. TAP pays the Iravelling expenses or accornm'odation costs for Trustees to attend meetings. The total amounts paid in the year a £4,66612023 - £3,047). The key management personnel of the Gharity are identified on page 5. The total employee benefits of.the key management personnel of the charity were £320,976 {2023 - £262.100). 14. Tanglble fixed assets Consolidated Assots under Construction Frèehold land and buildings Leasehold land and buildings Fixtures, flttings and equipment Total Cost AI 1 April 2023 Additions Transfer of assels undar construction Olhef transfers 12,149,966 4,303.792 24.038.226 259,895 3,550.873 6,317,483 46,056.548 289,977 4,853,664 114,089,370) 8,193 (168,245 } 52.751 3.381,014 { 10,647,412) 1168,2451 At 31 March 2024 2.364.388 24,138,069 3,603,624 9,988,474 4.0,094,555 Depreciation"a'nd impalrment Al 1 April 2023 Charge for the year Impaiment 1.175.707 418,670 220,636 103,607 86,833 1,622,211 864,481 2,901,525 1,369,984 At 31 March 2U24 1,815,013 190.440 2.486.692 4.492,145 Net book value At 31 March 2024 2.364.388 22,323.056 3.413,184 7,501.782 35,602,410 Al 31 March 2023 12,149,966 22.862.519 3.447,266 4.695,272 43,155,023 The impaimenl charge of £220.636 (2023.. £350,521) is included wthin Charitable Aclivibes Expenditure in the Slaternent of Financial Activities 27
The Auckland Project {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 MARCH 2024 14. Tanglble fixed assets (conllnued) Charltable company Assets under onstruction Freehold land and bulldlngs Leasehold land and buildings Fixtures, fittings and equipment. Total Cost At 1 April 2023 Additions Transfer of assets under construction Other transfers 12,149.966 4,303,792 22,598,226 259.,895 3'.550,873 5,773,654 45,072,719 280.836 4,844.523 114.089.370. ) 8.193 (168,245) 52.751 3.381.014 { 10.647.412) { 168,245 1 Al 31 March 2024 2,364,388 23,898,069 3.603.624 9.435.504 39.101.585 Depreclatlon and Impalrmenl Al 1 April 2023 Charge for Ihe year Impairment 1,175,707 418,670 220,636 103,607 86.833 1.544,329 811,348 2.823,643 1,316,851 220,636 Al 31 March 2024 1.815,013 190.440 2.355.677 4.361.130 Net book value At 31 March 2024 2,364,388 21.883,056 3,413,184 7.079,827 34.740,455 At 31 March 2023 12,149.%6 22.422.519 3,447.266 4.229,325 42,249,076 The impaiment charge of £220,636 {2023'. .£350,521.) is included within Charitable Activities Expenditure in the Statement of Financial Aclivilies. 28
The Auckland Project {A Company Limited by Guarantee) NO.TES TO THE FINANCIAL STATEMENTS (Continuodj. FOR THE YEAR ENDED 31 MARCH 2024 15. Heritage a$8Èt8 Consolidated and Charitable Company Freehold land and buiklings Cost and Net Book Value At 1 April 2023 Additions Disposals Transfer of assels under construction Other transfers 20,639,642 4,590 { 6,18.7 ) 10,647.412 1154,590. ) At 31 March 2024 31,130,867 Heritage assets are defined as tangible property with historical. artistic, scientifiG, technological, geographical or environmental qualities that is hèid and maintained principally ils contribution lo knowledge and culture. The Trustees consider the assets held fall within this definibon. As explained. in note. 1 these assels are included in the charily s balance sheet at cost The. charity owns two heritage assel siles,. Auckland Castle and Binchester, Roman Fort'bolh located within the area of Bishop Auckland. Acquisilions only arise when donated or if 1,1 is believèd that they VAII further the charity's objectives. All expenditure oh the conservalioh and mainlenance of the. Iwo sles has been charged to the Slalement of Financial Activities. Expenditure incurred on the restoralion of the assets is capitalised. 29
