REGisfERED CHARITY NUMBER: 1003774 rt of the Trustees Alld Financial Statements for the Year Ended 31st Marcli 2025 foi. Ferens Art Galle Sadofskys Statuloiy Auditors Princes House Wright Street Klngston upon Hull HU2 8HX
Ferells Art Galle CoiiteD¢s of the Finalleial St8temellts foi. the ear elided 31st Mjrch 2025 Page Report of the Trustees Report of the Independent Auditors 4 to 7 Statewent of Financial Activities Balance Sheet Notes to tlie Finaiicial Statements 10 to 14
Ferens Art Galle Re rt of Ihe Tiwstces ror the ei' ended 31st March 2025 The trLlStees pi'¢sent their report widi the financial stalements of tlie charity frir the year ended 3 1st M21'ch 2025. The trustees have adopted the pi'ovisions of Accounting and Reporting by Cliarities.. Statetnent of Recommended Practice applicable to cllarities pi'eparing their accoiints iii aeeordance witli the Fiiiallcial RewTriting Standard applicable in the UK and Republic of h'eland (FRS 102) (effective l January 2019). OBJECTIVES AND AcrtVlTILS Objectives, Aims aiid public benefRt In l 919 T.R. Ferens bequeadied tlie land the building now stands on and tlie money to consts'uct and rlS11 an Ait Galleiy. Tl)¢ Art Gallery is lield on trLlSt by Kingston upon Hull City Council for "the extiibitioll of works of art in perpetyity Ilull Culture & Leisui'e LimÈted occupies and runs Ilie art gallery on behaifof Kingstoij upoi) Hull City Couiicil wlio are responsible for its maiiitenance, which is in part funded from the Ferens Art Gallery Endowiiient Fund. Kiiigston upon Hull City Colincil, as sole trustee, maintains the FenS Art Galleiy and its collections for the benefit of t]ie gei)¢ral public. The trustee is of tlie opinion that it has coniplied wtth the duty itt Section 4 of the Cliarities Act 201 I wtth regard to public benefit guidance publisbed by the Chai'ity Comii)ission. ACHIEVEMENTS AND PKRFORMANCE Tlie fuiid ivas set up lo purchase and exliibit works of ait. Pur¢hases during 2024r25 which liave been capitalised totalled £50,000 {2023r24 - nil). During tl)e year, the Gallery commissioned and acquired a new 8rtwoi.k by Jason V4lilsliei'_Mills. and lield an exhibition of Iiis wois. The Adopt-a-Painting Scheine was set up in 2008109 to fund the r¢stor&tioii of athvorks. Duriiig 2024r25, 110 donations wei'e i'eceived (2023124- nil). No expenditure was incurred duiiiig 2024r25 (2023124- nil). 1lie poliey of tlie trust is to ensui'e tliat Land alld Buildings sl)ow a true and fair view in aCcord]ee witli FRS102 so this is considered and are I'e-valued each year. FIfqANCIAL RKVIEW Financial position The financial position of tlle ¢harity is stsDng witli iiet ats at 31 2025 aii)ountii)E to £115,966.856 (2023124 _ £115,614.427) Reserves polity The Trust 01)erates a Resetves Policy WhebY tlie fund retains suffi¢ient sh to ensure it has sufficiet)t available funds for its operations. Going concérn The cliarity ha5 sufficient reserves to enable any debts to be paid as they fall due. Tlie tivstees do not foresee any problems in the next twelve mortths from the date tliat these financial statemejits are authorised for issue. STRucfuRE, GOVERNANCE AND MANAGEMENT Goveniing document Tlie eliArity is controlled by its governing doellmenL a deed of trnst and constitutes wi unincorporated cliai'ity. Page I
Ferens Art Gallei oi't of the Trustees exi. elided 31st Mai'cli 2025 foi. the Ferens Ait Gallery was buÈlt in 1927 from nioni¢s held in a trust fujid set lip in 1919 by T.R. Ferens. Followllig the conipletion of tlie gallery, a dttd of trust was created. dated IS Mairli 1928, and itsidual monies were deposited with the Ferens Art Gallery Endowment Fund to provide funding for the pUhase of artwoths, Fei'ens Ait Gallery was rcgistered as a charity on 5 August 1991 (IM). 1003774), with the Ferens Art Galleiy idowmenl Fund being registered as its constituciil cllarity. Reci.ltMe1I¢ and *ppointm¢nt of iiew trustees Kingston upon Hull City Council is Sole li-ustee but it As tlie Council's Corporate Trustee Cottirnittee as per tlie Cottn¢il constitution that exeIseS control. The J'eciuitment and appointmejit is based solely on when there are changes to the Cominittee as a result of official local elections. Organisational structure Kii)gstork upon Hull City Couiicil is the sole trustee of t]ie Ferens Art Gallery. Tlie functi7 of ille tIstee is exeicised by the Council's Cotyorate Trustee Comniittee as pei- the Council constitution. The current members of the Coi'porate Trustee Con]mittee al'e CouncÉlloi' J. Dad, Councillor R. Pi'itchard wid Councillor M. Ross. The Coipoi?te TJ'LlSte¢ Comillittee is respoiisible for ensuring that arrdngements are made for keepiiig proper books of account whicl) repi-esent a tti]e aiid fair view of tlie affairs of the Ti'ust in respect of activities. It also ensw'es tl)at the rlanCial statenients Iiave been pi'operly prep.ed in accordaiice with the Trust Deed, Ihe Cliarities Act 2011 and the Statement of Reconimended Pi'a¢ti¢e: Accounting and Repoiting by Charities (effective l Jaiiuary 2019). liiductioi) ti'Ainiiig of iieiv ti'uslees Tlie coui)cilloi's al'e given a copy of the scheme down)ent togeth. witli any ameiidments Inade to it and a copy of t]ie latest Charity report and the accounts. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate coilo'ols are in place to pi'ovide reasonable assurnnce against fraud and eiTOr. Tlie Cliarity lias identified the risks to which it may be exwised &)d has uiiplemenled 3 risk managenient strategy wluch comprises. an annual review of the iisks wliich the Ch&-Èty may face. tlie establishinent of systems and procedures to njitigate those rÈsks- and the iinplenielltation of pyocedures designed to minimise wiy potential iinpact oji the Charity should any of diose i'isks i)iatei'ialise. REFEREI NCE AIYD ADMINISTRATIVE DrfAILS Registejyd Charity number 1003774 Pi'iiicipal address Kingston upon Hull Ctty Council Giiildhall Alfred Geld¢i' Sts'eet Kiiigston upon Hull HUI 2AA 'ustees Kingston iipon Hull City Council Page 2
Ferens Art Gallei ort of the Ti"ustees ear ended 31si Mai'ch 2025 for the REFEI RENCE AND ADMINISTRATIVE DETAIIS Auditors Sadofskys Statutory Auditoi Princes House Wi'ight Sti'¢et Kiiigston upoii Hull HU2 8HX Bankej National Westmiiister Bank plc 34 King Edward Sti'eet Hull East Yorksliire HUI 3SS STATEMENT OF TRUSTEES, RESPONSIBILITIES Tlie trlistees al'e responsible for prepai'ing the R¢port of the Trustees and the fjnancial statements in accordance with applicable law and United Kingdoin Accowiting Standards (United Kingdotn Generally Accepted Accountiiig Practice). The law applicable to charities in England and Wales. the Charities Act 2011. Cliartly (Accoiints and Reports) Regulations 2008 and the piovisions of the trust deed i'equires the tNstees to prepai'e financial statements foi- ea¢l) financial year iyliicli give a ttije and fail. view of the slate of affairs of tlie Cliarity and of d)e incoming Yesouttes 2nd application of resouites, including tlie incon1¢ alld expendithre. of the cliarity fol. Iliat period. In prepai'ing tiiose fii)ancial statenients, tlie trSteeS are requii'ed lo select suitable accounting policies and Ilien apply thejn consistentIy' observe Ilie tDethods and pi'inciples in tlle Charity SORP. tnaLce judgements ld estimates that aye reasonable and prndent: prepare the financial statemeijts on the going concern basis unlth8 It is ii)appropi'iate to presume that tlie charity will continue in busiiiess. Tlie trustees are responsitjle for keeping pJDper accounting records wllich disclose with re&sonable accui'aGy at aiiy tiine tlie financial position of tlie ¢harity and to enable them to ertsure Iliat the financial statemenls coiiiply witli tlie Charities Act 2011, the Charity (Accoiints and Reports) Regulations 21)08 and the provisions of di¢ trust deed. They are also responsible foi. safegu&'ding the Lssets of the Chlty lience for taking reasonable steps for the prevei)tion and detection of fraud atFd other irregularities. Approved by order of the board of trustees on 24th November 2025 and signed on its behalf by". Couiicillor Jackie Dad- Chair of the Committee Page 3
