REGISTERED CHARITY NUMBER: 1003774
Re
rt of the T￿￿teeS and
FiDanci#l StAtenieMts
for the Year Eudcd 31st March 2024
for
Feve￿$ Art Gall¢
Sa(lofskys
Ststsjtory Auditoi's
Princes House
Wright Street
Kingsion upon Hull
HU2 8HX

Ferens Al't Galle
Contents oftlie Financial Statemellts
foi. tlie
ear ended 31st Mareh 2024
P4ge
Repoi't o( tbe Trustees
Report of tli¢ Independent Auditoi
4 to 7
Statement ofFiMancial Aetivities
Bxl#n¢e Sheet
Notes to the Financial Statements
10 to 14

Ferens Al't Calle
ort of tlie Trustee5
eai" ended 31st March 2024
for the
The trustees pitsent theii. r¢p)it MTith the financial slatemertts of the charity for tlje year ended 3 1st March 2024. The
trustees have adopted the pi'ovisions of AccounÉiiig and Reportin8 by Chwyties: Statement of Reeomineiided Pi'actice
applicable lo charities prepai'ing theii. accounts in accordance with the Financial Repoi*iiig Standard applleable in the
UK and Republic of lirlaiid (FRS 102) (effective l January 2019).
OBJII CTIVES AND ACTIVITIES
Objeetives, alld publie benefit
In 1919 T.R. Fe￿n3 bequeathed the land the t￿lIding now stands on and the money to constnjct ￿}d ftlinisli an Art
Gollery.
The Art Gallery is held on ts'ust by Kingston up)n Hull City Council for "the exhibition of works of art in perpetuity"
Hull CultUiE & Leisure Limited occupies aLKI runs die art gallery on bdialf of Kingston upon Hull City Couiicil ivho are
i'esponsible foi. its maintenance. which is in part funded from the Ferens Art Galla'y Endowment fund.
Kingston upon Hull City Council, as sole t￿￿te¢, maintains the Ferens Art Gallery and its colle¢tioiis for tl)e benefiL of
t])e geneixl public.
Tbe Ii-ustee is of the opinioll tliat li has complied with the duty in Section 4 of the Charities Act 2011 with regard to
public bencfit guidance publistied by the Charity Commis8ion.
ACHIEVEMENT AND PERFORMANCE
The fund was set up to pui'chase and exhibit works of arL No purchases during 2023124 have been capitalised (2022123
nil)-
The Adopt-a-Painting Scheme was set up in 2008109 to fund tlie restornlion of artwoi'ks. Dui'ing 2023124, no donatioiis
Iveit received (2022123 - 1)il). No expendiluit was incurred during 2023124 (2022123 - nil).
The policy of the trust is io ensure that Land 8t￿ Buildings show a b'ue and fail. view in accoidance with FRS102 so tliis
is considered and are i'e-valued each year.
FINANCIAL REVIEW
Finallcial posfiiioii
The financial position of the chai'ity is strong ivkth net assets at 3 1st Mai'¢h 2024 amounting to £1 l5,614.427 {2023
£103,478,096).
Roserves poliey
Tlie Ti'ust operates a Resei'ves Poli¢y whereby the fvnd LTtains sufficient casli to ensure it lias sufficient available funds
for its operations.
Coing coneeyn
The chai'ity has su￿￿Clent Yescrves to enable any debts to be paid as diey fall due. The tswtees do not foresee any
pioblems in the ncxt twelve inonths from Ihe date that thcge financial statements are auihori5ed foi. issue.
STRUCTURE, COVII RNAIYCE AND MANACEMENT
Govert)Iihg doellmellt
The charity is controlled by its goiierning document, a deed of tsust and constitutes unincoKp)rated chai'ity.
Fettns Ait Oallery was built in 1927 from monies held Én a tsvst fund set up 1919 by T.R. Ferens.
Followin8 the completion of the gallery, a deed of trust Was Clydted. dated 15 March 1928, and rcsidual imonies weit
depositcd iviih the Ferens Gallery Endowiient Fund to providc fundii)g for the purchase ofartwot*s.
Ferens Al't Gallery was i'¢gistered as a charity on 5 August 199L (no. 1003774), with the Ferens Art Gallei'y
Endoivtnent Fund being vegistei'ed as lis constituent charity.
Page I

FereiES Art Gallei
ort of tlie Truslees
ear eoded 31st MAreb 2024
for the
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of neiv Ir￿steeS
Kingston upon Hull City Council is ihe sole irustee it is Ihe Council's Coiporate Trustee Committee as per Ilie
Council constitulioi) that exercises conts'ol.
The i'eci'uitsneni and appointment is b&sed solely on ivhen Ihere are chaliges to the Committee a5 a I'esult of official loeal
elections.
Oi'ganisatlonal sti'uetui'e
Kingslon upon 14ull City Council is the sole Irustee of ihc Fei'eiis Art Gallcry. The fvnctioii ot. the trustee is exercised
by tlie Council's Corp017te Trustee Comiiiittee as per the Council constitution. The curirnt members of the Coipoi?te
Trustee Coinmittee al'e Councillor J. Dad. Councillor R. Pritehard and Councillor M. Ross. rhe Coi'poE71e Trustee
Coillinittee is I'esponstble foi. ensuring that arrangeinents are made for keeping propel. books of account whieli represent
a th'ue and fair vieiv of the affaii's of the Tiwl in respect of activities. It also ensures t]iat the financial slatenieiils have
been properly pi'epared in accordance with the TnLSt Deed, the Charities Act 2011 and the Statement of Reconimeiided
Practice: Accounting and Reporting by Cliarities (effective l January 2019).
Induction aiid training of new ti'usÉe¢s
The councilloiB are given a copy of the scheme document logethei. with any a￿¢￿d￿entS Inade lo it and a copy of tlie
latest chai'ity i-eport and the accounts.
Risli maiiageillent
The Ii'ustees have a duty to identify and revtemi the risks lo whicli the charily fts exposed and to ensure appi'opi'iale
conliDls are in place lo provide reasonable assuiince agairLSt fraud and error.
The Cliarity has identified the i'isks to wl)ich it may be exposed aiKi has implemented a risk maiiagement slrateg)i which
coii)prises'
an annual review of the I'isks which tlie ChArily niay face.
the eslabli,shment of systems aiid piDcedures to Iniiigate those risks. and
thc itnplemcnlatioi) of proceduits designed lo mininiise any potential iiiipact ott d)e Cliai'tty should any of those i'isks
matetialise.
REFERENCE AND ADMINISTRATIVE DETAIiS
Reglsteitd Chaj'ity numbei,
1003774
Pi'liicipal addl'ess
Klngston upon Flull CILY Council
Guildhall
Alfred Geldej. Sts'eet
Kingston upon Hull
HUI 2AA
Tr'ustees
Kingston upon Hull City Council
Auditors
Sadofskys
Statutoi'y Auditors
Princes Flouse
Wi'ight Sti'eet
Kingston upon Hull
HU2 8HX
Page 2

Fere￿ Art Galle
oi* of tlle Truste
ear ended 31st Mai'eli 2024
foi. the
REFERENCE AND ADMINISTRATIVE DETAIiS
B74nl<eYs
National Weslininster Batik plc
34 Kftiig Edward Sts'eet
Icingston upoii Hull
HUI 3SS
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The ti'ustees are responsible for preparing ihe Report of the T￿￿te¢S and the financial stateniettts in qccordance with
applicable law and United Kingdoni Accounting Standaits (United Kingdom Genei'ally Aeeepted Accouiiting Practi¢e}.
The law applÉcable to charities iii England and Wales the Charities Act 2011, Charity (Ae¢J)unls and Reports)
Regulatioiis 2008 and the piovisions of Ihe trust deed I'equires ihe trustees to prepai'e financial statements for eaeh
rinancial yeai. wl)ich 8Éve a t1￿C and fair iiiew of the 5tatc of affairs of tlie charity attd of the incoming I'esoui'ces artd
application of resources, including the Èncomc and expenditure, of the charity for that period. In pjtparing those
financial state4nents, tlie ti'ustees are requlltd to
select suitable accounting policies and then apply thein consistently.
obsei've the methods aiid priiiciples in the Chaiity SORP.
make jiidgements and estimates that are i'easonable and Pl￿denL
prepa]r tjie fiiiancial statenients on the going concern basis uiiless it is inaN)ropriate to pftsume thai tlie chai'ity ivill
coiitinue in business.
The trustees are responsible foi. keeping woper accounting re￿rdS which disclose with i-easonable accuracy at any time
tlie finaticial position of the diai'ity and to enable th￿7] to ensure that the f￿￿cial slateinents co1￿￿1Y wilh the Charities
Act 201 I, tlie Charity (Accounts and Reports) ReouIati(￿S 2008 and the provisions of the tsust deed. They are also
responsible foi. safeguarding the assets of tlle Ch￿'llY and hence for taking r￿ollable steps for Ihe prevention aiid
detection of fraud aiid oiliei. iii'egulai'ities.
Approved by order of11)e Council's corp￿￿te Trnstee Committee acting as the sole ttwtee on 28 October 2024 and
signed on its behalf by:
Councilloi. Jackie Dad- Chair of the Committee
Page 3

