A full recruitment for a replacement Commissioner will commence in due course. It is expected that the recovery will take some time and that passenger income will continue to be severely impaired after the strict response measures are gradually eased. The following prospectus has been approved by the UK Listing Authority and is available for viewing: Prospectus dated 23 July 2015 (the "Base Prospectus") relating to the Transport for, London £5,000,000,000 Euro Medium Term Note Programme. TfL's current cash balance of over £2bn is well above the required minimum and allows the initial impact of Covid-19 to be managed. TfL also remains in constructive discussions with DfT about the funding of the additional costs to complete the railway. 2636 0 obj
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The report outlines how each directorate has worked to implement the overall mission of the OPDC, and also includes a summary of annual account and financial performance. This Committee will include members of the TfL Board and a special representative from the DfT as joint sponsor of the project. Journeys on London's buses have reduced by around 40 per cent and are likely to fall further with school closures. PDF 4.51MB Quarter 2. Because of the delay to the opening of the Elizabeth line, a subdued economy and the removal of Government operating grant, TfL is now forecasting to achieve a surplus on its net cost of operations in 2022/23, one year later than planned. The outlook is negative. There were 26.6 million daily trips in, to, and from, Greater London, an increase of 1.9% over the previous year. In recent weeks TfL has been in constructive discussions with DfT in relation to support for the remainder of the year to 31 March 2021 and beyond. Since mid-March, when the Government's lockdown measures to respond to the COVID-19 pandemic were implemented, Transport for London ("TfL") has continued to run a transport service so essential journeys can be made across London. �/�����Ï�eׇ����\r��Ǵ����s��!���\c.����\8 yp�6��y�������N�)����֫�� Ս)2ׯp)8�. PDF 4.02MB Quarter 3. This remains subject to review and validation by TfL and the Department for Transport ("DfT") as sponsors of the Crossrail project. TfL has agreed with the Department for Transport ("DfT") that the Financing Package will remain in place. London Assembly I Annual Report 2015-16 4 “Much of the detailed work this year has focused on supporting vulnerable groups of people.” Policing and Crime (as well as the Metropolitan Police Foreword Jennette Arnold OBE AM Chair of the London Assembly 2015-16 It has been an incredibly busy year at the London Assembly. DfT will continue to be responsible for the funding of the additional Network Rail works. Quarterly progress reports. CRL has continued to work on a plan to drive the Crossrail project to completion and, although some details are still to be finalised, has provided an initial proposal to its sponsors (TfL and the Department for Transport ("DfT")) that indicates the central section of the Elizabeth line opening during the first half of 2022. Tramlink, previously Croydon Tramlink, is a light rail tram system serving Croydon and surrounding areas in south London, England.It began operation in 2000, the first tram system in London since 1952. Crossrail Limited ("CRL") today issued an update on progress to complete the Elizabeth line and confirmed that it plans to open the central section between Paddington and Abbey Wood in summer 2021. It reflects the close institutional, operational and financial linkages between TfL and the UK sovereign. TfL's short-term IDR and senior unsecured short-term ratings of 'F1+' are unaffected. The interim financing of £350 million announced in October 2018 by Her Majesty's Government is superseded by this funding and financing package. 2 Recommendation In addition, as a result of the delay in the opening of the Elizabeth line services, TfL is likely to see a reduction in its estimated passenger revenues. The delay in the opening of the Elizabeth line will have a negative impact on TfL's revenues. As Crossrail Limited continues to refine its plans for completing and opening the Elizabeth line, TfL will continue to assess the potential net impact on its financial position. A copy of the Annual Report and Statement of Accounts is available for download on the Annual Reports - past years page. CRL will continue to review the cost schedule and update its sponsors as appropriate. This latest assessment by CRL of the opening dates is within the range of modelling scenarios assumed in TfL's 2019 Business Plan. A copy of the Annual Report and Statement of Accounts has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. It is expected that all stations on the route will open except for Bond Street which will be delayed because of design and delivery challenges. Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2020. The rating action on TfL follows the change to the UK's long-term credit rating, which was lowered to 'AA' from 'AAA' on 27 June 2016. TfL’s quarterly finance, investment and operational performance reports Quarter 1, 2015/16 The exact future impact is difficult to forecast due to the uncertainty around the evolution of the pandemic and measures taken to prevent its spread. PDF 876KB TfL Gender Pay Gap Report 2018 summary. A more comprehensive update is expected early in 2020. The approximate reduction in forecast revenues compared to TfL's 2018 Business Plan is expected to be between £500m and £750m spread across the next four financial years, with most of the impact forecast in 2021/22 and 2022/23. Annual Reports and Financial Statements. TfL will consider further measures, including budgetary flexibility, to ensure it maintains its financial resilience. Transport for London (TfL) issues an update on how the Covid-19 virus has affected its passenger numbers and how it intends to utilise its reserves to manage the forecast initial financial impact. While these discussions are ongoing, it has been agreed that the existing Funding Package will be extended for a further two weeks and will continue to apply until 31 October 2020. The following final terms (the "Final Terms") are available for viewing: Final Terms dated 22 April 2015 relating to the issue by Transport for London of £400,000,000 2.125 per cent. PDF 4.68MB Item 6 - TfL Statement of Accounts for the Year Ended 31 March 2016. Read our latest Annual Report. Details of the remuneration of the Chairman, executive directors, and senior staff are published in TfL's Annual Report. TfL Gender Pay Gap Report 2019 summary. h�b```�J�� cb�����Ȓ�@M��3�r.e`������q^W^U^V�}����`M�����s�;�g�'fޏ�,�9��ʙ�����g� �Ĵ�/����ȧ��l`���b�vD��`[jh(��No�;K���k&Ξ��쩈tq�����:��S~�M)y�Ԏ� �(,�� h�bbd``b`��@�i.�;H���G�G Any potential financial impact to TfL's passenger revenues will form part of TfL's overall financial planning, alongside Covid-19 financial impacts across its business generally. The action follows the application of Fitch's "Government-Related Entities Rating Criteria" ("GRE") methodology, under which when the assessment of support is strong (as is the case for TfL), the primary driver of the GREs' IDR will be the rating of the supporting government. TfL 2016-17 Quarter 1 Performance Report www.londontravelwatch.org.uk 7 1 Travel in London TfL‟s annual „Travel in London‟ report records the way Londoners travelled in 2014. The statement reports on progress made with the Crossrail project in the past year and sets out that an additional four per cent of funding will be provided to supplement the 2010 funding in order to complete the transformational project. PDF 189KB Item 8 - EY Letter on Independence and Objectivity. During February 2020 TfL's revenue was further affected by three significant storms and a period of prolonged bad weather. Read our latest Budget and Business Plan. The revised schedule is needed by Crossrail Limited to complete the final infrastructure and testing required to ensure the Elizabeth line opens as a safe and reliable railway. The full implications for TfL will be set out as part of the annual business planning process at the end of 2018. In the week commencing 2 March 2020 further reductions in ridership became apparent, coinciding with growing public awareness of the Covid-19 virus, starting with modest reductions in ridership of around two per cent compared to the same period in the previous year. On 8 November 2019, TfL announced that CRL's latest assessment was that the opening of the central section will not occur in 2020, but that the Elizabeth line will open as soon as practically possible in 2021. CRL has further work to do to fully develop its cost forecasts and risk mitigation actions including quantifying the potential savings that could arise from their implementation. The report identifies proposals for the 2015/16 Local Implementation Plan Annual Spending Submission to Transport for London that endeavour to remain close to the Delivery Plan proposals previously identified to TfL while taking into account new information and making provision for a changed approach to 20mph proposals. Prospectus Supplement dated 24 January 2020 (the "Supplement") relating to the Transport for London £5,000,000,000 Euro Medium Term Note Programme. While this work is still ongoing, TfL has been advised following the CRL Board meeting today that the opening of the central section will not occur during the summer 2021 window previously announced on 10 January 2020 and that further time will be required. Your request will be processed by TfL, the Greater London Authority and its subsidiaries to provide you with a response in accordance with the Freedom of Information Act 2000 and our information access policy. Base Prospectus dated 12 July 2019 (the "Base Prospectus") relating to the Transport for London £5,000,000,000 Euro Medium Term Note Programme. S&P put the ratings on CreditWatch negative on 5 September 2018, shortly after the announcement of the delay in opening of the Elizabeth Line. PDF 8.85MB Annual Report … PDF 160KB Financial tables. On 10 December 2018, TfL announced a financing package provided by the Department for Transport, the Greater London Authority ("GLA") and TfL to support the final stages of the Crossrail project and open the Elizabeth line to passengers (the "Financing Package"). The transition of governance will simplify responsibilities. CRL's proposal is not a confirmed opening window