London Legacy Development Corporation Annual Report and Accounts 2020/21
Total Page：16
File Type：pdf, Size：1020Kb
LONDON LEGACY DEVELOPMENT CORPORATION ANNUAL REPORT AND ACCOUNTS 2020/21 STATEMENT OF DRAFT UNAUDITED ACCOUNTS Page 1 of 152 Table of contents Chair’s foreword ......................................................................................................................... 3 Chief Executive’s statement ....................................................................................................... 4 Members of the London Legacy Development Corporation .................................................... 10 Narrative Report ....................................................................................................................... 16 Land ownership ........................................................................................................................ 22 Statement of Responsibility for the Accounts .......................................................................... 41 Independent Auditor’s Report to the Members of the London Legacy Development Corporation .............................................................................................................................. 42 Comprehensive Income and Expenditure Statement .............................................................. 43 Balance Sheet .......................................................................................................................... 45 Movement in Reserves Statement ........................................................................................... 46 Statement of Cash Flows ......................................................................................................... 47 Accounting policies .................................................................................................................. 48 Notes to the Statement of Accounts ........................................................................................ 66 Group accounts ...................................................................................................................... 107 Annual governance statement ............................................................................................... 128 Glossary of terms ................................................................................................................... 147 Page 2 of 152 Chair’s foreword The Games in 2012 made it a year like no other; the years since have shown how the comprehensive redevelopment of an area can be brilliantly moved forward by this extraordinary Corporation. But we never expected this last year - one more, like no other, but this time affected by the most serious crisis of any of our lifetimes. So I am immensely proud of the response, resilience and determination of our employees and our partners in these difficult and uncertain circumstances. They and we have worked closely with the local boroughs, community groups, the Mayor and central government to navigate a constantly changing environment. Together, we have focused our support for local people while continuing to progress work on our long-term goals. The one constant throughout this year of upheaval has been the Park itself. It has proven its worth time and again providing a natural health service for local people. Its wide open spaces have provided a safe haven for people’s physical and mental wellbeing during the long months of lockdown and home working. It has been at the centre of our work with community groups, the local boroughs and the NHS in their efforts to reach the most vulnerable. Rent relief, grants and the free use of venues have been small but important contributions to that collective effort. LLDC itself has not been immune to the impact of Covid-19. While we opened venues when we could, kept construction sites working and the Park open, social distancing measures have had an impact on productivity. Projects have been delayed and events cancelled or postponed. In spite of these setbacks, we have worked closely with the Mayor taking decisive action to ensure delivery of our long-term projects and reduce our short-term costs. We reassessed our expenditure to commit to deliver £9.5million of savings over the next two years – 16 per cent of our revenue budgets – a target that was ultimately exceeded. There has never been a crisis as severe as this – but we will emerge stronger. We know that investment in infrastructure, due to its impact on jobs and spending, will play a major role in London’s post-Covid recovery. New homes continue to be built on and around the Park. Spectators and users will return to our world-class venues. East Bank, that wonderful new cultural and education district, though delayed, is rising from the ground and will soon open its doors, providing the catalyst for a raft of socio-economic benefits that will last for generations to come. We will redouble our commitment to use all phases of the Park’s construction and management as a vehicle to deliver inclusive growth. We will help to create a fairer economy where Londoners can share in the benefits of growth, whatever their background, opening up exciting and varied careers to those who have been traditionally under-represented. The last year has underlined just how much our people are the driving force behind our work. It is testament to the leadership of Lyn Garner, our magnificent CEO, and her Executive Leadership team that they have empowered and enabled our people to do their jobs, and deliver for East London. On behalf of the Board I would like to express our deepest thanks to them all for the exceptional way they have responded to these most challenging circumstances. Sir Peter Hendy CBE Chair Page 3 of 152 Chief Executive’s statement The importance of our mission to build on the success and investment of the 2012 Games for the benefit of local people has been brought into sharp focus by Covid-19. That east London has been among the areas hardest hit by the pandemic should come as no surprise. The high levels of deprivation were a key reason why Stratford was chosen to host the 2012 Olympic and Paralympic Games. Problems of low income, overcrowding and poor health do not disappear overnight. It takes years of concentrated and coordinated effort between a wide range of agencies to realise improvements to people’s life chances. Our work this year has seen us direct our efforts to support local community groups, businesses and institutions to help relieve the worst effects of the pandemic as well as maintaining progress on our long-term goals. Grants and financial support have helped local community groups and business to re-shape their business models overnight. We provided space at the multi-storey car park in the north of the Park for LB Hackney to run an urgently needed food distribution centre. Badu Sports, the education and community development organisation based at Here East, adapted its work to ensure support for the most vulnerable local people. Its staff and volunteers helped to deliver more than 2,000 food boxes, set up a support line for local people and its fitness trainers offered months of online physical activity for youngsters and their families. At Lee Valley VeloPark, Bikeworks adapted its business model, too. Its team continued the All Ability Cycling sessions taking isolated people out on their side-by-side bikes, giving them exercise and company. The group managed 18,000 deliveries helping collect and deliver samples for NHS Imperial Covid tests. The Good Gym’s team of more than 350 volunteer runners managed to take part in hundreds of running missions to support isolated older people. Some of our major community events like the Great Get Together had to be cancelled, but other activities moved online. EAST Summer School helps to forge links between the cultural and education partners at East Bank and Here East with the wider community. It provides free, quality activities across a range of subjects including fashion, engineering, dance and natural history delivered by the East Bank partners and other local groups. This year’s three-week long event moved online attracting a record 250 local young people in July and August. EAST Careers Week held in February 2021 attracted 700 students from east London schools. The group of 15-17 year olds took part in a range of online talks, webinars and workshops. The event was born out consultation, led by the BBC and LLDC, with a network of partner schools from across Newham, Tower Hamlets, Hackney and Waltham Forest. With input from LLDC’s youth steering group, the consultation ensured the event met the needs of local young people. This is just the beginning of a more collaborative way of working with schools to better support teachers to embed high-quality careers provision and make the most of their proximity to high- tech, creative and knowledge driven organisations locating on and around the Park. For many of those young people, a place at UCL, London College of Fashion, Loughborough or the other universities attracted to the Park is now a real possibility. Those colleges not only bring students, they also attract investment and business. Our efforts to establish the Park as an inclusive innovation district where investors and business can tap into the pool of young, talented and skilled people studying and living in the local area have continued. Working with Page 4 of 152 Here East, IQL, UCL, University of the Arts London and Westfield, a place that has already become home to many tech companies and innovators is rapidly gaining an international reputation. The