oi't of tlie liide cndeut Auditors Éo the Trustees of Feiens Art Galle Opijiioii We hav¢ audited Ihe finan¢ial statements of Ferens Art Gallery (the 'charity') for tlie year ended 31 st March 2025 wl)ich conipi'ise tl)e Ststefft¢nt of Financial A¢tivÈtie% tl)e Balance Sheet and notes to tlie financial statements, including a suiniiiary of significant accounting policies. The fmanGial reporting framewoi'k that has been applied in tlieir pi'epai'ation is applirable law and United Kingdorn AccouA)tii)g Stsndards (Unitd Kingdoin Geneyally Accepted Accounting Practice). In our opiiiion the finallcial statements., give a tIe and fair view of Ilie slate of the diarity's affaiiy as at 3 1st March 2025 and of its incomiiig Irsources aiid applicatioti of resources, for tlie yew. tlien ended. Iiave beeii pjoperly pirpa]'ed in accoi'danee with United Kingdom Geiiei'ally Accepted Accounting Practice. aiid have been prep. ill accordance with tlie requirements of the Charities Act 2011. Basis foi. opijiion We cojiducted our audit in accordance with International Standards on Auditing (UK} (ISAS IUK)) and applicable law. Our responsibilities under those stsndards are furtlier described in the Auditorg. responsibilities for the audit of the fiiiancial sialemei)ts section of our iepoit. We aiy independent of die charity in accordance ividi tlie ethical vequii'einents tliat are relevant to our audit of d)e financial statellients in die UK. ii)cludiiig tlie FRVS Eil)ical Standai'd, and we liave fulfilled oiir otlier ethical responsibilities in a¢¢oTdance witli these requirenieiits. We believe that Ilie audit evidence we have obtained is suffEcient and appropriate to provide 8 basis for our opinion. Conclusions relatillg to going eoneei In auditing the financial statements. we liave concluded that the trustees, use of the going concern basis of accounting in t]ie prep.ation of the fanCIal stalenients is appropriate. Based on Ilie ivork we have performed, we have not identified any niaterial ufteerlainties relating to events or conditions that. individually or collectively, Inay cast sionificant doubt 01) tlie charity's ability to conlknue as a Eoing coiicern foi. pei'iod of at least twelve imollths from wlien tlie f)cial slateinents are audioyised foi- isslle. Oui. i'esponsibilities aiid tlie responsibilities of the trustees with respect to going wncern are desciibed in tlie relevant sectiot)s of this repoit. Othei. infoymatioll Tlie trustees ale relpoihsible for tlle oth. itkforniation. The oiher inforjiiatioi) compi'ises tli¢ infomiaÉion included in tlie Annual Report. otlier tlian tlie finailcial statejnents and our Report of tEie hidependettt Auditors thereoii. Our opinion on the financial statements does not cover dje other infojmatlon and, except to the ¢xtent ot11WISe explicffttly stated in oiir repoit, we do not expi'e&s any fomi of aSSUnCe conclusion thereon. In connection with our audit of tkne f]C[al staten)ents, our responsibility is to read the other information an(L in doing so, coiisider whetlier the other infonnation is niaterially incoiisÈsteiit witl) the finaiicial statnelits or our knowledge obtained in the audit or otlierwise appears to be iiiaterially misstated. If we identify such material inconsistencies oi. apparent material misstatements, we are required to delemjine wlietlier this gives rise to a Inaterial iiiigstateinenl in tlie fiiiancial stalenients themselves. If, bed on the wort( we have perfom)e(L we coiiclude that there is a Jnateiial misstatenient of this ot]i¢r inforniation, we are required to report Il)at fact. We have iioihing to report in this regail. Mattel's on whieli ive gre i'equired to i-eport by exception We have iiotliing to i'eport in respect of tlie following matters where the Ch1t1£S (Acwunts ai)d Repo) Regulatioiis 2008 requires us to report to you if, in our opinion: the infomiation giv) in the Report of the Ti'ustees is inconsistent Èn wiy material respect with the fth&)¢ial statements- or sufficieiit accounting records have not been kept- or tlie financial statements are not in agreeinent with tlie accounting records aiid returns. or w¢ have not received all tlie infoimation and explanations we requiiE for our audit. Page 4
ort ofthe Inde endellt Auditors to the Trustees or Ferens Art G2lle Respoiisibilities of ti'ustees As explained niore fully ill the Statement of Trustees, Responsibilities, Ihc trustees are responsible foi. tlie prepai'ation of the fitLancÈal stateinents which give a ttue and fair view, and for siicli internal conh'ol as tlie trustees detei'rnine is neCeSsY to enable the preparation of financial statements that are free froin material misstatemenl, whetlier due to fiaud or etror. In preparing the financial statenients, the trustees are responsible for assessing the charity's ability to continue as a goiiig ¢oncein, disclosing, as applicable. matters related to going conceni and using tlie going concei'i) basis of accounliiig unless the ttustees eitlier intend to liquidate the chatity or to cease operatioii4 or have no realistic alternative but to do so. Page 5
ort of tlie Inde endent Auditors to tlie Trustees or Fe1'e$ Art Galle Oui. responsibilitles foi. tlie Audit of the fpnai)eiAI statemeii¢s We liave been appointed as aLiditois undei. Section 144 of the Cllarities Act 2011 and repojt in accoj'dance with tlie Act and relevant regulations inade oi. having effect therainder. Our objectives al'e to obtain reasotkable assurance about whethei- the finaiicial statements 2s a whole are free froin material illisstateinent, wheihei. due to fraud or ern)r. and to issue a Report of the Indep¢ndent Auditoi's that includes oui. opintoll. Reasonable assurance is a high level of assurance, but is not a guarantee that at) audit conducted in ccoi'dance witli ISAS (UK) will always detect a material misstatement ivlien il exists. Misstatements can aris¢ fioni fraud oi. error and are consideird Inaterial if. individually or ill tlie aggregate, tliey could i'easonably be expected to influence tlie economic decisions of users taken on the basis of tliese fiiiaiicial statements. Tlie extent Éo which our PLD¢edures are capable of detecting irreguJarÈties. including fraud is detailed below: Olli. approa¢li to identifying ld a&sessing the risks of material misstatefflent in respect of irregularlties. includiiig fi'aud and non-COlI)pliance with laivs and regulatioA)s, was as follows: tlie engagetnent partner ethsured tliat tlie engagement team collectively liad the appropriate conipeteiice, ¢apabilities and skills to ideiitify oi. recognise non-compliance wffitli applicable laws aiid regulations. Ive ideiilified the laws atÈd regulatioiis applicable to the chlty through discussions witli tlie trustees and otliei. management, and fi'om oui. coinrnercial knowl¢dg¢ and experience of die charity sector,. we fociised on specific laws and regulations which we considered may have a dtrect inaterial effect on tl)e financial statemetLts or the opa'ations of the charity, including the Charities Act 2011, the Cliarities Statement of Reeonimended Pi'actice {SORP), taxation legislation, data prote¢tion, anti-bribery. employment, eiivii'onmental and llealtli and safety legislation. we assessed the extent of Compliance with the laws and regulations identÉfied above througli iiiaking enquiries of maiiagement and inspectin(v legal coeSpondenCe- and identified lai¥s and regulations were cotliiiiunicated wiililli the audit teaiii regularly attd