2025-03-31-accounts - The City Of Winchester Trust Limited

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INQ 11 1957 Annual Report and Accounts 2025

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 City of Winchester Trust Ltd

	Reference and AdministraRve Details
	for the Year Ended 31 March 2025
TRUSTEES
President	Professor J Carter CBE DL
Vice president	Captain A Skinner RN
Chairman	R Wallbridge (appointed 3/12/2024)
Vice chairman	J Beveridge LLB
Honorary treasurer	Ms M Lancaster
	P Davies MA
	Ms E A Kessler
	K C Leaman RIBA
	J S A Mardall (appointed 7/10/2024)
	Ms J M Mar$n MSc
	A Morgan
	R C H Morgan-Giles MBA MA
	J H Stanning BA
	M F W Willey (appointed 7/10/2024, deceased 29/3/2025)
COMPANY SECRETARY	Ms T M Robertson BSc
REGISTERED OFFICE	The City of Winchester Trust Ltd
	Winchester Heritage Centre
	32 Upper Brook Street
	Winchester
	Hampshire
	SO23 8DG
REGISTERED COMPANY	00609812
NUMBER
REGISTERED CHARITY	251798
NUMBER

The City of Winchester Trust Ltd

Reference and AdministraRve Details for the Year Ended 31 March 2025

INDEPENDENT EXAMINER	Mar$n and Company
	Chartered Accountants
	25 St Thomas Street
	Winchester
	Hampshire
	SO23 9HJ
SOLICITORS	Du]on Gregory
	44 Jewry Street
	Winchester
	Hampshire
	SO23 8RY
INVESTMENT MANAGERS	Rathbones
	Second Floor
	Wykeham Court
	Victoria Road
	Winchester
	S023 7RG
	Fiske Plc
	100 Wood Street
	London
	EC1V 7AN

The City of Winchester Trust Ltd

Chairman's Report for the Year Ended 31 March 2025

Welcome to the Annual Report and Accounts 2025. This year, ending 31 March 2025, has seen the following key ac$vity by the Trust,

CITY WIDE ISSUES

On the bigger picture view of the City of Winchester and its environs there has been engagement and ac$vity summarised as follows,

Winchester District Local Plan

The new local plan completed its consulta$on phase during 2024. The second formal consulta$on was published in the autumn and all representa$ons were submi]ed to the Planning Inspectorate with the draa (Regula$on 19) plan early in 2025. The public examina$on of the plan in front of the planning inspector started in April 2025 and finished in June 2025.

The Trust’s representa$ons were submi]ed and addressed the policies dealing with design principles of new developments including the specific sites noted below. The Trust also reiterated our long-held view of the need for a city-wide spa$al plan. The Trust awaits the outcome of the public inquiry which is expected towards the end of the summer.

A SpaRal Plan and Movement Strategy for Winchester

The Trust has con$nued to promote the need for a spa$al plan for Winchester. As noted above, at the public inquiry the Trust advocated for a spa$al plan as this would provide a much needed contextual view and coordinated framework for all the development sites coming forward across the city and ensure their individual development briefs and cumula$ve impact on the ancient core of the city are well understood and controlled from the outset. A spa$al plan would also crucially address the difficult exis$ng issues of traffic and movement in and around the city. The Trust con$nues to believe the plan is needed to conserve and enhance the historic and dis$nc$ve character of the city and its environs, to be]er people’s health and wellbeing, and to ensure the economic growth and sustainability of the city as a whole.

DevoluRon & Local Government ReorganisaRon

The Trust has been keeping a watching brief on progress this year. Both processes are ongoing and although separate are clearly linked. The central drive seems to be one of desire to devolve responsibili$es and funding more locally from central government and to drive efficiencies to make the most of public funding available. We await further announcements as to specific proposals and how these may impact on governance and decision making for Winchester.

