REGISTERED CHARITY NUMBER.. 306344 Report of the Trustees and Flnantlal Statemènts for the Year Ended 31 March 2022 for Blshop Otter Trust
Blshop Otter Trust Contents of the Financlal Statements foi the Year Ended 31 March Z022 Page Report of the Trustees Ito4 Independent Examiner'5 Report 5t06 statement of Finantlal Activltles 7t08 Balance Sheet Notes to the Flnancial Statements IOto15 Detalled Statement of Flnanclal Actlvltles 16
Bishop Otter Trust Report of the Trustees for the Year Ended 31 March 2022 The trustees present their report with the flnantial statement5 of the charity for the year ended 31 March 2022. The truste have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts In aceordante with the Fin3ncial Reporting Standard applicable in the UK and Republlc of Iland IFRS 1021 (effective l January 20191. OBJECTIVES AND ACTIVITIES Oblectlves and alms The Bishop Otter Trust's objectives are the advancement of either higher or further education or both In one or more of the following ways.. Co-operatlon wlth, and assistance to Inowl the University of Chichester known as.the Instltute"; Provlsion and conduct In connection with the Institute of a chapel and chaplalncy provlding rellgious worship. instruction and care,. Provlsion and conduct in connection with the Institute of residential accommodation and related facilities.. and Provision of instruction. cl355es, lectures, books. libraries and reading rooms,. and such other way5 as the Trustees may from time to time determine. 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 Orter Trust Art Collection to the UnivErsity for display, sale keeping and storage and makin8 grants, some of wh5ch ensure the chapel of the University 15 used as a place of worship. Throughout. the tfU5tees ensure and will continue to ensure that they act in such a manner as will advance education in accordance with the doctrines, rites and practlces of the Church of England. 6fantmaklng The grant making policy is fully described in the Scheme ol Arrangement of the Charity Commission. During the year the trustees continue to make grants to ensure the full utilisation of the University chapel a5 an active place of worship. Public Beneflt When considering grant applications and payments the trustees have considered the Charity Commission's guidance on public benefit and in particular the specific 8uidance on charities for the advancement of religion. The trustees believe that the charitable acttvities outlined in thls report eomply wlth the Charity Cornmis5ion guidance. ACHIEVEMENT AND PERFORMANCE Charltable actlvltles The principal asset of the Trustis the Blshop Otter Art Collection on loan to the UnlversStyof Chichester. The Collection is deemed to be a Heritage Asset whleh is fully catalogued and Insured. The trustees work closely with the governors and senior staff of the Unlversity to facilitate best use of the collection held at the University. The Art Collection formerly housed in the Otter Gallery, forming part of the Learnlng Resources Centre ol the University, Clos in 2019. However, works ol art from the collection continue to be displayed in rotation at selected sites around the campus. A small number of specific item5 are available for loan to other Galleries to complement exhibition5. The Trustees are keen to work with the University to build a better awarene55 of the collection and ensure its access for students and the general public. Page I
Blshop Otter Trust Report of the Tiustees for the Year Ended 31 March 2022 ACHIEVEMENT AND PERFORMANCE Charitable actlvltle5 Icontlnuedl The University Chapel of the Ascension is the centre of the mlnistry of the Universlty campus in partnershlp wlth the local Anglican parishes in Chichester and Bognor Regis. It 15 a150 used as a resource space for ihe University. 7he condition ol the bullding contlnues to ralse cause for concern and an application made to the Trustees to allc>w a grant for the repair and maintenance of the roof of the Chapel of the Ascension was agreed in princlple by them. The Trustees await lurther details from the University 15 terms of cost and tlmelrame. The Trustees have continued to provide support to the University Chaplaincy in the life of the Universitv. Blshop Otter Scholar5 and Art of Worshlp Project. The role Of Bishop Otter Research Scholar lorTheology and the Arts wa5 Dr Sheona Beaurnont. This research project Wa5 introduced in the 2016 year to develop 8 better understanding of the relationship between art and theology. The work concluded in September 2021. The Trustees have agreed to increaso its commitment to the work of tho Bishop Otter Scholarship, by doubling the expendlture and offering two scholarshlps. It is envisaged that these will be rn3de available lor an initial