The Corporate Trustees Committee was scheduled to consider the annual accounts for various trust funds managed by the council, as well as the financial statements for the Ferens Art Gallery and its endowment fund. The meeting was also scheduled to review an investment report for the Ferens Endowment Fund.

Trust Fund Annual Accounts

The committee was scheduled to review the annual accounts for several charities where Hull City Council is the sole trustee. These accounts, prepared in accordance with statutory requirements, reflect the financial position of the Alderman Sir Rupert Alec-Smith Fund for the City of Kingston upon Hull, the Hull Merchant Navy Children's Trust Fund, Pearson Park, Pickering Park, King George V Playing Fields, and Barbara Robson Playing Field as at 31 March 2026. The report was to present these accounts for approval, enabling the submission of annual updates to the Charity Commission.

Ferens Art Gallery and Ferens Art Gallery Endowment Fund Financial Statements

The committee was scheduled to consider the financial statements for the Ferens Art Gallery and its subsidiary charity, the Ferens Art Gallery Endowment Fund, for the year ended 31 March 2026. These statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice and the Charities Act 2011, were to be presented for approval.

A significant point noted in the auditors' report was a qualified opinion regarding the valuation of the gallery's tangible fixed assets, specifically its collection of artwork and artefacts. The auditors stated they were unable to obtain sufficient appropriate audit evidence regarding the valuation of these assets, as they had not undergone a recent independent professional valuation. The last independent valuation was conducted in 2015. The auditors noted that while insurance uplifts had been applied since then, they could not determine if any adjustment to the carrying value was necessary. Consequently, the auditors intended to issue an 'Except for' qualified opinion, meaning that apart from this specific matter, the financial statements were considered to give a true and fair view. The report proposed that further consultation would be undertaken with the Charity Commission and professional art valuers to address this issue and mitigate future audit opinion qualifications.

Ferens Endowment Fund Investment Report

The committee was scheduled to review the Ferens Endowment Fund Investment Report as at 30 September 2026. This report was to provide information relating to the financial or business affairs of any particular person, including the authority holding that information.