Chelsea 2030 - 2023 Update

Page 1


Chelsea 2030 2023 Update

Overview

Contributing towards a flourishing and sustainable community has always been central to Cadogan’s strategy and purpose. As a long-term family business, we believe that it is vital to create an equitable and thriving city for future generations.

We launched Chelsea 2030 as our commitment to integrating sustainability into every aspect of the business, setting out ambitious environmental targets to ensure cleaner air and a healthier London, along with a community fund which contributed over £4 million in 2023 towards positive social impact, including a subsidised keyworker housing portfolio, employment and skills support, and care for those who need it most.

The strategy, created with our local stakeholders and community input, peer review and industry analysis, sets out a shared sense of responsibility for the future of Chelsea and ensures that we combine forces with our occupiers, partners and suppliers, which is vital to achieving meaningful change and maximising our impact.

Cadogan’s top environmental priority remains the decarbonisation of our buildings in the race towards a net zero future. The UK’s built environment accounts for 25% of our greenhouse gas (GHG) emissions5 and we are acutely aware of the role that we can play in delivering the necessary reductions. We remain committed to sustainable development and 2023 saw the completion of our flagship scheme, The Gaumont, which achieved a BREEAM ‘Excellent’ rating and includes a 150m2 solar array, alongside 1,500m2 of intensive and extensive green roofs. Construction also began on the Sloane Street transformation project, aiming to create a stunning green boulevard spanning from Knightsbridge to Sloane Square, with a diverse and climate-resilient mix of flowers, shrubs, and over 100 additional trees.

integrating setting out air and a which positive social portfolio, who need it and analysis, sets out a Chelsea and partners meaningful change the towards a net for 25% are delivering the sustainable flagship ‘Excellent’ 1,500m2 of also began aiming to create Knightsbridge to mix of

Creating social value lies at the heart of our commitment to a sustainable future. Our key partner in much of this philanthropic work remains The Kensington & Chelsea Foundation. Cadogan continues to be their Principal Supporter, covering the majority of the organisation’s core costs to ensure that they reach grassroots initiatives across the Borough. In 2022–2023, 143 local projects were supported, reaching 21,029 disadvantaged and vulnerable residents.

Creating social value lies at the heart of our commitment to a sustainable future. Our key partner in much of this philanthropic work remains The Kensington & Chelsea Foundation. Cadogan continues to be their Principal Supporter, covering the majority of the organisation’s core costs to ensure that they reach grassroots initiatives across the Borough. In 2022–2023, 143 local projects were supported, reaching 21,029 disadvantaged and vulnerable residents.

The following pages bring this work to life, reviewing our performance against ambitious targets and outlining both our successes so far and the challenges faced in achieving them:

The following pages bring this work to life, reviewing our performance against ambitious targets and outlining both our successes so far and the challenges faced in achieving them:

decarbonisation programme £90m

1) Environmental Sustainability Carbon Emissions Waste Air Quality Green Infrastructure

community projects fund, including £1.1m annual subsidy of keyworker and community housing £4m+

2) Community Investment and Social Impact

Enhance community cohesion between local stakeholders

Maximise local employment and skills development

Make a measurable improvement to community wellbeing

3) Community Engagement and Customer Commitment

customer satisfaction score, with a Net Promoter Score of 58.2, almost double the industry average 88.6%

Environmental Sustainability

Carbon Emissions

Meeting net zero is at the heart of our environmental strategy – and the art of retrofitting existing buildings will be at the core of this effort for Cadogan.

This will require careful balance of interventions in an area such as Chelsea with historic properties, conservation areas and listed buildings. Work on decarbonisation of our buildings remained a key priority throughout 2023, focusing on reducing energy demand, increasing energy efficiency and renewable energy generation. The phasing out of fossil fuel usage in existing operations – including completely in landlord areas –is a key axis of our Net Zero Pathway 6.

Decarbonising the Portfolio

During 2023, the baseline of a structured decarbonisation programme was established through a series of building surveys, identifying interventions that could make the most material contributions. This has also allowed us to analyse the different models of intervention necessary, according to building type and use. We are adopting a ‘fabric-first’ intervention approach, which means tackling issues such as single glazing and uninsulated walls and roofs, to improve the efficiency of buildings before installing electric heating solutions.

Embodied carbon in construction remains a key area of focus for Cadogan. We continue to target low embodied carbon benchmarks across our developments and take an informed and well-rounded approach towards retrofit. We take pride in our stock of historical buildings with a rich cultural heritage, and continuously invest in future-proofing them and making them fit for a net zero future, whilst also improving their aesthetics and ultimately boosting the competitive positioning of Chelsea as the best place to work, shop and visit. We are learning that each project requires a bespoke approach to be successful, and this means a mixture of retrofit and redevelopment.

Energy Use – Generation and Procurement

In 2023 we renewed our landlord energy contract for both gas and electricity. Despite market pressures in electricity pricing, we continue to procure 100% renewable electricity. The solar array installed at our headquarters in late 2022 exceeded forecasted performance, generating around 21% of our green energy requirements for common areas (just over 70,000kWh of electricity). Two further solar array projects are planned for 2024.

Across our residential portfolio, over 85% of market-let units now have LED lights. This programme is progressing steadily through all residential upgrades, giving confidence that full coverage can be achieved in line with our targets.

Other purchased goods & services 9%

TARGET

Net zero emissions by 2030

Streamlined Energy and Carbon Reporting

CATEGORY

ψ Historical data has been restated where new, more accurate data has been obtained. Refer to the Methodology section on page 56 for more information.

We have obtained limited assurance on 2023 Scopes 1 and 2 carbon emissions (metrics identified with a * in the table).

Energy relating to transport (including business travel) is very low and therefore excluded from the table above, but included in our total carbon footprint (Emissions Data) shown on page 38.

Occupier Collaboration

Working alongside our tenants is key to success: well over half of our carbon footprint is attributed to occupier operations - we can only achieve net zero together. In 2023 we continued to leverage commercial fit-outs to improve energy performance: the proportion of commercial premises rated EPC A and B almost doubled from 16% to 31% in the year.

70% of Cadogan’s commercial leases were green leases in 2023, with tenant-landlord collaboration at their heart and a future-proofing requirement for premises to achieve an EPC rating of B or better. First deployed in 2015, there are now more than 350 green leases across our commercial portfolio.

The proportion of residential properties achieving an EPC rating of between A and C increased from 67% in 2022 to 75% by the end of 2023. We are introducing green clauses in our short-let agreements, which will allow us to collect meter data directly, among other benefits.

Data Collection Enhancements

Quality energy data is fundamental to creating a robust, seamless and evidence-based sustainability strategy: accurate energy consumption figures will allow us both to report improvements in our carbon footprint with confidence and, crucially, to underpin data analytics and tailored recommendations.

