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Comprehensive Income and Expenditure Statement

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Comprehensive Income and Expenditure Statement Appendix 4 LONDON LEGACY DEVELOPMENT CORPORATION ANNUAL REPORT AND ACCOUNTS 2014/2015 STATEMENT OF UNAUDITED ACCOUNTS Table of contents Chairman’s foreword ............................................................................................................. 3 Chief Executive’s statement .................................................................................................. 3 Financial review .................................................................................................................... 6 Members of the London Legacy Development Corporation ................................................... 8 Attendance at LLDC Board and Committee meetings during 2014/15 ................................... 8 The Year in Numbers .......................................................................................................... 12 Queen Elizabeth Olympic Park ........................................................................................... 13 Land Ownership .................................................................................................................. 14 Explanatory foreword and financial review .......................................................................... 18 Statement of Responsibility for the Accounts ...................................................................... 27 Independent Auditor’s Report to the Members of London Legacy Development Corporation ........................................................................................................................................... 28 Comprehensive Income and Expenditure Statement .......................................................... 31 Balance Sheet..................................................................................................................... 32 Movement in Reserve Statement ........................................................................................ 33 Statement of Cash Flows .................................................................................................... 34 Accounting Policies ............................................................................................................. 35 Notes to the Statement of Accounts .................................................................................... 49 Group Accounts .................................................................................................................. 85 Annual governance statement ............................................................................................. 95 Glossary of terms .............................................................................................................. 105 Page 2 of 110 Chairman’s foreword 5 April 2014 was a momentous day for Queen Elizabeth Olympic Park – but just the beginning of an incredibly exciting year. Over 50,000 people streamed through the Park on its opening weekend – enjoying everything from the new landscaping to the view from the ArcelorMittal Orbit – and with 4 million visitors during 2014/15 as a whole, the Park is fast becoming one of London’s most popular destinations, for locals and tourists alike. A packed events programme kept the eyes of the world on east London – from arts and community events, such as the Great British Carnival and National Paralympic Day, featuring the Mayor of London’s Liberty Festival; to major sporting championships, including the Invictus Games, the FINA Diving World Series, international hockey matches and even the Tour de France. In between times, the Park’s innovative playgrounds, fountains and open spaces provided a welcome new place for local residents to bring their families, keep fit or just enjoy peace and quiet away from the city. And excitement continues to build, with Diamond League athletics and five Rugby World Cup matches reconfirming the Stadium’s place as a home of world class sport. However, Queen Elizabeth Olympic Park is much more than just a leisure destination – its aim is to be a dynamic new heart of London. Creating thousands of new homes will play a vital part in this, and the last year saw us taking major strides in building these new communities – with buyers queuing overnight to secure a home at Chobham Manor, our first development; and the appointment of Balfour Beatty and Places for People to deliver a further 1,500 homes at East Wick and Sweetwater, our next two residential districts. These developments form part of a wider story both on and off the Park, with 24,000 new homes planned throughout the Legacy Corporation area by 2031. Job creation is every bit as important as home creation when it comes to creating a true legacy from the London 2012 Olympic and Paralympic Games. Building continued at pace throughout the year on The International Quarter and at Here East, both of which are now well positioned to support tens of thousands of jobs, in everything from major employers such as the Financial Conduct Authority, BT Sport and Transport for London, to digital start ups. The Park and its surrounding area will eventually provide more than 40,000 jobs. Working hand-in-hand with this will be our vision for ‘Olympicopolis’ – a new cultural and university district in the south of the Park. Significant progress was made during the year, with £141m of government funding secured; partners confirmed in the University of the Arts London, University College London, Sadler’s Wells and the Victoria and Albert Museum; and talks progressed for the first permanent museum outside the United States for the Smithsonian Institution. Delivering 3,000 jobs, an additional 1.5million visitors, and around £3bn of economic value, Olympicopolis is a shining example of the potential still within Queen Elizabeth Olympic Park, and the way in which the legacy of the Games will continue to evolve. I am grateful to my fellow board members for their help and support, as well as to David Goldstone and his team at the Legacy Corporation for their hard work in delivering a busy and challenging programme of activity. I’d also like to add my thanks to the Mayor of London, Boris Johnson MP, who acted as chair throughout the 2014/15 financial year, before standing down in May 2015, and Dennis Hone CBE, for his work as Chief Executive until September 2015. Neale Coleman Chairman, London Legacy Development Corporation XX July 2015 Page 3 of 110 Chief Executive’s statement Having started the year on a high with a successful Park opening - marking the end of an intensive 18 month programme of transformation from a Games-time venue, to a stunning new facility for London and beyond – work has continued at pace to ensure Queen Elizabeth Olympic Park fulfils its legacy potential, and that we maximise the benefits for local communities. Physically, the Park continued to develop throughout the year – with Lee Valley Hockey and Tennis Centre opening to the public in June, the waterways starting to open to boats, the Canal Park beginning to reopen, and continued work on bridges and connections. The main transformation effort focused on ensuring the Stadium was ready for its temporary opening in summer and autumn 2015, in time to host athletics and the Rugby World Cup. From the world’s largest cantilevered roof, to an innovative retractable seating installation, the Stadium is now a flexible, world-class multi-use venue which will be a source of national pride for many years to come. The appointment of VINCI Stadium to operate the Stadium and deliver top class events was an important step in adding to this offer and ensuring that the Stadium can pay its own way, without being an ongoing draw on the public purse. Other major contracts signed during the year include the completion of the lease agreement with Here East to develop a world-leading creative and digital cluster at the heart of the Park, and the appointment of Balfour Beatty and Places for People to deliver 1,500 new homes in our East Wick and Sweetwater developments, six years earlier than previously planned – and including 30 per cent affordable homes, and 500 homes to rent. Both of these are vital in terms of making Queen Elizabeth Olympic Park a place to work and live, as well as a leisure destination. 2014/15 was also the year in which ‘Olympicopolis’ progressed from being a concept, to a fast-moving project. We were delighted in December to receive £141m towards the innovative new cultural and university district as part of the National Infrastructure Plan, and since then, further developments have come thick and fast – progressing formal talks with the Smithsonian Institution, to the recent appointments of master-planning teams for both Stratford Waterfront and the UCL East campus. At the end of the year, the Foundation for FutureLondon charity was also created, chaired by Sir Bill Castell, to help realise the potential of both Olympicopolis and the contribution it can make to the Park and surrounding area. Around the wider area, the Local Plan for the Legacy Corporation area reached its final stages with its independent examination, and our work continued to deliver sustained improvements that will help deliver new employment opportunities and homes in key local centres such as Hackney Wick, Bromley-by-Bow and Pudding Mill. On a personal note, having joined the Legacy Corporation as its new Chief Executive in October 2014, I’ve been delighted and honoured to have had the chance to be part of the continued regeneration of east London, working on a project which still inspires so many. I too would like
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