INNOVATORS
DISRUPTORS
MAKERSCREATORS
Workspace Group PLC
Annual Report and Accounts 2025
Workspace Group PLC
Annual Report and Accounts 2025

STRATEGIC REPORT
1 Performance highlights in 2025
2 Business model
10 Chair’s statement
12 Chief Executive Officer’s review
14 Our stakeholders
27 Our market
34 Our strategy
59 Our key performance indicators
65 Business review
74 Sustainability performance
86 Principal risks and uncertainties
94 Compliance statements
OUR GOVERNANCE
119 Governance highlights
120 Chair’s introduction to Governance
126 Board leadership and company purpose
143 Division of responsibilities
153 Composition, succession and evaluation
172 Audit, risk and internal control
186 ESG Committee report
192 Remuneration
231 Report of the Directors
234 Directors’ responsibility statement
FINANCIAL STATEMENTS
235 Independent auditor’s report
243 Consolidated income statement
243 Consolidated statement
of comprehensive income
244 Consolidated balance sheet
245 Consolidated statement of changes in equity
245 Consolidated statement of cash flows
246 Notes to the financial statements
269 Parent Company balance sheet
270 Parent Company statement of changes in equity
270 Notes to the Parent Company financial statements
ADDITIONAL INFORMATION
273 Five-year performance
274 EPRA performance measures
275 Property portfolio
277 Glossary of terms
278 Investor information
OUR CREATIVE AND INNOVATIVE
SME CUSTOMERS ENSURE IT ALL
HAPPENS AT WORKSPACE
Our purpose is to give businesses the freedom to grow.
Our customers are London’s creative and innovative
SMEs driving economic growth. Our offer of character
buildings, a tailored customer experience and value-add
services ensures it all happens at Workspace.
Our strategy is focused on operational excellence and
optimising our portfolio and platform. This will drive
a recovery in occupancy and income growth over the
medium term, enabling us to have a greater positive
impact and deliver long-term value to all stakeholders.
2
HOW WE CREATE VALUE
Our business model delivers economic, social and
environmental value.
27
OUR MARKET
Our strategy and decision-making is driven by
market insights, data and customer feedback.
34
OUR STRATEGY
We have a new strategic approach to deliver
long-term shareholder value.
HOW WE ARE INTEGRATING
SUSTAINABILITY
SUSTAINABILITY IN
EVERYTHING WE DO
Sustainability is embedded in every aspect of our business –
from how we operate our buildings, to how we engage with
stakeholders and make strategic decisions, both large and small.
Reflecting this commitment, we have integrated our sustainability
disclosure throughout the following sections of this Report:
Our stakeholders: How we deliver value for all our stakeholders
Pages 14 to 26
Our strategy: How ESG helps us enhance and expand our core, prepare
for emerging opportunities and innovate to create future options
Pages 34 to 58
Sustainability performance and KPIs: Commentary on our sustainability
targets and outcomes
Pages 74 to 85
Compliance Statements: TCFD and TNFD report, SECR report.
Pages 99 to 117
Workspace Group PLC
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2025 7.74
8.00
9.27
2024
2023
2025 28.4
28.0
25.8
2024
2023
2025 66.8
66.0
60.7
2024
2023
2025 122.1
126.2
116.6
2024
2023
2025 5.4
(192.8)
(37.5)
2024
2023
2025 106
103
110
2024
2023
2025 507
524
518
2024
2023
2025 703
788
798
2024
2023
2025(0.8)
9.6
7.1
2024
2023
FINANCIAL
TRADING PROFIT AFTER INTEREST
1
£66.8m
NET RENTAL INCOME
£122.1m
DIVIDEND PER SHARE
28.4p
(LOSS)/PROFIT BEFORE TAX
£5.4m
EPRA NTA PER SHARE
2
£7.74
UNDERLYING PROPERTY VALUATION
-2.4%
PERFORMANCE HIGHLIGHTS IN 2024/2025
OPERATIONAL
AVERAGE LETTINGS PER MONTH
106
AVERAGE ENQUIRIES PER MONTH
703
AVERAGE VIEWINGS PER MONTH
507
LIKE-FOR-LIKE RENT ROLL GROWTH
-0.8%
SUSTAINABILITY
ANNUAL REDUCTION IN ENERGY USE, ENOUGH
TO POWER OVER 2,000 UK HOUSEHOLDS
8,254MWh
TOTAL SOCIAL VALUE CREATED
£22.8m
NET ZERO
COMMITMENT TO REDUCE EMISSIONS BY 90%
BY 2040, AGAINST 2020 BASELINE. LAUNCHED
LEROY HOUSE, OUR FIRST NET ZERO BUILDING.
35%
REDUCTION IN TOTAL EMISSIONS, SINCE 2020
60%
LETTABLE SPACE WITH EPC A/B RATING
1. Alternative Performance Measure – A reconciliation of
basic and diluted earnings to trading profit after interest
is in note 8 to the financial statements.
2. Alternative Performance Measure – Please see note 9
for a calculation of EPRA NTA per share.
1
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BUSINESS MODEL
HOW WE CREATE VALUE
OPERATIONS
PROPERTY
Delivered
by our great
people
Our leading
customer
proposition
Supported
by our smart
operating
platform
Delivering
income and
capital growth
Building
climate
resilience
Creating
a unique
portfolio
S
U
S
T
A
I
N
A
B
I
L
I
T
Y
S
U
S
T
A
I
N
A
B
I
L
I
T
Y
OUR PURPOSE,
VALUES AND CULTURE
DRIVE EVERYTHING
WE DO
DELIVERING ECONOMIC,
ENVIRONMENTAL AND SOCIAL VALUE
The value we create for our stakeholders
Pages 14 to 26
PURPOSE, VALUES AND CULTURE
Our purpose is to give businesses the
freedom to grow. Our culture, which
is focused on delivering operational
excellence, and our values support
the delivery of our purpose.
How we embed our values and culture
Pages 18 to 20
SUSTAINABILITY
Our business model is inherently
sustainable. It delivers economic,
environmental and social value.
It enables SMEs to thrive and supports
the communities in which we operate.
Our business model in action
Pages 4 to 9
OUR OPERATIONS
We are enhancing our operating
platform to continue to deliver a
first-class customer experience. Staying
close to our customers gives us insights
about what they need to grow.
How we prioritise operational excellence to meet
customer needs
Page 3
OUR PROPERTY
We are continuously upgrading
our property portfolio. Capital
recycling allows us to invest in our
product and create vibrant hubs of
economic activity in London.
How we create a unique, high-quality portfolio
for long-term growth
Page 3
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OPERATIONS PROPERTY
We provide companies
with customisable space
on flexible terms within
inspiring, sustainable
buildings in dynamic
London locations. We
cater to customers who are
creative, innovative owners
of businesses, for whom
being able to express their
individuality and personality
is vitally important.
We are always enhancing
and refining the customer
experience. We have further
tailored our offer this year
to attract different segments
of the market and support
customer retention. We have
also interviewed customers
to understand their key
challenges and are now
piloting new propositions
to enhance the value of
our offer to customers.
We own a predominantly
London-based portfolio
of high-quality assets.
Character, low-rise buildings
of 50,000 sq. ft. or more,
they are well-located around
major transport hubs and in
vibrant neighbourhoods.
We actively manage the
portfolio to enhance the
quality of space, implement
the latest sustainability
features and generate
value over the long term.
In 2024/25, we have
continued to refurbish
and subdivide units to meet
demand. Following customer
feedback, we are delivering
further improvements to
front of house, breakout
areas and terraces, adding
phone booths and
redecorating high-touch
areas such as corridors
and bathrooms.
We repurpose historic
buildings, breathing new
life into them and future
proofing them for
generations to come. This
results in significantly lower
embodied carbon, while we
also install the most efficient
infrastructure and engage
with customers to reduce
operational carbon.
We ensure our property
operations are sustainable,
focusing on energy and
waste management, water
efficiency and sustainable
procurement.
We play a key role in
the employment-led
regeneration of London: our
buildings become hubs of
economic activity, bringing
employment opportunities
and prosperity into
emerging areas.
Our proprietary, in-house
operating platform is a
combination of skilled teams,
smart systems and actionable
data. It enables us to
manage a huge volume of
customer activity in house,
from enquiries and viewings
through to lettings, facilities
management, billing
and lease renewals.
We have further invested in
technology, working towards
the centralisation of our
systems and launch of our
new CRM system.
There is still work to be done
to enhance our operating
platform. With dynamic
systems in place, we will
drive further efficiencies
and better leverage our
business-intelligence
capabilities to truly become
a data-driven organisation.
HOW WE PRIORITISE OPERATIONAL EXCELLENCE TO MEET CUSTOMER NEEDS HOW WE CREATE A UNIQUE, HIGH-QUALITY PORTFOLIO FOR LONG-TERM GROWTH
LEADING CUSTOMER
PROPOSITION
SUPPORTED BY OUR SMART
OPERATING PLATFORM
CREATING A UNIQUE
PORTFOLIO
DELIVERING INCOME
AND CAPITAL GROWTH
BUILDING CLIMATE
RESILIENCE
DELIVERED BY
GREAT PEOPLE
BUSINESS MODEL CONTINUED
HOW SUSTAINABILITY SUPPORTS OUR AIM TO CREATE A FAIRER, FLATTER LONDON
Our buildings are deeply embedded in the communities where we operate. With over four
million square feet across 18 London boroughs, our investment and operations directly
support local economies, creating employment opportunities and serving the needs of local
businesses. By providing high-quality, sustainable and affordable work spaces in emerging
areas, we are flattening the working map of London.
HOW SUSTAINABILITY SUPPORTS THE DRIVE FOR OPERATIONAL EXCELLENCE
We embrace a performance-driven mindset, with our sustainability initiatives playing a key
role in helping us operate efficiently, reducing both costs and resource use. This focus is
increasingly important as our customers themselves are sustainability-driven, and
meeting their expectations remains a top priority.
Our employees are the
drivers of our success. We
have a vibrant, diverse and
inclusive culture, underpinned
by a clear purpose and set
of values, which our staff
surveys consistently show
are well understood.
Our culture helps attract and
retain people who align with
these values and have a broad
range of skills, experience and
backgrounds. As a responsible
employer, we are committed
to widening access to our
profession. We do this through
apprenticeships, structured
career pathways, and
meaningful work experience.
We are reviewing how we
operate as a business to create
better accountability, empower
our frontline teams and ensure
we are delivering a first-class
customer experience.
Our properties generate
sustainable, long-term
income, which we reinvest
in the portfolio and return to
shareholders as dividends.
We prudently manage
our balance sheet and are
committed to maintaining
conservative leverage. This
year, we have reviewed our
portfolio against minimum
standards and cost of capital
and will be more clinical in
disposing of low conviction
assets and recycling capital
to invest in further enhancing
our conviction properties.
Our strategy will deliver
occupancy and income
growth, and enhance
valuations. It is this
combination of income
and capital value growth
that makes Workspace
a compelling investment.
3
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SUPPORTING
SMES,
FUELLING
LONDON’S
GROWTH
364
CUSTOMERS EXPANDED
INTO LARGER UNITS
OVER THE YEAR
DELIVERING ECONOMIC VALUE
We fuel London’s growth by providing flexible, characterful
space, helping some 4,000 SMEs thrive.
We believe that in the right space, teams can achieve more.
In vibrant environments they can tailor themselves, free from
constraint, teams are best able to collaborate, build their
culture and realise their potential.
Our recent market research
1
shows that creative and innovative
SMEs, which make up over 55% of our customer base, are not
only outpacing other sectors but leading the charge in
London’s economic growth.
With the Capital’s SME market continuing to grow faster than
the rest of the UK, we remain focused on the most dynamic
and robust parts of that market.
120
‘WORKSPACE PRESENTS’ CUSTOMER
EVENTS FOSTERED COMMUNITY
AND KNOWLEDGE SHARING
GIVING
SOME 4,000
BUSINESSES
THE FREEDOM
TO GROW
VALUE CREATED
OUR BUSINESS MODEL IN ACTION
1. OC&C research and data
analysis from The Data City
and Beauhurst, commissioned
by Workspace.
Photo: Plygrnd, where creativity
meets craftmanship. Workspace
customer at The Record Hall
showcasing their products.
4
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OUR BUSINESS MODEL IN ACTION CONTINUED
BRINGING SMES TOGETHER:
OCD STUDIOS AND TICKET TAILOR
Our space and offer are carefully designed
to foster collaboration and growth. A great
example is the partnership between OCD
Studios, a production agency, and Ticket
Tailor, an event ticketer, who both met
at Mare Street Studios. Attracted by
Workspace’s flexibility and scalability, their
collaboration grew, with OCD becoming
Ticket Tailor’s primary video and content
producer. Both companies have since
doubled in size, with OCD expanding into
a larger space in our newest building,
Leroy House in Islington.
WATCH THE FILM TO SEE
HOW THEY COLLABORATE
4,010
ATTENDEES AT OUR CUSTOMER
NETWORKING EVENTS IN THE YEAR
1 in 2
CUSTOMERS SAY BEING WITH
WORKSPACE HELPS THEM CONNECT
WITH OTHER BUSINESSES
FOSTERING COLLABORATION
Photo: OCD Studios, based
at Leroy House, setting up for
a podcast recording.
5
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35%
REDUCTION IN EMISSIONS
SINCE 2020
MANAGING
OUR IMPACT
RESPONSIBLY
OUR BUSINESS MODEL IN ACTION CONTINUED
TRANSITIONING
TO A NET ZERO
CARBON
BUSINESS
BUILDING LONG-TERM RESILIENCE TO CLIMATE RISK
With an inherently sustainable business model, climate-aligned
growth is at the heart of our strategy. We are committed to
achieving net zero carbon by 2040, in line with the latest guidance
from the Science Based Targets initiative. Since 2020, we have
reduced our total emissions by 35%, demonstrating consistent
progress and a strong foundation for continued momentum. This
journey is not only about cutting emissions but also about building
long-term resilience to climate risks. The launch of Leroy House,
our first net zero carbon building, marks a significant milestone,
enabling us to offer our customers a truly sustainable space they
can call home.
VALUE CREATED
100%
RENEWABLE ELECTRICITY
PROCURED
Photo: Workspace promotes
sustainable transport at
Clerkenwell Workshops.
6
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1
2
3
4
5
6
7
8
9
10
OUR BUSINESS MODEL IN ACTION CONTINUED
This year, we launched Leroy House in
Islington – our first net zero carbon building.
It exemplifies our inherently sustainable
business model: breathing new life into
existing buildings. Originally constructed in
the 1930s as a watchmaker’s factory, it has
been transformed into 57,000 sq. ft. of flexible
workspace, while retaining over 90% of the
original structure.
By prioritising reuse and circular design, we
significantly reduced the embodied carbon of
the project, achieving levels 40% lower than
industry best practice. Thoughtful design
choices, including maximising natural daylight,
installing heat pumps, high-efficiency lighting
and smart controls, mean the building is also
expected to operate well below the net zero
carbon target for operational emissions.
KEY FEATURES
Solar power
75m
2
green and blue biodiverse roof
Smart systems and controls
High performance windows
Sustainable café
Powered by green energy
Original structure retained
Zero waste to landfill
Green transport
Promoting wellbeing
40%
LOWER EMBODIED CARBON
COMPARED TO INDUSTRY
BEST PRACTICE
90%
ORIGINAL STRUCTURE
RETAINED
SUSTAINABILITY CREDENTIALS
1
2
3
4
5
6
7
8
9
10
OUR FIRST NET ZERO CARBON BUILDING: LEROY HOUSE, ISLINGTON
7
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WATCH THE FILM

BOOSTING
LOCAL
EMPLOYMENT
AND THE
ECONOMY
WORKSPACE’S INTRINSIC SOCIAL IMPACT
Workspace is more than a landlord. We seek to be the catalyst
for local prosperity, inclusion and sustainability, helping to
shape a fairer, flatter London. Across over 60 eclectic sites,
in 18 boroughs, Workspace operates at the heart of key
regeneration areas, expanding the working map of the city.
Through our strategic investment in these neighbourhoods,
we deliver high-quality, sustainable and affordable work spaces
that help unlock local employment opportunities and drive
economic growth.
37%
OF OUR CUSTOMERS LIVE
LOCALLY – WITHIN 3 MILES
ENABLING A
FAIRER, FLATTER
LONDON
£2.2bn
GROSS VALUE ADDED ANNUALLY
BY OUR LONDON SME CUSTOMERS
£900k
SPEND BY CUSTOMERS
IN LOCAL AREAS PER WEEK
INCLUSIVE
ACCESS
34 CAFES, 135 MEETING ROOMS,
16 HEALTH FACILITIES
VALUE CREATED
1
OUR BUSINESS MODEL IN ACTION CONTINUED
£45m
ANNUAL BUSINESS RATE
CONTRIBUTION
1. For calculation methodology, please see social impact report on our website.
Photo: Workspace volunteers
preparing for a mentoring
session with Future Frontiers
at Kennington Park.
8
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5
1
2
3
4
3
OUR BUSINESS MODEL IN ACTION CONTINUED
SUPPORTING
SME GROWTH
KENNINGTON PARK,
LAMBETH
17%
OF BUSINESSES
HAVE EXPANDED
IN THE LAST 2 YEARS
AN INCLUSIVE
NEIGHBOURHOOD
CANALOT STUDIOS, BRENT
55%
OF CUSTOMERS LIVE LOCALLY.
OVER 60% OF LOCAL RESIDENTS
HAVE A HIGH SENSE OF PRIDE IN THE
BUILDING AND ITS CONTRIBUTION
TO LOCAL AREA SAFETY
CONNECTING
THE COMMUNITY
PARKHALL, LAMBETH
60%
OF CUSTOMERS FEEL A STRONG
SENSE OF CONNECTION AND
COMMUNITY IN THE BUILDING
A THRIVING
LOCAL ECONOMY
MARE STREET STUDIOS,
HACKNEY
£10.7K
AVERAGE SPEND PER WEEK
WITH LOCAL BUSINESSES
LOCAL ENVIRONMENTAL
STEWARDSHIP
LEROY HOUSE,
ISLINGTON
40%
LOWER EMBODIED CARBON.
NET ZERO IN CONSTRUCTION
AND NET ZERO READY
IN OPERATION
1
3
4
2
5
OUR PRESENCE SPANS GREATER LONDON,
INCLUDING AREAS WITH HIGH POTENTIAL
FOR REGENERATION
OUR IMPACT ACROSS LONDON
Each of our buildings is distinctive and
deeply rooted in its local community,
thoughtfully designed to meet the needs
of local people and businesses. Across
our portfolio, we see clear evidence that
Workspace delivers tangible value – driving
small business growth, championing
inclusion, strengthening community
connections, and advancing sustainability.
Through this, we play a meaningful role in
shaping a more equitable London and
supporting a vibrant, resilient local economy.
KENNINGTON PARK, LAMBETH
MARE STREET STUDIOS, HACKNEY
CANALOT STUDIOS, BRENT
PARKHALL, LAMBETH
LEROY HOUSE, ISLINGTON
1
2
3
4
5
Details of calculation methodology and sources
of data can be found in the social impact report
on our website
workspace.co.uk/investors/sustainability
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WATCH THE FILM ON HOW WE SEEK TO
ENABLE A FAIRER FLATTER LONDON

I am pleased to write the Chair’s statement
for the year ended 31 March 2025. The
Company’s resilience has been illustrated
again with a solid set of results despite the
significant period of change. Indeed, as we
reach the end of the first quarter of the 21st
century, it is remarkable to reflect on how
much the world has changed in the past 25
years. Innovations in technology, shifting
global and political dynamics, and evolving
markets have reshaped the way we live and
work in ways we never could have imagined.