With occupier operations forming the largest portion of our carbon footprint, improving data quality in this area is a priority. During 2023, an automated energy data collection system was tested, utilising a national database that contains usage data from all meters across the country. In addition to improved data quality and coverage, it removes the need for any active input on the part of our occupiers, resulting in a more streamlined and efficient process and allowing us to shift our focus from data collection to action.

We continue to invest in this refinement process and in 2024 we aim to move the majority of our occupiers’ energy data away from extrapolation methodologies and into actual data by investing in automation and database access.

Another key improvement area has been our focus on our supply chain data. Traditionally calculated through spendbased methodologies, we have been actively committed to increasing the proportion of actual data directly reported by suppliers. Through our investment in a supplier engagement programme, in 2023, 120 suppliers shared their actual carbon footprint associated with supplying goods and services to Cadogan.

As a result of these improvements, our carbon footprint is becoming increasingly robust. These improvements in data collection methodologies translate to a larger percentage of actual data, which has impacted on the figures set out in the carbon footprint analysis that follows. We expect to observe fluctuations and anomalies attributed to improved data quality and completeness as our methodology evolves –normalising the baseline for this refinement has not been attempted in 2023 but may be needed in the future.

Emissions Data

Emissions Data

We have obtained limited assurance on 2023 Scopes 1 and 2 carbon emissions (metrics identified with a * in the table).

In 2023 our total carbon footprint was 36,183 tonnes, a 5% decrease from the baseline but 6% higher than the previous year. This increase was driven by a combination of access to more actual data, which has shown that our previous estimates may have underestimated baseline emissions, a number of large developments becoming operational during 2023 (including our hotels At Sloane and Chelsea Townhouse) and various property acquisitions on the Estate and in the regional property portfolio. As we collect more actual data during the course of 2024, we may have to amend the baseline in light of this data.

Scope 1 and 2 emissions represent those under our direct control and include fuel that we procure directly. These are approximately 10% of our total carbon footprint and in 2023 were 9% below the baseline. Specifically, we are seeing that landlord procured electricity and gas are around 30% and 1% below the baseline respectively, aligning with our ongoing decarbonisation works. Phasing out of gas for heating remains a key priority.

In 2023 our total carbon footprint was 36,183 tonnes, a 5% decrease from the baseline but 6% higher than the previous year. This increase was driven by a combination of access to more actual data, which has shown that our previous estimates may have underestimated baseline emissions, a number of large developments becoming operational during 2023 (including our hotels At Sloane and Chelsea Townhouse) and various property acquisitions on the Estate and in the regional property portfolio. As we collect more actual data during the course of 2024, we may have to amend the baseline in light of this data.

Scope 1 and 2 emissions represent those under our direct control and include fuel that we procure directly. These are approximately 10% of our total carbon footprint and in 2023 were 9% below the baseline. Specifically, we are seeing that landlord procured electricity and gas are around 30% and 1% below the baseline respectively, aligning with our ongoing decarbonisation works. Phasing out of gas for heating remains a key priority.

We are also observing a consistent reduction in our energy use intensity, which is 5% lower than in 2022 and over 7.3% lower than the baseline.

We are also observing a consistent reduction in our energy use intensity, which is 5% lower than in 2022 and over 7.3% lower than the baseline.

In terms of Scope 3 emissions, the key contributor is occupier operations at 3% below the baseline, but a 6% increase from 2022. There are two main reasons for the increase. The first is acquisitions made in 2023, which account for approximately 2% of the increase. The second is the year-on-year increase in actual data as opposed to extrapolated information which we estimate accounts for approximately 1%.

In terms of Scope 3 emissions, the key contributor is occupier operations at 3% below the baseline, but a 6% increase from 2022. There are two main reasons for the increase. The first is acquisitions made in 2023, which account for approximately 2% of the increase. The second is the year-on-year increase in actual data as opposed to extrapolated information which we estimate accounts for approximately 1%.

Chelsea Theatre Twinning

Through 2022 and 2023, we instructed a comprehensive programme of net zero and energy efficiency surveys across the Estate, informing our decarbonisation works and trajectory towards net zero. Sharing our learnings and bringing the community with us on the net zero journey, we worked with Chelsea Theatre, a community theatre in the World’s End estate, to instruct a similar survey to support their decarbonisation efforts. Not only does the report identify ways to save energy (a significant cost pressure for a community centre and theatre), it also provides a roadmap of intervent ions that the theatre can take over time to reach net zero. Working in partnership with local stakeholders, we are pleased to be able to support our wider community with their environmental goals.

“Cadogan’s Emissions Action Programme was carefully structured so that attendees could develop a holistic understanding of what sustainability looks like for organisations, as opposed to diving straight into the numbers. There were excellent case studies and examples of what best-practice looks like throughout, which was very helpful in providing context to the information. The invaluable support enabled us to successfully calculate our carbon footprint and formulate an effective carbon reduction plan.”

- Rosewood Restoration
Right Sloane Gardens

SME Emissions Action Programme

Our supply chain is a key partner in the transition to net zero: around one fifth of our carbon footprint is attributed to the goods and services we purchase. We began our supplier engagement on emissions in 2022 and have now reached over 120 suppliers.

In 2023, we brought together 25 of our SME suppliers to improve their emissions measurements, set targets and put plans in place to deliver significant reductions. A series of three workshops and two clinics held over a span of five months, alongside a dedicated learning platform and accompanying resources, saw participants from a range of sectors learning how to calculate baselines, set science-based emissions reduction targets and formulate robust action plans by which to achieve these ambitious targets. Our ambition for this programme has been both to reduce our collective carbon footprint, but also to make a meaningful contribution towards decreasing the green skills gap in the wider industry.

“We found the sustainability programme offered by Cadogan incredibly helpful. It was invaluable to have experts break down sustainability concepts, provide templates to help us capture our data and be there for support and guidance. As a company, we have a much greater understanding of the steps needed and have formed our first sustainability action plan which we are really happy about!”

- Polar Black Events

CASE STUDY

Cadogan Hall LED light replacement

Reducing landlord electricity consumption

Stage lighting is critical in the operation of a performance space, playing a key role in artistic delivery and audience experience.

Summer 2023 saw a project at Cadogan Hall to replace 71 highenergy-consuming halogen stage lights with modern and energyefficient LED lights. Highly aware of the sensitivities any changes could make on performance and atmosphere, the LED units were selected to provide like-for-like, balanced coverage and offered a significant reduction in energy use, resulting in a 16% reduction in total electricity consumption. Furthermore, LEDs operate without generating waste heat, a typical byproduct of traditional halogen systems.

