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 traI￿1thg 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 Charl￿S 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 A￿1VITIEs 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 A￿ET 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