IIVO 11 1957 Annual Report and Accounts 2022 |CONTENTS|| |---|---| ||Page| |Reference Information|1| |Annual report of the Council|3| |Independent Examiner's Report|8| |Statement of fnancial activities|9| |Balance Sheet|10| |Notes forming part of the fnancial statements|12| Links with other organisations: Corporate member of: Civic Voice Hampshire Buildings Preservation Trust Hampshire Archives Trust Hampshire Gardens Trust CPRE Hampshire Branch ## City of Winchester Trust Ltd The Heritage Centre, 32 Upper Brook Street, Winchester SO23 8DG Telephone 01962 851664 E-mail: secretary@cityofwinchestertrust.co.uk Website: www.cityofwinchestertrust.co.uk THE crry ￿ 11lNCTrE8TER TRUST UIITED REPORT OF THE ¢OUNCIL AND FINANCLAL STATEMENTS FOR THE YEAR ENOED JI ¥AR¢N 2022 REFERENCE ANO AtMIWlSTIIATIVE Il&eORILAT Reg18tsrnd th• ¢h•rfty ChArlty H￿1￿¢1 251796 OFFICERS ANO IIEMBERS OF COUNCIL PRESIOEI VICE PRESIDENT8 Sir Donald I￿all CBE FS4 RWA FR1&4 FRTPI SP Lipl IHon•l Ireiryl 20221 Antmy Skinw RN ¢OUNCIL IIEIIBER8 CHAIRIAAN K Lumln RIBA. VICE ¢HAIR¥EII C•rden IABE AI IAOP¥llm" IIONORARY TREA8URER OTMER COUNCIL MeMoERS B Br¥*1￿ MA ((￿Try 20211 i J PASC Mrn J M Rth oeE ser1￿ber 2tr211 J Stannirvj BA. COIIPANY secREfAKf Mem￿r5 oflhe FinanL* and Rewxces *O¢•ted by an. ThE CITY OF IMNCHESTER TRUST UkllTED REPORT OF THE COUNCIL AND FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 IAARCH 2022 COMPANY INFORIAATION REGISTERED OFFICE AND POSTAL ADORess Hampshire S023 INDEPENDENT EXAMINERS Buoar & Co Audrt Chartered AcrA)LVrtarts and Registéred AL￿rtorS Benrett H Ajresford H￿pShire $024 9BH BANKERS Bardays eank Flc Jv4ry Street rK**%ter Hampshire S023 8RG SOU¢￿ORs 23 St Peter5 Street ncl*ster Hampshire S023 8BT INVESTMENT IAANAGERS House 32 Southgato Street Wnchester Hamp&hirE S023 9EH F￿ke P London EC2V 7AN THE CITY OF WINCHESTER TRUST U¥ITED ANNUAL REPORT OF THE COUNCIL FOR THE YEAR ENOED 31 MARCH 2022 AS l am certain ev•ryW r¢c(wBes then to hm kntue twress by th? bcal uthonty in ro8thTrJ many oflhe d￿8k￿￿ wes lhat￿nchESIer Buffers fr￿￿ 8in¢e last yearf$ AGIA. To tr* Ojr￿rt slua￿l wi$ to te a t￿)rts￿h1￿ exer￿8* at thi8 moment. that * June 2022. We have tegn gNen to lThJefs￿ ty the kn¢al •LrttrWlhat tho ar•a 18 b￿ThJ parcelled up wrth eath p•rc•l 9￿9 r*Jt to tender at wrterv*. t4en in1￿med that the overall plan followj Ihe wnt ol the SuFf4ementary Flanning OocAwn8nl ISPDI set out by John Thornpson and Part￿. ema The 8rte area Is eurrefttly on h¢Yd. th•r• IbJrwfic•rrt rnove that ah•r development propo8818 and that ￿ Ihat the Hampthty• RIct￿d OTre has rgcerfy teen ltsted. The site by thè ChLKch Crxnmissionern haB h*J vwiow kYroosaL8 fordtrrtlopynenl over the years. 11 Is in tha eurrent Pl￿ a5 a PC4erthl doveWn¢nt area for employment use• subject lo a number of condrbon$ because rt 15 a(*￿*￿ to ts a sensitive site. the recent governmont pjliaes corKxnirv4 thv kYeser¥al*Jn ol ￿klIrte oYrKlors etc, ono do88 wonder whelhw Irrpxtant OFen ￿ whl to be r•cons#J8r¢d in the UkxJated local plan wrth th¢ firs¢ draft ijue to be wthhed f¢ycwtsuttknn ALVUSt or Septembgr of 2022.1 expect amy are likely to relirmwth this $rte in Iho nottogdi8tont lthur•. The￿ has been a strategic plw $uggestsd fiythit site laryety fu hwsing. Whoihorthis is the right strategy for the srte is dfftull to uTrJer8tand. lor it rnvJht t¢ equawy u88ful lor some lomi of ern￿oYMent. Hu*vèv•r, b￿auSe there no ovwall strategy lo understand INnd)ester g￿[wa to wryk in thv lutur•, it 18 dff￿Urt to assess how the City k¥iN e￿8 over the next decade5. There are rumourn that bth the and th8 Prwi •ilo• w• for radKal upheaval. A fationaliq•d HosOal straiegy to rele￿ knJ. The same akW￿S to th• Pri80n which we ur#Jwsiand COL*a be rwmovoj aMoJets, rel￿￿ yd land f redevelownent. Ifthffj A Ihe case, in i￿￿1￿4$. TAthat rd th• b•* dgv¢bwnent use ts these areas? If the traffid￿r pwkm9 Straw readw a ox)d￿10Th wh•rn Par￿ng 18 banned from Central Imnchesler. then thew ￿e$ ¥*yJhJ teccffje a¥ailat4e for d￿￿O￿¥￿ent. So what 15 the long-term The kncal auth¢￿ has sxeduced a 8trategic rlan forthii area. Rec4rtty s￿rthW￿l￿on has appr08ched ￿nCheStercfy Council (WCCI to slatetheir int•re8t In wreha$iry part dthese 9rounds to dev•lgP their interests. We unders￿￿ that Ihcc ar• •ncouwThJ t￿ Untv**ty's approach whieh Wn8¥je￿ by some ￿nchester re8N1ents to b• unl&vftA. Curr8ntly lh¢ 6rtualSon 58 thal a group of HydE resvjents ho¥e wc*eediffjs in the Hvjh Court lor a judicial r•vi** of oftr* wcpxath Ihat KC i• the Coun THE crry OF MNCHESTER TRUST ul￿ED ANNUAL REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 IAARCH 2022 Icontinued has untA the end of Junvj ¢0 say whether it w*ill resi51fv gr[￿d$ ts the revMv or ￿n¢•Je som• all of the daims mad¥ •ThJ its F4 8. Local T TP4 Hampshi￿ County Cwnel is in KW(*ess on • Local Transport Plan. rectsJnising the need a tra[￿lc￿rnaElonat chary in tho apwo•th to tran5Wrt to achi•v• carbon reduction targets and fefied lrfestyle thwges acceKwated by the Cowd pandemic. The woposals in the draft pLqn Seem feasonat4e. tyJt traffK mov•ment 18 a drffv%k and thorny prO￿8m. th* it will no doubl te a fom)Idab￿.hard nul, io ￿8¢k. Summ nni As you can see there is a wide range of wtential development 8rt•8 which ￿11 somehow hav8 to té integrated in ¥Mth the existiry Cty The Cty Vd h'kely to grow by at ￿ast 25% and tho question is. how is it all goirvJ to be haT¥Jled? that doe$ rt mean for the histoncal core? Can this growth t* used as an epF¥Ntunty to embrac• ￿ ¢xi*ry cwe ￿ Imwove laulth•8, improve the area for visitor exper￿n￿. as tAEII as improwrvj whole a￿a for those vh The￿ is. we unt1erstand an imwoved. Lpjated dwaft hxal Wlnchester and Digtn"ct in th ocess of being Fyepwed is ￿e oui lor ￿￿￿114t￿n over fv ￿xI lew months. This m go someway to imwov&th• cvrr•ntplanniro tools fordir•dirvJ th• way inwhith both Wnchest•r and District evolvo. Hfftv¢r, in ow o￿nIOn a l¢xal plan does not provKle the ddail¢d analy$l$ ecessary to resolve 80me of t￿ eomWex issues generatad by the sites with development potèntial. We have trRen asking ts a compre1￿s￿e ￿an for Wknchest•T for many years now. but have ahways i%en informed thal th¢1 is r￿1 necessary and ¢00 exFensive to rxoduce. Howevor. tho more you look into Imnchestefs yth)Is, the more SLKh a plan seems to t* cntical. Th• question i5- do we sit bac* aTrJ ar9￿ with KC every tim8 ¥ devesowent i8 launchgd. or is ev0￿e? Plami PAG any year5 ago Shiore Carden set ￿ plannirvj re¥￿ pwels to monrtor awl￿tIOnS for dgvelopment wf(hin the Cty boundary. The system was Started during the 1980's and consisted of three teams of volunts•rs, •ath team vrith a chair plu$ an 8rthiteGt, to give profèssional guidance. This 8yStem with SI￿ht vanations still operates today. We are grateful to these team8. They give a Considerab￿ amount of their tim¢ and devotion lo evaluating appIl￿tionS and makn'ng critical commentB where thought nec*ssary sutmith'rKd tf*m to the plannirrtJ department. In som& ea8•8. th¢ absen￿ of rthvant dCvJff￿rtB on KC'S plannin9 POrt•l events a meaningfvl ovaluakn. a￿ akn concwn•d to tyl$u￿ that our comments on applicab.ons a￿ (eleV￿t and have an inpacl. 