People should not be using public transport or travelling for anything other than essential journeys. PDF 3.80MB Financial year 2013/14. TfL has been advised by CRL that their latest assessment is that the opening of the central section will not occur in 2020 which was the first part of the previously declared opening window. Crossrail Limited are working to establish any additional impact on funding from the revised schedule. A copy of the 2018 Business Plan is available for download from the Budget and Business Plan page. Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2020. Remuneration of Senior Staff. ?���?��h���{����;o'�t7�DU?AJkD�N!�ӭ�wc�|�pa�M�:4,����]]X������:��,+�< �XP��`���nO�#�u��N8�,6��t��uƾ��ܩ>ژ�����ܘ���ݶ�Vؽ�Uf'`a_q���l�{�E��p���*U�R��%�7˿���}��͵��m�'�����ðڽ��=�z�un�X��3�A �#�x�O˺ ��m�����]��I����ڍU7y1V�_�j��������j�0�a���wX}��q��a56�CU�l��l������JD�߃������1�k�:��?��2dV�۟��_����y��3� ��׊'᫭��wg���mDź�bi����¥�5%��������˟���������m��u�v���E�C�%\�_�7��p2o��q���J��~ۮ��? This remains subject to review and validation by TfL and the Department for Transport ("DfT") as sponsors of the Crossrail project. PDF 876KB TfL Gender Pay Gap Report 2018 summary. h��mo�6�� Over the course of the support period, TfL and DfT will continue to work on long-term funding plans to ensure TfL's financial sustainability over the medium to long term. As announced on 20 November 2019, the approximate reduction in forecast revenues compared to TfL's 2018 Business Plan is still 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. 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. Transport for London ("TfL") announces that, reflecting the downgrade by Fitch Ratings Limited ("Fitch") of the UK's Issuer Default Rating ("IDR") on 27 March 2020, Fitch has placed TfL's IDR on Rating Watch Negative. These are as yet unquantified but will be considered as part of TfL's wider financial planning activities. This paper provides the third document, the IIPAG Annual Report for 201 5/16, which reports on TfL’s delivery of its Investment Programme for the period from April 2015 to March 2016. Transport for London ("TfL") announces that on 22 May 2020, Standard and Poor's Global Ratings ("S&P") downgraded its issuer credit ratings to 'A+/A-1' from 'AA-/A-1+'. Most of these activities have since resumed with special safety measures in place. 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. Fitch will look to resolve the RWN of the UK during the first half of this year, in light of the UK's scheduled exit from the EU. In the context of its £5,000,000,000 European Medium Term Note Programme and the Notes issued thereunder, Transport for London ("TfL") announces that the Mayor of London, Sadiq Khan, has taken up the role of chair of the TfL Board. 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. This assessment has been based on Government scenarios for the impact of the virus on households over a number of weeks. 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). 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. Base Prospectus dated 12 July 2019 (the "Base Prospectus") relating to the Transport for London £5,000,000,000 Euro Medium Term Note Programme. This Committee will include members of the TfL Board and a special representative from the DfT as joint sponsor of the project. TfL announces that following the 2015 Comprehensive Spending Review, TfL has now received a revised funding agreement from the Secretary of State for Transport. Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2016. At the same time, S&P affirmed its 'A-1+' short-term issuer credit rating of TfL. Separately, on 29 June 2016, Moody's Public Sector Europe (Moody's) changed the outlook on TfL from stable to negative and affirmed TfL's Aa2 long-term rating. Tuticorin Alkali Chemicals and Fertilizers Limited (TFL) produces all grades of Soda Ash and coproduces Ammonium Chloride Fertilizer. Item 5 - TfL Annual Report 2015/16. PDF 1.39MB Q2. This has caused an overall operating income loss of around 90 per cent including non-passenger incomes, such as advertising revenue. Transport for London ("TfL") has been significantly affected by the Covid-19 pandemic across its services and activities. Final Terms dated 12 March 2014 relating to the issue by Transport for London of £370,000,000 4 per cent. 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. TfL announces that it has received a revised funding agreement from the Secretary of State for Transport. TfL also remains in constructive discussions with DfT about the funding of the additional costs to complete the railway. IIPAG Annual Report 2015-16 EXECUTIVE SUMMARY This is the sixth Annual Report delivered by the Independent Investment Programme Advisory Group (IIPAG), which was first set up in May 2010. A copy of the Final Terms has been submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM, TfL publishes Final Terms for £130m tap of existing 4% Notes due April 2064. Transport for London (TfL) is acting on the Government's direction in response to the COVID-19 virus that all transport services and travel should now be solely focused on ensuring critical workers can move around as needed. TfL Gender Pay Gap Report 2019 summary. Ian is currently Chief Financial Officer at the Ordnance Survey and was previously the Chief Financial Officer of Eurostar. A copy of the Base Prospectus and the documents incorporated by reference therein have been submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM. The transition of governance will simplify responsibilities. Annual Review 2015-16; Key Policy Themes; Transport, Environment and Infrastructure; Transport, Environment and Infrastructure . 