The pace of change shows no sign of slowing
in 2025 and we are operating in a very
challenging climate, with slower economic
growth exacerbated by the impact of military
conflict and global tariff wars.
It has also been a year of transition for
Workspace as we welcomed Lawrence into
the role of CEO in November. The business
has delivered resilient results, with trading
profit at £66.8m and an underlying decrease
of 2.4% in the property valuation. As a result,
the Board has recommended a final dividend
of 19p, taking the full year payout to 28.4p
per share. We remain committed to our
progressive dividend policy.
Looking forward, there is no doubt that the
challenges we’re seeing in the London flexible
space market today are intensifying. An
increase in supply, coinciding with softer
demand driven by macroeconomic factors,
has created a more competitive landscape.
In uncertain times, businesses must focus
on what is certain. So what can we be sure
of today?
– London’s population continues to grow
and our market research shows a large
concentration of growing SMEs in the
Capital. Workspace is targeting the most
robust parts of that market: the creative
and innovative sectors
– Trust in institutions has fallen and therefore
businesses prefer shorter, sustainable
supply chains. Brands that prioritise
strong customer relationships and focus
on providing what customers value will
be winners
– There will be a need to improve productivity.
Businesses need to become more efficient
within leaner operational structures
– Businesses which embrace AI – and
empower their people to do so – will
benefit most from innovation and are
more likely to succeed
28.4p
DIVIDEND PER SHARE
£66.8m
TRADING PROFIT AFTER INTEREST
1
1. A reconciliation of basic and diluted
earnings to trading profit after interest
isinnote 8 to the financial statements.
CHAIR’S STATEMENT
DUNCAN OWEN
The Company’s resilience
has been illustrated again with
a solid set of results despite the
significant period of change.
Duncan Owen
Chair
10
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I would also like to say a special thank you to
my fellow Board members. It is an especially
cohesive and dynamic group that consistently
seeks to add value and proactively shares
in thought partnership with the Executive
Team. The year has been very busy and the
Board’s commitment and focus have once
again been steadfast to manage and share
an increased workload.
Predicting when market conditions will
stabilise is not possible. However, I am
confident that we have the right team and
are putting the right steps in place to navigate
the current challenges and to seize the
opportunity ahead, regardless of where we
are in the cycle. Our strategy is clear and we
are fully equipped to drive a recovery in
occupancy, protect and subsequently grow
our income and deliver long-term success.
Duncan Owen
Chair
What does this mean for Workspace?
Lawrence and our Executive team, with
the Board’s support, have been developing
a refreshed strategy which capitalises on
what is most certain while confronting
and mitigating the uncertainties and risks.
Agility is key and our new strategy is based
on achieving operational excellence and
an evolution of our flexible offer. We need
to ensure that Workspace is more able to
adapt to the ever-changing conditions in
which we operate. Lawrence will expand
on this in his Q&A overleaf, with more
detail on pages 34 to 58.
This is not about revolution. We will continue
to play to our historic strengths with our focus
on London, supported by evidence of a
structurally robust pool of SMEs. Investment
in our unique portfolio of characterful assets,
as well as our flexible proposition will support
growth in our market share. However, we do
need to evolve. We will be more clinical
in exiting non-core and low-conviction assets
and recycling capital to invest in conviction
properties. The management team, with the
support of the Board, are engaged on
delivering cost savings and driving efficiencies
across the business, with a heightened focus
on digital innovation.
To deliver all this, we must prioritise
operational excellence. We have long talked
about our operating platform, built up over
nearly 40 years. There is still significant work
to be done to optimise and harness the power
of our platform before we can, in time, leverage
it to drive future growth opportunities.
This will require a cultural shift within the
business so that our frontline teams are
more empowered, with clear accountability
at every level. The Board is clear on its role
in embedding this evolving culture and
supporting the pursuit for operational
excellence. I have really appreciated my
quarterly sessions with team members over
the past year, each of which has been held
in a different Workspace location. The
conversations I have enjoyed at these events
have revealed some exceptional ideas and
demonstrated yet again that we have a highly
engaged team at Workspace, who I know are
already driving forward the new strategy and
are invested in its execution.
FIVE REASONS TO INVEST
Structural growth of London SMEs
We know how best to capture growth
segments within London’s growing and
diverse SME population.
Embedding operational excellence
We’re reviewing our structure and enhancing
our systems, with more accountability and
actions driven by data and insights.
Clinical approach to capital allocation
We’re taking a focused and disciplined
approach to asset decision-making guided
by our Portfolio Lifecycle model.
Seamless customer experience
We are constantly enhancing the value
of our customer offer to ensure we’re first
choice for London’s SMEs.
A strategy to deliver shareholder value
Our strategy will drive a recovery in
occupancy and earnings, delivering profits
and dividends, and creating a strong
foundation to capture future growth.
Our governance
Pages 118 to 234
CHAIR’S STATEMENT CONTINUED
OUR INHERENTLY
SUSTAINABLE
BUSINESS MODEL
ALLOWS US TO
DELIVER VALUE
SUSTAINABILITY IN
EVERYTHING WE DO
At the heart of Workspace’s strategy
sit our historic buildings, which we strive
to operate sustainably and preserve for
future generations, and our SME customer
base, who we support with our flexible offer
and services. Pages 4 to 9 demonstrate the
differentiated impact we deliver through
our business model. Our recently launched
social impact programme (page 58) will
create more opportunities for Workspace
to create pathways into employment for
London’s young people, delivering further
economic and social impact.
The Board is clear on its role in
embedding this evolving culture
and supporting the pursuit for
operational excellence.
11
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CHIEF EXECUTIVE’S REVIEW
LAWRENCE HUTCHINGS
A focus on short, medium and
long-term outcomes will ensure
agility and, by doubling down
on operational excellence, we
will deliver shareholder value.
Lawrence Hutchings
Chief Executive Officer
Lawrence joined Workspace as CEO in
November 2024. We sat down with him to
find out his early perceptions of Workspace,
discuss what his priorities have been in the
first six months and how he’s feeling about
the future.
Q
What first attracted you to Workspace?
A
There was a huge amount to be excited
about in joining Workspace. Firstly, its
40-year legacy is hugely impressive, as is the
Company’s role as a pioneer in offering space
on flexible terms. Workspace has been doing
that for so long and, although there have
been countless new entrants into the market
since then, that history is important.
I spoke to a lot of people in the industry before
I joined and there is enormous respect for what
we do as a business. Workspace’s SME-focused
offer creates a platform for social mobility in
London – we’re supporting young businesses
and entrepreneurs and helping them to drive
positive economic impact in the Capital.
Finally, the nature and quality of the real estate
attracted me. These are beautiful, historic,
character buildings and it is our responsibility
to preserve them for the next generation. The
best way to preserve something is to use it
and we’re able to use these buildings in a very
sympathetic way. This architecture represents
an incredible part of London’s history as an
industrial leader and now they’re once again
housing business leaders of today.
Q
What were your top priorities for Workspace
coming into the role and what have been your
key takeaways from your first months as CEO?
A
My top priorities were to get out and see
the assets and meet our teams, both at head
office and across our sites around London.
Workspace has a fantastic team who truly live
by our values, and I’ve been blown away by the
dedication and energy of the people I’ve met
in our centres and our head office. I made an
effort to meet and talk to our customers at
every chance I got, to better understand their
evolving expectations of us. I also prioritised
gaining a deeper understanding of the
competitive environment we’re operating in.
This is hugely important to know what we’re
up against and what our customers are seeing
in the market. Back in the office, I spent
considerable time looking under the bonnet
of our operations and learning about our
unique operating platform.
One of the first things I discovered was the
sheer velocity of the business. Workspace
manages a huge amount of activity on its
platform on a daily basis. This is exciting
because small changes to the platform or
proposition can make a big difference.
Q
How has Workspace performed during the year
and what is the outlook for the coming year?
A
The business has delivered a resilient
performance this year, despite operating in
a tough economic and competitive climate.
Net rental income was £122.1m, which drove
Trading Profit to £66.8m. We did see a small
reduction in the property valuation, largely
driven by lower occupancy at our like-for-like
properties. It has taken a lot of hard work to
deliver these results and I want to take a
moment to thank all of our employees for
their significant efforts through the year.
Q&A
Lawrence Hutchings
Chief Executive Officer
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2025 2026 2027 2028
Duration
2025 2026 2027 2028
Duration
2025 2026 2027 2028
Duration
2. ACCELERATE
Transform and
prepare for
emerging
opportunities
Pages 46-55
3. SCALE
Innovate to
create future
options
Pages 56-58
EMBEDDING OPERATIONAL EXCELLENCE
1. FIX
Enhance and
expand the
core business
Pages 36-45
Despite the robust performance in 2024/25,
we have a more challenging outlook. We are
seeing an increase in supply and softer
demand due to macroeconomic factors.
While we saw some positive signs on demand
in the fourth quarter, our business model and
flexible offer means that we have visibility on
a stock of space coming back to us, which will
further impact occupancy. That in turn will
work its way through to earnings in 2025/26.
Q
How do you plan to navigate the challenges
facing the business?
A
We have a lot of work to do to mitigate the
challenges we’re seeing. It is going to require
some tough decisions and discipline as we
embed a culture of operational excellence, which
sits at the heart of our refreshed strategy. Our
number one priority is to recover the occupancy
we have lost. To do that, we need to go back to
basics and focus on what our customers want
from us. I am confident that we have the right
strategy to rebuild occupancy but it will take
some time to see the impact of our initiatives.
We will also be more clinical in recycling capital
by disposing of low-conviction assets, identified
following a detailed review of our portfolio, and
investing in our conviction and high-conviction
properties with a keen focus on returns.
Q
Where do you see the biggest opportunities
for growth?
A
We have identified areas where we need
to sharpen up operationally to win on the
ground once more. There are significant
opportunities to enhance our operating
platform through a more efficient use of
technology and by better leveraging the data
and insights we have within the platform.
We have already seen the impact of strategic
initiatives we put in place in the fourth quarter
of 2024/25 on our trading performance. This
has demonstrated what can be achieved when
we pull together as a team. Over the past few
months, we have been piloting a number of
projects, which have delivered some exciting
outcomes. These have included capital-light
refurbishments at selected properties
addressing high-touch communal areas in
response to customer feedback, more targeted
marketing aimed at larger customers and
optimisation of our sales process. All of these
initiatives can deliver marked improvements
in retention and new customer acquisition.
Q
What message would you like to share
withinvestors about Workspace’s future?
A
The first thing I would say is that there
is no fundamental change in our strategy. We
will continue to own high-quality London real
estate, we will continue to service SMEs and
we will remain in the flexible space market. The
Board andIremain confident in our franchise
and this confidence is based on evidence from
significant and thorough market research
we have commissioned in the past few months.
This research tells us that London is a growth
market, the SME market within that is growing
– our cohort of creative and innovative
businesses is growing faster than the wider
market – and flex space is also growing.
While our fundamental strategy is not changing,
our strategic approach certainly is. A focus
on short, medium and long-term outcomes
will ensure agility and, by doubling down
on operational excellence, we will deliver
shareholder value. As a management team,
we need to focus on what we can control
in this climate, execute our strategy and do
the best job of delivering for our customers
to drive a recovery in occupancy and income.
By enhancing our core business in the short
term, we will be able to accelerate income
growth in the medium term and innovate
to take advantage of opportunities to scale
over the longer term.
Lawrence Hutchings
Chief Executive Officer
CHIEF EXECUTIVE’S REVIEW CONTINUED
We are adopting a new approach to strategy,
with a focus on operational excellence to
deliver income growth. This strategy will
prioritise agility and ensure we are able to
adapt to the changing market conditions
in which we operate. We are positioning
Workspace to become an income-led business.
A STRATEGY TO DELIVER LONG-TERM SHAREHOLDER VALUE
Overview
This is about enhancing
our product and services to
support retention and drive
new customer acquisition.
We will be laser focused
on costs and recovering
occupancy and income.
FY25/26 objectives
– Improve our product
– Enhance customer experience
– Launch TV ad campaign
– Targeted marketing initiatives
for specific customer groups
– Optimisation of sales process
– Leverage dynamic pricing model
Overview
In the medium term, we’re
focused on acceleration and
rolling out learnings from pilot
projects. We will be more
clinical in recycling capital
and use technology more
effectively to drive results.
FY25/26 objectives
– Categorise assets and
continue to dispose
of low-conviction sites
– Enhance our offer
for customers
– Roll out pilot initiatives
– Improve accessibility of
data across the business
Overview
Operational excellence
will give us the headroom
and competitive platform
to innovate and scale
the business over the
longer term.
FY25/26 objectives
– Consider opportunities
to acquire sites in emerging
SME locations
– Review opportunities
to generate more income
from existing assets
– Explore ideas to leverage
the platform to expand
our footprint
1. FIX – ENHANCE AND EXPAND
THE CORE BUSINESS
2. ACCELERATE – TRANSFORM AND
PREPARE FOR EMERGING OPPORTUNITIES
3. SCALE – INNOVATE TO CREATE
FUTURE OPTIONS
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OUR STAKEHOLDERS
UNDERSTANDING AND ENGAGING
WITH OUR STAKEHOLDERS HAS
BEEN MORE CRITICAL THAN EVER
THIS YEAR IN OUR WORK TO
REVIEW STRATEGY.
As we’ve been working on shaping
our refreshed strategy this year,
we have prioritised stakeholder
engagement, whether that’s
with investors, customers,
our people or our partners.
This has ensured that our decision-
making remains aligned with the
needs and expectations of our
stakeholders.
Our commitment to our purpose and
values strengthens our stakeholder
relationships, fostering trust and
collaboration.
Page
1. Our customers 16
2. Our people 18
3. Our investors 21
4. Our partners and suppliers 21
5. Our communities 23
6. The environment 25
The Section 172(1) Statement
is incorporated by reference
into the Strategic Report
Pages 139 to 142
Newly refurbished café at
The Print Rooms, Southwark.
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OUR STAKEHOLDERS CONTINUED
Who they are
London’s brightest businesses – creators,
makers and innovators. Fast-growing and
established businesses from diverse sectors.
How they impact our decision-making
Customer feedback and research-driven
insights are critical to how we operate
and what we offer.
The value we create
We provide the right space and the right
services to help our customers succeed.
Page
Our customers 16
Our people 18
Our investors 21
Our partners and suppliers 21
Our communities 23
The environment 25
Who they are
We have a diverse and talented team
atWorkspace. Our people are experts
intheirfields.
How they impact our decision-making
Our culture prioritises inclusivity and
innovation to ensure our people thrive within
the business.
The value we create
We give our employees the opportunity
tobuild fulfilling careers with us.
Who they are
Our investors are a mix of institutional
and private capital, with a keen focus
on income growth.
How they impact our decision-making
We are responsible stewards of capital and,
as a REIT, we prioritise the distribution of
income through the dividend.
The value we create
Our unique business model provides
investors with capital and income growth.
OUR CUSTOMERSCONSIDERATION OF OUR STAKEHOLDERS
INFORMS OUR STRATEGY
OUR PEOPLE OUR INVESTORS
OUR PARTNERS AND SUPPLIERS OUR COMMUNITIES THE ENVIRONMENT
Who they are
We work with contractors across the
property industry, as well as partners in fields
such as cleaning, IT, marketing and security.
How they impact our decision-making
Our partners and suppliers are critical to our
customer proposition. Many are customers.
The value we create
As a scale business, we can support smaller
suppliers and promote ethical practices.
Who they are
Local businesses and residents in the
dynamic London locations in which
we operate.
How they impact our decision-making
We aim to be a responsible neighbour and
open up our centres to the local communities.
The value we create
We invest in the regeneration of local areas,
drive footfall and create economic growth.
Why it matters
We recognise the climate emergency and
that the built environment contributes to
nearly 40% of global carbon emissions.
How it impacts our decision-making
We aim to operate responsibly and reach
net zero carbon by2040.
The value we create
We deliver and operate low-carbon buildings
for a more sustainable built environment.
Staying close to our stakeholders
We listen to our stakeholders and
the insights we gather directly inform
our decision making.
Our strategy
Pages 34 to 58
There are clear links between
our stakeholder engagement
and our strategy
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How we engage
We maintain a continuous dialogue with
businesses from their initial inquiry through
to move-in and beyond. Our centre teams
build strong relationships with customers
and gather informal feedback, while we
gather more formal feedback via our
customer survey twice a year. These insights
help us improve customer service, building
management, and ultimately inform our
growth strategy, such as our refurbishment
and acquisition decisions.
How the Board engaged
– Met customers during a series of site visits
– Reviewed pilot refurbishment proposals
– Considered results of the customer survey
and subsequent action plan
– Reviewed our first TV advertising campaign
Significant topics raised
– Praise for excellent service from
centre teams
– Welcoming atmosphere in centres
– Social and environmental sustainability
– Positive feedback on Wi-Fi and
connectivity services
– Networking, collaboration and events
– Amenities and breakout space
Activity in the year
– Launched pilot furniture package offer
– Trialled added-value packages, including
skills accelerator training and a business
connection package
– Refreshed our brand’s look and feel
with vibrant colours and a new tagline,
‘It all happens at Workspace’
– Launched new advertising campaigns
across Tube panels, social media, digital
radio – and our first-ever TV advert
– Launched Founders Forum events for
networking and idea-sharing
– Continued London’s Brightest Businesses
panel discussions, moderated by renowned
enterprise journalists
– Hosted London Design Festival at three
centres, celebrating customer creativity
OUR STAKEHOLDERS CONTINUED
OUR CUSTOMERS
90%
CUSTOMER SATISFACTION
96%
CENTRE TEAMS’
HELPFULNESS
90%
ATMOSPHERE AT CENTRES
80%
SATISFACTION WITH
WI-FI & CONNECTIVITY
SERVICES
CUSTOMER SURVEY
Read more about our
stakeholder engagement
disclosure in Governance
Page 136
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OUR STAKEHOLDERS CONTINUED
OUR CUSTOMERS CONTINUED
– Extensive training of all customer-facing
teams on sustainability
– Centralised centre management
structure to achieve greater consistency
in implementation and communication
of sustainability initiatives
– 200+ events delivered, focused on
various sustainability topics, both
environmental and social
– Multi-channel communications strategy
to profile sustainability messages and
raise awareness
– Three portfolio-wide campaigns, focused
on driving action from customers on
energy and waste. See case study on
the right
Workspace’s brand survey reveals
that 90% of London SMEs consider
sustainability important to their
business, with nearly three-quarters
committed to decarbonising their
businesses. As home to nearly 4,000
London SMEs, we have an opportunity
to leverage this shared commitment
to strengthen our collective
environmental and social impact.
AMPLIFYING SUSTAINABILITY
IMPACT THROUGH CUSTOMER
ENGAGEMENT
84%
CUSTOMER ESG SCORE
1
200+
SUSTAINABILITY EVENTS
1,950
ENERGY SAVING PLEDGES
FROM CUSTOMERS
In November, we ran a portfolio-wide
Big Energy Race campaign to encourage
customers to reduce energy use. The
campaign was brought to life by a multi-
channel strategy, including a dedicated
web page, posters, newsletters, social
media, and in-person workshops. The
initiative inspired 1,950 energy-saving
pledges from customers.