Re
oi't of the Inde
endent Auditors to the Ti'ustees of
Ferens Ayt Galle
Opiiiion
We liave audited the financial slaienieiits of Ferens Art Galleiy (Ihe'chai'ity,) foi. the year alded 31 st Mai'ch 2024 which
coniprise the Statement of Financial Activities, the Ba12nix Sheet and iiotes to the financial staleineiils. including a
suininwy of significant accounting wlicies. The financial rew)rtiiig fr8niewoi'k thal has been applÈed iii Iheii.
pitpai'alion is applicable law and United Kingdom AccountTng Stsndards (United Kingdom Generally Accepted
Accounting Piaclice).
In oui. opinion the financial statenients:
give a true aiid fail- view of the slate of the charity's affairs as at 3 March 2024 ￿]d of its iiicoining ia%oui'ces and
application of resources, for the year thei) endcd.
have beett properly prcpai'ed in accordai)ce witli United Kingdom Generally Accepted Accounting Practice. and
have been prepaird in accoiylance with the requirements of the Chai'ities Aci 2011.
Basis for oplnlon
We coiiducted oui. aL¢dit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law.
Oui. I'espoiisibilities undei. those standai'ds are further described in ttie Audilois, i'esponsibililies foi. the audit of the
fInancial sialcinents section of oui. reporL We are independent of the c]iai'ity in 8ccoI'dance iviili L])c ethical
requii'enients that are irlevaE)I lo our audit of the financial statements in the UK. includtng tlie FRC'S Ethical Standai'd,
and we have fijlfilled our other eiliical I'esponsibililies in accoi-dance with these i'equirenients. We believe that the
audil evidence we have obtained is 5UtTicient and appiopriate to provkdc a basis lor our opinion.
Coiielusions relatijig to goillg eolleei'n
In auditing the financial stalenient4 HTe have concluded that the trustees, use ot the going coiicern basis of accovrtting in
Ihe prepwition of the financial ststeinents is appropriate.
Based oli tl)e woi'k we have pei'formed, we have not identified any matejial uncertainties I'elating lo events or Conditions
tha¢ individually or collectively, may cast significant doubt on the charity's abilffity to continue as a going concerii foi. a
pei'iod of at least twelve moiiths from when the financial statenients al'e autliorised foi. issue.
Our responsibilities and the responsibilities of the tllLStees with twpect to going concei'n att described in tlie i'elevant
sections of this reporL
Other inforination
Tlie trustees at-e Irsponsible for the other infoirnation. The other infoi)nalion coinpi'isas the information included in the
Annual ReporL oihei- than the fmancial statements and our Report of the Iiidepeiident Auditoi's thereon.
Our opinion on the financial statenients does not covei. the other infomjation and, except io the extent otheJi¥ise
xplicitly staled in our repoit il'e do tlot express any forni ot"assuT7nce eonclusion Ihejeon.
In connection with our audit of the financi41 statements. our res￿nsIbl11ty is to irad the oihei. informatÈon and, in doing
so, considei- whether the othei. infoiThalion is materially inconststent iyith the financial ststenienls or our knowledge
obtaiiied in the audit oi. Othe￿ISe appew% to be materially misstaled. If we identity such Inaterial inconsistencies or
appai'ent material misststeinenls, we are required to deterinine whdl)er tliis gives rise lo a matej'ial niisstatement in the
riiiancial slatei)ients then)selves. If, based on the ivork we have performe(L we conclude that Il)eir is a IM8tei'ial
Inisslatemettt of this other tnfoi'iiiation, Ive I'equiird to itpoit that fact. We have nothing to repoj't in Iliis re8ai'd.
Matters on wliich ive are requli'ed to report by exeeptioll
We have nothing to i'eport in respect of the following matters whcre the Charities {Aceourtts and Reports) Regulations
2(108 requii'es us to repoit to you if, in our opinion:
the infoiThation given in the Report of the T￿sle&S is inconsistent in any material I'e5pecl with the financial
slat¢nients' oi.
sufticier)t dccountÈttg I'eeoi'ds have not been kepl. or
the financial slalements al'e not in agreenient wlth the accounting lEcoi￿5 and i-etums. or
Ive have not Irceived all the int.omiation and explanations we requi￿ for our audit.
Page 4

oi't of the liide
endent Auditors to tbe Tmtees of
Fei'ens Al-t Galle
Responsibilities of ¢i'ustees
As explained more fully in the Statement of Truslees, Responsibiliti￿. the trustees are irsponsible for thc piepai'alioi) of
the financial statements which give a true and fair viciv. and f(M' such internal control as the trustees detennine is
necessary to enable Il)e pirparation of financial statejnents Ihat are ftEe from matej'ial misstatenien¢ whether due lo
traud or eiTOr.
In pi'epai'ing tlie financial stsÈenients, the tswstees are responsible for a&sessing the charity's ability ¢0 continue as a
going concei'n, disclosing. as applicable, Inatter5 related kn going concern aiid using 11)e going concern basis or
accounting unless the Iiustees eitha. intend to liquidatc the charity or to cease operation4 oi. Iiave no I'ealislic alteinative
but lo do so.
Page 5

ort of tlie Imde
endent Auditors to the Trustees of
Feren5 Ar¢ Galle
Oui. responsibilities foi. tlie uudit of the finatheial stateillellts
We have been appointed as auditois under Section 144 of the ChariEies Act 201 l and rep)rt in accol￿ance iviih the Act
and releirant regulations made or having effect Iheirunder.
Our objectives are to obtatn reasonable assui2nce about whether the fInaticial slatenients as a whole aiE fire ffft-oiii
malei'ial misslateinei)I, Ivhellier due to fixud or error, and to issue a Rewrt of liie Independent Auditois that includes
oui. opinioll. Reasonable assurance is a high level of assurance. but is not a guai'antee that a]i audit conducted i
accordance willi ISAS (UK) will aliyays delect a matej'ial misstatement when it cxists. Misstateinents cai) ai'ise fiDn)
fraud or error and aj'e considei'ed i)ialci'ial if, individually or in the aggregate. they could reasonably be expected io
iiifluence the economic decisions ot'usei's taken on the b&sis of these financÉal siatemenl5.
The extent to which our procedures are capable of detecting irregulaiities, including fraud is detailed below..
Oui. appioacl) to identifying and assessing the risks of Inalertal niissta*ment in Itspect of irregul81.ilies, including fixud
aEtd non-coinpliance ividi laws and ITgulation4 was as folloivs:
the engagement pai'lner ensured Iliat the engagenient team collectively had ihe appffbpriate conipeteiice, capabililies
and skills lo identify or recognise noii4oniplRance witii applicable laivs alid regulations.
ve identified the laws and regulations awlicable to the charity ihrough discussions with tile ts'ustees and Oll)￿.
managetnenl, and froin OLEI. commei'cial knowledge and experience of the cl)arity sectoi"
ie tocused on specific laws and regulations whÉch we considard n)ay have a direet material etTect on the financial
stalemetkts or tlie opej21ioiis of the charity, including the Charilic8 Act 2011, the Chai'ities Slaiement ot RecDmii)ended
Practice (SORP), taxation legislation, data protection, anti-bribery, employnient, a)viiDnmenlal and health and satety
legislalion.
we assessed the extent of compliance with the laiys and regulations identified above thjough niaking enouiries of
management and inspecting legal cori'eswindence. and
identified laws and i-egulations were comniuiiicated within the audit team iigu14rly and the ieam reniained alert to
instanees of non-conipliance Ihroughoul the audit.
We assessed the susceptibility of the chaF-ity's financial statements lo niatei'ial misstatrnient, ittcluding obtaining an
undeislanding of l)ow fitud niiglit oceui-. by:
niaking enquiries of inanagement &8 lo where they considered there was su8ceplibility to fi?ud, Iheii. kniowledge of
actual, suspected and alleged fi'aud. ai)d
considei'ing the internal conlrols tn place to initigate risks of ft7ud and non-compliance wilh laws and I'egulations.
To addi'exs the i-isk of fraud throu￿ nianagemenl bias aiid ovei'ride of ￿ntrolS. 14fe:
pei'k"ormcd analytical proceduiEs to identify any uiiusual oi- uilexpected Je14tionshLPS
tested jouinal entries to identify unusual tswisactions.
assessed whether judgenients arÈd assumptions Iiiade in deteiTrining the ￿oU￿till8 esliinales were indicative of
potential bias- &nd
investigated the ￿tIonale behind significant or unusual ts7nsactions.
In response to the I'isk of irre8ularities and n0￿CoMplI8n¢c with laws and regulations, we designed piYjcedui￿ ivhich
incl¥ded, but wei-e not Itmited ￿.
agi'eeing rtnancial slatenient disclosures to underlying supporting documentatffion-
readKiig the niiiiules of meetings of those charged with gOv￿llance-
ei)quiiing of nianagemeiit as to actual and potential litigation and clainis. and
i-eviebving coi'iespondertee with HMRC, rcle%'2nt IEgulat017 and the chai?ties' legaE advisors.
'rheKe ale inliei-eiit liinitations in our audit procedur&s described aboiie. The Inoi'e retmoved that laws and regulations al'e
froin Iinancial ti?nsactions, tlie less likely it is that ive would become aivare of non-conipliance. Auditing standai'ds also
limit the audit procedur&8 required to identify non-compliance with laKvs and iegulations to enquiry of the ti'l￿teeS and
other management and the tnspection of regulatory 2nd legal corr£sw>ndence, if any.
Lllalerial misstalemeiits tliat arise due to fjxud can be harder to detect than those that arise from ei'i'or &$ they ii)ay
involve deliberate coneealiJ)ent oi. collusion.
A fitriher descripliori of our responsibilities for Ihe audit of the fmancial statwnents is loixted on the Financial
Reporting CouncÈl's website at www.frc.org.uklaudit0isresponsibilities. This desci-iplion foims of our Report of Ihe
Independent Auditoi
Page 6

