THE CITY OF WINCHESTER TRUST LIMITED
REPORT OF THE COUNCIL AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2023
Chairman's Report
An other year has passed since my last summary of the activities we have been involved with or commented on. Many of these activities are repeats concerning sites reported on last year and many years before 2022 - they are of course:
1. Central Winchester Regeneration Area (Silver Hill)
2. Station Approach (Carfax and Cattle Market sites)
3. Bushfield Camp
4. Sir John Moore Barracks
5. Winchester Movement Strategy
6. Former Leisure Centre at River Park
1. Central Winchester Regeneration Area
There is one part of the central area that is separately owned and despite negotiations with Winchester City Council (WCC) still remains 'outside' the City Council's redevelopment plans. This is the St Clements surgery site which is currently still in use but the surgery will be moving to the site of the former car park on the corner of Upper Brook Street where development has started leaving a redundant building. ln anticipation of the move, a scheme for a hotel on this site is likely to be submitted for planning permission. We are concerned that the scheme will be considered in isolation before decisions are made about the redevelopment of the surrounding area.
2. Station Approach
As on other sites, this area of Winchester has been the subject of a number of schemes which have failed due to over-pressurising the station site. In fact, originally there were two areas under consideration - the Station Area known as Carfax and the Cattle Market area at the beginning of the Andover Road. The station area has been given the most attention - with the Cattle Market a good deal less. The City Council has restarted the development process and recently received a report by consultants on the viability of various uses on both areas. We understand that the adjacent land owned by the railway companies is now going to be excluded from the development plans.
3. Bushfield Camp
Since the 1970's there have been various development proposals for this site. In the current local plan, it is allocated for employment use. Owned by the Church Commissioners, the land is being considered for development in partnership with Legal and General and Gisborne. So far, the information we have seen at the various presentations. appears over ambitious and likely to overwhelm, not only the area identified for development but much of the rest of Bushfield Down as well.
The Trust has always seen this site as an important part of the landscape setting of Winchester, and we consider the density of the buildings and the amount of car parking currently being proposed is likely to destroy this part of the landscape setting and is therefore of great concern. At the time of this report (July 2023), we understand that a scheme is being submitted for a planning application in September 2023.
4. Sir John Moore Barracks
Approximately four years ago, we were informed that the Ministry of Defence was going to dispose of this site and an outline scheme was prepared for discussions. Since this activity, we have heard nothing more.
5. Winchester Movement Strategy
In 2019, Hampshire County Council (HCC) and WCC published a movement strategy for Winchester, involving vehicles, cycles and walking in and around the City but little has happened so far. A number of options have been proposed by consultants but only limited proposals were published for consultation in 2022 and we await decisions on what will be done next. All this is disappointing to those who want to see a reduction in the amount of traffic in Central Winchester. In our 2022 annual report we referred to HCC consulting the public on a local new local transport plan but nothing further has been heard about it since the consultation finished.
6. Former Leisure Centre at River Park
Despite the legal covenant on this land, stating that it is for the use of the Citizens of Winchester, the City Council has decided to agree to lease the disused building and its curtilage to Southampton University. This area became the subject of a judicial review organised by residents local to the area. Although we have not been involved in the review process, we did consider that it was an area important to Winchester and that the review should therefore be supported.
The current situation is that the judicial review was not successful, but an appeal has been submitted.
Other activities Heritage Open Days - we are supporting Heritage Open Days in early September by opening the Heritage Centre and displaying an art exhibition by local artists. At the time of writing this report the event is to come, so it will be interesting to see and hear what reaction we receive. Design Codes - we have recently been approached by WCC to consider running a coding exercise. 'Coding' is a Central Government initiative and sets out how to handle the future of an area in planning and financial terms. Winchester can be divided into over twenty character areas so such a study should certainly start as a pilot with one area, but to be of any use, all areas would presumably have to be embraced. A number of architectural practices and organisations have offered their services if it is considered that such an exercise is worthwhile. We are very wary of taking this on without the City Council taking an active role as it is a huge enterprise for our limited resources even with the help of Winchester architects. We are also concerned that there is no planning ahead by WCC to indicate how the other areas of Winchester would be tackled. Future Proofing for Climate Change We have wondered for a long time now how to advise on the right way to insulate listed buildings and buildings within conservation areas. It seems to be a thorny problem as, not only can it be very expensive, but some of the solutions proposed are not appropriate for historic buildings. We are therefore collaborating with WINACC and are proposing to look into the possibility of providing incremental practical advice on the most effective way of preparing a house to cope with global warming, reducing carbon emissions and reducing heating bills. Recruitment You will no doubt recognise that the Trust has many challenges but we are very short of expertise and could do with a great deal more help if we are to be more effective. If any member can help or has knowledge of someone who would be willing to be involved, please contact Tessa at the Heritage Centre. Thank you A big thank you to those members who willingly give time and expertise to the many areas of work in which we get involved, without them, the Trust would not be very effective in the work we undertake. We were very sad that Nick Gibbins is having to resign as Treasurer - he has been a wise advisor on financial matters for the Trust and we shall certainly miss him. We are fortunate that Nick's post has been filled and we look forward to working with Margaret Lancaster who has agreed to take on this post. Membership We are very pleased to have recruited 7 new members during the year taking the Trust's membership to 492 at the year end. Plans for the future We will engage in the consultation on the next draft of the City Council's local plan for the period to 2039. We plan to hold an exhibition of work by local artists as part of the Heritage Open Days programme in September We will support proposals for the regeneration of the Central Area based on the adopted SPD We will consider whether to hold a Design Awards competition in 2024 or 2025. 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 2023. 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 5 July 2023