CASE STUDY

The Gaumont

Adapting to rapid decarbonisation of the electricity grid

Rapid changes in the energy and sustainable building design landscape often affect buildings that are already under construction – designers, developers and contractors need to adapt and to take decisions that can affect a project on multiple levels.

Originally designed in 2015, The Gaumont included a gas-fired Combined Heat and Power unit (CHP). Since then, the carbon intensity of grid electricity has almost halved, making electrically led solutions more favourable than gas. Given these developments, the design and contractor teams weighed the benefits and costs of changing the gas-led approach with an electrical one. The proposed solution replaced the CHP with a Water Source Heat Pump (WSHP) in combination with a smaller Air Source Heat Pump (ASHP). This decision had to be made during construction, and the impact on project programme and cost were weighed against the anticipated carbon emission projections. Analysis showed that impact on the construction programme would not be major, whilst installation costs were expected to increase. Carbon savings from the electrically led solution would be significantly higher from day one of the building operation and continue to decline, taking advantage of the continued decarbonisation of the electricity grid. The change was implemented and has future-proofed the building’s operation.

Above CGI of the rooftop restaurant at The Gaumont
Left National Symphony Orchestra of India perform at Cadogan Hall

CASE STUDY

Sloane Street transformation

Development Emissions: Embodied Carbon Considerations

A significant public realm project of this nature uses large quantities of materials such as asphalt and concrete. An assessment was carried out during the early project stages that investigated the impact of replacing conventional asphalt and concrete materials with alternatives that have lower embodied carbon, such as low temperature asphalt (manufactured at lower temperatures, therefore using less energy) which achieved a reduction of around 45 tonnes of CO2. Specifying higher recycled content in the cement of the concrete used achieved similar levels of reduction. A 13% reduction in embodied carbon emissions has been achieved by investigating and implementing alternative material uses for this public-realm project. The resulting embodied carbon intensity of the project was around 27.5kgCO2/m2, in line with best practice figures assessed and reported by the UKGBC.

7 NABERS UK is an adaptation of the highly successful rating programme

‘National Australian Built Environment Rating System’ and provides a rating from one to six stars for offices

CASE STUDY

30-33 Sloane Street

Development Emissions: Sustainable Design and Embodied Carbon

The development at 30-33 Sloane Street will deliver office and retail space of the highest specification, adhering to exemplary standards of sustainable design and construction. The office spaces are targeting a BREEAM Outstanding rating, with retail aiming for a minimum of Excellent. A NABERS UK7 Design for Performance energy rating will also target five Stars.

Relevant to embodied carbon, a full building Life Cycle Analysis (LCA) was carried out to assess the performance of the proposals, both at early design stages and at Stage 4. Solutions currently being considered include concrete with a minimum of 50% recycled content, timber-framed windows, R32 refrigerant and recycled content in the steel reinforcement rebar. The resulting performance is estimated at a range between 590-520 kgCO2/m2, aligning with current best practice performance8. The existing historic façade will be retained, driven by heritage considerations and a saving of approximately 28 tonnes of CO2 in embodied carbon, compared to an equivalent new façade.

8 As per Low Carbon Energy Initiative’s (LETI’s) Embodied Carbon Target Alignment, current best practice performance is considered to be a ‘C’ rating’, equivalent to <600kgCO2/m2 for offices and <550 kgCO2/m2 for retail

Operational Waste

The Estate continues to deliver on its promise to send zero operational waste to landfill. Recycling rates are also being boosted and have reached 54% (47% in 2022). This includes food waste, which is treated in a PAS 110-certified anaerobic digestion facility, with any remaining general waste sent to an Energy from Waste facility.

One of the recommendations from a survey of local businesses (see ‘Air Quality’ for further information) was the consolidation of services to reduce the number of service trips. To this end, we have continued to bolster the number of commercial occupiers using waste consolidation points on the Estate. Specifically, we continue to expand the range of associated waste stream offerings and support at Pavilion

Road, resulting in an immediate increase in recycling rate from 47% to 51%, with clear further opportunities to improve operational efficiencies at the service yard and appropriate separation of waste. Separation of food waste from general waste remains a challenge, and through reviewing signage, bin set-up and our tenant engagement approach we continue to see lower contamination rates.

The Sloane Street waste consolidation point continued to operate during 2023. We added further occupiers to these rounds, with the e-cargo bike now supporting bag deliveries and collections for over 80 Cadogan occupiers, reducing emissions by 36% per collection when compared with an average HGV.

Construction Waste

The construction industry has made considerable progress in waste management, especially following the introduction of Building Sustainability Certification Schemes, such as BREEAM9. These certification schemes have placed emphasis on the environmental impact of construction, and projects and contractor teams that are able to document and demonstrate controlled reductions in this area are awarded credits that result in the project being awarded a higher BREEAM rating – a testament to the building’s environmental credentials, not only in design but also throughout the construction process. During 2023, four Cadogan development projects were at various stages of a BREEAM Assessment. Data collected for these projects and our construction and fit-out projects across the Estate shows that the majority (94%) of materials were recycled and 4% were reused, mostly offsite.

TARGET

Zero non-hazardous waste to landfill and 90% recycling or reuse by 2030

CASE STUDY:

Sloane Street, reusing materials

Material reuse is the best way to eliminate construction waste, but generally more challenging to implement at scale, due to limitations with timing and material quality. This year we successfully reused block paving removed as part of the Sloane Street transformation works. Approximately 1,200m2 of paving stones removed to facilitate the excavation works were salvaged for reuse in Sloane Square, while some of the paving has been used elsewhere in the borough for maintenance works.

Air Quality

In order to improve air quality monitoring and contribute to greater understanding of air quality patterns, causes and improvements in London, we sponsor two air quality monitoring stations located on Sloane Street and Sloane Square as part of the BreatheLondon network.

BreatheLondon is run by the Environmental Research Group at Imperial College, whose vision is to combine air pollution science, toxicology and epidemiology to determine the impacts of pollution on health. Data collected by this sensor network monitors PM2.5 particulate matter and Nitrogen Oxide levels; this data is publicly available and can be accessed by communities wanting to advocate for healthier local environments.

Our goal is to help to create a robust dataset of air quality metrics in Chelsea, that can be used to monitor and report on progress of initiatives targeted at improving local air quality.