ort of tbe liidt
eiident Auditors to the T stees of
Fei'ell5 Art Ggll
Use of our I'eport
This report is made 501ely to the charity's twsLees, as a IK>dy. in accordance wfith Part 4 of the Charitics (Accounts and
Reports) Regulations 2008. Our audit work has been undertaken so tliat we miglit state to the charity's tivstees tliose
mattets we are Irquired to state to them in an auditoi'g Kport aiid for no other pui'pose. To the fullest exleiit pei'iiiitted
by law, Ive do not accept or assuine resy)115ibility to anyone oth￿. thaTh the charity and the charity's tiustces as a body,
foi. our audit woi'k, for this i'ey)i'L oi- for the opinions we liave fonned.
Sadofskys
Statutory Aiiditors
Princes House
Wi'ight Street
Kiiigslon upon Hull
HU2 8HX
1stNovei￿b¢Y 2024
Page 7

Ferens Art Callei
Statenient of Fii)xnei81 ActivitÈe5
fol. the
eAI' ellded 3 1st Mi xt'cli 2024
2024
Uni'esti'ieted
fuiids
2023
Total
funds
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3,300
EXPENDITURE ON
Charitable activities
Depreciation
Govei'rkance costs
Pmfessional fees
251,804
3,540
720
212,091
3.305
450
Total
256.064
215 846
NET INCOMEI(EXPENDITURE)
Othei. i'ecognised galnsl(losses)
Gains on Jevalua¢ion of fLxed assets
(252,764)
(212,116)
12 389 095
4 144,902
Net Movenieiit in fullds
12.136,331
3,932,786
RECONCILIATION OF FUNDS
Total fuiids bi'ougl)I forward
103,478,096
99,545,310
TOTAL FUNDS CARRIED FORWARD
115 614.427
103,478.096
The llotr￿ fomi part of these financial statemcnts
Page 8

Fei'ens Art Galle
Balgttte Slieet
31st ma1￿￿ 2024
2024
2023
Totsl
nds
Uui'esti'ieted
funds
Noies
FIXED ASSETS
Tangible assets
115,618,773
103,481,4S2
CURRENT ASSETS
Casl) at bank
364
364
CREDITORS
Anioui)Is falling due withiii one year
(4.710)
(3,750)
NET CURRENT ASSETS
TOT AL ASSETS LKSS CURRENT
LIABILITIES
115,614A27 103,478,096
NET ASSETS
115,614,427
103 478 096
FUNDS
Uni'e$tricted tunds
115,614 427
I03,478 096
TOTAL FUNDS
115 614,427
103 478 096
Tlie fEnancfftal statemeiits were approved by the Couticil's Corpjrate TI￿Stee Committee acting the sole ttwstee and
autliorised for issue on 28, Octobei. 2024 and weit St￿￿d on its behalf by:
Councilloi. Jackie Dad- Ch8ll' oethe Comniittee
The notas form part ofthese financial statements
P8ge 9

Ferens Art Galle
Notcs to the Finapeial St2temellts
foi. the
ear ejhded 31.sl Ych 2024
ACCOUNTING POLICIES
Basis of pi'epai'ing tlie finaucial st#tewen¢s
The financial statements of the charity, whieh is a public E*nefit entity undei- FRS 102. have becn pi'epai-ed in
accordance ivith tl)c Chaiities SORP (FRS 102) 'Aeeounting and Repoitiiig by Charities.. Statcinent of
Reconiinended Praclice applicable io cliai'ities prepai'ing theii. accounts in accoi'daIice iiriih the financial
Repoi'ling Standard applicable in the UK and Rerrtjblic of Ireland (FRS 102) {effective l Jaiiuaiy 2019),,
Financial Repoiting Standai'd 102 'The Financial ReportÈng Slandaixl applicable in the UK and Republic of
'eland' and the Chai'ities Act 2011. The financial statements have beeli piy)ai'ed under the hisloi'ical cost
Convcntion, as modified by the revaluation of certain asset&
The presentation curi'ency of the financ&al statements is the Pound Sterling (£).
Income
All income is I'ecognised in the Statenient of Financial Activities once the charity has eii¢illeincnt to the ￿nds, it
is pIDbable that the income will be received and Ilie ainount can be measured reliably.
Expeiiditurt
Liabilities are recognised as expenditure as soon as Ihere is a legal or construetive obligation comniilting the
chaj'ity to thaL expeiiditure, it ffts ￿'Obable that a transfer of economic benefits ivill be requii'ed in settlement and
the aniount of the obli8atioii can bc nieasured relÉably. Expenditure is accounted foi. on ali accmals b&8is ttnd has
been classitied under headings that aggi'egale 211 cost related to the category. Wiere costs caEU)Ot be dii'ecLIy
attributed lo paiticular headiiigs they liave been allocaied to activilies on a basis consistent with 11)e use of
resources.
T2nglble fJJed assets
Depreciation is provided at the following annual rdtes in oftler lo Mryite off each asset over its eqtimatcd useti]I
life.
Land aiid BuÈldin&s
Equipment
Pi¢lui'es and ￿teraCtS
Ivo on cJ)st
IOIIA on CA)St
not piDvided
Taxatio
chat'ity is exempt fmm lax on its charitable aclivilies.
i und Accountlng
Unitstricted funds can be used in accordance with the charitable objectives at the disci'etion of the tsustees.
Resti'È¢ted funds can only be used foi. particular ￿8￿.ICted PU4KJses within the objects ot the chai'ity.
Rests'ictioiis arise ivhen specified by the donor or when funds ale raised for particulai. i￿trIcted pun)oses.
Fuither explanation of the natur¢ and purpose of eath fund is included in the noles to the financial stateinenls.
Fixed assets
Land aiid BuildÉngs and EquI￿1¢￿t
These are iialued on the basis recoinmeEided by CIPFA and in accordance with Uie Valuation Standards as
issued by the Royal Institution of ch811ei.ed Sunteyors.
Revaluatioiis air done every year to ensure that the revalued atnounts show a ts'ue and fail. view.
Pictures and Arlefacls
The.se air held in peipeluity and have no delennitiable usefvl life. The method for valuing these assets is now
based on insurance values (previoiisly histoi-ic cost valiiations ii'ere used).
Iteins iyith a purchase price of less than £5,0(10 are chai-ged tr) thc revenue account in the yeai. of xcquisition. and
al'e not included itt the value ofpictui'es and Artefacts.
Page 10
conlinued...

