REGISTERED CHARITY NUMBER: 306344
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2025
for
Bishop Otter Trust
Bishop Otter Trust
Contents of the Financial Statements for the Year Ended 31 March 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner’s Report | 5 to 6 |
| Statement of Financial Activities | 7 to 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 15 |
Bishop Otter Trust
Report of the Trustees for the Year Ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Bishop Otter Trust's objectives are the advancement of either higher or further education or both in one or more of the following ways:
-
Co-operation with, and assistance to (now) the University of Chichester known as "the Institute";
-
Provision and conduct in connection with the Institute of a chapel and chaplaincy providing religious worship, instruction and care;
-
Provision and conduct in connection with the Institute of residential accommodation and related facilities; and
-
Provision of instruction, classes, lectures, books, libraries and reading rooms; and such other ways 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 Otter Trust Art Collection to the University for display, safe keeping and storage and making grants, some of which ensure the chapel of the University is used as a place of worship. Throughout, the trustees ensure and will continue to ensure that they act in such a manner as will advance education in accordance with the doctrines, rites and practices of the Church of England.
Grantmaking
The grant making policy is fully described in the Scheme of Arrangement of the Charity Commission. During the year the trustees continue to make grants to ensure the full utilisation of the University chapel as an active place of worship.
Public Benefit
When considering grant applications and payments the trustees have considered the Charity Commission's guidance on public benefit and in particular the specific guidance on charities for the advancement of religion. The trustees believe that the charitable activities outlined in this report comply with the Charity Commission guidance.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The principal asset of the Trust is the Bishop Otter Art Collection on loan to the University of Chichester. The Collection is deemed to be a Heritage Asset which is fully catalogued and insured. The trustees work closely with the governors and senior staff of the University to facilitate best use of the collection held at the University. The Art Collection formerly housed in the Otter Gallery, forming part of the Learning Resources Centre of the University, closed in 2019. However, works of art from the collection continue to be displayed in rotation at selected sites around the campus and city. A small number of specific items are available for loan to other Galleries to complement exhibitions. The Trustees are keen to work with the University to build a better awareness of the collection and ensure its access for students and the general public.
Page 1
Bishop Otter Trust
Report of the Trustees for the Year Ended 31 March 2025
ACHIEVEMENT AND PERFORMANCE
Charitable activities (continued)
Charitable activities (continued)
The University Chapel of the Ascension is the centre of the ministry of the University campus in partnership with the local Anglican parishes in Chichester and Bognor Regis. It is also used as a resource space for the University. Following concerns for the condition of the building the University worked on a plan for refurbishment and the Bishop Otter Trust funded a design project in the 2022-3 year.
Bishop Otter Scholars and Art of Worship Project .
The Trustees have continued to be committed to the Bishop Otter Scholars and Art of Worship Project, which exists to develop a better understanding of the relationship between art and theology, and to provide apprenticeships that offer the opportunity to learn about the development and skills of sacred art. However, with the view to winding up the charity, the support of the project will cease following the end of the current grant.
FINANCIAL REVIEW
Investments
The instruction to the stockbroker is to seek a balance between capital growth and income with a medium exposure to risk to maintain an ability to cover costs and undertake charitable activities in accordance with the Charity Commission Scheme of 1977.
-
The trustees have issued instructions to their investment managers as follows:
-
to maintain a balanced portfolio
-
carrying no more than medium risk
-
a broad ethical policy
Reserves policy
The Trust Deed provides that the trustees shall first defray out of income the cost of repairs and insurance and all other charges in respect of the property of the Trust and all proper costs incidental to the administration of the Trust. Any residue shall be applied in paying the remuneration of any persons employed for the purposes of the Trust, and in otherwise furthering the objectives of the Trust.
The trustees have considered the reserves policy of the Trust and have decided that they should aim to maintain the free reserves fund at E45,000, which is approximately equal to three years charitable and governance expenditure. This policy is reviewed on preparation of the financial statements on an annual basis.
Financial review
The Charity had a net deficit of £143,173 for the year to 31 March 2025 (2024: deficit £8,492). Incoming resources for the year totalled £31,020 compared to £44,190 the previous year. Expenditure rose for the year principally due to grants made to the University.
There have been no significant impacts on the activities of the Trust and the trustees are confident that the Trust will continue to be a going concern and the financial statements have been prepared on this basis.
