| Page | ||||
|---|---|---|---|---|
| Report ofthe Trustees | I | to | 3 | |
| Report ofthe Independent | Auditots | 4 | to | 7 |
| Statement ofFinancial Activities | ||||
| Balance Sheet | ||||
| Notes to the Financial Statements | 10 | to | 14 |
| 2023 | 2022 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | 8 | 8 | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies |
37341 | 1440 | |
| EXPENDITURE ON | |||
| Charitable achvities |
|||
| Depreciation | 212&091 | 200,650 | |
| Governance costs Professional fees |
3,305 450 |
2,400 540 |
|
| Total | 215106 | 203,590 | |
| NET INCOME/(EXPENDITURE) Other recognised gains/(losses) |
(212,116) | (202,150) | |
| Gains on revaluation offixed assets |
414494&2 | 1344783 | |
| Net inovement in funds |
3,932,786 | 1,142,633 | |
| RECONCILIATION OF FUNDS |
|||
| Total funds brought forward |
99,545,310 | 98,402,677 | |
| TOTAL FUNDS CARRIED FORWARD | 103,478 1196 | 99 543 310 |
| ~Ii ' 4 Gall |
|||
|---|---|---|---|
| Balance Sheet | |||
| 31stMarch 2023 | |||
| 2023 | 2022 | ||
| Unrestricted | Total | ||
| Notes | funds | fundsI | |
| FIXEDASSETS | |||
| Tangible assets | 103,481,482 | 99,548,671 | |
| CURRENT ASSETS | |||
| Cash at bank | 364 | 119 | |
| CREDITORS | |||
| Amounts falling due within one year |
(3,750) | (3,480) | |
| NET CURRENT ASSETS | ~3386) | ~3361) | |
| TOTAL ASSETSLESSCURRENT | |||
| LIABILITIES | 103,478,096 | 99,545,310 | |
| NET ASSETS | 11134781196 | 99545310 | |
| FUNDS | |||
| Unrestricted funds |
1113470096 | 99145310 | |
| TOTAL FUNDS | 103478 1196 | 99 545 310 |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| f | |||||||
| Contributions | froni Ferens | Art Gallery Endowment | Fund | 3,480 | 1,440 | ||
| Donations | received via Charities Aid Foundation | (CAF) | 250 | ||||
| 3 7311 | I 440 | ||||||
| AUDITORS' | REMUNERATION | ||||||
| 2023 f |
2022f | ||||||
| Fees payable | to the charity's | auditors for the audit | ofthe charity's | financial | |||
| statements | ~3300 | ~2400 |
| TANGIBLE FIXEDASSETS | ||||
|---|---|---|---|---|
| Pictures | ||||
| Land and | and | |||
| Buildings | Equipment | Artefacts | Totals | |
| COSTOR VALUATION | ||||
| At 1stApril 2022 | 21,979&488 | 37,985 | 77,569,183 | 99,586,656 |
| Revaluations | 3 032011 | 3032811 | ||
| At 31stMarch 2023 | 2511220& | 37 &115 | 77 561 183 | 103,510467 |
| DEPRECIATION | ||||
| At 1stApril 2022 | 37,985 | 37,985 | ||
| Charge for year Revaluation adjusnnents |
212,091 ~212 0&1) |
212&091 ~21l001) |
||
| At 31stMarch 2023 | 37 085 | 37 085 | ||
| NKT BOOKVALUE | ||||
| At 31stMarch 2023 | 25012 210 | 77560183 | 1113481402 | |
| At 31stMarch 2022 | 21.070480 | 77560153 | 0054867) |
| Pictures | |||||||
|---|---|---|---|---|---|---|---|
| Land and | and | ||||||
| Buildings | Equipment | Artefacts | Totals | ||||
| Valuations | 2010 | to | 2023 | 17)313,633 | 679265,624 | 84,579457 | |
| Costs | 8 598 666 | 37985 | 103113559 | 18,940410 | |||
| 25 912,299 | 37 905 | 77 569 103 | 1113519467 |
| CREDITO | RS: A | MOUNTS FALLING DUE | WITHIN ONE YEAR | ||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Other creditors | ~3750 | ~3480 | |||
| MOVEMENT IN FUNDS | |||||
| Net | |||||
| movement | At | ||||
| At I/4/22 | in funds | 31/3/23 | |||
| f. | |||||
| Unrestricted | funds | ||||
| Fixed Asset | Reserve | 99,545)193 | 3,932,786 | 103)477,979 | |
| Adopt-a-painting | Scheme | 117 | 117 | ||
| 995453111 | 3932706 | 1034701196 | |||
| TOTAL FUNDS | 995453111 | 3932786 | 1113478096 |
| Net movement | in funds, includ | ed in the abo |
ve are as follows, | |||
|---|---|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | losses | in funds | |||
| Unrestricted | funds | |||||
| Fixed Asset Reserve | 3,730 | (215,846) | 4,144&902 | 3,932&786 | ||