Freight and logistics survey

In early 2023, we completed a comprehensive survey of 250 of Cadogan and King’s Road Partnership (BID) businesses to gather a detailed understanding of freight and logistics trips in the local area and to highlight key opportunities for reducing vehicle movements and emissions. The survey’s aim was to gather data on the type and number of freight and logistics trips and the issues businesses face in this area. Key insights included:

• Businesses generally receive daily delivery/service visits - approximately 22,600 monthly drops/pickups

• Most deliveries are either stock or food and drink and almost all inbound deliveries (96%) are completed by a van, car or HGV

• Notably, fashion retailers and restaurants received the most inbound deliveries of all the business types

The data analysis was then consolidated into a series of recommendations and initiatives that could result in reduced local congestion and associated air pollution. These included further consolidation of waste collections, use of cargo bikes, the development of a ‘preferred supplier scheme’, a consolidation hub for deliveries of non-perishable goods, lockers for deliveries of small parcels, as well as a supplier engagement and communication plan. These are some of the initiatives that are currently being progressed and evaluated in partnership with the local Business Improvement Districts to assess the value and applicability of implementation and the impact on local air quality.

TARGET

Supplier consolidation, zero-emission transport and EV charging infrastructure by 2030

Water

Reducing water usage remains one of the most challenging Chelsea 2030 targets, as the vast majority is consumed by our occupiers and therefore outside our direct control.

However, as a scarce resource under growing pressure from climate change, addressing water usage to achieve reductions is becoming increasingly crucial.

Total water consumption recorded in 2023 was 343,949m3 and 25% below the baseline10. 2023 was a particularly wet year, meaning that less water was used for watering our green spaces and this factor could account for a portion of the observed decrease. We have also observed a large reduction in construction water use with the completion of The Gaumont.

Cadogan has an ongoing dialogue with its key suppliers and contractors to encourage the use of more waterefficient equipment on site. In addition, we are still piloting water audits, delivered free of charge to our occupiers.

Finally, we have carried out feasibility work and plans for a large rainwater harvesting tank to collect water from the roof of our gardening complex to support irrigation, which will be installed in 2024.

10 When evaluating these trends, it should be taken into account that the quality of water data available across the industry is not as sophisticated as energy data capture and gaps are very common.

TARGET 50% reduction in mains water consumption by 2030

CASE STUDY

Duke of York Square fountains

The fountains at Duke of York Square, especially popular with our younger visitors, use recirculated water to ensure that water consumption is minimised. The water fired through pavement jets is engineered to fall back to a concealed underground chamber beneath each fountain, before gravity pulls it back to holding tanks in each plantroom ready to be recirculated. A sand filtration set and chemical monitoring and dosing system ensures that the water quality is maintained.

Green Infrastructure

The Estate is situated in one of the most heavily urbanised areas of London. Faced with increasing urbanisation putting pressure on local natural ecosystems, Cadogan is seeking to redress this balance through considered and informed planting and green infrastructure management, alongside educational outreach.

This has led to a 13.1% increase in our urban greening factor from the baseline. We continue to review and implement recommendations from biodiversity surveys conducted in 2022 to assess our baseline and to make recommendations for appropriate ecological advancements.

Various projects have been undertaken in our gardens and squares in this regard, including extensive groundcover planting spanning over 100m2, as well as some experimentation with wildflower meadows. In addition, four further ponds have been installed in Cadogan Place North and South gardens. One pond which has proved to be particularly successful has consequently been expanded to cover 25m2. These ponds have brought further insects and wildlife to the garden, including an uplift in the local dragonfly, frog and toad populations.

CASE STUDY

The Gaumont, sedum roofs and extensive green roofs

The Gaumont redevelopment project incorporates 490m2 of intensive rooftop greening and 1,100m2 of extensive sedum roofs. The intensive green roof will feature a planting mix representing a variety of species. Not only will these green roofs contribute to local biodiversity, but they will also assist with rainwater retention and infiltration.

TARGET

Increase urban greening factor by 25% by 2030

Sloane Street public realm

In early 2023, construction began on an ambitious project aiming to create a stunning green boulevard spanning from Knightsbridge to Sloane Square. Cadogan’s £46 million investment includes significant pavement widening, along with a magnificent planting scheme, elegant street furniture and enhanced lighting while subtly ‘designing in’ additional security measures, to create a more welcoming environment for pedestrians.

The planting scheme, overseen by Chelsea Flower Show multiple medal winner, Andy Sturgeon, has started to take shape, with a diverse and climate-resilient mix of flowers, shrubs and over 100 additional trees. Many species have been selected with low water demand, while the diverse selection of plants will provide year-round food and shelter for a wide range of insects and birds. A large proportion of the selected plant species have been chosen for their high supply of nectar and pollen sources for bees. Once the project is complete, we intend to introduce a robust maintenance regime to Sloane Street that will ensure the successful establishment of a mature, durable and attractive landscape for residents, visitors and wildlife.

CASE STUDY

Bees and biodiversity

Our honeybee population and accompanying green infrastructure was boosted in 2023 with the installation of two further hives in Cadogan Place North, in collaboration with a well known Sloane Street retailer. Aligned with biodiversity survey recommendations, Cadogan has reviewed and is increasing the quantity of pollinating plants in the area. This includes a thyme lawn and planting of Echium russicum in Cadogan Place North garden to suit the warm microclimate, and many other native and near native species are being grown for trials on the Estate over the next couple of years.

Community Investment And Social Impact

Enhance community cohesion between local stakeholders

Despite being a highly affluent borough, nearly 1 in 4 (23%)11 of Kensington and Chelsea neighbourhoods are among the poorest in England and Wales. We share The Kensington + Chelsea Foundation’s vision of a borough where everyone has the opportunity to live happy, healthy, fulfilled lives and support their mission to tackle the most vital issues in the community around education, health and employment.

The Foundation remains our key partner in much of this philanthropic work. Cadogan continues to be their Principal Supporter, covering the majority of core costs to ensure that they reach grassroots initiatives across the Borough. In 2022-2023, 143 local projects were supported, reaching 21,029 disadvantaged and vulnerable residents.

In addition to our direct financial support, we have created an Endowment Fund to encourage all residential and commercial occupiers joining the Estate to donate and support the neighbourhood of which they are becoming part. The Fund seeks to address local socio-economic disparities, with a particular focus on educational attainment and employment skills, health inequalities and social isolation. This is under further consideration for 2024, to ensure that we maximise this opportunity to create a lasting positive legacy that supports our local community.

Much of our strategy for delivering social value is framed around creating inclusive and accessible spaces while supporting Chelsea’s long pedigree as a place of creative culture, which together encourage meaningful connections with the area and each other.

Community Housing

Cadogan has a long history of social housing provision, and we commit over £1.1 million each year to subsidise affordable, community and key worker housing – ensuring that many people, including teachers, nurses and police officers, can afford to live at the heart of the community to which they make a valuable contribution.