FUTURE PLANS
The Trustees have been looking at the possibility of winding up the charity within the next few years, with the majority of assets being transferred to the Dean & Chapter of Chichester Cathedral. Such a disbursement would be under the condition that funds are used for projects that align with the objects of the Bishop Otter Trust. In such a situation, the core Art Collection would be given to Chichester University, also under specific conditions.
Page 2
Bishop Otter Trust
Report of the Trustees for the Year Ended 31 March 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust is governed by a deed dated 5 April 1977, approved by the Charity Commissioners for England and Wales, and is a registered charity number 306344.
Recruitment, appointment, induction and training of new trustees
The trustees are specified in the scheme of the Charity Commission as being the Bishop of Chichester and the three Archdeacons of Chichester, Horsham and Lewes and Hastings each for the time being. The archdeaconries of the Diocese of Chichester have been reorganised and a 4th archdeacon has been appointed. A Charity Commission scheme is being finalised to change the appointments of the Trustees to coincide with the new arrangements. Each trustee serves for the term of his/her appointment to the position and no longer. On appointment each new trustee is provided with the appropriate copy of legal documents and such Charity Commission literature as is recommended. A background briefing is provided by the Clerk to the trustees and at the first meeting attended by the new trustee any residual questions are addressed.
The trustees who served the charity during the period were as follows:
The Right Reverend Dr M C Warner Lord Bishop of Chichester The Venerable A Martin Archdeacon of Horsham The Venerable M C Lloyd Williams Archdeacon of Brighton & Lewes -The Venerable L Irvine-Capel Archdeacon of Chichester (resigned 25.02.25) The Venerable E Dowler Archdeacon of Hastings (resigned 13.09.24)
The following were appointed after the Balance Sheet date:
The Venerable R Dewhurst Archdeacon of Hastings (appointed 23 November 2025) The Venerable T D L Carpenter Archdeacon of Chichester (appointed 1 July 2025)
The term of office of each trustee is dictated by the duration of appointment as Bishop or Archdeacon as provided in the Trust Deed.
Organisational structure
The trustees are empowered by the Trust Deed to hold such meetings and conduct and manage their proceedings and business in such manner as they shall determine.
Every matter shall be determined by the majority of votes of the trustees present and voting on the question. In the case of equality of votes the chairman of the meeting shall have a casting vote.
A person holding an office as described on the Trust information page may appoint a person to be a trustee in his place and a person so appointed shall hold office from the date on which his appointment is notified in writing to the trustees.
Page 3
Bishop Otter Trust
Report of the Trustees for the Year Ended 31 March 2025
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 306344
Principal address
The Palace Canon Lane Chichester West Sussex PO19 1PY
Trustees
The Right Reverend Dr M C Warner The Venerable A Martin The Venerable M C Lloyd Williams The Venerable R Dewhurst The Venerable T D L Carpenter
Lord Bishop of Chichester Archdeacon of Horsham Archdeacon of Brighton & Lewes Archdeacon of Hastings Archdeacon of Chichester
Independent Examiner
A Kelly FCA 2 Woodberry Close Chiddingfold Godalming Surrey GU8 4SF
Stockbrokers
J M Finn & Co 4 Coleman Street London EC2R 5TA
Bankers
Barclays Bank plc 74/75 East Street Chichester West Sussex PO19 1HR
Solicitors
Irwin Mitchell Thomas Eggar House Friary Lane Chichester West Sussex PO19 1UF
22/1/26 Approved by order of the board of Trustees on ………………………….. and signed on its behalf by:
…………………………………………
The Right Revd Dr M C Warner - Trustee
Page 4
Independent Examiner's Report to the Trustees of Bishop Otter Trust
I report on the accounts of the Trust for the year ended 31 March 2025, which are set out on pages 7 to 15.
