**REGISTERED CHARITY NUMBER: 512990**
## **Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 July 2025**
## **for**
## **Ferens Education Trust**
Marshall & Co Chartered Accountants & Chartered Tax Advisers The Bloc Springfield Way Anlaby Kingston upon Hull East Yorkshire HU10 6RJ
**Ferens Education Trust**
## **Contents of the Financial Statements**
**for the year ended 31 July 2025**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|4|
|**Independent Examiner's Report**||5||
|**Statement of Financial Activities**||6||
|**Balance Sheet**||7||
|**Notes to the Financial Statements**|8|to|14|
|**Detailed Statement of Financial Activities**||15||
**Ferens Education Trust**
**Report of the Trustees for the year ended 31 July 2025**
The trustees present their report with the financial statements of the charity for the year ended 31 July 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Public benefit**
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. We have referred to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
The objects of the charity are, by such means as are charitable, to promote the advancement of education and knowledge, the diffusion and extension of the arts, sciences and learning, the provision of liberal, professional and technological education in the county of East Yorkshire and former Humberside area, and in particular to assist The University of Hull in the furtherance of the objects for which it was founded.
The Trustees meet twice a year to consider existing and new funding requests with preference given to the following:
1.) To enhance and improve the reputation of The University of Hull both locally and nationally.
2.) To aid the recruitment of students to The University of Hull from new areas, particularly those from disadvantaged backgrounds both nationally and internationally.
3.) To support projects in The University of Hull which have a lower funding priority but can still be deemed as educational by the trust document definition.
Interim and end of project reports are obtained from successful applicants to assess how well the project has met its objectives and are reviewed in Trustee meetings. Any unspent funds are returned to the Trust when the project closes.
In the spirit of enhanced openness, the Trust is in the process of making available information on the University website to provide information on the Trust, the Trustees, the Annual Financial Statements and Report and the projects supported by the Trust.
## **ACHIEVEMENTS AND PERFORMANCE**
The trustees have consistently monitored investment performance against agreed benchmarks. The trustees' investment fund manager is The Private Office (TPO).
Their objectives are:
1.) Net income of £38,000 per annum
2.) Potential Capital Appreciation over the long term (10 years)
- 3.) Benchmark of CPI + 3%
The trustees continue to be selective by overall aiming to grant awards in line with the revenue earned on its investments and other income.
During the year the charity awarded nine grants, totalling £42,429. The grants were in relation to projects submitted by The University's Faculty of Science and Engineering; Faculty of Arts, Culture and Education; Faculty of Health Sciences and the University's Brynmor Jones Library. A full list of the projects sponsored is set out on page 7, Expenditure Section.
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**Ferens Education Trust**
## **Report of the Trustees**
**for the year ended 31 July 2025**
## **FINANCIAL REVIEW**
The trustees are required under the Trust Deed to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the income and expenditure of the charity for that period.
The trustees confirm that suitable accounting policies have been used and applied consistently and that reasonable and prudent judgements and estimates have been made in the preparation of the financial statements for the year ended 31st July 2025. The trustees also confirm that applicable accounting standards have been followed and that the financial statements have been prepared on the going concern basis.
The sole of source of income is investment income. Total income received in the year was £56,524, an increase of £38,973 on prior year. Total expenditure incurred was £34,045 for the disbursement of grants.
The Ferens Education Trust's reserves policy is to maintain the capital value of the investment portfolio to generate the income to fund future awards. The Trustees aim to award grants in line with revenue earned, preserving the capital value of the investment portfolio. The Charity does not engage in other fundraising activities. The factors taken into account in determining this policy include:
- 1.) The low level of administrative expenses;
- 2.) The short duration and fully funded nature of the grants awarded;
- 3.) The discretionary nature of the awards.
Reserves at the year end are £1,367,209 (2024: £1,294,528).
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Charity is controlled by it's governing document, a Deed of Trust.The Trust was first registered as a charity on 9th July 1982.
