THE CITY OF WINCHESTER TRUST LIMITED
REPORT OF THE COUNCIL AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2022
Chairman's Report
As l am certain everybody recognises there seems to have been little progress by the local authority in resolving many of the planning and development issues that Winchester suffers from since last year’s AGM. To review the current situation seems to be a worthwhile exercise at this moment, that is June 2022.
1. Central Area (Silver Hill)
We have been given to understand by the local authority that the area is being parcelled up with each parcel going out to tender at intervals. We have been informed that the overall plan follows the spirit of the Supplementary Planning Document (SPD) set out by John Thompson and Partners.
2. Station Approach ( Carfax/Cattle Market)
The site area is currently on hold, however there is one significant move that will alter development proposals and that is that the Hampshire Record Office has recently been listed.
3. Bushfield Camp
The site owned by the Church Commissioners has had various proposals for development over the years. It is in the current local plan as a potential development area for employment uses subject to a number of conditions because it is acknowledged to be a sensitive site. With the recent government policies concerning the preservation of wildlife corridors etc, one does wonder whether this important open area ought to be reconsidered in the updated local plan with the first draft due to be published for consultation in August or September of 2022. I expect the Trust will be studying and commenting on this at the time of the AGM.
4. Sir John Moore Barracks
The army are likely to relinquish this site in the not too distant future. There has been a strategic plan suggested for this site which is largely for housing. Whether this is the right strategy for the site is difficult to understand, for it might be equally useful for some form of employment. However, because there is no overall strategy to understand how Winchester is going to work in the future, it is difficult to assess how the City will evolve over the next decades.
5. Hospital/Prison areas
There are rumours that both the Hospital and the Prison sites are being considered for radical upheaval. A rationalised Hospital strategy is likely to release land. The same applies to the Prison which we understand could be removed altogether, releasing yet more land for redevelopment. If this is the case, in both instances, what is the best development use for these areas?
6. Central Car Parks
If the traffic/car parking strategy reaches a conclusion where parking is banned from central Winchester, then these sites would become available for development. So what is the long-term future for these areas?
7. North Walls Recreation Area
The local authority has produced a strategic plan for this area. Recently Southampton University has approached Winchester City Council (WCC) to state their interest in purchasing part of these grounds to develop their interests. We understand that WCC are encouraging the University's approach which is considered by some Winchester residents to be unlawful.
Currently the situation is that a group of Hyde residents have issued proceedings in the High Court for a judicial review of some of the proposals that WCC is promoting and the Council has until the end of June to say whether it will resist the grounds for the review or concede some or all of the claims made and halt its plans.
8. Local Transport Plan 4 (LTP4)
Hampshire County Council is in the process of consulting on a new Local Transport Plan, recognising the need for a transformational change in the approach to transport to achieve carbon reduction targets and reflect lifestyle changes accelerated by the Covid pandemic. The proposals in the draft plan seem reasonable, but traffic movement is such a difficult and thorny problem, that it will no doubt be a formidable ‘hard nut’ to crack.
Summary of planning and development issues
As you can see there is a wide range of potential development sites which will somehow have to be integrated in with the existing City. The City is likely to grow by at least 25% and the question is, how is it all going to be handled? What does it mean for the historical core? Can this growth be used as an opportunity to embrace the existing core and improve facilities, improve the area for the visitor experience, as well as improving the whole area for those who live in Winchester?
There is, we understand an improved, updated draft local plan for Winchester and District in the process of being prepared which is due out for consultation over the next few months. This may go some way to improve the current planning tools for directing the way in which both Winchester and District evolve. However, in our opinion a local plan does not provide the detailed analysis necessary to resolve some of the complex issues generated by the sites with development potential.
We have been asking for a comprehensive plan for Winchester for many years now, but have always been informed that this is not necessary and too expensive to produce. However, the more you look into Winchester's problems, the more such a plan seems to be critical. The question is - do we sit back and argue with WCC every time a development is launched, or is there a way of overcoming and contributing to a worthwhile dialogue on how our City should evolve?
Planning Appraisal Group (PAQ) report
Many years ago Shione Carden set up planning review panels to monitor applications for development within the City boundary. The system was started during the 1980’s and consisted of three teams of volunteers, each team with a chair plus an architect, to give professional guidance. This system with slight variations still operates today. We are grateful to these teams. They give a considerable amount of their time and devotion to evaluating applications and making critical comments where thought necessary and submitting them to the planning department. In some cases, the absence of relevant documents on WCC’s planning portal prevents a meaningful evaluation. We are also concerned to ensure that our comments on applications are relevant and have an impact. Both issues have recently been discussed with the Council's service lead for the built environment and we look forward to further feedback.
Sir Donald lnsall
Sir Donald has been one of our vice-presidents for over 20 years, and has decided it is time to retire. We, of course, are sad that he has made this decision, but quite understand. He has been extremely helpful on the many occasions we have needed to seek his wise advice and we will miss him.
Contributing to the Trust
Finally, I should like to thank Tessa Robertson for all the hard work she undertakes for the Trust, l think l can say on behalf of all of us, that her contribution to the Trust is very much appreciated.
I should also wish to thank all those who contribute both time and effort to the Trust affairs, as well as all those who support the Trust with its endeavours to get the best we can for our great city of Winchester.
Membership
We are very pleased to have recruited 15 new members during the year taking the Trust's membership to 498 at the year end. In addition, we have recruited two new corporate members.
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 2039.
We will continue to promote the case for the production of a comprehensive city-wide strategic plan
We will support proposals for the regeneration of the Central Area based on the adopted SPD
With the lifting of COVID restrictions, we have restored a programme of member events this summer, including walks and visits
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 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 groups have been set up which report to Council to deal with Management, Development, Communications and Membership issues. 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 Objectives 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 investments in multi-asset funds managed by an investment manager while the passive element comprises investments in low-cost Exchange Traded Funds, for which an 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 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:
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.
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
K Leaman
Chairman
29 June 2022