Ferens Art Galler
Notes to the FinaiiciAI Statements - cO￿tInued
for the
ear ellded 31st Mayeh 2024
DONATIONS AND LEGACIES
Capital wo￿5 to the ￿'t Gallay are funded by Kingslon upon Hull City Council. Purd]￿e9 of pictui'es and
artefacts al'e fitnded by contributions finm the Ferens Art Gallery Endownlenl Fun￿ other alls and cultural
bodies and voluntary donations.
2024
2023
Conti'ibutions from Ferens Art Gallery Endowment Fund
Donations I'￿e1Ved via Charities Aid Foundalion (CAF)
3?lJO
3,480
250
3,300
AUDITORS, REMUNERATION
2024
2023
Fees payable to the charity's auditors for the 8udit of the cEwity's financial
stateiiients
3,300
TRUSTEES, REMUNERATION AND BENEFITS
There were no tsi]stecs' IrMUn￿.￿Èi0n or oth￿. benefits for the ye￿. ended 3 1st Mairli 2024 1101. t.or the year
ended 3 1st March 2023.
Ti'ustees, expens¢s
There ivere no
3 1st Mai'cli 2023.
twstees, expenses paid for the year ended 31stMai'ch2024 nol foi. the yeai. ended
TAIYGIBLE FIXED ASSETS
Pictui'e5
3nd
ArtefacLs
Land and
Buildings
Equipnient
Totals
COST OR VALUA TION
At 1st April 2023
Revaluations
25,912,299
2528,025
37,985
77,S69,183
9,609
66
103,519,467
12,137,291
At 3 1st March 2024
28,440,324
87,178.449
115 656,758
EPRECIATION
At ISL April 2023
Charge for year
Revaluation adjustments
37,985
37.985
251,804
{251804
251,804
2SI,804)
At 3 1st March 2024
37,985
NET BOOK VALUE
At 3 1st March 2024
28,440
24
87 178 449 115 618,773
At 3 1st March 1023
25,912.299
77.569,183
103,481482
Pagell
continued,..

Ferens Art Calle
Notes to the FlnaiiciAI St*temenls- continued
foi. the
eaj. elided 31st MA Yell 2024
TANCIBLE FIXED ASSETS- eontiilued
Cost oi. valuatiOEt at 3 1st Mairli 2024 is rep'esented by:
Pict￿reS
and
Aitefaets
Bulldiugs
Equipmellt
Totals
Valuations 2010 to 2024
Cost*
19841,658
76.874,890
10,303,559
96,716,548
18,940,210
37.985
28WOJ24
37985
87,178,449 115,656 758
*The cost figui'e shoivn above includes all valuations UP to 3 1st March 2009. Tliis is the earliest daLe foi. iYhi¢h
Ive have been able to ascertain wliat the carrying atnount uvuld have iKen had the assets been cai'ried undei. the
cost model.
Tlie Land and Butrldings are valued on the basis ircomniended by CIPFA and in accordance M'ith tiie Valuation
Standai'ds 2s issued by the Royal Iiistilution of Charlercd Surveyors.
Tlie lasl valuation was carried out on 17th June 2024 by Hull City Council which valued the Land and Buildings
at £28,440,324 with an effective date of 3 1st Maich 2024.
The pi'operty valuation ftir the Ferens Art Gallery includes the area in which the La Loggia cafe is located. The
cafe is lun by Hull Cultuir and Leisure Limited who are responsible lor its maintenallce.
FereAS Al't Ga11￿Y lias a membership with the Conteii)pornry Arts SoeÈety, through Ivhich works of art al'e
purcl)ased with the aid of Lotteiy funding. Following the additioiis shoi¥n in d)e 2004105 accouiits Lolalling
£60.048 Ivhicli becanie Ferens Ai'l Gallay assets in the year ending 3 Ist Decei11￿1. 2014, 110 ￿rthel. purchase5
of this nature have been capilalised.
The piclui'es and ￿t¢facts al'e included at the value they ar¢ insured for. Experts consider wliethcr tiieir aj'e any
reasons to believe that ther¢ has been a material chaiige in value of the pictures and arlefacts on an annual basis.
CREDITORS: AMOU]YTS FALLITrIC DUE WITHIN ONE YEAR
2024
2023
Other creditors
MOVEMENT IN FUNDS
Net
niovement
in funds
At
3113124
At 114123
Ulli'estricted fuiids
Fixed Asset Reserve
Adopl-a-painting Scheme
103,477979
117
12,136J31
115,614JlO
117
103,478,096
A2 136,331
115,614,427
TOTAL FUNDS
103 478 Ib96
12,136J31
115 614,427
Page 12
coi)tinued...

Ferens Art Galler
F4ote5 to tbe Finaneial StAtemenfs- eontinued
foi. the
ear ended Jlst m81.cb 2024
MOVEMENT IN FUNDS - coDtinued
Net movetnent in inclu(kd in the 21KJve are a5 folloi¥s:
Inconiing
resources
Resourcas
cxpended
Gaiiis and
losses
Movement
ii) funds
Uiirestrlcted fullds
Fixed Asset Reserve
3.300
(256064)
12,389,095
12,136?31
TOTAL FULYDS
256.064)
12,389,095
12,136J3
CompArativ¢s foi. movenielll funds
Net
movemeiit
in funds
At
3113123
At 114122
Uiii'estritted fullds
Fixed A&8et Reseive
Adopt-a-painting Scli¢me
99,545.193
117
3,932.786
103,477,979
117
99 545JlO
3.932 786
103 478 096
TOTAL FUNDS
99,545 310
3 932 786
103,478.096
Coinp&?tive net movement in funds, indudcd in the above are as follows:
Incoming
resources
Resources
expended
Gains and
losses
Movenient
in funds
Uiiresli'icted funds
Fixed Asset ReSe￿e
3,730
(215.846)
4,144,902
3,932,786
TOTAL FUNDS
(215.846)
4 144 902
3 932.786
A curiEnt year 12 months and prior year 12 months combined w>sition is as follows:
Net
InoiTem￿it
in funds
At
3 Ir3124
At 114122
Unrestrieted funds
Fixed Asset Reserve
Adopt-a-painting Schalle
99,545,193
117
16,069,117
115,614,310
117
99,545 310
16069117
115,614.427
TOTAL FUI¥DS
99 545 310
16,069.117
115 614,427
Page 13
continued...

Ferells Art Callei
Not￿ to the Finaiicial Statement5- eon¢iiiued
foi. the
ear euded 31st )AAI'ch 2024
MOVEMENT tN FUNDS - eontinued
A currenl yeai. 12 months and prioi- year 12 months combined nel iijovement in funds, included in the atM)ve are
as follows:
Incoming
reSoU￿eS
R&8ources
expended
Gains and
losses
Movement
in funds
Ujii'esti'icted funds
Fixed Asset Reseiwe
7,030
(471,910)
16,533,997
16,069,117
TOTAL FUNDS
471.910)
16 533 997
16,069,117
Purposes of funds
Fixed Asset Resei've
I'he fund was se￿Ip foi. the conslruclion aiid fiimishin8 of an Art Gallery.
Adopt a Paillting Sclieme
Tlie Feren5 Al't Gallery houses an inteiMationally signiflrdnt collection of ivork ranging fiom Old Mast￿8
thiough lo 21st century contemporary arl. Tl?e Galleiy is dedicated lo making all of tile art in its cat'e #ccessible
to as many people as pos3Éble. An tmp)i'lant aspeet of this is ensuring that ivoi'ks al'e preserved in as good a
condition &s possible so thal they can be enjoyed by iiisitors now and in the futuir.
The Adopt a Painting schcnie was set up to enable individuals ￿ contribute in whole or parl to the Irstoratioii
and conservation of key w0￿S Èn the Fatns Art Gallery.
REI LATED PARTY DISCLOSURKS
Thei'e weir no related party transactions for the year ended 3 Ist Mat'ch 2024.
Page 14