KEY DEVELOPMENT SITES

The Trust has been following progress once again this year on development and opportunity sites across the city. Ac$vity on the three key sites is summarised as follows,

Central RegeneraRon Area

In March 2023, the Jigsaw Consor$um was appointed by Winchester City Council to carry out the Regenera$on and Development of the Central Area. The Trust has been in some informal discussion with the City Council and Jigsaw about their proposals and next steps. The City Council in March 2025 approved a Development Delivery Plan produced by Jigsaw. This indicated that a masterplan will be produced this year for the Council-owned land. This will not cover land in other ownerships or the public realm for the wider area covered by the adopted 2018 Supplementary Planning Document. The Trust has raised concern about this formally in advance of the Local Plan Inquiry (April- June 2025). The Inspector has called for a report from the Council at the Inquiry, to clarify the role of masterplans and their implementa$on for the wider area.

StaRon Approach

In December 2024 following an October 2024 community and stakeholders consulta$on on the draa concept master plan, a revised concept masterplan was issued supported by a Sta$on Approach Technical Report. The Trust has made detailed responses to all the documents. The council intends to submit soon a final concept masterplan to Cabinet for approval.

An outline planning applica$on submi]ed in October 2023 by the Church Commissioners for the development of the Bushfield Camp site remains to be determined. At the Local Plan Inquiry, the Trust was part of the Save Bushfield Group that gave evidence objec$ng to the alloca$on of this site for a wide range of employment related uses because of the adverse impact that such a development would have on the local economy, the landscape, nature conserva$on and the traffic that it would generate.

REGULAR ACTIVITIES AND EVENTS

Planning Appraisal Group

One of the Trust’s four Planning Appraisal Group panels meets every week to review and comment on all the planning applica$ons for Winchester Town. Although these mainly comprise small extensions, there have been a number of applica$ons for larger developments in the last year as well as some which have been considered controversial.

Lectures

We organised 4 talks in April and May in St Lawrence Parish Room. Two were on this history of parts of Winchester, St Giles Hill and the Minster Streets; one addressed the problems of traffic conges$on and movement in the City; and one a history of the Architectural Review and its long serving editor, Hubert de Cronin Has$ngs. We are grateful to the four speakers, Harry Mycroa, Tony Sexton, Judith Mar$n and Richard Lewis.

Summer Walks

2024’s Summer Walks programme saw all walks full and most oversubscribed with wai$ng lists. A full and interes$ng programme has been organised again for the forthcoming summer months. We are grateful to trustee Jonathan Mardall for his hard work planning and organising this ever-popular Trust ac$vity.

Design Awards

standard of design and make a las$ng contribu$on to the city and demonstrate a posi$ve understanding of the character of the surroundings. The judging panel visited shortlisted schemes and there were awards given to four schemes this year and one scheme was awarded a commenda$on. The award evening was well a]ended and the winners presented awards by the Mayor of Winchester. The Trust was pleased to receive so many entries and would like to congratulate the winners and thank all those who submi]ed entries.

THANK YOU

As always thank you to all our members and par$cularly to those who have contributed to the ac$vi$es and work we have undertaken this year. Without your help and support the Trust could simply not func$on and do all that we do. Also a special thanks to Keith Leaman, John Beveridge, our Trustees and Tessa Robertson who have given so much once again this year to the Trust and welcomed me so warmly into my new role.

Keith Leaman’s relinquishing, during the past year, the chair aaer 14 years has been marked by a fulsome tribute for his contribu$on to the work of the Trust in the June edi$on of Trust News. In summary the Trust has been very fortunate to benefit in many ways from his crea$ve and ar$s$c skills and his persistence in engaging with Winchester City Council to influence the way Winchester is developed.

The City of Winchester Trust Ltd

Report of the Trustees for the Year Ended 31 March 2025

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 2025. The trustees have adopted the provisions of Accoun$ng and Repor$ng by Chari$es: Statement of Recommended Prac$ce applicable to chari$es preparing their accounts in accordance with the Financial Repor$ng Standard applicable in the UK and Republic of Ireland (FRS 102) (effec$ve 1 January 2019).

