REGISTERED CHARITY NUMBER: 306344 Report ofthe Trustees and Inanclal StatemÈnts for the Year Ended 31 March 2024 for Blshop Otter Trust
815hop Otter Trust Contents of the Flnanclal Statements for the Year Ended 31 March 2024 Page Report of the Trusteès Ito4 Independent Examlnerfs Report 5t06 Statement of Flnanclal Actlvlties 7t08 Balance Sheet Notes to the Financial Statement5 IOtolS Detailed Statement of Financial A¢tlvltles 16
Bishop OtterTru5t Report of the Trustees for the Year Ended 31 Marth 2024 The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted Lhe provlsions of Accountlng and Reporting by CharitSes.' 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 IFRS 1021 leffective l January 20191. OBJEcfivES AND AcfiviTIES Objectives and alm5 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-operation with, arid asslstance to Inow) the University of Chichester known as'the Institute"; Provision and conduct In connection with the Institute of a chapel and chaplaincy provlding rèligious worship, instruction and care,. Provision and conduct In connectlon with the Institute of residential accommodation and related facilities,. and PTovision of instructlon, classes, lecture5, books, Ilbraries and reading rooms,. and SLFch other ways as the Trustees may from time to time determine. The trustees achieve these objectives in varlous ways Including providin8 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 whlch ensure the chapel of the Universlty 15 used as a place of worshlp. Throughout, the trustees ensure and wlll continue to ensure that they act in such a manner a5 will advance education in accordance with the doctrines, rites and practice5 of the Church of England. GrantmakSng The giant making policy Is fully descrlbed in the Scheme of Arrangement of the Char5ty Commlssion. During the year the trustees continue to m3ke grants to ensure the full utilisation of the University chapel as an active place of worship. Public Benefft When considering grant application5 and payments the tr4JStees have considered the Charity Commission's guidance on public bene*it and in particular the specific guidance on charitles forthe advancementof religion. The trustees believe that the charitable activities outllned Ir) thls report comply with the Charity Commlsslon guldance. ACHIEVEMENT ANO PERFORMANCE Charltable actlvlties The princlpal asset of theTrust is the Bishop Otter Art Collection on loan to the University of Chichester. The Collection is deemed to be a Heritage Asset whlch is fully catalogued and insured. The trustees work ¢losely with the governors and sensor staff of the University to facilitate best use of the collection held at the University. The Art Collection formerly housed in the Otter Galleryi 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 sltes around the campus, A small number of specifi'c Items are available for loan to other Gallerles to complement exhibitions. rhe Trustees are keen to work with the Unlversity to build a better awareness of the collertion and ensure it5 access for students and the general public. Page I
Blshop Otter Trust Report of the Trustees forthe Year Ended 31 MaY<h 2024 ACHIEVEMENT AND PERFORMANCE Charltable actlvltles Icontinued) The Universlty Chapel of the Ascenslon is the centre of the minlstry of the Unlverslty campus In partnershlp with the local Anglican parlshes in Chichester and Bognor ReElS. It is also used as a resource sp3cÈ for the University. The condition of the building has continued to raise cause for concern and the University has been worklng on a plan for refurbishment. Following a grant glven at the end of the previous financSal year for a redeslgn project of the roof and space, the Trustees have been awaltlng further detalls of the planned refurblshments and have agreed to provide further funding. up to a total of £250,000, induding the amount given for design. Blshop Otter S¢holars and Art of Worship Project. TheTrustees continue to be committed to the Bishop Otter Scholars and Art of Worship Project, which exists to develop better understanding of the relatiorlship between art and theologyi and to provide apprenticeships that offer the opportunity to learn about the development and skills of Sacred arL The Trustees continue to provide £20,000 per yearto fund two