“It makes a huge difference to live a short distance from the hospital when I come back exhausted between shifts. I received a very warm welcome from Cadogan and love living in Chelsea, with everything I need on the doorstep and beautiful walks along the river to clear my head!”
Nurse, Chelsea and

Westminster Hospital

11 Source: 2022 - 2023 KCF Impact Report.pdf (thekandcfoundation.com)

“Living here means I truly feel part of the local community and I can feel its ‘energy’my work is a huge part of my life and it’s important for me to be here in the centre of things. Chelsea is beautiful, thriving and vibrant, I love the neighbourhood and all it has to offer.” Local teacher, Holy Trinity Primary School

Accessibility and Public Realm

We are committed to high standards of accessibility and inclusivity. In partnership with AccessAble, one of the UK’s leading providers in accessibility information, we offer up-todate, detailed access guides to each of our destinations, making crucial information available to visitors so that they can get the most out of their visit to Chelsea.

We believe that the space between buildings is as important as the property itself and are continually investing in extensive public realm improvements. Following the recent completion of Pavilion Road as an artisan ‘village’ and community hub, we are underway with the transformation of Sloane Street as a greener ‘boulevard’ from Knightsbridge to Sloane Square, as well as the creation of Chelsea Manor Street as a new destination focused on delivering creative uses for the local area.

The Cadogan Charity

The Cadogan Charity is managed by the Cadogan family, separately from business operations, and has continued to grant donations to both local and national charities – over £13m over the last five years – to causes including London’s Air Ambulance service, The Children’s Trust, Wellbeing of Women, Glassdoor, Prince’s Trust and Alzheimer’s UK, in addition to national cultural icons such as the Natural History Museum and Royal Hospital. In addition, the family also supports and chairs the London Playing Fields Foundation, which transforms lives through sport and

physical activity by protecting and promoting London’s playing fields, running social inclusion projects and directly managing several grounds across the capital. As a shareholder of the business, 4.15% of Cadogan profits go to the Cadogan Charity, totalling over £1.5 million in 2023.

Community Events programme

Our programme of over 60 complimentary events for the community this year were enjoyed by many thousands of people and included a Coronation Street Party on the King’s Road, the Artisan Chelsea series as part of London Craft Week, Chelsea in Bloom floral festival, London Fashion Week celebrations and weekly food market and running club. The annual Chelsea Awards returned, hosted at The Royal Hospital, to celebrate and reward those who contribute so greatly to Chelsea’s unique character, with hundreds gathering to see awards made for categories including ‘Community Hero’ and ‘Cultural Champion’.

Cadogan once more hosted the ‘Big Sleep Out’ in 2023 to support local charity Glassdoor, providing targeted and long-term transitional help for the homeless. This one night in October alone resulted in nearly 120 supporters gathering and raising over £100,000 for the charity.

CASE STUDY

Chelsea in Bloom

Our flagship event extends the Chelsea Flower Show out into the local community. 2023 saw the theme ‘Flowers on Film’ celebrate the neighbourhood’s creative and botanical heritage with enormous floral installations capturing the likes of Mary Poppins, Jurassic Park and The Lion King and 94 businesses competing with showstopping displays to win the coveted awards. It drove the highest footfall ever recorded to the area, sales akin to the Christmas trading peak, a press reach of over four billion and 30 tonnes of recycled petals sold by The Confetti Club to benefit cancer charities.

Socially positive retail, Pavilion Road and Chelsea Manor Street

In 2016, in response to community feedback after thorough local consultation (and despite planning policy which favoured residential accommodation), we created a ‘village high street’ on Pavilion Road. Previously comprising service access, garages and a busy vehicle cut-through parallel to Sloane Street, the area had poor air quality and contributed little to the local community. Our aim was to create a neighbourhood destination which enhances Chelsea’s village feel and provides independent, artisan food shops, becoming a part of daily life and creating a vibrant and bustling hub. Over the following years, we worked with the council and community to deliver this, with a butcher, cheesemonger, baker and fishmonger alongside other food stores, cafes and restaurants generating over 100 new jobs, it was recently voted one of the top three streets in Britain in a competition organised by ‘Create Streets’ and this year won ‘Best Lifestyle Street’ in the London Lifestyle Awards. Cadogan conservatively spends c. £0.8m per annum on maintaining this approach through rent foregone, which translates to over £18m of total value if the street were let to high end retail at usual rates. A new destination is currently in planning at Chelsea Manor Street, focusing on a ‘creative cluster’ to strengthen the King’s Road as a place for creators, innovators, musicians and artists, which will follow the same strategy of subsidised accommodation to nurture creatives back to the King’s Road.

CASE STUDY

Community connections

Cadogan has a great capacity to bring people together through our events programme and broader connections. These have been put to good use with a new ‘Knit & Natter’ initiative in partnership with Peter Jones, inviting local people to come together and knit for good causes. Likewise, Cadogan supports the ‘Songs & Soup’ community choir at Holy Trinity Church, providing unsold bread and pastries from Bread Ahead, which would otherwise be thrown away. SMART London (a local charity supporting those with mental health challenges) uses our Greenhouse to grow fruit and vegetables for use in their community café. All of these initiatives focus on bringing people together to tackle loneliness and enrich residents’ sense of belonging.

CASE STUDY

Chelsea Art Society Summer Exhibition

Founded in 1910, the Chelsea Art Society is the oldest of many art groups that flourished here around the beginning of the 20th century. Rossetti and Turner began the trend to settle in Chelsea in the mid-19th century, followed by Whistler, Sickert, Augustus John and John Singer Sargent. Amongst the group was Sir James Dromgole Linton, a frequent exhibitor at the Royal Academy. He chose Chelsea as the place to found an art group to exhibit annually. Their annual Summer Exhibition, open to both established and amateur artists, continues to be held at Chelsea Old Town Hall. Cadogan supports the exhibition each year and in 2023 hosted a private view and auction, raising over £18,500 for the Kensington + Chelsea Foundation.

Maximise local employment and skills development

The Royal Borough of Kensington and Chelsea contains one of the most diverse communities in the country, with the second largest wealth gap in the UK and a quarter of working residents earning less than the London Living Wage.

Five and a half thousand local people are currently unemployed in the Borough, yet wanting to work12 and this has driven our decision to invest in supporting local recruitment. In 2020, we created the role of ‘Employment Opportunities Coordinator (EOC)’ – jointly funded in partnership with RBKC – a position dedicated to working proactively with local businesses to support their recruitment requirements. The aim is to create opportunities for local residents (including marginalised communities, young people and the long-term unemployed) by understanding the needs of individuals and employers and finding creative ways to bring them together.

This includes sourcing, screening and preparing candidates for local available roles, supporting businesses to improve their recruitment processes to be more inclusive and meet best practice, organising and delivering recruitment activities to connect residents with roles, and facilitating training programmes to upskill residents to meet job demands.

In 2023, the programme engaged over 300 residents, supporting their career aspirations, CV development and interview skills and led to 37 people, many of them long-term unemployed, successfully placed into work – bringing £757,79713 to the economy. In total, 97 candidates were submitted for roles after initial screening and interview preparation (working with 26 partners, including Job Centres and specialist charities).