OBJECTIVES AND ACTIVITIES

ObjecRves and aims

The Trust's objects are fully described in the Memorandum of Associa$on. They can be summarised as follows:

To seek to conserve the character of the City of Winchester and its surrounding area by:

Preserving and protec$ng its buildings, spaces and artefacts;
Sponsoring and encouraging new building, redevelopment, landscaping and conserva$on in accordance with the highest architectural standards;
Promo$ng awareness of the above

In senng objec$ves for the year, the Trust Council has given careful considera$on 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 in this report, and con$nues to carry out its work in serving the public interest.

Membership

We are very pleased to have recruited 20 new members during the year taking the Trust's membership to 478 at the year end.

FINANCIAL REVIEW

Investment policy and objecRves

The investment powers of the Council are given by the Memorandum and Ar$cles of Associa$on.

ac$vi$es both in the short and longer term.

approaches. The ac$ve element comprises investments in mul$-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 addi$on, part of the Trust's leasehold property, the flats at 30 Upper Brook St, is held for investment purposes, the rental income represen$ng the main element of the Trust's annual income.

growth to secure the Trust's longer-term objec$ves and income genera$on to provide income, in addi$on to membership subscrip$ons, to finance its current charitable ac$vi$es.

The Trust's policy is to accept a high risk of vola$lity within its investment poroolio, both in terms of capital value and income genera$on, while aiming over $me to achieve returns above the rate of infla$on. 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 fluctua$ons in equity markets. The Trust's investments are confined to listed investments of a collec$ve nature, in order to achieve diversifica$on, which reduces the risk of permanent capital loss arising from the failure of a par$cular company or sector.

The City of Winchester Trust Ltd

Report of the Trustees for the Year Ended 31 March 2025

FINANCIAL REVIEW

Reserves policy

The annual accounts show the assets and liabili$es a]ributable 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 £889,120 (2024 - £885,102) and restricted reserves of £8,295 (2024 - £8,609).

FUTURE PLANS

The Trust plans to con$nue this coming year its ac$vi$es much as last year and remains concerned about the amount of development that is likely to take place in and around the city of Winchester and the effect this will have on the historic core. The Trust is proposing to con$nue its role of engaging with and influencing the authori$es, landowners and their designers on their development proposals. The Trust will con$nue to engage in the Winchester District Local Plan processes in the coming year, to ar$culate its concerns and to advocate the need for a spa$al plan specifically for the city of Winchester to illustrate what good should look like for the city going forward.

The Trust is also in the process of reviewing its priori$es and will be punng together a plan for the coming two to three years to iden$fy its priori$es and proposed ac$ons. We are looking at how we might best con$nue to meet the Trust’s overall objec$ves, to increase membership, and to iden$fy and carry out necessary maintenance and improvements works to the Heritage Centre.

We are proposing to contribute to the Heritage Open Days September 2025 ac$vi$es week with a walk along the water meadows to the Handlebar Café, one of the winners of a 2024 Trust Design Award.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and cons$tutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

OrganisaRonal structure

delegated to the Finance and Resources Commi]ee and groups have been set up which report to Council to deal with Management, Development, Communica$ons and Membership issues. Council members are elected for three years at the Annual General Mee$ng but may stand for re-elec$on at the end of their term.

The Trust elected Liz Kessler, Jonathan Mardall, Bob Wallbridge and Mar$n Willey as new Trustees. Keith Leaman resigned as Chairman and Bob Wallbridge was elected as new Chair of the Trust. Sadly we need to report that Mar$n Willey died peacefully aaer a short illness in March 2025.

Council members act as trustees of the charity and directors of the company limited by guarantee.

Risk management

The Trustees have a duty to iden$fy 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.

been established to mi$gate 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 reputa$on due to error, or fraud.
2) The loss of income due to error, or fraud.
3)
4)
5) The loss of income due to unforeseen events such as pandemics

error or fraud whilst maintaining a viable future financially. Internal control risks are minimised by the implementa$on of procedures for authorisa$on of all transac$ons and projects.