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. 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. 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. 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. TfL's contribution will be £150m. Following the rating action on the UK sovereign, TfL's rating is equalised with that of the sovereign under Fitch's Government Related Entity Criteria. Above this, TfL aims to hold a further £600m for other strategic risks, for example sudden reductions in passenger numbers due to pandemic. This report was published in December 20151. Transport for London ("TfL") announces that, reflecting the placement by Fitch Ratings Limited ("Fitch") of the United Kingdom's 'AA' Long-term Foreign- and Local-Currency Issuer Default Rating (IDRs) on Rating Watch Negative ("RWN") on 20 February 2019, Fitch has also placed TfL's 'AA-' Long-term Foreign and Local-Currency IDRs and 'AA-' senior unsecured long-term rating on RWN. Incremental borrowing by Transport for London from the Public Works Loan Board of £505m (the "PWLB loan"). 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. Read our Budgets and Business Plans from previous years. As part of the arrangements, and given this financing package is designed to support the project to completion, certain existing triggers for exercise of the Put and Call options, allowing for the transfer of the Crossrail Project from TfL to DfT in certain circumstances, will be removed. PDF 901KB TfL Gender Pay Gap Report 2017. PDF 189KB Item 8 - EY Letter on Independence and Objectivity. 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. As a result of the delay in the opening of the Elizabeth line services, TfL will see a reduction in its estimated passenger revenues. This latest assessment by CRL of the opening dates is within the range of modelling scenarios assumed in TfL's 2019 Business Plan. The Funding Package was based on the assumption that the funding shortfall would be £1.6bn for the period 1 April 2020 to 17 October 2020. Transport for London ("TfL") announces today that an additional funding and financing package has been agreed between TfL, the Greater London Authority ("GLA") and Her Majesty's Government for the final phase of the Crossrail project. 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. TfL has supported Government through the coronavirus pandemic and taken measures to reduce the spread of the virus and protect the public, by initially encouraging people to stay at home and avoid public transport unless making critical journeys. TfL expects, based on the work undertaken to date by Crossrail Limited, to open the central section of the Elizabeth line within a six month window with a midpoint at the end of 2020. The joint sponsors of the project have commissioned independent reviews into Crossrail Limited's governance and financing to ensure its projections are robust. Mike Brown, who has been Interim Commissioner since 16 July 2015 following the appointment of former Commissioner Sir Peter Hendy CBE as Chairman of Network Rail, will take up the post with immediate effect. During 2015/16 your 25 Assembly Members were busy being your voice at City Hall. ��STb�ӿ B ωY~B`j;z�F�*����fs-7s4�u0d4��0�9��뀊�i@�`��h`��(fp�l0y6�b1�+B�B-3�l�6y ٨&�3ɬ���IH��8�2�3M�5Hgd|x��D�t��l�WX0|l`��cN�1�N�X��!镣H�3�-�R�2�?� =��M���� � +�� 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� �(,�� Transport for London ("TfL") announces that on 22 May 2020, Fitch Ratings ("Fitch") downgraded TfL's Long-Term Foreign- and Local- Currency Issuer Default Ratings ("IDRs") to 'A+' from 'AA-'. 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 financial impact of the reduction in our services and other business interruption caused by the response to COVID-19 virus is part of the collective national and global fight to control the spread of COVID-19 and to protect the NHS and other critical public services. I also want to talk about the present and look to the future. 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. A copy of the 2014 Business Plan is available for download on the Budget & Business Plan - past years page. We are the integrated transport authority for London. A copy of the Supplement is available for viewing on the Borrowing programme documents page. On June 29 2016, S&P Global Ratings (S&P) lowered its long-term issuer credit rating of TfL to 'AA' from 'AA+'. Mike Brown will continue to act as Commissioner of TfL until he starts his new role in May 2020. It is expected to provide approximately £1.8bn of funding based on the amount of passenger revenue assumed in TfL's revised budget, but this could increase if actual revenues are lower than that. The Department for Transport will provide a short-term loan of £350m to London, which will enable Crossrail Limited to continue its construction work and vital testing at pace to open the Elizabeth line to passengers as quickly as possible. The full implications for TfL will be set out as part of the annual business planning process at the end of 2018. 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'. ?�(b�����0f{��!I�8]����j"D�Y)����J��dހm���㽉<>��5LY����aRkX&- BDLEd� �0��i�Z+� q�*0����8�,PB�Ȱ@k�,���0�[P ��/߽��f|�.�R>.�uZ�K&�C7Y�K����y���ځ6,) WhFii�.