| TOTALFUNDS | ~3730 | ~215,846) | ~4144 902 | ~3932 786 | ||
| Comparatives | for movement | in funds | ||||
| Net | ||||||
| movement | At | |||||
| At I/4/21 | in funds | 31/3/22 | ||||
| f | f | f | ||||
| Unrestricted | funds | |||||
| Fixed Asset Reserve | 98,402,560 | 1,142,633 | 99,545,193 | |||
| Adopt-a-painting Scheme |
117 | 117 | ||||
| 98 402 677 | 1142633 | 99 545310 | ||||
| TOTAL FUNDS | 98 402 677 | 1 142 633 | 99 545 310 |
| Comparative | net movement in fund |
s, included in the above are |
as follows: | ||
|---|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | ||
| resources | expended f |
losses f |
in funds | ||
| Unrestricted | funds | ||||
| Fixed Asset | Reserve | 1,440 | (203,590) | 1,344,783 | 1,142,633 |
| TOTAL FUNDS | ~1440 | ~203 590) | ~1344783 | I 142633 |
| Net | |||||
|---|---|---|---|---|---|
| movement | At | ||||
| At I/4/21 | in funds | 31/3/23 | |||
| f | |||||
| Unrestricted | funds | ||||
| Fixed Asset | Reserve | 98,402,560 | 5,075,419 | 103,477,979 | |
| Adopt-a-painting | Scheme | 117 | 117 | ||
| 98402677 | 5075419 | 103478,096 | |||
| TOTAL FUNDS | 98402677 | 5075419 | 103478096 |
| Incoming | Resources | Gains and | Movement | ||
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| Unrestricted | funds | ||||
| Fixed Asset | Reserve | 5,170 | (4]9,436) | 5,489,685 | 5,075,419 |
| TOTALFUNDS | 5 170 | ~419436) | ~5489685 | 5 075419 |
| Page | ||||
|---|---|---|---|---|
| Report ofthe Trustees | I | to | 4 | |
| Report ofthe Independent | Auditors | 5 | to | 8 |
| Statement ofFinancial Activities | ||||
| Balance Sheet | 10 | |||
| Notes to the Financial Statements | 11 | to | 15 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Restricted | Endowment | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | 6 | |||||
| INCOME AND ENDOWMENTS FROM | ||||||
| Investment income |
2 | ~165832 | ~165832 | ~154 115 | ||
| EXPENDITURE ON | ||||||
| Raising funds | 3 | 6&858 | 48,587 | 55,445 | 60,730 | |
| Chaidtable activities |
||||||
| Ferens Art Collection | Fund | 3,480 | 3,480 | 1,440 | ||
| Hull Culture k.Leisure Limited Governance costs |
18,426 ~3000 |
18,426 ~3000 |
17,124 ~2400 |
|||
| Total | ~31 764 | ~48 587 | ~80351 | 81 694 | ||
| Net gains/(losses) on |
investments | ~28 156) | ~28 156) | ~290 731 | ||
| NET INCOME/(EXPENDITURE) | 134,068 | (76&743) | 57,325 | 363,152 | ||
| RECONCILIATION OF FUNDS |
||||||
| Total funds bmught | forward | 994,383 | 7,225,710 | 8820,093 | 7,856,941 | |
| TOTAL FUNDS CARRIED FORWARD | ~1128451 | ~7148967 | ~8277 418 | 8 220 093 |
| Balance Sheet | |||||
|---|---|---|---|---|---|
| 31stMarch 2023 | |||||
| 2023 | 2022 | ||||
| Restricted | Endowment | Total | Total | ||
| fund | fund | funds | funds | ||
| FIXEDASSETS | Notes | g | |||
| Investments | 7,099,481 | 7,099,481 | 7,267,443 | ||
| CURRENT ASSETS | |||||
| Debtors Cash in hand |
7 | 1,150,083 | 61757 | 1,150,083 61757 |
1,014,070 ~291323 |
| 1,150,083 | 61,757 | 1411,840 | 984,938 | ||
| CREDITORS | |||||
| Amounts falling due within one year |
8 | (21,632) | (12,271) | (33,903) | (32,288) |
| NKT CURRENT ASSETS | 1128451 | 49486 | 1177937 | 952650 | |
| TOTAL ASSETSLESSCURRENT | |||||
| LIABILITIES | 1,128,451 | 7,148,967 | 8477,418 | 8,220,093 | |
| NKT ASSETS | I 128 451 | 7 148 967 | 8277 418 | 8 220 093 | |
| FUNDS | |||||
| Restricted funds Endowment funds |
1,128,451 ~7148 67 |
994,383 7225 710 |
|||
| TOTAL FUNDS | 8277 4111 | 8 220 093 |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Investment | income | 150,722 | 153,507 | ||||
| Interest on | balances | ~15110 | 608 | ||||
| ~165 832 | 154 115 | ||||||
| RAISING | FUNDS | ||||||
| Investment | management | costs | |||||
| 2023 | 2022 | ||||||
| f. | f | ||||||
