Company number.. 07931440 (England and Wales}
Charity number.. 1146219
The Auckland Project
(A Company Limited by Guarantee)
Report and Flnanclal Statements
For the Year Ended 31 March 2025
INW
*AEHYUMQI•
2211212025
COMPANIES HOUSE
A21

The Auckland Project
(A Company Limited by Guarantee)
CONTENTS
Page
Trustees, Report including the Strategic Report
Independent Auditors. Report
Consolidated Statement of Financial Activities
15
Consolidated Balance Sheet
16
Charitable Company Balance Sheet
17
Consolidated Cash Flow Statement
18
Notes to the Financial Statements
19-41

The Auckland Project
(A Company Limited by Guarantee)
TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Trustees (who are also the Directors of the charity for the purposes of company law) present their annual
report and audited financial statements of The Auckland Project (TAP) for the year ended 31 March 2025.
OBJECTIVES AND ACTIVITIES
TAP'5 vision is to revive Bishop Auckland. It is doing this through the creation of several different visitor attractions
and sustainable employment forjob ready people in the community.
The objects of TAP as stated in the Articles of Association a￿ as follows..
Creating a significant, varied and high-quality visitor destination in and around the town of Bishop Auckland
capable of attracting substantial 'spending footfall, and leading to the creation of new, sustainable
employment both within TAP and through the independent establishment of other businesses seeking to
serve that footfall.
Operating visitor attractions on a long term, financially sustainable way such that an operating surplus is
available to support the work with the local community to make them 'job ready..
Identifying barriers to the job market experienced by the residents of Bishop Auckland and working with them
to eliminate such barriers to allow them to take advantage of the newly created jobs.
Raising money through fund-raising and charitable activities to further enhance the work with the local
community.
Chalr's Statement
2024-25 marked a historic transition.. after years of construction and careful planning, The Auckland Project is no
longer a building sile. This year, we have moved into a new phase of delivery, beginning to share our fully realised
site with the public. Auckland Palace, the Faith Museum, galleries. and gardens are now places of welcome,
encounler, and inspiration.
After years of forging deep roots in our community, we are delighted to be able to open our doors more widely,
offering historic spaces, exceptional collections, and opportunities for learning, participation, joy and transformational
encounters.
Volunteers
Volunteers are an important elemeni of TAPS purpose and operation. We are increasingly seeing the evidence that
volunteering changes lives and enhances prospects through skills development, confidence 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, serve and engage the visitors to our attractions.
We aim to further develop volunteer-led activities to engage the local community with heritage and cultural assets
and to diversify our volunteer base to reflect the local demographic.
In the past year. our volunteering program received 205 applications. During the year, volunteers recorded a total of
21,268 hours which is comparable to 2023124.
Volunteer support in the operation and interpretation of our visitor attractions is 690kn of total hours (14,874 hours)-,
other areas of volunteering are Park & Gardens {10°/o), Curatorial17 /0)-
In June 2024, we hosted the second annual Celebrating Volunteering Event during Volunteers Week. This
celebration acknowledged the many ways volunteers go above and beyond their roles and the Impact this activity
has on staff and delivery of outcomes. For the first time, we introduced the Positive Attitude in Volunteering Award,
with nominations from both staff and volunteers.

The Auckland Project
(A Company Limited by Guarantee)
TRUSTEES. REPORT INCLUDING THE STRATEGIC REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
We are committed to developing volunteer-led activities that engage our local community with heritage and culture.
In January 2025, we introduced the Volunteer Buddy Scheme, pairing eXperIen￿d Palace and Faith Museum
volunteers with younger participants. 14 Buddies are now supporting three 16-17-year-old volunteers, and we look
forward to welcoming more young volunteers in 202512026
Our Employer Supported Volunteering offer continued to grow. We hosted pre-booked days welcoming volunteers
from companies including Nissan, BAM Nuttall and British Gas, contributing a total of 761 hours.
Nissan commented "Volunteering at The Auckland Project was an incredibly rewarding experience. I thoroughly
enjoyed contributing to such a wonderful cause and meeting all the amazing people involved. I particularly loved the
vibrant atmosphere of Auckland, it's such a beautiful town"
The Trustees truly acknowledge the unique gift of time that all volunteers support TAP with. Their understanding of
this vital resource leads the organisation in continuing to grow its engagement of new and existing volunteers.
Public benefit
The Trustees have due regard to the guidance published by the Charity Commission on public benefit, TAP'S
activities encompass a number of the charitable purposes which are referred to in the Charities Act 2011, in
particular the advancement of the arts, culture and heritage, education and environmental enhancement.
ACHIEVEMENTS AND PERFORMANCE
Places: Auckland Palace, Falth Museum & Galleries
After the completion of the building works, we redesignated Auckland Castle as Auckland Palace to reflect the
historic transformation in character and purpose which took in the late 17th century. The new name signified
deliberate shift away from its origins as a defended and fortified site, emphasising instead its reinvention as
residence of luxury, prestige, and social status. This change not only highlighted the building's architectural evolution
but also underscored its role as a symbol of power and refinement, rather than military strength or defence.
To enhance this message, we decided to change the format of Bishop Trevor's suite of rooms to reflect their original
appearance and the way in which he lived in that part of the Palace. Research revealed he was particularly fond of
the views north over the Wear Valley and our visitors can share those, while being introduced to mid-18th century
room layout and decoration. The Bishop Trevor suite continued to host exhibitions based on paintings from our own
collection and loans from a major private collection.
Auckland Palace and the Faith Museum have garnered several awards for both the buildings and our visitor
experience. We have been recognised for our work in conservation and for support of new architectural work,
including gaining RIBA'S coveted Building of the Year (Northeast) award. Customer reviews remain consistently high,
with TripAdvisor Travellers Choice scoring the Auckland Project as in the top 10Q/o of attractions worldwide, and
VisitEngland awarding its Gold Accolade. A recurring theme in reviews is the welcome given by our visitor
experience team, many of whom are volunteers, and the knowledge and enthusiasm with which they engage with
visitors.
In its first full year of operation the Faith Gallery is building an audience of its own, particularly with faith groups and
as an education resource for a number of curriculum areas. A highlight loan to the Faith Museum was a rare
mediaeval Siddhur. It is a small well used prayer book which belonged to a Jewish man living in England in the early
1200s. It raised considerable interest for visitors, and they had the opportunity to hear about it in more detail at a
lecture delivered by a visiting academic from the University of Oxford.