Over 200 employers have also been supported through helping to improve their recruitment criteria and processes.

“The

EOC has been able to translate our needs into a sourcing strategy which in turn yielded us a new pool of candidates. In a short period of time, the EOC found the right candidate for one of our vacancies. His

prompt attention, consistent follow up and the quality of candidates, gave The Passage the confidence much needed in a difficult job market.”

Head of People Services, The Passage

In addition, working with the Kensington and Chelsea Foundation, Cadogan continues to sponsor a dedicated case worker through the St Giles Trust ‘SOS Programme’. This charity uses expertise and real-life past experiences to empower and engage people held back by poverty, exploited, abused, dealing with addiction or mental health problems, or caught up in crime. Over the past year, this case worker has provided intensive mentoring and support to young people to help them move away from criminal exploitation, serious youth violence and criminal activity. He has also supported young people to address the wider issues they may be facing and help them find alternative pathways. In 2023, he has worked with 51 children and young people directing them towards positive pathways and away from criminal activity and exploitation.

12 July 2022-June 2023, nomis, Official census and labour market statistics: https://www.nomisweb.co.uk/reports/lmp/la/1946157252/subreports/einact_time_series/report.aspx?

“ The EOC was a pleasure to work with. He contacted us at the right time when we were looking for a Sales Assistant. Through a simple process, he sent me a few CVs to look at and interview, he had already reviewed our situation and only sent suitable candidates that he knew could work. Very pleased and almost a year on we still have a lovely new person working with us. Thank you so much again.”

Sloane Street retailer
The Earl Cadogan visits St Giles Trust SOS Project
13 Measured through government’s Social Value Portal National TOMs Framework (2021 & 2022), securing employment for one previously long-term unemployed person is worth £20,481 to the economy through avoided benefit payments, increased tax income and savings to the NHS (NT3).

Cadogan is committed to paying at least the London Living Wage and supporting local upskilling in all businesses (including our leisure and hospitality operators) – we have also set this requirement for all suppliers and contractors. Development contractors on our major sites have themselves appointed four apprentices, employed four local residents, upskilled ten people, held six site visits for local schools and held workshops in two schools in this year alone.

We support greater diversity in the property industry through participating in the Pathways to Property programme run by the Reading Real Estate Foundation, offering work experience and guidance to young people who might not otherwise have access to such opportunities. Cadogan has also created a bursary through the Worshipful Company of Chartered Surveyors, funding a student from an underprivileged background through their Real Estate degree and providing support and guidance along the way, including work experience with the team in the Cadogan office.

The Estate took on an Apprentice Gardener in September 2022 on a two-year fixed term – supporting them through their studies and enabling them to learn a new trade. This initiative aims to keep the tradition of urban estate horticulture thriving and provide a route to training that would be otherwise unavailable.

“ l would like to thank you for all the support you have given me in getting back to work. I can now start to put my life back together and l am truly grateful.”
RBKC
and
“The economic crisis is exacerbating the vulnerabilities of St Giles’ clients, as criminal gangs seek to exploit the increased pressure that young people feel to contribute to their household income. Being able to support directly with food and emergency funding relieves clients from that pressure and enables them to turn towards positive activities.”
St Giles Trust
resident, formerly unemployed
now Receptionist at the Fraser Suite, Kensington

CASE STUDY

Sector-based work academies

In addition to the Employment Coordinator role, Cadogan works with RBKC to develop and deliver sector-based work academies to tackle systemic employment challenges in the borough – offering targeted training to a specific group of candidates, upskilling them for work in a sector needing support.

In 2023, this included specialist hospitality training school Saira, enlisting six local hotels to support, participate in and interview the 25 school graduates. Responding to the recruitment challenges faced by luxury retail, a luxury retail customer service training course is now being developed for 2025. Following the success of the first school, the second will be entirely funded by RBKC but will have participation from Cadogan’s luxury occupiers.

“We liked the idea of bringing people into our properties who did not have a traditional hospitality background and who would not otherwise have had this opportunity.

Saira Hospitality has been an inclusive way of bringing people into our sector from outside the industry.”

Sloane Club

Make a measurable improvement to community wellbeing

With particular emphasis on the health and wellbeing issues affecting the local population, Cadogan focuses on creating healthy spaces and supporting community wellbeing.

The connection between the physical environment and health is well established. Air quality and access to green spaces is key to supporting a resilient and thriving community – both of which are addressed in our targets. Our development standards include the recommendations of FitWEL and WELL healthy building standards14, enabling us to target full certification in conjunction with occupiers.

In 2023, Cadogan created opportunities for hundreds of people to take part in activities benefiting their health, including school and community use of the Duke of York Square running track for sports days, running clubs, yoga and walking tours. We also continued to support SMART London’s provision of mental health support through gardening – offering use of our greenhouses to grow seedlings to sell and food to use in their café. SMART London gives local, vulnerable people the opportunity to develop skills, build connections and enjoy light exercise in a nurturing environment.

Through the Cadogan Charity (a shareholder of the business and run by the Cadogan family), we support the London Playing Fields Foundation – chaired by The Hon. William Cadogan – which transforms lives through sport and physical activity by protecting and promoting London’s playing fields, running social inclusion projects and directly managing several grounds across the capital.

Cadogan Hall

Cadogan transformed a disused place of worship into a world-class music venue in 2004, to create a community gathering place, safeguard a characterful building and celebrate Chelsea’s artistic and musical heritage. We continue to subsidise the maintenance and running of what is now one of London’s leading concert venues and home to the Royal Philharmonic Orchestra, as well as a lively programme of theatre and debate.

Cadogan Hall presented over 300 live performances in 2023, attracting over 170,000 attendees. An array of orchestras, artists and ensembles from all corners of the globe were welcomed to Chelsea, highlighting a commitment to providing a diverse and inclusive space for performers and patrons alike and celebrating the power of live performance. While reinforcing London’s status as a thriving global centre for arts and culture, the Hall remains committed to supporting its community. This includes an Access Scheme designed for individuals with physical, sensory or cognitive disabilities, with Members benefitting from concessionary ticket prices and complimentary companion seats. In 2023, the scheme enabled 3,500 members to access events staged at Cadogan Hall. Free lunchtime concerts were hosted across the summer and autumn months, with 2,000 people enjoying 17 free concerts, and complimentary tickets are regularly offered through partners such as Tickets for Good (tickets for the NHS, charity sector workers and cost of living payment recipients) and Tickets for Troops (those who serve in the Armed Forces).

14 Fitwel and WELL are two certification systems, accrediting buildings which meet specific health-oriented targets, such as indoor air quality and user experience.