## **Risk management**
The Trustees are responsible for keeping proper accounting records, for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees invite the investment fund managers to their meetings which are held twice a year to discuss the performance of the investment portfolio compared to the agreed benchmarks and to comment on possible future developments and options to safeguard the portfolio's market value.
The Trustees' regular meetings allow them to assess risks and ensure they are managed appropriately.
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**Ferens Education Trust**
**for the year ended 31 July 2025**
## **Report of the Trustees**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
Following the resolution made in 2014 (notified to, and confirmed by, the Charity Commission) the Trust continued to arrange for an annual examination of its accounts by an independent person with appropriate ability and experience. The independent examiner's report on the accounts is attached at Appendix 1.
There are nine Trustees under three categories (Council nominated, Senate nominated, Co-opted). The University of Hull Council and The University of Hull Senate each appoint three nominated Trustees to serve a term of three years; co-opted Trustees are appointed by existing Trustees and serve a term of five years.
New trustees are briefed in their role by an experienced existing trustee; an induction is also provided with input from a Solicitor on charity law and from a member of the University Finance Department on accounting issues. On-going training for trustees is provided via the circulation of relevant documents at the half yearly trustee meetings. These documents include matters specific to the Ferens Education Trust as well as general information regarding trustee responsibilities.
The Trustees are responsible for setting strategies and policies to ensure that the assets of the Trust are properly safeguarded, managed and used and that the funds are spent effectively and efficiently in the course of its activities.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
512990
## **Principal address**
Hull University Cottingham Road Hull HU6 7RX
## **Trustees**
E J Copsey Dr K Sanders (resigned 17/1/2025) H Arslan Dr A King A Tarbutt Prof M Lorch Ms V Stainton Dr N Ratnayake Dr H A Sa'id (appointed 13/11/2024)
## **Independent Examiner**
Marshall & Co Chartered Accountants & Chartered Tax Advisers The Bloc Springfield Way Anlaby Kingston upon Hull East Yorkshire HU10 6RJ
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**Ferens Education Trust**
**for the year ended 31 July 2025**
## **Report of the Trustees**
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... E J Copsey - Trustee
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**Independent Examiner's Report to the Trustees of Ferens Education Trust**
## **Independent examiner's report to the trustees of Ferens Education Trust**
I report to the charity trustees on my examination of the accounts of Ferens Education Trust (the Trust) for the year ended 31 July 2025.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
David Marshall FCA
Marshall & Co Chartered Accountants & Chartered Tax Advisers The Bloc Springfield Way Anlaby Kingston upon Hull East Yorkshire HU10 6RJ
Date: .............................................
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## **Ferens Education Trust**
## **Statement of Financial Activities**
## **for the year ended 31 July 2025**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
General
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
15,241
291
-
291
13,828
28,778
349,058
377,836|Restricted
funds
£
41,283
790
34,045
34,835
37,455
43,903
945,470
989,373|2025
Total
funds
£
56,524
1,081
34,045
35,126
51,283
72,681
1,294,528
1,367,209|2024
Total
funds
£
17,551|
|---|---|---|---|---|
|||||3,216
34,490|
|||||37,706|
|||||68,621|
|||||48,466
1,246,062|
|||||1,294,528|
The notes form part of these financial statements
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## **Ferens Education Trust**
## **Balance Sheet**
## **31 July 2025**
|Notes
**FIXED ASSETS**
Investments
7
**CURRENT ASSETS**
Debtors
8
Cash at bank
**CREDITORS**
Amounts falling due within one year
9
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
10
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
341,092
36,701
626
37,327
(583)
36,744
377,836
377,836|Restricted
funds
£
960,006
91,796
1,696
93,492
(64,125)
29,367
989,373
989,373|2025
Total
funds
£
1,301,098
128,497
2,322
130,819
(64,708)
66,111
1,367,209
1,367,209
377,836
989,373
1,367,209|2024
Total
funds
£
1,294,230
27,625
4,991
32,616
(32,318)
298
1,294,528
1,294,528
349,058
945,470
1,294,528|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. E J Copsey - Trustee
The notes form part of these financial statements
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**Ferens Education Trust**
**Notes to the Financial Statements for the year ended 31 July 2025**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. INVESTMENT INCOME**
|Dividends
Deposit account interest|2025
£
51,817
4,707
56,524|2024
£
13,782
3,769|
|---|---|---|
|||17,551|
continued...