the team reii)ained alei't to instances of non-compliance thi-OUEliout tlie aiidit. We assessed tlie siisceptibility of tlie charity's fjnancial statements to aiaterial niisslatenien( including obtsining an undetstaiidiiig of how fralld miglit occur, by: iiiaking eiiquiries of mattageinent as lo where they considered there was susceptibility to fi?ud, their kijowledge of actiial, suspected and alleged fraud. and considei'fftiig tlie internal controls in place to mitigate risks of fraud atld non-conipliance witli laws and I'egulations. To addi'ess the risk of fraud tl)rougb management bias and Oveide of controls, we: perfoimed analytical p1DceduS to identify any unusual or unexpected relationships. tested joiirnal entries to identify unusual transactions- assessed wliether judgemeiits aiid assumptions made in deterinining the accounting estimates were indicative of potential bias. aiid investigated the rationale behind significant or unusual transactions. In i'esponse to tlie risk of irregulai'ities and non-eon)plian¢e with laws and regulations, we designed procedures whi¢h included, but were not litnited to: agreeing financi21 slatemei)t disclosures to underlyittg suppoiting documei)tation' reading tlie minutes of Ineetings of those charged with governance. enqull'ing of inanagement &5 to actual and potential litigation and claims- and t'eviewing ¢ori'espondence with HMRC, relevant regulators and the cliarities, legal advisoLS. There ale inlierent limitatlolls ui 1r audit procedures described above. llie Jiior¢ r¢nioved that laws and regulations are fioni financial ts'atlsactions, tlie less likely it is that we would become aware ofnon-eompliance. Auditiiig standards also liittit the audit procedures I'equu'ed to identify iion-conipliance with laws and regi11ati)S to enquiry of the trustees and other manageii)eTht aiid the inspection of iegulatory ]d legal correspondeiice, if ly. Matei'ial inisstatomenls that ai'ise diie to call be h&Yler to detect tlian those tiiat 8yise from eriDr as tliey may iiivolve deliberate concealinent oj. Collusion. A furtl?ei- description of our responsibilities for tlie audil of tlie financial statements is located on the Financial Reportiiig Council's website at www.frc.org.uklauditorsreswnsibilities. This description fonns part of oui. Report of tl)e Independent Auditoi's. Page 6
ort of the Inde eildent Auditois to the Trustees of Feyeus Ar¢ Galle Use of out. i'epoj't This report is made solely to the charity's tSte&s, as a body, in accordance witl) Pait 4 of the Chai'ities (Accounts Reports) Regiilalions 2008. Our audit wod( has been undertaken so d)at we miglit slate to die Ghai'ity's ti'ustees tliose IMattei'5 we are required to state to thejn in ali auditors, ieport and for no oiliei. pui'pose. To tlie fullest exteiit perii)itted by law, we do iiot accept or assume SpOnsibl11ty to anyone otlier than the cliaiity and die cliai'Èty'S trustees as a body> for oui. audit woi'k, for this repoil, or foi. the opiiiiong we have formed. Sadofskys Stattitory Auditors Princes House Wright Stsret Hull East Yorkshire HU2 8HX Date: 25 Noveinber 2025 Page 7
Fei-ens Art Galle Statement of Finaneial Activiti for tlie eAv ended 31st Mareli 2025 2025 Uiirestricted funds 2024 ToÉal funds Notes INCOME AND ENDOWMENfs FROM Donations and legacies 83,540 EXPENDITURE ON Chai'itable activities Depi'eGia¢ion Govei'nance costs Professional fees Bxpenditui'e in I'elation to Aitwork 277,085 3,840 650 251,804 3.540 720 Total 311575 256 064 NET INCOMEI(EXPENDITURE) Otlier recogiiised gainsl(losses) Gains on revaluation of fixed assets (228,035) (252.764) 580,464 12 389095 Net 0Veme11t in fullds 352,429 12,136,331 RECOP*'CILIATION OF FUNDS Total funds brouglit foj'ward 115,614,427 103.478,096 TOTAL fiUNDS CARRIED FORIVARD 115,966,856 115,614,427 The notes fonn part of these financial statements Page 8
Ferells Art Galle Balallee Sheet 31st MAI'ch 2025 2024 Total fuiids Ullresti'icted funds Notes rilXED ASSETS Tangible assets 115,972,152 115,618,773 CURRENT ASSETS Casli al baiik J64 364 CREDITORS An)ounts falling due witliin one year (5,660) (4,710) NET CURREIYT A&SETS TOT AL ASSETS LESS CURRENr LIABILITIES 115,966,856 115,614,427 NEI T ASSETS 115 966 856 115.614,427 FUNDS Unirstricted funds 115,966,856 115 614 427 TOTAL FUNDS 115 966 856 115,614 427 The fiiiaiicial statements wei'e approved by Élle Board of Trustees and autliorised for issue 011 24 Novembei. 2025 and wei'e signed on its behalf by.. Councillor Jackie Dad- Chair of the Conimittee Tlie notes fomi part of these fiimncial stat¢lD¢nts PaBe 9
Ferens Awt Gallei Notes to the Finallcial statnents foi. tlie ear elided 31st Maycli 2025 ACCOUNfiNG POLtClES BA&is of pJYpaYing the fiuancial statements The finaiicial stateinents of the charity, which is a public benefit entity under FRS 102, have been pi'epared in accordance with tlie Charities SORP (FRS 102) 'Accouniiiig and Repoi'ting by Charftties: Stateineiit of Recommended Pi'actice applicable to charities preparing their accollnts in accordance witli the Finalicial Repoitino Staikdard applicable in Ilie UK and Republic of Irelhnd {FRS 102) {effective l January 2019),, Financial Reporting Standaiyl 102 'Tlie Finaiicial Reporting Standard applicable in tlie UK and Republic of Ii'eland, wid tlie Cliarilies Act 2011. The financial statements Ive been pi'epared under tlie liistorical cost convention, as modified by Ihe revaluation of certain assets. Tlie presentation cui'rency of dje financial statements is the Pound Sterling (£). Inconie All inconie is recognised in the Statement of Fin2ncial Activities once tlie charity lias entitlement to the funds, it is pi'obable that tlie Income ivill be received and the aniount can be nieasured reliably. Expenditui'e Liabfftlities are I'ecogni5ed as expenditure as soon as diere is a legal or ConstCtIVe obligation cominitting tlie hai-ity to that expellditur4 it is probable that a transfer of econoN)ic benefits will be required An settlement aThd the ainount of the obligation can be me&sured Yeliably. Expenditure is accounted for on an accivals basis and has been classified under headings that aggitgale all Cost related io the category. Where costs caijnot be directly atti'ibuted to particular heading5 they have been allocated to activities on a basis consistent with d)¢ use of I'esources. Taiigible fixed assets Depirciation is PiDvided at the following annual rates in oiler to write off ch a&set over its estiinated usefiil life. Land and Buildings Lquipimeiit Pictures ai)d Arlefacts 10/0 on cost IO¥o on cost not provided T2xation The charity Is exempt from tax on its charitable aGtÉvities. Fund accounting Unrestricted funds can be used in a¢¢ordance with the Charitable objectives at the discretion of the thEStees. Resti'icted ndS can only be used foi. particular restiicted puiwses withtn the objects of the charity. Restrictioiis se wlien specified by tlke donor or ivhen lld8 are raised for particulai. restricted puiposes. Furtlier explanatioii of tlie nature and purp)se of each fund is iiicluded in the notes to the financial stateiiieiits. Fixed assets Land and Buildings and Equipment These are valued on the basis ¢0111}ended by CIPFA and in accordance with die Va]uation Standai'ds as issued by the Royal Institution of Uiarter¢d Surveyors. Revaliiations are done every year to ensll that the revalued amounts show a trne and fair vieiv. PÈctures and Artefacts These are Iield in pei'petuity and have no deteiThinable useful life. The metliod for valuing these assets is now based on iiisurance values (previously historic cost valuations were used). Items with a purehase price of less than £5.000 are charged to the revenue account in tlle year of acquisition, and are not incliided in tlie value of Pictures and Artefacts. Page 10 coi)tinucd...
