Administration and expenditure of the Chancellor's departments, 2008-09 - Treasury Contents



Going for gold target
Current progress

Achieve a revenue contribution to the Treasury of £250 million
We anticipate achieving a revenue surplus target of £200 million in 2009-10; at the half year stage we were ahead of target. The investment strategy which underpins our financial strategy, both of which are reviewed annually, forecasts that £250 million may be achievable by 2014.
Consistently outperform the IPD total return index
We now use an annual (IPD) Crown Estate bespoke benchmark at estate level which reflects the balance of The Crown Estate's assets. Also, the urban portfolios are revalued and analysed quarterly. Over the first half of this financial year they outperformed overall with the breakdown being as follows:

6 month
total return

Regent St

Achieve gold in the Business in the Community (BitC) Corporate Responsibility Index
We plan to make a formal submission to the BitC Corporate Responsibility Index in 2010. Having undertaken a gap analysis in consultation with BitC, we are working through the resulting actions as part of the implementation of our sustainability strategy. As a marker of progress we are working to achieve Silver in the 2010 Index. In September we appointed a Head of Sustainability to take our sustainability strategy forward under the guidance of our Sustainability Committee and embed it within the business. This strategy is based on four key pillars: tackling climate change and energy security, working together, sustaining communities and driving environmental value.
Enter the Sunday Times' list of good employers
We are participating in the Best Companies Accreditation and The Sunday Times Top 100 Companies to Work For survey for the first time this year.
Win more nationally recognised awards
Recent successes include:

  —  Building Public Trust award for annual report and accounts Recognition in the Public Sector for Excellence in Reporting for our 2008-09 Annual Report;

  —  Building Public Trust Award for Sustainability Reporting in the Public Sector for our 2008-09 Annual Report;

  —  Estates Gazette award for National Property Company of the Year, Retail and Leisure;

  —  the Green Award for our Glenlivet estate in the Highlands and Islands Tourism Awards 2009.
Establish a strong and respected customer brand, supported by excellent service from us and our service partners
An internal group has been exploring the means by which high standards of customer focus and management can enhance the business performance of The Crown Estate. We are now working on drawing conclusions from our pilot areas and at the same time we are looking at our internal customer culture—how we work together and with others.
Establish partnerships with other property owners through a flexible approach to investment and disinvestment
Partnering remains a key tool for The Crown Estate to achieve its investment objectives. In addition to our already established relationships with Hercules/Aviva/Lend Lease we are working on further initiatives across our portfolio and hope to make further announcements on progress during the current financial year.
Ensure Crown Estate employees and representatives actively embrace our core values
We use a variety of internal communication channels to highlight our core values, in particular we hold annual (six monthly in some parts of the business) sessions to share information about the achievements and direction of the business and invite questions in an informal setting. The key messages are taken out to our principal service partners at appropriate occasions such as estate conferences. Publications such as our Corporate Plan (internal) and Report and Accounts are also used to reinforce our key messages.
Ensure we are regarded by our stakeholders as indispensable
We work to achieve this in all that we do but we place great emphasis on our relationships with stakeholders. We have developed a stakeholder management system linked to an external relations risk register and a public policy/regulator relations monitoring system. We are about to embark upon a reputational piece of research by Mori.

December 2009

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