Council ResponsibiliRes

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:

Select appropriate accoun$ng policies and apply them consistently;
Make judgements and es$mates that are prudent and reasonable;
Disclose whether any material departures have been made from these policies.

The Council is responsible for keeping proper accoun$ng records which should be able to disclose at any $me the financial posi$on 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 preven$on and detec$on of fraud and other financial irregulari$es.

During the period under review the Charity has complied with the provisions of the Chari$es Act 2011.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 rela$ng to small companies.

Approved by order of the Board of Trustees on and signed on its behalf by:

.... ....................................................................

R Wallbridge – Trustee

Independent Examiner's Report to the Trustees of The City of Winchester Trust Ltd

Independent examiner's report to the trustees of The City of Winchester Trust Ltd ('the Company')

I report to the charity trustees on my examina$on of the accounts of the Company for the year ended 31 March 2025.

ResponsibiliRes and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the prepara$on of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

and are eligible for independent examina$on, I report in respect of my examina$on of your charity's accounts as carried out under sec$on 145 of the Chari$es Act 2011 ('the 2011 Act'). In carrying out my examina$on I have followed the Direc$ons given by the Charity Commission under sec$on 145(5)(b) of the 2011 Act.

Independent examiner's statement

examina$on giving me cause to believe:

1) accoun$ng records were not kept in respect of the Company as required by sec$on 386 of the 2006 Act; or
2) the accounts do not accord with those records; or
3) the accounts do not comply with the accoun$ng requirements of sec$on 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a ma]er considered as part of an independent examina$on; or
4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Prac$ce for accoun$ng and repor$ng by chari$es (applicable to chari$es preparing their accounts in accordance with the Financial Repor$ng Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other ma]ers in connec$on with the examina$on to which a]en$on should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mar$n and Company Chartered Accountants 25 St Thomas Street Winchester Hampshire SO23 9HJ

Date: .............................................

The City of Winchester Trust Ltd

Statement of Financial AcRviRes

for the Year Ended 31 March 2025

			2025 Total funds £	2024 Total funds £
	Unrestricted fund £	Restricted fund £
Notes
INCOME AND ENDOWMENTS FROM Dona$ons and legacies 2 Charitable acRviRes Sale of own publica$ons Dona$ons from walks
	7,268	-	7,268	7,698


	335 968	- -	335 968	837 395

Other trading ac$vi$es 3 Investment income 4 Rental income	- 7,280 21,523	- 361 -	- 7,641 21,523	184 7,181 20,775

Total	37,374	361	37,735	37,070

EXPENDITURE ON Raising funds 5
	7,253	-	7,253	8,947

Charitable ac$vi$es 6	33,346	675	34,021	24,445

	40,599	675	41,274	33,392

Income less expenditure	(3,225)	(314)	(3,539)	3,678

Net gains on investments	7,243	-	7,243	27,556

NET MOVEMENT IN FUNDS FOR THE YEAR	4,018	(314)	3,704	31,234

RECONCILIATION OF FUNDS Total funds brought forward
	885,102	8,609	893,711	862,477

TOTAL FUNDS CARRIED FORWARD	889,120	8,295	897,415	893,711

The City of Winchester Trust Ltd

Balance Sheet 31 March 2025

			2025 Total funds £	2024 Total funds £
	Unrestricted fund £	Restricted fund £

Notes

FIXED ASSETS Tangible assets 9 Investments 10
	573,102 267,169	- -	573,102 267,169	574,137 260,188

	840,271	-	840,271	834,325

CURRENT ASSETS

Debtors 11 Cash at bank	4,602 49,570	- 8,295	4,602 57,865	4,103 58,768

	54,172	8,295	62,467	62,871

CREDITORS Amounts falling due within one year 12
	(5,323)	-	(5323)	(3485)

NET CURRENT ASSETS	48,849	8,295	57,144	59,386

TOTAL ASSETS LESS CURRENT

FUNDS 13 Unrestricted funds Restricted funds
			889,120 8,295	885,102 8,609


TOTAL FUNDS			897,415	893,711

The City of Winchester Trust Ltd

Balance Sheet - conRnued 31 March 2025

The charitable company is en$tled to exemp$on from audit under sec$on 477 of the Companies Act 2006 for the year ended 31 March 2025.