The Auckland Project
(A Company Limited by Guarantee)
TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT (Contlnuedj
FOR THE YEAR ENDED 31 MARCH 2025
The Christmas period enabled visitors to experience the Palace in party dress on their way to see one of the few
surviving large Neapolitan nativity scenes. This is becoming a must-see part of Christmas in Bishop Auckland and
bodes well as we aim to build up the winter season attractions.
The Mining Art Gallery was host to Iwo exhibitions. One focussed on the lives of the Bevin Boys who were
conscripted to work in the coal-mines during the second world war. The second exhibition explored the slow decline
of the coal mining industry and its impact on communities in the Northeast through the eyes of artists who witnessed
it first-hand.
The Spanish Gallery underwent a rehang, publication of a new edilion of its guidebook and launched interpretalion in
Spanish as well as English. Written guides within all galleries are now dual language. We trialled full guided tours
and feedback has highlighted the value thal our volunteer engagers bring to the visilor experience. Based on this
feedback Ihere is a guided tour each morning before the gallery opens for free-flow visits.
Our relationship with Durham University's Zurbaran Centre continues, aimed to generate original academic research
into the collection at the Spanish Gallery. This work is generously funded by the Centro des Estudios Europa
Hispanica (CEEH) and the first tsvo books of the series were published and are on sale at the Gallery.
A further collaboration with Durham University brought the annual archaeological excavations to the Palace grounds.
This work uncovered the house of Parliamentarian Sir Arthur Haselrig, who began the process that transformed the
site from a medieval fortified castle in the turbulent years of the English Civil War. The excavation featured for a
second year on the BBC'S Digging for Britain bringing this new knowledge to a wider audience.
The National Gallery announced its major exhibition in 2026 will be devoted to the Spanish artist Zurbaran. Asher
and Joseph from Bishop Trevor's collection in the Palace dining room will be part of the exhibition and entered a
conservation programme at the National Gallery's specialist studios. Thanks to generous support from the CEEH the
remaining works in the series Jacob and his Twelve Sons will undergo conservation between 2025 and 2027.
In the 2024125 financial year a total of 51,210 visits were made across Auckland Castle (620/0 of total visitors), the
Mining Art Gallery {19 /0) and the Spanish Gallery (29 % ) compared to 38,567 in 2023124.
2024125 also saw the expansion of The Auckland Projects event program with a series of Summer concerts at
Summerfest with 4,000 concert goers in attendance, Pumpkin Forest was introduced in the Autumn which attracted
16,000 young families and the return of the Aglow winter light trail wilh an attendance in excess of 30,000.
Gardens, Landscapes & Environmental Work
The transition from castle to palace was also reflected in the layout of the grounds. Defensive walls had given way to
the elegant Wyatt Screen and this marked a powerful statement in the Palace's evolution from fortification to
grandeur in the 17th and 18th centuries. INhere once strength and protection dominated, now refinement and
welcome took precedence. At last, our vision for visitor arrival by day or by night has been realised. What was a dark
and difficult approach to the Palace entrance, has been transformed. With the diggers gone, the space has emerged
as a graceful. gently curving carriageway, its path enhanced by subtle lighting that accentuates the architecture and
creates an atmosphere of elegance and welcome.

The Auckland Project
(A Company Limited by Guarantee)
TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
The completed Walled Garden opened for the May Bank holiday after an extreme gardening feat delivered by our
Garden team and a group of volunteers from our Corporate Social Responsibility, Employer Supported Volunteering
partners. They planted more than 2500 plants over just 72 hours and l am pleased to say the gardeners. volunteers
and plants have all survived. Last touches to the Faith Garden and seating in the Wilderness Created spaces for rest
and reflection. and a nice place for a picnic. The intense growing season in the long summer days delivered a good
harvest of vegetables. fruit and flowers. Our chefs use the produce in preparing food for the café and restaurant, any
extra produce being sent to the local foodbanks.
Part of the Walled Garden complex is a glasshouse where we propagate many of the plants we grow in the garden.
This reduces the risk of importation of disease and significantly reduces the plastic waste that is a feature of much
horticultural practice.
The development of our winter light trail AGLOW has prompted further improvement of paths along the bank of the
River Gaunless and to the Deer House. This has made it possible to take a leisurely stroll along the riverbank.
There has been a tree planting programme including extension of the Hazel Bank along the western perimeter of the
park. Some of the oaks used have been raised from seed collected from the pollarded veteran stock in the Outer
Park. This year over 4500 trees and hedgerow plants have been added to the estste. The Park Management Plan
has confirmed that there are many years of work needed to manage the trees and built structures, giving an
opportunity to develop training programmes in heritage skills and estate management in collaboration with our local
Further Education college.
We have a good team of Park Ranger volunteers, and the group is augmented by students from a local further
education college, giving them experience in estate management and arboriculture roles.
We are working with the Wear Valley Trust to look at options for improving the water quality of the River Gaunless.
Communlty Engagement & Public Prograrnmlng
This year the Community Engagement team were asked to develop a commercial programme alongside their free to
access work. A number of events including talks with guest speakers, musical ensembles and choirs were
commissioned. Bishop Auckland is new to hosting this type of event and will need to build an audience prepared to
travel and spend their disposable income in this way.
The team ￿ntInued to deliver a dynamic programme of cotiimunity engagement, combining creativity, education,
and celebration. Over the year they held 36 sessions of their popular Creative Forum where 486 local people met
and shared experience building confidence and connection with the collection in the Spanish Gallery. Rooted in the
stories and collections of the Auckland Project the Young Artist's Club ran monthly and reached 129 young people. A
new initiative involved 43 people learning techniques of tone, realism and composition in artist led sketching tours of
the Spanish Gallery.
Knight School brought history vividly to life inviting children to step into the world of Antony Bek, crusader, warrior
and Prince 8ishop of Durham. Through immersive play, storytelling and training the 221 participants experienced the
spirit of the medieval past in an authentic, hands-on way. Knight School was shortlisted for the national Best Family
Arts Activity at the 2024 Fantastic for Families Awards.
Funding for the community engagement work of the team was secured for the next 3 years. The team will remain
employees of the Auckland Project, delivering programmes for the people of Bishop Auckland and working to
develop community resilience in association with our many community partner organisations.

The Auckland Project
{A Company Limited by Guarantee)
TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT (Contlnued)
FOR THE YEAR ENDED 31 MARCH 2025
Youth, Schools: Learnlng and Skllls
The Learning Programme continues to go from strength to strength. Numbers have now reached capacity at around
11,000 student visits to site per year for the curriculum-based programmes and the team have developed excellent
relationships with a large number of schools across the local area.
The Learning and Skills team is four people with assistance from a motivated group of volunteers and are finalists in
the Education l Learning Team of the Year Awards.
They have
launched a new careers programme, tied to Gatsby Benchmarks and new government guidelines, in
partnership with the North East Combined Authority.
delivered 7 weeks of work placements with 9 schools and 28 pupils.
successfully trialled an immersive new programme for Special Educational Needs and Disabilities pupils,
bringing the Mining Art Gallery to life in school.
Weardale Railway
Between April 2024 and March 2025. Weardale Railway delivered a vibrant programme of community events,
partnerships, and inclusive experiences, further cementing its role at the heart of the local area. Highlights included a
heritage-themed film shoot at Stanhope Ststion, and a successful Easter Train event covered by the Northern Echo.
Themed services such as the Gin & Cheese Train, Art on the Rails, and Stargazing evenings broadened the
railway's cultural offering. while the Santa Express saw improved ticket sales, welcoming over 11,000 passengers for
the ride, and a vibrant festival atmosphere at Stanhope station.
The railway remained deeply committed to accessibility, education, and community wellbeing. hosting school visits,
inclusive train driving experiences, and partnerships with charities such as the Mark Solan Cancer Trust and Heel
and Toe. Safety continued to be a top priority, with regular risk assessments, staff and volunteer training, and strong
GDPR compliance ensuring high operational standards.
Despite ongoing financial pressures and the disappointment of not securing anticipated Restore Your Railway
funding, Weardale Railway continues to demonstrate its potential to deliver lasting social and economic value for the
Weardale community.
Parkhead Hotel
ParkHead Hotel has concluded its second full year of operation, the 38 bed hotel and 80 cover restaurant continues
to add much needed accommodation to Bishop Auckland and South West Durham, the hotels turnover increased to
£1.2m (2024- £1m}, the hotel hosied 12,561 sleepers (2024.. 10.329) and fed in excess of 24,000 guests. The hotel
employs 45 people (24 full time equivalents).
Auckland Project support services
We continue to be grateful to all the staff involved in managing the business and administrative side of the charity.
They deal with the everyday protocols to ensure compliance and safety around the sites for our staff, visitors and
conlractors. Behind every system there are ongoing upgrades and sometimes introduction of a new platform whilst
still delivering a service.

The Auckland Project
(A Company Limited by Guarantee)
TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW
Financial summary
Full details of TAP'S financial position can be found in the accompanying financial statements attached to this report.
The Statement of Financial Activities shows total incoming resources of £14,488,689 (2024 - £14,076,919), total
resources expended of £15,723,952 (2024 £13,700,629) resulting in a operating deficit for the year of £1.235,263
(surplus 2024 £376,290).
Reserves 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 its operating plan that secures the long temi future of TAP.
Currently all funds received are held as unrestricted unless the funding body specifically requires TAP to utilise the
funding on particular activities.
At 31 March 2025 TAP had free reserves of £10,139,028 (2024 - £14,379,869}.
PLANS FOR THE FUTURE
As we look ahead, our focus is on deepening engagement with our communities, stewarding our collections and
landscapes, and continuing to provide meaningful access to heritage, history, education and culture. With
conservation, scholarship, creativity, and community at the heart of all we do, we are excited to shape the next
chapter of The Auckland Project.
Acknowledgements
We extend our thanks to all our staff. volunteers, partners, and funders, including..
Centro de Estudios Europa Hispanica (CEEH)
The National Gallery
Durham University
Corpus Christi College, Oxford
Private lenders and supporters
Our many community participants and visitors
Together, we have brought The Auckland Project to life in new and exciting ways.