The Auckland Pr()ject (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 16. Intanglble assets Consolidated Goodwill Capitalised software Totsl Cost. Al 1 April 2023 Additions 169,044 422,564 37,545 S91.608 37,545 At 31 March 2024 169,044 460.109 629.153 Amortisation Al 1 April 2023 Charge for the year 56,346 28,173 340,857 59,025 397,203 87..198 At.31 Marth 2024 84,S19 399,882 484.401 Net book value Al.31 March 2024 84,525 60,227 144,752 At 31 March 2023 112,698 81.707 194,40S Charitablo'company Capitalised software Total Cost At 1 April 2023 A'dditions 422.564 37.545 422.564 17,545 Al'31 March 2024 460.109 460,109 Amort'18atlon Al 1 April 2023 Charge for Ihe year .340,857 59,025 340,857 59,025 At 31 March 2024 399.882 399.882 Net book value At 31 March 2024 60,227 60,227 Al 31 March 2023 81,707 81.707 30
The Auckland Proje¢t (A Company Limited by Guarantee) NOTES T.0 THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 MARCH 2024 17. Investments Consolidated 2023 Charitable Company 2024 2023 2024 Inveslment'properties Shares'in subsidiary undertakings 2.287..500 1,510,000 2.287,500 201 1,510.000. 201 2.287,500. 1,510,000 2,28?,701 1.510,201 Investment properties Valuation Al 1 April 2023 Additions Transfers L.oss on'inveslments 1,510.000 517,165 322,835 162.,500 ) At 31 March 2024 2,287,SOO 'The Group's investmeht properties were valuè¢ by Youngs RPS Charterèd SuNèyors & Property Consultants on an open market basis as at 31 Marth 2024. Shares in Subsidiary Undertakln9s (Charitable Companyl 2024 2023 Cost and Net Bo.ok Value At 1 April 2023 201 201 Al 31 March 2024 201 201 31
The Auckland Project IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 MARCH 2024 17. Investments (Continuedj Percentage Shareholding loo% Company TAP Trading Limited Country England and Wales Oescription Ordinary TAP Trading Limited c2rries out the day lo day charilable vi%lor activities of TAP and perfoms some non charitable retailing. catering and functions aclivilies. The results and summary of assets and liabilities of the Company are as follows.. 2024 2023 Turnover Other Income Cost of sales Administralive expenses 1,380.641 742,828 5,911 4,272 (1,248,882) (1.075,550) .1736,4341 1366,447 ) Loss for the year (598,764 ) (694,8971 2024 2023 Total assets Total liabilitie$ 574.324 290,861 (3,10.3,1371 12.220,910) Shareholders. funds { 2,528,813 } 11.930,049 ) Percentage Shareholding 1000 Company Weardale Railway Limited Country England and Wales Descrlption Ordinary Weardale Railway Limited was incorporated on 8 January 2020. The company purchased the assets of Ihe Weardale Railway on 23 March 2020. The company is reslonng the rail link between Bishop Auckland and Weardale lo preserve items. of local inleresl in the local area and recommencing heritage and passenger services. The results and summary of assets and liabilities of the company are as follows.. 2024 2023 Turnover Cost of'sales A"dministralive expenses .Olher Operating income Interest payable 129,616 27.529 (58,273 1 (4,256 } { 798,403 ) 11.099.716 > 186,395 605,698 { 127.317 ) Loss for the year 1540,665) (598,062 ) 32
The Auckland Project (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 MARCH 2024 17. Investments (Continued) 2024 2023 T"otal assets Total liabilities 1,011.635 1.855,802 (3,652,730) { 3,956,232 1 Shareholders, funds, 12.641,095) (2.100,430) Percentage Country England and Wales Company Park Head Leisure Limited Sharèholdlng 100% Description Ordinary Oh 21 May 2021 the Group acquired 100 per cent of the issue(l.share capital of Path Head Leisure Limited of £1 for lolal consideration of £1. The company operates the Park Head Holel in Bi•hop Auckland. 2024 2023 Turnover. Cost of sales Adminislralive expenses Other Operating income Interest payable 963,898 { 793,271 ) 1513.285): 5,636 (50,032 } 103.920 (248,9001 (399,9281 34,114 (25,177 ) Loss for the year 1387,054 ) (535,971 1 2024 2023 rolal assets Total liabilits'es 126.684 107.02S (1,4.25,870 } 11.019,157 ) Shareholders. funds (1,299,186) 1.912,132 ) 33