Fei'ens Art Galle Notes to the Financial St*Éemeiits - Continued for tlie ended 31st March 2025 DONATIONS AND LEGACIES Capital works lo Ilie Ait Gallery are fiinded by KinESton iipon Hull City Council. Purcliases of pictui'es ai)d artefacts are funded by eonliibutions froln tlie F"¢n$ Art Gallery )dow1nent FuA)l otiier arts and cultui'al bodies aiid voluntary doiiation5. 2025 2024 Conti'ibiitions from Ferens Art Gallery Endowment Fund 83,540 3,300 AUDITORSI REMUNERATEON 2025 2024 Fees payable to tlie chaiitys auditois for the audit of the Gharity's financial Statements 3,840 TRusfEFS' REMUNERATION AND BENEFrrs Tliere were no Èrnstees, reniuneration or otlier benefits for the year elided 3 1st Mairh 2025 nor for the year elided 3 1st Mw'cb 2024. Trustees, expenses Tber¢ were no ti'ustees, expenses paid for the year ended 31st March 2025 noi. for the year ended 3 1st Mar¢h 2024. TANGIBLE filXED ASSETS PiCre$ and tef&cts Land and Buildings Equipment Totals COST OR VALUATION At I st Api'il 2024 Additioi)s Revaluations 28.440,324 37985 87,178,449 50,000 115,656,758 50,000 303 379 303379 At 31 st Mardi 2025 28,743,703 37,985 87 228 449 116,010,137 DEI PRECIATION At 1st April 2024 Charge for yeat Revaluation adjustments 37,985 37,985 277,085 277,085) 277.08S At 31st Maych 2025 37,985 37,985 NET BOOI< VALU At 3 1st Marcli 2025 28.743,703 87328,449 115972 152 At 3 1st March 2024 28,440 324 87 178 449 115,618,773 Pagell continued...
FereDS Art Gxller Notes to the Financial Statements- continued for tlie eaJ- ended 31st Mai'cli 2025 TANGIBLE FLXED ASSETS- contillued Cost or valuatioii at 3 1st March 2025 is represented by: Pietures and Artefacts Land and Buildiiigs Equipment Totals Valuations 2010 to 2025 Cost 20,145,037 8598.666 76,874.890 IOJ53 559 97,019,927 18,990 io 37,985 28 743,703 37,98S 87,228,449 116 010,137 Tlie cost fioure sliown above includes all valuations up to 31 st March 2009. Tliis js Ilie earliest dak for wl)icli we Iiave been able lo aseertain what the canying amount ivould118ve been ld tlie assets been carried under tlie cost inodel. This yeai's acquisition is also tncluded. The Land and Buildings are valiied on the basis recommended by CIPFA and in Oi.danCe with the Valuation Standards as issiied by tlie Royal Institution of Chartered Surveyors. The last valuation ivas carried out on I lth July 2025 by Hull City Cowhcil wliich valued the Laiid and Buildings at £28,743,702 with an effective date of 3 1st March 2025. The pi'operty valuation for the Ferens Art Gallery includes tlie 8re2 in iYl)i¢li tlle La Loggia cafe is located. Tlie cafe is LIEn by Hull Culture }d Leisure Limited who are responsible for ils Inaintenaiice. Ferens Ait Gallery li&q a membership with the Contemporary Arts Society, tlwough wliich works of art ale pui'cliased witli the hid of Lottery funding. Follow&n8 the additions shown li? tlie 2004105 accounts totalling £60.048 wlitcli becam¢ Fei'ens Art Gallery assets All the year ending 3 1st Decetnber 2014, no fuitller purchases of this Iiature Iiave been capilalised. The pictures and artefacts are included at tlie value they are insured for. Expeits coi)sider ivlieilier there al'e aiiy reasons to believe that tliere has been a material c]]ange in value of the pictui'es and artefacts on ali annual basis. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other credltors 5,660 4,710 MOVEMENT IIY FUNDS Net niovejnent in funds At 3113r25 At 114r24 Uiii'tstyicted funds Fixed Asset ReSee Adopt-a-painlfftng Scheiije 115,614JlO 117 3S2,429 115,966,739 117 115 614427 352,429 115,966,856 TOTAL FUNDS 115,614,427 352.429 115,966,856 Page 12 continued..
Ferens Art Galle Notos to the 1n#1]cIal Statemwits - continued foi. tlie eai. ellded 3As¢ Mai'ch 202S MOVEMENT IN FUNDS- continued Net Movement in funds, included in the al)ove are as follows: Inc(Hhing resources Resource5 expeiided Gailis and losses Movemellt in funds UDI'esti'lcted funds Fixed Asset Reseive 83,540 (311,S7S) 580,464 352,429 TOTAL FufqDS 83,540 311575 580,464 Colp#'tive8 foi. movenient in fullds Net Inovenient in fuiid5 At 3113124 At 114123 Uni'estricted funds Fixed Asset Reserve Adopt-a-p2Ènting Sclienie 103.477.979 117 12,136,331 115,614.310 117 103 478 096 12,136,331 115,614427 TOTAL FUNDS 103.478.096 12,136,331 115.614,427 Coinparative iiet moveniet]t in funds, iiicluded in the above are as follows: Incoming resources Resoui'c&q expended Gains and losses Moveinent in funds Ur(l,)cted funds Fixed A&8et Reserve 3,300 (256,064) 12,389,095 12,136,331 TOTAL FUNDS 256,064) 12,389,095 12.136,331 A cent year 12 months and prior yeai. 12 months combined position is as folloivs: Net moveiijent in funds At 3113125 At 114123 Uiirestricted funds Fixed Asset Reserve Adopt-a-painting Scheme 103,477,979 117 12.488,760 115,966.739 117 103,478,096 12 488 760 115,966 856 TOTAL FUNDS 103 478 096 12,488,760 115 966,856 Page 13 coiitinued...