8th ￿$Ve5 have recerrtty teen discxtssed wth Donakj Irbsall Sir Donakl has be¢n on• ol txw ¥icwesi¢Jents 20 yews. and has t1euded it ts time to r•tive. We. of course, are Sad thal he ha$ madethi8 deo"8ion. tr*Jt quite understand. He has be•n èxtrernely h¢lplul on th• many ￿¢asKIn$ ￿ ha¥e n••d•d to Mek trM8 V*i89 *Jvice and w• wll rn185 him. CtTY OF WINCHESTER TRUST UMITEO ANNUAL REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 MARCH 2022 {continu•dl nlribulin to the Tru Firially, l should like tothank T￿80 Robertson for all the hard work she undertakes forthe Trust, I think l Can say on behaffof all of us, that hercortsjtr￿￿0n to the Trust is very much appreciated. 1 should also wish to thank all those who cothLwte both time and effort to the Trust affairs, 85 well as all those who support the Trust with rts erth8vour8 to get the besl we can for our great ty ofwnchester. Mem We are very ￿eased to have recrurted 15 r*w members duriro the year taking the Trust's membership to 498 at the year end. In addrtion, have reuuf(ed tsvo new corporate rnemters. We will engage in the ccx)sultation on thè first draft of th¢ Cty ¢ounul'$ lo¢al ￿an foi the period to 2039. We will continue to promote th& case for FThluction of a comprehensive uty-wide strategic plan We will support proposals for the r￿nera￿n of the Central Area bas8d on the adopted SPD. Wlth the lrtj'ng of COVID r8sln"dion$, w¢ have restored a prcgramme of rn¢rn￿r events this summer, induding walks and vists. licB In setting objectives forlhe year. the Tru$l Council has given Careful consideration to the Charity Commission's general advi￿ on pu￿1¢ benefft and is mindful of the need to report on how its aims have ￿en achièvèd during the year. The Trust was founded in 1957 forthe purposes and objects set out later in this report. and continues to carry out woth in serving the public interest. Govemin Document The City of V￿nCheSter 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 ol individual m¢rnbers is limited to a sum not exceeding £10. It is govemed by its Memorandum and Article6 of Associth"on, whith were last amended in 2(D). The Trust registered a8 Company nurnber 00809812 and Charity Number 251798. ni I Stnjctu The Counal has responsibility for the management and control ol the Trust. However certain finanryal functions are delegated to the Finance and Resourc85 Committe8 and 9roup5 have been set up which report to Counril to deal wrth Management, Development, Communications and Membership issues. Council meMi￿5 are eknted for Ihree year¥ at the Annual General Meeting but may stand for re-election at the end of theirtem). Coundl memb8rs act a? truslees of the charity aThJ direct¢)rs of the company limited by guarantee. TME CITY OF WINCHESTER TRUST UIAITED ANNUAL REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 IAARCH 2022 leant1n￿d The T￿￿t'S objects are fvlty doKn"tod in m•mornTh1￿) ofA•wdab)n. Try ¢gn be P￿#￿1V￿o and prcleciiivj its tr¥JthJing8. 