scholars of the project. FINANCIAL REVIEW Investments The Instructlon to the stockEiroker is to seek a balance between capital growth and income with a medium exposure to risk to m3intain an 3bility to cover costs and undertake charitable 2CtivitiÈs in accordance with the Charity Commisslon Scheme of 1977. The trustees have issued instructions to their investment managers as follows.. to maintain a balanced portfolio ¢arryin8 no more than medium risk a broad ethical policv ReseNes policy The Trust Deed provides thatthe trustees sh311 ftrst defray out of Incorne the cost of repairs 2nd insurance and all other charges in rÈspect of the property of the Trust and all proper costs incidental to the administration of the Trust. Anv residue shall be applied in paying the remuneration of any persons employed for the Puf pose5 of the Trust, ènd in otherwise furtherlng the oblectlves 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 expendlture. This policy Is reviewed on preparation of the flnancial 5tatement5 on an annual basls. Flnancial review The Charity had a net dÈficlt of £8,492 for the year to 31 March 202412022.. deficit E223,7461. Incoming resources for the year totalled £44,190 compared to £43,644 In the prevlou5 year. Whilst expenditure dipped for the year, from £112,889 to £33,316, the writing off of a long-term loan and a loss on investments led to the overall deficit. It should also be noted that it is expected that gr?nt making will increase in the comlng year, wlth further grants bein6 made to the Unlversltv. Page 2
Bishop Otter Trust Report of the Trustees for the Year Ended 31 Mar¢h 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 306344 Prin¢ipal address The Palace Canorb Lane Chichester West Sussex P019 IPY Trustees The Right Reverend Dr M C Wamer The Venerable F Wind50r The Venerable MC Lloyd Williams The Venerable Dr R E M Dowler The Venerable L Irvine-capel Lord 8ishop of Chlche5ter Archdeacon of Horsham Archdeacon of Brlghton & Lewes Archdeacon of Hastings Archdeacon of Chlchester Independent Examiner A Kelly FCA 2 Woodbèrry Close Chiddingfold Godalming Surrey GU8 45F Stockbrokers JMFinn&Co 4 Coleman Street London EC2R STA Bankers Barclays Bank plc 74175 East Street Chichester West Sussex P019 IHR Solicitors Irwin Mitchell Thomas Eggar House Friary Lane Chichester West Sussex P019 IUF Approved by order of the board of Trustees on . ..151..1..1124.. and signed on It5 behalf bv: The Right Revd Dr M C Warner- Trustee Page 4
Blshop Otter Trust Report of the Trustees for the Year Ended 31 March 2024 FINANCIAL REVIEW Flnaneial review l¢ontlnued} There have been no slgnlfi¢ant impacts on the activities of the Trust and the trustees are confident that the Trust will contlnue to be a going concern and the flnancial statements have been prepared on thls b351S. FUTURE PLANS The Trustees intend to continue to support the Bishop Otter Research Scholar role and will be seeking to develop thls role further wlthln 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 Commlssioners for England and Wales, and Is a reglstered charity number 306344. STRUCTURE, GOVERNANCE AND MANAGEMENT Recrultment, appointment, Induction and traI1thg of new trustees The trustees are specifled In the scheme of the Charlty Commlsslon a5 belng the 8lshop of Chlchester and the three Archdeacons of Chichester, Hor5ham and Lewes and Hastings each for the time being. The archdeaconries of the Dlocese of Chichester have been reorganised and a 4th archdeacon has been appointed. A Charity Commission scheme is being finallsed to change the appointments of the Trustees to coinelde with the new arrangements. Each trustee serves for the term of hSs/her appolntment to the p05Ition and no longer. On appointment each new trustee 15 provided with the appropriate Copy of legal documents and Such Charity Comm155Ion literature as 15 recommended. A backgroLJnd briefing is provided by the Clerk to tho trustees and at the first meeting attended by the nèw trustee any residual questions are addressed, The trustees who served the charity during the period were as follows: -The Right Reverend Dr M Cwarner - The Veneiable A Martin - The Venerable M C Lloyd Williams - The Venerable Dr R E M Dowler - The Venerable L Irvine-capel Lord 81shop of Chichester Archdeacon of Horsham Archdeacon