Ferens Art Calle Notes to the Financial Stateiiients- coiitinued for tlie e#i' ended 31sl Mxreb 2025 MOVEf*lENT IN FUNDS- continlled A cuireiit year 12 inonths altd prior year 12 montlis combined net inovement in fuEids, ii)cluded in tlie above as follows: Inconiing resources Resources expended Gains and losses Moveinent iii funds Ulli'esti'icted fujids Fixed Asse¢ Reserve 86,840 (567,639) 12.969,559 12,488,760 TOTAL FUNDS 86.840 567.639) 12,969,559 12.488 760 Pui'poses of funds Fixed Asset Resei've The fund was setup fol. the constrnction and fiirnishing of an Art Gallery. Adopt a Painting Scheme The Fei'ens Art Gallery liouses an internationally significt collection of woj'k rartgÉng fro Old Mastet3 through to 21st ¢enttiry contenipordry art. The Gallery is dedicated to niaking all of the art ill its Ca accessible to as niany people as possible. ikn iinportant aspect of thts is ensuriiig tliat ivoi'ks are pi'eserved iii as good a coiidition as tK)S5ible so tliat t])ey can be enjoyed by visitors now and in the future. The Adopt a Paiating scheme was set lip to enable individuals to conts'ibute in whole or pait to tlie Ilstoration and conservaliofj of key works ffin the Ferens Art Gallery. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 3 1st Marcli 2025. Page 14
REGISTERED CHARITY NUMBER: 1003774-1 rt of th¢ Trustees and Financial St8tements for the Year Ended 31st Maiyli 202S foi. Ferens Art Galle Endoivment Fund Sadofskys Statutory Audito Princes House Wright Street Kingston upon Hull HU2 8HX
Fereiis Art Calle Endoivment Fund Coiitents of tlie Fiiiajicial Stateme(s roi. the ear ended 31st March 2025 Page Report of the Trustees Report of the liidependent Auditors 4 to 7 Statement of FinaneiAI Activities Balance Sheet Notes to tlie FinAn¢i41 Statements 10 to 14
Ferens Art Galle Endowment Fulld ort of the Ti'ustees eai. ended 31st Mai'ch 2025 for the The trustees present tbeii. report with tlie fJnanGial statements of the cliarity foi- the year ended 31 st Marcli 2025. Tlie trustees have adopted the pi'ovisions of Accouiiting and Reporting by Charities: Stateinent of Recomnieiided Pi?ctice applicable to cliarities preparing theii. accounts in ae£ordance wid) tlie Financial R¢porting Standard applicable in the UK aild Republic of Ireland (FRS 102) (effective l January 2019). OIJJECTtVES AIYD AcfiviTIES Objectives, #iins public benefit Tlie Ferens Al't Galleiy Endowment Fund was established in 1928 to ptyjvide fuiidiiig for tlie puirliase of artworks. Tlie tt'ust deed stipulates that a PLX)POrtion of the annual income shall be applied toww'ds the c05t of iiiaiiiteiiance, upkeep and annual expenses of tlie Ferens Art Gallery. The balance of tlle income is to be used in defYing the cost of acqiiiring aiiy pictui'es, statuary or otl)ei' works of art which the corpoi?tion or any of its commlttees may from time to time deem it desirable to acquiir. This stipulation effectively makes the fwid restricted as defined by SORP relatiiig to cl)arities. Kingston up)n Hull City Council operates a Feren5 Art Collectioii Fund (F.A.C.F.) for tlie acquisition of tlie works of ait to add to the FellS Art Gallery peimianent collection. The F'enS Ait Gallery EtLdowAnent Fund (F.B.F.) has iw] established as tlie major souire of ii)come to finance F.A.C.F sp¢iidiiig. Balances are pej'iodically transferred from the F.E.F. to suppoit the F.A.C.F and, in doing so, satisfy tlie i'eqiiiremenls of the deed. The trustee is of tlje opknion that is has con)plÈed with the duty in Section 4 of the Charities Act 201 I witb iegard to public benefit guidance published by tlie Cliarity Coinmi&8ion. AcHvEmENTs AND PERFORMANCE The anniial contribution made towwfjs the running costs of the Ferens Art Gallery foi" the yeai" ended 31 March 2025 was £25,967 {2024: £24.983}. Otlier expendittire included £49,735 {2024: £52.072) to HSBC Pi'ivate Bank in I'espect of nd management 5¢1vices alld £6,192 (2024: £5,874) to Kingston upon Hull City Council foi. support services. Ittconie fix)m investments and interest ojiiounted to £233.705 (2024: £224,842). A new legacy of £8.624 was left to tlie Feiyns Art Gallery Endownent Fund from tlle late Valei'ie Woodcock, to be used for the restoration of paintings. FINANCIAL REVIEW Flnaneial positiom The financial p051tion of die charity is strong wlth net assets at 31 March 2025 amounting to £9,354,977 (2024.. £9,343,670). Investment policy aiid objectives The aim of wl)icli is to inkniillise the fInancTal risk whilst seeking to mauitaill adequate levels of incorne. Tl)is policy will be reviewed annually. Reserves policy The TrLlSt opei'ates a Reserves Policy whereby the fid retains sufficient available funds to continiie its operations. Going contei'n The charity lias s1clet reserves to enable any debts to be paid as tliey fall due. Tlie trustees do not foresee aiiy problenis in the nt twelve montlis from the date that t]iese fiRiancial statei)ients are autliorised for Issue. Page I
Ferems Art Galle Endovment Fund vl of the Trustees eay ended 3 1st March 2025 for the STRucfuR£, GOVERNANCE AND MANAGEMENT Govei'ning document The cliarity is controlled by its gov¢rning document. a deed of trusL and cojistitutes unincorpoi'aled ch'Ity. Ferens Art Gallery was biiilt in 1927 from monies lield in a ttust fund set up in 1919 by TR. Ferens. Tlie Art Galleiy is held on ttust by Kingsloii upon Hull City Council for 'the exhibition of ivot*s of art iii py¢tu1ty" Following tlie coinpletion of tlie Gallery. tlie Ferens Ari Gallery IdOW[ent Fund was established by a deed of trust dated I S Marcl) 1928, 10 PlDvide fundiiig foi. die puycliase of artworks. Ferens Art Gallery was irgistei'ed as a charity on 5 August 1991, with tlie FeiEns Art Gallery Endowt))ent Fund being its ¢oiistitueiit cliarity (rK) 1003774-1). Recruilment and appollitinellt of neiv trustees Kijigston upon Hull City Council is tlle sole tsstee but it is the Council's Cotyorale Trustee Comniittee as pey the Council constitution that exercises control. The reciuittllent and appointnient is based solely on when there •e thanges to tlie Comiiiittee as a result of official local elections. Oi'ganisatioiial structui-e Iciiigston upon Hull City Council ffts the sole tt'ustee of the Ferens Art Gallery Endowmeiit Fund. Tlie fvnctioii of the trustee is exercised by the Council's Corpordt¢ Trustee Committee as per the Council constitution. The curiEnt members of tlie Cotyorate Trustee Commtttee are Councilloi. J. Dad, Councillor R Pritchard and Couiicillor M. Ross. Tlie Corpoi?te Trnstee Cominittee Rs i'esponsible for ensuriiig that arrangenients are i)iade for keeping proper books of account wliich I'epi'eseiit a true and fair view of tlie affatrs of the Tivst in respect of activitles. It also ensuits tliat tlie financial stateinents liave been propei'ly prepared in accordance with the Ti'ust Deed, the Cliarities Act 2011 and the Statsinent of Recominended Praclice Accounting and ReportÉng by Charities (effective l January 2019). The trustees coiitiiJii¢ to piDcure financial, legal and secretarial support and advice froni Kingstoji upon 14ull City Council. Induction and ti'Aii)iiig of neiv trustees Tl)e covn¢illors al'e gtven a copy of tlie sclieine docuinent together witii any amendments Iiiade to it and a copy of the latest charity repoit 2nd th¢ accounts. Risk management Tlie trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate coiili'ols are in place to provide reasonable assurance against fraud and error. The Charity has identified tlie risks to ivliich it may be exposed 2nd lias implemented a risk rnanagenieiit stt?t¢gy wliicli oinprises; - an atmual review of the risks which tlie Charity may face. tlie establisliiiient of systenis and pN)ceduros to mitigate those risks. the implementation of piocedures designed to minimise any potential impact on d)e Charity sliould any of those risks matei'ialise. REFERBNCE AND ADMINISTRATIVE DETAItS Registered Cbarity numbei. 1003774-1 Prlnclpgl Addi'ess Killgston upoii Hull Cityi Couocil Guildhall Alfred Gelder Street Kiiigston upon Hull HUI 2AA Page 2
