REGISTERED CHARITY NUMBER: 306344
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2021
for
Bishop Otter Trust
Bishop Otter Trust
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner’s Report | 5 to 6 |
| Statement of Financial Activities | 7 to 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 15 |
| Detailed Statement of Financial Activities | 16 |
Bishop Otter Trust
Report of the Trustees for the Year Ended 31 March 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. 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
Objectives and aims
The Bishop Otter Trust's objectives are the advancement of either higher or further education or both. The trustees achieve these objectives in various ways including providing the freehold site of Oakland's Park House on the Bishop Otter Campus of the University of Chichester on a 999 year lease, loaning the Bishop Otter Trust Art Collection to the University for display, safe keeping and storage and making grants, some of which ensure the chapel of the University is used as a place of worship. Throughout, the trustees ensure and will continue to ensure that they act in such a manner as will advance education in accordance with the doctrines, rites and practices of the Church of England.
Grantmaking
The grant making policy is fully described in the Scheme of Arrangement of the Charity Commission. During the year the trustees continue to make grants to ensure the full utilisation of the University chapel as a active place of worship.
Public Benefit
When considering grant applications and payments the trustees have considered the Charity Commission's guidance on public benefit and in particular the specific guidance on charities for the advancement of religion. The trustees believe that the charitable activities outlined in this report comply with the Charity Commission guidance.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The principal asset of the Trust is the Bishop Otter Art Collection on loan to the University of Chichester. The Collection is deemed to be a Heritage Asset which is fully catalogued and insured. The trustees work closely with the governors and senior staff of the University to facilitate best use of the collection held at the University. The Art Collection formerly housed in the Otter Gallery, forming part of the Learning Resources Centre of the University, closed in 2019. However, works of art from the collection continue to be displayed in rotation at selected sites around the campus. A small number of specific items are available for loan to other Galleries to complement exhibitions. The Trustees are keen to work with the University to build a better awareness of the collection and ensure its access for students and the general public.
The University Chapel of the Ascension is the centre of the ministry of the University campus in partnership with the local Anglican parishes in Chichester and Bognor Regis. It is also used as a resource space for the University. The condition of the building continues to raise cause for concern and an application made to the Trustees to allow a grant for the repair and maintenance of the roof of the Chapel of the Ascension was agreed in principle by them. The Trustees await further details from the University is terms of cost and timeframe. The Trustees have continued to provide support to the University Chaplaincy in the life of the University and its links to the surrounding parishes to the university campus. Links have been made with the Chaplaincy at the University of Sussex.
The role Of Bishop Otter Research Scholar for Theology and the Arts, currently Dr Sheona Beaumont, was introduced in the 2016 year to develop a better understanding of the relationship between art and theology. The role included partnership with Kings College London. A highlight of the year was the Lent exhibition in Chichester cathedral entitled Ex Voto which showed the work of an internationally successful solo photographer, Alys Tomlinson, and her use of black and white photography with landscape, still life, and portraiture connected to three pilgrimage sites in Europe. The Trustees intend to continue to support the Bishop Otter Research Scholar role and will be seeking to develop this role further within the parameters by the Trust Objectives.
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Bishop Otter Trust
Report of the Trustees for the Year Ended 31 March 2021
FINANCIAL REVIEW
Investments
The instruction to the stockbroker is to seek a balance between capital growth and income with a medium exposure to risk to maintain an ability to cover costs and undertake charitable activities in accordance with the Charity Commission Scheme of 1977.
The market value of investments held at the year end showed an increase of £321,468 (2020: decrease of £265,440).
The trustees have issued instructions to their investment managers as follows:
-
to maintain a balanced portfolio
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carrying no more than medium risk
-
a broad ethical policy
Reserves policy
The Trust Deed provides that the trustees shall first defray out of income the cost of repairs and insurance and all other charges in respect of the property of the Trust and all proper costs incidental to the administration of the Trust. Any residue shall be applied in paying the remuneration of any persons employed for the purposes of the Trust, and in otherwise furthering the objectives of the Trust.
The trustees have considered the reserves policy of the Trust and have decided that they should aim to maintain the free reserves fund at £45,000, which is approximately equal to three years charitable and governance expenditure. This policy is reviewed on preparation of the financial statements on an annual basis.
Financial review
The Charity had a net surplus of £379,975 for the year to 31 March 2021 (2020: £228,472 deficit).
Incoming resources for the year totalled £37,910 compared to £45,086 in the previous year. Expenditure has decreased from £19,043 to £18,337.
