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
e*i' 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 ￿r￿lS11 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 Fe￿nS 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 woi*s.
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 a￿ts at 31 2025 aii)ountii)E to £115,966.856 (2023124 _
£115,614.427)
Reserves polity
The Trust 01)erates a Resetves Policy Whe￿bY 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 pU￿hase 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 exe￿IseS 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 functi￿7 of ille tI￿stee 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 r￿lanCial 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 tr￿SteeS 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 Ch￿lty 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 tI￿e 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 f￿anCIal 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 ot11￿WISe
explicffttly stated in oiir repoit, we do not expi'e&s any fomi of aSSU￿nCe 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 stat￿nelits 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, b￿ed 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 Ch￿1t1£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
neCeSs￿Y 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 ch￿lty 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 co￿eSpondenCe- 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 Ove￿ide of controls, we:
perfoimed analytical p1Dcedu￿S 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 t￿Ste&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 stat￿nents
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 I￿ve 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 Const￿CtIVe 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 ￿¢0￿111}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
PiC￿re$
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 l￿d 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 ReSe￿e
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
Co￿lp#￿'￿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
U￿r￿(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 c￿￿ent 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 signific￿t 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 def￿Ying 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 Fe￿llS 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.
AcH￿vEmENTs 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 fi￿d retains sufficient available funds to continiie its operations.
Going contei'n
The charity lias s￿￿1cle￿t reserves to enable any debts to be paid as tliey fall due. Tlie trustees do not foresee aiiy
problenis in the n￿t 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 p￿y¢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 ts￿stee 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
EiidoiVme￿t 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 Ti￿Slee$ 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 Safegi￿rdIng the assets of the Chai'ity and hence for taking reasonable steps foi. Il)e prevention and
detection of fi?ud and other irregul￿7t1es.
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 pl￿perlY 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 f￿aliCial 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
EndO￿llent 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 fi￿￿7¢1a1 statements.
The extent to wliidi our procedures are Capable of detecting i￿egUl￿7ties, 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 tI￿Ough discussions witli tlle trustees and other
Inanagement, and from oui. commercial knowledge and eX￿lence 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 dOcuM￿ltation.
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 nOn￿omplIan¢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.uklaudlt￿BreSp￿)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 E￿ight 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 gai￿1(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 meaSU￿d 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 n￿rket 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, Sta￿ary 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