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 I￿land 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 balan￿d 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 ￿m￿neration 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 p￿paratIOn 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 cOmpa￿d 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 st￿et
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, wh￿ch 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 inCUr￿d 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