The trustees have considered the impact of the Covid-19 pandemic on the Trust. The stock markets have recovered significantly during the year following the loss in value suffered at the outbreak of the pandemic. There have been no other significant impacts on the activities of the Trust and the trustees are confident that the Trust will continue to be a going concern and the financial statements have been prepared on this basis.
FUTURE PLANS
The Trustees intend to continue to support the Bishop Otter Research Scholar role and will be seeking to develop this role further within the parameters by the Trust Object.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust is governed by a deed dated 5 April 1977, approved by the Charity Commissioners for England and Wales, and is a registered charity number 306344.
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Bishop Otter Trust
Report of the Trustees for the Year Ended 31 March 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment, appointment, induction and training of new trustees
The trustees are specified in the scheme of the Charity Commission as being the Bishop of Chichester and the three Archdeacons of Chichester, Horsham and Lewes and Hastings each for the time being. The archdeaconries of the Diocese of Chichester have been reorganised and a 4th archdeacon has been appointed. A Charity Commission scheme is being finalised to change the appointments of the Trustees to coincide with the new arrangements. Each trustee serves for the term of his/her appointment to the position and no longer. On appointment each new trustee is provided with the appropriate copy of legal documents and such Charity Commission literature as is recommended. A background briefing is provided by the Clerk to the trustees and at the first meeting attended by the new trustee any residual questions are addressed.
The trustees who served the charity during the period were as follows:
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The Right Reverend Dr M C Warner, Lord Bishop of Chichester
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The Venerable F Windsor, Archdeacon of Horsham
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The Venerable M C Lloyd Williams, Archdeacon of Brighton & Lewes
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The Venerable Dr R E M Dowler, Archdeacon of Hastings
-
The Reverend L Irvine-Capel, Archdeacon of Chichester
The term of office of each trustee is dictated by the duration of appointment as Bishop Archdeacon as provided in the Trust Deed.
Organisational structure
The trustees are empowered by the Trust Deed to hold such meetings and conduct and manage their proceedings and business in such manner as they shall determine.
Every matter shall be determined by the majority of votes of the trustees present and voting on the question. In the case of equality of votes the chairman of the meeting shall have a casting vote.
A person holding an office as described on the Trust information page may appoint a person to be a trustee in his place and a person so appointed shall hold office from the date on which his appointment is notified in writing to the trustees.
All correspondence regarding the administration of the charity should be sent to:
The Palace Canon Lane Chichester West Sussex PO19 1PY
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
306344
Principal address
The Palace Canon Lane Chichester West Sussex PO19 1PY
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Blshop Otter Trust Report of the Trustees for the Year Ended 31 March 2021 Trustees The Right Reverend Dr M C Warner The Venerable F Windsor The Venerable MC Lloyd Willlams The Venerable Dr R E M Dowler The Reverend L Irvine-capel Lord Bishop of Chichester Archdeacon of Horsham Archdeacon of Brighton & Lewes Archdeacon of Ha5ting5 Archdeacon of Chichester Independent Examlner A Kelly FCA 2 Woodberry Close Chiddingfold Godalming Surrey GU8 4SF Stockbrokers JMFinn&Co 4 Coleman Street London EC2R STA Bankers Barclay5 Bank plc 74175 East street Chichester West Sussex P019 IHR Soll¢llors Irwin Mitchell Thomas Eggar House Friary Lane Chichester West Sussex P019 IUF Approved by order of the board of trustees on and signed on its behalf bv: The Right Revd Dr M C Warner- Trustee Page 4
Independent Examiner's Report to the Trustees of Bishop Otter Trust
I report on the accounts of the Trust for the year ended 31 March 2021, which are set out on pages 7 to 15.
Respective responsibilities of Trustees and examiner5
The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Other Matters
Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with 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 (FRS102), second edition issued on 17 October 2019 in preference to the Accounting and Reporting Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
1 which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
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Independent Examiner's Report to the Trustees of Bishop Otter Trust
Independent Examiner's Report
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
………………………………………………… A Kelly FCA 2 Woodberry Close Chiddingfold Godalming Surrey GU8 4SF Date: ...........................................