RECISTERED CHARITY NUMBII R: 1003774-1
i't of the Trustee5 and
Finallelal Statements
for the Year Eiided 31st March 2024
for
Fei'ells Art Callei
Ethdowwent Fund
Sa(kJfskys
Statutory Auditors
Princes House
Wright st￿et
Kinston upon 14ull
HU2 814X

Fei'ens Arl Callei
Eiidowniellt Fulld
Colltenls of the Finanei*l Statemeiits
for the
ear elided 31st MAreh 2024
Page
Repoi* of t]ke Trn5tees
I to 3
Repoi't of the Independent Audito
4 ￿ 7
Statement of Financial Aetlvlties
Balance Sheet
Not￿ to the FinaneiAI Stal¢ments
10 to 14

Fereus Art Gallei
Eiidoivmellt Fund
Re
ort of tke Trustee5
fov the
eaj, ended 31st Mairli 2024
The h'ustees present tlieir report with the fÉnancial statements of the charity fot. the year ended 3 1st Mai'¢h 2024. The
ti'ustees havc adopted the piovisioiis of Accounting aiid Reporting by Charilies= Statetnent of Reconinieiided Pi'actice
applicable to ehaiities prepai'ing iheii. accounts in accoi'dance with the Flliancial RepoitÉng Standard applicable iii the
UK and Republic of Ire13nd (FRS 102) (effective fi January 2019).
OBJE4 CTIVES AND AcfiviTIES
Objee¢ives, aiiiis And public benefit
The Fel.￿]S Ai'l Gallery Endowment Fund was establislied in 1928 to wovide funding for tlie purchase of ai'tworks.
T]ie tj'ust deed stipulates that a pi'oportion of the annual income shall be applied towards the eost of Inainlenance,
pkeep and annual expenses of the Ferens Art Galleiry. Tlie balance of the incoine is to be used in defrayiiig the cost of
acquii'iiig any pkctwys, slatuaiy 01- other WO￿ of art which the corporation or any of its coimnittees may fi'oni tinie to
tinie deem it desirable to acquir£ This stipulation etTectively makes the fund restricted as defined by SORP relaling to
chai'ities.
Kingston upoii Hull City Council operates a Feirns Ai* Collection Fund IF.A.C.F.) for the acquisition of the woi'ks of
al't to add to the Ferens Al't Gallery pern]anent collection.
The l."ei'ens Art Galleiy Eiidownient Fund (F.E.F.) has Exen established as the majoi. source of incoine to fffiiiance
F.A.C.F spending. Balances are periodi¢&lly transferred from the F.E.F. to supp)rt the F.A.C.F and. in doing so,
satisfy the Yequii'einents of the deed.
The trustee is of the opinion that is has complied Ivith the duty iii Section 4 of the Charities Act 201 I witli reS￿'d to
public benefit guidance publislied by the Cliarity Commi&sion
ACHIEVEMENT AND PEI RFORMANCE
Tlie annual Lonlribution iiiadc tothiards ilie wnnill8 costs of ihe Ferens Art Gallery foi. tl)e year ended 31 Mai'ch 2024
vas £24,983 (2023: £18,426). Other expendituie included £52,072 (2023: £48,490) to HSBC Pi'ivate Bank ii) respect
of fund En&nagemeAt services and £5,874 (2023: £6,955) lo Kingston upoii Hull City Council foi. support seivices.
Incoine from investEnents and interest w1￿￿nted to £224.842 (2023.. £165,832).
FtNANCIAL REVIEW
FinalleiAI posltio
The firtancial position of the charity is strong Witli net &ssets At 31 Marth 2024 amountillg to £9,343,670 (2023:
£8,277,418).
Investine]]t policy and objectives
The aini of ivhicli is to Iniiiimise the financial iisk whilsi seeking to maintain adequate levels of incon)e. This policy
Ivill be i'eviewed aThnually.
Reseiyes policy
Tlie TnJsÈ Operat￿ a Reseiyes Policy Whe￿bY Ille thnd retains sufficient available funds to continue its opd?tions,
Going coneerll
The cliarity has sufficient I'esetves lo enable any debts to be paid as Ihey fall due. The tru5t¢cs do not t"oi'esee any
problems in the next twelve months from the datr Ihat these financial statements are authoiised for i&sue.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing docunient
The cl)arity is colltrolled by ffils Soverning documenl, a deed of trusl and constitutes an unincorporated charity.
Ferens Art Gallery ivas built in 1927 from monies held in a trust fund sct up in 1919 by T.R. Ferens. The Art G&lleiy
is held trusi by Kingston upon Hull City Council for "the exhibition of works of art in pei'peLuity"
Folloiving the Completion of the Gallery, the Ferens Art Gallery Endowment Fund established by a deed of trust
dated 15 Mgrcli 1928, to provide funding for the pui'chase of artworks.
Ferens Al't Galleiy was i'egi,stered as 8 charity on 5 August 199 I, wilh the Ferens Art Galleiy Endowmcnt Fund being
its eonstituetjt charity (no 1003774-1).
Page I

Ferens Art Calle
Eudoivnicllt Fund
oi't of the Trustees
eai. elided 31st Ilat'ek 2024
for the
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and aijpointinent of Jieiv tiwsttts
Kingston iipon Hull Cily Council is die sole tsustee but it is the Council's Cojporate Tiustee Commiltce as per the
Council ci)nstitution Ihal exeicises control.
The i'eci'uitment and aptKJintment is based solely on ivhen there are changes to tl)e Commitlec 85 a result of official local
elections.
OIEaiiisatiollal structure
Icingslon uE)on FIull City Council is the sole bvstee of the FetEns Art Gallery Endowinent Fund. Tlie thnction of the
stee is exeicised by the Council's Corporate Tiustee Conimittee as per the Council constitution. The curi'ent
memb￿3 of the Coi'l￿￿.ate TNstee Committee are Cauncillor J. Dad, Couiicillor R Pritchard and Councilloi. M. Ross.
Tlie Corpoi'ale Trustee Committee is responsible for ensuring thal arran8e4i1ents are iM&de for keeping pjopei. books of
accounl Mthich repi'esent a true and fair view of the atA"airs of Ili¢ Trust in Irspecl of activities. It also ensui'es tliat the
rftnancial statements have been properly prepared in accordance with the Trust Deed, the Chaj'ities Act 2011 atid the
Stateinent of Recomnjended Practice Accounting and Reporting by Charities (effective l January 2019).
The trustees conttnue to piD¢ure fEnancial, legal and searlarial support and advice fiDm Kingston upon Hull City
Council.
llldvetlon and traiiiÈug of new ti'u$tees
The councillors are given a copy of the ￿heMe document together with any arneThdM￿ts made to it and a cop), of the
latest chai'ity report and the accounts.
Rlsk m#llageiuent
The trustees have a duty to identify ai)d ￿Vie￿I the risks to which the charity is exwLsed and to ei)sui'e 8ppropi.iate
conlix>ls are in place to provide reasonable assurance against fraud and etTOr.
I"he CharÈty has identified the I'isks to which it may be exposed and has in1pl￿n¢nced a i'isk Manage1n￿ll strategy ivhich
compi'lses.
an annual review of the I'isks which the Charity niay fa
the eslablishinent of systems and pi'ocedui'&8 to mitigate those I'isks.
the iinplementalion of procedures designed to minimise any potential in)pac¢ on the Chai-it>p sliould any of those risks
materialise,
REFKRE]YCE AIYD ADI¥IINISTRATIVK DETAtIs
Registei'ed Ch*rity Du￿ber
1003774-1
Princiijal addr¢ss
Icingslon upon Hull City Council
Guildhall
Alfred Geldei. Street
Kingstoii upon Flull
FIUI 2AA
T[￿st¢eS
Kingston upon Hull City Council
Audltors
Sadofsky5
Statulory Auditoi
Princes14ouse
Wi'ight Street
Kingston upon Flull
HU2 8HX
Page 2