Together, we saved over 255,000 kWh
of energy, equivalent to powering the
London Underground and Overground
for two hours. Customers adopted simple
sustainable actions including switching
off lights, lowering heating, and using
appliances in energy-saving mode.
255 MWh
ENERGY SAVED DURING THE CAMPAIGN
OUR APPROACH AND ACTIVITY
CASE STUDY: BIG ENERGY RACE
1. % of customers who agree Workspace is an environmentally and socially responsible business, measured via bi-annual customer survey.
Sustainable roundtable dinner
for customers, Kennington Park
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OUR STAKEHOLDERS CONTINUED
How we engage
Employee feedback tells us that our strong
culture and set of values are well received by
our people, though we know there are always
areas where we can improve. In addition to
carrying out an annual survey, which saw an
86% response rate, we also gather feedback
from a series of face-to-face and virtual
events throughout the year.
How the Board engaged
– Chair and Non-Executive Directors hosted
three employee engagement sessions with
a mix of centre and head office staff
– Reviewed employee survey results
– Supported decision to enhance staff
family leave policies
– Board meetings hosted at our sites where
the Board met centre teams
– Approved new Employee Handbook
and Code of Conduct
Significant topics raised
– Communication from senior leaders
– Centre teams structure
– Introductory CEO communications
– Strategy and vision sessions for senior
managers
– Career development and recognition
– Diversity and inclusion
Activity in the year
– 12 Wrap Live town halls – in person and
virtual events – including series of
introductory sessions with CEO
– Weekly wrap-up email communications
from CEO
– Four Strategic Leadership Group workshops
– Weekly intranet and fortnightly newsletters
sharing Workspace internal news
– Successful employee competition aimed
atboosting productivity, optimising
occupancy and generating revenue
– New benefits, including increased
maternity and paternity leave, and new
BUPA cash plan
– New Workspace Way training to reinforce
strong culture and communications
– Coaching and mentoring training for Line
Managers to help with people development
– Increased our apprenticeships offering
across the business and continued to
develop our Career Pathways to assist
employees in developing within their teams
– Charity, Wellbeing & Social Committee
hosted 15 cultural events, celebrating events
such as Diwali, Holi and St Patrick’s Day
– Hosted 47 wellbeing and social events
OUR PEOPLE
31%
OF OUR TEAM COME FROM
NON-BRITISH NATIONALITIES
76%
AGREE OUR VALUES
MATCH OUR CULTURE
58%
OF OUR TEAM ARE WOMEN
30%
FIRST GENERATION
TO GO TO UNI
Read more about how we
engage with our people in
the Governance section
Page 134 to 135
8%
IDENTIFY AS LGBTQIA+
The Chocolate Factory,
Wood Green
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OUR STAKEHOLDERS CONTINUED
OUR PEOPLE CONTINUED
We value great social skills and
those who instinctively build
strong relationships. We think
hard about how to give back
to our communities.
Our people embrace and value our
diverse and dynamic culture, with
76% believing our values match our
culture. We are building on this strong
foundation by fostering a cultural shift
to empower our frontline teams,
ensuring clear accountability at all
levels and further breaking down
barriers within the business.
LIVING OUR VALUES
A CLEAR FRAMEWORK
FOR SUCCESS
We like people who are serious
about their subject; those who
are open-minded, interested
and ask questions.
We don’t just react to what
customers, colleagues or
the market are telling us, we
anticipate it. And our focus
on technology helps us to
do just that.
FIND A WAY KNOW YOUR STUFF SHOW YOU CARE MAKE IT FUN
Read how our people are
driving customer retention
Pages 38 to 39
We look for those who
are persistent and have the
confidence to move things
forward even when there are
challenges. Flexibility and
adaptability are key, but so
are focus and determination.
We depend on the imagination
and creativity of all our people.
We like people who thrive
on injecting enjoyment and
colour into the day-to-day.
We believe in nurturing
talent from within.
This year, we’re proud
to have promoted
31incredible team
members.
Hasti Patel
Talent Acquisition Manager
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OUR STAKEHOLDERS CONTINUED
OUR PEOPLE CONTINUED
14
EMPLOYEE TRAINING
HOURS PER FTE
86%
EMPLOYEE
INCLUSIVITY SCORE
90%
EMPLOYEE
ESG SCORE
1
13%
EMPLOYEE ATTRITION RATE,
COMPARED TO A BENCHMARK
OF 28% ACROSS SIMILAR SIZE
BUSINESSES
Our people are our greatest asset, and
attracting and retaining talent is a key
priority for us. We aim to provide an
environment where our people can
thrive. As we strive to be an employer
of choice, we invest in their wellbeing,
growth and development. Ultimately,
ensuring everyone feels valued,
supported and included within a
diverse and welcoming workplace.
EMPOWERING OUR PEOPLE
TO ACHIEVE THEIR BEST
– 14 training hours per FTE, supporting
professional and personal development
of our people
– 11 people supported with internal progression
through our career pathways
– 16 employees joined our apprenticeship
programme to build new skills and progress
their career
– Benefits review undertaken to ensure
continued delivery of best-in-class support
for employees
– Collaboration with inclusive recruitment
specialists to widen access to roles across
the organisation. This year we employed
13people who were unemployed to work
part time in our cafés, offering them a
chance to get back into the world of work
– Optimised candidate evaluation process,
alongside blind CVs and bias-free language
in job postings, helping us widen our talent
pool. This year we received over 2,800
applications from a diverse talent pool
(56% female, 35% first generation to go
touniversity, 65% diverse ethnic groups
and 4% disabled)
– Benchmarked our employee diversity,
ensuring we are representative of a
diverse city like London
– 728 hours of diversity training delivered
and 11 cultural events celebrated to
foster a diverse and inclusive culture
OUR APPROACH AND ACTIVITY
We continued to support staff in developing
their skills through structured career
pathways, enabling individuals to build and
evidence targeted competencies aligned
with their goals. This year, 11 employees
engaged with a career pathway, with 10
achieving promotions. Our Learning and
Development team provided tailored
support through a diverse and interactive
training programme.
We also scaled our apprenticeship offering,
supporting 16 employees in building new
skills and progressing their careers. Our
recruitment manager held an open
apprenticeship day to help coach candidates
with the recruitment process, providing
them with useful tips on interview skills and
CV writing.
CASE STUDY: SUPPORTING CAREER
PROGRESSION
At Workspace, we are deeply
committed to fostering the
development of our people.
Our goal is to create an
environment where both
current employees and new
hires have opportunities to
learn, grow and progress
in their careers.
1. % of employees who agree Workspace is an environmentally and socially responsible business, measured via annual employee survey.
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OUR STAKEHOLDERS CONTINUED
How we engage
We work with a broad range of long-term
partners and have a strong track record of
refurbishments and redevelopments where
good relationships with local government,
communities and contractors are integral.
We ensure that all our partners and suppliers
meet stringent ethical and sustainability
standards. We always provide direct
feedback to suppliers so that they can
improve their products and services.
How the Board engaged
– Approved modern slavery statement
– Received updates on the new supplier
onboarding portal
– Reviewed our supplier engagement plans
on ESG, specifically addressing scope 3
reductions
How we engage
We regularly engage with existing and
prospective shareholders through an active
investor relations programme around our
financial results and corporate activity. The
Board reviews a detailed bi-monthly investor
relations report which includes notable
views expressed by shareholders as well as
wider market participants, alongside share
register movements, broader sector and
peer news and progress on various investor
relations initiatives.
How the Board engaged
– The Chair engaged with top investors
following the appointment of Lawrence
Hutchings as CEO
– Attended the AGM
– Reviewed and discussed the bi-monthly
IRreports
– Approved results statements
– Approved payment of the interim and
full year dividend
Significant topics raised
– Financial and trading performance
– Our future financing options and cost
of debt
– CEO transition
– Our three-horizon strategy
– Our sustainability approach
– Brand and marketing campaigns
– Our market and competition
Activity in the year
– 89 investor meetings (in-person
and virtual)
– Eight sell-side analyst and buy-side
investor site tours
– 13 real estate conferences
attended globally
– AGM
– ESG breakfast session for impact
focussed investors
Significant topics raised
– Creating sustainable buildings
– Compliance with building regulations
and neighbourhood plans
– Accessibility for all user groups
– Urban regeneration
– Social Impact
– Recycling and waste practice
– London Living Wage
– Supply chain emissions
Activity in the year
– Continued to ensure suppliers and
partners working on Workspace
premises pay Real London Living Wage
– Worked with our supply chain to adopt
initiatives that drive greater
environmental and social impact
– Promoted recycling and sustainable
waste practices among our suppliers
andpartners
OUR PARTNERS AND SUPPLIERSOUR INVESTORS
The Chocolate Factory,
Wood Green
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We work closely with our suppliers to
maintain high standards of operational
excellence. Our approach goes beyond
basic compliance, monitored through
our Supplier Code of Conduct, to active
collaboration aimed at driving wider
market transformation, including
working together to enhance positive
social and environmental impact
across our supply chain.
DRIVING MARKET
TRANSFORMATION WITH
OUR SUPPLIERS
– Supplier onboarding portal embedded,
enabling robust vetting and consistent
onboarding checks
– Continued commitment to London
Living Wage across the supply chain
– Tier 1 suppliers identified to drive
bespoke engagement on ESG topics
– Close partnership with suppliers and
building contractors to enhance social
value through our operational and
construction activities, resulting in an
indirect social value contribution of
£21.7m (see page 85)
– Garnered support from 20 tier 1
suppliers on our supply chain
decarbonisation strategy
(case study on the right)
OUR APPROACH AND ACTIVITY
This year we evolved our sustainability-
focused engagements with our top suppliers
to drive targeted impact. This involved
gathering data from 13 key suppliers on their
scope 1 and 2 emissions, to more accurately
report our scope 3 emissions. We also held
an engaging workshop where 20 suppliers
came together to hear more about
Workspace’s sustainability ambitions,
learn about carbon reporting, and
create a decarbonisation action
plan in a collaborative forum.
CASE STUDY: SUPPLY CHAIN
DECARBONISATION
OUR STAKEHOLDERS CONTINUED
OUR PARTNERS AND SUPPLIERS CONTINUED
£21.7m
INDIRECT SOCIAL VALUE
16
APPRENTICES
20
SUPPLIERS ENGAGED
ON CLIMATE TRANSITION
100%
LONDON LIVING WAGE
COMPLIANTKennington Park, Oval
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How we engage
Creating a flatter, more equitable London
is central to our strategy. Our high-quality,
affordable space brings employment into
local areas and helps create community
hubs. We support and work closely
with our local communities, and offer
employment-led opportunities to
disadvantaged young people.
How the Board engaged
– Input on our Social Impact Programme,
Growth Happens at Workspace
– Reviewed approach to stakeholder
engagement on ESG, identifying key
priorities for the year
Significant topics raised
– Formalising a Social Impact Programme
addressing skills and employment
– Ensuring we meet our direct social value
target of £1m and continue to maximise
indirect social value contribution
– Socio-economic assessment to measure
impact of Workspace on local areas
– Partnership with three new Corporate
Charity partners
OUR STAKEHOLDERS CONTINUED
London Design Festival
exhibitions hosted at Metal
Box Factory, The Frames
and Leroy House
Activity in the year
– InspiresMe programme continued across
11 centres, benefiting over 200 students
– All 22 Clusters created a partnership to
support local charity or community group
– Held 42 food banks, donating 240 tonnes
of food
– Partnered with London and Partners to
host Grow London Local hubs to support
local businesses with expert advice
– 2,578 volunteering hours
– Held NHS screenings in two buildings
OUR COMMUNITIES
£1.02m
DIRECT SOCIAL VALUE
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OUR STAKEHOLDERS CONTINUED
OUR COMMUNITIES CONTINUED
With 67 buildings across 18 London
boroughs, and a customer base made
up of local SMEs, we are deeply rooted
in the communities we serve. For us, it’s
simple: when communities thrive, our
buildings thrive. That’s why we focus
on building long-term, meaningful
partnerships with local organisations
and take a place-based approach to
delivering hyper-local social impact.
CREATING LASTING VALUE
FOR OUR COMMUNITIES
– Each of our cluster teams have at least
one partnership with a local charity or
community organisation to support local
needs, such as providing bespoke skills
and employability support (see page 84)
– Continued roll out of community
accessible amenities to make our
buildings more accessible and inclusive
– Long-term partnership with Single
Homelessness Project (‘SHP’) to support
homeless people in London. See case
study on right
– An active volunteering culture, with
each employee allocated three days
towards volunteering
OUR APPROACH AND ACTIVITY
Workspace’s four-year charity partnership
with the Single Homeless Project (‘SHP’) has
raised an outstanding £245,022 to support
SHP’s mission to prevent homelessness
and transform lives across London. Beyond
fundraising, Workspace helped raise
awareness of homelessness and SHP’s vital
work providing housing, mental health
support and employment services.
CASE STUDY: SHP PARTNERSHIP
£340k+
IN KIND SUPPORT
1,210
PEOPLESUPPORTEDTHROUGH
OUR PARTNERSHIP WITH SHP
2,578
VOLUNTEERINGHOURS
240
BENEFICIARIES OF SKILLS AND
EMPLOYMENT PROGRAMME
This partnership, marked by
lasting impact, demonstrates
how business and charity can
come together to change lives
for the better.
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How we engage
We recognise the climate emergency and
know that the real estate sector contributes
to nearly 40% of global carbon emissions.
We have pledged to become a net zero
carbon business by 2040. Our model of
refurbishing existing buildings substantially
reduces embodied carbon. Our operating
platform enables us to monitor energy usage
in real time, ensuring efficiency and
responsiveness. By actively engaging with
our customers to improve environmental
performance, we ultimately drive higher
satisfaction scores in our customer survey.
How the Board engaged
– All Board members sit on the ESG
Committee (see the ESG Committee
Report on pages 186 to 191)
– Approved new net zero targets, in line
with latest SBTi guidance
– Reviewed ESG performance, disclosures,
feedback and ratings
Significant topics raised
– Emissions reduction plan aiming
to achieve net zero carbon by 2040
– Contributing to local biodiversity
enhancements
– Purchasing carbon credit to offset
emissions from Leroy House’s construction
Activity in the year
– Updated our net zero carbon targets
to align with the latest SBTi guidance
– Published our first Nature and Biodiversity
Strategy, including measurable targets
– Upgraded a further 8% of our portfolio
to EPC A/B standards
– Delivery of energy-reduction campaign
‘The Big Energy Race’ – resulting in
over 1,950 customers pledges on
energy reduction
THE ENVIRONMENT
OUR STAKEHOLDERS CONTINUED
NET ZERO
CARBON
BY 2040, IN LINE WITH SBTI
35%
REDUCTION IN EMISSIONS
SINCE 2020Leroy House, Islington
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OUR STAKEHOLDERS CONTINUED
THE ENVIRONMENT CONTINUED
– We transform historic buildings into
modern, sustainable workspaces with
40–70% lower embodied carbon than
new builds, delivering high-quality
spaces while significantly reducing
environmental impact. See case study
on page 7
– Our robust operational platform enables
a granular, building-level approach to
resource optimisation. As a result, our
portfolio energy intensity is already
15% below the 2030 target for net zero
offices. Further detail on page 78
– Our rolling refurbishment programme
allows us to continue to upgrade our
portfolio at pace, with 60% of portfolio
already EPC A/B rated
– As long-term asset owners, we invest in
and manage our buildings responsibly to
ensure they are sustainable and resilient.
Our commitment to nature and
biodiversity and our updated net zero
target is a key part of this approach
As a large operational business, we
recognise our environmental impact
and remain committed to ensuring our
growth does not come at its expense.
Our refurbishment-led model supports
the brown-to-green transition of
buildings, delivering both environmental
and commercial value. Through a highly
efficient operational platform, we
manage our portfolio responsibly. This
year, we’ve deepened our approach by
recognising the intrinsic link between
climate and nature in our strategy.
We have also re-aligned our net zero
commitment in line with latest guidance
from Science Based Targets initiative,
setting a long-term net zero target of
90% reduction in emissions by 2040
(see page 53)
This year, we launched our first Nature
and Biodiversity Strategy, Make Space
for Nature, outlining our commitment to
delivering measurable biodiversity net
gains across all new developments and
operational assets (see page 117).
With implementation already underway,
we’ve completed greening projects
across 5 buildings, achieving an average
biodiversity net gain of 2.4% over a 2024
baseline (calculated as 16.76 Biodiversity
Units). These initiatives have been well
received by customers, enhancing both
the sustainability and appeal of our spaces.
DRIVING ENVIRONMENTAL
STEWARDSHIP
CASE STUDY: NATURE STRATEGY
5
GREENING PROJECTS DELIVERED
OUR DIFFERENTIATED
ENVIRONMENTAL IMPACT
15%
LOWER ENERGY INTENSITY COMPARED
TO 2030 TARGET FOR NET ZERO OFFICES
40-70%
LOWER EMBODIED CARBON COMPARED
TO INDUSTRY BEST PRACTICE
Brickfields,
Hoxton
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OUR MARKET
UNDERSTANDING FOUR KEY TRENDS
SHAPING LONDON’S SME MARKET
Our decisions are driven by market
insights and direct feedback from
our customers. Market research
1
has shown that our serviceable
obtainable market in London
comprises around 80,000 SMEs,
while we have identified a sweet
spot market of around 30,000
businesses. With a customer base
of around 4,000, we currently
serve about 13% of this market.
Recent market research confirms
we are targeting the most robust
parts of the market: London-based,
small to medium-sized businesses
with a strong emphasis on creativity
and innovation. These combined
sectors now make up over 55%
of our customer base and are
outpacing non-creatives in
most industries.
Our research gives us confidence
that there is substantial room to
grow our market share. To achieve
this, we rely on a deep understanding
of evolving market dynamics and
the needs of both existing and
prospective customers.
Our strategy
Pages 34 to 58
There are clear links between our
market trends and our strategy.
Section 172(1) Statement
Page 139 to 142
Leroy House, Islington
1. Conducted by OC&C, with data analysis from
The Data City and Beauhurst.
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0.6
0.5
0.4
0.3
0.2
0.1
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 20242019 2020 2021 2022 2023
5.0%
4.0%
3.0%
1.0%
2.0%
-0.0%
-2.0%
-1.0%
-4.0%
-3.0%
-2.0% -1.0% 0.0% 1.0% 2.0% 5.0%4.0%3.0%
Sole
Traders
4
10-19
employees
20-49
employees
50-99
employees
100-249
employees
1-9
employees
3
2,500
2,000
1,500
1,000
500
0
2015 2019 2021 2025
28%
72%
36%
64%
40%
60%
OUR MARKET CONTINUED
GROWING NUMBER OF OUR TARGET SIZE SMES
We target the fastest growing pool of SMEs, by size
ROOM TO GROW IN OUR SWEET SPOT
Our market share of SME Creators and Innovators is only 12%: plenty of growth to go for
ROBUST SME DEMAND IN LONDON
London SMEs are growing more than the rest of the UK
SUPPLY-DRIVEN COMPETITION
Competition for SMEs has intensified within an increasingly fragmented market
MARKET RESEARCH AT A GLANCE
LONDON 14 YEAR CAGR: 3.4% VS. REST OF UK: 1.6% RELATIVELY FASTER GROWING NUMBER OF SMES IN OUR TARGET MARKET, BY SIZE
1
1. Our ‘Target SMEs’ represent London-based SMEs with 2-100 full time employees,
excluding certain non-applicable industries, e.g. restaurants, bars, landlords.