and remains subject to review and validation by TfL and DfT as sponsors of the Crossrail project. TfL announces that it has received a revised funding agreement from the Secretary of State for Transport. PDF 3.80MB Financial year 2013/14. We are the integrated transport authority for London. No additional funding has been requested and through appropriate cost control and risk mitigation strategies, delivery can be achieved within the Financing Package. New management joined the Crossrail project in November and has been reviewing the work still required to complete the core stations and tunnel infrastructure and begin the critical safety testing. The current £2.15bn financing package for the Crossrail project was agreed between the DfT, the Greater London Authority and TfL in December 2018 (the "Financing Package"). It presents a funding gap of up to £1.9bn in the first half of 2020/21 and over £3.0bn over the full year. Additional modelling scenarios include a significantly higher level of risk contingency, up to £394m more than the committed funding, and opening later in 2021. Quarter 1 . Prospectus Supplement should be read and construed in conjunction with the base prospectus dated 12 July 2019 (together with the Supplement, the "Base Prospectus"). Read our Annual Reports from previous years. There were 26.6 million daily trips in, to, and from, Greater London, an increase of 1.9% over the previous year. That includes the £300 million already contributed by TfL and the Department for Transport ("DfT") following an announcement in July 2018, leaving an estimated £1.3 billion to £1.7 billion to complete the project. To reflect this uncertainty, CRL's cost forecasts contain additional risk contingency provisions. These are as yet unquantified but will be considered as part of TfL's wider financial planning activities. The latest projections suggest that the cost to complete the Crossrail project (including risk contingency) is expected to be higher than the potential increase of between £400m and £650m above the Financing Package previously announced on 8 November 2019. The rating action concludes the rating under review for downgrade initiated by Moody's on 2 June 2020. There were 26.6 million daily trips in, to, and from, Greater London, an increase of 1.9% over the previous year. The Stable Outlook reflects Fitch's expectation that a single-notch downgrade of the UK sovereign would have no impact on TfL's 'AA-' lDR. In this Any potential material financial impact will be reflected in TfL's 2019 update to its Business Plan, which is due to be published later this autumn. b) a further contingency loan facility with a total value of between £350 million and £750 million will be made available to TfL directly by the DfT, should the higher end of the estimated cost range be realised. Crossrail Limited ("CRL") today confirmed to the TfL Board that it remains on track to open the Elizabeth line within the October 2020 to March 2021 window previously identified, and that no additional funding is needed at this time. Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2019. Ian is currently Chief Financial Officer at the Ordnance Survey and was previously the Chief Financial Officer of Eurostar. On 20 December 2018, S&P Global Ratings (S&P) affirmed its 'AA-/A-1+' issuer credit ratings on Transport for London (TfL) and changed the outlook to 'negative' from 'stable'. PDF 1.39MB Q2. The final annual report on congestion charging provides a perspective on five years’ experience of operations in the central zone (TfL, 2008, Buckingham et al., 2010). TfL 2015-16 Quarter 1 Performance Report www.londontravelwatch.org.uk 7 1 Travel in London TfL‟s annual „Travel in London‟ report records the way Londoners travelled in 2013. The Mayor of London’s Annual Report 2015-16 This document constitutes the Mayor of London’s Annual Report for 2015-16 under Section 46 of the Greater London Authority Act 1999. h��mo�6�� New financing agreement for final stages of the Crossrail Project: Transport for London ("TfL") announces that, after a period of negotiation, the financing package for Crossrail Limited has been agreed between TfL, the Greater London Authority ("GLA") and Her Majesty's Government, allowing completion of the Crossrail Project. The negative outlook represents risks to the institutional framework for UK local and regional governments, and uncertainty arising from the UK's decision to leave the EU in the recent referendum. TfL 2015-16 Quarter 2 Performance Report www.londontravelwatch.org.uk 7 1 Travel in London TfL‟s annual „Travel in London‟ report records the way Londoners travelled in 2013. High-level oversight will be provided by a Special Purpose Committee of the TfL Board, to be known as the Elizabeth Line Committee. At the same time, S&P affirmed its 'A-1+' short-term rating of TfL. The rating action reflects the downgrade by Fitch on the UK's long-term issuer credit rating, which was lowered to 'AA' from 'AA+' and revision of the outlook to negative from stable on 27 June 2016. Crossrail Limited are working to establish any additional impact on funding from the revised schedule. PDF 119KB Item 9 - EY Report on Non-Audit Fees for Six Months Ended 31 March 