riei'ens Ai'l Gallci
I ndoivniellt Fund
ort of tbe Trustees
for the ear ended 31st Mai'cli 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Bankers
National Weslniinster Bank plc
34 King Edwai'd Street
Kingston upon Hull
Fmsl Yoi'kshii'e
HUI 3SS
lllvestiueikt Consultants
HSBC Pi'ivate Bank (UK) L&mited
8 Coi'k Street
London
WIS 3LJ
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The ti'ustees al-e respoiisible for prepai'ing the Repoi1 of ihe Trustees and the fmanci21 statenients in accol￿ance ivitl)
applicable law and Uniied Kingdoni Accountin8 Standards (Ui)ited Kingdom Geiierally Accepted AccountiEiE Praclice).
The laiv applicable to Chariti￿ in Eiiglai)d & Wales, the Charities Aci 2011, Chai'ity (Accounts and Repoils)
Regulations 2008 and the pi'ovisiolls of the trust deed requires ihe tsijstees to piEpaie financial statetnellts foi- each
ritiancial yeai. which 8iiie a t1￿C and fair view of the stale of affairs of the Ch￿.1[Y and of Ihe incoming I'esoui'ces and
application of resoui-ces, includirtg the iiicome and eXp￿dItU￿E. of the charity for that pei'iod. In pitparing d)0se
Financial Statements, the Ti'ustees are required to:
select suitable accounting wlicies and then apply diem consistently.
obseive the methods aiid priiiciples in the Chai-ity SORP.
- Inake judgements and estiiiiates that a]'e Itasonable and pL￿dent.
prepai-e the Financial Staienients on the going cmcern basis unl￿S it is inappropriate to ￿'C&￿ine that Lhe Chai-ity ivill
continue iii busiiies5.
The Ti'ustees are responsible for keeping piDper accow)tin8 I'ecords wh&ch disclose with Leasonable accurncy al an5,
tinie the fEnaneial position of the Cliarity and to enable them to cnsure Ihat the Financial Statements coniply with tlie
Cliai'ities Act 201 I, the Chai'ity (Accounts and Reports) Regulations 2008 and the proiyisions of tjie tiust deed. lThey are
also i'espoilsible foi. safeguaidirtg the assets of the Charity and hence for thking I'easonablc step5 for Ihe pi'eiiention and
deieclion of fraud and other iii-egularitiek
Appi'ovcd by older of the Council's CorpNJt7te TNstee ComEnittee a¢lin8 as sole trustee on 28tb Ociobei. 2024 and
signed OEI its behalf by..
Councillor Jackie Dad - Chair of Ilje Committee
Page 3

)ort 4)f tlie Inde
enden¢ Auditors Éo tlie Truste&s of
Ferens Al't Gallei
I ndowiiient Fumd
Opinioii
We liaiie audited Ilie financial statements of Fa'ens Art Gallery Endowliient Fund {the 'chai'ity') foi. the yeai. ended
3 1st Mai'cli 2024 whicl? coiiipi'ise the Statement of Financial Activities, the Balaiicc Sheet and noles to the finiukcial
stateinenls. including a suiiiinaiy of significant accoui)ting policies. The financial rew)rting fi'atliewoi'k Ihat has been
applied in their preparntion is applicable law and United Kingdom Ac£ounting Standards {United Kin8doiii Genei?Ily
Accepted Accoui)ling Pi?clice).
In oui. opinion the financial ststemeiits:
give a true and fair view of the stale of the eliarity's affairs as at 3 1st March 2024 and of its incoming resources and
applicatioii of ￿SOUrCes, toi. the year then ended.
have been propei'ly pi'epared in accordaiice witti United Kingdom Generally Accepted Accouiiting Practice. and
have been prepaird in accordance with the requirenients ofthe Charities Acl 2011.
Basis foi. opiiiion
We conducted oui. audit in accoi'dance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law.
Our I'esponsibilities uiider those standards are fui'ther desei'ibed in the Auditor5, responsibilities for ihe audtt of the
fiiiancial stateinents section of oui. IiporL We are tndependcnt of the el)artty in accoi'dance ivith the ethical
I'equii'eiiients that are i-elevant to our audit of the financial statejnents in the UK. iiicluding the FRC'S EthÉcal StaRd&i'(L
and we have fulfilled our oihei. ethical responsibilitics in accoixlance with th￿e requiretnenls. We belteve that the
audit evidence we have obtained is suificient and ap￿.Opriate lo provide a basis for our opinion.
Coiiclusions rclatillg to going concern
In auditing tlie financial stalemenls, we have CO￿]Uded that the trustees, use of the going cotkcern basis of accounting in
the pi'eparalÉon of the financlal sta¢¢n)ents is appropriate.
Based on the woi'k we have pei-foi'iJ]ed, M'e havc not identifIed aiiy material uncertainties I'elating to events oi. conditions
thaL ind&vidually oi. collectively, iiiay casl signifieant doubt on the chai'ity's ability to eoiitinue as a going concerii tor a
period of at least Lwelv¢ mottths froin when Il)e ftnancial ststeiiients are authoi'ised foi. issue.
Oui. responsibilities and the responsibilities of the trustees wlth iupect to going concern ￿e described in Ilie relevant
se¢Lions (Jf this reporl.
Otlier information
I'FLe Ii'ustees ale I'esponsible for the other infonnation. The other Infoi'matil￿ comprises the informalion included in tlie
Annual Report, oihcr than the financial slaletnents and our Report of the Jndependent Auditoi's thei"eon.
Oui. opinion on the f￿an¢[al statetnenls does not cover the other information and, except lo Ilie extent otheiwise
explicitly staled in oui, report, we do not express any foiin ofassurance conclusion thereon.
In coniiec¢ion iipith oui. audit ot the financial statemen14 our responsibilÈty is to read the other infoiJnatioi) aiid, ift doing
so, consider Ivheihei. the other information is materially incoiisisteiit with die fiiiancial statenients or out. knowledge
obtained in the audit oi. otherwise appeaiy lo be materially misstated. If we Édenlify such material inconsisteiicies 01-
appai'ent material mis3tateinents, we air I'equired to detemiine whdher tl)is gives rise lo a material niisstatement in the
financial stateinents themselves. If. based on the ivoik we have perform￿ we conclude that Ihei'e is a niaterlal
misslaleinent of this other infornialion, Ive are required to repoit Ihat fact. We have nothing to report in this I'egard.
MAtters on wbich JY¢ are i'eqknii'ed to i'epoi't by exception
We haiie nothing to Irpoi'l in Irspect of the folloiviiig matters wher¢ the Charilies (Ac£ounts and Repoits) Regulalioiis
2008 requu'es us to i'eport to you if, in oui. opinion:
the infoi'mation given in the Repoit of the Trustees is inconsistent in any ma￿vial irspect witl) the financial
statement5. 01.
sufficient accounting recoixls have not been kepL or
tlie fEnancRal stateinents att not in agreenienl witli the accounting recoi'ds and J'ethi'ns. or
ve havc not recetved all dic iThfoi'mation ￿ld exp18nations we require for oui. audit.
Page 4

Re
oi't of the Inde
elldent Auditoi's to tlie Ti"ustee5 of
Ferens Al't Gallei-
EndO￿￿nellt Fuud
Resi)onsibilities of h'ustees
As explained Iiioie fully in the Statement of Tn￿le¢s, Resw)nsibilitics, the li'usiees are reswnsiblc foi- the pi'epai'alion of
the financial slatemeEkts which give a true and fair vifflv, and foi. such inlernal control as the trustees delei'iiiine 13
necessary lo enable the pi'epai'alion of financial slatements that are free fi'oni material niisstatement, whetliei. due to
fi'aud oi. ei'roi..
In pi'eparing the fuianci&l statements. the Irustees are respons&ble foi- assessing the charity's ability Lo continue as a
going concci'n, disclosing, as applicable, matters iElated to going concern and using the going concern basis of
accoiintiiig unles3 the Iwslees either illtend to liquidate tlie cha]ity or to cedse operations, or have no realistic alteJMative
but to do so.
Page 5