2. Compound average growth rate (CAGR) over a 10-year period (2014-2024).
3. Estimated figures in some cases, e.g. by using BPE and ASL data sources.
4. BPE London sole traders.Source: ONS, OC&C analysis.
Source: OC&C analysis of multiple data sources. Source: OC&C, The Data City.
Source: ONS, OC&C.
Target SMEs
2
Non-target SMEs
Area indicates where SME growth
is greater in London than the UK
Size of bubble indicates aggregate
number of employees
Creators and Innovators
Other
Pre-Covid:
Rapid growth; new market entrants
Covid:
Lockdown impact
Post-Covid:
Steady growth across providers
c.1% c.2% c.4%
London-based SMEs,
1-250 FTEs
2-100 FTE
SMEs
2-100 FTE
SMEs in same postcode
district as a
Workspace location
25-35k
Sweet Spot
Target market
70-90k
London
SMEs in our
locations
210-230k
London
SMEs with
2-100 FTEs
440-480k
London
SMEs
Number of SMEs (m)
Number of sites
London CAGR
2
UK CAGR
2
Current market
share based on
c.4k customers
Definition
c.12%
2-100 FTE
Creative and innovative SMEs,
4+ years old, in the same postcode
district as a Workspace location
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500
CUSTOMER RENEWALS
IN THE YEAR
OUR MARKET CONTINUED
RELEVANT STRATEGIC HORIZONS
3.2.1.
1. Enhance and expand
the core business
What this means for our customers
Nearly half of UK businesses experienced
increased supply chain disruptions in the last
12 months, leading many to diversify suppliers
and adopt digital. This adaptability has been
aconsistent trait among our SME customers.
In Workspace’s 2025 survey of 300 SME
owners and leaders, 87% said they are
confident about their future.
Workspace response
With 67 buildings to suit a range of teams and
budgets, choice and affordability are central to
our offer. In addition to our two-year flexible
leases with rolling six-month breaks, customers
can also scale up or down as needed.
We have a proven record of adapting
toeconomic cycles by adjusting pricing to
maintain occupancy during tough times while
driving growth in stronger periods. We also
hedge against fluctuating energy prices
usingsolar energy.
Our strong balance sheet, freehold ownership
model and pioneering flexible offer, position
us well to rebuild occupancy and weather
further market uncertainty. Our strategy
(more on pages 34 to 58) will enable us to
respond to market shifts, while simultaneously
planning for future growth. A series of strategic
initiatives are focused on enhancing our
product, customer experience and services,
while creating a more efficient organisation.
In April 2025, the Bank of England
warned of heightened risks to the
UKeconomy, citing ‘financial shocks’
and intensifying uncertainty
1
. Political
instability, inflation and the ongoing
disruptions from tariffs have further
destabilised global markets and
weakened consumer confidence.
While London’s service-based economy
isless vulnerable to tariffs, SMEs are
facing rising costs and uncertainty.
Asaresult, many are prioritising
flexibilityto managerisk.
TREND 1.
AMIDST UNCERTAINTY,
BUSINESSES ARE FOCUSING
ON WHAT THEY CAN
CONTROL
1. Financial Policy Committee Record, Bank of England,
April 2025.
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Customer space at Pall Mall
Deposit, Ladbroke Grove
OUR MARKET CONTINUED
RELEVANT STRATEGIC HORIZONS
3.2.1.
1. Enhance and expand
the core business
2. Transform and prepare for
emerging opportunities
What this means for our customers
Our customers look for environments that
reflect their unique company cultures, foster
collaboration and help build cohesive teams.
In our survey of 300 SME decision-makers,
flexibility and character ranked just below
affordability and location.
Creative and innovative SMEs represent
over 55% of our customer base, businesses
outpacing other sectors. Many require more
than just desk space – whether for podcast
studios, retail showrooms or collaborative
breakout areas – they need versatile spaces
that evolve with their business.
Workspace response
For nearly 40 years, Workspace has offered
flexible leases in characterful ‘brown’ buildings
– many historical or listed. Our model is
centred around improving these buildings
with features like collaborative breakout areas,
phone booths, terraces, cafés and meeting
rooms. As part of our new strategy, we are
piloting some projects to refresh the spaces
and enhance customer experience.
Customers value the unique character of our
buildings, run by teams providing a personal
touch, offering a home – not hotel – for
businesses. They can personalise their space
with our blank canvas offer or choose from
our new furniture packages. Our focus on
integrating sustainability throughout our
buildings also sets us apart, elevating both
the customer experience and environmental
impact. To help differentiate Workspace in
a more crowded market, we’ve refreshed
our brand identity and launched our
first-ever TV ad campaign.
We have identified over 95 office
operators in London alone. The flexible
office market is saturated and there has
been an increase in supply of ‘grey’
space – large, plain floorplates. The
economic backdrop has intensified
competition, forcing providers to reduce
prices and, in some cases, compromise
on quality.
TREND 2.
IN A NOISY MARKET, THOSE
PROVIDING QUALITY AND
CHARACTER STAND OUT
67
CHARACTERFUL BUILDINGS FOR
CUSTOMERS TO CHOOSE FROM
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OUR MARKET CONTINUED
Q
What is your role at Workspace?
A
It’s my job to understand our market
and the constantly evolving needs of our
customers. The insights we gather shape
our strategic decisions and the customer
experience we provide, allowing us to
stand out in a competitive market.
Q
How does Workspace gather feedback
from its customers?
A
We maintain a steady dialogue with
customers from day one, with our centre
teams building strong relationships and
capturing feedback in our CRM system. We
also conduct regular interviews and short
surveys. Increasingly, we’re integrating
AI tools into our sales process, tracking
customer sentiment during enquiries calls.
Q
Why is the customer satisfaction score
so high this year?
A
A lot of it comes down to the strong
relationships our centre teams have with
customers. We empower them to act on
feedback, working closely with Asset and
Facilities teams to address issues speedily.
We’ve also made key infrastructure
improvements. For example, at China Works,
one of our top-scoring centres, we added
phone booths and refurbished communal
areas based on customer feedback. Long-
term initiatives, like the Wi-Fi refresh and
simplifying our billing process, are having
a positive impact on satisfaction.
Q
What is the customer segmentation project?
A
Over the past 12 months, we’ve segmented
the office market based on businesses’ needs,
gathering insights from over 3,000 business
leaders. This has helped us refine our sales
journey and portfolio planning.
By understanding the value of the customers
we’re attracting, beyond just industry or size,
we can target our efforts more effectively.
It’s also prompted us to explore additional
support services and products designed
for early-stage businesses.
Our customer segmentation has
meant we truly understand the
value of our customers and can
target them effectively.
Greg Absalom
Customer Insights Lead, Marketing
Q&A
Greg Absalom
Customer Insights Lead, Marketing
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90%
CUSTOMER SATISFACTION SCORE
OUR MARKET CONTINUED
RELEVANT STRATEGIC HORIZONS
3.2.1.
1. Enhance and expand
the core business
2. Transform and prepare for
emerging opportunities
What this means for our customers
In the battle for top talent, businesses need
workplaces that feel as inviting and
comfortable as home. We know SMEs
prioritise space in vibrant, well-connected
areas and amenities like cafés, wellness
offerings and outdoor spaces. They value
more than just flexible leases – they want
control and the freedom to express their own
identity, making a home for their business.
Workspace response
Our blank canvas offer lets businesses
customise their spaces to suit their culture,
with each of our 67 unique buildings offering
its own personality and community. Our
ownership model means we can provide a
blank canvas so that customers can tailor their
space to how they would like their teams to
work, whether that is adding comfy areas,
white boards or meeting rooms.
This year’s record 90% customer satisfaction
score reflects the strong relationships built by
our centre teams and the vibrant community
within our buildings. Our continual dialogue
with customers informs improvements to our
offer and buildings, with features like cafés,
breakout areas, bike storage, roof terraces,
meeting rooms and phone booths.
Our extensive events help our customers
connect and strengthen their own company
cultures. Our roundtables, panel discussions
and new Founders Forums have proven
extremely popular. 84% of our customers
value our commitment to social and
environmental responsibility, with participants
in our sustainability initiatives reporting
higher satisfaction and engagement.
SMEs face significant challenges
in recruiting and retaining skilled
employees, with many struggling
to keep pace in a competitive talent
market
1
. A recent survey shows that 39%
of UK employees are likely to seek new
roles within the next year
2
. Meanwhile,
84% of employees expect the workplace
to deliver an experience, rather than
simply being a place to complete tasks
3
.
TREND 3.
SMES ARE TURNING TO
THEIR SPACE TO COMPETE
FOR TALENT
1. SME Skills Horizon, Department for Education, 2025.
2. What Workers Want, New Possible, 2025.
3. The Workplace Oooh Study, Claremont, 2024.
AP&Co at Kennington Park, Oval
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80%
CUSTOMER SATISFACTION WITH
CONNECTIVITY – AN UPLIFT OF
15% IN TWO YEARS
OUR MARKET CONTINUED
RELEVANT STRATEGIC HORIZONS
3.2.1.
2. Transform and prepare for
emerging opportunities
3. Innovate to create
future options
What this means for our customers
45% of SMEs are already using AI to improve
their operations
1
, showing how quickly
businesses are embracing technology
to stay competitive.
Businesses expect work spaces and customer
service that are flexible, intelligent and
responsive – systems that anticipate needs
and adapt seamlessly, with 24/7 support,
while still valuing the personal touch from
real customer service.
Workspace response
Workspace has always prioritised technology to
enhance customer experience. Our buildings
are equipped with building-wide superfast
Wi-Fi and 5G, giving customers the flexibility
to work wherever they choose – whether in
the café, breakout areas or on the terrace.
When combined with face-to-face service,
technology is central to our broader strategy
of driving occupancy and retention. We’re
piloting AI-driven customer service agents to
ensure enquiries are answered and viewings
are scheduled 24/7. Our upgraded CRM
system will improve our customer insights,
communications and targeted marketing.
From streamlining energy management
to personalising workspace configurations,
AI is helping providers create smarter,
more responsive environments. It’s also
enhancing how landlords identify and
engage the right market, offering deeper
customer insights and improved targeting.
TREND 4.
TECHNOLOGY IS
TRANSFORMING HOW REAL
ESTATE CATERS TO SMES
1. AI Adoption Rates in UK SMEs, Profile Tree, 2025.
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OUR STRATEGY
OUR STRATEGY WILL DELIVER
LONG-TERM SHAREHOLDER
VALUE, ACCELERATING
WORKSPACE’S MOVE TO BECOME
AN INCOME-LED BUSINESS.
A NEW APPROACH TO STRATEGY
We are adopting a new approach to strategy.
A focus on short, medium and long-term
goals will ensure agility and that we are able
to adapt to the changing market conditions
inwhich we operate. Work on each strategic
goal will run in parallel, although the outcomes
will be delivered over different time periods.
We will embed operational excellence
through the organisation and in everything
we do in order to deliver income growth.
Ourstrategy will accelerate progress on our
journey to become an income-led business.
2. ACCELERATE
Transform and
prepare for
emerging
opportunities
Pages 46-55
3. SCALE
Innovate to
create future
options
Pages 56-58
EMBEDDING OPERATIONAL EXCELLENCE
1. FIX
Enhance and
expand the
core business
Pages 36-45
SUPPORTED BY THE WAY WE DO BUSINESS:
Our purpose
To give businesses the
freedom to grow
Our culture
Our culture is one of integrity,
transparency and openness
and will support the pursuit of
operational excellence.
Our values
– Know your stuff
– Find a way
– Show we care
– Make it fun
Learn about our purpose, culture, and values in our Governance report Page 132
GUIDED BY OUR STAKEHOLDER ENGAGEMENT:
Our
customers
Our
people
Our
investors
Our partners
& suppliers
Our
communities
The
environment
Discover more about our stakeholder engagement Pages 14 to 26
Principal risks and uncertainties
Pages 86 to 93
Key Performance Indicators
Pages 59 to 64
OUR STRATEGIC HORIZONS
Page
1. Enhance and expand the core business 36
2. Transform and prepare for
emerging opportunities
46
3. Innovate to create future options 56
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OUR STRATEGY CONTINUED
By doubling down on operational
excellence, we will create a more
efficient organisation that prioritises
delivery of a seamless and high quality
customer experience. This will give
us better scope to boost occupancy,
enhance profitability and unlock new
growth opportunities in the future.
IN ORDER TO DELIVER ON
OUR STRATEGY, WE NEED
TO EMBED OPERATIONAL
EXCELLENCE
We have identified areas where
we can sharpen up operationally
to help us win on the ground
once more.
Lawrence Hutchings
Chief Executive Officer
WHAT IS OPERATIONAL EXCELLENCE?
We are embedding operational excellence
into every part of our organisation as
acultural discipline, driving everything wedo.
Operational excellence will ensure a more
efficient organisation, an enhanced product
and a seamless customer experience.
In order to deliver this, we will:
– Change the organisation structure
We will rebalance the business by
streamlining support functions to create
a leaner, faster organisation and enable us
to put more people on the ground where
it matters, empowered to meet high
standards of customer service and achieve
our retention goals.
– Enhance our core systems
By centralising and continuing to improve
our property management, finance and
CRM systems, our data will result in faster
and more insight-driven action. Technology
and AI will be more effectively leveraged
to create a more efficient business, whilst
providing an enhanced customer
experience.
See our business model
Page 2
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STRATEGIC GOAL 1 – FIX
ENHANCE AND
EXPAND THE
CORE BUSINESS
The impact on our business
Drives a recovery in occupancy and
earnings, delivering profits and dividends.
FY25/26 outcome
We would expect occupancy to stabilise
and start to recover over the course of the
year as a result of the strategic measures
put in place. We will invest in our product
to support both customer retention and
drive new customer acquisition.
Relevant KPIs
Financial performance:
1, 2, 3, 4, 5, 6, 7, 8, 9
Non-financial performance:
1, 2, 3, 4, 6, 7, 9
Relevant principal risks and uncertainties
1, 2, 5, 7, 10
Market trends
1, 2, 3
Relevant sustainability priorities
– Sustainable development and
operations standard consistently
applied, maximising efficiency
– Close management of all ESG risks
– Active tracking and response to
customer ESG expectations
– Differentiating Workspace
through our ESG credentials
HOW WE ARE ENHANCING AND
EXPANDING THE CORE BUSINESS
Page
Ensuring consistency across our portfolio 37
Focus on customer retention 38
Differentiating Workspace 40
More targeted marketing 41
Sustainability is at the core of our business 43
What this means
This is about enhancing our product
and services for our core customer base of
creative and innovative SMEs. Our priority
is to stabilise and rebuild occupancy in the
short term.
Why this is important
The workstreams under this strategic goal
will support customer retention and drive new
customer acquisition, which will ultimately
deliver earnings growth and dividends.
How we deliver against it
We will be laser focused on costs and
streamline the business, systems and
processes to deliver efficiencies. We will run
demand generation and customer retention
pilot projects to test thinking and deliver
quick wins. We will update and roll out
guidelines for our ‘brilliant basics’ to ensure
our product and customer experience is
of aconsistently high standard across
the portfolio.
Operational excellence
There will be significant attention given to
embedding operational excellence in the
short-term to support our goal of protecting
and expanding the core business. In FY25/26,
we would expect to introduce a new
organisational structure that clarifies lines
ofaccountability and ensures every team
member knows who owns the customer
relationship and is responsible for
protecting or driving revenue.
OUR STRATEGY CONTINUED
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OUR STRATEGY CONTINUED
1. ENHANCE AND EXPAND THE CORE BUSINESS CONTINUED
ENSURING CONSISTENCY
ACROSS OUR PORTFOLIO
Delivering the ‘brilliant basics’
In a challenging market and more competitive
environment, it is more important than ever
that we ensure our product, offer and service
are of a consistently high standard. Through
our ongoing surveys and market research, we
have a very good understanding of what our
customers and prospects within the creative
and innovative SME market want and what
they are willing to pay for. They want us to
remove any friction from their search for the
perfect space for their business and their
teams. Once they’re in, they want a seamless
experience that meets all their needs and
supports the growth of their business.
34 operational standards
We have identified 34 operational standards,
covering building facilities and services, with
afurther nine standards linked to location and
the fabric of the buildings. We are upgrading
aset of guidelines for each that will help us
achieve operational excellence. These include
popular amenities such as cafés, tea points,
phone booths and meeting rooms, but also
important factors like signage and wayfinding,
digital community noticeboards and customer
onboarding. Guidelines for our ‘brilliant basics’
will be rolled out across our conviction and
high conviction buildings and included in future
staff induction and training programmes.
We have already started work to implement
the guidelines and are trialling some new
higher standards at selected pilot sites.
More about our pilot design projects
Pages 50 to 51
Categorising our portfolio by conviction
Page 48
SUSTAINABLE
OPERATIONAL
STANDARDS
SUSTAINABILITY IN
EVERYTHING WE DO
Meeting customer demand
Sustainability standards are
increasingly important to our customers.
From comprehensive waste and recycling
facilities to energy-efficient systems and
smart metering that help reduce
consumption, we go above and beyond to
meet these expectations. We also support
sustainable transport and wellbeing with
bike storage, showers and onsite greenery
– all designed to promote a greener,
healthier way of working.
OUR 34 GUIDING INVESTMENT AND OPERATIONAL STANDARDS
Noticeboard/
community news
Centre
staffing levels
Operational
services
Cleaning Waste &
recycling
Energy &
utilities
Wi-Fi Maintenance SME support
centre
Events Mobile app Accessibility
HVAC (units &
communal areas)
Customer
check-ins
Account
support services
Customer
onboarding &
move-in
Customer
offboarding
& move-out
Security & 24/7
keyless access
Seamless
enquiries & sales
process (new
space enquiries)
Engaged
support team
& helpdesk
signposting
customers &
OOO support
Operational
building
services
Tea points Cafes
Phone booths Meeting rooms Toilets
Modern units Centre team
office
Bike store
Post room Lifts Showers
External
entrances & FOH
Modern
communal
outdoor areas
& car park
Signage
Modern
communal
indoor areas
(breakout
spaces,
tea points
corridors)
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FOCUS ON CUSTOMER
RETENTION
Workspace has always experienced a certain
amount of customer churn and in a strong
market, this is helpful as it provides availability
of space to attract new customers, as well as
the opportunity to drive pricing growth.
During periods of high occupancy and strong
rental growth, customers vacating supports
that opportunity. Given the more competitive
market, we have changed our strategic
approach and customer retention has become
a key focus.
Customer engagement
We have overhauled the way that we
engage with customers in order to drive
improvements in customer retention. Rather
than relying on ad hoc engagement in centres,
we have put in place a rigorous contact
programme for all our existing customers.
This has helped to categorise our customers
by risk, with clear flow diagrams to help centre
teams to manage customers ‘at risk’. All of
this insight feeds into our CRM system, which
we continue to enhance. When the new
system comes online later this year, we will
have more opportunity to manage customer
engagement through our MyWorkspace portal
and gather feedback.
53 Degrees Global, based at
Kennington Park
53 Degrees Global are a longstanding
customer in 6,500 sq. ft. at Kennington Park,
having joined Workspace in 2018. Last year,
they started discussions about possibly
returning one of their two units due to
uncertainty about how much space they
would require in the medium term.