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Bishop Otter Trust
Statement of Financial Activities for the Year Ended 31 March 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Support costs Other costs Total Realised and unrealised gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 5,565 - 1,840 12,061 (13,901) 38,933 30,597 138,609 169,206 |
Restricted fund £ 354 - - - - - 354 24,161 24,515 |
Endowment fund £ 31,991 4,436 - - 4,436 321,469 349,024 1,807,640 2,156,664 |
2021 Total funds £ 37,910 4,436 1,840 12,061 18,337 360,402 379,975 1,970,410 2,350,385 |
|---|---|---|---|---|
The notes form part of these financial statements
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Bishop Otter Trust
Statement of Financial Activities for the Year Ended 31 March 2021
Year ended 31 March 2020
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE Raising funds 3 Charitable activities 4 Support costs Other costs Total Realised and unrealised gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 4,769 - 3,480 9,472 12,952 (15,447) (23,630) 162,239 138,609 |
Restricted fund £ 284 - - - - 707 991 23,170 24,161 |
Endowment fund £ 40,033 6,091 - - 6,091 (239,775) (205,833) 2,013,473 1,807,640 |
2020 Total funds £ 45,086 6,091 3,480 9,472 19,043 (254,515) (228,472) 2,198,882 1,970,410 |
|---|---|---|---|---|
The notes form part of these financial statements
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8lshop Otter Trust Balance Sheet 31 March 2021 2020 Total funds Unrestricted funds Restricted fund Endowment fund Total funds Note5 FIXED ASSETS Tangible assets Heritage assets Investments 755,000 67.845 1,253.480 755,000 67.845 1.353.575 755,000 67,845 959.291 91,083 9,012 91,083 9,012 2,076,325 2,176,420 1,782,136 CURRENT ASSETS Debtors Cash at bank 56,641 68,930 10,0 4,288 66,641 124,821 65,276 162.809 51,603 125,571 14,288 51,608 191,462 228.085 CREDITORS Amounts falling due within one year io 117,4971 117,4971 139,8111 NEY CURRENT ASSEYS 108,074 14,288 51,603 173,965 188,274 TOTAL ASSETS IESS CURRENT LIABILITIES 199,157 23.300 2.127.928 2,350.385 1,970.410 NET ASSETS 199,157 23,300 2,127,928 2,350,385 1,970,410 FUNDS Unrestricted funds Restricted funds Endowment funds li 169,206 24.515 2,156,664 138,609 24,161 1,807.640 TOTAL FUNDS 2,350.385 1,970,410 The anc tatements were approved by the Board ol Trustees and authorised for issue on and were signed on it5 behalf by.. cÉ¢frr¢ The Rlght Revd Dr M C Warner-Trustee The Reverend L Irvlne-Capel- Trustee The notes form part ol these financial statements Page 9
Bishop Otter Trust
Notes to the Financial Statements for the Year Ended 31 March 2021
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.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
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.
Allocation of costs
Costs of generating voluntary income is comprised of fundraising costs.
Direct charitable expenditure comprises the cost of chapel assistants and organists.
Support expenditure is allocated 100% to the appropriate cost category.
Governance costs comprises costs for the governance of the Trust itself as an organisation.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected economic life as follows:
Freehold reversionary interest
Not depreciated
The trustees have reviewed their tangible fixed assets which comprise a freehold reversionary interest. They consider that the carrying value in the financial statements is not more than the estimated recoverable amount and accordingly no depreciation is required.
Heritage assets
Heritage assets is an art collection owned by the Trust and included in the accounts at historic cost. No depreciation is provided as in the opinion of the trustees the collection has an indefinite life and there will be no diminution in its value in the foreseeable future.
continued...
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Bishop Otter Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES - continued
Taxation
The Trust is exempt from direct tax on its charitable activities.
Fund accounting
The Trust's funds consist of permanent endowment funds and unrestricted income funds.
Endowment funds - these funds must be held on trust permanently as capital funds and cannot normally be spent as if they were income. Expenses incurred in the administration or protection of the funds, such as investment management fees, are charged to the funds.
Unrestricted general funds - these funds can be used in accordance with the charitable objects at the discretion of the trustees.
Investments
Quoted investments are stated at closing mid-market value at the balance sheet date with revaluation of surpluses or deficits being credited or charged as unrealised gains or losses to the appropriate fund.
2.
INVESTMENT INCOME
| Listed investment income and interest 3. RAISING FUNDS Investment management costs Portfolio management fees 4. CHARITABLE ACTIVITIES COSTS Independent examiner’s fees Other costs |
2021 £ 37,910 2021 £ 4,436 2021 £ 1,840 12,061 13,901 |
2020 £ 45,086 |
|---|---|---|
| 2020 £ 6,091 2020 £ 3,480 9,472 |
||
| 12,952 |
continued...