Ferens Art Galle EiidoiVmet Fumd oi't of the Trustees exi. ended 31st March 2025 for tl)e Trustees Kingston iipon Hull City CounGil Auditois Sadofskys Statt&tory Auditors Pi'inces House Wriglit Sti'eet ICiiig8ton upoj) Hull HU2 8HX Baiil(ers Natioiial Westmiiister Bank plc 34 Icing Edward Stt'eet Hull East Yorksliire HUI 3SS liivestlnent Consultants HSBC Pi'ivate Bank (UK) LÉmited 8 Cork Street London WIS 3LJ srATEIKENT OF TRUSTEES, RESPONSIBILITIES Tlie Iiustees al'e responsible for preparing Ilie Report of the TiSlee$ and tlie financial statemeiits in accoidance witl) applicable law and United Kingdoln Accounling Siandards (United Kingdotn Gen'allY Accepted Accounting Practice). Tlie law applicable to charities England & wal the Charities Acl 2011, Chw'ity (Accounts and Reports) Regulations 2008 and the piDvisioiis of tlle twst deed requires the tnLStees to prepare fijiancial statehients foi. each f1112ncial year wliich give a and fair view of the state of affaii's of the ch&'ity and of the inconiing resouires and application of I'esoul'ces, including t]ie income and expenditure, of the cl)arity for tliat period. In pi'eparing tILose Financial Statements, tlie Trustees are tEquired to: select suitable accounting policies and then apply then) consisÉently' obsei've tl)e inetli¢xls and principles in tlie Charity SORP. Inake judgements and estimates tliat 'e reasonable ajid pruden¢ pi'epare the Financial Ststements on the going concem basis ullless it is Inappropriate to pi'esume that the Charity will Colltinue in business. Tl)e Fi'5teeS are responsible for keeplng pmper accounting records wl)i¢h dis¢lose witb i'easonable accui'acy at ally time the financial position of tlie ChArity 2nd to enable thein io eiisure tliat Ilie Finallcial Statements mplY witli the Cl)aYilies Act 2011, tlie Cliarity (Accounts and Reports) Regulations 2008 and the pyovisioiis of tl)e trust deed. Tliey al'e also itsponsible for SafegirdIng the assets of the Chai'ity and hence for taking reasonable steps foi. Il)e prevention and detection of fi?ud and other irregul7t1es. Approved by order of the board of trnstees on 24 ' November 2025 and Si]ed oli its behalf by: Councilloi Jackie Dad- Chair of the Cominittee Page 3
Re ort of the Inde endellt Auditors to tlie Ti'ustee5 of Ferens Art Galler Eiidowihellt Fund Opiiiion We liave audited tlie fEnancial slatenienls of Ferens Arl Gallery Eiidowment Fui)d (the 'cl)arity') foi- tlie yeai. ended 3 1st Mw'di 2025 wl)ich comprise the Stateinent of FiEtancial AGtivities, tl)e Balance Sheet notes lo the financial 5tateiiieiits, incliiding a siiinniary of sigriifIcant accounting policies. The fmancial rworting fraiiiewoi'k that has been applied in their pi'eparntion is appli¢able law and Ullited KinEdoni Accounting Standai'ds (United Kiiigdoii) Geiiernlly Accepted Accounting Practice). In our Oplliion tlie fmaiicial statements.. give a and fair view of tlie state of tlle cllarity's affairs as at 31 sl Marcli 2025 and of its inconiing resources and applicatioii of resources, for die yeai. t]ien ended- have been plperlY pitpared in accordance ividi United Kingdoin Gejierally Accepted Accounting Pi'actice. and have been prepared An accordance witli the requirements of the Cliarities Act 2011. Basis for opinion We conducted our audit in accoi'dance with En1&1I0llaI Standards on Auditing (UK) (ISAS (UK)) aiid applfftcable laiv. Our I'esponsibilities under those standards are furtlier described in Éhe Auditoi's, responsibilities for the audit of tlie fiiiancial statements section of our report. We are independeiit of tlie ch&'ity iti accoi'dance witli Élle etliioal ttquiremeJ)ts Iliat are relevant to our audit of tlie financial slateiiients in the UK. iiicludiiig die FRC'S Ethical Standai'd. aiid we liave fulfilled our od)er etl)ical responsibilities iti accoi'dance witb these requii'eineiits. We believe that tlie audAt eviden¢¢ we have obtained is SLifficAent and appropriate to provide a basis for ow opinion. Conelusions i*lAting to going eoneei In audiliilg the financial statenients, we have eoncluded that the trnstees, use of the going concern basis of accounting in the piepai'ation of ilie financial statements is appropriate. Based on the work ive l)ave performed, we have not ideiitified any niaterial uncertainties relalÈng to events or condilions tliaL individually or collectively, Inay cast significant doubt on the chai'itys ability to coiitinue as a goÈng conceiii for a pei'iod of at least twelve months fi-om wlien tlie fmancial statements are autlioi'ised for issue. Our i'esponsibilities and the responsibilities of the tti]stees witli Irspect to golng concern al'e desci'ibed in tlie relevant sectioi)s of this report. Otbei. itifon119tiou The trustees are respoiisible for tlie other infomialion. The otlier infonnatioii compi'ises Ilie infom)ation included it) tbe Annual ReporL otliei. than tlie financial statements and oui- Report of the Independent Auditois thereoii. Our opinion on tbe financial statements does not cover tlie other information and, except to the extent othei'wise expllciily stated in our rep)it, we do not expiyss any forrn of assurallce conclusion thereon. In connection witb our audit of the financial stateinei)ts, our responsibility is to read the other infomiation and. it) doing so, consider whether the other infonnation is niatei-lally incollsisteiit ivith tlie finaiicial statenieiits or our knowledEe obtained in the audit or otheiTrvise appears lo be niatei'ially inisstated. If we ideiktify such material lliconsistencies oi. apparent material tnisstatements, we are required to d¢teii]]ine whether this gtves rise to a maleiial iiiisstatenient in tlie fllianctal slateinenls tlieiiiselves. If, based on the work we liave perfonned. we coiiclude d)at there is 2 material InisstatemeTht of Ilifts other infonnalion, we are requiild to report tliat fact. We have llotliRng to repoit in tl)is ieg&i'd. Mattel's on which we gi't veqllii'ed to i'eport by exception We have nothing to repoi'l in respect of the following matters Whe the Cbarities (Accounts ai)d Reports) Regulations 2008 reqiiiirs us to report to you if, in our opinion: tlie infoi'matioii given in the Repoi't of the Trustee5 is inconsistent in any matetial respect with the fin8t)¢i81 statements- or sufficieiit accounting itcords have not been kept. or the faliCial statements are not in agreeinent will) tlie accoujitino iTcords and retun. or we have iiot received all the inforlllation and explanations we require for our audit Page 4
ort of tlle liide endent Auditoi's to Ilie Trustees of ricreiis Ar¢ Gallei Elldoivmeiit Fujid Responsibilities of trustees As explained nioi'e fully in the Statetnent of TNstees' Responsibilities, the trustees are respoJ15ible for the prepai?tion of Ih¢ financial statenients which give a true and fair view, and f(M' such intemal conti'ol as tlie ts-LiStees detei'mine is necessaiy to enable the preparntion of financial statements that are free froii) material misstatenient, whethei. due to fi'aud or error. In preparlng the financial statements. the tti]slees are responsible for assessin the charity's ability to continue &8 a goitsg conceim, disclosing, as applicable. matters related to ooing concen) and using the going concerii basis of accounting unless the trnstees eitlier intend to liquldate Ilie cliayity or to cease oper2tions, oi. l)ave no realistic alteii?ative but to do so. Page 5
ort of the Inde endent Auditors to the TJ'ustee5 of Ferells Awt Gallei EndOllent Fund Our i'esponsibilities foi. the audlt of tlie fiiianeiaI stxtemellts We liave been appointed as auditoi-s uiider Section 144 of the Charities Act 2011 and report in accordance witi) tlie Act alld i'elevaut reguLations iRiad¢ oi. having eftTecl thereunder. Oui. objectives are to obtain rtrdsonable assu17nce about wliether the financial staleinents as a whole al'e free fix)I Inaterial Inisstatement. whethei- due to fraud or ertDr, and to issue a Repoit of the Independeiit Auditors Iliat includes oiii. opiiiion. Reasonable assurnnce is a high level of assurance, but is not a guarantee that an audit conducted in accoi'daiice willi ISAS (UK) will always delect a material n)isslatement wlien it exists. Misstatements cali arise fi'on) fi'aud oi. errol. and are coiisidei'ed tnatei'ial if, individually or in the aggregate, tliey could reasonably be expected to influeiice tlie economic decisions of usets taken oil dje basis of tbese fi7¢1a1 statements. The extent to wliidi our procedures are Capable of detecting iegUl7ties, including fraud is d¢tsiled below: Out. approach to identifying and assessing tILe risks of material inisstatement in res¢1 of li.regul'1tIcs, including fraud and non-co]Jiplian¢e with laws and regulations, was as follows: tl)e engagement partner ensured tliat Ilie enoagement team colleclively liad the appropriate competence, capabilities aiid skilLs to ideiilify or recognise iion-conipli2nce witli applicable laws and regulalions. ve identified tlie laws and i'egulatioiis appli¢able to die charity tIOugh discussions witli tlle trustees and other Inanagement, and from oui. commercial knowledge and eXlence of tlie chai'ity sector. we focused on specific laws and regulations which we considered