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THE CITY OF WINCHESTER TRUST LIMITED
REPORT OF THE COUNCIL AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2018

Chairman's Report

Administration

Tessa Robertson has now been with us for over a year. Tessa has been a tower of strength and we would all wish to thank her for the major contribution she has made to the Trust and its activities. A special thank you also to John Beveridge for standing in when the Chairman was recovering from surgery during last Autumn.

Civic Voice

As you are probably aware, we are members of Civic Voice, which champions the causes of many Civic Societies throughout England. They always have a themed cause for Societies to consider and this year it is the audit of buildings within designated conservation areas. Some conservation areas have now been running for fifty years and it was felt that it was time they should be examined, assessed and upgraded as is felt necessary. Winchester City Council's Conservation Officers will be undertaking such an audit, starting shortly. The Trust is contributing towards the research necessary to check, update and register buildings. We do have volunteers from our membership, but we would always welcome more.

Every year, Civic Voice run a prestigious architectural award scheme throughout England. Last year the Trust put forward the refurbishment of the Winchester University Chapel which was accepted and not only won in its category but went on to be the best overall scheme in all categories. This year we have put forward the refurbishment of the Winchester College Treasury/Museum building designed by Radley House Partnership. This too has been accepted for consideration, so we wait to see how this is assessed by the jury.

Heritage Open Days

This has become a huge success, ably led by Nicky Gottlieb and Becky Brown. The problem is that they have made open days such a success that they now need some substantial help both ‘people’ help as well ‘financial’. lt is costing around £20,000 at its current level of activity, so there is always stress and strain to reach this target. Contributions for either help or sponsorship money would be gratefully received.

fins

This year’s fins are well under way. They are always interesting and even though many of us think we know Winchester well, there are many more interesting facts on offer. So a big thank you to both the contributors and to Paul Williams, who has the difficult task of organising the talks and fins.

Outings

So far this year there has been one outing to Christchurch, visiting one of the Henri de Blois great Norman Priory churches. The outing also took in All Saints Church at Bransgore with its interesting mural and memorial tablets with lettering by Eric Gill. Another outing has been arranged in September to two of the livery halls in the City of London - those of the Armourers' and Brasiers’ Company and the Skinners’ Company. An outing was also arranged to Mells in Somerset, but unfortunately this had to be cancelled due to lack of numbers.

Vision document

Several of our members have been involved in preparing a Vision for Winchester document. The basic idea is to look well forward and anticipate what could be the ‘hoped for’ scenario for the future of the City. No doubt some of the vision will be provocative but that is part of the purpose, which is to prompt people to think, because what we are undertaking today will affect us in five to ten years ahead.

Water Close Garden

Many of you will have heard that the iconic Water Close Garden has been sold. Hampshire Gardens Trust and the City of Winchester Trust were very concerned about the garden’s future. This encapsulates one of the great views towards the Cathedral's East End. Much time was spent in particular by Judith Martin in both researching its history as well as trying to ensure its security against development of any kind, as we all consider the area so important to Winchester.

Finance

Thanks to Nick Gibbins and his team for all the work that they undertake on our behalf. Finance is one of the toughest jobs in an organisation, such as ours.

Plans for the future


Public Benefit

In 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 Objects 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:

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 the Trust's assets to allow the charity the ability to finance its activities both in the short and longer term.

The Trust's policy is to of balance 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. In 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 accept a high risk of volatility within its investment portfolio, both in terms of capital value and income generation, while aiming over time to achieve returns above the rate of inflation. This policy has been adopted due to the lower returns currently available on lower risk asset classes and the Trust's capacity as a long-term investor to accept temporary capital losses as a result of fluctuations in equity markets. The Trust's investments are confined to listed investments 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 Trust's property was revalued at 31 March 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 lndependent Examiners and will be proposed for reappointment.

Small Company Status

This Report has been prepared with the special provisions of Part 15 of the Companies Act, 2006 relating to Small Companies

On behalf of the Council

K Leaman
Chairman

3 July 2018