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Bishop Otter Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
6. TANGIBLE FIXED ASSETS
| COST At 1st April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
Freehold property £ 755,000 755,000 755,000 |
|---|---|
The freehold property comprises Oaklands Park House, part of the Bishop Otter Campus of The University of Chichester, which was valued by the trustees at £755,000 on 31 March 2014. At 31 March 2021 this represents current market value, in the opinion of the trustees.
7. HERITAGE ASSETS
| MARKET VALUE At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
Total £ 67,845 67,845 67,845 |
|---|---|
The art collection is included in the accounts at historic cost. The trustees consider that the collection would achieve net proceeds in excess of the carrying value, should the collection be sold.
continued...
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Bishop Otter Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
8. FIXED ASSET INVESTMENTS
| 8. | FIXED ASSET INVESTMENTS | ||
|---|---|---|---|
| Listed and | |||
| other | |||
| investments | |||
| MARKET VALUE | £ | £ | |
| At 1 April 2020 | 959,291 | 1,250,750 | |
| Additions | 230,800 | 219,044 | |
| Disposals | (157,984) | (245,063) | |
| Revaluations | 321,468 | (265,440) | |
| At 31 March 2021 | 1,353,575 | 959,291 | |
| HISTORICAL COST | |||
| At 31 March 2021 | 887,624 | 775,659 | |
| At 31 March 2020 | 775,659 | 757,778 | |
| There were no investment assets outside the UK. | |||
| At 31 March 2021 investment holdings consisting of over 5% of the portfolio value were as follows: | |||
| £ | |||
| Foreign & Colonial Ord 0.25p | 90,972 | ||
| 9. | DEBTORS | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Amounts falling due within one year: | |||
| Debtors | 1,641 | 276 | |
| Amounts falling due after more than one year: | |||
| Loan to The Mother Agnes Trust | 55,000 | 55,000 | |
| Loan to Chichester University | 10,000 | 10,000 | |
| Aggregate amounts | 66,641 | 65,276 |
The £55,000 (2020: £55,000) loan to The Mother Agnes Trust is repayable on the sale of the property at Holmhurst, St Mary. Interest is calculated by reference to the Central Board of Finance Deposit rate.
continued...
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Bishop Otter Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
||
|---|---|---|
| Creditors Accruals 11. MOVEMENT IN FUNDS |
2021 £ 15,747 1,750 17,497 |
2020 £ 35,063 4,748 |
| 39,811 | ||
| Unrestricted funds General fund Restricted funds Lizzie Lockington Fund Endowment funds Endowment Fund TOTAL FUNDS |
At 1.4.20 £ 138,609 24,161 1,807,640 1,970,410 |
Net movement in funds £ 30,597 354 349,024 379,975 |
At 31.3.21 £ 169,206 24,515 2,156,664 |
|---|---|---|---|
| 2,350,385 |
continued...
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Bishop Otter Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
11. MOVEMENT IN FUNDS - continued
Year ended 31 March 2020
| Year ended 31 March 2020 | |||
|---|---|---|---|
| Unrestricted funds General fund Restricted funds Lizzie Lockington Fund Endowment funds Endowment Fund TOTAL FUNDS |
At 1.4.19 £ 162,239 23,170 2,013,473 2,198,882 |
Net movement in funds £ (23,630) 991 (205,833) (228,472) |
At 31.3.20 £ 138,609 24,161 1,807,640 |
| 1,970,410 |
Endowment Fund
The income derived from the Endowment fund is, in accordance with the Trust Deed, available for use against the normal expenditures of the Charity. All income derived from Endowment Fund assets is transferred to Unrestricted Funds each year.
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
continued...
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Bishop Otter Trust
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| INCOME AND ENDOWMENTS Investment income Investment income EXPENDITURE Investment management costs Portfolio management Charitable activities Chapel assistants, organists and other grants Scholarship costs Governance costs Independent Examiner's fee Total resources expended Net income before gains and losses Realised recognised gains and losses Realised gains on fixed asset investments Net income |
2021 £ 37,910 4,436 - 12,061 1,840 18,337 19,573 38,933 58,506 |
2020 £ 45,086 |
|---|---|---|
| 6,091 9,472 - 3,480 |
||
| 19,043 | ||
| 26,043 10,925 |
||
| 36,968 |
This page does not form part of the statutory financial statements
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