2025 in accordance with sec$on 476 of the Companies Act 2006.

The trustees acknowledge their responsibili$es for:

a) ensuring that the charitable company keeps accoun$ng records that comply with sec$ons 386 and 387 of the Companies Act 2006; and
b) as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of sec$ons 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 rela$ng to financial statements, so far as applicable to the charitable company.

subject to the small companies regime.

on ............................................. and were signed on its behalf by:

----- Start of picture text -----
………………………………………………….
----- End of picture text -----

............................................. …………………………………………………. R Wallbridge – Trustee M Lancaster – Trustee

The City of Winchester Trust Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES

in accordance with the Chari$es SORP (FRS 102) 'Accoun$ng and Repor$ng by Chari$es: Statement of Recommended Prac$ce applicable to chari$es preparing their accounts in accordance with the Financial Repor$ng Standard applicable in the UK and Republic of Ireland (FRS 102) (effec$ve 1 January 2019)', Financial Repor$ng Standard 102 'The Financial Repor$ng Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost conven$on, with the excep$on of investments which are included at market value, as modified by the revalua$on of certain assets.

Going concern

The going concern basis of accoun$ng has been applied. This is considered to be appropriate by the trustees as there are no material uncertain$es related to events or condi$ons that may cast doubt about the ability of the charity to con$nue as a going concern.

CriRcal accounRng judgements and key sources of esRmaRon uncertainty

Es$mates and judgements are con$nually evaluated and are based on historical experience and other factors, including expecta$ons of future events that are believed to be reasonable under the circumstances.

The charity makes es$mates and assump$ons concerning the future. The resul$ng accoun$ng es$ma$on will be unlikely to equal the related actual result. The charity has not iden$fied any es$mates and assump$ons that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabili$es within the next financial year.

Income

be quan$fied with reasonable accuracy. The following specific policies are applied to par$cular categories of income:

Income from dona$ons and legacies is received by way of dona$ons, membership subscrip$ons and gias and is included in full in the Statement of Financial Ac$vi$es when receivable.
of services by volunteers has not been included in these accounts.
Investment income is included when receivable.
recognised when the charity becomes uncondi$onally en$tled to the grant. Income from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to considera$on by its performance.

Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates:

Expenditure on Raising Funds comprises the costs associated with a]rac$ng income from trading ac$vi$es and the management of the Trust's investments.

The City of Winchester Trust Ltd

Notes to the Financial Statements - conRnued for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES – conRnued

Expenditure on Charitable Ac$vi$es comprises those costs incurred by the charity in the delivery of its ac$vi$es and services for its beneficiaries. It includes both costs that can be allocated directly to such ac$vi$es and those costs of an indirect nature necessary to support them. Also included are Governance costs including those costs associated with mee$ng the cons$tu$onal and statutory requirements of the charity.
All costs are allocated between the expenditure categories of the Financial Statements on a basis designed to reflect the use of the resource. Costs rela$ng to a par$cular ac$vity have been allocated directly; others are appor$oned on an appropriate basis.

AllocaRon and apporRonment of costs

25% of Support costs are appor$oned in accordance with the alloca$on of direct secretarial costs, the remaining 75% solely to Charitable ac$vi$es reflec$ng the use made of the Heritage Centre other than for secretarial purposes.

assets to their es$mated residual value over their expected useful lives. Leasehold property is not depreciated for the foreseeable future on the basis the asset has a long useful economic life and is held primarily for charity use. All other fixed assets are depreciated on a reducing balance basis at 25% per annum.