The Auekland Project IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (C4)ntlnued) FOR THE YEAR ENDED 31 MARCH.2024 18. Debtors Group 2024 Charitable Company 2024 2023 2023 Trade debtors Recoverable VAT "Prepayments and accrued income Olher debtors Amounts due fr.Nn group undertakings 45.177 358,096 2,448,553 93.208 93.000 306.136 1,194.693 722,688 32.001 358,096 2.322,474 60,000 2,934,432 84.465 306,136 1,144,932 73,692 2,404.555 2,945.034 2.316.517 5,707,002 4,013,780 Al the year end, the Trustees have assessed ,Ihe recoverability of. the loans due lo the charity from its. subsidiary undertakings. As a consequence of this assessment a provision a98insl certain of the loans has been provided for in the Charity balance sheet. The full amount of the loans remain aF a liability within the subsidiary financial sialements. Further'infornalion relating to the amounls due from group undertakings can be found in the Trustees, Report on page 7. 19. Credltors: amounts falling due wlthln one year Gro.up Charitable Company 2024 2023 2024 2023 Trade creditors Social Security and laxe5 Ac¢ruals and deferred income Other creditors 1,124.465 170,985 425,857 433.839 1,118,701 195,929 558,191 183,607 970.044 106.581 416,440 110,227 945,142 130.477 292,012 155,120 2,155.145. 2,056,428 1.603.292 1.522,751 20. Opérating leases The future minimum lease paymenls under non-cancellable operating leases are as follows.. 2024 2023 Not later than one year Later than one and nol later Ihan five years In more than five years. 82.000 328.000 820.000 82,000 328,000 902,000 1,230,000 1.312,000
The Auckland Project (A Company. Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Contintsed) FOR THE YEAR ENDED 31 MARCH 2024 21. Fund raconeiliatlon. 88r 24 8alance at 1 Aprll. 2023 .Balance at 3.1 March 2024 Transfe Galnsl (losses) Incom8. Expènditure Unrestrlcted funds General fund 83.016.557 12.784.776 (12,837,928 ) 644,493 { 62,500 } 83,545.398 Restricted funds National Lottery Heritage Fund Oevelopment of the. Faith Museum Walled Garden Apprenl¢ce Scheme Engagement activities Geothemal Holiday Letting Audienc.e development, 644,493 { 644,493 ) 600,000 (.60J.000) 122,002 153,942, 13..731 (89,502 ) (. 125,549 1 32.500. 28,393 40,000 7.650 (40.000 1 { 7,650) Total restricted funds 289.675 1.292.143 { 862,.701 1 1644,493 1 74,624 Total funds 83,306.232 14,076,9.19 { 13,700.,629) 162.500183,620,022 3S
The Auckland Project {A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 21. Fund reconclllation (Continued) IM h2023 Balance at 1 April 2022 Balance at 31 March 2023 Transfers Inlout Gainsl {losses) Income Expenditure Unrestrlcted funds General fund 86.814.563 7,052,892 { 11,293,553 ) 442,655 83,016.557 Restricted lunds National Lottery Heritage Fund Development of the Spanish Art Gallery Walled Garden Apprentice Scheme Engagement activities Centre for Young People Geolhennal 468.535 125,880) { 442,655) 250,000 (250.000 ) 212,421 295,601 1,219 .26,124 1 >0,419 ) (122,300) (4,483 ) (12,393 ) 122,002 153.942 119,3591 3.2È4 13,731 Tolal reslricled funds 535.365 702,440 { 505,475 ) { 442,655 ) 289,675 Total funds 87,349,928 7,755,332 (11,799,028 ) 83,306.232 The transfer from reslricled funds relates lo capial assets purchased. The reslnclion lifts when Ihe purchases are made. National Lottery Heritage Fund The National Lollery Heritage Fund conlinues lo support Ihe development of the Castle 'and Faith Museum and related community inilialives. Funds are conditional on matched lunding being made available and a subject lo draw.down on a variable percentage basis following cost defraymenl, Amounts reported as received in the year relate lo the recovery of appropriate cosls.at the 8gr.eed percentages. It is not possible to segregate the specific costs funded on the matched basis as the match comes from a number of sources including