Page 3 - The Land Trust Annual Review 2016-17

Chairman’s Report

The Land Trust is a charity that is committed to
acquiring and managing green space for the benefit

of communities. 2016/17 has seen more land come
under our management, including a significant, 135
hectare, expansion to our Canvey Wick site in Essex and

a number of open spaces associated with new housing
developments. Perhaps most importantly, we have
continued to deliver on our charitable objectives and
have improved how we measure the value that long

term investment in well managed green space
brings to society as a whole. Peter Smith
Chairman

Site Acquisitions on this portfolio were again above 4%, with total investment income
In line with our 10 Year Strategy, this year has seen significant of £5.3 million. This enabled us to manage our sites sustainably,
development of our service charge activities. Whilst we continued to achieve our charitable outcomes. Costs were well controlled,
to acquire a number of sites funded in the traditional way, through with a modest increase in spend on charitable activities.
endowments, this year we have taken on the management The Land Trust ended the year with £145.8 million of funds carried
of the open space around the first 100 residential properties forward, of this £9.2 million was classified as General Funds. During
at Beaulieu, Chelmsford, taking the number of properties in its early years, the Land Trust was reliant on Unrestricted Funds
our service charge operations to 1,800. Shortly after year-end to fund growth. A Reserves Policy was adopted during the year
we also completed agreements with developers at Waverley, and General Reserves are monitored against this. The pipeline
Rotherham and New Lubbesthorpe, Leicester. With a number of new sites is good and projections show that over the coming
of partnerships with developers across Great Britain already in years, the Land Trust will achieve a break-even point in its use of
the final stages of negotiation, I am confident that the coming General Reserves, thereby achieving long term sustainability.
years will see us increase further our management of open space
around strategic residential developments across the country. Trustees
Our role in delivering sustainable green infrastructure, integrating This year Robert Morley, one of the original Trustees, stepped
green space into the built environment and helping to secure down from the Board. Rob had been involved with the Land
not only more housing but better quality environments and Trust for over 10 years, initially as part of the joint venture
better places for people to live, was recognised in the 2017 with Groundwork. His commitment and direction has been
Property Week RESI Awards when our subsidiary Land Trust invaluable and I thank him for his guidance and contribution.
Residential Services Limited won Newcomer of the Year. Last year the Board recognised the need to broaden its skill set
This year we further increased our land portfolio by adding and provide for long term succession. After a very successful
178 hectares across six sites. This brings our portfolio under recruitment process, which saw more than 300 people express
management to over 60 sites and 2,319 hectares (including an interest in the Land Trust, I am pleased to welcome three
the 464ha of Newlands, Revive and Restore Programme new Trustees. With a variety of backgrounds in investment,
sites that we manage). A number of site acquisitions that we sustainability and property, Patrick Aylmer; Janet Haddock-Fraser
had hoped would complete this year have been delayed, and Anthony Bickmore joined the Board in June 2017. Their
but in many cases the legal commitments are in place, so experience and advice will be a valuable contribution to the Board.
we are confident that they will proceed in due course. Over the year we have also received invaluable external strategic
Further details of the achievement of our charitable objectives advice from our Health Advisory Group, led by Trustee Walter
are detailed in the Chief Executive’s Report and can be Menzies. The Health Advisory Group was set up to help us develop
found on our website www.thelandtrust.org.uk. a wider perspective and obtain valuable input into how we might
best develop our sites to deliver sustainable health benefits for
Financial Performance communities that live and work around our green spaces.
Our financial performance in the year exceeded expectations.
Income has increased year on year, to £15.2 million. Funds Acknowledgements
received from acquisitions totalling £7.6 million was more than Finally, my thanks go to the Members, my fellow Trustees, senior
double the level of the previous year. Together with other income officers and staff of the Land Trust for the very real progress we
of £1.0 million and capital growth of £15.1 million, the value of our have made this year.
investment portfolio increased in the year by £20.0 million (including
new investments). Despite political uncertainty, investment returns

the Land Trust Annual Review 2016/17 3