Chief Land Registrar's Report

Financial

We exceeded all our financial key performance indicators in 2001-02.

Fee income - £342.8 million (up 14.8%)
It was originally anticipated that a reducing Fees Order would have been introduced in October 2001. However, because of the tragedy in New York in September and the uncertain economic effects this may have caused, such an Order was not implemented. A Fees Order to reduce fees is currently under consideration for 2002-03.

Costs - up 8.7%
Costs only rose by 8.7% despite the volume of work increasing by 16%. These efficiencies were achieved through the full implementation of the Compaq infrastructure service contract to support the 'electronic office' and further improvements in working practices.

Return on average capital employed - 17.6% (up 12%)
The target for return on capital is 6%.

Dividend to the Consolidated Fund - £18.102 million
Dividend contributions to the Consolidated Fund total £95.489 million since we became a Trading Fund in 1993-94.