Workspace’s renewals team worked with
them to include additional flexibility in their
new lease, inserting a break clause after the
second year, which meant they retained both
units in the end. As a goodwill gesture, given
their history with Workspace, they also
received a discounted rent for the first three
months of their new lease term.
Medicare, based at The Leather Market
Medicare had been based at The Leather
Market for four years and recent growth
meant they needed a bigger space. They
were keen for a ready made, furnished space
and so were looking outside of Workspace
at a more serviced offer.
As part of our new strategic approach,
however, we were able to offer them a
recently refurbished space including kitchen,
meeting room and dressed with furniture,
which removed any friction for the business
and made it easy for them to stay with
Workspace.
OUR STRATEGY CONTINUED
1. ENHANCE AND EXPAND THE CORE BUSINESS CONTINUED
CASE STUDIES: HOW WE ARE RETAINING CUSTOMERS
Read more about our engagement with
customers in the Stakeholders section
Pages 16 to 17
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1. ENHANCE AND EXPAND THE CORE BUSINESS CONTINUED
Q
Why is customer retention such a focus
under the new strategy?
A
It is a lot easier, and more cost effective,
to retain customers than to bring in new ones.
Our net promoter score is +42, which is high
for a landlord so we are starting from a very
strong base. The majority of our customers
are very positive about our buildings and
the experience we provide, but in a more
competitive market, we need to be absolutely
focused on retaining as many customers as
we can.
Q
What are you doing differently now to
retain customers?
A
We are working to collect more insight
on customers both through centre teams and
through our digital platform, to ensure
we’re aware of any issues they may have as
a business or their growth plans so that we
can offer solutions before they hand in notice.
In addition, when a customer serves notice,
that will now set in motion a process with the
single aim of keeping that customer. Centre
Managers will contact the customer
immediately to understand why they’ve given
notice and then work with Sales Managers
to find alternative space for them or support
them with payment plans if that’s required.
Q
What does this mean for centre teams
and how they manage relationships
with customers?
A
Our centre teams remain vital in
maintaining strong relationships with our
customers. At two pilot sites, we are trialling
a new team structure that will enable Centre
Managers to focus more on those
relationships and on customer retention. We
will rebalance resource to put more people
on the ground who can provide data and
early warning signals that will help maximise
revenue, retain customers and drive lettings.
Q
How does operational excellence play into
customer retention?
A
Creating clearer lines of accountability
and aligned operational targets is a key part
of delivering operational excellence. We are
enhancing our organisational structure to
ensure everyone is clear on who owns the
customers and, as such, who is responsible
for retention. In addition, our upgraded
‘brilliant basics’ will ensure we maintain
consistently high standards to support
customer retention.
We are giving Centre Managers
more accountability for retention
and safeguarding revenue, on top
of their roles building strong
relationships with customers and
being the eyes and ears on
the ground for the business.
Claire Dracup
Director of People & Culture
FOCUS ON CUSTOMER RETENTION CONTINUED
Q&A
Claire Dracup
Director of People & Culture
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OUR STRATEGY CONTINUED
1. ENHANCE AND EXPAND THE CORE BUSINESS CONTINUED
DIFFERENTIATING WORKSPACE
A full-funnel marketing strategy
We have put in place a full-funnel marketing
strategy to differentiate the Workspace
brand – from driving demand at the top of
the funnel all the way through to cost-
effectively converting demand into new
lettings, while building strong customer
engagement through events and
communication to drive retention and
customer satisfaction.
Our first-ever TV ad campaign
In April, our first-ever TV ad campaign went
live across connected TV, including ITV, C4
and Sky. The campaign will run for an initial
12-week period to bring to life the Workspace
proposition and highlight our creative and
innovative target audience.
The campaign will run across digital,
radio and tube car panels on the London
Underground, with additional social activity
to ensure maximum reach and cut-through.
WATCH OUR TV AD
CAMPAIGN HERE
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OUR STRATEGY CONTINUED
1. ENHANCE AND EXPAND THE CORE BUSINESS CONTINUED
MORE TARGETED MARKETING
We are sharpening the focus of our marketing
to optimise activity and use our segmentation
and market insight to appeal to even more of
our target customers. As we have a number
of larger spaces to let this year, we are also
taking a more granular approach to convert
demand in specific locations.
Sales optimisation
We have enhanced our data insight and
reporting to optimise sales and marketing
by location. Our new sales dashboards enable
us to take a single view of demand vs. supply
and then make adjustments to our own
inventory, whether to pricing or other
elements of the offer, as well as adjustments
to our marketing efforts to improve
conversion and overall sales performance.
Larger space marketing
We have implemented a more targeted
marketing plan aimed at larger businesses
and prospects across multiple channels.
This includes social, direct mail, events and
outbound enquiries. Our sales team are also
reconnecting with previous lost leads to
maintain relationships and build a pipeline
of target customers.
Workspace Launchpad
Through our segmentation work and customer
research we have identified an opportunity to
attract more early-stage businesses who were
previously choosing a shorter-term, more
serviced offer.
As a result, we have created a new furnished
offer – Workspace Launchpad – on shorter
lease terms, to make it easy for early-stage
companies to get started quickly. We have
identified units across selected locations and
will roll out the offer across the portfolio,
subject to successful trials. Launchpad
provides the opportunity to build relationships
with these businesses at the start of their
journey and for Workspace to help enable
their growth.
ESG CREDENTIALS
INCREASINGLY DRIVING
DECISION MAKING
SUSTAINABILITY IN
EVERYTHING WE DO
Our SME research shows that 90%
of London SMEs consider sustainability
important for their business, with nearly
30% actively using it as a criterion when
selecting work spaces. With strong
engagement from sustainability-conscious
customers, including B Corp certified
businesses, our ESG credentials set us
apart in the market. We aim to further
enhance this customer acquisition channel
through targeted communications and
marketing strategies.
The Print Rooms, Southwark
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OUR STRATEGY CONTINUED
1. ENHANCE AND EXPAND THE CORE BUSINESS CONTINUED
Q
What is your main focus from a brand and
marketing perspective this year?
A
Our focus, in line with our short-term
strategic goal, is to support the business in
recovering occupancy. We must build strong
engagement with existing customers, adding
real value to their experience, and sharpen
our focus to attract more new businesses to
Workspace. We are operating in an increasingly
crowded market in which SMEs face a surplus
of choice but a lack of clarity on different
solutions. With this in mind, and against a
backdrop of continued economic uncertainty,
it is essential for Workspace to differentiate
from the competition and be clear on who
we’re for – the vibrant, creative and innovative,
growth segment of the SME market.
Q
How does the new strategic approach
change what you’re doing?
A
The new strategic approach takes a short,
medium and long-term perspective and this
aligns with our brand and marketing strategy.
In the immediate term, our goal is to capture
demand to drive occupancy, with a keen focus
on certain locations and units, particularly
larger spaces. In the medium term, we need
to differentiate our brand and focus on our
core creative and innovative segments of
the SME market. Finally, to drive longer-term
performance, we are increasing innovation in
how we target those segments and enhance
our proposition to add greater value.
Q
How are you using AI to support
marketing efforts?
A
AI forms a central part of our performance
marketing and is critical to the targeting and
optimisation we run through Google and
Meta platforms. In addition, we are using
AI across marketing activity internally, from
content creation for our website, including
building descriptions and unit floorplans, to
voice recognition technology used on phone
enquiries to feed into our CRM system. We
have also recently launched an AI enquiries
agent to accelerate and improve the first line
of response for prospects. We even used AI
to create our own sonic branding, the jingle,
for our social, radio and TV ads.
Q
What does operational excellence look like
in marketing?
A
The discipline of operational excellence
means three things for brand and marketing.
We are better leveraging technology to
optimise marketing performance and
processes, as well as provide a more seamless
customer experience through our new
customer portal, MyWorkspace. Secondly,
we are working more closely with customer-
facing teams on the ground to drive
conversion at a local level and support our
occupancy goals. And thirdly, we are making
better use of market and customer data to
build greater insight around our target
audience to drive new customer acquisition
and support retention efforts.
We need to differentiate Workspace
and be crystal clear on who we’re for
– the creative and innovative growth
segment of the SME market.
Will Abbott
Chief Customer Officer
Q&A
Will Abbott
Chief Customer Officer
MORE TARGETED MARKETING CONTINUED
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See our sustainability
performance section
Pages 74 to 85
OUR STRATEGY CONTINUED
1. ENHANCE AND EXPAND THE CORE BUSINESS CONTINUED
SUSTAINABILITY IS AT THE
CORE OF OUR BUSINESS
AN INTEGRATED APPROACH
Sustainability is core to our business model,
guiding every decision we make regarding
our properties and operations. Our three-
pillar sustainability strategy – (1) Delivering a
climate-resilient portfolio, (2) Looking after
our people, (3) Supporting our communities
– allows us to continually improve our
environmental and social impact, whilst
adding value for all our stakeholders.
Each year we review our material
sustainability issues (see page 44) to
prioritise impact initiatives and drive progress
by setting incrementally stretching targets.
A full list of targets is included on page 75.
In addition, we’ve strategically aligned our
objectives and targets with the United
Nations Sustainable Development Goals
(SDGs). This ensures that our efforts are in
harmony with the global ambitions outlined
by the SDGs.
GOVERNANCE
The highest level of responsibility for our
sustainability strategy lies with our Chief
Executive Officer, and together with the
rest of the Workspace Board, they act as
guardians of the strategy. In addition, we
have a Board ESG Committee (refer to page
186) to bolster our sustainability governance
and drive further integration across business
decisions. The Board is supported by the
Executive Committee in setting and delivering
our sustainability strategy. At an operational
level, we have committees dedicated to both
environmental and social issues, comprising
of senior representatives from across the
business, responsible for implementation
and reporting progress to the Board.
BEST PRACTICE DISCLOSURE
Sustainability information is integrated
throughout this report, offering clear insights
into our approach, alignment with strategy,
and performance as measured through key
KPIs. The sustainability performance section
includes commentary on all our sustainability
targets. TCFD and TNFD disclosures are
included in the Compliance Statements, along
with emissions reporting. Our approach to
delivering value for all stakeholders is outlined
in the Stakeholder section.
With a view to adopting best practice
and enhancing the transparency of our
disclosures, we report on our environmental
and social performance in accordance with
the Global Reporting Initiative (GRI) 2021
and in line with the Sustainability Accounting
Standards Board (SASB) guidelines (page 110
to 111). We also publish our EPRA sustainability
report on our website www.workspace.co.uk/
investors/sustainability/our-environmental-
performance.
84%
CUSTOMER ESG SCORE
£22.8m
TOTAL SOCIAL VALUE
35%
REDUCTION IN EMISSIONS SINCE 2020
60%
EPC A/B RATED PORTFOLIO
Sustainability is inherent to our
business model, enabling us to
deliver differentiated environmental
and social impact
Sonal Jain
Head of Sustainability
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Significant
IMPACT ON WORKFORCE
Very significant
IMPORTANCE TO EXTERNAL STAKEHOLDERS
Significant Very significant
OUR MATERIALITY MATRIX – KEY SUSTAINABILITY ISSUES
Environmental issue
Social issue
Governance issue
Material move since 2023/24
GRI report
www.workspace.co.uk/investors/
sustainability/our-environmental/
performance
OUR STRATEGY CONTINUED
1. ENHANCE AND EXPAND THE CORE BUSINESS CONTINUED
SUSTAINABILITY IS AT THE CORE OF OUR BUSINESS CONTINUED
STEP 1.
Identify key stakeholders
List material issues
Our materiality assessment helps us
understand the issues that matter most
to our internal and external stakeholders.
We identified and assessed a number of
environmental, social and governance
issues to refine our approach.
STEP 2.
Consult stakeholders
– Employees
– Customers
– Suppliers
– Regulators
– Investors
We consulted with our internal and external
stakeholders, including customers and
employees through our surveys and ongoing
interactions with our suppliers to confirm our
material issues, as shown on the matrix.
STEP 3.
Analyse consultation outputs, considering:
– Importance to stakeholders
– Significance of impacts
– Ability of the business to influence
Our sustainability strategy covers all issues
identified as material to our business. The
performance section in the report details how
we are positively impacting these issues.
USING MATERIALITY TO DEFINE
WHAT MATTERS
While energy and carbon, health and safety, regulatory compliance, and ethical practices
remain key priorities, we are also proactively responding to evolving stakeholder
expectations by placing greater emphasis on customer engagement, diversity and
inclusion, and sustainable procurement. In line with our long-term social impact
commitment (see page 58), which focuses on skills and employment, we have elevated
this area as a priority. It will now form the central focus of the majority of our charity and
community impact initiatives.
Sustainable
transport
Page 80
Water
Page 79
Sustainable
procurement
Page 79
Nature and
biodiversity
Page 26, 77
Climate
adaptation
Page 79, 99
Charitable and
community support
Page 83, 84
Skills and employment
Page 58, 81, 83
Customer
engagement
Page 17, 82
Diversity
and inclusion
Page 20, 81
Risk
management
Pages 86, 99
Regulatory change
Page 77
Health
and safety
Page 97
Energy and carbon
Page 53, 76, 77
Waste and
resources
Page 80
Sustainable building
design
Page 77
Ethics, conduct
and compliance
Page 82, 96
Wellbeing
Page 81
Transparency
Page 43
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OUR STRATEGY CONTINUED
1. ENHANCE AND EXPAND THE CORE BUSINESS CONTINUED
SUSTAINABILITY IS AT THE CORE OF OUR BUSINESS CONTINUED
ENVIRONMENTAL ISSUES SOCIAL ISSUES
Through our concerted efforts to drive positive impact across several
material environmental issues, we actively contribute to the goals
outlined in SDGs 7, 9, 12 and 13.
Our procurement of 100% renewable electricity supports the
generation of clean energy in the UK, and our energy and carbon
management strategy, including the use of energy and water saving
technologies, supports innovation within the industry. Our energy
and carbon reduction targets, as well as recycling targets, support
responsible consumption as well as climate action. Furthermore,
our customer engagement programme plays a pivotal role in
raising awareness about responsible resource utilisation.
Through our concerted efforts to drive positive impact across several
material social issues, we actively contribute to the goals outlined in
SDGs 3, 8, 5 and 10.
Our customer and employee wellbeing programme directly supports
the health and wellbeing of our people. Through our skills and
employment focussed programme (Growth Happens at Workspace),
we actively contribute to reducing inequalities in London and strive
to provide decent work opportunities. We support local economy
through the construction and operation of our buildings, boosting
local spend and employment. Additionally, our business practices and
culture foster diversity and inclusion, addressing gender inequality.
Furthermore, our partnership with the Single Homeless Project charity
and our place-based support to various local community organisations
play a crucial role in combating inequalities within the city.
ALIGNMENT TO SDG CORRESPONDING KEY MATERIAL ISSUES
Affordable and
clean energy
– Energy and carbon reduction
– Sustainable procurement
Industry,
innovation and
infrastructure
– Energy and carbon reduction,
water, waste
– Sustainable procurement
– Sustainable building design
– Sustainable transport
Responsible
consumption
and production
– Energy and carbon reduction,
water, waste
– Sustainable procurement
– Customer engagement
Climate action – Energy and carbon reduction,
water, waste
– Sustainable procurement
– Sustainable building design
– Climate adaptation
– Nature and biodiversity
ALIGNMENT TO SDG CORRESPONDING KEY MATERIAL ISSUES
Good health and
wellbeing
– Wellbeing
– Health and safety
– Risk management
Gender equality – Skills and employment
– Diversity and inclusion
Decent work and
economic
growth
– Skills and employment
– Ethics, conduct and compliance
– Charity and community support
Reduced
inequality
– Skills and employment
– Diversity and inclusion
– Ethics, conduct and compliance
– Charity and community support
ALIGNING WITH THE SDGS TO MAXIMISE
VALUE FOR ALL
Our sustainability strategy aims to maximise
value for all our stakeholders: our people,
customers, suppliers, investors, and the
environment. Additionally, our strategy
aligns with several of the United Nations
Sustainable Development Goals (SDGs).
The SDGs provide a comprehensive
framework for businesses to assess their
interactions with communities, the economy,
and the environment. By incorporating the
SDGs, we take a holistic approach in our
sustainability strategy. They serve as a
valuable reference during our ESG materiality
assessment process and guide the establishment
of our strategic sustainability priorities.
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STRATEGIC GOAL 2 – ACCELERATE
TRANSFORM
AND PREPARE
FOR EMERGING
OPPORTUNITIES
The impact on our business
Delivers income and capital growth,
enhanced customer acquisition and
increased market penetration.
FY25/26 outcome
Capital recycling from disposal of low
conviction assets will continue over the
year, with investment into conviction and
high conviction assets. If our pilot projects
are successful, we will start to roll out
initiatives across the portfolio.
Relevant KPIs
Financial performance:
1, 2, 3, 4, 5, 6, 7, 8, 9
Non-financial performance:
1, 2, 3, 4, 5, 6, 7
Relevant principal risks and uncertainties
1, 2, 3, 5, 6, 7, 10
Market trends
2, 3, 4
Relevant sustainability priorities
– Embedding ESG considerations into
capital recycling to future-proof the
portfolio for the long term
– Accelerating the net zero transition of our
core portfolio to maintain competitiveness
– Driving ESG-led innovation to enhance
the customer proposition and strengthen
our offering
HOW WE ARE TRANSFORMING AND
PREPARING FOR EMERGING OPPORTUNITIES
Page
Portfolio review 47
Enhancing our offer to customers 49
Pilot sites 50
Platform and technology 52
Climate resilience through Net Zero
carbon transition
53
What this means
In the medium term, we will transform the
business to prepare for and be better able to
take advantage of opportunities to drive income
and capital growth. This will include work to
optimise our portfolio and our platform.
Why this is important
This strategic goal will see the business put
inplace initiatives to deliver an acceleration
ingrowth in income over the medium term.
Inorder to attract and retain our discerning
customer base of creative and innovative
SMEs, we need to ensure we have a high
performing portfolio of assets. Many of
our assets require investment to maintain or
return to the high standards of performance
we’re targeting and we will dispose of those
that do not meet our strict return on
investment criteria.
How we deliver against it
We have done a detailed analysis of our
portfolio and mapped each building against
alifecycle model, as well as against our
‘brilliant basics’ standards. We will invest
inconviction and high conviction assets
and dispose of low conviction properties.
We will assess customer feedback and roll
out learnings from our pilot design and
SME proposition projects. To support the
optimisation of our platform and enhance
ourbusiness intelligence capability, we will
complete the migration of all our operating
systems to the Microsoft Dynamics Cloud.
Operational excellence
There is significant work ongoing to optimise
the operational platform to better meet the
needs of the business. We have conducted
areview of all our systems and processes
to understand where efficiency gaps remain
following investment and updates over the
past two years. The imminent upgrade of our
CRM system and migration of the end-to-end
sales process to the cloud will help support
our pursuit for operational excellence,
enhance our communication with customers
and drive our efforts to retain and attract
new businesses.
OUR STRATEGY CONTINUED
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OUR STRATEGY CONTINUED
2. TRANSFORM AND PREPARE FOR EMERGING OPPORTUNITIES CONTINUED
PORTFOLIO REVIEW
As part of strategy, we will be adopting a
disciplined and rigorous approach to capital
allocation on our properties. We acknowledge
the importance of continually investing in our
product to ensure our offer remains relevant
to customers, while maintaining a keen eye
on investment returns.