The Auckland Project
(A Company Limited by Guarantee)
TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT (Contlnued)
FOR THE YEAR ENDED 31 MARCH 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Charity number:
Company number..
Registered office..
1146219
07931440
58 Kingsway, Bishop Auckland, Co. Durham, England, DL14 7JF
Advisors
Auditors
Bankers
S&W Audit
17 Queens Lane, Newcastle upon Tyne, NE11 RN
Barclays Bank PIC 6 Market Place, Durham, DH13ND
Directors and Trustees
The Directors of TAP are the Trustees for the purpose of charity law. The Trustees and officers serving during the
year and since the year end were as follows.
Trustees..
Robert Yorke
Jane Dean
Brendan Finucane
The Rt Revd Nick Holtam
Anna Lynch
(Resigned 301h September 2025>
Myles Marmion
(Resigned 22nd April 2025)
Jonathan Ruffer
(Resigned 2nd September 2024)
Daniel Wolfe
(Resigned 61h June 2024)
Harriet Ruffer
(Appointed 61h June 2024 & Resigned 2nd October 2024)
Victoria Bell
(Appointed 25th September 2025)
Lord Nicholas Downshire (Appointed 25th September 2025)
Judith Layfield
(Appointed 25th September 2025)
Robert Neville
(Appointed 25th September 2025)
Jennifer Scott
(Appointed 25th September 2025)
(Chair)
Company Secretary: Nicholas Eldred
Key management personnel..
David Madden
Edward Perry
David Land
(Resigned 251h April 2024)
(Resigned 281h September 2024)
(Appointed 71h October 2024
Resigned 3rd June 2025}
(Appointed 3Id June 2025)
Jane Ruffer

The Auckland Project
(A Company Limited by Guarantee)
TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governlng documents
TAP. is registered as a charitable company (number 07931440) limited by guarantee and was set up by a
Memorandum of Association on 1 February 2012. TAP is constituted under its Memorandum of Association and is
registered charity (number 1146219). The original Articles have been approved by the Charity Commission, and
subsequent amendments were approved by Special Resolution of the Members on 5 August 2016.
Appointment of 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 Trustees hold no shares in
TAP, but each Trustee, as a member, is a guarantor of TAP to an amount not exceeding £1 in the event of TAP
being wound up.
Induction and training of.Trustees
New Truslees are welcomed to Auckland Palace by the Chair, and introduced to the general aims and work of TAP.
They are invited to take a proactive interest in those areas in which they bring particular skills, knowledge and
experience. They are subsequently provided with a pack of information containing future dates, minutes of previous
Trustees, meeting, the Articles of Association, contact details of fellow Trustees, the latest Audited Accounts, etc.
All Trustees are encouraged to maintain an up to date knowledge of Trustee responsibilities and to read the helpful
booklets provided by the Charity Commission in this respect.
Throughout the year, be￿een Trustees, formal meetings, they receive reports to update them on all key matters.
Organisational structure
The Trustees have appointed a Chief Executive Officer who is charged with the day lo day running of TAP. They are
aided in this by the Senior Management Team which comprises the heads of Chief Operating Officer. director of
Finance, director of Food and Beverage and director of Estates.
Pay policy for senior staff
The Trustees comprise the board of Directors. The senior management team comprises the key management
personnel of the charity in charge of directing and controlling. running and operating TAP on a day to day basis.
All Trustees give their time freely and no Trustee received any remuneration in the year. Details of Trustees,
expenses are disclosed in note 13 to the accounts and related party transactions are 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 (Contlnued)
FOR THE YEAR ENDED 31 MARCH 2025
Risk Assessment
The opening in full of TAP assets during a period of economic uncertainty caused by the cost of living crisis has
slowed the anticipated growth and therefore reduced revenues. TAP has the financial resources to deliver its
programme and, to reduce the reliance on the principal funder, consideration is being given to identifying partners for
some projects.
Related parties
TAP has a close working relationship with Jonathan Ruffer, and has received significant financial support from him.
and also from Lempriere Pringle 2015 where he is a Trustee.
Contributions received from Lempriere Pringle 2015 can be found in note 4 to these accounts.
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 Trustee, Full details of the relationships can be
found in note 23 to the accounts.
Donations of £3,348,000 (2024.. £40,000) were received from Jonathan Ruffer for continued support of TAPS
operations and a number of projects including development of TAP properties into holiday lets, purchase of antique
furniture and a documentary film. Subsequent to his resignation as a Trustee in September 2024, and subsequent to
the year end, Jonathan Ruffer's wife, Jane Ruffer, was appointed as CEO in June 2025
The Charitable Company provides financial support to TAP Trading Limited, Park Head Leisure Limited and
Weardale Railway Limited whose results are included in the consolidated 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 Limiled are secured on the assets of the company. The support is given in the furtherance of the
overall charitable objectives in order to allow the underlying entities to become established. It is intended that the
loans will be repaid over time as the fi'nancial circumstances of the borrower allow. The value of the individual loans
can be found in 'Amounts due from group undertakings, in the accounts of TAP Trading Limited, Park Head Leisure
Limited and Weardale Railway Limited. The Trustees have assessed the recoverability of these loans in accordance
with accounting requirements. See note 18 for further details.
Auditors
In accordance with the Companies Act 2006 a resolution proposing the appointment of S&VV Audit as auditor for the
year ending 31 March 2026 will be put to the Board of Directors.

The Auckland Project
(A Company Limited by Guarantee)
TRUSTEES, REPORT INCLUDING THE STRATEGIC REPORT (Contlnuedj
FOR THE YEAR ENDED 31 MARCH 2025
STATEMENT OF TRUSTEES RESPONSIBILITIES
Th8 Trustees (who are also Directors of The Auckland Project for the purpose of company18w) ar8 responsible for
preparing the Trustees Report (including the Strategic Report) and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
Company law requires the Trustees to prepare the financial statements for each financial year which give a true and
fair view of the state of affairs of the charitable company and the group and the incoming resources and application
of resources, including the net income or expenditure, of the charity and the group for the year. In preparing these
financial statements, the Trustees are required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP 2015 {FRS 102).,
make judgements and estimates that are reasonable and prudent,
state whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial statements.,
prepare the financial statements on a going concern basis unless it is inappropriate to assume that the
charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at
any time the financial position of the charitable company and the group and to enable them to ensure that the
financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of
the charitable company and the group and hence for taking reasonable steps .for the prevenlion and detection of
fraud or other irregularities.
In so far as the Trustees are aware:
there is no relevant audit information ofwhich the charity's auditors are unaware., and
the Trustees have taken all the steps that we ought to have taken in order to make ourselves aware of any
relevant audit information and to establish that the auditor is aware of that information.
Approved by the Trustees on
and signed on their behalf by..
C l(Trlco
Robert Yorke
Trustee
The Rt Revd Nick Holtam
Trustee
10

The Auckland Project
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE AUCKLAND PROJECT
FOR THE YEAR ENDED 31 MARCH 2025
Opinion
We have audited the financial statements of The Auckland Project (the 'charitable company,) and its subsidiaries (the
'group.') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities,
Consolidated Balance Sheet, Charitable Company Balance Sheet, the Consolidated Cash Flow Statement and notes
to the financial statements, including a summary of significant accounting policies. The financial reporting framework
that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and charitable company's affairs as at 31 March 2025, and of
the group's incoming resources and application of resources, including its income and expenditure, for the year
then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUKII and applicable law.
Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the
financial statements section of our report. We are independent of the group and charitable company in accordance
with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S
Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslons relatlng to going concern
In auditing the financial statements, we have concluded that th'e trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue
as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised ft)r
issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the
relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in
the trustees, annual report, other than the financial statements and our auditor's report thereon. Our opinion on the
financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion thereon.
11