oi't of the lllde
)eiideLt AuditOl'S to tlie Ti'u5t¢es or
Ferens Art Gallei
Endowineiit Fund
Oui. I'e5yonsibllities foi. ¢lie audit of the fuigiicial stkfeinents
We have been appointcd as auditors under Section 144 of the Chajities Act 201 l and rewrt in a¢col￿anCe ivith the Act
and relevant I'egulations made oi. having effect thereunder.
Our objecliijes air to obtain Jeasonable assui'anee about whether the fingncial stateiiients as 8 whole are fire from
nialei'ial misstalemenL ivhethei. due to fraud or a'ror, and to issue a Report of the Independent Audito1￿ that ii)clvdes
oui. opinion. Reasonable 8ssurance is a high level of assurance, but is not a guai?ntee tiiat an audit con(fucted in
accordance with ISAS (UK) will always delect a malei'ial misstatemenl ithen it cxists. Misstaleinents cali arise fi'oiii
frnud oi. ei'roi. and al'e considered Iiiatei'ial if, individually or in the ag￿rgate. they could reasonably be expecled to
influeiice the econoiiiic decisions of usel% taken on the basis of Uiese financial slatemetits.
Tlie exletLI ¢0 which oui. pi'oceduyes are capable of detectiiig ilTe8ularities. including fraud is detailed below..
Our appioach lo identifying and asswsing the risks of nia￿1&1 niisstatenient ii) respect of ll'regularities, including fraud
and noii-cainpliance Ivith laivs and I'egulations, was as follows-
the engagement partner ensured that Ihe engagejmertt team collectively had the approRxiate competence, capabilitics
and skills lo identily or recognise non-eonipliance witl) applicablc lai1% and I'egulations.
Ive identified the laws and I'egulations applicable to the charity through discussions with the trustees and other
maiiageinent, and fiDm our comniercial knowledge and experience of the charity sector.
we focused on specific laws and i'egulations which we considei'ed may have a dTI'ect materÉal effect on tl)e finaiicial
stateiiients oi. the opernlions of the charity, including the Ch￿'itieS Act 201 I, the Cliarilies Statenient of Recolnni￿lded
Practice (SORP). taxalion legislation, data proteelion, anti-bribwy, employmenL enviiDnniental and health and safety
legislation.
Ive assessed the extent of compliance with the laws and i'egulations identified above l￿-OU8￿) making enquii'ies of
management and inspecting legal ¢oi'respondence' and
identified laws and I'egulalions We￿ communi￿ted within the audit team re8ularl)i and Ilie tean) remained alert to
instances uf non-¢onipliaiice thioughout the audiL
We assessed the susceptibility of the chaiity's financial statements lo nialerlal Inisstateinen¢ including obl&iniEVd an
underslaiiding of how fraud might occui., by=
makffing enquii'ies of Jnanagcmenl as to where they eonsidered there was sus¢eptibilil)' to fraud, theii. knowledge of
actual. suspected and alleged fraud. and
consideiiiig the internal contro15 in place lo mitigate risks ot'fraud and t￿n￿OMpliSfiee with lawg and regulations.
To address the i'isk of fraud through manageinenl bias and ovejride of contsY)Is, M'e..
pei'foimed analyticnl proceduirs to identify any unusual or unexpected relationship
tested joui'nal ents'ies to identify unusual tt7nsactions'
assessed whether judEenients and ￿umPtionS niade in deterniining the accounting estimates werc indicative ot"
potential bias. and
investigated the rntionale behind significant or unusual trnnsactions.
In itsponse to the I'isk of iiyegularilies and noTrcompliance with laws and regulations, we designed pro¢edui'es which
included. but were not liniited to..
agi"eeing financial slatetnent disclosuw lo undeAying sup￿rting documentation.
readin8 the niinules of nieetings of those charged with goveimance.
enquii'ing of nianagement as to actual and wtential litigatiorft and claijns. and
I'eviewin8 COI'Ltsponden¢e with FIMRC, iilevant IEgulatlM'S and Ihe charities, legal advisors.
There are inherent liniitations in oui. audit procedur&s de$￿'1bed above. The more I'emoved Ilial laws and regulations al'e
froin financial li'ansactions. the less likely it is that we would become a￿¥re of non-eoEnpliance. Auditing standai'ds also
liiiiit the audit procedui'es required to Fdentify non-compliance with laws and IE8ulations lo enquiiy of the ti'ustees 8nd
other management and the inspeclioii of Irgulaiory and legal conrsponden¢4 if any.
Matei'ial misstatements IhaL ai'ise due kn fixud can be haidff to detect than those that arise from enor as they may
involve delibei'ate concealment or collusion.
A fiu'tlJei- description of our responsibilities for the audit of the financial ststements is located on the Financial
Reportin8 Councfftl's website at www.frc.org.uklaudit013responsibililies. This description foiThs part of oui. Repoit of the
Ind¢perJdent Auditor&
Page 6

rt of tlie Tnde
elldent Auditoi's to the Trustees of
rlei'ells Art Gallei.
End01v￿ent Fund
Use of our i'epoi't
This i'cport is Inade solely to the charÉty's trustees. as a body, iii accordance with Part 4 of the Cl)arities (Accouiits and
Reports) Regulatioi)s 2008. Oui. audit work has been undertaken so that we might state lo Uie charily's tiijslees 11)ose
mauei's Hie al'e I'equii'ed to stale lo them in an auditors. repurt and foi. ilo oihej. PUEyose. To ilie fullest extent pciniilted
by law, ive do not accept or assume responsibility lo anyone otlier than the di￿.￿ty and the d)ai'ity's trustees as a body,
foi. oui. audÉt wo1*, for this repoit, or (or the opinions we have toiyned.
Sadotskys
Slalulory ALEdilois
Printts l-Iouse
Wi'iglit Street
Kingston upon Hull
HU2 8HX
IstNoveniber 2024
Page 7

Ferells Art GalleT
EndoivweD¢ Fuiid
statenient of FinaneiAI Aetivities
for the
eai. elided 31st ftrlAI'th 2024
2024
Total
funds
2023
Total
funds
Restricted
fund
Endowment
fund
Noles
INCOl1￿￿ Af4D ENDOWMENTS FROM
InvesliT)cnt income
224,842
224,842
165 832
EXPENDITURE ON
Raising funds
6,717
51,229
57,946
55,445
Cbai'itable activities
Ferens Att Collection Fund
Hiill Culture & Leisure Liniited
Goveinanoe costs
3JOO
24,983
3,300
24,983
3,480
18,426
Total
38,240
89,469
80.351
Nel gainsl(losses) on investments
930,879
930,879
28 156)
NET INCOME
186,61b2
879,650
1.066,252
57,325
REC0Tr4CILIA TION OF FUNDS
Totsl funds brought foi'ward
1.128.451
7.148.967
8,277,418
8,220,093
TOTAL FUNDS CARRtED FORWARD
1,315053
8,028,617
43,670
8,277418
The notes foi'm part of Ih&3e f￿ancial statements
Page 8

Fere115 Art Galler
Endoivmellt Fund
Balai)ee Sheet
31st March 2024
2024
Total
funds
2023
Total
funds
Restricted
nd
Endowment
fund
Notes
FIXED ASSETS
Investments
7,97&342
7978,342
7.099,481
CURRENT ASSETS
Dcbtor5
Cl￿￿ in hand
J J43.485
1,343,485
63.731
1,150,083
61.757
63,731
1?43,485
63.731
1,41b7,216
1,211,840
CREDITORS
Amounts fallin8 due witliin one yeai.
(28,432)
(13.456)
(41,888)
(33,903)
NEIT CURRENT ASSETS
IJIS 053
50.275
1,365J28
1177 937
TOTAL ASSETS LESS CURRE]¥4T
LIABILITIES
1,315,053
8,Ib28,617
9,343,670
8,277,418
NET ASSETS
lJ15.053
8 028ffj17
9 343,670
8 277 418
FUNDS
Restricted funds
idoivii)ent fuiids
1,315,053
,028 617
1,128,451
7,148 967
TOTAL FUNDS
9,343,670
8 277418
Tlie financial slateincr)ts werc approved by the Council's Corpoi'ate T￿￿tee Conunittee acting &8 sole tivstee and
aLlthoi'ised for issue On 28 October 2024 and were signed OD its behalf by:
Coiincilloi. Jackie Dad - Cliaii. of the Comimittee
The notes forni part of these finartcial stateinents
Page 9