Respective responsibilities of Trustees and examiner
The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Other Matters
Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities, Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), second edition issued on 17 October 2019 in preference to the Accounting and Reporting Charities, Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
1 which gives me reasonable cause to believe that, in any material respect, the requirements:
-
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 Trustees of Bishop Otter Trust
Independent Examiner's Report
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
…………………………………………
A Kelly FCA 2 Woodberry Close Chiddingfold Godalming Surrey GU8 4SF
26/1/26 Date: …………………………………
Page 6
Bishop Otter Trust
Statement of Financial Activities for the Year Ended 31 March 2025
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Grants and donations Support costs Total Net gains/losses on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 560 - - 3,361 3,361 (809) (3,610) 34,126 30,516 |
Restricted fund £ 157 - - - - - 157 26,744 26,901 |
Endowment fund £ 30,313 5,482 168,795 - 174,277 4,244 (139,720) 2,138,143 1,998,423 |
2025 Total funds £ 31,030 5,482 168,795 3,361 177,638 3,435 (143,173) 2,199,013 2,055,840 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 7
Bishop Otter Trust
Statement of Financial Activities for the Year Ended 31 March 2025
Year ended 31 March 2024
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Grants and donations Support costs Total Loan written off Losses on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 6,274 - 22,521 5,002 27,523 (10,000) (2,141) (33,390) 67,516 34,126 |
Restricted fund £ 374 - - - - - - 374 26,370 26,744 |
Endowment fund £ 37,542 5,793 - - 5,793 - (7,225) 24,524 2,113,619 2,138,143 |
2024 Total funds £ 44,190 5,793 22,521 5,002 33,316 (10,000) (9,366) (8,492) 2,207,505 2,199,013 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 8
Bishop Otter Trust
Balance Sheet 31 March 2025
| 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Endowment Total |
Total | ||||
| funds | funds | fund | fund | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | £ | |||
| FIXED ASSETS | ||||||||
| Tangible assets | 6 | - | - | 755,000 | 755,000 | 755,000 | ||
| Heritage assets | 7 | - | - | 67,845 | 67,845 | 67,845 | ||
| Investments | 8 | - | 10,321 | 1,089,950 | 1,100,271 | 1,165,822 | ||
| - | 10,321 | 1,912,795 | 1,923,116 | 1,988,667 | ||||
| CURRENT ASSETS | ||||||||
| Debtors | 9 | - | - | 1,179 | 1,179 | 1,713 | ||
| Cash at bank | 59,581 | 5,208 | 76,886 | 141,675 | 226,620 | |||
| 59,581 | 5,208 | 78,065 | 142,854 | 228,333 | ||||
| CREDITORS | ||||||||
| Amounts falling due within one | Amounts falling due within one | |||||||
| year | 10 | - | - | 10,130 | 10,130 | 17,987 | ||
| NET CURRENT ASSETS | 59,581 | 5,208 | 67,935 | 132,724 | 210,346 | |||
| NET ASSETS | 59,581 | 15,529 | 1,980,730 | 2,055,840 | 2,199,013 | |||
| FUNDS | 11 | |||||||
| Unrestricted funds | 30,516 | 34,126 | ||||||
| Restricted funds | 26,901 | 26,744 | ||||||
| Endowment funds | 1,998,423 | 2,138,143 | ||||||
| TOTAL FUNDS | 2,055,840 | 2,199,013 | ||||||
| The financial statements were approved by the Board of Trustees and authorised for issue on ………………………………… | The financial statements were approved by the Board of Trustees and authorised for issue on ………………………………… | The financial statements were approved by the Board of Trustees and authorised for issue on ………………………………… | The financial statements were approved by the Board of Trustees and authorised for issue on ………………………………… | The financial statements were approved by the Board of Trustees and authorised for issue on ………………………………… | The financial statements were approved by the Board of Trustees and authorised for issue on ………………………………… | The financial statements were approved by the Board of Trustees and authorised for issue on ………………………………… | The financial statements were approved by the Board of Trustees and authorised for issue on ………………………………… 22/1/26 |
The financial statements were approved by the Board of Trustees and authorised for issue on ………………………………… |
The financial statements were approved by the Board of Trustees and authorised for issue on ………………………………… and were signed on its behalf by:
………………………………………… The Right Revd Dr M C Warner - Trustee
…………………………………………
- Trustee
The notes form part of these financial statements
Page 9
Bishop Otter Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Allocation of costs
Support expenditure is allocated 100% to the appropriate cost category.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected economic life as follows:
Freehold reversionary interest
Not depreciated
The trustees have reviewed their tangible fixed assets which comprise a freehold reversionary interest. They consider that the carrying value in the financial statements is not more than the estimated recoverable amount and accordingly no depreciation is required.
Heritage assets
Heritage assets is an art collection owned by the Trust and included in the accounts at historic cost. No depreciation is provided as in the opinion of the trustees the collection has an indefinite life and there will be no diminution in its value in the foreseeable future.
continued...
Page 10
Bishop Otter Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
1. ACCOUNTING POLICIES - continued
Taxation
The Trust is exempt from direct tax on its charitable activities.
Fund accounting
The Trust's funds consist of permanent endowment funds and unrestricted income funds.