PORTFOLIO LIFECYCLE
We have conducted a detailed review of
our portfolio, mapping each building against
our Portfolio Lifecycle analysis, depending on
factors including occupancy, pricing growth,
capex requirements and adherence to our
‘brilliant basics’ standards.
When we get it right, we see consistently
higher occupancy, pricing growth and
better returns on investment.
BRILLIANT BASICS STANDARDS
We have identified nine standards relating
to building fabric and location that guide
our capital allocation decisions.
1. METAL BOX FACTORY
95.1%
2. RECORD HALL
92.9%
3. THE FRAMES
92.7%
4. VOX STUDIOS
91.5%
5. EXMOUTH HOUSE
92.1%
6. SHEPHERDS BUILDING
92.0%
7. BRICKFIELDS
91.5%
8. EDINBURGH HOUSE
89.6%
1. Excludes single-let properties.
PORTFOLIO TOP PERFORMERS
We have monitored our top performing
properties and measured the relationship
between performance and our ‘brilliant
basics’. The top performers all benefit from
coverage of many or all of the standards.
The top performing properties by occupancy
over a 3-year period
1
(average):
Campuses Local amenities
& infrastructure
SMEs
Nascent
regeneration
Low-rise Character
buildings
Floorplate
flexibility
50-70k sq. ft. Access to
transport
Metal Box Factory, Southwark
CASH FLOW
– Growing sustainable recurring
income
– Maintaining customer
proposition
– Delivering income returns
that comfortably exceed
our weighted cost of capital
– Investing in subdividing large
spaces tocapitalise demand
UPSIDE AND CAPITAL RELEASE
– Capex to boost future
performance
– Explore alternative use
potential via planning
consent/partnership
or divestment
– Recycle cash or redeploy
into better or higher
growth opportunities
FUTURE INCOME
– Nascent SME market
and/or assets
– Early-stage assets expected
to generate returns through
lease up
– Investment in subdivision
and achieving ‘brilliant basics’
standards
GROWTH
– Increasing occupancy, growing
rent, creating more small and
micro unit space
– Investing in customer proposition
and benefiting from onflow
benefits to valuation
I
N
C
U
B
A
T
I
O
N
R
E
P
O
S
I
T
I
O
N
M
A
T
U
R
I
N
G
P
E
R
F
O
R
M
A
N
C
E
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OUR STRATEGY CONTINUED
2. TRANSFORM AND PREPARE FOR EMERGING OPPORTUNITIES CONTINUED
OUR PORTFOLIO CONTINUED
A CONVICTION APPROACH
Having identified our top performing
properties and the factors that drive that
performance, we have now analysed the
whole portfolio and categorised each site as
high conviction, conviction or low conviction.
We have looked at several metrics to
ascertain where each property should sit,
including Capex required to bring the assets
in line with our ‘brilliant basics standards’
and the resulting three-year income return
and total return.
This exercise has identified a disposal
pipeline of around £200m worth of low
conviction assets to be executed over the
next 24 months. Proceeds from disposals
will be recycled to fund Capex on our
conviction and high conviction properties
and maintain prudent levels of gearing.
£2.368bn
TOTAL VALUE OF OUR PORTFOLIO
£2.1bn
TOTAL VALUE OF OUR CONVICTION AND HIGH
CONVICTION PROPERTIES
VALUE OF PROPERTIES
AS AT 31 MARCH 2025
High conviction
£0.8bn
Conviction
£1.3bn
Low conviction
£0.2bn
The Record Hall,
Hatton Garden
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PILOT OFFERINGS
SKILLS ACCELERATOR
This provides a mix of expert-led training
workshops for customers, helping founders
and business leaders to upskill their teams
at affordable prices.
The details
– Access for customers to training on topics
including Gen A.I. Fundamentals, The Art of
Presenting, Resolving Conflict and First Aid
– Bitesize workshops from leading experts
saving our customers time and money
– We will measure success by levels of
take-up and impact on Workspace
recommendation scores
WORKSPACE NAVIGATOR
Aimed at early-stage businesses, this
provides a tailored consultation and exclusive
access to a range of services and support
provided by Workspace’s partner network.
The details
– Helping early-stage businesses
identify their needs and navigate barriers
to growth
– Providing access to Workspace-vetted
partners (many of whom are also
customers) in fields including investment,
legal, digital and other growth enablers
– We will measure success by the number
of customers registering interest and
completing consultations, as well as impact
on Workspace recommendation scores
ENHANCING OUR OFFER
TO CUSTOMERS
To support our objectives on recovering
occupancy and accelerating income growth,
we have looked at how we can enhance our
offer to customers. We have considered
scalable value-add offers that will help
support the success of our customers and
their growth at different stages. By broadening
our offer in this way, we aim to differentiate
Workspace in the market, increase our appeal
and support both customer acquisition and
retention over time.
Driven by customer needs
We interviewed more than 30 customers to
understand the key challenges facing their
businesses. Five propositions were tested
that complement our core offering and we
are piloting two in response to customer
feedback. Once the pilots are complete,
the aim would be to embed them as part
of Workspace’s offer in the MyWorkspace
customer portal and roll it out across
the portfolio.
OUR STRATEGY CONTINUED
2. TRANSFORM AND PREPARE FOR EMERGING OPPORTUNITIES CONTINUED
30+
CUSTOMER INTERVIEWS COMPLETED
Connecting with other customers
who can provide the services we
need, via a guided Workspace
Navigator session, has been
fantastic. A real value add.
Luke Canessa
Sales & Marketing Manager, Consider64
Based at Clerkenwell Workshops
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After After
PILOT SITES
In order to test out some of our strategic
initiatives, we decided to pilot a number of
changes at two different properties. The sites,
Vox Studios and The Leather Market, were
selected as they are both high conviction
properties but have seen occupancy fall back
recently. We ran a detailed analysis of customer
feedback at the two properties to understand
the most pressing issues, as well as reviewing
competition in the local areas. The objective for
these pilot projects was to refresh our product,
improve viewing to letting conversion and
drive occupancy and income.
Areas of focus
The pilots have focused on addressing high
impact, first impression areas at the sites,
including entrances, external terraces,
receptions, breakout areas, cafés, corridors,
tea points and bathrooms. The projects have
been deliberately capital-light, and delivered
to an accelerated timetable. All changes have
been centred on improving areas receiving
poor customer feedback, such as lighting,
acoustics and installing more in-demand
phone booths.
OUR STRATEGY CONTINUED
2. TRANSFORM AND PREPARE FOR EMERGING OPPORTUNITIES CONTINUED
Read about our conviction approach
Page 48
75%
OCCUPANCY AT VOX STUDIOS
1
86%
OCCUPANCY AT THE LEATHER MARKET
1
1. As at 31 March 2025.
VOX STUDIOS, VAUXHALL
Answering the brief
Customer feedback showed that
areas that previously let down
the user/visitor experience were
the dark reception and cafe,
corridors and tea points. The
space was lacking ‘wow’ factor
and the indoor and outdoor
furniture could be improved.
Achievements and customer
feedback
The main entrance was targeted
for a redesign, injecting colour and
personality to enhance wayfinding
and first impressions for prospects
viewing the space. The designers
picked up on the history of
Vox Studios – the former
Marmite factory and before that,
a brewery – in the graphics and
artwork introduced throughout
the project. The atmosphere in
the café was improved with more
diverse seating areas to encourage
connections and the use of
acoustic panels to absorb noise.
Feedback has been positive
with customers noting the
vibrant new aesthetic and
brighter communual areas.
THE LEATHER MARKET, LONDON BRIDGE
Answering the brief
This site had an underused
outdoor courtyard and basement
lounge areas that required
attention. There was already
refurbishment work underway
at the site covering flooring,
lighting and redecoration so the
works were done in tandem.
Achievements and customer
feedback
Once again, the design team
took inspiration from the
property’s history as a tannery,
with art showing leatherwork
tools and colour palettes
drawing from leather. More
planting and better seating
options were introduced in the
courtyard to present a fantastic
first impression.
The initial reaction from
customers has focused on the
added wow factor in the sense
of arrival and the greater variety
of outdoor seating.
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BeforeBefore

OUR STRATEGY CONTINUED
2. TRANSFORM AND PREPARE FOR EMERGING OPPORTUNITIES CONTINUED
Q
Andrea, where did you start in putting
together the plan for these pilot projects?
A
We’ve centred all our work around
customer feedback. We gathered data and
insights on the two properties, analysing
viewing to letting conversion rates, customer
survey responses and our designers even
interviewed a number of customers to get
specific feedback on the areas we were
targeting for upgrades. This ensured
maximum impact and more positive customer
response to the changes made.
Q
Alex, how have you brought teams from
across the business together on this project?
A
As always in delivering a multi-faceted
project like this, we needed to draw on the
expertise and skills we have in different teams
across the business. So with these pilots, we
brought together asset managers, members
of the building and development team, as
well as, critically, our centre managers on
the ground who have the direct relationships
with customers. It’s been a real team effort to
deliver the project within a tight timeframe.
Q
Alex, what’s been your biggest challenge
in delivering the pilots?
A
As referenced, we’ve completed these
works to an accelerated timetable which is
always a challenge! But I think the toughest
challenge was to plan a schedule of works
while minimising disruption to existing
customers in the buildings. This meant that
much of the redecoration and installation
work needed to take place out of normal
working hours and at a faster pace!
Q
And finally, Andrea, why are spaces like
these so important to your customers?
A
Our customers are creative and
innovative SMEs who want their own,
customisable space that reflects the values
and culture of their businesses. But they
also want a ready-made community of
like-minded businesses who they can share
ideas and collaborate with. That’s why the
spaces outside of their units are so important.
A great café, breakout spaces and meeting
rooms facilitate connections and networking
opportunities and amenities like bike storage
and showers help to attract and retain their
teams. This is all part of Workspace’s holistic
offer to support small business growth.
We’ve centred all our work
around customer feedback.
This ensured maximum impact
and a more positive customer
response to the changes made.
Andrea Kolokasi
Head of Business Development
WHAT IT LOOKS LIKE WHEN
EVERYTHING WE DO COMES
TOGETHER FOR OUR CUSTOMERS
Q&A
Andrea Kolokasi
Head of Business Development
Alex Anderson
Senior Project Manager
DESIGN PILOTS CONTINUED
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PLATFORM AND TECHNOLOGY
Over the last two years, we have made
significant investments in technology to
upgrade and modernise our systems. As part
of our strategic goal to transform the business
and prepare for emerging opportunities, we
are now accelerating enhancements to our
platform. This includes improving the
accessibility and presentation of data to
the business to support our pursuit of
operational excellence.
The technology team has been working
closer with team leaders in the business to
understand their needs and has brought in
additional development resource to improve
business intelligence and reporting capability
across departments.
MYWORKSPACE CUSTOMER PORTAL
In line with the upgrade of our CRM system,
we are preparing to relaunch MyWorkspace,
our customer portal. This will allow customers
to maintain and feed into their records
directly, reducing errors and overheads.
The enhanced capability of MyWorkspace
will see the business managing Wi-Fi access
directly, without relying on a third party. Most
importantly, it will give us access to every
individual working in our centres rather than
just the office manager or business owner
who signed the lease. For the first time, we’ll
be able to engage directly with everyone
using our space. MyWorkspace will be a
platform for our community to grow, where
we can facilitate networking and engagement
between customers. It will give us better
visibility over how our customers are
engaging with our offer and our services and
provide valuable feedback and insights.
AI PILOTS
We are using AI in many different ways
across the business. As outlined on page 42,
the Marketing team are piloting the use of an
AI Enquiries agent to be the first line of
response for web enquiries. In addition, we
are using AI for space planning. This has a
dual purpose of speeding up our sales cycle
as our Sales Managers can instantly show
customers different layouts for larger spaces,
while our Investment team are using it to
space plan whole buildings when considering
acquisitions, saving on time and architect fees.
OUR STRATEGY CONTINUED
2. TRANSFORM AND PREPARE FOR EMERGING OPPORTUNITIES CONTINUED
Our operating platform will
provide a single source of truth
on our customers, bringing together
data and insight from all corners
of the business.
Chris Boultwood
Head of Technology
ESG-LED INNOVATION
TO ENHANCE
CUSTOMER
PROPOSITION
SUSTAINABILITY IN
EVERYTHING WE DO
To ensure we continue to meet our
customers’ expectations around ESG, we
are always exploring new and innovative
ways to enhance our offering. For example,
we are working to integrate our smart
BEMS system with the MyWorkspace
portal, allowing customers to view their
energy consumption in real time. This will
empower them to monitor and manage
their own emissions more effectively.
ONE CENTRALISED PLATFORM
We have now fully migrated our finance and
property management systems to Microsoft
Dynamics in the cloud. With the migration
of our CRM system later in the year, we will
consolidate all the elements of our platform
in one cloud location. This centralises our data
and ensures we have a single source of truth
about our customers, providing more accurate
and cleaner reporting. It will provide a
360-degree view of how our customers interact
with the business, from how engaged they are
with centre teams, which events they attend
and whether they pay their rent on time.
Chris Boultwood on our
AI-themed discussion panel
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CLIMATE RESILIENCE
THROUGH NET ZERO CARBON
TRANSITION
As a long-term asset owner, future-proofing
our portfolio is a key priority. That’s why we
made a commitment to net zero carbon. Our
agile approach and early action have enabled
us to stay ahead of the curve and remain
well-prepared for emerging climate risks
and opportunities.
The following pages outline our net zero carbon
commitment and approach. As a signatory to
both the BBP Climate Commitment and the SBTi,
we report annually on our progress against our
net zero pathway. We disclose our absolute
greenhouse gas emissions in line with the
GHG Protocol guidelines. See the pie chart
on the right for our 2024/25 emissions footprint.
While we procure 100% of our electricity from
renewable sources, we report Scope 2 emissions
using a location-based methodology.
OUR STRATEGY CONTINUED
2. TRANSFORM AND PREPARE FOR EMERGING OPPORTUNITIES CONTINUED
We always consider carbon savings
when designing our refurbishment
projects, whether large or small.
Alex Anderson
Senior Project Manager
100%
WORKSPACE-PROCURED
ELECTRICITY COMES FROM
RENEWABLE SOURCES
35%
REDUCTION IN GHG
EMISSIONS SINCE 2020
27%
GAS CONSUMPTION
REDUCTION
13%
ELECTRICITY CONSUMPTION
REDUCTION
See page 107 for detailed breakdown
of emissions and energy
CASE STUDY: ADDING VALUE THROUGH ENERGY EFFICIENT REFURBISHMENTS
Last year we refurbished the 9th and 10th
floor at our Mille building in Brentford,
delivering 12,370 sq.ft. of high quality
sustainable work space. Through our works,
we transformed the gas fired heating system
to be fully electric by installing heat pumps,
which means the space is now entirely
powered by our 100% renewable electricity.
Relevant material issue:
Energy and Carbon
While refurbishing the space, energy
performance was kept front and centre
oftheproject’s objectives. We also installed
high-efficiency LED lighting as well as
presence detection sensors. The EPC of the
space was upgraded from a D rating to an
A rating and we witnessed an annual energy
saving of 153 MWh in electricity and 141 MWh
in gas across the building, equivalent to
the annual energy usage of over 70 typical
UK homes.
The space was also sub-metered to allow
foragranular analysis of hourly energy
consumption going forward. This project
wasan opportunity to kick start the
installation of our smart BEMS system
(Optergy) in the building, which is now
being rolled out to all floors.
LOCATION-BASED SCOPE 1, 2, 3
GHG EMISSIONS (tCO
2
e)
Scope 1
1,912
Scope 2
6,259
Scope 3
12,393
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WHOLE BUILDING ENERGY-RELATED EMISSIONS
INTENSITY REDUCTION TRAJECTORY (kgCO
2
e/m
2
)
2040 target1.3
6.2
12.6
2024/25
2019/20 (baseline)
OTHER SCOPE 3 EMISSIONS REDUCTION TRAJECTORY
(tCO
2
e)
1
2040 target1,919
10,702
19,190
2024/25
2019/20 (baseline)
Metal Box Factory
Our net zero carbon pathway
We have a long-standing commitment to
achieving net zero carbon, with our initial SBT
validated in 2020. However, evolving climate
science has made it clear that the pace and
scale of action must increase. In response, we
have updated our net zero commitment this
year to align with the latest SBTi Net-Zero
and building sector guidance, committing
to fully decarbonise our business by 2040.
Our new targets specifically include:
– 90% reduction in whole building
energy-related GHG emissions intensity
by 2040 from a 2020 base year (with a
58% interim reduction target by 2030).
– 90% reduction in absolute scope 3 GHG
emissions by 2040 from a 2020 base
year (with a 46% interim reduction
target by 2030).
Our progress to date has been remarkable,
and we have already reduced our carbon
emissions by 35% since 2020. The chart
above shows our indicative emissions
NET ZERO PATHWAY
CARBON EMISSIONS REDUCTION TRAJECTORY (TCO
2
E)
3
5,000
3
0,000
2
5,000
2
0,000
15
,000
1
0,000
5
,000
0
2019/20 2024/25 2040*2030
Offsetting for
10% residual
emissions
-35%
-29%
-78%
reductions trajectory and we intend to
continue on our climate transition journey at
pace, by focussing on the following key pillars
of our net zero carbon pathway.
1. Whole building operational emissions:
Ensuring our portfolio is energy efficient
and powered by renewables
2. Supply chain emissions: Taking timely
action to optimise our procurement and
help our suppliers progress on their
climate transition.
3. Embodied carbon: Continuing with
a refurbishment led ethos to minimise
emissions from development and
construction activities
4. Offsetting: Investing in high quality
removal projects for residual emissions only
The next page further details our net
zero pathway and progress made
under each pillars.
CASE STUDY: VOLTAGE OPTIMISATION
Unlocking energy savings
through technology
Voltage Optimisation (VO) is a technology
that reduces the incoming electricity supply
from the grid, typically around 245 volts in
the UK, to a more efficient level, usually
around 222 volts. Most electrical equipment
is designed to operate optimally at lower
voltages, so this reduction helps cut energy
consumption, reduce wear on equipment,
and lower emissions.
Several buildings across our portfolio have
VO systems, and our most recent was installed
at Metal Box Factory in November 2024.
Through a voltage reduction from 245 volts
incoming from the grid to 222 volts delivered
to building devices, the building has already
saved 16,211 kWh in energy in a four-month
period, the equivalent of the annual electricity
usage of 5 typical UK households.
Following this success, eight more buildings
have been identified for rollout.
16MWh
SAVED IN 4 MONTHS AT METAL BOX FACTORY
8
PROPERTIES EARMARKED
FOR VOLTAGE OPTIMISATION INSTALLATION
Relevant Material Issue: Energy and Carbon
Our updated science-based
targets ensure our net zero
carbon trajectory reflects
the latest climate-science
and sectoral best practice.