Property RevaluaRon Policy

revalued at 31 March 2023.

TaxaRon

The charity is exempt from corpora$on tax on its charitable ac$vi$es. Under sec$on 485 of the Corpora$on Tax Act 2010, the funds received from rental income are exempt from tax as they are wholly applied to charitable purposes.

Fund accounRng

Unrestricted funds are available for use at the discre$on of the trustees in furtherance of the general objec$ves of the charity. Designated funds are unrestricted funds earmarked by the Council for par$cular purposes. Restricted funds are subjected to restric$ons on their expenditure imposed by donors. The Alder Bequest restricted fund, both capital and income, is restricted to expenditure on the Trust’s archives.

Governance costs

Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regula$ons and good prac$ce. These costs include costs related to the independent examina$on, legal fees and appor$onment of overheads.

2. DONATIONS AND LEGACIES

	2025 £ 6,308 185 775	2024 £ 6,211 213 1,274

Members subscrip$ons Donated services and facili$es Gia aid

	7,268	7,698

The City of Winchester Trust Ltd

Notes to the Financial Statements - conRnued for the Year Ended 31 March 2025

3. OTHER TRADING ACTIVITIES

3. OTHER TRADING ACTIVITIES
	2025 £ - -	2024 £ 12 172

Sale of cards Visits and ou$ngs (net)

	-	184

4. INVESTMENT INCOME

Dividends and interest includes £361 of restricted income (2024 - £318).

5. EXPENDITURE ON RAISING FUNDS

5. EXPENDITURE ON RAISING FUNDS
	2025 £ 788	2024 £ 771

Investment management fee Property investments - Lenng fees - Let property repairs - Council tax - Deprecia$on Cost of cards Support costs (note 8)

	2,241 1,179 - 864 - 2,181	2,152 2,583 108 1,153 421 1,759

	7,253 2025 £ 8,053 108	8,947
6. EXPENDITURE ON CHARITABLE ACTIVITIES		2024 £ 4,346 113


Project and ac$vi$es expenditure (note 7) Cost of own publica$ons Governance - Independent examiner’s fees - AGM mee$ng costs - Annual report prin$ng and postage Support costs (note 8)

	2,160 154 315 23,231	1,620 540 745 17,081

	34,021	24,445

7. ANALYSIS OF PROJECTS AND ACTIVITIES EXPENDITURE

	2025 £ -	2024 £ -

Projects Ac$vi$es - Trust News - Civic Voice – the na$onal organisa$on - Archive expenditure (met from restricted funds) - Other civic socie$es - Appeals - Trust’s Heritage Open Day event - Design Awards

	1,956 500 675 151 200 162 4,409	1,982 500 1,212 - 500 152 -

	8,053	4,346

8. SUPPORT COSTS

	Raising £ 1,892 12% 289 2,181	Charitable £ 13,877 88% 2,122	Total Basis of £ 15,769	Total £ 13,266

Secretarial staf cost
			Time
25% of other support costs			2,411	1,394
		15,999	18,180	14,660

Other support costs Light, heat and water Insurance Business rates Property expenditure Deprecia$on Telephone and internet Admin, postage and sta$onery Equipment, consumables and sundri PR, communica$ons
			1,946 2,395 100 2,730 171 1,269 612 - 420	814 1,865 - 434 227 1,219 160 855 -






	es

			9,643	5,574

Remaining 75% support costs		7,232 100%	7,232	4,180
			Usage of

Total	2,181	23,231	25,412	18,840

25% of support costs are appor$oned in accordance with the alloca$on of direct secretarial costs. The remaining 75% are appor$oned solely to charitable ac$vi$es reflec$ng the use made of the Heritage Centre other than for secretarial purposes.

TRUSTEES' REMUNERATION AND BENEFITS

31 March 2024.

Trustees' expenses

Expenses totalling £383 (2024 - £448) have been reimbursed to the trustees during the year. STAFF COSTS

The charity had one part-$me employee (2024 - 1).

