THE CITY OF WINCHESTER TRUST LIMITED
REPORT OF THE COUNCIL AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2021
At our last years Zoom held AGM meeting in October 2020 I felt we all had great expectations that 2021 was likely to retum to a more normal way of life but it has obviously not been the case, and here l am wondering (in June as l set out this year's report) if this year's AGM is possibly going to end up the same way. Despite the pandemic there has been a good deal of movement on several fronts and we have been asked to comment on all of them.
There has been some significant legislation proposed by Central Government in the form of a White Paper concerning changes in the way in which local planning departments should operate by streamlining their decisions on planning applications particularly where housing estates are concerned. The paper, in our opinion had some positive improvements, some questionable ones as well as lacking important detail, although the Queen's speech proposes to introduce legislation implementing the White Paper later this year, we do not know what revisions might have been made as a result of subsequent comments.
Local Plan Review 2023-2038
The timetable for the production of a new local plan has been delayed by about 6 months because of the distraction of government proposals to make radical changes to the planning system on which a public consultation was launched in the summer of 2020. This generated a huge public response of over 40,000 comments including one from the Trust but we have heard nothing about the Government reaction to what was said by respondents.
Work on the local plan restarted at the end of February this year with the City Council publishing a document for public consultation over 8 weeks. This asked how the local plan should address the major issues facing our district over the next 15 years. This finished on 12th April and at the time of writing the City Council is considering the responses received, one of which was from the Trust.
The timetable for the next steps with the local plan should be set out in a report to a City Council cabinet meeting in July. Thereafter we can expect the City Council to publish a first draft of an actual plan (called in the jargon a Regulation 18 pre submission draft local plan) which could be in the autumn or over the winter of 2021/22.
We can anticipate climate change will be a big issue which will influence many development policies. Housing numbers allocated to the Winchester District and more particularly to the city itself are still awaited. An earlier proposal for a big increase from the current annual rate was withdrawn because of opposition from Conservative MPs. The current assumption is a District annual rate of around 700 dwellings but this may change.
We are very grateful for all those who have contributed to both of the Trust's responses during this year which needed a lot of work.
Major development sites
I am certain that everybody is well aware of all the major potential development sites in and around Winchester, however we list these and then comment on the current situation as follows:
Central area (Silver Hill)
Station Approach
Sir John Moore Barracks
Bushfield Camp
River Park Leisure Centre and North Walls Park
1. Central Area
JTP was employed to undertake an urban design framework plan for this area. After extensive collaboration took place with the community, a very acceptable plan was produced which was adopted by the City Council on 20th June 2018 as a Supplementary Planning Document (SPD).
Subsequent to this, the Council appear to have revised the aspirations for this site by promoting a long- term interim development proposal amounting to keeping Kings Walk, spending £4.5m on upgrading it to ‘meanwhile’ uses, keeping Coitbury House and letting it out as a hostel, removing the NHS office building, leaving the doctors‘ surgery and the wool warehouse buildings, some housing, in fact undertaking the minimum possible for the foreseeable future. This is a very disappointing outcome to the City Council's latest deliberations for this site.
2. Station Approach
Apparently, there are currently no plans for this site which has been placed on the ‘back burner'.
However, John Hearn plus his team of architects and planners have been considering an outline brief describing the scale of the buildings, the possible plan area that could be covered together with vehicle and pedestrian movement around the site. John Hearn has been communicating with councillors and local authority officers.
3. Sir John Moore Barracks
The Ministry of Defence are relinquishing these barracks and have appointed planning consultants to suggest proposals for discussion with a view to making a planning application. Richard Baker has commented on our behalf. in general, the proposals are promoting housing over part of the site, however a good proportion of this area is being left as woodland and ‘green’ space.
4. Bushfield Camp
The current local plan identified part of the total area of Bushfield for light industrial use. There have been several efforts over the years to promote ideas for Bushfield, but these efforts have never reached any conclusion. Recently, Bo Priestly has produced a serious paper promoting its use as a wildlife corridor - this paper has been prepared with the encouragement of the Hampshire and Isle of Wight Wildlife Trust, as well as guidance from Central Government directives.
5. River Park Leisure Centre and North Walls Park
A scheme for refurbishing North Walls Park has recently been issued by the City Council for discussion purposes. The former recreation centre itself was not included even though it sits on the edge of the park. We have commented on a number of issues concerning this park and these statements are on our website.
South Winchester Golf Club and ‘Royaldown‘ Area
We are aware that developers are interested in trying to develop areas south and south-west of Winchester. As far as we know there is no intention or requirement by Winchester City Council to identify land for further housing in this direction. We have commented to the local authority indicating our concerns.
Returning to City of Winchester Trust intemal matters
Firstly, we were all very sad that Shione Carden died earlier this year. She made a huge contribution to the Trust, including reorganising the most important element of the Trust's work, the Planning Advisory Group (PAG), putting it on a firm footing which we know has been respected by the City Council's planning department. We are certainly going to miss her once we start meeting again face to face.
I should like to thank Richard Baker and John Hearn for all the work they do for the Trust and of course they are particularly important where planning matters are concerned. Also, many thanks to John Beveridge who has been a tower of strength as Vice Chairman - I could not do without him, especially over this past year. Many thanks also to Arthur Morgan for all his support.
Welcome to Graeme Stevenson, who has agreed to take on the Chairmanship of PAG for which we are very grateful. Graeme was an architect running his own practice so is well versed in planning matters.
Both Richard Anderson and Barrie Brinkman have been progressing with the reorganisation of the archives. Barrie has added materials to the archive section of the Trust's website.
Nick Gibbins, who l consider has the unenviable job of organising the Trust's ?nances has once again undertaken sterling work on our accounts. Nick has been helped with advice from Rodney Morgan-Giles on investments. To both, a big vote of thanks.
Finally, Tessa Robertson who has been the ‘main stay’ of the organisation, particularly during this Covid period. We are all most grateful to her for her steady contribution.
Membership
We are very pleased to have recruited 19 new members during the year taking the Trust's membership to 506 at the year end.
Plans for the future
We will engage in the consultation on the first draft of the City Council's local plan for the period to 2038
We will respond to the proposals in the Planning Bill when they are published.
We will support proposals for the regeneration of the Central Area based on the adopted SPD.
Subject to progress in the lifting of COVID restrictions, we hope to restore a limited walks programme for members this summer.
We are considering whether to hold a Design Award competition in 2022
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.
Governing 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.
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
28 June 2021