The Auckland Project
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE AUCKLAND PROJECT (Contlnuedj
FOR THE YEAR ENDED 31 MARCH 2025
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If, based on the work
we have performed, we conclude that there is a material misstatement of this other information, we are required to
report that fact.
We have nothing to report in this regard.
Oplnlons on othor matters prescribed by the Companles Act 2006
In our opinion. based on the work undertaken in the course of the audit..
the information given in the trustees. report (incorporating the strategic report and the directors, report) for the
financial year for which the financial statements are prepared is consistent with the financial statements., and
the strategic report and the directors, report have been prepared in 8ccordance with applicable legal
requiremenls.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and parent charitable company and its environment
obtained in the course of the audil, we have not identified material misstatements in the directors, report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires US
to report to you if, in our opinion..
adequate accounting records have not been kept by the parent charitable company, or returns adequate for our
audit have not been received from branches not visited by us,. or
the parent charitable company's financial statements 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 the information and explanations we require for our audit.
Responslbilitles of trustees
As explained more fully in the trustees, responsibilities statement set out on page 10, the trustees (who are also the
directors of the charitable company for the purposes of company law) are responsible for the preparation of the
financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
trustees determine is necessary to enable the preparation of financial statements that are free from material
mi5Statement. whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group's and parent charitable
company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or
to cease operations, or have no realistic alternative but to do so.
12

The Auckland Project
{A Company Limited by Guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE AUCKLAND PROJECT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
Auditor's responsibilities for the audit of the financial statements
We have been appointed auditor under the companies Act 2006 and we report in accordance with this Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance
with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
Ir￿gUlarities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including
fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We obtained a general understanding of the company's legal and regulatory framework through enquiry of
management concerning their understanding of relevant laws and regulations, the entity's policies and procedures
regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing
understanding of the company's industry and regulation.
We understand that the group and the parent charitable company complies with the framework through..
Engaging external legal professionals as required and making changes to internal procedures and controls
as necessary.
The directors, close involvement in the day-to-day running of the business, meaning that any litigation or
claims would come to their attention directly.
Monitoring of updates made by regulatory bodies.
In the context of the audit, we considered those laws and regulations which determine the form and content of the
financial statements, which are central to the company's ability to conduct its business, and where there is a risk that
failure to comply could result in material penalties. We identified the following laws and regulations as being of
significance In the context of the company..
The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial.
statements.
The Charities Act 2011 and the Charities.. Statement of Recommended Practice in respect of the preparation
and presentation of the financial statements.
We performed the following specific procedures to gain evidence about compliance with the significant laws and
regulations identified above..
Making enquires of trustees and management as to where they consider there to be a susceptibility to fraud
and whether they have any knowledge or suspicion of fraud.,
Obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-
Complian￿ with laws and regulations.,
Reviewing the minutes of meetings of those charged with governance,.
13

The Auckland Project
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE AUCKLAND PROJECT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
The senior statutory auditor led a discussion with senior members of the engagement team regarding the
susceptibility of the group and the parent charitable company's financial statements to material misstatement,
including how fraud might occur. The areas identified in this discussion were-
Manipulation of the financial statements via and management overriding controls.
The incorrect recognition of grants and donations resulting in the income being recognised in the incorrect
accounting period.
The risk that trading income may be recognised in the incorrect accounting period, and that the recorded
income has not actually occurred.
The risk of unrecorded asset impairment. Assets may require impairment adjustments that have not been
reflected in the financial statements, potentially resulting in overstated asset values.
These areas were communicated to the other members of the engagement team not present al the discussion.
The procedures we carried out to gain evidence in the above areas included..
Performed data analytics on the general ledger against client specific criteria
Obtained third party evidence for a sample of donations and grants, to ensure that it was appropriate to
recognise the income in the financial statements in accordance with the principles of the SORP.
Selected a sample of sales transactions, agreeing the revenue to supporting documentation and through to
the bank statements.
Obtain and evaluate management's process for identifying indicators of impairment and the assumptions
used, test for indicators of impairment such as analysing market conditions and operational performance,
and test and challenge management's impairment test for reasonableness.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's
report.
Use of our rèport
This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's
members those matters we a￿ required to state to 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 to anyone other than the charitable
company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we
have formed.
Craig Henderson (Senior Statutory Auditor)
for and on behalf of S&W Audit
Chartered Accountants and Statutory Auditor
17 Queens Lane
Newcastle upon Tyne
NE11RN
14

The Auckland Project
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Includlng consolidated income and expenditure
account)
FOR THE YEAR ENDED 31 MARCH 2025
Unrestricted
Funds
Restricted
Funds
Total
2025
Total
2024
Note
Income from:
Donations
Other trading activities
Subsidiary income
Other
Investments
Other
4,747,157
3,730,545
8,477,702
9,568,138
17
4,790,986
4,790,986
2,672,097
50,305
919,138
867,241
710,237
509,764
710,237
509,764
Total income
10.758,144
3,730,545
14,488,689 14,076,919
Expenditure on:
Raising funds
Subsidiary expenditure
Other
Charitable activities
17
6.340,361
6,340,361
3,945,490
183,121
9,572,018
6.050,330
3,333,261
9,383,591
Total expenditure
12.390,691
3,333,261
15,723,952 13,700,629
Net rnovement In funds before investment
(loss)Igain
{ 1.632,547 )
397,284
(1,235,263)
376,290
Impairment of fixed assets
(8.477,370)
(8,477,370)
Gainl(Loss) on investrnent
97,500
97,500
{ 62,500)
Transfer be￿een funds
21
Net movement in fund8
110,012,417)
397,284
{ 9,615,133)
313,790
Reconciliation of funds
Total funds brought forward
83,545,398
74,624
83,620,022 83,306,232
Total funds carried forward
73,532,981
471,908
74,004,889 83,620,022
All income and expenditure derive from continuing activities.
The Statement of Financial Activities includes all gains and losses recognised in the year.
15

The Auckland Project
(A Company Limited by Guarantee)
CONSOLIDATED BALANCE SHEET
ASA T31 MARCH 2025
2025
2024
Notes
Fixed assets
Intangible assets
Tangible assets
Heritage assets
Investments
16
14
15
17
92,765
26,599,873
34,316,315
2,385,000
144,752
35,602,410
31,130,867
2,287,500
63,393.953
69,165,529
Current assets
Stock
Debtors
Cash at bank and in hand
155,114
2,921,072
9,209,722
135,379
2,945,034
13,529,225
18
12,285,908
16,609,638
Creditors: amounts falling due
within one year
19
{ 1,674.972)
(2,155,145)
Net current assets
10,610,936
14,454,493
Net a55ets
74,004,889
83,620,022
Charity Funds
Unrestricted funds
Restricted funds
73,532,981
471,908
83,545,398
74,624
Total Charity Funds
21
74,004,889
83,620,022
The notes on pages 19 to 41 form part of these financial statements.
The financial statements were approved by the Trustees on
and signed on their behalf by..
Robert Yorke
The Rt Revd Nick Holtam
Trustee
Trustee
Company Number. 07931440
16

The Auckland Project
(A Company Limited by Guarantee)
CHARITABLE COMPANY BALANCE SHEET
AS A T31 MARCH 2025
2025
2024
Notes
Fixed assets
Tangible assets
Heritage assets
Intangible assets
Investments
14
15
16
17
25,669,323
34,316,315
36,413
2,385,201
34,740,455
31,130,867
60,227
2,287,701
62,407.252
68,219,250
Current assets
Debtors
Cash at bank and in hand
18
3,003,497
8,745,003
5,707,002
13.015,159
11,748,500
18,722,161
Creditors: amounts falling due
within one year
19
(1,040,324)
(1,603,292 )
Net current assets
10,708,176
17,118,869
Net assets
73,115,428
85,338.119
Funds
Unrestricted funds
Restricted funds
72,643,520
471,908
85,263,495
74,624
21
73.115,428
85,338,119
The notes on pages 19 to 41 form part of these financial statements.
The financial statements were approved by the Trustees on
igned on their behalf by-.
Robert Yorke
Twstee
The Rt Revd Nick Holtam
Trustee
Company Number.. 07931440
17