����W�YR�E�$���1�qV�4)FEQ����&�q�I�P�����Έ��ٜ}I� �w�O��6��d��@��gn��� f1H���I���"mr��V�4��:嫄�ʻ�o8�___`�f�I�3�fE�+d�'�݇4���Y(-�1m�����4O�6�|Z�x\~[Y�4�`I���6�^��,�_��4�����Ѹ��'���M�յ T]��B�Y���jT\�)�M����d`�MB[,����⿹������Ѥ��}�*�Yq�/�bTl�v>ͪM=�N*Hԏ�\���ę(c�N���zڢ ����,Bh�RT� �53��(�Y��r� �"�������b�dqh(WW��B|���5�G�lA��ޮ�s��G:��u�u������'�q��}W|���5/�? Read the latest news and announcements for investors. The opening date could not be currently committed to and will be confirmed once a comprehensive update to the overall work programme is completed. 19 July 2016 - TfL Annual Report and Statement of Accounts 2015/16. 2636 0 obj <> endobj Over the past few months Crossrail Limited (a wholly owned subsidiary of Transport for London (TfL)) has been reviewing the delivery programme for the Elizabeth line and developing the related cost profile. On 15 May 2020 TfL announced that following a substantial reduction in passenger revenues, a funding and financing support package had been agreed between TfL and the Department for Transport ("DfT"). Transport for London (TfL) has today published its updated Business Plan, which covers the period from 2018/19 to 2023/24. As a result of this, passenger journeys on London Underground have fallen by approximately 70 per cent and are likely to fall further. 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 16.49MB Operational & financial performance: Final results. Andy Byford's most recent role was President and Chief Executive Officer of New York City Transit Authority, where he was responsible for 50,000 staff and devised a $40bn five-year investment plan to renew the city's transport system. Transport for London ("TfL") announces that on 21 October 2020, Moody's Public Sector Europe ("Moody's") downgraded the long-term ratings for TfL to A1 from Aa3 and changed the outlook to negative. endstream endobj 2640 0 obj <>stream Transport for London announces that Steve Allen Managing Director, Finance is stepping down from his role with effect from 1 October 2015 to take up a new position of Chief Financial Officer at HS2 Limited. Subsequently, we have supported the Government's restart and recovery work and guidance on travel as it has adapted to the pandemic. At the same time, Fitch affirmed its 'F1+' short-term issuer credit rating of TfL. PDF 3.91MB Quarter 2. Mike Brown has been TfL's Managing Director of London Underground and Rail since 2010, where he has overseen record performance of the Tube, DLR and London Overground alongside the vital modernisation of the network and customer service. 2652 0 obj <>/Filter/FlateDecode/ID[<3258AA1CE453104281ABAB74A714F18A>]/Index[2636 33]/Info 2635 0 R/Length 87/Prev 398348/Root 2637 0 R/Size 2669/Type/XRef/W[1 2 1]>>stream In this Transport for London ("TfL") confirms that Elizabeth line services through central London are expected to open in autumn 2019. 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. There were 26.6 million daily trips in, to, and from, Greater London, an increase of 1.9% over the previous year. 2 Recommendation 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. TfL and the Department for Transport (DfT), joint sponsors of Crossrail, have worked closely with Crossrail Ltd (CRL) to agree the transition plan to move the project to TfL. Since then, a growing number of firms and individuals have changed their travel behaviour, with greater numbers of people working from home. It reflects the close institutional, operational and financial linkages between TfL and the UK sovereign. TfL's current forecast, based on government scenarios, suggest that this could be a reduction in passenger income of up to £500m. Quarterly progress reports. 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. 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. 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. �y�� We rei To reflect this uncertainty, CRL's cost forecasts contain additional risk contingency provisions. Nevertheless, Fitch has announced that they will reassess TfL's standalone credit profile to determine the impact of the coronavirus outbreak on its finances. TfL 2015-16 Quarter 3 Performance Report www.londontravelwatch.org.uk 8 1 Travel in London TfL‟s annual „Travel in London‟ report records the way Londoners travelled in 2014. endstream endobj startxref Fitch will assess the Government support in light of the severe impact on TfL's operations and analyse how this may mitigate any significant deterioration in TfL's financial profile which may in turn impact its IDR. TfL has agreed with the Department for Transport ("DfT") that the Financing Package will remain in place. 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 10 December 2018, TfL announced a financing package provided by the Department for Transport, the Greater London Authority and TfL to support the final stages of the Crossrail project and open the Elizabeth line to passengers (the "Financing Package"). 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. At the same time, Fitch affirmed the 'F1+' Short-Term IDR of TfL. On 23 July 2020 Transport for London ("TfL") announced that following the Crossrail Limited ("CRL") Board meeting held earlier that day, CRL had advised that the opening of the central section of the Elizabeth line would not occur during summer 2021 and that the cost to complete the Crossrail project was expected to be higher than previously announced on 8 November 2019. 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