of Brighton & Lewe5 Archdeacon of Hastings Archdeacon of Chichester The term of office of each trustee is dictated by the duration of appointment as Bishop Archdeacon as provided 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 votlng on the que5tlon. Ih the case of equality of votes the chairman of the meeting shall have a castlng 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 50 appolnted shall hold offlce from the date on which his appolntment is notified in writlng to the trustees. All correspondence regarding the administration of the charity should be sent to: The Palace Canon Lane Cliichester West Sussex P019 IPY Page 3
Independent Examlner's Report to the Trustee5 of Bishop Otter Trust I report on the accounts of the Trust for the year ended 31 March 2024, which are set out on pages 7 to 15. Respective responslbllltles of Trustees and examiner The Charitvs Trustees are responsible for the preparation of the accounts. The CharlS Trustees consider that an audlt is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Attl and that an Independent examlnaiion is needed. Having satlsfied myself that the charity is not subjert to audlt and is eliglble lor independent examination, It is my responsibility to.. examlne the accovnls under section 145 of the 2011 Act; follow the procedures laid down in the General Directions given by ihe Charity Commission under sectlon 14515llbl of the 2011 Act,. and state whether particular matters have come to my attention. Basis ot Independent examiner's statement My examination was carrled out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting recor(fs kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or dlsclosures in the accounts and seeking explanations from you a5 Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently no op5nion is given as to whether the accounts present a "true and falr vlewf and the report is limlted 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 Accountin8 and Reporting by Charities. Statement of Recommended Practice appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, second edition issued on 17 October 2019 in preference to the Accounting and Reporting Charities, Statement of Recommended Practice issued 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 provide a true and fair Mew in accordance with the Generally Accepted Accounting Practice effective for reporting perlods beglnnlng on or after l January 2019. Independent examiner's statement In connettion with my examination, no matter has come to my attention: which gives me reasonable cause to believe that, in any material respect, the requirements.. 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 Page 5
Independent Examiner's Report to the Twstees of Bishop Otter Trust Independent Examlner's Report to which, in my oplnlon, attention should be drawn In order to enable a proper understanding of the accounts to be reathed. A Kelly FCA 2 Woodberry Close chiddingfold Godalming Surrey GU8 4SF Date: 18111124 Page 6
Bishop Otter Trust Statement of Flnanclal A¢tlvltles forthe Year Ended 31 March 2024 2024 Total funds Unre5trltted funds Restricted fund Endowment fund Notes INCOME AND ENDOWMENTS FRofvl Investment income 6,274 374 37,542 44,190 EXPENDITURE ON Raising funds 5,793 5,793 Charitable artivitles Grants and donations Support Costs 22,521 5,002 22,521 5,002 Total 27,523 5,793 33,316 Loan written off L055es on investments iio,0001 12,1411 iio,000) {9,366} 17,2251 NET INCOME/IEXPENDITURE) 133,3901 374 24,524 (8,4921 RECONCILIATION OF FUNDS Total funds brought torward 67,516 26,370 2.113,619 2,207,505 TOTAL FVNDS CARRIED FORWARD 34,126 26,744 2,138,143 2,199,013 The notes form pèrt of these financial statements Page 7
Bishop Otter Trust Statement of Flnpnelal Actlvltles for the Year Ended 31 March 2024 Year ended 31 March 2023 2023 Total funds Unrestrlcted funds Restrlcted fund Endowment fund Notes INCOME AND ENDOWMENTS FROM Investment Income 5,858 324 37,462 43,644 EXPENDITURE ON Raising funds 6,196 6,196 Charitable actlvitles Grants paid Support costs 102,959 3,734 102,959 3,734 Total 1106,6931 16,1961 1112,8891 Realised and unrealised g3inslllossesl on investments 17,4061 1,311 1148,4061 1154,5011 NET INCOME/IEXPENDITUREI 1108,2411 1,635 1117,1401 1223,7461 RECONCILIATION OF FUNDS Total fijnds brought forward 175,757 24.735 2,230.759 2,431,251 TOTAL FUNDS CARRIED FORWARD 67,516 26,370 2,113,619 2,207,505 The notes form part of these financial statements Page 8