two year perlod. The first two candldate5 lor these scholarships are James Blackstone and Martin Earle. Wo are awaiting detai15 of when lacilltles for the project become avallable. prior to Intervlew and appolntment of the two new scholars. FINANCIAL REVIEW Investments The instruction to the stockbroker is to seek a balance between capital growth and Income wlth a medium exposure to risk to maintain an ability to cover costs and undertake charitable activitie5 in accordance wlth the Charity Cornmission Scheme of 1977. The market value of investments held at the year end showed an increase of E47,32712021'. £321,468). The trustee5 have issued instructions to their investment manager5 as fo11ows'. - to maintain a baland portfollo carrylng no more than rnedlum rSsk a broad ethical poliry Reserve5 pollcv The Trust Deed provides that the trustees shall flrst defray out of income the cost of repalrs and Insurance and all othei charges in respect of the property ol the Trust and all proper costs Incidental to the administration of the Trust. Any residue shall be applied in paying the mneration of any persons employed for the purposes of the Trust. and Sn otherwise furthering the objectives of the Trust. The trustees have considered the reserves policy ol the Trust and have decided that they should aim to maintaSn the free reserves fund at £4S,000. which is approxirnately equal to three year5 charitable and governance expenditure. Thi5 policy is reviewed on pparatIOn of the financi315tatements on an annual basis. Flnanclal revlew The Charity had a net surplus of £74,095 for the year to 31 March 202212021.. £349,0241. Incomlng resources for the year totalled £39,311 cOmpad to £37,910 In the previous year. ExpendSture has fallen from £18.337 to £8,593. Page 2
Ishop Otter Trust Report of the Trustees for the Year Ended 31 Maich 2022 FINANCIAL REVIEW Flnanclal revlew Icontlnuedl There h8ve been no significant Impacts on the activities of the Trust and the trustees are confident that the Trust will contlnue to be a going concern and the financial statements have been prepared on this ba51S. FUTURE PLANS The Trustees intend to continue to support the Blshop Otter Research Scholar role and will be seeking to develop this role further withln the parameters by the Trust Object. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Trust is governed by a deed dated S April 1977, approved by the Charity Commissioners for England and Wales, and is a registered charity number 306344. STRUCTURE, GOVERNANCE AND MANAGEMENT Reciultment, appointment, induction and traÉning of new trustees The trustees are specified in the scheme of the Charity Comrnis5ion as being the Bishop of Chlchester and the three Archdeacons of Chichester. Horsham and Lowes and Hastings each lor the time being. The archdeaconries of the Diocese of Chichester have been reorganised and 3 4th archdeacon ha5 been appointed. A Charity Cornmisslon scheme is being linallsed to change the appointment5 of the Trustees to coincide with the new arrangements. Each trustee serve5 for the term of his/her appointment to the position and nts longer. On appointment each new trustee is provided with the approprlate copy of legal documents and such Charity Commission literature as is recommended. A background brief1ng is provided by the Clerk to the trustees and at the first meeting attended bythe new trustee any residual questions are addressed. The trustees who served the charity durin8 the period were as follows.. -The Right Reverend Dr M C W3rner -The Venerable A Martin -The Venerable M C Lloyd Williarns -The Venerable Dr R E IVI Dowle¥ -The Reverend L Irvine-capel Lord Bishop of ChichESter Arehdeacon of Horsham from 4 July 2021 Archdeacon of Bri8hton & Lewes Archdeacon of Hastings Archdeacon of Chichester The term of office of each trustee is dictated by the duration of appointment as 81shop Archdeacon as provided in the Trust Deed. Organlsatlonal structure The trustees 8re empowered by the Trust Deed to hold such meetings and conduct and manage their proceedlng5 and business in suth manner as they shall determine. Every matter shall be determined by the majority of votes of the trustees present and votlng on the question. In the case ol equality of votes the chairman of the meetSn8 shall have a castin8 Vote. A person holdlng an office a5 described on the Trust information pa8e may appoint a person to be a trustee in his place and 8 person so appointed shall hold offlce from the date on which his appolntment is noti*ied in writing to the trustees. All correspondence regarijing the admlnistratlon of the charity should be sent to.. The Palace Canon Lane Chichester West SL55sex P019 IPY Page 3