The Auckland Project
(A Company Limited by Guarantee)
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
Note
Net cash pmvided by/(used in) operating activities
27
(796,782 )
266,541
Cash flows from Investing activities
Interest and rents received
Purchase of tangible and heritage assets
Purchase of intangible assets
Purchase of investment properties
Proceeds from the disposal of fixed assets
710,237
919,138
(4,226,951 ) (4,852,067)
(11,006)
(37,545)
{ 217,165)
5,000
Net cash flow from investing activities
(3,522,720) { 4,187,639)
Net decrease in cash and cash equivalents
(4.319,502) { 3,921,098)
Cash and cash equivalents at the beginning of the year
13.529,225
17,450,323
Cash and cash equivalents at the end of the year
9,209,722
13,529,225
Cash and cash equlvalents consist of:
Cash at bank and in hand
9.209,722
13,529,225
18

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by
Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and
Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally
Accepted Practice.
TAP meets the definition of a public benefit entity under FRS 102.
The financial statements are prepared under the historical cost convention or transaction value unless
othemise stated in the relevant accounting policy note{s). The financial statements are prepared 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 Basls of consolidation
The financial statements consolidate the results of TAP and its wholly owned subsidiaries TAP Trading
Limited, Weardale Railway Limited and Park Head Leisure Limited on a line-by-line basis. A separate
Statement of Financial Activities and Income and Expenditure Account for the charity has not been
presented because TAP has taken advantage of the exemption afforded by section 408 of the
Companies Act 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 performance of the group, the annual budget,
rolling financial forecasts and future cash flows in making their assessment.
These assessments form the base case and appropriate and sufficient funding is in place to fulfil
forecasted expenditure over the next eighteen months. This includes additional funding being received
from Lempriere Pringle 2015, and management have received indications from them that this will
continue for the foreseeable future. These will allow TAP to continue its operations, acquisitions and
growth strategy, as well as the increased revenue streams that could mitigate and reduce the
requirements of funding over time.
Increased revenues from growth in visitors to the existing attractions and events, together with the
development of new attractions in Binchester, will establish Bishop Auckland as a premier heritage
tourist destination.
In making their assessment the group also considered a downturn in operational income from lack of
projected visitor numbers and rising overhead costs. The Trustees have concluded that, when
considering both the base case and a down turn scenario, including a series of mitigation actions, that
there is sufficient cash resources to use a going concern in the accounts.
19

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
1.4 Funds
Unrestricted funds are available for use at the discretion of th8 Trustees in furtherance of the general
objectives of TAP and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular
purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance 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 use of each restricted fund is set out in
the notes to the financial statemenls.
1.5 Income
All incoming resources are included in the Statement of Financial Activities when TAP has entitlement to
the funds, any performance conditions have been met, the amount can be measured reliably and it is
probable thai the income will be received.
Donations from individuals and charitable Trusts are recognised when notification of payment is
received, unless there are specific conditions attached.
No amount is included within the financial statements for volunteer lime in line with the SORP (FRS
102}. Further detail is given in the Trustees Report.
Investment income is earned through holding assets for investment purposes such as cash held on
deposit and property. It includes interest and rent. Interest income is recognised when receivable and
rentsl income is recognised as TAP'S right to receive payment is established.
1.6 Expenditure and irrecoverable VAT
All expenditure is accounted for on an accruals basis and is recognised where there is a legal or
conslructive obligation to make payments to third parties, it is probable that the settlement will be
required and the amount of the obligation can be measured reliably. It is categorised under the following
headings..
Costs of raising funds includes all costs incurred in the running of the trading subsidiary- and
Expenditure on charitable activities includes 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 Support cost allocation
Support costs are those that assist the work of the charity but do not directly represent charitable
activities and include office costs, governance costs and administrative payroll costs.. They are incurred
directly in support of.expenditure on the objects of the charity.
20

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Contlnued)
FOR THE YEAR ENDED 31 MARCH 2025
1.8 Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation
and accumulated impairment losses. Cost includes Costs directly attributable to 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 the length of the lease or
over 50 years following year of acquisition
over 10 to 20 years
over 3 to 5 years
Building improvements
Fixtures, fittings and equipment
1.9 Intanglble fixed assets
Intangible fixed assels are stated at cost less amortisation. Amortisation is provided at rates calculated
to write off the cost of the fixed assets, less their estimated residual value, over their expected useful
lives on the following basis..
Capitalised Sofvare
Goodwill
- over 4 years
- over 5 years
1.10 Asset under constructlon
Costs relating to projects where there is significant refurbishment, building or other significant activities
of a development nature (eg IT projects) are held as 'Asset5 under Construction, and not depreciated.
Assets are transferred to the relevant fixed asset category when the work is complete and the asset is
placed into seNice.
Once transferred such assets are depreciated in accordance with the accounting policy relevant to the
asset category to which they have been transferred.
1.11 Heritage assets
Heritage assets are recognised on the balance sheet and inilially messured al cost when purchased or
if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated
impairment losses. Heritage assets are deemed to have indeterminate lives and a high residual value,
hence the Trustees do not consider it appropriate to charge depreciation.
+Where information on the cost or valuation of heritage assets is not available or the cost of providing
such information significantly ou￿elghS any benefit to the users of the accounts then heritage assets
are not recognised on the balance sheet.
Acquisitions only arise when donated to the charity or if it is believed that they will further the charity's
objectives. Once acquired they will be presepled by the charity in order to keep their historical, artistic,
scientific, technological, geophysical or environmental qualities to such a high level as to contribute to
knowledge and culture. A register of all assets held by the charity is available and the assets
themselves are accessible to the public with prior agreement. Heritage assets are to be held for the
foreseeable future.
21

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR fHE YEAR ENDED 31 MARCH 2025
1.12 Investment properties
Investment properties are measured at fair value at each reporting date with changes in fair value
recognised in the Statement of Financial Activities.
1.13 Investments
Investments in subsidiary undertakings are held at cost less impairment.
1.14 Stock
Stock is valued at the lower of cost and net realisable value.
1.15 Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered.
Prepayments are valued at the amount prepaid nel of any trade discount5 due.
1.16 Cash at bank and in hand
Cash at bank and cash in hand includes cash and short temi highly liquid investments with a short
maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.17 Creditors and provlslons
Creditors and provisions are recognised where the charity has a present obligalion resulting from a past
event that will probably result in the transfer of funds to a third party and the amount due to settle the
obligation can be measured or estimaled reliably. Creditors and provisions are recognised at their
settlement after allowing for any trade discounls due.
1.18 Pensions
TAP operates a money purchase pension scheme. Amounts payable by TAP are included in the
Statement of Financial Activities when the related salary is paid. Unremitted amounts are included in
creditors.
1.19 Financial instrurnents
TAP only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at transaction value and subsequently measured at
their settlement value with the exception of bank loans which are subsequently measured at amortised
cost using the effective interest method.
1.20 Judgements and key sources of estimation uncertainty
In the application of the charitable company's accounting policies, the Trustees are required to make
judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not
readily apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates 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 future periods where the revision affects both current and
future periods.
22

