THE CITY OF WINCHESTER TRUST LIMITED
REPORT OF THE COUNCIL AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2017
Chairman's Report
60th Anniversary
This year is the 60th anniversary of the founding of the Winchester Presevation Trust in 1957.The Trust was founded as a reaction by a group of Winchester citizens to the possibility of a wholesale demolition of the historic fabric of the City to make way for the expected vehicle boom. The vestiges of this policy can still be seen from a start made to implement it where the Brooks Centre now stands. The whole of this area, which included several historic buildings, was demolished to form a car park which it was until the late 1980's.
In 2000 our title was changed to ‘The City of Winchester Trust’ as the word ‘preservation’ tended to indicate that we wished to preserve Winchester in 'aspic'. This of course is not the case - we wish to preserve Winchester‘s identity, with any new development proposed reflecting the character and scale of the City rather than being in conflict. This '‘battleground' continues and it is just as important today as it was in 1957, to try and defend Winchester against the possibility of inappropriate development. We are celebrating the 60th anniversary with a bumper issue of the Trust news, which at the time of writing is not yet published, so I do hope members will enjoy the special issue.
Administration
We have had a testing time recently with both Mollie Francis and Janet Wiles resigning as Secretaries. They felt it was time for a change after 4-5 years of looking after us, and the various operations that we undertook. Both Mollie and Janet have served the Trust with excellent service, we are all most grateful to them for their help and dedication, we know that on many occasions they went well beyond their remit.
Tessa Robertson has stepped into the breach and we all look forward to working with her and hope she enjoys working with us. Tessa has a pretty good idea of the work we undertake having been involved in the Dever Society.
Civic Voice
We are members of Civic Voice who represent civic societies throughout England. They generally have a major theme to follow for each year. This year the theme is the contribution that conservation areas have made to historic centres, bearing in mind that it is 50 years since a parliamentary act first set out the criteria. lt is interesting that Sir Donald lnsall, our Vice-President, was instrumental in setting up the pilot scheme in Chester, which set the criteria for others to follow. Roger Brown, who was County Planning Officer at Hampshire County Council, was largely responsible for setting the Winchester Conservation Areas in motion. We have recently been involved with Andrew Rutter in writing a book on the subject so we feel there is little to add to the debate. The book does suggest that one of the most important considerations to Winchester is the setting - should it have more protection?
Membership Subscriptions
This year the Trust Council decided reluctantly that it was time to increase membership subscriptions for the first time in 16 years. This is never an easy decision, but we felt it was necessary in view of the rising costs of administration, other overheads and the likelihood of the work involved in monitoring the number of important controversial schemes proposed over the near future requiring additional resources. We are gradually eating away the 'family silver', hence our decision. Hopefully it will mean that we can undertake more pro-active work! We are very grateful to all those members who have already renewed their subscriptions at the new level and to all those life members who have made donations.
Heritage Open Days
We took part in the 2016 Heritage Weekend and for us this was a great success. We displayed some unusual views of Winchester by Andrew Rutter and some beautifully executed drawings of a number of Winchester buildings by John Bulford. The two main downstairs rooms of the Heritage Centre were converted into a gallery for 3 days and the rooms were transformed. We hope to build on last year's success by presenting another exhibition at this year’s Heritage Weekend held between 7th to 10th September.
fins
Once again. Paul Williams has organised the summer fins programme. I know that this is not an easy task, in fact for various reasons organising the fins can be very difficult. Thank you Paul for not getting too frustrated and resolving the problems as they occur. The fins at the time of writing are obviously popular and well attended.
Outings
ln April we ventured into Somerset to visit the Hauser and Wirth Gallery - the restored medieval barn complex near Bruton which has become a well-known art gallery. The restoration had been beautifully undertaken under the direction of a French architect. Elizabeth Frink's work was the main exhibit and her work was well suited to the excellent display spaces, both inside the building and outside within the inner courtyard. We followed this with a tour around Bruton Parish Church with its fascinating history reflecting some of the great dynastic families that had left their mark on the area. It was interesting that the public house we visited for lunch had the Montague armorial bearings as its sign.
In May a visit was organised to view the alms houses and church at Farley near Salisbury as well as the sculpture park at Roche Court near Winterslow. The Farley complex is interesting as it has connections to Sir Christopher Wren and Roche Court of course for its intemationally well-known display of sculpture. A big thank you to Sue Owers and lain Patton for organising these events, they are very rewarding.
Plans for the future
The City of Winchester is currently undergoing a considerable change, not only is the population likely to grow by 25% with the forecast addition of 4,000 houses, but there are several central sites under consideration. The central area (Silver Hill) has recently had a planning/architectural firm appointed to undertake 'a master plan'. The two sites, that is Carfax and Cattlemarket around the Station are about to get underway with an appointment of a firm to evaluate the development possibilities for these areas. Proposed new recreation facilities are underway with firms appointed to evaluate the Bar End site identified for this project. We are also aware that Bushfield Camp is in the process of having proposals for development considered. Overlaying this is a much needed traffic strategy being prepared jointly by Hampshire County Council and Winchester City Council. So there is a great deal to monitor and contribute towards over the foreseeable future and the Trust will be very busy doing so.