Blshop Ottei Trust Report of the Trustees for the Year Ended 31 March 2022 REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charlty number 306344 Prlnclpal address The Palace Canon Lane Chlchester West Su55ex P019 IPY Trustee5 The Right Reverend Dr M C Warner The Venerabl@ F Windsor The Venerable MC Lloyd Williams Th& Venerable Dr R E M Dowler The Reverend L Irvine-capel Lord Bishop ol Chlchester Archdeacon of Hor5ham Archrjeacon ol Brighton & Lewes Archdeacon ol Hastings Archdeacon of Chichester Independent Exzmlner A Kelly FCA 2 Woodberry C105e Chiddingfold Godalming Surrey GUB 45F Stockbrokers IMFinn&Co 4 Coleman stet London EC2R STA Bankers Barclays 83nk plc 74175 East Street Chichester West Sussex POI9 IHR 5ollcltors Irwin Mitchell Thomas Eggar House Friary Lane Chichester West Sussex P019 IUF Approved by order ol the board of Trustees ori 29111122 and signed on its behalf by-. The Right Revd Dr M C Warner- Trustee Pa8e 4
Independent Examiner's Report to the Tiustees of Blshop Ottei Trust I report on the accounts of the Trust for the year ended 31 March 2022. which are set out on pages 7 to 15. Respectlve responsibtlities of Trustees and examlner5 The Charity's Trustees are responsible for the preparation of the acctsunts. The ChariW5 Trustee5 consider that an audit is not requlred for this year under section 144121 ol the Charities Act 2011 (the 2011 Act) 3nd that an independent examinatlon 15 needed. Having satlslied myself that the charity is not Subject to audit and is eligible for inrlependent examlnation, it is mv responsibility to.. examine the accounts under section 145 of the 2011 Act,. follow the procedures laid down in the General Directlons glven by the Charity Commission under Section 14515llbl of the 2011 Act., and state whether particular matters have come to my attention. Basls of independent examiner'5 Statement My exarnination was carried out in accordance with General Direetlons given by the Charity Commission. examination Includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It a150 includes consideration of any unusual items or dlsclosures In the acetsunts and seeking explanations from you as Trustees concerning any such matter5. The procedures undert3ken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts presellt a "true and lair view" and the report is limlted to those matters set out in the statement below. other Matters Your attention Is drawn to the lactthat the charity has prepared the accounts (financial staternentsl in accordance with Accounting and Reporting by Charities, Statement of Recomrnended Practice applicable to charities preparing their account5 In accordance with the Financial Reporting Standard applicable in the UK and RepublSc of Ireland IFR51021, second edition issued on 17 October 2019 in preference to the Accounting and Reporting Charities, Statement ol Recommended Practice i55ued on l 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 provicse a true and fair view in accord8nee with the Generally Accepted Accounting Practice effective for reporting period5 beginning on or after l January 2019. Independent examlner's statement In connection with my examination, no rnatter has come to my attentlon: which gives me reasonable cause to believe that, in any material respect, the requirements.. to keep actounling record5 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 Page 5
Independent Examiner's RepoKt to the Trustees of Blshop Otter Trust Independent Examiner's Report to which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Type A Kelly FCA 2 Woodberry Close ChiddSngfold Godalming Surrey GU8 4SF Date.. 911123 Page 6
Bishop Otter Trust Statement of Financial Activities for the Year Ended 31 March 2022 2022 Total funds Unrestricted funds Restrltted fund Endowment fund Notes INCOME AND ENDOWMENTS FROM Investment income 5.535 220 33,556 39,311 EXPENDITURE ON Raising funds 6,788 6,788 Charltable activlties Support costs 1.805 1.805 Total 11,8051 16,7881 18,5931 Reallsed and unreallsed galn5 on investments 2,821 47,327 50,148 NET INCOME 6,551 220 74,095 80.866 RECONCIIIATION OF FUND5 Total fund5 brought forward 169.206 24,515 2,156,664 2,350.385 TOTAI FUNDS CARRIED FORWARD 175,757 24.735 2,230,759 2,431,251 The notes form parr ol these financial statements Page 7
Blshop Otter Trust Staternent of Flnanclal Actlvltles for the Year Ended 31 March 2022 Year ended 31 March 2021 2021 Total funds Unrestrlcted fund5 Restricted fund Endowment fund Notes INCOMEAND ENDOWMENTS FROM Investment income 5,565 354 31.991 37,910 EXPENDITURE ON Raising funds 4,436 4,436 Chailtable actlvltles Support costs Other costs 1,840 12,061 1,840 12,061 Total 113,9011 14,4361 118.3371 Realised and unrealised gains on investments 38,933 321,469 360,402 NET INCOME 30,597 354 349.024 379,975 RECONCILIATION OF FUNDS Total funds brought forward 138.609 24.161 1,807,640 1,970,410 TOTAL FUNDS CARRIED FORWARD 169,206 24,515 2,100,618 2,350,385 The notes form part of these Ilnancial statements Page 8
