THE CITY OF WINCHESTER TRUST LIMITED
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
We seem to review the same development areas year after year and 2024 is no exception.
Central Winchester Regeneration Area
This area, at the time of writing this report, is in the research stage with the appointed organisation Jigsaw checking out the archaeology , evaluating the possibilities for new uses for existing buildings, the general underground conditions etc., this research will then he integrated into the planning of the overall site.
Jigsaw have had several workshops. all of which we have attended, in order to understand what the citizens of Winchester would wish to see incorporated. We look forward to seeing the results of their deliberations.
Progress on this area can be followed on the Winchester City Council website under the heading, regeneration.
Station Approach
This site is made up of two distinctive areas , known as Carfax and Cattle Market, both linked by possibly, the busiest road junction in Winchester. Several efforts have been made to plan better uses for this important gateway to Winchester, but all have failed. It is good to see that a local firm of architects, Design Engine, have recently been appointed to produce a master plan for these sites. As part of their research Design Engine have organised several workshops to help towards understanding peoples expectations for these sites. We have contributed to these workshops.
Bushfield Camp
Our 2023 annual report set out concerns about the potential scale of development for this site which has been born out by the recent planning application. Although only an outline application. it is clear that the range of uses, the amount of car parking, and the numbers employed, is far more than acceptable on such a sensitive site.
The development being proposed impacts the landscape setting of Winchester and appears to be a case of severe over development. There have been over 800 objections which includes our own detailed objection, all of which indicates the concern that people have over the proposal.
We are liaising with a number of other groups including five parish councils, both to share our expertise, as well as some of the costs. After some months of nothing happening, we anticipate the developers will wish their application to be resolved by the planning committee later this year.
Winchester Movement Strategy
The strategy is primarily the responsibility of Hampshire County Council in collaboration with the City Council and has been in existence now for about five years with the aim of reducing vehicle traffic in the City. Little has happened so far towards this aim and we have repeatedly urged the City Council to consider launching consultations on a vision of what is ultimately intended for movement in and around the City. However there have been no suggestions for resolving the congested Winchester road system or indications as to how movement in and around the City might be handled, It seems the approach is to be one of small scale interventions when central government provides funding for a particular initiative. The recent adoption of Local Transport Plan 4 by County Council is encouraging a radical shift in transport planning for the County but will it really make any difference to what has happened so far in and around Winchester.
Winchester District Local Plan
Since the Trust commented on the first draft (regulation l8 plan) of the local plan in December 2022 there has been about 18 months of silence from the City Council. We are told the next draft (regulation 19 plan) will be published this autumn for public consultation and we will participate in this but we had expected to have the results of the first consultation with the City Council's response to what has been said.
Design Codes
Design codes are a directive from central government to apply a method of planning an area of a town or city. In the ease of Winchester 'character areas' would be selected in order to identify the potential for future uses, and the way such areas should be allowed to evolve. The Trust are looking into the possibilities that design codes have to offer.
We have undertaken a number of initiatives this year as follows:-
1 Lectures
We decided to try out a new lecture series, with three talks in the first half of the year. We were concerned this might be adding to what appears to be a saturated market in Winchester. however the lectures have proved to be popular, which will encourage us to undertake another series, probably early next year. l should like to thank Penny Patton for organising the talks.
2 Walk
A series of walks have been organised around the City through the summer months. These have always been popular and continue to be so. Thanks are due to Jonathan Mardall for organising much expanded and interesting selection of tours. They have been very much appreciated.
3 Outings
ln 2023 we had at least two outings - Houghton Lodge and Longford Castle. both of which attracted a large group and were much enjoyed.
We have in the past organised a variety of outings which have always proved popular. These visits often involve a coach. Those have become expensive and need to be close to being full to break even. This year we attempted to organise trips but failed to get the interest necessary to avoid a sizable loss. Unfortunately we therefore had to cancel. My thanks go to Sue Owers who spends much time on the organisation of these outings and must be disappointed when they are not realised.
4 Former leisure centre at River Park
Last year we reported on the redundant leisure centre area, since then, as far as we know, there has been no movement towards any planning for this site. We assume Southampton University are still interested in expanding their campus but there has been no move on their part. However we have heard that Southampton University have abandoned their plans for using the redundant building.
5 Recruitment of members
We commented on this problem last year and l repeat that we are short of willing volunteers to enable us to become more ambitious with some of our activities. It is also important that we increase our numbers, as the more numbers we have, the more one is treated with respect by decision making authorities when commenting on their proposals.
6 Thank you
As always, thank you to all those members who have contributed to the many areas of work that we undertake. We are very grateful to them, as without their help, the Trust could not function.
Objectives and aims
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)
OBJECTIVES AND ACTIVITIES
Objectives and aims
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
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 I957 for the purposes and objects set out later in this report, and continues to carry out its work in sewing the public interest.
Membership
We are very pleased to have recruited 10 new members during the year taking the Trust's membership to 482 at the year end.
FINANCIAL REVIEW
Investment policy and objectives
The Investment powers of the Council are given by the Memorandum and Articles of Association.
Investment policy and objectives
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 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 Trusts 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.
At the balance sheet date the charity had fixed asset investments valued at market value of £260,188 (2023 - £234,179).
FINANCIAL REVIEW
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.
At the balance sheet date the charity carried forward unrestricted reserves of £885,102 (2023 - £853,3l4) and restricted reserves of £8,609 (2023 - £9,163).
FUTURE PLANS
We will engage in the consultation on the final stages of the local plan currently set to be completed in the autumn.
We are very concerned at the amount of forecast development that is likely to take place in and around Winchester, and the effect this development might have on the historic core. The Trust considers a local plan is a broad brush forecast and inadequate to deal with the impact large scale development will create. The Trust continues to try and influence the authorities to consider a more detailed development plan so that the future of the evolving City can be understood by all concerned.
We are proposing to contribute to the Heritage Open Days September activities week with an exhibition of Winchester photographs.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate these risks, It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. in the opinion of the Trustees the key risks are:
1) The loss of reputation due to error, or fraud.
2) The loss of income due to error, or fraud.
3) Insufficient numbers of trustees to allow the Charity to continue.
4) Insufficient funds to allow the Charity to meet its objectives.
5) The loss of income due to unforeseen events such as pandemics
In the opinion of the Trustees the policies and procedures are adequate to mitigate financial and reputation loss due to error or fraud whilst maintaining a viable future financially. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects.
STRUCTURE, GOVERNANCE AND MANAGEMENT
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.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees-on 6th August signed on its behalf by:
K C Leman RIBA - Trustee