CASE STUDY

Safe green spaces for all

In 2023, in partnership with Sport London and Bikeworks, Cadogan invited a group of mothers and daughters from the World’s End Estate to learn to cycle on the Duke of York Square running track. Families took part in the eight-week programme which started from basics and finished with confident cycling on local roads and providing the families with bicycles and helmets. This pilot was very positively received, with plans to extend it further in 2024.

“ The families are loving the cycle training – and its clear it’s having a transformational impact. Teaching people to cycle is not just a new skill, but opens up so many opportunities for travel, staying active and healthy, and enjoyment.”
Sport London

CASE STUDY

School art competition

The Chelsea Young Artists Competition was designed by Cadogan to encourage children to connect with nature and the surprising amount of biodiversity to be found in our urban environment – strengthening the positive link between time spent in nature and improved mental health.

A ‘Neighbourhood Nature’ theme encouraged children to take a closer look at the flora and fauna found in the gardens, parks and green spaces of Chelsea and create artwork inspired by their experience. The spectacular results from nearly 400 children were grouped by age into five categories, with entries assessed by a panel of expert judges from Cadogan, Saatchi, Peter Jones and environmental charity SUGi. The winning artworks have been on display in the top floor restaurant of Peter Jones and will be displayed at the Saatchi Gallery in 2024.

“The art competition was an excellent way of linking the children in [with rewilding sites] emotionally, and appreciating nature in our neighbourhood area. It was also a real stimulus to our art programme.”
Mrs Kathryn Gutteridge, Art Teacher at Hill House International Junior School

Our Community Engagement and Customer Commitment

We are committed to delivering an outstanding experience for our customers who live and work within the Estate, to foster long lasting relationships and contribute to a strong sense of community across the neighbourhood.

We listen carefully to customer feedback and respond accordingly where we can. We receive real time feedback through our customer research partner RealService15 which provides the insight to improve continually the customer experience and helps to shape our business strategy. 15

Communication and Engagement

We seek to maintain a regular dialogue with our customers, neighbours and the wider community throughout the year. This helps us to understand their priorities and work in partnership, as well as keeping them informed.

Starting with the ‘Welcome Pack’ received by all occupiers on arrival to the Estate, we communicate frequently. This includes everything from regular newsletters and magazines, to seminars for our retail and hospitality customers to update them on neighbourhood news (from footfall and sales trends to new openings, public realm investment and lobbying campaigns) and work alongside them on a destination marketing and events programmes. In 2023, we hosted seven breakfast briefings with over 820 attendees, providing an opportunity to network and share these neighbourhood updates.

Cadogan launched the King’s Road Privilege Card scheme in 2022, which has grown significantly to over 9,000 members and 100 participating businesses. It aims to encourage localism – supporting businesses while rewarding residents and local workers for doing so.

All of our residential and commercial customers receive complimentary access to our premium ‘Cadogan Concierge’ service, which assists with day-to-day requests as well as bringing our community closer together – retail customers benefit from reaching an exclusive residential audience, while our residents enjoy invitations and exclusive offers from the array of shops, restaurants and cultural attractions on their doorstep.

Our newsletters, magazines and digital channels ensure that we keep audiences across the Estate informed. Magazines such as Sloane Square and Cadogan VIP, destination websites, newsletters and social feeds from the King’s Road, Sloane Street, Duke of York Square and Pavilion Road, work independently to reach a combined audience of over 320,000, both locally and beyond, keeping followers up to date and creating continual reasons to enjoy the local area, or visit Chelsea.

This extensive information helps customers become familiar with the area and their new home or business space, as well as informing them of the services we provide.

The team ‘on the ground’ includes Area Supervisors who live locally and are key to our customer facing service provision. They are usually ‘first responders’, central to our 24/7 emergency response capability and carry out regular

inspections of all buildings. The feedback on this team consistently highlights how approachable, friendly, helpful and knowledgeable they are.

Cadogan initiated and led the creation of two new neighbourhood ‘Business Improvement Districts’ (BIDs) in 2022 – the King’s Road and Knightsbridge Partnerships – to secure significant new private sector investment into the district over five years, focusing on pressing issues such as security, environmental upgrades and promoting the area.

Our team regularly volunteer for local causes and we have strong relationships with local schools. Primary schools use the Duke of York Square running track and have been invited to take part in competitions – such as the recent Chelsea Young Artists competition – generating nature-inspired art entries from nearly 400 students from Hill House, Holy Trinity Christ Church, St Joseph’s, Garden House, Oratory and Sussex House. We have supported our two local state secondaries (St Thomas More and Chelsea Academy) through volunteering on career sessions, mock interviews, CV workshops, talks and work experience visits across the Estate – expanding their connection with Chelsea and the property industry and directing them to the Reading Real Estate Foundation.

“One member of staff said the three workshops [delivered by Cadogan] were the best he had experienced since working at our school, and a school governor was very impressed with the impact you had on the students.”

- Assistant Head Teacher, St Thomas More

Consultation

We are constantly investing in upgrading the Estate through maintenance, restoration, refurbishment and redevelopment activities – allowing us to enhance the wider environment and deliver homes and business space that meet the needs of our customers.

Our aim is to be exemplary in the way in which we consult and engage locally, because it is crucial to understand local views and keep the community informed. Through this approach, we build trust and are able to adapt and respond to the changing needs of society, customers and markets. This helps to ensure the area remains relevant and desirable to both residents and visitors, now and for the future.

Our Suppliers

We work with a wide range of external advisors, contractors, suppliers and partners and particularly value long-term relationships with people and organisations who share our values and desire to deliver excellent results. They are expected to operate ethically and responsibly, ensure high standards of health and safety and support a positive relationship with our customers and the communities within which we operate. We pride ourselves on being a good client that consistently treats our suppliers fairly and transparently, while expecting commercially competitive outcomes.

We host events and webinars for groups such as construction contractors, through which we can share knowledge and best practice on topics including sustainability, health and safety and community engagement.

Our suppliers are selected carefully because we see them as an extension of our own team, working in genuine collaboration, motivated by the same values and highest of standards.

Throughout 2023, the Directors have performed their duty to promote the success of the Group under section 172 of the Companies Act 2006, taking consideration of:

• The likely long-term consequences of decisions

• The interests of stakeholders, including, amongst others, employees, customers, suppliers, local authorities and local communities, by engaging with them to understand the issues to which they must have regard

• The impact of our actions on our local communities and the environment

• The company’s purpose and values including maintaining a reputation for high standards of business conduct

• The need to act fairly between members of the Group

The Cadogan Group has an association of over 300 years with Chelsea, where it has been and remains the largest landowner. The Group has always taken a long-term view, promoted by its members who see it as their duty to hand over the business to the next generation in a better condition than they inherited it, and strongly supported by the Board. The Group’s success is judged by its members not only on measures of commercial returns but also its reputation, based on the way it deals with and treats its stakeholders and local communities.