may have a direct material effect on tlie financial stateinenls or tlle operatÈoiis of tlie chAr&ty. in¢ludiog the Charities Act 201 I, tlie Charities Statement of Recominended Practice (SORP). taxation legislation. data prot¢Gtion, anti-bribery. employnient, envAJDnnJeiital and health and safety legislatioii. we assessed th¢ extent of coniplAan¢e with the laws and regulations ideiitified above through iiiaking enquiries of mankTrgenient and inspe¢ting legal correspondence. and ideiilified laivs aiid regulations wei'e eoniiiiiiiiicated ivitliÈn the audit teain regularly and tlie team I'einained alert to instances of noii-coiiipliance tlirougliout Il)e audit. We assessed the susceptibility of the charity% fInancial statements to material mi&stat¢n)ent, including obtatning an iindei'staiidftiig of liow fraud might occui.. by= Inaking uiquiries of maiiagement as to where they considered d)ere was susceptibility to fraud, their luiowledge of actual, suspected and alleged fraud. aild onsidering tlie internal controls in place to mitigate risks of fraud aiid non-conipliance with laws and regulations. To address the risk offraud tlirough Inanagement bias and override of controls, we.. pei'ftiimed analytical piDcedures lo identify any unusual or Unex[ed tElationships' tested joiirnal ents'ies to identify unusual transactions. assessed whether judgements and assunjptions made in determining the accowlting estimates were indicative of potential bÈas' aThd investigated the rationale beliind significant or unusual transactions. In response to the risk of itTegularities and non-compliance wltli 12ws and regulations, we desigi)ed procedures ivliicli included. but were not limited to: agreeing fiiiancial slatemeiit disclosures to underlying supportijig dOcuMltation. reading the iiiÈiiutes of iiiedings of those charged with govenianee- enquiring of management as to actual and wtential litigation and ¢laims' and reviewing coritspondence with HMRC. relevant regulators and the ¢harities' legal advisors. Iliere are inlierent limÈtations in our audit pro¢ureS desci'ibed alK)ve. The mojr removed tliat laws and regulatioiis are fi'om financial Irattsactions. the less likely it is that we would become aware of nOnomplIan¢e. AuditiIig stai)dards also limit the audit procedures i'equired to ideiitify ilon-compliance ivith laws and regulatio1 to enquiry of tlie ts'ustees ai)d othei. management and tlie inspectÉon of I'egulatory and legal correspondence. if aFty. Material misstatetiients that arise due to fraud can be harder to detect than those that arise froni ei'roi. as they may involve dellberats concealinent or collusioii. A furtliei. desci'iption of our spOnsibl11t1e5 for the audit of the financial statemeiits is located on the Fii)ancial ReportlllE Couiicil's website ttt www.frc.0rg.uklaudltBreSp)sibt1lt1cS. This description foyms part of our Report of tbe Independent Auditors. Page 6
oj't of Ibe lllde endent Avilitoys to tlie Trustees of Fei'eiis Al't Gall¢i Eiidoivmiellt Fulld Use of Ibur i'epoit This repoit is made solely to the charity's ttwstees. as a body, in accordance with Pait 4 of th¢ Cliarilies (Accounts and Reports) Regii14tions 2008. Oui. audit woik has been undertaken so tliat we Eight state to the cliarity's ti'ustees tliose matte1% we are required to state to thein in an audAtors' report and for no oilier purpose. To tl)e flillest extent pei'mitted by law, we do Iiot accept or assuine responsibility to anyone other tlian the ch81.ity and the charity's ttwst£es as a body, foi. our audit woi'k. for this rewrt, or for the opillions we liave foi'ii)ed. Sadofskys Statutory Auditors Princes House Wi'ight Sti'eet Hull East Yoi'kshire HU2 81LK Date: 251h Novembej. 2025 Page 7
Ferens Art C8llei Endowinent Fund Statement of Financial Activities for tbe eai. ended 31st Marcli 2025 2025 Total funds 2024 Total fuiids Restricted fund Endowment ild Notes INCOME AND ENDOWMENTS FROM Donations and legacies 8,624 8,624 Investnient income 233,705 233,705 224,842 Total 242,329 242J29 224 842 EXPENDITURE ON Raising funds 6,609 49J18 5.S,927 57,946 Chai'itable activlties Ferens Ait Collectioii Fund Hull Cultui'e & Leisure Lunited Govei-iiance costs 83J411 25,967 83,540 25,967 3,300 24,983 3.240 Total 119,596 49J18 168 914 89,469 Net gai1(10Sses) on iiivestiiients 62 108) 62,108 930 879 NET INCOME/(EXPENDITURE) 121733 {111,426) 11,307 1,066,252 RECONCILIATION OF FUNDS Total funds brought forward IJIS,053 8,028,617 9,343,670 8,277,418 TOTAL FUNDS CARRIED FORWARD 1437 786 7,917.191 9 354,977 9,343 670 The notes f(M'in pwt of these fuiancial statemenls Page 8
erens Ar¢ Gglle Eiidowment Fund BAlxihee Sheet 31st Mi arch 2025 2025 Total funds 2024 Total fuiids Resh'icted fund EndoMThent fund Notes FIXCI D ASSCTS Invesliii¢nts 7063,992 7,863,992 7,978,342 CL:RRENT ASSETS Debtois Casli in hand 1,467,4SI 1,467,4SI 65,950 1.343,485 65.950 1,467AS1 65,950 1,533,401 1,407,216 CREI DITORS Amoiints falling due witliin one year (29,665) (A2,751) (42,416) (41,888) NET CURRENT ASSETS 1,437,786 1490,985 1365.328 TOTAL ASSETS LKSS CURRENT LIABtLrriES 1,437,786 7,917,191 9a54,977 9,343,670 NEI T A&SETS 1437.786 7,917,191 9 354,977 9,343,670 FUNDS Rests'tcted funds Eiidowinent funds io 1,437,786 7,917 A91 1,315,053 8 028.617 TOTAL FUNDS 9 354 977 9.343,670 Tli¢ fiLiancial slateiiients wei'e appiDved by tlie Board of Tntstees and authorised for issiie on 24 Novembei. 2025 and were signed on Its belialf by.. Councillor Jackie Dad- Cliair of tlie Conimittee The notes forin part of these fmancial statemeiits Page 9
Ferens Art Gallei Endoivinent Fund Notes to the Finai)eial Statements for tlie eai. ellded 31st Trlaitli 2025 ACCOUNTING POLICIFS BA815 of prepAring the fillancial statements The financtal statements of the charity, which is a piiblic beiiefit entity undei. FRS 102, have been ptEpared in accordance with Ilie Charities SORP (FRS 102) 'Accounlirtg and Reportiiig by Ch&i'ities'. Statement of Recornmended Practic¢ applicable to cllarities preparing d)eii- accounts in accordance i¥ith the Financial Repoi'ling Staiidai'd applicable in tile UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporliiig Standayd 102 'The Fiiiaiicial Reporting Standard applicable in the UK aiid Republic of Irelaiid, aiid ihe Cliartlies Act 2011. Tlie fmancial stalenients Iiave been pi-epared under tlie liistoi'ical cost coiivei)lion. with tlie exceptlon of inveslments which are included at inai'ket value, as Inodifi¢d by ilie i'evaluation of certain assets. The pi'esenlation curren¢y of tlie financial stateinents is the Pound Sterling (£>. Ineoiiie All income is recognised in tlie Stateinent of Financial Activiti&8 once the cliarity lias entltleiiient to tlie fvnds, it is probable tliat tlie income ivill be received and die aTE]ount c211 be measured reliably. xpenditure Liabilities are recognised as expendÈture as soon as there is a legal or nStructive obligalffton coii)mitting the ¢liai'ity to that expenditure, it is probable that a transfer of econojnic benefits will be irquir¢d in settleinent at)d the atilount of tl)e obligation can be meaSUd reliably. Expenditure is a¢¢ouiited for on an acGMals bHsis and has been classified under headings tl)at aggreoate all cost related to tlie category. Wliere costs cannot be directly atti'ibuted to particular lieadin£s tliey liave been allocated to activities on a basis consistent with tlie use of trsources. Gi'ants offered subject to conditioi)s which Iiave not been iiiet at tl)e year end date are noted a cominibnent but not accjued as expenditure. Taxatioll The charity is exe]npt fiom tax 011 its charitable activities. accounting Uni'esti'icted funds eaii be used in accordance with t]ie charitable objectives at tlie discretion of tlie trustees. Restricted fiinds can only be iised foi. parficiTlar restt-icted piiw widiin tlie objects of the chai'ity- Restrictions ai-ise wlien specified by the donor or wlien fvnds are raised for particular rests'icted purposes. Furtlier explanation of the natu and purpose of each fvlld is included ll) the notes to d)e financial slatejiients. Bndowinent funds - diese funds represent assets which must be lield pernianently by the chai'ity, piincipally invesliiients. Income arisllig froin tlie endowment can be used in accordance witli the objects of the cliai.ity and is included as i'estricled ittcome. Fixed asset inv&stments and stocks & shgre5 Fixed asset iftvesttnents are included at mai*et value at the balance sheet date. Any gail) or loss on revaluatioii is taken to tile staleinent of fiiiattcial activities. Stocks ]d shares a included at nrket value at the balance sl)eet date. Page 10 coiitinued.
