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Integrated Annual Report 2017 (8.1MB) The Crown Estate Integrated Annual Report and Accounts The Crown Estate Integrated Annual Report and Accounts 2016 / 17 The Crown Estate from every perspective 2016 /17 2016 The Crown Estate 2016/17 Overview Introduction The Crown Estate from every perspective The Crown Estate is a specialist real estate business with an actively managed portfolio of high-quality assets in great locations. By combining scale and expertise in our chosen sectors with a customer-focussed approach we deliver strong returns for the nation’s finances. We create brilliant places through conscious commercialism. This means we take a long-term view and consider what we do from every perspective. Our portfolio covers central London, retail across the country and offshore wind; we also have a substantial rural and coastal portfolio, and manage the seabed around England, Wales and Northern Ireland. Front cover: St James’s Market, London About this integrated report You can read more about our In our fifth integrated annual report £450 million landmark scheme, we have continued to develop upon the developed in partnership with International Integrated Reporting Council Oxford Properties, on pages 4-5. (IIRC) Framework to tell a coherent, concise story about how we deliver value beyond the financial. An integrated report is aligned with The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013. In the opinion of the Audit Committee, our 2016/17 Integrated Annual Report is in alignment with the IIRC Framework. In last year’s report we indicated the importance of developing our Total Contribution methodology to provide us with information and insight on the effect of our actions and ability to understand the broader value we create. We released our second Total Contribution report earlier this year, and metrics taken from that work are integrated within the ‘perspectives on’ double-page features. The Crown Estate Integrated Annual Report and Accounts 2016/17 A Presented to Parliament pursuant PwC has provided limited assurance against to sections 2(1) and 2(5) of the ISAE 3000 and ISAE 3410 standards for Crown Estate Act 1961 selected key data in 2016/17. Where you see this symbol A in this report it indicates data Ordered by the House of Commons has been subject to assurance. For the limited to be printed 26 June 2017 assurance opinion and our reporting criteria, HC 64 see www.thecrownestate.co.uk/pwc-statement. The Crown Estate | Integrated Annual Report 2016 / 17 Highlights Overview Performance Governance Financials Net revenue profit Overview • Highlights 1 • Introduction to The Crown Estate 2 £328.8m +8.1% People Performance 2016/17 328.8 • Chief Executive’s review 6 2015/16 304.1 84% • Our business model 10 2014/15 285.1 Employee • Our strategy and KPIs 12 survey ‘Great place • Markets and portfolio review 16 2013/14 267.1 to work’ score • Our markets 17 2012/13 252.6 • Portfolio review 19 • Operations review 28 Revenue by portfolio 2016/17 £m • Financial review 36 • Our risks and opportunities 42 • Central London 207.2 • Regional Retail 118.6 Governance Networks • Rural & Coastal Chairman’s review 50 (inc. Windsor) 49.1 • EMI 60.7 Leadership 52 • Scotland 18.0 79% Our Board 54 Total 453.6* Our Board’s year 56 Customer satisfaction Effectiveness 58 Capital value score Stakeholder relations 60 Our Executive Committee 62 To The Queen’s Most Committee reports 64 Excellent Majesty +2% Remuneration report 72 May it please Your Majesty, £13.1bn The Crown Estate Commissioners take leave to submit this, their 2016/17 13.1 Financials sixty-first Report and Accounts, The Certificate and Report of the 79 in obedience to sections 2(1) and 2015/16 12.9 Natural resources Comptroller and Auditor General 2(5) of the Crown Estate Act 1961. 2014/15 11.5 to the Houses of Parliament 2013/14 9.9 Consolidated statements 82 A of comprehensive income 2012/13 8.6 7% Balance sheets 83 Improvement Statements of cash flow 84 year-on-year in Total return carbon emissions Statements of changes in 85 intensity capital and reserves Notes to the consolidated 87 financial statements 15.3% p.a. Supplementary disclosures (unaudited) 117 Outperformed our MSCI bespoke Ten-year record (unaudited) 119 benchmark (see glossary) of 12.5%, on an annualised three-year rolling basis. Glossary 120 People A To read more about our The Scotland portfolio has been treated as 22% integrated reporting ambitions a discontinued operation. For further details for the future including our total please see page 37. Improvement contribution report visit: All figures are prepared on a proportionally year-on-year thecrownestate.co.uk/ consolidated basis. in overall health our-business/ and safety incident • Indicates that this section is integrated-reporting * Excluding service charge income £27.1m. severity score part of the Strategic report. The Crown Estate | Integrated Annual Report 2016 / 17 1 Introducing The Crown Estate 2016/17 Overview Our purpose is to create brilliant places through conscious commercialism... To help us achieve our ...then