Bishop Otter Trust Balance Sheet 31 March 2022 2022 Total funds 2021 Total funds Unrestricted fund5 Restricted fund Endowment fund Notes FIXED ASSETS Tangible assets Heritage assets Investment5 755,000 67.845 1,277,773 755,000 67,845 1,407,060 755,000 67,845 1,353,575 120,275 9,012 120.275 9,012 2,100,678 2,229,905 2,176,420 CURRENT ASSETS Debtors Cash at bank 56,709 106,107 10,000 4,508 66.709 152,133 66,641 124,821 41.518 162,816 14.508 41,518 218,842 191,462 CREDITORS Arnount5 falling due within one year io 17.496 17,496 17,497 NET CURRENT ASSETS 145,320 14.508 41,518 201,346 173,965 TOTAL ASSETS LESS CURRENT LIABILITIES 265,595 23.520 2,142,136 2,431,251 2.350.385 NET ASSETS 265,595 23,520 2,142,136 2.431.251 2,350,385 FUNDS Unrestricted funds Restricted fund5 Endowment funds li 175,757 24,735 2,230,759 169,206 24.515 2,156,664 TOTAL FUNDS 2,431.251 2,350,385 The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by.. 29111122 The Right Revd Dr M C Warner- Trustee The RevgxgDd-L4:TrUStee ap The notes form part of these financial statements Page 9
Bishop Otter Trust Notes to the Financial Statements for the Year Ended 31 March 2022 ACCOUNTING POLICIES B351s of preparlng the flnanclal statements The financial statements of the charity, whch is a public beneflt entlty under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reportln8 by CharSties.' Statetnent of Recornmended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical c05t convention, with the exception ol inve5tm2nt5 whlch are included at market value, a5 modified by the revalu3tion of certaln assets. Flnanclal reportSn8 Standard 102- ¥educed di5cIosuie exemptlons The charity has taken advantage of the followin8 disclosure ex&mptions in preparing these financial 5taternents, a5 permitted by FRS 102'The Financial Reportlng Standard applicable in the UK and Republic ol Ir&land': the requirements of Section 7 Statement of Cash Flows. Income All income is recognised in the statement of Flnancial Activitie5 once the charlty has entitlement to the funds, It s probable that the income will be received and the amount can be measured reliably. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructlve obligation committing the charity to that expenditure, it is probable that a transferof economic benefits will be required in settlement and the amount ol the obligation Can be measured reliably. Expenditu is accounted for on an accruals basls and ha5 been Ilassified under heading5 that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headin8S they have been allocated to activities on a basis COllSlStent with the use of resources. Allocatlon ot costs Support expendlture is allocated 100% to the approprlate cost category. Tangible fixed assets Tangible Ilxed assets are stated at Cost less depreclation. Depreciation 15 provided at rates calculated to write off the cost le55 estlmated residual value of each asset over Its expected economic life a5 follows.. Freehold reversionary interest Not depreciated The trustees have reviewed their taFigible fixed assets which comprise a freehold reversionary interest. Thev consider that the carrying value in the financial statements is not more than the estlmated recoverable amount and accordingly no depreciatlon is required. Herltage assets Heritage asset5 is an art collectSon owned by the Trust and included in the account5 at historic cost. No deprecSatlon 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. Page 10 continued...
Ishop Otter Trust Notes to the Flnanclal StatemeTht5- contlnued tor the Year Ended 31 March 2022 ACCOUNTING POLICIES- continued Taxatlon The Trust is exempt from dSrect tax on Its charitable activities. Fund aceountlng The Trust's funds consist of permanent endowment funds and unrestrlcted Income fund5. Endowment funds - these funds must be held on trust pemanently as capital fund5 and cannot normally be spent as il they were income. Expenses inCUrd in the administration or protection of the funds, such as investment rnanagement fees, are charged to the funds. Unrestricted general funds- these funds tan be used in accordance with the charltable objects at the discretion ol the trustees. Investment5 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 unreali5ed gains or losses to the appropriate fund. INVESTMENT INCOME 2022 2021 Sted investment income and interest 39.311 37.910 RAISING FUNDS Investment management costs 2022 2021 Portfolio management fees 6,788 4,436 CHARITABLE ACTIVITIES COSTS 2022 2021 Independent examinels fees Other costs 1.750 55 1,840 12,061 1,805 13.901 Page 11 continued...