2016 . Quarter 1. This ensures that decision making between CRL and TfL is seamless and fully aligned during the critical final phases of the programme as the operational testing is undertaken and the remaining parts of the railway are completed and transferred to TfL. Appendices to the Mayor of London’s Annual Report 2015-16 June 2016 . It is expected that, following the opening of the central section, full services across the Elizabeth line route from Reading and Heathrow in the west to Abbey Wood and Shenfield in the east will commence by mid-2022. Tuticorin Alkali Chemicals and Fertilizers Limited (TFL) produces all grades of Soda Ash and coproduces Ammonium Chloride Fertilizer. The Funding Package will provide TfL with a core amount of £1bn for the period between 18 October 2020 and 31 March 2021 ("Support Period") and comprises the following: The above funding amounts assume that the passenger demand over the Support Period will stay at approximately 65% of pre-coronavirus levels. A copy of the Base Prospectus is available for viewing on the Borrowing programme documents page. Above this, TfL aims to hold a further £600m for other strategic risks, for example sudden reductions in passenger numbers due to pandemic. 4 July 2016 - Review of TfL's Credit Rating. With effect from this date, Mike Brown MVO, currently Managing Director, London Underground and London Rail, will be acting Commissioner of TfL, pending a full recruitment process. The Funding Package is based on the assumption that the funding shortfall will be £1.6bn for the period 1 April 2020 to 17 October 2020 and comprises: However, given the uncertainties in predicting demand, if the actual funding shortfall for such period is greater or less than £1.6bn, then the amount of the Grant and the PWLB loan will increase or decrease proportionately, up to a maximum of £1.9bn in aggregate. The Mayor of London, Sadiq Khan and the Board of Transport for London today confirmed the appointment of Andy Byford as London's new Transport Commissioner, following an international recruitment and selection process. TfL and DfT are in discussion regarding how funding of these additional costs will be resolved, while the Financing Package remains in place. PDF 17.19MB Annual Report and statement of accounts 2017/2018. We have also included a short overview of the initial impact of the coronavirus pandemic on our business. %%EOF
Once the central section opens, full services across the Elizabeth line from Reading and Heathrow in the west to Abbey Wood and Shenfield in the east, will commence as soon as possible. DOC.PDF 174KB Item 11 - … TfL and DfT are in discussion regarding how funding of these additional costs will be resolved. Incremental borrowing by Transport for London from the Public Works Loan Board of £505m (the "PWLB loan"). This has caused an overall operating income loss of around 90 per cent including non-passenger incomes, such as advertising revenue. … An opening date within the period outlined by Crossrail Limited is expected to have no material impact on TfL's revenues in the current financial year (2019/20). However, the schedule is subject to further development and includes considering mitigations as part of the ongoing work on the recovery plan and a more comprehensive update is expected in due course. Budget and Business Plan . The plan covers a number of changes compared to the 2017 Business Plan, including the financing agreement with government covering Crossrail Limited's cost overrun and the high level impact of the Elizabeth Line delay on TfL's expected income. The statement confirms an interim financing package between the Government and the Mayor of London. Transport for London ("TfL") announces that on 24 July 2018 Her Majesty's Government issued its Annual Update on Crossrail 2018 by way of written statement to Parliament. TfL also announces that considering these unprecedented events, Mike Brown MVO, Commissioner of TfL, whom TfL announced on 17 October 2019 had accepted another appointment outside TfL, will now continue as Commissioner to lead TfL through the coming months. Since then, a growing number of firms and individuals have changed their travel behaviour, with greater numbers of people working from home. CRL continues its work on reducing the shortfall, while further independent analysis of costs is ongoing. On 21 August 2020, TfL announced that Crossrail Limited ("CRL") had advised that the central section of the Elizabeth line is expected to open during the first half of 2022. As a result of a significant reduction in passenger journeys, our revenues continue to be negatively affected compared to our latest business plan, as is reflected in our revised budget, approved by the Board on 29 July 2020. The rating action on TfL follows the downgrade by Moody's of the UK's long-term issuer rating to 'Aa2' from 'Aa1' and the change of the outlook to stable from negative on 22 September 2017. A copy of the Supplement is available for viewing on the Borrowing programme documents page. Reflecting project uncertainties was appointed Commissioner last autumn, this is an evolving situation and the financial impact difficult. 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