Ariane Ephraim
Senior Sustainability Manager
OUR STRATEGY CONTINUED
2. TRANSFORM AND PREPARE FOR EMERGING OPPORTUNITIES CONTINUED
1. Excluding energy directly procured by customers.
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WHOLE BUILDING OPERATIONAL
EMISSIONS (SCOPE 1&2 + CUSTOMER
EMISSIONS)
REDUCE SUPPLY-CHAIN EMISSIONS
(SCOPE 3)
REDUCE EMBODIED-CARBON
EMISSIONS (SCOPE 3)
OFFSETTING RESIDUAL EMISSIONS
OUR NET ZERO CARBON PATHWAY TIMELINE
PROGRESS ON OUR NET ZERO CARBON PATHWAY
1 2 3 4
20192019 2021 2023 2025 2040 – NET ZERO
CARBON
2020
Relevant UN SDGs Relevant UN SDGs Relevant UN SDGsRelevant UN SDGs
OUR STRATEGY CONTINUED
2. TRANSFORM AND PREPARE FOR EMERGING OPPORTUNITIES CONTINUED
CLIMATE RESILIENCE THROUGH NET ZERO CONTINUED
Goal:
Reduce whole building energy-related
emissions intensity by 90% by 2040
(2020 baseline)
Progress:
– 51% reduction in whole building energy-
related emissions intensity since 2020
– 43% reduction in customer-direct
emissions
– Over 60% of portfolio fully electric
– £10m invested in upgrading our portfolio
in 2024/25
– 100% electricity sourced from renewables
Goal:
Reduce embodied carbon of projects,
aiming for less than 500 kg CO
2
/m
2
formajor projects.
Progress:
– 56% reduction in embodied carbon
emissions since 2020
– A detailed embodied carbon assessment
and reduction plan is created for all projects
– Leroy House achieved an embodied
carbon intensity of 293 kgCO
2
/m
2
– Estimated embodied carbon of our current
projects at The Chocolate Factory and
The Biscuit Factory is 291 kgCO
2
/m
2
and
436 kgCO
2
/m
2
respectively
Goal:
Reduce emissions from procurement of
goods and services (i.e. supply chain
emissions) by 90% by 2040 (2020 baseline)
Progress:
– 29% reduction in supply chain emissions
since 2020 through improved data quality
and supplier engagement
– Created a roadmap for supplier
decarbonisation, aiming to achieve
full compliance with top 50 suppliers.
See case study on page 22
– Enhanced supply chain emissions data
quality by gathering supplier-specific
GHG emissions data from 13 suppliers
Goal:
Invest in permanent removal projects to
offset no more than 10% of our emissions
from 2040 onwards.
Progress:
– Created a streamlined carbon offsetting
strategy, outlining key criteria for
investment
– Fully offset embodied carbon from Leroy
House refurbishment by purchasing
2,500tCO2e high quality carbon credits
from a forest management project and
a carbon capture technology project.
See case study on page 79
Set out first science-based
targets.
Published our first net zero
carbon pathway.
Signed our first power-
purchasing agreement with
a solar farm in Devon to
cover two-thirds of our
electricity demand.
Reset our science-based
targets and revised our net
zero carbon pathway.
Workspace aiming for
net zero carbon by 2040
(achieving 90% emissions
reduction from
a 2020 baseline).
Signed a REGO
1
-based green
electricity contract to cover
100% of our electricity usage.
1. Renewable Energy Guarantees of Origin certificate, providing transparency on the source of electricity.
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STRATEGIC GOAL 3 – SCALE
INNOVATE TO
CREATE FUTURE
OPTIONS
The impact on our business
Radical innovation will deliver opportunities
to scale the business over the long term.
FY25/26 outcome
As we recycle capital from the disposal
of low conviction assets, we may find
opportunities to acquire sites in attractive,
emerging SME locations. We will explore
partnerships and opportunities to generate
more income from existing assets and better
leverage our platform.
Relevant KPIs
Financial performance:
1, 5, 6
Non-financial performance:
1, 2, 3, 4, 5, 8
Relevant principal risks and uncertainties
1, 2, 3, 4, 7, 8, 9
Market trends
4
Relevant sustainability priorities
– Supporting the growth of local
communities through our Social
Impact Manifesto (page 58)
– Building new partnerships to help
London’s SMEs thrive
– Driving responsible growth by decoupling
business scale from emissions
HOW WE ARE INNOVATING TO CREATE
FUTURE OPTIONS
Page
Long-term growth opportunities 57
Unlocking London’s future potential 58
What this means
We are taking a long-term view on innovation
in order to take advantage of opportunities
to scale the business in the future.
Why this is important
Although our immediate focus is on rebuilding
occupancy and income growth, we are
confident there is a compelling growth story
for Workspace over the longer-term. As we
have outlined, work on each of our strategic
goals runs in parallel and we need to put the
groundwork in today to be in a position to
deliver scale opportunities in the future.
How we deliver against it
We will be opportunistic within our agreed
strategic framework to take advantage of
acquisition opportunities in some of the
emerging SME locations highlighted by our
market research. In addition, we will build
relationships with potential partners and
explore capital-light opportunities to
generate more income from our existing
assets and leverage the platform.
Operational excellence
Operational excellence will give us the
headroom, confidence and competitive
platform to innovate and scale the business.
Once the discipline of operational excellence
is fully embedded across the business, we
will be in a position to pursue opportunities
to significantly scale the business and
income growth.
OUR STRATEGY CONTINUED
Pill Box, Bethnal Green
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LONG-TERM GROWTH
OPPORTUNITIES
Targeting emerging SME locations,
driven by market insights
The market research we have conducted
has identified potential growth areas based
on their SME populations, intensity of local
competition and proximity to good transport
links. There is an opportunity for Workspace
to return to its origins by entering new urban
locations in London ripe for regeneration and
driving both capital and income growth over
the long term.
OUR STRATEGY CONTINUED
3. INNOVATE TO CREATE FUTURE OPTIONS CONTINUED
Generating more income from our
existing assets
We believe there are opportunities to
generate more income from our existing
portfolio, outside of just driving rents. The
nature of our historic, characterful assets
and campus locations means they lend
themselves well to alternative uses that
would complement our existing SME offer.
We are building relationships with potential
partners and exploring capital-light
opportunities, for example offering space to
the customers of certain specialist operators.
Our scale footprint across London increases
our attractiveness to certain operators also
looking to grow.
Leveraging the platform
With operational excellence fully embedded
and once the work has been done to
enhance the platform, we will be able to
support, with limited growth in our cost
base, a significant increase in our footprint
across London. This could include growing
through self-funded acquisitions, as well
as growing our offer through extracting
more value from our platform.
Eventspace, Salisbury House,
Moorgate
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CASE STUDY: SUPPORTING YOUNG LONDONERS ACHIEVE THEIR FULL POTENTIAL
UNLOCKING LONDON’S
FUTURE POTENTIAL
At Workspace, we believe growth isn’t just
something that happens inside our buildings.
It reaches beyond them, into communities,
careers, and futures. As home to nearly 4,000
of London’s brightest businesses and custodians
of over four million square feet of space across
London, we’re fully invested in supporting
London’s growth and prosperity.
Growth Happens at Workspace
Growth Happens at Workspace is our new
flagship social impact programme, supporting
young, disadvantaged Londoners into the
world of work. With youth unemployment in
London among the highest in the UK, through
our programme, we’re tackling barriers like
confidence, networks and experience. Rooted
in our 4,000-strong business community, this
is our commitment to building a fairer, more
inclusive and prosperous London.
Our unique contribution
As a champion of London’s SMEs, Workspace
is well placed to support young people into
work. Through our ecosystem of employees,
nearly 4,000 customers, and trusted
community partners, we are creating
meaningful pathways into employment, from
early inspiration to real lasting opportunities.
Together, we’re unlocking potential and helping
businesses grow with London’s diverse talent.
Kicking off the programme this year, we have
supported 240 young people through provision
of education support, work experience and
mentorship. See pages 81 and 83 for further
detail on our skills and employment
programme activity and case study on the
right on our structured mentoring programme,
delivered in partnership with Future Frontiers.
OUR SOCIAL IMPACT MANIFESTO
Our goal is to empower thousands of young,
disadvantaged Londoners to access and
grow in the world of work.
By 2030, we aim to:
SUPPORT
3,000
YOUNG PEOPLE WITH TAILORED EDUCATION,
SKILLS DEVELOPMENT, AND EMPLOYMENT
OPPORTUNITIES
DELIVER
100+
BESPOKE TRAINING, SKILLS WORKSHOPS
PROVIDE
300
YOUNG PEOPLE WITH
PROFESSIONAL MENTORING
OFFER
150
MEANINGFUL WORK EXPERIENCE PLACEMENTS
FACILITATE
1,000+
CONNECTIONS BETWEEN YOUNG PEOPLE AND
A DIVERSE NETWORK OF PROFESSIONALS
AND EMPLOYERS
SUPPORT
100+
YOUNG ENTERPRISES WITH START-UP ADVICE
AND BUSINESS MENTORING
OUR STRATEGY CONTINUED
3. INNOVATE TO CREATE FUTURE OPTIONS CONTINUED
See our website
https://www.workspace.co.uk/
During 2024, Workspace partnered with
education charity Future Frontiers, which
helps disadvantaged young people with
guidance, networks, and opportunities to
help them realise their potential at school and
achieve qualifications beyond the age of 16.
Workspace hosted 12 year 10 students in our
offices, providing a structured mentoring
programme. Through our support, the
students were able to match their interest
and strengths with potential career pathways,
whilst boosting their confidence to progress
their education journey.
The programme proved a success, with every
student who participated saying they were
clearer on what they needed to do to achieve
their ambitions. The Workspace employees
who took part all said they found the
programme highly rewarding.
The sessions I had with my student
were super rewarding; it was a
privilege watching them open up
and become more confident talking
to me, as well as figuring out what
it is they are interested in.
Cassie Ferry
Workspace
I can’t fully express my gratitude
(otherwise it would be as long as
amaster’s degree level essay) but
thank you for your short but very
important time!
Artemis
Future Psychologist
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FINANCIAL PERFORMANCE
OUR KEY PERFORMANCE INDICATORS
1. NET RENTAL INCOME 2. TRADING PROFIT AFTER INTEREST 3. EPRA NTA PER SHARE
£122.1m £66.8m £7.74
2025 122.1
126.2
116.6
2024
2023
2025 66.8
66.0
60.7
2024
2023
2025 7.74
8.00
9.27
2024
2023
WHY THIS IS IMPORTANT TO WORKSPACE
Net rental income is the rental income receivable after
payment of direct property expenses, including service
charge costs and other direct unrecoverable property
expenses. It is important to Workspace because it
measures our operating performance. It is a key driver of
trading profit, which in turn determines dividend growth.
WHY THIS IS IMPORTANT TO WORKSPACE
Trading profit after interest is net rental income, less
administrative expenses and net finance costs. It is a key
measure for Workspace and its investors as it determines
dividend growth, and so the returns we provide to our
shareholders. It measures the underlying performance of the
business. The Executive Directors are incentivised on trading
profit after interest. A reconciliation of basic and diluted
earnings to trading profit after interest is in note 8 to the
financial statements.
WHY THIS IS IMPORTANT TO WORKSPACE
EPRA NTA per share is a definition of net tangible assets
as set out by the European Public Real Estate Association.
It represents net assets minus any intangible assets and
financial derivatives and excluding deferred taxation relating
to valuation movements and derivatives, divided by the
number of shares in issue. It is important to Workspace as
it provides stakeholders with information on our net asset
value. It is a key external measure for property companies
and is used to benchmark against share price.
MOVEMENT IN 2024/25
Net Rental Income decreased by 3.2% (£4.1m) to £122.1m,
following the disposals made in the year. Underlying net
rental income which excludes the net impact of acquisitions
and disposals in the current and prior year, was down 0.3%
to £119.6m.
MOVEMENT IN 2024/25
Trading profit after interest increased by 1.2% (£0.8m)
to £66.8m. Total administrative expenses decreased by £2.0m
to £23.3m which includes a £0.7m decrease in share-based
costs, leaving a £1.3m underlying decrease in administration
costs with lower staff costs due to performance in the year
and tight control of other costs offsetting inflation. Net finance
costs decreased to £32.0m in the year, reflecting the decrease
in SONIA during the period and a reduction in net debt.
MOVEMENT IN 2024/25
Our EPRA NTA per share decreased by 3.3% (£0.26p)
to £7.74. This was driven by the underlying decrease in the
valuation of our portfolio, offset by trading profit in the year.
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
3. Innovate to create future options
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
3. Innovate to create future options
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
3. Innovate to create future options
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4. DIVIDEND PER SHARE 5. LIKE-FOR-LIKE RENT ROLL GROWTH 6. LIKE-FOR-LIKE OCCUPANCY
28.4p -0.8% 83.0%
2025 28.4
28.0
25.8
2024
2023
2025(0.8)
9.6
7.1
2024
2023
2025 83.0
88.1
89.1
2024
2023
WHY THIS IS IMPORTANT TO WORKSPACE
This is the dividend payment per share in issue. Dividend
per share is a key measure of the returns we are providing
to our investors. It is important to Workspace because we
aim to provide good returns for our shareholders, and also
to work within our REIT requirements for income distribution.
WHY THIS IS IMPORTANT TO WORKSPACE
Like-for-like properties are those with stabilised occupancy,
excluding recent acquisitions and disposals and buildings
impacted by significant refurbishment or redevelopment
activity. Rent roll is the current annualised net rent receivable
for occupied units at the date of reporting. Monitoring rent
roll growth on the like-for-like portfolio is an important
measure of the underlying performance of the business
and a key driver of future net rental income. We monitor
the like-for-like rent roll on a weekly basis in management
meetings and it is also a key performance indicator in
our monthly Board reporting.
WHY THIS IS IMPORTANT TO WORKSPACE
Like-for-like occupancy is the area of let space within the
like-for-like portfolio divided by the net lettable area of
the like-for-like portfolio. It is important as it gives us vital
information on the performance of our core properties.
It drives pricing and operational decisions and can be a
measure of customer demand for the space. Again, this
is monitored on a weekly basis in management meetings
and it is also a key performance indicator in our monthly
Board reporting.
MOVEMENT IN 2024/25
The dividend per share is 28.4p, reflecting the robust
performance in the year.
MOVEMENT IN 2024/25
The like-for-like rent roll has decreased by 0.8% (£0.9m) in the
year, driven by a 4.8% uplift in rent per sq. ft. from £45.86 to
£48.08, offset by a decrease in occupancy to 83.0%.
MOVEMENT IN 2024/25
Like-for-like occupancy decreased to 83.0%, reflecting the
higher than usual level of customers vacating in the period.
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
3. Innovate to create future options
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
OUR KEY PERFORMANCE INDICATORS CONTINUED
FINANCIAL PERFORMANCE CONTINUED
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7. PROPERTY VALUATION 8. TOTAL PROPERTY RETURN 9. TOTAL SHAREHOLDER RETURN
£2,368m 2.91% (15.2)%
2025 2,368
2,446
2,741
2024
2023
2025 2.91
(4.67)
1.10
2024
2023
2025(15.2)
22.3
(34.0)
2024
2023
WHY THIS IS IMPORTANT TO WORKSPACE
Our properties are critical to our business and the valuation
demonstrates the value we are delivering to our shareholders
and a measure of how well we are managing our buildings
and driving rental income. The property portfolio is
independently valued, currently by CBRE. We aim to
enhance the value of our properties through active asset
management, including refurbishment and redevelopment
schemes. The movement in property valuation is a key
driver in our EPRA NTA per share measure.
WHY THIS IS IMPORTANT TO WORKSPACE
Total Property Return is the return for the year combining
the valuation movement on our portfolio and the income
achieved in the year. This figure is produced by MSCI, an
independent Investment Property Databank (‘IPD’), and is
compared to a benchmark group so that we can see how we
are performing relative to similar companies. Total Property
Return, and performance against the benchmark, form part
of the bonus objectives for the Executive Directors and
LTIPs for all people in schemes. For schemes post 2022 this
metric no longer forms part of performance assessment.
WHY THIS IS IMPORTANT TO WORKSPACE
Total Shareholder Return is the return obtained by
a shareholder, calculated by combining both share price
movements and dividend receipts. This is important to
Workspace because it shows the value that our shareholders
receive from investing in Workspace shares. We aim to
create maximum value for our shareholders, and as such
this measure forms part of the performance criteria within
our LTIP schemes.
MOVEMENT IN 2024/25
There was an underlying reduction of 2.4% (£58m) in our
property valuation, taking the valuation to £2,368m. This
was mainly driven by a continued outward shift in valuation
yields due to lower occupancy offset by increases in
estimated rental values. See Property Valuation section
of the Business Review on pages 68 to 70 for more detail.
MOVEMENT IN 2024/25
The increase in total returns in the year was driven by a
lower valuation decrease compared to last year. Despite the
decline in capital values, we outperformed our IPD benchmark
demonstrating the resilience of our property portfolio.
MOVEMENT IN 2024/25
The movement in Total Shareholder Return is due to
a decrease in the share price over the year, and offset
by increased dividends paid in the year.
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
3. Innovate to create future options
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
3. Innovate to create future options
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
3. Innovate to create future options
OUR KEY PERFORMANCE INDICATORS CONTINUED
FINANCIAL PERFORMANCE CONTINUED
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OUR KEY PERFORMANCE INDICATORS CONTINUED
NON-FINANCIAL PERFORMANCE
1. CUSTOMER ENQUIRIES (MONTHLY AVERAGE) 2. VIEWINGS (MONTHLY AVERAGE) 3. LETTINGS (MONTHLY AVERAGE)
703 507 106
2025 703
788
798
2024
2023
2025 507
524
518
2024
2023
2025 106
103
110
2024
2023
WHY THIS IS IMPORTANT TO WORKSPACE
Customer enquiries represent the number of enquiries we
receive for our space. Enquiries come through our website,
via brokers, via phone, from walk-ins or existing customers
looking to expand, contract or move locations. Measuring
enquiries helps us to assess the customer demand for
our product. Our internal marketing platform generates
enquiries, and by increasing marketing activity we can drive
enquiries, for example around the launch of a new building.
WHY THIS IS IMPORTANT TO WORKSPACE
This is the number of viewings of individual units by new
or existing customers looking for new or additional space.
Viewings are important because they provide an
opportunity to get customers into our centres to see
first-hand the quality of our space, and to drive lettings.
It is important to monitor the conversion of enquiries to
viewings and then of viewings to offer letters.
WHY THIS IS IMPORTANT TO WORKSPACE
This is the number of lettings that we complete. It is a key
measure for Workspace because lettings drive our net
rental income and therefore trading profit. Lettings set
the tone for estimated rental values, and so impact
our property valuation too.
MOVEMENT IN 2024/25
There was an average of 703 enquiries per month over
the year, with an average of 796 enquiries per month in the
final quarter.
MOVEMENT IN 2024/25
There was an average of 507 viewings per month over the
year, with a good conversion rate from enquiry to viewing
and, as with enquiries, a strong final quarter.
MOVEMENT IN 2024/25
The average number of lettings completed per month was
106, a level consistent with the prior year.
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
OUR KEY PERFORMANCE INDICATORS CONTINUED
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OUR KEY PERFORMANCE INDICATORS CONTINUED
NON-FINANCIAL PERFORMANCE CONTINUED
4. RENEWALS (MONTHLY AVERAGE) 5. LIKE-FOR-LIKE EMISSIONS REDUCTION (SCOPE 1 AND 2) 6. EPC A/B RATED PORTFOLIO
42 7% 60%
2025 42
59
61
2024
2023
2025 7
12
11
2024
2023
2025 60
52
43
2024
2023
WHY THIS IS IMPORTANT TO WORKSPACE
This is the number of lease renewals we sign with existing
customers per month. These are important as they
demonstrate how sticky our customers are. We track
customer retention and allow us to capture reversion
within our portfolio.
WHY THIS IS IMPORTANT TO WORKSPACE
Achieving net zero carbon by 2040 is a key priority for
the business, driven by market and legislative expectations.