restricted and non-reslricted conlribulion5 and. Costs are subject lo variable percentage funding rates by the Nalional Lotlery Heritage Fund. Amounts expended in the year relate lo all l & E Costs of the underlying activities supported by the National Lollery Heritage Fund. The amount tranSferd in the year brings the funding carried fojward to zefo as all conditions of the funder are satisfied ahead of drawdown and represents the combinalion of capital costs supported by the National Lollery Heritage Fund and the balance of funding necessary to replenish unreslricled funds. 36
The Auckland Project (A Company Limited by Guaranleel NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 21. Fund reeonclllation (Contlnued) Walled Garden Apprentice Schome The Garfield Weston Foundation contributed £1,000.0(yJ towards an apprenticeship training scheme based on the development of the Walled Garden in the year ended 31 March 2017. At the 31 March 2022 TAP had deployed £787,579 leaving an undeployed balance bfoughl forward of £212.421. A further £90,419 was deployed in 2022123 leavin9 an undeployed balance to be brought fomard of £122.002.. A further £89,502 was deployed in 2023124 leaving an undeployed balance lo be carried fomard of £32.500. Development of the Spanish Art Gallery TAP reoived a further £250,000 from the Wolfson Foundation towards the developrnenl of the Failh Museum in February 2023 bringing the total contribution lo £400.000. The amount was deployed in Ihe year. Engagement activltles TAP receives granl support towards a rangè of inib'alives in conjunction with the engagement and community development agenda from a number of donors. Al 31 March 2023 there was an undeployed balance brought forward of £295.601. During the year a further £64,619 was received including £19,800 from the ACE funding for Ihe Dali exhibition and £40,565 from the Art Fund for Ihe Dinah and missing women exhibition. In January 2023 £83.978 was returned to Garfield Weston as il was concluded Ihat TAP'S work tsuld be dupl1lIng work of other charitable organisalions. In 2022123 £122,300 was deployed leaving an undeployed balan lo be carried lofward of £153,942. A further £89.502 was deployed in 2023124 leaving a balan to be carried fOard of £28,393. Audience Dev.elopment A £7.650 grant was received through the Tyne and Wear recovery and development schethe for a largeled market research piece. the monies were fully deploye¢J during the year Holiday Lets A donation of £40,000 was received fr(im Jonathan Ruffer for the development, reparation and furnishing of three TAP properties lo convert them from residential properties to short lemi holi¢ay lels, Ihe full £40.000 was deployed during ihe year. 37
The Auckland Project (A Company Limited by.Guaranleej NOTES TO THE FINANCIAL ST ATEMENTS (Continued) FOR THE YEAR ENDED. 31 MARCH 2024 22. Analysis of net assets between funds 24 Unrestrlet8d Funds. R8strieled Funds Total 2024 Total 2023 Tangible asse15 35.602.410 Heritage assets 31,130,867 Intangible assets 144.752 Investments 2,287,500 Current assets 16,535,014 Creditors amounts due within one year (2.155,145 1 35.602,410 43.155.023 31,130,867 20,639,642 144.752 194,405 2.287,500 1,5,10.000 .16.609,638 19.573.915 (2,155,145 1 { 2,056,428) 74,624 83,545.398 74,624 83.620.022 83.016.557 7 March 202 Unrestricted Funds Restricted Funds Total 2023. Total 2022 Tangible assets 43,155,023 Heritage assels 20,639,642 Intangible assets 194.405. Investments. 1,510,000 Current asselg 19,573,915 Creditors amounts due within one year 12,056,428) 43.155.023 20.639,6.42 194,405 1,510,000 19,863,590 { 2.056,428) 42,768,120 17,$46,931 247,759 1,510.000 27,138.455 (1,861,337 1 289,675 83,016,557 289,675 83,306,232 87.349,928. 23. Related Paty Transa¢tlons TAP has a close working relationship with Jonathan 'Rufler. and has received significant financial support from him, and also from Lempriere Pnngie 2015 where he is a Truslee. Income of £7.500,000 {2023 - £4,500.000) was received from Lempriere Pringle 2015. A donation of £40,000 was received from Jonathan Ruffer for the developmeril, reparation and furnishing of three TAP properties lo convert thern from. residential properties to short term holiday lets. {2023 - £nil}. 38