FereDs Avt GAlle Endowment Fund Notes to the Financial St2tements- coiitinued for the eai. ended 31st Mai'eh 2025 DONATIONS AND LEGACIES 2025 2024 Valerie Woodcock Lega¢y INVESTMENT INCOME 2025 2024 Investment income Interest on balances 168,353 65J52 169,433 233,705 224 842 RAISING FUNDS Inve5tmenl management costs 2025 2024 Fund managemertt costs Siippoit services recharge 49,735 52,072 5,874 AUDITORS, RKMUNERATION 2025 2024 Fees payable to the charity's auditors for the audit of the charity's financial statements 3,480 3,240 TRUSTKES, HEl[UNERATIoN AND BENEFITS Tllere weir no trustees, remuneration or other benefjts for the year elided 3lst Maych 2025 iior for tlie year ended 3 1st Mai'ch 2024. Ti'ustees, expellses There were no tiwstees, expenses paid for tlTre year ended 31st March 2025 nor for tiie year ended 3 1st Mai'ch 2024. FIXED ASSET INVESTMEwrs The fixed asset investments relate to stocks and sliares. These are in¢luded in the accounts at t]ie followiiig iiarket values. 2025 2024 FÈxed interest Equities Alternatives & Funds 1,417,370 6,405,067 1.278,713 6,527,631 171998 7 863,992 7 978.342 Pagell continued...
Fere1 Al't Galle Emdoiwnent FuThd Notes to tlie Fillanei¥l StateKllents- continued for tlie eai. elided 31st 1118j.eh 2025 FIXED ASSET INVESTMENTS- continued The itiilial book cost of tl)ese ittvesln)ents was: 202S 2024 Fixed intei'est Equities Aiteinatives & Funds 1,438,597 5,784,904 41,555 1,188,079 5,389,416 171.395 7,265 056 6,748,890 DEBTORS: AMOUNTS YALLING DUE WtTHIN ONE YEAR 2025 2024 Ilingstoi) upoii Hull City Council HSBC Private Bank 1.443,800 23.651 1,319,661 A 467,451 1,343.485 CREDITORS: AMOUNTS FALLtNG DUE WITHIN ONE YEAR 2025 2024 Ollier creditors 42,416 io. MOVEMENf IN FUNDS Net movement in funds At 3113125 At 114124 Resti'icted funds Restricted FLEnd lJ15,053 122,733 1,437.786 Elldowftneiit funds Endowtnent Flind 8,028,617 (IIIA26) 7J17,191 TOTAL FUNDS 43,670 Net movement in funds, included in the above as follows: IncomiDg resources Resources expeiided Gains and losses Movement in funds Resti'icted funds Restricted Fund 242J29 (119596) 122,733 I ndoivmeiit fujids Endowiijent Fwid (49,318) (62,JU8) (111,426) TOTAL FUNDS 242,329 168,914) 62,108) 11.307 Page 12 continued...
Feytns Art Gallei Eiidoivmenl Fund Note& to the Financial St%temonts- continued for the eai. ended 31st Marcli 2025 io. MOVEMENT IN FUNDS- continued Coinpar#tives for Moveinent in funds Net n)ovement in funds At 3113124 At 114123 Restricted funds Restricted Fund 1,128,451 186,602 ,315,053 Kjidowment funds Endowtnent Flind 7,148,967 879.650 8,028,617 TOTAL FUNDS 8.277.418 1066 252 9 343 670 Coinpat7tive Thet n)oveinent in funds, in¢liided An tlie above ar¢ as follows: Incoining resource5 Resources expended Gains and losses Moveinent in funds Restricted funds Restricted Fund 224.842 (38.240) 186,602 Endownient fulld5 Endowment Ftthd (51,229) 930,879 879,650 TOTAL FUNDS 224.842 89,469) 930.879 1066 252 A current year 12 tllonths and prior year 12 inontlis combined position is as folloi¥s: Net movement in funds At 3113125 At 114123 Resti'icted funds Restricted Fund 1,128.451 309,335 1,437,786 Elldownieiit funds Endowment Fund 7,148,967 768,224 7.917,191 TOTAL FUNDS 8,277 4L8 1.077,559 9 354.977 Page 13 coi)tii)ued...
Ferells Art G8lle Endoivinent Fund Notes to the Finanei#l Stateinents - continued for the eai. ended 31st Marth 2025 io. MOVEiVIENf IN FUNDS- continued A current year12 17ioiiths and prior year 12 months coinbined net niovenient in fiinds, included in the above 'e as follows: Iiicomrng resources Resouites expeiided Gains and 10&8es Movement in fujids Resti'icted funds Reth'irted Fund 467.171 {157,836) 309,335 Endowmeiit funds Endowinent Fliiid (100,547) 868.771 768.224 TOTAL FUNDS 258 383) 868 771 .077 559 Tlie i-estricted fund balances held and adininistered by Kingston upon Hiill City Council. A propoition of tlie ual investlliettt ftnwine is used towards the costs of t)Jaintenance upkeep of the Ferens Art Galleiy. T]ie rein8inder is Èo be Lised for acquiring pictur¢s, Staary and otlier works of ait. The Permanent Endown)ent Fund comprises: 2025 2024 Original endownient (at cost) Net gains fiDm previous years 22500 8,006 117 22,500 7,126,467 Mai'ket Value at 3 1st Mairli 2024 Less.. Disposals at book value (proceeds . £3,704,256. loss . _£479,427) Add.. Acquisitions at cost Less: Manageiiient fees paid Net gainsl(losses) oil valuation at year end 8,028,617 7,148,967 13,225,829) (3,137,902) 3,656,319 3,105,578 (49,318) (51,229) 492,598 963 203 Mai'ket Value at 3 1st Matrh 2025 7,917.191 8,028,617 ii. RELATED PARTY DISCLOSURES There were no related paity trdnsa¢tiolls for the yw. ended 31st March 2025. Page 14