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Annual Report 2016 Cadogan Group

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Annual Report 2016 Cadogan Group CADOGAN GROUP LIMITED ANNUAL REPORT 2016 10 DUKE OF YORK SQUARE LONDON SW3 4LY T. 020 7730 4567 WWW.CADOGAN.CO.UK ANNUAL REPORT 2016 CONTENTS CONTENTS 2 - 3 Directors and secretary 4 - 5 The Cadogan Estate today and our core objectives 6 - 7 Our business model and financial highlights 8 - 9 The Cadogan Estate community 10 - 11 Chairman’s statement 12 - 37 Strategic report 38 - 39 Directors’ report 40 - 41 Independent auditor’s report 42 Consolidated income statement 43 Statements of comprehensive income 44 Statements of changes in equity 45 - 46 Statements of financial position 47 Consolidated statement of cash flows 48 - 68 Notes on the financial statements 69 Five year summary CADOGAN GROUP LIMITED CADOGAN GROUP LIMITED 1 ANNUAL REPORT 2016 DIRECTORS AND SECRETARY DIRECTORS AND SECRETARY LIFE PRESIDENT The Earl Cadogan KBE DL DIRECTORS Viscount Chelsea DL* Chairman The Hon. J H M Bruce* Deputy Chairman H R Seaborn CVO Chief Executive R J Grant Finance Director C V Ellingworth* J D Gordon* F W Salway* * Non-executive SECRETARY P M Loutit REGISTERED OFFICE 10 Duke of York Square London SW3 4LY COMPANY NUMBER 2997357 AUDITOR Ernst & Young LLP 1 More London Place London SE1 2AF 2 CADOGAN GROUP LIMITED CADOGAN GROUP LIMITED 3 ANNUAL REPORT 2016 THE CADOGAN ESTATE TODAY AND OUR CORE OBJECTIVES THE CADOGAN ESTATE TODAY OUR CORE OBJECTIVES The Cadogan Estate includes approximately 93 acres of Chelsea The core objectives and strategies which underpin and Knightsbridge and has been under the same family ownership the management of the Estate are: for 300 years. The aim of the business is to contribute positively to Chelsea and the broader area in which the business operates. We aim to be a force for good in the locality, whether this relates to our dealings with local residents, with tenants, with visitors to the area or with the various authorities, most importantly the Royal Borough, with whom we interact. The foundations of the Estate were established in 1717 when Charles, second Baron Cadogan married Elizabeth Sloane, daughter of Sir Hans Sloane, who had purchased the Manor of Chelsea in 1712. To protect and enhance the Estate’s position as This remarkable part of London has remained under the careful stewardship of the Cadogan family ever since and the tradition one of the world’s leading locations in which continues today under the present Chairman, Viscount Chelsea to live, work and visit. and his father Earl Cadogan who is Life President. This long history provides remarkable foundations upon which to To safeguard its future and protect the portfolio as base a contemporary, forward looking business which responds a long-term investment – creating and maintaining swiftly to the changing needs of our customers and the markets outstanding buildings and environment. within which we operate. The business benefits from the consistent and continuous family ownership which enables it to work within long term horizons. To make a positive contribution towards a sustainable environment and a thriving community. To deliver excellent customer service, aiming to be good neighbours and ensuring that integrity is at the heart of all business decisions. To recruit and retain an exceptionally talented team and to use the best external advisers. Old Chelsea Manor, purchased by Sir Hans Sloane in 1712 James Hamilton’s map of Chelsea 1664 4 CADOGAN GROUP LIMITED CADOGAN GROUP LIMITED 5 ANNUAL REPORT 2016 OUR BUSINESS MODEL AND FINANCIAL HIGHLIGHTS OUR BUSINESS MODEL FINANCIAL HIGHLIGHTS GROSS RENTS OPERATING PROFIT BEFORE CAPITAL ITEMS FIVE YEAR GROWTH OUR PORTFOLIO 7.5% PA £92.6m 2016 • Heritage derived from 300 years of family ownership 2016 £142.7m 2016 £92.6m • Absolute focus on a prime central London location, renowned for long-term prosperity and economic resilience 2015 £129.7m 2015 £82.8m • A well balanced mix of uses and tenants with attractive and desirable 2014 £119.9m 2014 £72.4m properties and a focus on fashion, restaurants and culture • World class leading hotels and the best of international luxury retailers 2013 £117.1m 2013 £77. 6 m 2012 £104.7m 2012 £65.1m OUR APPROACH GROSS PROPERTY VALUE NET ASSETS PER SHARE FIVE YEAR GROWTH • Maintain and develop our buildings to the highest standards 2016 • Curate the area to enhance the mix of uses and tenants 11.6% PA £37.2 • Manage a cohesive estate in a sustainable way placing the community 2016 £5,985.5m 2016 £37. 