Our core objectives, set out in page 4 of this report, encapsulate the above.

More information on the Group, its purpose, and relationships with stakeholders is provided in the Strategic Report pages 9 to 33, Our Community pages 34 to 57 and our website:

www.cadogan.co.uk

Methodology & Governance – Carbon Reporting

Methodology

This GRI-compliant report follows the GHG Protocol, and UK Green Building Council and Better Buildings Partnership Climate Change Commitment frameworks for carbon reporting.

All environmental targets reflect the operational boundary of the Cadogan Estate, including all Cadogan Group Limited owned buildings and investments. In 2023, 15 new properties were acquired and added, and 14 were sold, therefore removed from the reporting scope. Historic data has been restated where new, more accurate data has been procured. Across Scope 1 and Scope 2, a 5% threshold was applied where any assets whose data changed above 5% or below -5% was investigated and confirmed to be due to new data. As most of the historic data was following the invoice data collection methodology, the data changes were confirmed to be due to more accurate invoicing being provided or erroneous data being removed.

Scope 1 emissions are direct emissions from activities controlled by us that release emissions into the atmosphere, and scope 2 emissions are indirect emissions associated with our consumption of purchased energy. Cadogan’s scope 1 comprises emissions from natural gas, diesel, fuel oil and refrigerant gases, and scope 2 emissions are from electricity purchased for common areas and shared services. All material sources of scope 1 and 2 emissions are reported, with only 0.7% of electricity and 0.2% of gas consumption estimated by the Cadogan team due to missing utilities supplier data. Fuel oil is reported where information is available. Energy is reported in kWh and converted to tCO2e using location-based DEFRA emissions factors, with no normalisation applied. Intensity metrics refer to the floor area served by the energy measured,

taking note of where electricity might only supply common parts but gas supplies whole buildings.

Scope 3 emissions are those that are a consequence of our business activities, but which occur at sources we do not own or control. The GHG Protocol identifies 15 categories of which eight are relevant to us. The table overleaf describes how each scope 3 category is treated in our reporting. In 2023 we made a significant effort to increase the percentage of actual data used in scope 3 reporting, meaning that 47% of scope 3 emissions in 2023 are based on actual data rather than estimated. This includes actual data covering 45% of occupier consumption, as well as 57% of supplier emissions.

The same methodology was followed as the previous year’s reporting, with a few minor differences:

• Access to central industry settlement databases, rather than gathering data through utilities supplier invoices, i.e. going directly to the central data repository to avoid supplier data issues caused by rebills, credit notes and delayed billing. This method has improved the accuracy and data coverage for landlord and tenant energy reporting. In addition, it has reduced the amount of extrapolation required to complete Cadogan’s scope 3 footprint.

• For the water procured and utilised by Cadogan, a slight change in calculations was undertaken where, if the sum of submeter data was greater than the main incoming meter, a 0 value was used to avoid negative values ‘removing’ water data.

• Capital Goods emissions are now included under Purchased Goods and Services emissions.

supply common consequence of our we do not own or categories of which eight how each scope 3 made a actual data used scope 3 emissions in estimated. This consumption, as previous year’s databases, rather than invoices, repository to avoid notes and the accuracy and energy reporting. In

Governance

Governance

Our Chief Executive has ultimate responsibility for climate-related risks and opportunities.

Our Chief Executive has ultimate responsibility for climaterelated risks and opportunities.

The Board has overall responsibility for oversight of risk and opportunities, undertaking an annual assessment of principal risks facing the business – which includes climate-related risks. Climate-related risks and opportunities are considered in long-term strategy setting, acquisitions and investment decisions.

The Board has overall responsibility for oversight of risk and opportunities, undertaking an annual assessment of principal risks facing the business – which includes climate-related risks. Climate-related risks and opportunities are considered in long-term strategy setting, acquisitions and investment decisions.

The Board is formally updated on sustainability and climate-related performance twice a year, which continued to focus in 2023 on decarbonisation and a detailed plan to manage risks of transitioning to a net zero estate. Progress on sustainability is also reported on a quarterly basis to our Operational Board consisting of the executive leadership.

Members of the Board are invited to these meetings and are copied in on the reports produced for the Operational Board.

The Board is formally updated on sustainability and climaterelated performance twice a year, which continued to focus in 2023 on decarbonisation and a detailed plan to manage risks of transitioning to a net zero estate. Progress on sustainability is also reported on a quarterly basis to our Operational Board consisting of the executive leadership. Members of the Board are invited to these meetings and are copied in on the reports produced for the Operational Board.

Ongoing ownership and management of all sustainability and climate-related risks and opportunities is led by the Head of Sustainability, with support from all departments, who reports to the Finance Director. Our commitment to address climate-related risk and generate value for our community is embedded across the business, with all teams owning relevant targets and key performance indicators of Chelsea 2030 reported internally on a quarterly basis.

Cadogan’s Cadogan, a slight where, if the sum incoming values ‘removing’ under Purchased

Ongoing ownership and management of all sustainability and climate-related risks and opportunities is led by the Head of Sustainability, with support from all departments, who reports to the Finance Director. Our commitment to address climate-related risk and generate value for our community is embedded across the business, with all teams owning relevant targets and key performance indicators of Chelsea 2030 reported internally on a quarterly basis.

A dedicated Decarbonisation Working Group provides specific oversight and coordination to estate decarbonisation and the journey to net zero.

A dedicated Decarbonisation Working Group provides specific oversight and coordination to estate decarbonisation and the journey to net zero.

We recognise the importance of the Taskforce for ClimateRelated Financial Disclosures (TCFD), with this report including relevant TCFD recommendations as follows:

We recognise the importance of the Taskforce for Climate-Related Financial Disclosures (TCFD), with this report including relevant TCFD recommendations as follows:

TCFD PILLAR RELEVANT INFORMATION

Governance Strategic Report: pages 110-111

Strategy Strategic Report: pages 24-25 & 68-91

Risk

Metrics & Targets

Strategic Report: pages 62-65

Strategic Report: pages 70-75

Independent Assurance Statement

Independent Assurance Statement

We have obtained external limited assurance on 2023’s scopes 1 and 2 carbon emissions (metrics identified with * in the tables above), in accordance with ISAE 3410 – please see BDO’s Assurance Statement here

We have obtained external limited assurance on 2023’s scopes 1 and 2 carbon emissions (metrics identified with * in the tables above), in accordance with ISAE 3410 – please see BDO’s Assurance Statement: issuu.com/cadoganlondon/ docs/ghg_limited_assurance_ report_2024?fr=sNmZlNTY0NjIxNDc

More detail on our scope 3 emissions calculation methodology can be found below

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.