Blshop Otter Trust Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2022 TRUSTEES, REMUNERATION AND BENEFITS There were no trustee5' remuneration or other benefits for the year ended 31 March 2022 nor for the ye8r ended 31 March 2021. Trustees. expellse5 There were no trustees, expense5 paid for the year ended 31 March 2022 norfor the year ended 31 March 2021. TANGIBLE FIXEDASSETS Freehold property COST At 1st April 2021 and 31 March 2022 755,000 NET BOOKVALUE At 31 March 2022 755.000 At 31 March 2021 755,000 The freehold property comprises Oaklands Park House, part of the Bishop Otter Campus of The University ol Chichester. which wa5 valued by the tru5tee5 at £755,000 on 31 March 2014. At 31 March 2022 this represents current market value, in the opinion of the trustees. HERITAGE ASSETS Total MARKET VALUE At l April 2021 and 31 March 2022 67,845 NET BOOKVALUE At 31 March 2022 67,845 At 31 March 2021 67,845 The art collection is included in the account5 at hlstorlc cost. The trustees consSder that the colleetlon would achieve net proceeds in excess of the carrying v31ue, should the collection be sold. Page 12 ontinued...
Bishop Otter Trust Notes to the Financlal Statements- contlnued for the Year Ended 31 March 2022 FIXED ASSET INVESTMENTS Listed and other investment5 MARKET VALUE At l April 2021 Addition5 Disp05als Revaluations 1,353,575 82.023 178,6861 50.148 At 31 March 2022 1.407,060 HISTORICAL COST At 31 March 2022 898,479 At 31 March 2021 887,624 There were no Investment assets outside the UK. At 31 March 2022 investment holding5 consisting of over 5% 01 the portfolio value were a5 follows.. Foreign & Colonial Ord 0.25p Stewart Investors Asia Pacific Le3ders S ust B 98,938 85,720 DEBTORS 2022 2021 Amounts falling due withln one year.. Debtors 56,709 1,641 Amounts falling due afteT more than one year.. Loan to The Mother Agnes Trust Loan to Chichester Unlver51ty 55,0(Kl 10.000 iO,LK)O Aggregate amounts 66,709 66,641 The £55,00012021.. £55,000) loan to The Mother Agnes Trust was repald after the balance sheet date. Interest is calculated by reference to the Central Board ol Finance Deposit rate. Page 13 eontinued...
Bishop Otter Trust Notes to the Flnanclal Statement5- continued for the Year Ended 31 March 2022 io. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Creditors Accrua15 15,746 1,750 15,747 1.750 17,496 17,497 IL MOVEMENT IN FUNDS Net movement in funds At 31.3.22 At 1.4.21 Unfestricted funds General fund 169,206 6,551 175,757 Restricted funds Llzzie Lockington Fund 24,515 220 24,735 Endowment fuhds Endowment Fund 2.156.664 74,095 2,230,759 TOTALFUNDS 2,350.385 80,866 2,431,2SI Page 14 continued...
Blshop otter Trust Notes to the Flnanclal Statements- tontlnued foi the Yeai Ended 31 March 2022 ii, MOVEMENT IN FUNDS- contlnued Year ended 31 March 2021 Net movement in fund5 At 31.3.21 At 1.4.20 Unrestrlcted fund5 General fund 138.609 30.597 169,206 Restrl¢ted funds Lizzle LockSngton Fund 24.161 354 24,515 Endowment furbds Endowment Fund 1,807,640 349,024 2,156,664 TOTALFUNDS 1,970.410 379,975 2.350,385 Endowment Fund The income derived from the Endowment fund is, in accordance with the Trust Deed. available lor use against the normal expenditures of the Charity. All income derived from Endowment Fund 8ssets is transferred to Unrestrieted Funds each year. 12. RELATED PARTY DISCLOSURES Included in debtors 15 a loan of £55,00012021- £55,(J)01 to MotherAgnes Trust which has two common Trustees. This amount was repaid after the balance sheet date together with interest due. Page 15 continued...
Blshop Otter frust Detalled Statement of Financ5al Actlvltles for the Year Ended 31 March 2022 2022 2021 INCOMEAND ENDOWMENTS Investment Income Investment Income Loan interest receivable 39,243 68 37,910 Tot31 resources expended 39,311 37,910 EXPENDITURE Invesiment management costs Portfolio management 6.788 4,436 Charitable attlvities Svndry expenses 55 Scholarshlp costs 12,061 Governance costs Independent Examiner'5 fee 1,750 1,840 Total resourees expended 8,593 18,337 Net Income before galns and 10s5e5 30,718 19,S73 Reallsed recognised galns and losses Reallsed gains on fixed asset investments 1,899 38,933 Net Income 32,617 58.506 Thls page does not form part of the statutory financial statement5 Page 16