Integrated reporting

Integrated reporting is a concise communication about how an organisation creates value in the short, medium and long term.

Continuing to integrate

Total contribution cover

Our approach to measuring value is captured in Total Contribution, an innovative way of calculating the value of our contribution beyond, and including, financial return.

In this, our fourth integrated annual report, we have continued to build on the progress made so far. We have refined several elements to improve clarity and connectivity, for example our business model, our strategic objectives and connectivity between material issues and risk. In the case of our strategic objectives we have reduced these from six to four, better to reflect our business.

We have given a few examples of Total Contribution indicators in the report which helps us to appreciate the value of some of those activities not normally accounted for in economic terms. Values for many more indicators will feature in a Total Contribution report to be published later this year.

The approach helps to highlight the positive and negative impacts of what we do directly, commission or enable on the land we manage. This has great potential to influence decision-making and further to integrate our thinking.

What’s next

St James's Market

We have delivered another year of market outperformance, enabling us to contribute a record £304.1 million to HM Treasury.

Even though we have come a long way, we know that there is still more to do on our integrated reporting journey to demonstrate clearly how we create and maintain value. In order to provide additional credibility to what we say, we are working to add rigour to our KPI and Total Contribution data collection processes and to ensure that the data is robust. To this end we are gradually transferring the responsibility for all data (not just the pure financial) to our finance function and increasingly receiving independent assurance from PwC for limited assurance or ‘Insight’ on that data and on our Total Contribution approach.

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 2015/16 Integrated Annual Report is in alignment with the International Integrated Reporting Council (IIRC) Framework.

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