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
#53
A16

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 InC￿3$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 treasU￿S. personal mementos and cont￿porary 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 anti￿pated 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
se￿iCe 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 gr0￿h 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 I￿as 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 OffI￿r 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 D1￿ClOrS. 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 fr￿n 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 con￿lIdated 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;
obSe￿e 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 p￿Ven￿On 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 apPI￿able 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 re￿rt.
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)
INDEPENDE￿r 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 eXpendilL￿e 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 a￿ordanCe 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. SoU￿eS 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 be￿een 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 (ContIn￿d)
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 serVi￿S
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 tranSfer￿d 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
dupl1￿lIng 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 fO￿ard 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