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## **Ferens Education Trust**
## **Notes to the Financial Statements - continued**
**for the year ended 31 July 2025**
## **3. RAISING FUNDS**
## **Investment management costs**
## **4.**
||2025|2024|
|---|---|---|
||£|£|
|Support costs|1,081|3,216|
|**GRANTS PAYABLE**|||
||2025|2024|
||£|£|
|General|34,045|34,490|
Grants Payable to The University of Hull £34,045 (2024 - £34,490)
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 July 2025 nor for the year ended 31 July 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 July 2025 nor for the year ended 31 July 2024.
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
Raising funds
**Charitable activities**
General
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward|Unrestricted
fund
£
4,636
2,863
-
2,863
18,127
19,900
329,158|Restricted
funds
£
12,915
353
34,490
34,843
50,494
28,566
916,904|Total
funds
£
17,551|
|---|---|---|---|
||||3,216
34,490|
||||37,706|
||||68,621|
||||48,466
1,246,062|
continued...
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## **Ferens Education Trust**
## **Notes to the Financial Statements - continued**
**for the year ended 31 July 2025**
|**6.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
Restricted
fund
funds
£
£
**TOTAL FUNDS CARRIED FORWARD**
349,058
945,470
**7.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 August 2024
Revaluations
Reclassification/transfer
At 31 July 2025
**NET BOOK VALUE**
At 31 July 2025
At 31 July 2024
There were no investment assets outside the UK.
Cost or valuation at 31 July 2025 is represented by:
Valuation in 2025
**8.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2025
£
Other debtors - Income
118,499
Other debtors - Capital
9,998
128,497||Total
funds
£|
|---|---|---|
|||1,294,528|
|||Unlisted
investments
£
1,294,230
51,283
(44,415)
1,301,098
1,301,098
1,294,230
Unlisted
investments
£
1,301,098
2024
£
17,628
9,997
27,625|
||||
||||
||||
||||
||||
continued...
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## **Ferens Education Trust**
## **Notes to the Financial Statements - continued**
**for the year ended 31 July 2025**
## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Other creditors
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Restricted funds**
Brynmor Jones
Dora Jones
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
15,241
**Restricted funds**
Brynmor Jones
27,173
Dora Jones
14,110
41,283
**TOTAL FUNDS**
56,524|At 1/8/24
£
349,058
622,322
323,148
945,470
1,294,528
Resources
expended
£
(291)
(34,565)
(270)
(34,835)
(35,126)|2025
£
2
64,706
64,708
Net
movement
in funds
£
28,778
17,261
26,642
43,903
72,681
Gains and
losses
£
13,828
24,653
12,802
37,455
51,283|2024
£
2,736
29,582
32,318
At
31/7/25
£
377,836
639,583
349,790
989,373
1,367,209
Movement
in funds
£
28,778
17,261
26,642
43,903
72,681|
|---|---|---|---|
## **10. MOVEMENT IN FUNDS**
continued...