8px•8 and art•fact•,' Sponsonng and er￿u1801ng ￿Ik11n9. redovelopment. londscaping and cons¢rvatK>n in a￿dar￿ wrth the hwest architectural standards.. The Investm•nt PtrW5 of the Counul are Iwven by the MernorarKlum and ArtKle8 of A680ciation. The investment objectives of th8 Tntsl ar• Io the Tmst's 88••ts to alowtha chrity the at4.lrty to finance rt¥ •¢tivths t>Jth w) Ihe SIK￿ and W tern. Th? Trust's poly IB to of balan￿ it8 investment8 In financaal instruments bets￿en actNe and passive investment approachtss. The adiv8 8Jtm8nt comwse5 invg$tmtrnts in Multi-88￿tfvndS m•naged by an in¥￿tment manager the passNe element CCfflFmes investments in low- C061 Exchange Trade¢1 FuThJ$. lor whth an investrntnt marwJer ads #S cJJstodian. In addthon. Port ol Trust's le¥8ehokJ proFerty. the flats ai 30 Upper Brook St. 15 held for invastrrwt PLypty￿. the rerrtal in¢orne rekYesents'n9 the main element ofthe Tru8t'8 annual income. Th• inv¢strngnt obJ¢¢tw thtr Trust'8 investrnents in finan(aal inBINment¥ is lo •¢hi•v* a bdance betsveen ￿p[t￿ grrywth to Secu￿ the Trust's knger4emi obl￿)¥e$ and inc g•neration to income, in thddrtron tts membwth"p SubS￿"pt￿l•, to finance rt8 cJJrrent The Tru¥t's policy is to 0￿pt a high risk of v(Aab"ltyt•thin ts invesbment porffolio. both in le￿3 ol caprtal value and income geneiati¢)n. aiming ovar tim&to achwvfr retums above the rate ol inflation. This poli¢y has adopted due to Ihe I0￿r returns ￿rren￿Y availa￿e on lower risk asset classes and the Trust's C4iacJty a$ a kJr¥J-t•m investor to accept temporary capital bss•$ a5 a resvtt ofllLth*on5 in equrty markets. Tr Trust'5 investrn?nts ar¢ confined to Iist•d inveslments of a colknctNe natu￿. in order to ach*v• dNersffj￿th, the rtyk of p•mianent ca￿tal l¢)8s ariwrpJ frryn fv tthre of a p*tthlar Company c* s•dL¥. The Trust adopts the policy of ￿valU￿9 ts W0￿rtY every fve years, commenurvJ 31 March 2()J3, so that Trust's FYOF•rty was W r¥¥￿ed at 31 March 2018. The annual aczoLmts Sh￿ the a5SètS ￿8￿4"11be5 attrthrtatye to ￿ fvfids by type ond whi¢h aw apFxov$d bythe Counc41. Tr Counal tyans its ex￿￿￿rtUre ￿￿thIn available resourc8swhi18t maintaining reseNtss whlch gi￿5 the Truit Ibexibility lo ach￿¥8 its aims for the for88etabl• future. THE crry OF ThlMCHESTER TRUST uIArrED ANNIIAL REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 IAARCH 2022 (contlni The Counal has mi¥￿ed Its to ¥thiEh Ihe Tr￿1 ig a¥ Klentified by the ounc41 Res nsibiltht5 11 rs a requirement of ccfftplny the CixtrKI to prepxe finanL7al for each 8¢G￿￿ntIng period. TW must gNe atrtB WKI farvie*T ofthe State of affaÈrs ofthe TrtL8t and of the surplus or defitit ￿that Thè Council must.. Prepare the finanrAal State￿￿ts baso that tho Tn￿t is 8 goiTrJ Cor￿eM,. The Courttd FS responsth frjr keepirYJ proper acry)unt¥ig records whrch should be able to disclose al any time the finantr81 pjsrbon of ￿ Company arKI 8nabb the Counol to ensure assets ofthe Tru¥tand forta￿￿￿ reason8Ne *18trthe arKI d8toction offraud and During the urKI9r￿¥wts Char#y has c4xnplBd 7•ith the W0ViskY￿ oflts Chwities Act 2011. apwntn* Small Com This Report has been wepwed in aCcorf￿ wilh ts sp￿1 w0vm1c￿ of Part 15 of tho On behalfLrfth& K Lèam8n Chairnwi 29 Jvne 2022 THE