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
1.20 Judgements and key sources of estlmatlon uncertalnty (continued)
The trustees consider that the impairment and valuation of assets are the main source of estimation and
uncertainty, as these are dependent on either.. expected future inflows from the assets and the selection of an
appropriate discount rate, both of which require significant judgement and estimation,. the estimated market
value of the property based on comparable evidence, which in some instances is limited.
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 the company being wound up. the liability in respect of the guarantee is limited
to £1 per member of the charity.
Statement of financial actlvltles from the prlor year
Unrestricted
Funds
Restricted
Funds
Total
2024
Total
2023
Note
Income from:
Donations
Other trading activities
Subsidiary income
Other
Investments
Other
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
Expenditure on:
Raising funds
Subsidiary expenditure
Other
Charitable activities
3,945,490
183,121
8,709,317
3,945,490
183,121
9,572,018
2,963,575
150,130
8,685,323
862,701
Total expendlture
12,837,928
862,701
13.700,629 11,799,028
Net movement in funds before investment
{loss)Igain
(53,152)
429,442
376,290 (4,043,696)
Loss on investment
(62,500 )
(62,500)
Transfer be￿een funds
21
644,493
(644,493 >
Net movement in funds after transfers
528,841
(215,051 )
313,790 (4,043,696)
Reconciliation of funds
Total funds brought foNard
83,016,557
289,675
83,306,232 87,349,928
Total funds carried forward
83,545,398
74,624
83,620,022 83,306,232
23

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
Incom8 from donations
2025
2024
Lempriere Pringle 2015
National Lottery Heritage Fund
The Jerusalem Trust Foundation
Jane Ruffer
Jonathan Ruffer
Durham County Council
Rothschild Foundation
Gift Aid
1,025,000
7,500,000
1,111,210
600,000
300,000
3,348,000
3,036,473
250,000
802,000
Other (less than £50,000)
16,229
56,928
8,477,702
9,568,138
Investment Income
2025
2024
Interest received
Rental income
504,871
205,366
724,727
194,411
710,237
919,138
Other income
2025
2024
The Zurbaran Trust
Other
134,574
375,190
268,476
598,765
509,764
867,241
24

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Contlnued)
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of expenditure on charitsble activities
Activities
undertaken
directly
Support
costs
Total
2025
Total
2024
Projects in progress
Operational activities
892,067
7,534,379
101,328
855,817
993,395
8.390,196
1,427,160
8,144,858
8,426,446
957.145
9.383,591
9,572,018
Support Costs
2025
2024
staff costs
Office costs
External professional costs
Other costs
Governance costs (note 9)
622,161
159,618
36,969
16,589
121,807
783,687
132,253
25,980
42,540
79,160
957,145
1,063,620
Governance costs
2025
2024
Accountancy fees
Trustee insurances
Exlernal professional costs
Other costs
102,200
3.649
10,702
5,256
63,170
1,243
10,523
4,224
121,807
79,160
25

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
10. Net income for the year
Net income is stated after charging.
2025
2024
Amortisation
Depreciation
Operating lease costs
62,993
1,560,349
82,000
87,198
1,369,984
82,000
11. Audltors remuneratlon
The auditors remuneration amounts to an audit fee of £40,000 (2024 - £40,000) and non-audit fees of £62,570
(2024 - £66,210}
12. Flnanclal performance of the charltable company
The Consolidated Statement of Financial Activities includes the results of the wholly owned subsidiaries.
The summary financial performance of the charity alone is.,
2025
2024
Income
Expenditure
Gainl(Loss) on investment
Impairment of fixed assets
10,157,287 11,736,098
(14,000,108)(10,213,758)
97,500
(62,500 )
(8,477,370)
Net Ideficit) I surplus
(12,222.691 ) 1,459,840
26

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
13.
Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management
personnel
The total staff costs and employees benefits were as follows..
2025
2024
Wages and salaries
Social security costs
Other pension costs
4,424,761
380,579
239,296
2,899,123
272,388
233,154
5.044,636
3,404,665
The average number of employees and full time equivalent (FTE) during the year was as follows..
2025
Number
2025
FTE
2024
Number
2024
FTE
Visitor services
Marketing
Management and administration
Project management and delivery
Education and Arts
Property and grounds maintenance
Fundraising
Community Engagement
113
66
92
59
34
31
32
31
14
25
14
24
27
26
11
201
150
185
150
The number of employees who received total employee benefits (excluding employer pension costs) of more
than £60.000 is as follows..
Number
2025
Number
2024
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 band £150,001- £160,000
In the band £160.001- £170,000
In the band £170,001- £180,000
In the band £180,001- £190,000
27

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
13. Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management
personnel expenses (continued)
The Trustees were not paid or received any other benefits from employment in the year12024 £nil). No
Trustee received payment for professional or other services supplied to the charity (2024- £nil).
From time to time, TAP pays the travelling expenses or accommodation costs for Trustees to attend meetings.
The total amounts paid in the year are £5,256 (2024 - £4,666}.
The key management personnel of the charity are identified on page 5. The total employee benefits of the key
management personnel of the charity were £533,394 (2024 - £320.976}
14. Tangible fixed assets
Consolidated
Assets
under
constructlon
Freehold
land and
bulldlngs
Leasehold
land and
bulldlngs
Fixtures,
fittings and
equlpment
Total
Cost
At 1 April 2024
Additions
Disposals
Transfer of assets under
construction
2,364,388
3,970,504
23.698,069
4,043,624
9,988,475 40,094,556
288,950
4,259,454
(8,000)
(8,000 )
{ 5,227,369)
1,979,379
30,039
(3,217,951 )
At 31 March 2025
1,107,523
25,677,448
4,073,663
10,269,425 41,128,059
Depreclatlon and Impalrment
At 1 April 2024
Charge for the year
Disposals
Impairment
1,815,013
429,928
190,440
84,556
2,486,693
1,045,866
(1,680)
4,492,146
1,560,350
(1,680)
8,477,370
8,477,370
At 31 March 2025
10,722,311
274.996
3,530,879 14,528,186
Net book value
At 31 March 2025
1,107,523
14,955,137
3,798,667
6,738,546 26,599,873.
At 31 March 2024
2,364,388
21,883,056
3,853,184
7,501,782 35,602,410
The impairment charge of £8,477,370 has been disclosed separately in the Statement of Financial Activities.
This relates primarily to the Spanish Gallery and the recoverable amount has been derived by a third party
independent valuer. The prior year impairment charge of £220,636 is included within Charitable Activities
Expenditure in the Statement of Financial Activities.
28

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
14. Tangible fixed assets (continued)
Charitsble company
Assets
under
construction
Freehold
land and
buildings
Leasehold
land and
buildings
Fixtures,
rittings and
equipment
Total
Cost
At 1 April 2024
Additions
Transfer of assets under
construction
2,364,388
3,970,504
23,698,069
3,603,624
9.435,504 39,101,585
162,333
4,132,837
{ 5,227,369 >
1,979.379
30.039
(3,217,951 )
At 31 March 2025
1,107,523
25,677.448
3,633,663
9,597,837 40,016,471
Depreciation and impairment
At 1 April 2024
Charge for the year
Impairment
1,815,013
429.928
8,477.370
190,440
84,556
2,355,677
994,164
4,361,130
1,508,648
8,477,370
At 31 March 2025
10,722,311
274,996
3,349,841 14,347,148
Net book value
At 31 March 2025
1,107,523
14,955,137.
3,358,667
6,247,996 25,669,323
At 31 March 2024
2,364,388
21,883,056
3,413,184
7,079,827 34,740,455
The impairment charge of £8,477,370 has been disclosed separately in the Statement of Financial Activities.
This relates primarily to the Spanish Gallery and the recoverable amount has been derived by a third party
independent valuer. The prior year impairment charge of £220,636 is included within Charitable Activities
Expenditure in the Statement of Financial Activities.
29

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
15. Heritage assets
Consolidated and Charltable Company
Freehold
land and
buildings
Cost and Net Book Value
At 1 April 2024
Additions
Disposals
Transfer of assets under construction
31,130,867
9,768
(42,271 >
3,217,951
'At 31 March 2025
34,316,315
Heritsge assets are defined as tangible propety with historical, artistic, scientific, technological, geographical
or environmental qualities that is held and maintained principally for its contribution to knowledge and culture.
The Trustees consider the assets held fall within this definition. As explained in note 1 these assets are
included in the charity's balance sheet at cost.
The charity owns Iwo heritage asset sites,. Auckland Castle and Binchester Roman Fort both located within the
area of Bishop Auckland.
Acquisitions only arise when donated or if it is believed that they will further the charity's objectives.
All expenditure on the conseNation and maintenance of the sites has been charged to the Statement of
Financial Activities. Expenditure incurred on the restoration of the assets is capitalised.
30

