## ||||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| ##