Blshop OtterTrust Balance Sheet 31 March 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted fund Endowment fund Notes FIXED ASSETS Tangible assets Herltage assets Investments 755,000 67,845 1,117,836 755,000 67,845 1,165,822 755,000 67,845 1,245,833 37,665 10,321 37,665 10,321 1,940,681 1,988,667 2,068.678 CURRENT ASSETS Debtors Cash at bank 1,713 161,920 1,713 226,620 10,000 219,676 59,581 5,119 59,581 5,119 163,633 228,333 229,676 CREDITOR5 Amounts fallinE due wlthln one year io 17.987 17,987 90,849 NET CURRENT ASSETS 59,581 5,119 145,646 210,346 138,827 NET ASSETS 97,246 15,440 2,086,327 2,199,013 2,207,SOS FUNDS Unrestricted fLTrnds Restrlcted funds Endowment funds li 34,126 26,744 2.138,143 67,516 26,370 2,113,619 TOTAL FUNDS 2,199,013 2,207,505 The financial 5t3tements were approved by the Board of Trustees and authorlsed for i55ue on and were sSgned on its behalf by: ..151.1..11.24.... . The Right Revd Or M C Warner- Trustee The Reverend L Irvine-capel - Trustee The notes form part of these financial statements Page 9
Blshop Otter Trust Notes to the Financlal Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basls of preparlng the flnancial statements The financial statements of the charity, whlch 15 a public beneflt entlty under FRS 102, have been prepared in accordance witl) the Charities SORP IFftS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charlties preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectlve l January 20191,, Financlal Reporting Standard 102 'The Flnancial Reportlng Standard applicable In the UK and Republic of Ireland, and the Charitles Act 2011. The financial 5t3tement5 have been prepared under the historical cost convèntion, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Flnanclal reportlng 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 Reportin8 Standard applicable In the UK and Republlc of Ireland,: the requlrements of Section 7 Statement of Cash Flows. Income All Income is recognlsed in the Statement of Financial Activities once the charity has entitlement to the funds, it s 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 committlng the charlty to that expendlture, 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 3ccruals 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 activitle5 on a basls con51Stent with the use of resources. Allocation of costs Support expenditure Is allocated 100% to the approprlate cost category. Tangible flxed assets Tangible fixed assets are stated at cost less depreciation. Depreciatlon 15 provlded at rates calculated to wrlte off the cost less estimated resldual value of each asset over Its expected economic life as follows.. Freehold rever5ionary 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 historlc cost. No depreci3tion is provided as in the opinion of the trustees the collection has an indefinite life and there will be no dlminution in Its value in the foreseeable future. Page 10 contlnued..
Blshop OtterTrust Notes to the Flnancial Statements - contlnued forthe Year Ended 31 March 2024 ACCOUNTING POLICIES- continued Taxation The Trust Is exempt from direct tax on its charitable activities. Fund accountlng The Trust's funds consist of permanent endowment funds and unrestrlcted income fund5. Endowment funds - these funds Must be held on trust permanently as capital funds and cannot normally be spent as i* they were Income. Expenses incurred in the adminlstration or protection of the funds, such as investment management fees, are charged to the funds. Unrestricted general funds these funds can be used in aceordance wlth 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 revaluatlon of surpluses or deficits being ¢redited or char8ed as unreallsed gains or losses to the appropriate fund. INVESTMENT INCOME 2024 2023 Listed investment it)come and interest 42,477 37,462 RAISING FUNDS Investment Management ¢ostS 2024 2023 Portfolio management fees 5,793 6,196 CHARITABLE A1VITIEs COSTS 2024 2023 Grants paid Independent examinerfs fees Legal fees Administration costs 22,521 1,800 1,960 1,242 102,959 1.750 1,984 27,523 106,693 Page 11 continued...