The Auckland Project (A Company Limtted by Guaranleel NOTES TO THE FINANCIAL STATEMENTS Icontintsedj. FOR THE YEAR ENDED 31 MARCH 2024 23. Related Party Transactions {ContlnuedJ TAP also has a close working relationship with The Zurbaran Trust, which was sel up to hold The Zurbar paintings which are on display at the Castle as an endowment. Jonathan and Jane RLrfler are also Trustees of The Zurbaran Trust. A collection management agreement has been signed befvRen the two charilable Companies. Certain costs relating lo The Zurbaran Trust {such as insurance. security costs. etc) are borne by T'AP. with £268,476 {2023 - £268.4761 being invoiced to The Zufbaran Trust. T.he Zurbaran Trust invoiced TAP £268,47612023.- £268.47.6) relating to image rights of The Zurbaran Trust. TAP also conlribut8s to The Zurbaran Trust from the retail profils of the Mining Art Gallery as agreed when the main content of the gallery was made available to TAP frcyn picture5 owned by. The Zurbaran Trust During the year £3,613 VAS conlribuled12022 '. £2,800).. Al the year end £nil was due to The Zurbaran Trust (2023 - £nill. One of TAP'S properties are rented to Jonathan and Jane Ruffer. The rent received for the period totals £12,040. The arrangement has been approved by the Charity Cc¥nmis$ion. During the year Jane Ruffer, a Trustee ol the Charity, donaled a property to the Charity. The value of this property recognised in the financial statements was £300.000. 24. Pension'CommltmentB TAP op8rates a money purchase pension scheme. The Pension scheme cost charge of £233.154 {2023 £231,955) represent amounts payable by TAP. 25. Flnanclal Commltments Commilmenis for th8 a¢quisilion of tangible fixed assets approved by the Trustees bul not provided in the finanrtal statements amounled to £7,6m12023 - £8.3m}. 26. Contlngent Liability On 18 July 2016 a legal charge was registered against TAP by the Trustees of The National Heritage Memorial Fund as security for any sums that may bewme due to NHLF as a condilion of making the original giant of £11.4m. The grant conditions confimi that the temis of the contract last for 20 years fr¢yn the project completson date and reflect various conditions under which all or part of the grant may be required to be repaid and other conditions where amounts in excess .of the grant may be required lo be repaid. Accordingly, it is deemed impractical lo caltulale any future possible liability At 31 March 2024 TAP has drawn down £11.4m of the total available grant of £11.4m. the fil out of the Faith Museum completed December 2023. To dale, TAP has received no notice from NHLF regarding any sums they consider may be due lo them. 39
The Auckland Project IA Company Limrted by Guarantee) NOTES TO THE FINANCIAL ST ATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 27. Reconciliation of net income to net cash flow from operating activities 2024 2023 Nel surplusl(deficil) for the year Interest and received from investments Valuation loss Impairnent of tangible fixed assets Am.ortisation of intangible assets Depreciation on tangible assets Loss on disposal of fixed assets Receipt of As5el donation Decrease in debtors Increasel{Decreasel in creditors, Increase in st(Kk 313.790 1919,138 > 62,500 220.636 87,198 1,369,984 (4.043..696 ) (668,7801 350,521 1.134.629 17,057 { 300,000 ) (628,5171 { 1.145,363) 98,717 195,091 { 38,629.) {24,411 ) Net cash flow from operating activities 266.541 14,131,598) 40