The City of Winchester Trust Ltd

Notes to the Financial Statements - conRnued for the Year Ended 31 March 2025

9. TANGIBLE FIXED ASSETS

	Long £	Fixtures £	Ofce £	Totals £

COST OR VALUATION At 1 April 2024 and 31 March 2025
	570,000	47,145	13,925	631,070

DEPRECIATION At 1 April 2024 Charge for year
	- -	43,382 941	13,551 94	56,933 1,035

At 31 March 2025	-	44,323	13,645	57,968

NET BOOK VALUE At 31 March 2025
	570,000	2,822	280	573,102

Cost or valua$on at 31 March 2025 is represented by: At 31 March 2024	570,000 Long £ 317,414 80,000 172,586	3,763 Fixtures £ - - 47,145	374 Ofce £	574,137
				Totals £ 317,414 80,000 233,656


Previous valua$ons up to 2018 Valua$on in 2023 Cost

			13,925

	570,000	47,145	13,925	631,070

If the long leasehold had not been revalued it would have been included at the following historical cost:

	2025 £ 172,586	2024 £ 172,586

Cost

Aggregate deprecia$on	45,829	44,086

Net book amount	126,757	128,500

The long leasehold property is included at a valua$on made as at 31 March 2023 by Carter Jonas, surveyors and valuers.

The City of Winchester Trust Ltd

Notes to the Financial Statements - conRnued for the Year Ended 31 March 2025

10. FIXED ASSET INVESTMENTS

	£	Cash and £	£

MARKET VALUE At 1 April 2024
	260,112	76	260,188

Disposals Revalua$ons	(242) 7,243	(20) -	(262) 7,243

At 31 March 2025	267,113	56	267,169

There were no investment assets outside the UK. At 31 March 2025 the cost of listed investments was £212,266 (2024 - £212,129) 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR At 31 March 2024 260,112		76 2025 £ 2,449 2,153	260,188
			2024 £ 1,765 2,338


Other debtors Prepayments and accrued income

		4,602 2025 £ 5,323	4,103
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR			2024 £ 3,485


Accrued expenses

The City of Winchester Trust Ltd

Notes to the Financial Statements - conRnued for the Year Ended 31 March 2025

13. MOVEMENT IN FUNDS

	£	Net £	£

Unrestricted funds General fund
	885,102	4,018	889,120

Restricted funds Restricted fund
	8,609	(314)	8,295

TOTAL FUNDS	893,711	3,704	897,415

Net movement in funds, included in the above are as follows:

	Incoming £	Resources £	Gains and £	Movement £

Unrestricted funds General fund
	37,374	(40,599)	7,243	4,018

Restricted funds Restricted fund
	361	(675)	-	(314)

ComparaRves for movement in funds TOTAL FUNDS	37,735	(41,274) £	7,243 Net £	3,704
				£


Unrestricted funds General fund
		853,314	31,788	885,102

Restricted funds Restricted fund
		9,163	(554)	8,609

TOTAL FUNDS		862,477	31,234	893,711

The City of Winchester Trust Ltd

Notes to the Financial Statements - conRnued for the Year Ended 31 March 2025

Compara$ve net movement in funds for 2023/2024, included in the above are as follows:

	Incoming resources £	Resources expended £	Gains and losses £	Movement in funds £

Unrestricted funds General fund
	36,752	(32,180)	27,216	31,788

Restricted funds Restricted fund
	318	(1,212)	340	(554)

TOTAL FUNDS	37,070	(33,392)	27,556	31,234

Included in unrestricted funds are investments amoun$ng to £35,851 (2024 - £34,919) which are designated funds set aside for the purpose of replacing the Trust's premises on expiry of the lease. It is the Trust's policy to hold the fund for the dura$on of the 99 year lease.

14. RELATED PARTY DISCLOSURES

There were no related party transac$ons for the year ended 31 March 2025.