2 at the heart of our business decisions • Manage the risks faced by the business to achieve a high level of 2015 £5,793.9m 2015 £35.7 operational and financial resilience 2014 £5,175.2m 2014 £30.5 2013 £4,456m 2013 £26.3 2012 £3,875.2m 2012 £21.6 THE RESULT • A business that is widely respected as a leader in its field TOTAL RETURN BALANCE SHEET GEARING • A location that continues to attract exciting new tenants and visitors FIVE YEAR AVERAGE from all over the world 13.9% 2016 • An organisation which is seen as a genuine contributor to the local 14.8% PA community 2016 4.6% 2016 13.9% • A team of people passionately committed to the further improvement of the Estate 2015 17.7% 2015 13.7% 2014 16.9% 2014 16.0% 2013 22.9% 2013 16.3% 2012 12.8% 2012 18.5% 6 CADOGAN GROUP LIMITED CADOGAN GROUP LIMITED 7 ANNUAL REPORT 2016 THE CADOGAN ESTATE COMMUNITY THE CADOGAN ESTATE COMMUNITY Cadogan is an integral part of Chelsea, whose aim is to maintain the local community at the centre of residents and visitors lives, whilst enhancing, supporting Cadogan gardens The Royal Court Theatre Chelsea schools and promoting a wide variety of exciting Cadogan have created and nurtured Energetically cultivates both There are five schools on the community events, local attractions some of London’s most beautiful established and emerging writers, Cadogan Estate with total pupil and activities gardens in the heart of Kensington creating provocative and exciting numbers of c.1,700 providing a and Chelsea performances vital role in engendering a local community feel Duke of York Square Fine Cadogan Hall Pavilion Road food haven Christmas lights Churches in Chelsea The Saatchi Gallery Food Market Cadogan Hall, home of the Royal Following consultation with the local Funded by Cadogan, the Christmas St Luke’s Church is one of four The Saatchi Gallery, a unique and Philharmonic Orchestra, where a lights bring festive cheer to all of Recognised as one of London’s community Cadogan have created local churches supported by exciting space for contemporary art rich and varied programme of our communities finest farmers food markets a retail destination for independent Cadogan musical events is available offering a range of fresh produce artisan traders welcoming a together with an eclectic range of traditional family butcher, a fine international eating experiences wine shop, a bakery and school, a greengrocer and a cheesemonger 8 CADOGAN GROUP LIMITED CADOGAN GROUP LIMITED 9 ANNUAL REPORT 2016 CHAIRMAN’S STATEMENT CHAIRMAN’S STATEMENT 2016 has been an interesting year for Cadogan, and I programme of investment into all parts of the property am delighted to be presenting my statement covering our portfolio. In the last three years we have spent over business and our progress during the year. £330m on the purchase of properties and interests and on refurbishment and redevelopment expenditure on existing In terms of the general economic background, 2016 has assets. This is a most tangible sign of our commitment seen a significant break with the pattern which marked the to London in these uncertain times. recovery from the 2007 – 2008 financial crisis. Fuelled largely by continuing low interest rates With good demand for our properties and loose monetary policy throughout the across all sectors we have been able Luxury retail on Sloane Street developed world, the values of property to convert this investment into strong assets have soared and Cadogan’s recurring rental cash flows, bringing high central London property holdings quality occupiers into the area who are have been a substantial beneficiary. able to refresh our retail offering and sourcing of materials, to improve the level of recycling have some short term impact on economic confidence, In the last five years the gross value of provide new reasons to attract shoppers in waste and to minimise the consumption of energy in but barring a surprise result we would anticipate a Cadogan’s gross property investments and other visitors. those buildings where we have management control. continuation of existing policies. have risen from £3.87 billion to £5.99 billion, an annual average growth rate Cadogan’s involvement in Chelsea goes We are also very conscious of the need to communicate Overall we look forward with cautious optimism. Transaction of 11.6%. back nearly 300 years and this leads well at all times with all constituencies. By being open levels in the property market, both residential and Viscount Chelsea to deep roots in the local community Chairman and transparent we can engender trust in our activities. commercial are down on previous years, and demand In 2016 this growth came to an end. which guide much of our activities today. We have a regular programme of meetings with our retail for commercial space is less certain and more selective Although interest rates generally have We are a large landowner with a significant tenants in all our major shopping locations, we meet local than ever. However Cadogan remains well placed as a remained lower for longer than anyone’s expectations, concentration of ownership in a relatively small part of residents associations frequently and we have a carefully business, with top-quality locations and properties, strong it has been clear for some time that, led by the US, central London.
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