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Contlnued)
FOR THE YEAR ENDED 31 MARCH 2025
16. Intangible assets
Consolidated
Goodwlll
Capltallsed
software
Total
Cost
At 1 April 2024
Additions
169,044
460,109
11,006
629,153
11,006
At 31 March 2025
169,044
471,115
640,159
Amortisatlon
At 1 April 2024
Charge for the year
84,519
28,173
399,882
34,820
484,401
62,993
At 31 March 2025
112,692
434,702
547,394
Net book value
At 31 March 2025
56,352
36,413
92,765
At 31 March 2024
84,525
60,227
144,752
Charitable Company
Capltallsed
software
Total
Cost
At 1 April 2024
Additions
460,109
11,006
460,109
11,006
At 31 March 2025
471,115
471.115
Amortlsation
At 1 April 2024
Charge for the year
399,882
34,820
399,882
34,820
At 31 March 2025
434,702
434,702
Net book value
At 31 March 2025
36,413
36,413
At 31 March 2024
60,227
60,227
31

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Contlnuedj
FOR THE YEAR ENDED 31 MARCH 2025
17. Investments
Consolidated
2024
Charitable Company
2025
2024
2026
Investment properties
Shares in subsidiary undertakings
2,385,000
2,287,500
2.385,000
201
2,287,500
201
2,385,000
2,287,500
2,385,201
2,287,701
Investment properties
Valuation
Al 1 April 2024
Additions
Transfers
Gain on investments
2,287,500
97,500
At 31 March 2025
2,385,000
The Group's investment properties were valued by Youngs RPS Chartered Surveyor5 & Propety Consultants
on an open market basis as at 31 March 2025.
Shares in Subsidiary Undertakings (Charitable Company)
2025
2024
Cost and Net Book Value
At 1 April 2024
201
201
At 31 March 2025
201
201
32

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
17.
Investments (Continued)
Percentage
Shareholdlng
1 OOVO
Company
TAP Trading Limited
Country
England and Wales
Descrlptlon
Ordinary
TAP Trading Limited carries out the day to day charitable visitor activities of TAP and performs some non
charitable retailing, catering and functions activities. The results and summary of assets and liabilities of the
company are as follows..
2025
2024
Turnover
Other Income
Cost of sales
Administrative expenses
Interest payable
1,920,695
1,380,641
33,703
5,911
1509,722) { 1,248,882 )
(2,182,738)
(736,434 }
(155,528)
Loss for the year
(893,590)
(598,764)
2025
2024
Total assets
Total liabilities
421,964
574,324
(3,844,967 ) (3,103,137)
Shareholders, funds
(3,423,003) { 2,528,813)
Percentage
Shareholding
Company
Weardale Railway Limited
Country
England and Wales
Descriptlon
Ordinary
Weardale Railway Limited was incorporated on 8 January 2020. The company purchased the assets of the
Weardale Railway on 23 March 2020. The company is restoring the rail link be￿een Bishop Auckland and
Weardale to preserve items of local interest in the local area and recommencing heritage and passenger
services. The results and summary of assets and liabilities of the company are as follows..
2025
2024
Turnover
Cost of sales
Administrative expenses
Other Operating income
468,133
(197,300)
{ 2,283,705)
1,192,512
129,616
{ 58,273)
(798,403)
186,395
Loss for the year
(820,360)
(540,665)
33

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
17. Investments (Continued)
2025
2024
Total assets
Total liabilities
1,235,144
1,011,635
(4,696,599 ) (3,652,730 )
Shareholders, funds
{ 3,461,455) (2,641,095)
Percentage
Shareholding
100°/0
Company
Park Head Leisure Limited
Country
England and Wales
Description
Ordinary
On 21 May 2021 the Group acquired 100 per cent of the issued share capital of Park Head Leisure Limited of
£1 for total consideration of £1. The company operates the Park Head Hotel in Bishop Auckland.
2025
2024
Turnover
Cost of sales
Administrative expenses
other Operaling income
Interest payable
1,158,487
(343,872 )
(1,036,757 )
17,455
(62,149)
963,898
{ 793,271 )
{ 513,285)
5,636
(50,032 )
Loss for the year
(266,836)
(387,054)
2025
2024
Total assets
Total liabilities
220,889
126,684
(1.786,911 ) (1,425,870 )
Shareholders, funds
(1.566,022 ) (1,299,186)

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Contlnuedj
FOR THE YEAR ENDED 31 MARCH 2025
18. Debtor8
Group
2025
Charitable Company
2025
2024
2024
Trade debtors
Recoverable VAT
Prepayments and accrued income
Other debtors
Amounts due from group undertakings
88,231
274,512
2,056,168
502,161
45.177
358,096
2,448,553
93,208
67,264
274,512
1,964,198
287,484
410,039
32,001
358,096
2,322,474
60,000
2,934,432
2,921,072
2,945,034
3,003,497
5,707,002
At the year end, the Trustees have assessed the recoverability of the loans due to the charity from its
subsidiary undertakings. As a consequence of this assessment a provision against certain of the loans has
been provided for in the Charity balance sheet. The full amount of the loans remain as a liability within the
subsidiary financial statements,
Further information relating to the amounts due from group undertakings can be found in the Trustees, Report
on page 9.
19. Creditors: amounts falling due within one year
Group
Charitable Company
2025
2024
2025
2024
Trade creditors
Social Security and taxes
Accruals and deferred income
Other creditors
952,028
174,680
191,310
356,954
1,124,465
170,985
425,857
433,838
718,148
88,093
168,511
65,572
970,044
106,581
416,440
110,227
1,674,972
2,155,145
1,040,324
1,603,292
20. Operating leases
Minimum lease payments under non-cancellable operating leases fall due as follows.,
2025
2024
Within one year
Be￿een one and five years
In more than five years
82,000
328,000
2,706,000
82,000
328,000
2,788,000
3,116,000
3.198,000
35

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
21. Fund reconciliation
Year ended 31 March 2025
Balance at
1 April
2024
Balance at
31 March
2025
Impairment
Loss
Gainsl
(losses)
Income
Expenditure
Unrestricted funds
General fund
83,545,398 10,758,144
(12,390,691 ) (8,477,370)
97,500 73,532,981
Restricted funds
Walled Garden Apprentice
Scheme
Engagement activities
Geothermal
Holiday Letting
Northside Hotel
Bishop Trevor Gallery
Documentary film
Durham County Council
32,500
28,393
13,731
132,500)
(28,393)
13,731
222,000
83,177
28,000
125,000
230,000
250,000
28,000
125,000
3,097,545
{ 8,000 }
(166,823 >
(3,097,545 }
Total restricted funds
74,624
3,730,545
(3,333,261 )
471.908
Total funds
83,620,022 14,488,689
{ 15,723,952) (8,477,370 >
97,500 74,004,889
36

