THE CITY OF WINCHESTER TRUST LIMITED
REPORT OF THE COUNCIL AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2002
Extracts from the Trust’s Accounts
for the year 2001 - 2002
The City of Winchester Trust Limited
Annual Report of The Council for the Year Ended 31st March 2002
During this year the Trust has continued its practice of reviewing all planning applications as well addressing wider planning and design issues. lt has continued to act as a lobby group and kept up a dialogue with a range of contacts and partners in local government and other organisations.
The majority of this work is undertaken by volunteers - the direct cost to the Trust is therefore low. The underpinning administration and support is more expensive but without this the volunteers could not carry out their work.
Charitable Projects
The refocusing of the Trust’s aims, led in the previous year by the Policy Group, has led to a review of the project work undertaken as part of the core business of the Trust. It is hoped that by categorising and prioritising the work, and by delegating budgetary responsibility to project leaders, the Trust will be able to spend its money effectively and work within manageable timescales. Some projects can take years to come to fruition, whilst others are short tenn and may arise unexpectedly. The Finance and Resources Committee has been charged with monitoring the overall expenditure and management of these projects so that the Trust does not over-extend its resources.
Membership and Subscriptions
The Council approved an increase in subscriptions from May 2001. This necessitated new standing order mandates for the majority of members. The opportunity was taken to review subscriptions paid over the past three years, to recover payment of arrears, and to make some refunds where payments were duplicated in 2001/02.
The increase in revenue from arrears collected during this exercise is reflected in the accounts, which show a substantially higher income in 2001-02 than in the previous year. The exercise culminated in a list of some 128 members who had not paid their subscriptions in full to date. Efforts continue to address this issue in 2002-03. At the same time the membership database is being enhanced to improve the administration of membership subscriptions. The Trust has obtained agreement from the Inland Revenue that subscriptions paid to the Trust are eligible for Gift Aid tax relief. Some members have signed declarations, and payments from the lnland Revenue have been received for the period up to April 2001. During 2002-03 it is planned to make further recoveries.
Whilst the Council welcomes the achievement of a surplus in this financial year it recognises that in future financial years, should all the individual projects take up their individual allocations of money, an overall deficit would result. The Council considers that achieving the aims of these projects would justify the modest use of capital funds.
Council Responsibilities
Company law requires the Council to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the company and of the surplus or deficit for that financial period. ln doing so the Council is required to:-
- Select suitable accounting policies and then apply them consistently;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- Prepare the financial statements on an ongoing concern basis.
The Council is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and enable the Council to ensure that the financial statements comply with the Companies Act 1985. It is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
VII of the Companies Act 1985 relating to small companies.By Order of the Council
signed by R Thomas
Secretary
Dated 2002
32 Upper Brook Street,
Winchester,
Hampshire, SO23 8DG