THE CITY OF WINCHESTER TRUST LIMITED
REPORT OF THE COUNCIL AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2019
Chairman's Report
I am writing this report at the beginning of June, and just after a recent election of the Winchester City Council which has resulted in a change from a Conservative to a Liberal Democrat administration. At a time when there are a number of potential major developments being planned with the City, which may be re-assessed, this provides us with further opportunities to seek to conserve the character of the City.
City of Winchester Movement Strategy
The strategy has now been approved and adopted by Hampshire County Council and Winchester City Council. The next stage is to consider the implementation of the action plan set out in the document. The speed in delivering anything will depend on how much money will become available and when, which is uncertain.
City of Winchester Strategy
The Trust has always considered that an overall strategy for Winchester and District is of paramount importance, and it always surprises us that such a plan is not considered important by the Council. However, we understand that the new administration is seriously considering the possibility of promoting a strategic plan against which the impact of new development, likely movement levels, both immediately outside as well as in the middle of the City can be properly
A Vision for Winchester
At the beginning of 2019, we produced a document entitled 'Vision for Winchester'. This document has been generally well received by Councillors, our MP and members of the Trust. It is intended to update the Vision document from time to time, in fact in view of the comments made, we are proposing to update and add to the document in the near future. I should like to thank those people who sent in their comments.
I should also like to thank the editorial board for all the time and expertise they have given to this project.
Winchester Walks
Last year's walks programme was very successful and we are in the midst of the programme for this year, which has more walks than last year. As always, the walks have been full of interest and well attended. Paul Williams, who organises the programme deserves a vote of thanks – I know it is not an easy task but the walks are obviously well received.
Outings
We have had three outings this year organized by Sue Owers and lain Patton. The outings, one to Wadworth’s Brewery, one to London and the Middle Temple and thirdly to Eltham Palace and William Morris's Red House, have been inspired and very enjoyable, with brilliant guides. Sue and lain have done us proud, so thank you both on behalf of all those who took part.
Civic Voice
As I am certain many of you are aware, we are members of Civic Voice, which represents many of the Trusts in England, in fact it has around 75,000 members. Civic Voice is able to take many of the problems that local trusts are faced with and debate collective issues with the relevant govemment ministers. It also organizes talks on issues that affect us, and others like us. This year we have attended meetings at Westminster, Birmingham and Petersfield on housing, town planning concerns and design.
Meetings
This year, we have had meetings with, for example, Steve Brine our Member of Parliament, elected representatives of the new and previous administration at Winchester City Council, and various officers who have been preparing the way for development in the City. We have also had meetings with architects and developers who are responsible for evolving schemes in and around Winchester. We should like to thank all of them giving us their time out of their busy schedules.
Heritage Open Days
Nicky Gottlieb and Becky Brown, who work on an entirely voluntary basis, together with their small team have evolved Heritage Open Days into a thorough going celebration of Winchester‘s heritage. It has become a great success story which is an asset to Winchester. We are pleased to support this operation and help in every way we can towards the success of Heritage Open Days.
Website
We are in the process of up-dating the website which is about to be launched. Our thanks to Tessa Robertson and Barrie Brinkman for undertaking this task which as I have discovered is not easy. Please visit the revised Trust website, and we all hope you will think it gives an attractive overview of the Trust as well as being easy to use.
Winchester Future 50
The Trust has been involved in preparing documents and photographs to update this information on the central area of Winchester. This is being undertaken in conjunction with the Winchester City Council Conservation officers. Our thanks to Mary Tiles and her team for organising our contribution.
Membership
We are very pleased to have recruited 25 new members during the year taking the Trust's membership to 527 at the year end.
Plans for the future
- We will continue to monitor and, if necessary, comment on major new development plans affecting several central sites within the City, as well as those on the edge of the City, which will have an effect on the core. Current plans may be influenced by the change of political control at the City Council, but the following summarizes the position on these proposals as at June 2019.
Station Approach
An outline application has been submitted for planning approval. The Trust objected to the application on the basis of the scale, mass of the buildings, its impact on the overall character of the area, car parking numbers, access and traffic flow arrangements. The new administration is likely to re-examine the proposals.
Central Area
The refurbishment proposals for Coitbury House are likely to be reviewed, and the ‘meanwhile uses’ of existing buildings and spaces may also be re-examined together with the re-use of Kings Walk which has not been considered so far in the re-use programme.
Leisure Centre
The building programme for the new Leisure Centre at Bar End is now underway. Proposals for the future use of the River Park site have still to be resolved.
Kings Barton
Housing development on the site is proceeding. The need to open a new primary School is being continually monitored but the number of new owners whose children are already attending schools elsewhere in Winchester has delayed the need for the new school. - We will support the implementation of the policies in the City of Winchester Movement strategy in considering proposals for development within the City
- We will encourage the City Council to develop a strategic land use plan against which the impact of new development and likely movement levels can be assessed
- Publish an updated ‘Vision for Winchester’ in response to comments on the initial draft
- Continue to organise specialist walks 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 for the purposes and objects set out later in this report, and continues to carry out its work in serving the public interest.
Goveming Document
The City of Winchester Trust Limited (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 were 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:
- 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 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.,/p>
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 last 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 Managment
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:
- Prepare the financial statements on the basis that the Trust is a going concern;
- Select appropriate accounting policies and apply them consistently;
- Make judgements and estimates that are prudent and reasonable;
- Disclose whether any material departures have been made from these policies
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.
lndependent 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
K Leaman
Chairman
2 July 2019