crry OF bMNCHESTER TRUST UMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2022 INDEPENDENT EXAMINERS. REPORT TO THE MEMBERS ON THE UNAUOITED FINANCIAL STATEMENTS OF THE crry OF WINCHESTER TRUST UMITED Independent gxamlnees feport to the tru$te￿ of The Clty of Ylineh•¥tor Tru•t Lknlted I report to the charty trustees on rny examnation of the acLounts of Tr* City of Wnchester Trust Limited for the year ended 3111 March 2022. R•spactlve r•$ponslbiliti8s of Councll of Man•gement aTrd Examinors As the charity's trustees of the Company (who are also the dire¢tors of Ihe company for the purposes of Cornpany lawl, you a￿ ￿ponSIble for the preparation of the accounts in accordan￿ with the requirements Of￿ Cc*npanies Act 2(￿ fthe 2C¥J6 Acfl. Havifflg satisfied rnysetfthat the acc￿nts of the Company are not required to be audited forthi8 year undef Part 16 of the 2006 Act and are elvJit48 for independent examination, I report in respect of my examination of your charty's accounts as carried out under section 145 of the Charitvas Act 2011 1.the 2011 A￿1. In ¢arying out my examination, I have followed the Directio￿ given by th• Charrty C￿MiSsion {under seclK)n 14951 Ibl ofthe 2011 ACL Indopendent •xamin•rfs statemont I have cornpleted my axarninabon. I confimi that rb) material matters have come to my attention whi¢h gives me cause to believe that". 11 a￿OUntIng Tecord8 wer8 not kept in a¢x4)rrfan￿ v+ith sec1￿￿ 386 of Iho Companies Act 20(￿,. or 21 the accounts do not a¢c4)rd witti such records.. or 31 the accounts do not Comply wrth ￿levant accountiThJ requirements under section 396 of the Compani85 Act 21X￿ other than any requirement that the accounts give a'tru8 and fair. view which not a matter Conside￿ as part of an indeFendent examination,. or 4} the accounts h8v• not been prepared ￿ accordance with the Charthe8 SORP IFRS1021. I have no eonc8m8 and have o)me across no other rnatte￿ in cOnne￿"On With the examination to which attention shoukl be dra%bn in this re￿rt in crfder to enable a rxoper uThJerstanding of the accounts to be read￿d. .M Birtier FCA (Indep￿dent Examirerl 8uY*r & Co Audrt Limited Chartered Accountants •nd R•gist•red Audiior8 Bennett Houso The Dean Alre8forrl Hampshlre S024 #BH Date THE crry OFMNCHesYER TrUST uMrrED FOR THE YEAR ENDED 31 klARCH 2022 Toial Fund 2022 Totsl Funds 2021 Funds X+22 Futhds In¢(•)•from: (Xher Don8Don¥ IN￿e 2} CharilBb*Ac*wthe$ INLY8 31 Other Irgding activiiw INot*41 Invastment (Not• 51 8.512 8,804 3,258 307 25.360 1,009 25.524 243 25,767 Totsl ItKomo 37.075 243 37.318 37.729 Expendlturv on I Plot• 11.. Rai5ingfunds Chatitabl8 Actiwtk5 TotAI Expenditure 1Q.263 28.239 10.285 28.551 38.836 7.882 2S.805 33.487 312 NOIG•in¥llLosses) on Inve&trEntkn 17.872 316 18.168 49,587 NotlAov•m4nts In Funth 16.445 225 16.870 RKonclllatkJn of lurth.. T¢t& funds brouohtforylwd at l th12021 7e4.975 6.059 722.230 Totsl fund% carrhd fowrd at 31 Marth 2022 783.420 792.729 776.059 THE C￿y OF MNCHESTER TRUST UMtrEO BALANCE SHE AS AT 31 IAARCH 2022 31 IAar¢h 2022 31 March 2021 Fixod a88ets Tangible 8S8ets Inv8Stm8nts 4*,678 247.511 744,189 498.105 230.269 728.374 10 Current o•ets Stocks Debtors Cash an deposit and at bank 11 12 389 3.567 51.193 55,149 3.939 49,434 53.661 ¢rodltor8 13 15.1211 Not current a88ets NET ASSETS 48,$40 792.n9 47,685 776,059 FUNDS Unrestricted-