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Annual Report and Accounts 2015 The Crown Estate Annual Report and Accounts 2014/15 Presented to Parliament pursuant to sections 2(1) and 2(5) of the Crown Estate Act, 1961 Ordered by the House of Commons to be printed on 23 June 2015 HC 156 © Crown copyright 2015 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications Any enquiries regarding this publication should be sent to us at The Crown Estate 16 New Burlington Place London W1S 2HX Print ISBN 9781474119597 Web ISBN 9781474119603 ID P002731123 06/15 Printed on paper containing 75% recycled fibre content minimum Printed in the UK by the Williams Lea Group on behalf of the Controller of Her Majesty’s Stationery Office The Crown Estate is an independent commercial business, created by Act of Parliament. Our role is to make sure that the land and property we invest in and manage are sustainably worked, developed and enjoyed to deliver the best value over the long term. At the heart of how we work is an astute, considered, collaborative approach that helps us create success for our business and for those we work with. Our vision is to be a progressive commercial business creating significant value beyond financial return. We will work with partners and stakeholders to grow our business, outperforming the market whilst delivering sustainable long-term returns. In everything we do, we are guided by our values – commercialism, integrity and stewardship. Inside this year’s integrated Annual Report and Accounts 2015 Overview Building an integrated The Crown Estate is an Highlights of our performance 03 approach independent commercial Chairman’s statement 04 Chief Executive’s review 06 Three years ago we began to work towards a business, created by Act new vision, which would integrate sustainability Our business at a glance 10 across our business. In order to communicate of Parliament. this we produced our first integrated report Our role is to make sure that the land and What we’ve been doing and set out a three-year plan to improve our property we invest in and manage are Review of activities 12 approach. sustainably worked, developed and enjoyed to deliver the best value over the long term. At the In the first year we outlined our business heart of how we work is an astute, considered, Our markets model and identified the material issues that collaborative approach that helps us create Our markets 34 impact our performance. In the second year success for our business and for those we looked more deeply at our markets and we work with. How we create value improved our understanding of the resources and relationships that sustain our business Business model 38 Our vision is to be a progressive commercial and contribute to our success. In this, our business creating significant value beyond Resources and relationships 40 third integrated report, we have focused on financial return. We will work with partners What is Total Contribution? 42 developing robust measurement indicators and stakeholders to grow our business, Strategic objectives 44 and exploring the broader impact of what we outperforming the market whilst delivering do and how we can inspire change. Key performance indicators 46 sustainable long-term returns. In everything we do, we are guided by our values – Material issues 48 What’s next commercialism, integrity and stewardship. Although we have come a long way, the three About our performance year plan is not the end. It has helped us to Finance Director’s review 50 see how much more we can do to improve our business and become more successful. Managing the business Therefore going forward we intend to: Governance 56 • Demonstrate how our conscious Board Members 58 commercialism leads to a positive impact Management Board 60 for us, our partners, customers and other stakeholders. Governance report 61 Principal corporate risks 78 • Continue to explore how we can measure and opportunities our Total Contribution to inform our decision-making. Statement of The Crown Estate 81 Commissioners’ and Accounting An integrated report is aligned with the Officer’s responsibilities Companies Act 2006 (Strategic report and Remuneration report 82 Directors report Regulations 2013). In the opinion of the Audit Committee, our The detailed financials 2015 Integrated Annual Report and Accounts The Certificate and Report of the 88 is in alignment with the International Integrated Comptroller and Auditor General to Reporting Council (IIRC) Framework. We will the Houses of Parliament continue to evolve our approach to integrated Consolidated statements of 89 reporting. comprehensive income Consolidated balance sheet 90 Consolidated cash flow statement 91 Consolidated statement of changes in 92 capital and reserves Notes to the consolidated 93 financial statements To The Queen’s Most Excellent Majesty Ten-year record (unaudited) 117 May it please Your Majesty, The Crown Estate Commissioners take leave to submit this their fifty-ninth Report and Accounts, in Glossary 118 obedience to sections 2(1) and 2(5) of the Crown Estate Act 1961. Integrated reporting at The Crown Estate http://www.thecrownestate.co.uk/our-business/integrated-reporting/ The Crown Estate’s Total Contribution http://www.thecrownestate.co.uk/our-business/how-we-measure-value/ PwC has provided limited assurance against ISAE 3000 and ISAE 3410 standards for selected key data in 2015. Where you see the A in this report it indicates data has been externally assured. For the full limited International Integrated Reporting Council assurance opinion and our reporting criteria see www.theiirc.org http://www.thecrownestate.co.uk/pwc-statement Overview At the heart of how we work is an astute, considered, collaborative approach that helps us create success for our business and those we work with. We call this conscious commercialism. This is our challenge to ourselves and our commitment to our partners, customers and the community. It challenges us to be enterprising, creating opportunities, finding new and better ways of building success and inspiring change. The Crown Estate Annual Report and Accounts 2015 1 Our integrated approach to business… p m h c rc s ic d er e th r u e gr n t n ro o o d a u y t u u s lu , ro m , g w s e c d a a a h a o l r in n d s c la e n s r O t s ra h k b a e o u ic r a g t s u e t a e e , r r a h p s s u n w m s l d e e o t d io n th n u r a n l a r a o f t p r a f y o . p t l rt tr t e u a o s s o g t c r i p re o t i Working together n s f c a i y e fo m o h s , l p n r d io p e e n a t s iv a a r r d e t ’ t s d e n i s c r r n d e o o e p l u n h r r a a e s m a s e h l o r e r a d l i c r p a o a ia f e s o t s O a t r e c n b s p i e e h t , r s a d f o s i l w s to create value s v s a y a h e i s r h d e r o O h r e r r u d e e c n v w P O a u a w o o e r r k b i n n e Making g n e c Payments e t a Our business model shows the flow fi w p to the Treasury t i f t Our annual net r a positive a o o l m revenue profit f r o is paid to the k r c o t Treasury for s h impact m the benefit e between the resources and relationships p O b of the nation. e u , t s i y t i i t n i v u e l e i s e b a s u d Financial y a . r l t t t i v l n o i i we draw upon resources a n t a a c e n The proceeds la t o v - t s o o a m n v raised from m u g e t t u i s e i n selling property m e g u d u r k n a a r e e are reinvested in o g n e a d m s n r the portfolios. t e t m r u e c - i u c r n r p v m o o i g r f e t R e i e n d c n t a l s o a W e - t o u t m o h l a r d t a e l o i h m l h a e e w n W v b i g s te k a i t t u s a e e s s s a w y, i n d n e t s s i s i n .

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