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Integrated Annual Report and Accounts 2020/21 Integrated Annual Report and Accounts 2020/21 Accounts and Report Annual Integrated

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Integrated Annual Report and Accounts 2020/21 Integrated Annual Report and Accounts 2020/21 Accounts and Report Annual Integrated The Crown Estate Integrated Annual Report and Accounts 2020/21 Integrated Annual Report and Accounts 2020/21 HC 311 24814_The Crown Estate_Covers_LayingPages.indd 5 17/06/2021 15:40 The Crown Estate Integrated Annual Report and Accounts 2020/21 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 23 June 2021 HC 311 24814_The Crown Estate_Inside_LayingPages.indd 1 17/06/2021 15:42 © Crown copyright 2021 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 Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available on our website at: www.gov.uk/official-documents Any enquiries regarding this publication should be sent to us at: The Crown Estate 1 St James’s Market London SW1Y 4AH ISBN – 978-1-5286-2646-0 CCS0521560264 Printed on paper containing 75% recycled fibre content minimum Printed in the UK by the APS Group on behalf of the Controller of Her Majesty’s Stationery Office 24814_The Crown Estate_Inside_LayingPages.indd 2 17/06/2021 15:42 CONTENTS STRATEGIC REPORT About this report Who we are 1 An integrated report is aligned p09 with the Companies Act Our year in numbers 2 2006 (Strategic Report and Directors’ Report) Regulations In this year’s report 3 2013. In the opinion of the Board, The Crown Estate’s Our purpose 4 2020/21 Integrated Annual Report is in alignment with Chief Executive’s review 6 the International Integrated Net zero 2030 9 Reporting Council (IIRC) Framework. Our changing markets 10 The Crown Estate Integrated Annual Report and Accounts Our Group strategy 12 2020/21 presented to Parliament pursuant to Our business model 14 NET ZERO 2030 sections 2(1) and 2(5) of Key performance indicators 16 the Crown Estate Act 1961. Ordered by the House of Environmental review 18 Commons to be printed 23 June 2021. HC 311 Social review 24 Financial review 30 To The Queen’s Most p36 Excellent Majesty Business review 36 May it please Your Majesty, Remembering His Royal Highness The Crown Estate Commissioners take The Duke of Edinburgh 45 leave to submit this, their sixty‑fifth Report and Risk management 46 Accounts, in obedience to sections 2(1) and 2(5) of the Crown Estate Act 1961. GOVERNANCE Governance 53 Chairman’s introduction 54 Board Leadership and BUSINESS REVIEW Company Purpose 56 Division of Responsibilities 61 The Accounting Officer’s statement 67 Composition, Succession and Evaluation 68 p18 p24 Audit, Risk and Internal Control 72 Remuneration 75 FINANCIAL STATEMENTS The Certificate and Report of the Comptroller and Auditor General to the Houses of Parliament 82 Consolidated statements Assurance of comprehensive income 88 KPMG LLP has provided Balance sheets 89 independent limited assurance over selected non‑financial Statements of changes in capital ENVIRONMENTAL SOCIAL data highlighted in this report and reserves 90 REVIEW REVIEW with this symbol , using the assurance standard ISAE Statements of cash flows 92 (UK) 3000 and, for selected greenhouse gas data, ISAE Notes to the Group and Parent 3410. KPMG has issued an consolidated financial statements 93 unqualified opinion over the selected data. Where you see these icons KPMG’s full assurance ADDITIONAL INFORMATION statement is available on our website which, together with This directs you to further information online Supplementary disclosures 122 our Reporting Criteria, should be read in conjunction with Ten-year record 124 the assured data in this report: Glossary 125 This points to related information in the report thecrownestate.co.uk/ assurance-reporting 02_IFC_Who_we_are_IFC_p1_v93.indd 6 16/06/2021 17:38 The Crown Estate Strategic report Governance Financial statements Integrated Annual Report 01-52 53-80 81-126 and Accounts 2020/21 WHO WE ARE As active owners and managers of land and seabed, around England, Dating back more Wales and Northern Ireland, we seek to leverage our scale and convening power to make a than 260 years, meaningful difference. This mandate is captured through our new purpose, ‘to create lasting and shared The Crown Estate prosperity for the nation.’ Our purpose is guiding our ambitious is a unique business new strategy which establishes the broad impact we want to have, ultimately delivering a combination with a diverse of financial, environmental and social value for our stakeholders. portfolio that stretches The Crown Estate Act of 1961 established us as an independent commercial business and over the across the country. last 10 years we have generated £3.0 billion for the benefit of the nation’s finances. OUR GROUP Over the last financial year, the pandemic has continued to test the resilience of our business and accelerated the pace of change. During this period we have worked LONDON MARINE increasingly closely with our broad With a portfolio spanning 10 million sq ft, As the manager of the seabed, and half range of customers and in particular we are one of the West End’s largest property the foreshore, around England, Wales those most in need of our support. owners. Comprising Regent Street and and Northern Ireland, we play a key role in around half of St James’s, our offer extends enabling the UK’s offshore wind industry, COVID-19 is one of several factors across the workplace, retail, dining, leisure and facilitate the development of sectors impacting our business, which in turn and residential sectors. Our challenge such as cables, pipelines, CO2 storage, have informed the strategic review is to become an urban renewal leader and marine aggregates. We work in undertaken over the last year. This and support the rebuild of London post partnership with our customers and includes the restructuring of our COVID-19, to ensure it maintains its stakeholders to help the country optimise the relevance as a global city. economic, environmental and social potential business from 1 April 2021 into a of the marine environment, supporting its single Group comprising four Strategic long-term sustainable development. Business Units: London, Regional, Marine and Windsor & Rural alongside a number of Group functions such as Customer, Digital, Innovation and Sustainability. By operating as a Group we can leverage our scale and national REGIONAL* WINDSOR & RURAL* footprint to create value beyond the Our Regional portfolio has a broad range The Windsor Estate extends to over sum of our parts. of assets that includes retail and leisure 16,000 acres and is a working rural estate destinations, as well as industrial and including forestry, horticulture, tourism, business parks. We also have a significant residential and commercial property holding of mixed-use and strategic land activities. We also hold over 125,000 acres opportunities. Our focus is on supporting of farmland across England, and more than economic development through reshaping 50,000 acres of upland and Commons * In this year’s Annual Report our rural and activating our portfolio for the long term. interests across Wales and Cumbria. We are reviewing our rural holdings to holdings are reported as part of assess both its potential for broader value Regional, reflecting the organisational and as an opportunity for environmental structure in the year under review. and ecological best practice. 1 02_IFC_Who_we_are_IFC_p1_v93.indd 1 16/06/2021 17:38 The Crown Estate Integrated Annual Report and Accounts 2020/21 OUR YEAR IN NUMBERS Financial, environmental and social highlights for the year ended 31 March 2021 FINANCIAL Net revenue profit (£m) Net assets (£bn) Total property value (£bn) Total return* (percentage points) Outperformance of our MSCI benchmark on an annualised three-year rolling basis. 269.3 15.2 14.4 5.7 343.5 345.0 15.2 14.4 5.7** 329.4 316.7 14.1 14.3 14.1 13.3 13.5 13.4 13.1 12.4 269.3 2.8 2.5 2.4 1.8 16/17 17/18 18/19 19/20 20/21 16/17 17/18 18/19 19/20 20/21 16/17 17/18 18/19 19/20 20/21 16/17 17/18 18/19 19/20 20/21 *As previously reported ** Includes impact of Offshore Wind Leasing Round 4 Revenue by portfolio 2020/21 Property value by portfolio 2020/21 £486.9m £14.4bn -6.3% (2019/20: £519.4m) +7.5% (2019/20: £13.4bn) Portfolio Revenue* % of whole Portfolio Value % of whole London £228.1m 46.8 London £7.7bn 53.4 Regional £125.5m 25.8 Regional £2.3bn 16.0 Marine £120.8m 24.8 Marine £4.1bn 28.5 Windsor Estate £12.5m 2.6 Windsor Estate £0.3bn 2.1 Total £486.9m 100.0 Total £14.4bn 100.0 ENVIRONMENTAL SOCIAL Year-on-year reduction in Cumulative operational Customer satisfaction rating Employee engagement carbon emissions intensity offshore wind capacity ‘Great place to work’ score 34% 9.61GW 86% 84% (2019/20: baseline year) (2019/20: 9.31GW) (2019/20: 83%) (2019/20: 86%) Carbon emissions avoided Operational waste recycled Outperformance of our Health Number of unemployed people as a result of offshore wind and Safety Incident Severity gaining employment through renewable energy generated Score target our Recruit Regional programme 14.1m tCO 2 73% 19% 88 (2019/20: 13.1m tCO2) (2019/20: 55%) (2019/20: -31%) (2019/20: 154) *Excludes service charge income of £33.9m (2019/20: £44.1m) Independent limited assurance (see inside front cover) Note: All financial figures are presented on a proportionally consolidated basis. Balance sheet-related items are as at 31 March of each year.
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