| Fund management | costs | 48,490 | 52,779 | ||||
| Suppoit services recharge | ~6955 | ~7951 | |||||
| ~55 445 | 60 730 | ||||||
| AUDITORS' REMUNERATION | |||||||
| 2023 | 2022 | ||||||
| Fees payable to the | charity's | auditors | for the audit ofthe charity's | financial | |||
| statements | ~3000 | ~2400 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| f | f, | |||
| Fixed interest | 989,177 | 860,104 | ||
| Equities | 5,749,789 | 6,147,283 | ||
| Alternatives | tk Funds | 360 515 | 260 056 | |
| 7,1199481 | 7267443 | |||
| The initial book cost ofthese investments | was: | |||
| 2023 | 2022 | |||
| Fixed interest | 1)013,477 | 870,671 | ||
| Equities Alternatives |
&Funds | 5,490,554 360 51~ |
5,965,631 180 806 |
|
| 61164540 | 7017,1118 |
| DEBTORS:AMOUNTS FALL | ING DUE WITHIN ONE Y | EAR | |||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Kingston upon Hull City Council HSBC Private Bank |
1&132&868 ~17215 |
1,001,913 12 157 |
|||
| ~1150083 | ~1014070 | ||||
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONK | YEAR | |||
| 2023 | 2022 | ||||
| g | f, | ||||
| Other creditors | ~33 903 | ~32 288 | |||
| 9. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At I/O/22 | in funds | 31/3/23 | |||
| f | |||||
| Restricted funds | |||||
| Restricted Fund | 994,383 | 134,068 | 1,128,451 | ||
| Endowment funds |
|||||
| Endowment Fund |
7,225&710 | (76&743) | 7&148,967 | ||
| TOTAL FUNDS | ~820 093 | ~57 325 | ~877418 | ||
| Net movement in funds, included |
in the above are as follows: | ||||
| Incoming | Resources | Gains and | Movement | ||
| resources | expended | losses | in funds | ||
| g | f. | ||||
| Restricted funds | |||||
| Restricted Fund | 165,832 | (31,764) | 134,068 | ||
| Endowment funds |
|||||
| Endowment Fund |
(48,587) | (28,156) | (76,743) | ||
| TOTAL FUNDS | ~165832 | ~80351) | ~28 156) | ~57325 |
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At I/4/21 | in funds | 31/3/22 | ||
| Restricted | funds | |||
| Restricted Fund | 869,770 | 124,613 | 994,383 | |
| Endowment | funds | |||
| Endowment | Fund | 6,987,171 | 238,539 | 7,225,710 |
| TOTAL FUNDS | ~7856941 | 363,152 | ~8220 093 |
| Incoming | Resources | Gains and | Movement | ||
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| K | |||||
| Restricted | funds | ||||
| Restricted Fund | 154,115 | (29,502) | 124,613 | ||
| Endowment | funds | ||||
| Endowment | Fund | (52,192) | 290,731 | 238,539 | |
| TOTAL FUNDS | 154 115 | ~81 694) | ~290 731 | 363 152 |
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At I/4/21 | in funds | 31/3/23 | ||
| f. | f. | |||
| Restricted | funds | |||
| Restricted Fund | 869,770 | 258,681 | 1,128,451 | |
| Kndosvment | funds | |||
| Endowment | Fund | 6,987,171 | 161,796 | 7,148,967 |
| TOTAL FUNDS | ~7,856941 | 420 477 | ~8277 418 |
| Incoming | Resources | Gains and | Movement | ||
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| f. | g | ||||
| Restricted | funds | ||||
| Restricted Fund | 319,947 | (61,266) | 258,681 | ||
| Endowment | funds | ||||
| Endowment | Fund | (100,779) | 262,575 | 161,796 | |
| TOTAL FUNDS | ~319947 | ~162045) | ~262 575 | ~420 477 |
| The Permanent Endowment F |
und comprises: | ||
|---|---|---|---|
| 2023 | 2022 | ||
| 6 | |||
| Original endowment (at cost) Net gains from previous years |
22&500 ~703 2111 |
22,500 6,964,671 |
|
| Market Value at 31stMarch 2022 | 7&225&710 | 6,987,171 | |
| Less: Disposals at book value |
(proceeds; 54,389,691+loss: f16,679) | (4,406,370) | (8,901,424) |
| Add: Acquisitions at cost |
4,253,807 | 9,690,439 | |
| Less; Management fees paid Net gains/(losses) on valuation |
at year end | (48,587) 124 407 |
(52,192) ~498284) |
| Market Value at 31stMarch 2023 | 7 148 947 | 7 22&710 |