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
21.
Fund reconciliation (Continued)
Year ended 31 March 2024
Balance at
1 Aprll
2023
Balance at
31 March
2024
Transfers
Galnsl
Ilosses)
Income
Expendlture
Unrestricted funds
General fund
83,016,557 12,784,776
(12,837,928)
644,493
(62,500) 83,545,398
Restrlcted funds
National Lottery Heritage Fund
Development of the Faith
Museum
Walled Garden Apprentice
Scheme
Engagement activities
Geothermal
Holiday Letting
Audience development
644,493
(644.493)
600,000
(600.000)
122,002
153,942
13,731
(89,5021
(125.5491
32,500
28,393
13,731
40,000
7,650
(40,000 1
(7,650)
Total restricted funds
289,675
1,292,143
(862,701 ) { 644,493)
74,624
Total funds
83,306,232 14,076,919
(13,700,629)
(62,500) 83,620,022
The transfer from restricted funds relates to capital assets purchased. The restriction lifts when the purchases
are made.
National Lottery Heritage Fund
The National Lottery Heritage Fund continues to support the development of the Castle and Faith Museum
and related community initiatives. Funds are conditional on matched funding being made available and are
subject to drawdown on a variable percentage basis following cost defrayment. Amounts reported as received
in the year relate to the recovery of appropriate costs at the agreed 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-restricted contributions and costs are subject to variable
percentage funding rates by the National Lottery Heritage Fund. Amounts expended in the year relate to all
l & E Costs of the underlying activities supported by the National Lottery Heritage Fund.
The amount transferred in the year brings the funding carried forward to zero as all conditions of the funder
are satisfied ahead of drawdown and represents the combination of capital costs supported by the National
Lottery Heritage Fund and the balance of funding necessary to replenish unrestricted funds.
37

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
21. Fund reconciliation (Continued)
Walled Garden Apprentice Scheme
The Garfield Weston Foundation contributed £1,000.000 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 brought forward of
£212,421. A further £90,419 was deployed in 2022123 leaving an undeployed balance to be brought forward of
£122,002. A further £89.502 was deployed in 2023124 leaving an undeployed balance to be carried forward of
£32,500. A further £32,500 was deployed in 2024125. The fund is now fully spent.
Development of the Spanlsh Art Gallery
TAP received a further £250,000 from the Woltson Foundation towards the development of the Faith Museum
in February 2023 bringing the total contribution to £400.000. The amount was deployed in the year.
Engagement actlvltles
TAP receives grant support towards a range of initiatives in conjunction with the engagement and community
development agenda from a number of donors. At 31 March 2023 there was an undeployed,balance brought
fornard of £295,601.
During the year a further £64,619 was received including £19,800 from the ACE funding for the Dali exhibition
and £40,565 from the Art Fund for the Dinah and missing women exhibition.
In January 2023 £83,978 was returned to Garfield Weston as it was concluded that TAP'S work could be
duplicating work of other charitable organisations.
In 2022123 £122,300 was deployed leaving an undeployed balance to be carried forward of £153,942. A
further £89,502 was deployed in 2023124 leaving a balance to be carried forward of £28,393. This balance
was fully spent during the year.
Holiday Lets
A donation of £184,000 was received from Jonathan Ruffer, with gift aid received on this donation of £46,000
for the development, reparation and furnishing of TAP vacant properties to convert them to short term holiday
lets, £8,000 was deployed during the year.
Northside Hotel
A donation of £250,000 was received from Lempriere Pringle 2015 for the development and feasibility costs of
constructing a hotel on the Northside of the Market Place within Bishop Auckland. £166,823 was deployed
during the year.
Bishop Trevor Gallery
A donation of £40,000 was received from Jonathan Ruffer for the purchase of fumiture for the Bishop Trevor
Gallery, £12,000 was deployed during the year.
38

The Auckland Project
{A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
Documentary Film
A donation of £125,000 was received from Jonathan Ruffer for the production of a documentsry film on history
of the Palace and Bishop Auckland.
Durham County Council
Grants from Durham County Council of £3,097,54 for development of I￿0 100 space carpark in Bishop
Auckland, one located at Kingsway Square and one at Escomb Road.
22. Analysis of net assets between funds
Year ended 31 Marc
Unrestricted
Funds
Restricted
Funds
Total
2025
Total
2024
Tangible assets
26,599,873
Heritage assets
34,316,315
Intangible assets
92,765
Investments
2,385,000
Current assets
11,814,000
Creditors amounts due within one year { 1,674.972 )
26,599,873
35,602,410
34,316,315
31,130,867
92,765
144,752
2,385,000
2,287,500
12,285,908
16,609,638
(1,874,972) (2.155,145)
471,908
73,532.981
471,908
74,004,889
83,620,022
31 March 2024
Unrestricted
Funds
Restricted
Funds
Total
2024
Total
2023
Tangible assets
35,602,410
Heritage assets
31,130,867
Intangible assets
144,752
Investments
2,287,500
Currenl assets
16,535,014
Creditors amounts due within one year (2,155,145)
35,602,410
43,155,023
31,130,867
20,639,642
144,752
194,405
2,287,500
1,510,000
16,609,638
19,573,915
(2,155.145) (2.056,428 )
74,624
83,545,398
74,624
83,620,022
83,016,557
23.
Related Party Transactions
TAP has a close working relationship with Jonathan Ruffer, and has received signifi'cant financial support
from him and also from Lempriere Pringle 2015 where he is a Trustee.
Income of £1,025,000 (2024.. £7,5000,000) was received from Lempriere Pringle 2015.
Donations of £3,348,000 {2024: 40,000) were received from Jonathan Ruffer for continued support of TAPS
operations and a number of projects including development of a number of TAP properties into holiday lets,
purchase of antique furniture and contributions to a documentary film.
39

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
23. Related Party Transactions (Continued)
Subsequent to his resignation as a Trustee in September 2024, and subsequent to the year end. Jonathan
Ruffer's wife, Jane Ruffer, was appointed as CEO in June 2025
TAP also has a close working relationship with the Zurbaran Trust, which was set up to hold the Zurbaran
paintings which are on display at the Palace as an endowment. Jonathan and Jane Ruffer are also Trustees of
The Zurbaran Trust. A collection agreement has been signed be￿een the charities. Certain costs relating
to The Zurbaran Trust (such as conservation security etc) are borne by TAP, with £134,574 (2024 - £268,476)
being invoiced lo The Zurbaran Trust. The Zurbaran Trust invoiced TAP £134,57412024 £268.476) relating
to image rights of The Zurbaran Trust.
TAP also contributes to The Zurbaran Trust from the retail profits of the Mining Art Gallery as agreed when the
main content of the gallery was made available to TAP from the artwork owned by The Zurbaran Trust. During
the year £4,488 was contributed (2024.. £3,613).
One of TAPS properties is rented to Jonathan and Jane Ruffer. The rent received for the period totals £8,100.
The arrangement has been approved by the Charity Commission.
24. Penslon Comm5tments
TAP operates a money purchase pension scheme. The pension scheme cost charge of £239,296 {2024
£233,154) represent amounts payable by TAP. At the balance sheet date, £19,981 {2024 £24,733) of
pension contributions were outstanding and payable to the pension providers.
25.
Financial Commbtments
Commitments for the acquisition of tangible fixed assets approved by the Trustees bul not provided in the
financial statements amounted to £10.7m {2024 - £7.6m).
26. Contingent LlabS11ty
On 18 July 2016 a legal charge was registered against TAP by the Trustees of The National Heritage Lottery
Fund ('NHLF") as security for any sums that may become due to NHLF as a condition of making the original
grant of£11.4m.
The grant conditions confirm that the terms of the contract last for 20 years from the project completion 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 to be repaid. Accordingly, it is deemed
impractical to calculate any future possible liability.
At 31 March 2025 TAP has drawn down £11.4m of the total available grant of £11.4m, the fit out of the Faith
Museum completed December 2023. To date, TAP has re￿iVed no notice from NHLF regarding any sums
they consider may be due to them.
40

The Auckland Project
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
27. Reconciliation of net income to net cash flow from operating activities
2025
2024
Net (deficit)Isurplus for the year
Interest received from investments
Valuation {gain)Iloss
Impairment of tangible fixed assets
Amortisation of intangible assets
Depreciation on tangible assets
Loss on disposal of fixed assets
Receipt of Asset donation
(IncreaselDecrease in debtors
(Decreaselllncrease in creditors
Increase in stock
(9,615,133)
1710,237 }
(97,500 >
8,477,370
62,993
1,560,350
1,320
313,790
(919,138)
62,500
220,636
87,198
1,369,984
{ 300,000)
(628,517)
98,717
(38,629)
23,962
(480,172)
{19,735 )
Net cash flow from operating activities
{ 796,782)
266,541
41