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**for the year ended 31 July 2025**
## **Ferens Education Trust**
## **Notes to the Financial Statements - continued**
## **10. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Brynmor Jones
Dora Jones
**TOTAL FUNDS**|At 1/8/23
£
329,158
614,549
302,355
916,904
1,246,062|Net
movement
in funds
£
19,900
7,773
20,793
28,566
48,466|At
31/7/24
£
349,058
622,322
323,148|
|---|---|---|---|
||||945,470|
||||1,294,528|
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|4,636|(2,863)|18,127|19,900|
|**Restricted funds**|||||
|Brynmor Jones|8,657|(34,727)|33,843|7,773|
|Dora Jones|4,258|(116)|16,651|20,793|
||12,915|(34,843)|50,494|28,566|
|**TOTAL FUNDS**|17,551|(37,706)|68,621|48,466|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Brynmor Jones
Dora Jones
**TOTAL FUNDS**|At 1/8/23
£
329,158
614,549
302,355
916,904
1,246,062|Net
movement
in funds
£
48,678
25,034
47,435
72,469
121,147|At
31/7/25
£
377,836
639,583
349,790|
|---|---|---|---|
||||989,373|
||||1,367,209|
continued...
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**Ferens Education Trust**
**for the year ended 31 July 2025**
## **Notes to the Financial Statements - continued**
## **10. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|19,877|(3,154)|31,955|48,678|
|**Restricted funds**|||||
|Brynmor Jones|35,830|(69,292)|58,496|25,034|
|Dora Jones|18,368|(386)|29,453|47,435|
||54,198|(69,678)|87,949|72,469|
|**TOTAL FUNDS**|74,075|(72,832)|119,904|121,147|
The restricted funds all arose from the Brynmor Jones legacy in 1989 and provide for the benefit or encouragement of excellence in the following areas:
Brynmor Jones Library; Arts, Social Sciences and Law; Science; Health Centre; and Engineering Design and Manufacture and Electronic Engineering.
The restrictions are discretionary in that specificity of use is requested, but not obliged, with the exception of the allocation for the benefit of the Health Centre. However, the Health Centre was closed by the University a number of years ago and the trustees are using the fund for student health and wellbeing purposes, ensuring that the purposes the funds are being used for, are closely aligned with the original bequest.
The Dora Jones Fund, which originated from the Brynmor Jones legacy, is for the benefit of the departments of Engineering Design and Manufacture (EDM) and Electronic Engineering (EE) - now combined under the Department of Engineering. This part of the legacy received its revised title in 1992.
To date the trustees have followed Brynmor Jones' request in terms of specific allocation of expenditure to each fund. However, in 2003/2004 the trustees, after consulting with the auditors, approved a transfer of the investment income and gains generated by the Dora Jones Fund for the period 1992 to 2003 into the General Unrestricted Accumulated Fund. The amount transferred was £103,941. The rationale for this was to increase the pool of funds available for use in more flexible ways recognising a changing academic structure but still within the spirit of the donor's wishes to benefit academic provision.
The two Restricted Funds and the Unrestricted Fund are invested in a combined investment portfolio. The yearly income, related expenses and gains on disposal or revaluation from the portfolio are allocated to these three funds in proportion to the year's opening values. Accordingly the three Funds all comprise part of Investments, Debtors, Cash at Bank and in Hand net of Creditors - each individual fund's part being the proportion of the value of the individual fund compared to the total combined charity fund.
continued...
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**Ferens Education Trust**
**for the year ended 31 July 2025**
## **Notes to the Financial Statements - continued**
## **11. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 July 2025.
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**Ferens Education Trust**
## **Detailed Statement of Financial Activities**
## **for the year ended 31 July 2025**
||2025|2024|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Investment income**|||
|Dividends|51,817|13,782|
|Deposit account interest|4,707|3,769|
||56,524|17,551|
|**Total incoming resources**|56,524|17,551|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Grants to individuals|34,045|34,490|
|**Support costs**|||
|**Finance**|||
|Bank charges|1|-|
|**Governance costs**|||
|Sundries|-|2,736|
|Accountancy and legal fees|1,080|480|
||1,080|3,216|
|Total resources expended|35,126|37,706|
|**Net income/(expenditure) before gains and**|||
|**losses**|21,398|(20,155)|
|**Realised recognised gains and losses**|||
|Realised gains/(losses) on fixed asset investments|51,283|68,621|
|**Net income**|72,681|48,466|
This page does not form part of the statutory financial statements
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