Bishop OtterTrust Notes to the Flnanclal Statements- contlnued for theyear Ended 31 March 2024 TRUSTEES, REMUNERATION AND BENEFIT5 There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses Paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. TANGIBLE FIXED A55ETS Freehold property COST At 1st Aprll 2023 and 31 March 2024 755,000 NET BOOK VALUE At 31 March 2024 755,000 At 31 March 2023 755,000 The freehold property comprises Oaklands Park House, part of the Bishop Otter Campus of The Un5verslty of Chichester, whith was valued by the tru51ees at £755,000 on 31 March 2014. At 31 March 2024 this represents current market value, in the oplnlon ot the trustee5. HERITAGE ASSETS Total MARKET VALUE At l April 2023 and 31 March 2024 67,845 BOOK VALUE At 31 March 2024 67,845 At 31 March 2023 67,845 The art collecrlon is included in the accounts at historic cosL The trustees consider that the collection would achieve net proceeds in excess of the carrying value, should the collection be sold. Page 12 continued...
Blshop Otter Trust Notes to the Flnanclal statements - continued fortheyear Ended 31 March 2024 FIXED AET INVESTMENTS Listed and other Investments MARKET VALUE At l April 2023 Additions Disposals Revaluations 1,245,833 529,642 1600,2871 19,3661 At 31 March 2024 1,165.822 HISTORICAL COST At 31 March 2024 895,908 At 31 March 2023 879,464 There were no investment assets outside the UK. At 31 March 2024 investment holdings consisting of over 5% of the portfolio value were as follows-. UK Treasury Stock 5% 252,630 DEBTORS 2024 2023 Amounts falling due within one year: Accrued interest 1,713 Amounts falling due after more than one year: Loan to Chichester Universlty 10,000 Aggregate amounts 1,713 10,000 Page 13 continued.
81shop Oiter Trust Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2024 io. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Creditors Accruals 15,746 2,241 89,099 1.750 17,987 90,849 ii. MOVEMENT IN FUNOS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted tunds General fund 67.516 133,3901 34,126 Restrirted funds Lizzie Locklngton Fund 26.370 374 26,744 Endowment funds Endowment Fund 2,113,619 24.524 2,138,143 TOTAL FUNOS 2,207,505 18,4921 2,199,013 Page 14 continued...
Bishop Otter Trust Notes to the Flnanclal Statement5- continued for the Year Ended 31 March 2024 ii. MOVEMENT IN FUNDS-continued Year ended 31 March 2023 Net movement in funds At 31.3.23 At 1.4.22 Unrestrlcted funds General fund 175,757 (108,2411 67,516 Restrlrted funds Lizzie Lockington Fund 24,735 1,635 26,370 Endowment funds Endowment Fund 2,230,759 1117,140} 2,113.619 TOTAL FUNDS 2,431,251 1223,7461 2,207,505 Endowment Fund The income derlved from the Endowment fund 15, in accordance with the Trust Deed, available for use ag3111St the normal expenditures of the Charity. All income derived from Endowment Fund assets is transferred to Unrestricted Funds each year. 12. CONTINGENT LIABILITY The Trustees are aware gf 3 contingent Ilability in the form of funding they have agreed to make available In the next Financial Year for the refurbishment of Chichester University Chapel. This will total £177,041. This follows a previous grant given for design work, and will take the overall grand total granted to the University for the Chapel, to £250,000. Page 15 continued...
Blshop Olter Trust Detailed Statement of Financial Attlvltles forthe Year Ended 31 March 2024 2024 2023 INCOME AND ENDOWMENTS Investment income Investment income 44,190 43,644 EXPENDITURE Investment management costs Portfolio management 5.793 6,196 Charltable activltles Sundry expenses io Giant5 and donatlons 22,521 102,959 Governance costs Legal fees Admlnlstrator costs Independent Examinef's fee 1,960 1,232 1,800 1,984 1,750 Total resources expended 33,316 112,889 Net income/{expendilurel before gains and losses 10,874 169,245} Realised losses Realised losses on fixed a55et Investments Loan written off 118,3661 iio,0001 112,3761 Net income /lexpenditure} for the year 117,4921 181,6211 Thls page doe5 not form part of the statutory financi315tatements Page 16