The following summarise our planned activities for the year ahead:
- Contribute towards the debate on the strategy for Winchester traffic, car parking, pedestrian activities and cycling potential.
- Monitor and if necessary comment on major new development plans.
- Undertake an annual exhibition of art and architecture in and around Winchester
- Continue to organise specialist fins around Winchester as well as organising tours further afield to increase the understanding of conservation and how other trusts and councils react to the demands of government legislation, developer's requirements etc
Public Benefit
ln setting objectives for the year, the Trust Council has given careful consideration to the Charity Commission's general advice on public benefit and is mindful of the need to report on how its aims have been achieved during the year. The Trust was founded in 1957 for the purposes and objects set out later in this report, and continues to carry out its work in serving the public interest.
Governing Document
The City of Winchester Trust Ltd. (the Trust) was founded in 1957 and incorporated as a company limited by guarantee in 1958. As such it has no share capital. The liability of individual members is limited to a sum not exceeding £10. It is governed by its Memorandum and Articles of Association, which was last amended in 2000. The Trust is registered as Company number 00609812 and Charity Number 251798.
Organisational Structure
The Council has responsibility for the management and control of the Trust. However certain financial functions are delegated to the Finance and Resources Committee and other panels and groups are formed and their leaders appointed by Council for specific purposes, projects and continuing activities. Council members are elected for three years at the Annual General Meeting but may stand for re-election at the end of their term.
Council members act as trustees of the charity and directors of the company limited by guarantee.
The Obiects of the Trust
The Trust‘s objects are fully described in the Memorandum of Association. They can be summarised as follows:
To seek to conserve the character of the City of Winchester and its surrounding area by:
- Preserving and protecting its buildings, spaces and artefacts;
- Sponsoring and encouraging new building, redevelopment, landscaping and conservation in accordance with the highest architectural standards;
- Promoting awareness of the above.
Investment Objectives. Powers and Policies
The investment powers of the Council are given by the Memorandum and Articles of Association.
The investment objectives of the Trust are to preserve and enhance the Trust's assets to allow the charity the ability to finance its activities both in the short and longer term.
The Trust is proposing to move to a policy of balancing its investments in financial instruments between active and passive investment approaches. The active element comprises a portfolio managed on a discretionary basis by an investment manager while the passive element comprises investments in low cost Exchange Traded Funds, for which the Trust's investment manager acts as custodian. ln addition part of the Trust's leasehold property, the flats at 30 Upper Brook St, is held for investment purposes, the rental income representing the main element of the Trust's annual income.
The investment objective for the Trust's investments in financial instruments is to achieve a balance between capital growth to secure the Trust's longer term objectives and income generation to provide income, in addition to membership subscriptions, to finance its current charitable activities.
The Trust's policy is to seek to achieve a medium risk profile within its investment portfolio, aiming over time to achieve retums above the rate of inflation, while accepting that a significant exposure to equities will result in fluctuations in the value of the portfolio as the major equity markets fluctuate, as the Trust has the capacity to accept temporary capital losses The Trust's investments are confined to listed investments and are primarily of a collective nature, in order to achieve diversification, which reduces the risk of permanent capital loss arising from the failure of a particular company or sector.
Property Revaluation Policy
The Trust adopts the policy of revaluing its property every five years, commencing 31 March 2003, so that the next revaluation will be in 2018.
Reserves Policy
The annual accounts show the assets and liabilities attributable to the funds by type and which are approved by the Council. The Council plans its expenditure within available resources whilst maintaining reserves which gives the Trust flexibility to achieve its aims for the foreseeable future.
Risk Management
The Council has reviewed the major risks to which the Trust is exposed, as identified by the Council, and is satisfied that systems and planned actions are in place to mitigate those risks.
Council Responsibilities
It is a requirement of company law for the Council to prepare financial statements for each accounting period. They must give a true and fair view of the state of affairs of the Trust and of the surplus or deficit for that period. The Council must:
The Council is responsible for keeping proper accounting records which should be able to disclose at any time the financial position of the Company and enable the Council to ensure compliance with the Companies Act 2006. The Council is also responsible for safeguarding the assets of the Trust and for taking reasonable steps for the prevention and detection of fraud and other financial irregularities.
During the period under review the Charity has complied with the provisions of the Charities Act 2011.
Independent Examiners
Butler & Co. have been appointed as Independent Examiners and will be proposed for re-appointment.
Small Company Status
This Report has been prepared in accordance with the special provisions of Part 15 of the Companies Act, 2006 relating to Small Companies.
On behalf of the Council
signed K Leaman
Chairman
4 July 2017