Endowment funds - these funds must be held on trust permanently as capital funds and cannot normally be spent as if they were income. Expenses incurred in the administration or protection of the funds, such as investment management fees, are charged to the funds.
Unrestricted general funds - these funds can be used in accordance with the charitable objects at the discretion of the trustees.
Investments
Quoted investments are stated at closing mid-market value at the balance sheet date with revaluation of surpluses or deficits being credited or charged as unrealised gains or losses to the appropriate fund.
2. INVESTMENT INCOME
| 2025 £ Listed investment income and interest 31,030 3. RAISING FUNDS Investment management costs 2025 £ Portfolio management fees 5,482 4. CHARITABLE ACTIVITIES COSTS 2025 £ Grants paid 168,795 Independent examiner’s fees 1,850 Legal fees - Administration costs 1,511 172,156 |
2024 £ 42,477 |
|---|---|
| 2024 £ 5,793 2024 £ 22,521 1,800 1,960 1,242 |
|
| 27,523 |
continued...
Page 11
Bishop Otter Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
6. TANGIBLE FIXED ASSETS
| COST At 1st April 2024 and 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 |
Freehold property £ 755,000 |
|---|---|
| 755,000 | |
| 755,000 |
The freehold property comprises Oaklands Park House, part of the Bishop Otter Campus of The University of Chichester, which was valued by the trustees at £755,000 on 31 March 2014. At 31 March 2025 this represents current market value, in the opinion of the trustees.
7. HERITAGE ASSETS
| MARKET VALUE At 1 April 2024 and 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 |
Total £ 67,845 67,845 67,845 |
|---|---|
The art collection is included in the accounts at historic cost. The trustees consider that the collection would achieve net proceeds in excess of the carrying value, should the collection be sold.
continued...
Page 12
Bishop Otter Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
8. FIXED ASSET INVESTMENTS
| 8. | FIXED ASSET INVESTMENTS | ||
|---|---|---|---|
| Listed and | |||
| other | |||
| investments | |||
| MARKET VALUE | £ | ||
| At 1 April 2024 | 1,165,822 | ||
| Additions | 525,005 | ||
| Disposals | (593,991) | ||
| Revaluations and gains on disposals | 3,435 | ||
| At 31 March 2025 | 1,100,271 | ||
| HISTORICAL COST | |||
| At 31 March 2025 | 991,083 | ||
| At 31 March 2024 | 895,908 | ||
| There were no investment assets outside the UK. | |||
| At 31 March 2025 investment holdings consisting of over 5% of | the portfolio value were as follows: | ||
| £ | |||
| UK Treasury Stock 4.375% | 112,515 | ||
| Mercantile Investment Trust 0.025p | 63,420 | ||
| Temple Bar Investment Trust | 66,037 | ||
| Vanguard FTSE All Share | 69,667 | ||
| Stewart Investors Asta Pacific Leaders | 55,682 | ||
| I Shares Core S&P | 59,913 | ||
| Vanguard Development Fund Europe | 93,636 | ||
| 9. | DEBTORS | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts falling due within one year: | |||
| Accrued interest | 1,179 | 1,713 |
continued...
Page 13
Bishop Otter Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Creditors Accruals MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Lizzie Lockington Fund Endowment funds Endowment Fund TOTAL FUNDS |
At 1.4.24 £ 34,126 26,744 2,138,143 2,199,013 |
2025 £ 7,500 2,630 10,130 Net movement in funds £ (3,610) 157 (139,720) (143,173) |
2024 £ 15,746 2,241 17,987 At 31.3.25 £ 30,516 26,901 1,998,423 |
2024 £ 15,746 2,241 |
|---|---|---|---|---|
| 17,987 | ||||
| 2,055,840 |
11. MOVEMENT IN FUNDS
continued...
Page 14
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
Bishop Otter Trust
11. MOVEMENT IN FUNDS - continued
Year ended 31 March 2024
| Year ended 31 March 2024 | |||
|---|---|---|---|
| Unrestricted funds General fund Restricted funds Lizzie Lockington Fund Endowment funds Endowment Fund TOTAL FUNDS |
At 1.4.23 £ 67,516 26,370 2,113,619 2,207,505 |
Net movement in funds £ (33,390) 374 24,524 (8,492) |
At 31.3.24 £ 34,126 26,744 2,138,143 |
| 2,199,013 |
Endowment Fund
The income derived from the Endowment fund is, in accordance with the Trust Deed, available for use against the normal expenditures of the Charity. All income derived from Endowment Fund assets is transferred to Unrestricted Funds each year.
Page 15