Fei'ens Art GAllei
Endownie)i¢ Fund
Noles lo the Fiuaiieixl Statements
for the
ear ellded 3 1st Marclk 2024
ACCOUNTING POLICIES
Basis of pi'¢pariiig tlie fEiiancial stateNent5
The fil￿￿01a1 statements of the chai'ity, wliich is a public benefit entit), unda. fRS 102, have been prepared in
accoi'dance with the Chai'ities SORP (FRS 102) 'Accounling and Reporting by Cliarities.. Statement of
Recoiiimended Practice applicable to charities pi'ep¥wing Iheii- accounts in accoi'd&nce with the Financial
Repoi'ling Standard applicable in the UK and Republic of b'e1￿]d (FRS 102) (effective l J&nuary 2019),,
Financial Repoiting Standard 102 'The Financial Repotting Stsndard applicable in the UK and Republic of
Iitland, and the Charilies Act 2011. The financial statements have been pir4)ared under the histoi'ical cosl
convention, with the excq)tion of Investments ivhi¢h are included at inaAiet value, as modified by the
revaluation of certain assels.
The pftsentalion curirncy of the financial statelnents is the Pound Sterling (£).
Income
All income is i'ccognised in the Statenient of Financial Activitics once the d)arily has entitleinent to the fvnds, it
is PIDbable that the income will be received and the amount be ffleasured reliably.
Expenditui'e
Liabilities are reeognised as expendilui'e as soon as thcre is a legal oi. constructive obligation eomi))ilting the
chai'ily to that expendittJr¢, it is probable tliat a ILansfa' of eeonoiiiic benefits will be requii'ed in settleiiient and
the aniouiit of the obligaeion call be niwured reliably. Expenditure is accounted for on an accruals basis and lias
been classified under headings that aggregate all cost relatd to Ihe categoiy. w￿￿e costs car)nol be dii'ectly
aul'ibuted lo partieular headings they have been allocated to activities on a basis consistent i¥ith the use of
resources.
Gi'ants offered subject to conditions which have not beth met at the year end date at-e noted as a ¢ominitnienÉ but
not acc]'ued as expenditure,
TAxxtion
Tlie charity is exempt fmm tax on its charitable activitie5.
Fund aeeountiug
Unrestricted funds can be used in accordance M4th the charitable objectives at the disci'etion of the tt'ustees,
Resti'icted fuiid5 Can only be used for particular restricted purpjses within the objects of tile chai'ity.
Restri¢¢ions ai'ise when specified by the donor or when funds are raised for particular restricted purposes.
Furthei. explanation ofthe nature atml purwjse of each fund is induded in the notes to the financial statements.
Endoivinent funds - these fi￿dS Erpi'esenl assets wliicli must be held pcrmanentiy by the th&rity, priiicipally
investments. Incom¢ arising from the endowii)enl can be used in accordan(% iyiih the objects of the charily and
is included as restricted incoiiie.
Fiied asset investjnents and stoeks & shaves
Fixed asset investments al'e included at niai'ket value ai the balance sheet date. Any gain oj. loss on i'evaluation is
takell lo the statenienl of financial activities.
Stocks and shares are included at Inad(et iialue at the balanc¢ sl)eet date.
Page 10
continued..

Feiyns Art Galler
Endoivmait Fund
Notes to the Financial Siateillents- eontinued
for the
car ended 315t Mai'eh 2024
INVESTMENT INCOME
2024
2023
Investnietst income
Interest oti balances
169,433
SS,409
150.722
15,110
224,842
165 832
RAISING FUNDS
Investment nianagement costs
2024
2023
Fund maiiagemcnl costs
Supporl seryices recharge
52,072
5,874
48,490
57,946
AUDITORS, REMUNERATION
2024
2023
rees payable to ilie charity's auditors foi. the audit ot the charity's financtal
ststements
3,240
TRUSTEES, REMUNERATION Af4D BENEFITS
There were no trustees, I'emunerattoii or other ttheflts for the year elided 3 1st M￿th 2024 rt01' foi. the year
ended 3 1st Mat'ch 2023.
Ti'ustees, ¢ypellses
There ii'ere no
31 st March 2023.
truste￿, expenses paid for thc year ended 31Stm￿ch 2024 noi. for the yeai- elided
FIXED ASSET INVESTMENTS
The fixed asset investments relate lo stocks attd shairs. These are included in tlie accounts at the following
market values.
2024
2023
FÉxed interest
Eouities
Altei'natives & Fuiids
1,278,713
6,527,631
171998
989,177
5,749,789
360515
7,978,342
7.101,504
The initial FxK)k cost of tiiese investments ivas:
2024
2023
Fixed interest
Equitit
AlternaLives & funds
1,188,079
5,389,416
171J95
1,013,477
5,490,554
360 514
Pagell
continued,..

Fcrens Ar( Calle
Endibwment Fund
Note5 to the Fiiiattel21 StAtements - continued
f&i' tlie
eAI' euded 31st iNAAI'el12024
FIXED ASSET If4VEsfMENTS- continued
6,748 890
6 864 545
DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Kittgston upon Hull Cily Council
HSBC Private Bank
1,319,661
23,824
1,132,868
1343,485
1 150 083
CREDITORS: AMOUNTS FALLING DUE WITHIIY ONE YEAR
2024
2023
Other ci'editoi's
41,888
MOVEMEiYf IN FUNDS
Net
moveinent
in funds
At
3113124
At 114r23
Resti'leted fuiids
Resliicied Fund
1.128,451
186,602
1,315,053
Elldo)vJneiit fund5
EndOw1n￿ll Fund
7,148.967
879,650
8,028,617
TOTAL FUNDS
8.277 418
J,066252
9J43 670
Net movement in funds, included in the above air as follows:
In(x)miiig
resoui'ces
Resources
&Ypended
Gains and
losses
Movejnenl
in funds
Restricted fullds
Resti'icled Fund
224.842
(38,240)
186,602
Endoiymcnt thlld$
Endomiiment Fiind
(51,229)
930,879
879,650
TOTAL FUNDS
224,842
89,469)
930079
1,066252
Pa8e 12
conliiiued...

Ferens Art Galler
Endowillent Fulld
Tr4otes to the Fillalleial Statements- Continued
for tlie
egl. ellded 31st March 2024
MOVEMENT IN FUNDS - eontillued
Compai'Atives for movement in fun
Net
movement
in fundg
At
3113123
Ai 114122
Re5trlcted funds
Restricted Fund
994,383
134,068
1,128,451
Endoivmcnt funds
EndoMimenÈ Fund
7,225,710
(76,743)
7,148,967
TOTAL FUNDS
8.220,093
57,325
8 277418
Comparalive net movement in ￿nds, included in the above air as follows:
Inconiin8
rcsources
Resources
expended
Gains and
losses
Movement
in funds
Resti'icted fui)ds
Resll'icted fund
165,832
(31,764)
134,068
Endoivmenl funds
Endowment Fund
(48.587)
(28,156)
{76.743)
TOTAL FUNDS
80.351)
28 156)
57.325
A CUkTellt year 12 months and pi-ior year 12 manths con)bined w)siEion is as follows:
Net
iiiovement
in funds
Al
3113124
At 114122
Restricted funds
Resti'icted Fui)d
994,383
320,670
1,315.053
Elldoivment funds
Eiidomiinenl Fund
7,225,710
802,907
8,028,617
TOTAL FUNDS
8 220 093
1 123577
9 343,670
Page 13
continued..

Feyens Art Galley
Endowmeiit Fund
r4otes to tlie FinarteiAI St4¢emellts - eoiitlnutd
foi. tlie
'eai' ended 31st .Mai'eh 2024
MOVEMEPIT IN FUNDS- continued
A current year 12 inonths and prior ycdr 12 m(mths combined net movenicnt in funds, included in the above are
as follows:
Jncomiiig
Irsources
Resources
expended
Gatns and
lo&ses
Moven)ent
in funds
Resti'icted funds
Rests'icted fund
390,674
(70.(K14)
320,670
Elldoivnieiit funds
Endoi¥ment Fund
(99,816)
902,723
802,907
TOTAL FUNDS
390 674
(169.820)
902 723
123 577
The I'estricled fund balartces are held and adiiiinistered by Kingston upon Hull City Council. A propoitioii of the
annual investment tneome is used towards the Costs of maintenance and upkeep of the Ferens Art Galleiy. The
i'emainder is to be used for acquiring picture4 statuary and other woi.ks of ait.
The PeFmanent Endowment Fund conipiises:
2024
2023
Ori8inal erkdowment (at Cost)
Net g&ins from pi'evious years
22500
7,126,467
22,500
7,203.210
Market Value at 31st Mkrch 2023
Less: Diswsals at book value (proceeds . £3,146,059. loss . .£8.157)
Add: A4uisitions at cost
Less: Management fees paid
Net gainsl(losses) on valuation at yeai. end
7,148,967
7,225,710
{3.137,902) (4,406,370)
3,105,S78
4.253,807
(Sl,229)
(48,587)
963303
124,407
Market Value at 3 1st March 2024
8,028,617
7 148.967
io.
RELATED PARTY DISCLOSURES
There were no i'elated paity transactions for the year ended 3 ISÈ March 2024.
Pa8e 14