address ...which informs our purpose, we consider the them through our corporate strategy. material issues that are business model… central to our business… Read about the issues that matter Read about how we manage Read more on page 12 to us on page 9 the capitals we rely on to succeed on pages 10-11 Our business model Performance Overview Performance Governance Financials We create value over the long term through our resilient business model Our principal focus is on achieving our income and total return targets in a sustainable manner, for the long term. We achieve this through specialising in those areas where we have scale and expertise to outperform the market. Our approach What we do What we rely on The value we create At the heart of our approach We actively manage our portfolios through We draw upon six capitals in the management Beyond meeting our income and total return targets four principal activities. of our business model. we also consider the wider value we deliver against is our purpose: creating brilliant places each capital. through conscious commercialism. Investment management We buy and sell assets in line with our investment Financial resources It’s about taking a long-term view, strategy, with a focus on our chosen sectors where Financial capability to run our business 8.1% Year-on-year increase we can outperform the market through our expertise £328.8m seeing the bigger picture, identifying in net revenue profit and critical mass. opportunities for growth, and creating Physical resources Property, plant and equipment we own and use 5.5% environments that are relevant, Year-on-year increase attractive and profitable. Development management in total property value We plan, construct, develop and refurbish to create successful places where our customers and communities Natural resources can thrive. The natural resources that we manage and use 100% What sets us apart Operational waste diverted from landfill • Our expertise and critical mass enables us to achieve competitive advantage and outperformance Asset management Our people The skills and experience of our employees 94% • We believe in placemaking; creating environments We actively manage our assets, working closely with our Employees ‘Proud to work where people can thrive customers to help achieve their business objectives while, for The Crown Estate’ at the same time, increasing the value of our portfolio. • Our best-in-class asset managers work closely with our customers Our know-how Our collective expertise and processes 18 hours • Our approach to regeneration is based on enhancing Property management Average training spaces sensitively, carefully and for the long term per employee p.a. We enhance our investment, development and asset management activities with effective property management Our networks to ensure we address the needs of our customers, partners Our relationships with stakeholders; £2bn and communities. including customers, partners and communities Funds managed on behalf of our strategic joint venture partners Reinvestment into the business Our contribution to Treasury We access capital to invest in our portfolios Our annual net revenue profit is paid to Treasury. via strategic partnerships and the sale of non-core or ex-growth assets. £2.6bn Generated for Treasury in last ten years. Across our £12.4 billion property portfolio we focus on where we have scale and expertise: Central London, Regional Retail, and Offshore Wind. We also have a substantial Rural and Coastal portfolio, and manage the seabed around England, Wales and Northern Ireland. Rural & Coastal Central London Our Rural portfolio extends to 95,100 Within our Central London portfolio hectares of agricultural land and property. we hold almost the entire freehold to We also manage the Windsor Estate and Regent Street and nearly 50% to the just under half of the foreshore around buildings in St James’s. England, Wales and Northern Ireland. 13% 58% Numbers in illustration show proportion of property value (on a proportionally consolidated basis) 2 The Crown Estate | Integrated Annual Report 2016 / 17 Overview Performance Governance Financials We measure our ...which is delivered ...underpinned by progress against our through a well-organised strong governance KPIs… business… and leadership. Read more about how we have Read more on page 63 Read about our Board’s year performed against our corporate on page 56 strategy this year, on page 13 Corporate strategy Finance Investment Operations and systems strategy strategy strategy Regional Retail Energy, Minerals and Our Regional Retail portfolio Infrastructure comprises prime retail and leisure We manage the seabed around holdings across the UK. England, Wales and Northern Ireland, playing an active role in the offshore energy, cables, pipelines and marine aggregates sectors. 20% 9% The Crown Estate | Integrated Annual Report 2016 / 17 3 Performance Perspectives on St James’s Market Our landmark scheme, delivered in partnership with Oxford Properties, has created a new district in the West End.
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