We have a comprehensive net zero pathway to achieve our
target of 90% reduction in emissions by 2040. To meet this
target, our priority is to significantly reduce our scope 1 and
2 emissions, as these are under our direct control. We have
identified key initiatives that will continue to drive year on
year reduction in emissions. Notably, ongoing investment in
degassing our portfolio and energy optimisation, delivered
by our rolling refurbishment programme.
WHY THIS IS IMPORTANT TO WORKSPACE
We have set an EPC upgrade trajectory, aligned with
proposed legislative requirement for all non-exempt
properties to be EPC A/B rated by 2030. While the
legislation is yet to be confirmed, staying ahead of
compliance protects the lettability of our buildings and
mitigates the risk of income and value decline as we
approach the 2030 deadline. Our rolling refurbishment
programme enables us to continue to upgrade our
portfolio to EPC A/B rating, aligned with asset level
business plans.
MOVEMENT IN 2024/25
The average number of renewals completed per month was 42,
below previous years reflecting a more competitive landscape.
MOVEMENT IN 2024/25
We achieved a 7% reduction in scope 1 and 2 emissions
across LfL portfolio this year compared to last year. This was
underpinned by a 6% reduction in electricity consumption
and a 12% reduction in gas consumption on a like-for-like
basis compared to the same period last year.
MOVEMENT IN 2024/25
8% of our portfolio has been upgraded this year to an EPC
A/B rating, bringing the total EPC A/B rated area in the
portfolio to over 60%, up from 52% last year.
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
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OUR KEY PERFORMANCE INDICATORS CONTINUED
NON-FINANCIAL PERFORMANCE CONTINUED
7. CUSTOMER ESG SCORE 8. DIRECT SOCIAL VALUE 9. EMPLOYEE INCLUSIVITY SCORE
84% £1.02m 86%
2025 84
79
70.5
2024
2023
2025 1.02m
827k
604k
2024
2023
2025 86
85
80
2024
2023
WHY THIS IS IMPORTANT TO WORKSPACE
As key stakeholders in our business, it’s essential that
our customers value our ESG approach. Strong customer
advocacy of our ESG credentials is closely linked to
recommendation levels and overall satisfaction, ultimately
driving business value. The metric is captured via our
bi-annual customer survey where we ask if customers agree
Workspace is an environmentally and socially responsible
business. We also seek specific sustainability feedback
from our customers to continue to improve our approach.
WHY THIS IS IMPORTANT TO WORKSPACE
With an inherently sustainable business model, social
impact sits at the heart of Workspace’s strategy. For our
business, it also serves as a key differentiator for our brand
and driver for customer satisfaction. To capture the positive
outcomes generated through our sustainability initiatives
and direct operations, we adopted social value as a business
metric. This enables us to consolidate the impact of a range
of initiatives into a single benchmark, supporting consistent
measurement and continuous improvement.
WHY THIS IS IMPORTANT TO WORKSPACE
As a people-focused business, fostering a diverse
and inclusive business is a key priority for us and our
employees. Diverse experiences and inclusive culture drives
business performance. We benchmark our employee
diversity figures twice a year and are pleased that our
workforce reflects London’s diverse population. The
inclusivity score metric is captured via our annual employee
survey where we ask our people if they agree Workspace is
an inclusive business.
MOVEMENT IN 2024/25
Year-end customer survey revealed 84% of customers
agree Workspace is a socially and environmentally
responsible business, up from 79% last year. Details
on what drove the enhancement in score can be found
on page 17.
MOVEMENT IN 2024/25
£1.02m of direct social value has been generated from
our business operations, up from £827k last year. Details
on what drove the increase in social value can be found
on page 85.
MOVEMENT IN 2024/25
Year-end employee survey revealed an inclusivity score of
86%, maintaining last year’s strong position with a score of
85%. Details on our approach to diversity and inclusion can
be found on pages 20 and 81.
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
3. Innovate to create future options
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
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TOTAL RENT ROLL
£139.4m
TRADING PROFIT AFTER INTEREST
£66.8m
PROPERTY VALUATION
£2,368m
BUSINESS REVIEW
2024/25 PERFORMANCE IN LINE
WITH EXPECTATIONS. UNDERLYING
RENTAL INCOME GROWTH AND
DIVIDEND INCREASED.
We have delivered a solid full
year performance in line with
expectations, in what has been
a challenging macroeconomic
and competitive environment.
Underlying rental income was up
1.7% and LFL rent per sq. ft. grew
4.8%, helping to balance the fall
in LFL occupancy in the year due
to the loss of larger customers.
These challenges will continue in
the coming year, but we now have
a very clear, deliverable strategy in
place to stabilise and rebuild our
occupancy and restore rental growth.
The Chocolate Factory, Wood Green
Our strategy
Pages 34 to 58
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CUSTOMER ACTIVITY
We have seen resilient customer demand with 1,266 lettings completed in the year with a total
rental value of £31.8m.
FY
2024/25
FY
2023/24
Monthly Average
Q4
2024/25
Q3
2024/25
Q2
2024/25
Q1
2024/25
Enquiries 703 788 796 628 700 688
Viewings 507 524 585 457 486 499
Lettings 106 103 130 91 99 102
The good level of customer lettings has been offset by a higher than usual level of customer
vacations in the period, including a number of larger customers. In line with our strategy,
we are subdividing some of these larger spaces into smaller units, for which we see stronger
demand and achieve higher pricing, as well as implementing marketing initiatives specifically
targeted at larger businesses to drive leasing.
Customer demand in the first quarter of 2025/26 is expected to be quieter, impacted by
the timing of bank holidays and a more challenging macro environment, with 631 enquiries,
465 viewings and 65 new lettings in April 2025.
Brickfields, Hoxton
RENT ROLL
Total rent roll, representing the total
annualised net rental income at a given date,
was down 2.8% (£4.0m) in the year to
£139.4m at 31 March 2025.
Total Rent Roll £m
At 31 March 2024 143.4
Like-for-like portfolio (0.9)
Completed projects 0.8
Projects underway and design stage 0.4
South East Office 0.2
Disposals (4.5)
At 31 March 2025 139.4
The total Estimated Rental Value (ERV)
of the portfolio, comprising the ERV of the
like-for-like portfolio and those properties
currently undergoing refurbishment or
redevelopment (but only including properties
at the design stage and non-core properties
at their current rent roll and occupancy),
was £191.9m at 31 March 2025.
Like-for-like portfolio
The like-for-like portfolio represents 77%
of the total rent roll as at 31 March 2025.
It comprises 39 properties with stabilised
occupancy excluding recent acquisitions,
buildings impacted by significant
refurbishment or redevelopment activity,
or contracted for sale.
We have continued to move pricing
forward across our like-for-like portfolio with
rent per sq. ft. increasing by 4.8% in the year
to £48.08. Like-for-like occupancy was down
by 5.0% to 83.0% in the year, with an overall
decrease in like-for-like rent roll of 0.8%
(£0.9m) to £107.9m, reflecting the higher
than usual level of customer vacations
in the period, as noted above.
We have seen ERV per sq. ft. increase by 1.0%
in the year. If all the like-for-like properties
were at 90% occupancy at the CBRE
estimated rental values at 31 March 2025,
the rent roll would be £125.1m, £17.2m higher
than the actual rent roll at 31 March 2025.
Like-for-like
Six Months Ended
31 Mar
2025
30 Sep
2024
1
31 Mar
2024
1
Occupancy 83.0% 84.2% 88.0%
Occupancy change
2
(1.2%) (3.8%) (0.4%)
Rent per sq. ft. £48.08 £47.12 £45.86
Rent per sq. ft. change 2.0% 2.7% 3.4%
Rent roll £107.9m £107.1m £108.8m
Rent roll change 0.7% (1.6%) 3.0%
1. Restated for the transfer in of Old Dairy, Shoreditch where occupancy is now stabilised post refurbishment, the transfer
out of Archer Street Studios, Soho, and Rainbow Industrial Estate (part), Raynes Park, which have been sold, the transfer
out of Shaftesbury Centre, Ladbroke Grove to non-core which has been exchanged for sale and the transfer out of
The Biscuit Factory site in Bermondsey which is undergoing major refurbishment.
2. Absolute change.
BUSINESS REVIEW CONTINUED
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BUSINESS REVIEW CONTINUED
Completed projects
There are seven projects in the completed
projects category. Rent roll increased overall
by £0.8m in the year to £7.8m.
If the buildings in this category were all at 90%
occupancy at the ERVs at 31 March 2025, the
rent roll would be £12.3m, an uplift of £4.5m.
Projects underway – refurbishments
We are currently underway on eight larger
refurbishment projects that will deliver
509,000 sq. ft. of new and upgraded space.
As at 31 March 2025, rent roll was £13.0m,
up £0.4m in the year.
Assuming 90% occupancy at the ERVs
at 31 March 2025, the rent roll at these eight
buildings once they are completed would
be £23.5m, an uplift of £10.5m.
Projects at design stage
These are properties where we are well
advanced in planning a refurbishment or
redevelopment that has not yet commenced.
As at 31 March 2025, the rent roll at these
properties was £2.7m, no change to
March 2024.
South East office
As at 31 March 2025, the rent roll of the
South East office portfolio, comprising eight
buildings, was £7.0m, up £0.2m.
Assuming 90% occupancy (or current
occupancy if higher) at the ERVs at 31 March
2025, the rent roll would be £9.1m, an uplift
of £2.1m.
Non-core
As at 31 March 2025, the rent roll of the
non-core portfolio was £1.0m, no change
to March 2024.
Disposals
During the year, there was £100.5m in
exchanged or completed sales, broadly in
line with book values. In aggregate, disposals
have delivered £77m of proceeds (net of sales
costs) in the year, at a combined net initial
yield of 4.2%.
In April, we exchanged and completed on the
sale of Q West in Brentford for £10.3m, in line
with the March 2025 valuation.
PROFIT PERFORMANCE
Trading profit after interest for the year was
up 1.2% (£0.8m) on the prior year to £66.8m.
£m
31 Mar
2025
31 Mar
2024
Underlying rental
income 135.5 133.2
Unrecovered service
charge costs (4.2) (4.7)
Empty rates and other
non-recoverable costs (11.4) (9.8)
Services, fees,
commissions and sundry
income (0.3) 1.3
Underlying net rental
income 119.6 120.0
Disposals 2.5 6.2
Net rental income 122.1 126.2
Administrative expenses
– underlying (20.7) (22.0)
Administrative expenses
– share based costs
1
(2.6) (3.3)
Net finance costs (32.0) (34.9)
Trading profit after
interest 66.8 66.0
1. These relate to both cash and equity settled costs.
Underlying rental income increased £2.3m
to £135.5m, reflecting the increase in average
rent per sq. ft. achieved over the last year.
Net rental income was down 3.2% (£4.1m)
to £122.1m following the disposals made
over the last year.
Unrecovered service charge costs decreased
by £0.5m, with costs tightly controlled and the
majority of costs recovered from customers.
Empty rates and other non-recoverable costs
increased by £1.6m due to lower occupancy,
which also impacted net revenue from
services, fees, commissions and sundry
income together with increased unrecovered
energy, hospitality and events costs.
Underlying administrative expenses
decreased by £1.3m to £20.7m, with lower
staff costs reflecting performance in the year
and tight control of other costs offsetting
inflation. Share-based costs decreased by
£0.7m to £2.6m driven by lower vesting levels.
Net finance costs decreased by £2.9m to
£32.0m in the year reflecting the reduction
in average net debt following asset disposals.
The average debt balance over the year was
£19.0m lower than in the prior year.
Parkhall, Dulwich Barley Mow, Chiswick
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BUSINESS REVIEW CONTINUED
Profit before tax was £5.4m compared
to a loss of £192.8m in the prior year.
£m
31 Mar
2025
31 Mar
2024
Trading profit
after interest 66.8 66.0
Change in fair value of
investment properties (56.3) (255.3)
Loss on sale of
investment properties (1.5) (2.3)
Other costs (3.6) (1.2)
Profit/(loss) before tax 5.4 (192.8)
Adjusted underlying
earnings per share 34.5p 34.1p
The change in fair value of investment
properties, including assets held for sale,
was a decrease of £56.3m compared to
a decrease of £255.3m in the prior year.
The loss on sale of investment properties
of £1.5m was driven by costs associated with
disposals in the year.
Other costs include one-off items relating to
the replacement of our finance and property
management system and CRM system as well
as one-off costs relating to the new CEO
appointed in the year.
Adjusted underlying earnings per share,
based on trading profit after interest and
calculated on a diluted share basis, was up
1.2% to 34.5p. The calculation of adjusted,
basic, diluted and EPRA earnings per share
is shown in note 8 to the financial statements.
DIVIDEND
Our dividend policy is based on trading
profit after interest, taking into account
our investment and acquisition plans and
the distribution requirements that we have
as a REIT, recognising the importance to our
shareholders of paying a regular, growing
dividend, whilst ensuring the total dividend
per share in each financial year is fully covered
by adjusted underlying earnings per share.
Based on trading profit performance and
confidence in the longer-term prospects
of the Company, the Board is recommending
a final dividend of 19.0p per share, taking
the full year dividend to 28.4p (2024: 28.0p),
to be paid on 1 August 2025 to shareholders
on the register at 4 July 2025. The dividend
will be paid as a REIT Property Income
Distribution (PID) net of withholding tax
where appropriate.
PROPERTY VALUATION
At 31 March 2025, our property portfolio was
independently valued by CBRE at £2,368m,
an underlying decrease of 2.4% (£58m) in the
year. The main movements in the valuation
are set out below:
£m
Valuation at 31 March 2024 2,446
Capital expenditure 60
Disposals (80)
Underlying revaluation movement (58)
Valuation at 31 March 2025 2,368
Leroy House, Islington
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BUSINESS REVIEW CONTINUED
A summary of the full year valuation and revaluation movement by property type is set
out below:
£m
Valuation
31 March
2025
Underlying
revaluation
decrease
Like-for-like properties 1,764 (29)
Completed projects 175 (4)
Refurbishments 322 (16)
South East office 76 (7)
Non-core 31 (2)
Total 2,368 (58)
Like-for-like properties
There was an 1.6% (£29m) underlying decrease in the valuation of like-for-like properties to
£1,764m. This was driven by a 10bps outward shift in equivalent yield (£54m) due to an increased
void assumption, offset by a 1.0% increase in the ERV per sq. ft. (£25m).
ERV growth has returned to a lower, historically more normal level of annual increase, with
pricing at most centres now back at or above pre-Covid levels. We saw stronger growth in ERV
for smaller space, which represents the majority of our lettings activity, with an increase of
3.4% in the year for units under 1,000 sq. ft., compared to larger spaces where ERVs decreased
by 0.8%. This reflects our approach to implement a wide range of smaller unit refurbishments
and subdivisions to align our spaces with customer demand.
31 Mar
2025
31 Mar
2024
1
Change
ERV per sq. ft. £50.85 £50.33 1.0%
Rent per sq. ft. £48.08 £45.86 4.8%
Equivalent yield 6.8% 6.7% 0.1%
2
Net initial yield 5.6% 5.6% –
Capital value per sq. ft. £645 £664 (2.9%)
1. Restated for the transfer in of Old Dairy, Shoreditch where occupancy is now stabilised post refurbishment, the transfer
out of Archer Street Studios, Soho, and Rainbow Industrial Estate (part), Raynes Park, which have been sold, the transfer
out of Shaftesbury Centre, Ladbroke Grove to non-core which has been exchanged for sale and the transfer out of
The Biscuit Factory site in Bermondsey which is undergoing major refurbishment.
2. Absolute change.
A 2.5% increase in ERV per sq. ft. would increase the valuation of like-for-like properties by
approximately £46m while a 25bps increase in equivalent yield would decrease the valuation
by approximately £61m.
Like-for-like
Refurbishments
Non-core
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Completed projects
There was an underlying decrease of 2.2%
(£4m) in the value of the seven completed
projects to £175m. This was driven by a 0.6%
decrease in the ERV per sq. ft. The overall
valuation metrics for completed projects
are set out below:
31 Mar
2025
ERV per sq. ft. £35.80
Rent per sq. ft. £31.08
Equivalent yield 6.9%
Net initial yield 4.1%
Capital value per sq. ft. £459
Current refurbishments
There was an underlying decrease of
4.7% (£16m) in the value of our current
refurbishments to £322m.
The decreases in respect of refurbishments
reflected the combination of an outward
movement yields, increase in build costs
and reduction in ERVs.
South East office
There was a 8.4% (£7m) underlying decrease
in the valuation of the South East office
portfolio to £76m with 50bps outward shift
in equivalent yield, and a 1.7% decrease in
ERV per sq. ft. The overall valuation metrics
are set out below:
31 Mar
2025
ERV per sq. ft. £28.58
Rent per sq. ft. £24.13
Equivalent Yield 10.3%
Net Initial Yield 8.9%
Capital Value per sq. ft. £227
BUSINESS REVIEW CONTINUED
REFURBISHMENT ACTIVITY
A summary of the status of the refurbishment pipeline at 31 March 2025 is set out below:
Projects Number Capex spent Capex to spend
Upgraded and new
space (sq. ft.)
Underway 8 £58m £32m 509,000
Design stage 6 £0m £335m 520,000
Design stage (without planning) 4 £0m £113m 222,000
Activity is ongoing at our major refurbishment projects; Chocolate Factory in Wood Green,
where we are delivering 45,000 sq. ft. of new and upgraded space with practical completion
achieved in May 2025, and The Biscuit Factory in Bermondsey, which will deliver 31,000 sq. ft.
of new space towards the end of the year. We have also started on site at The Centro Buildings
in Camden, where we are transforming a traditional office building, Atelier House, into a
Workspace business centre with 41 units, a café and meeting room, and expect to attain
practical completion in October 2025.
In addition to these major refurbishment projects, in order to pilot some of our new strategic
initiatives, we have undertaken some capital-light refurbishment work at two sites, The Leather
Market in London Bridge, and Vox Studios in Vauxhall. The work has addressed high-impact
areas including entrances, external and internal breakout spaces, cafes, corridors and
bathrooms. All changes have centred on addressing customer feedback and initial customer
reactions have been very positive.
The Chocolate Factory,
Wood Green
Pill Box, Bethnal Green
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There is a lot of work to do and
it will take time to see results,
but I am confident that we have
a strategy to deliver a market-
leading product and experience
for our customers.
Lawrence Hutchings
Chief Executive Officer

BUSINESS REVIEW CONTINUED
SUSTAINABILITY
We have an inherently sustainable portfolio,
underpinned by our refurbishment led ethos
resulting in 40-70% lower emissions,
compared to industry best practice, from our
development and refurbishment activities
and our energy efficient operations. The
average energy intensity of our portfolio
is 15% lower than industry best practice for
net zero carbon offices, set at 90kWhe/m
2 1
.
Further improving the energy efficiency of our
buildings is key in helping us to achieve our
target of being a net zero carbon business.
The Workspace portfolio is currently 60%
EPC A and B rated, an increase of 8% in the
year, ensuring our portfolio is future proofed
against the proposed regulated trajectory for
all commercial buildings to be EPC A/B rated
by 2030. We also continue to procure 100%
renewable electricity, with two-thirds of this
demand being met via our power purchase
agreement with a solar plant in Devon.
In the year we also achieved a 7% reduction
in operational energy intensity across the
core portfolio.
To ensure we build long-term climate
resilience, we have updated our net zero
carbon commitment – being the first UK REIT
to adopt the latest building sector guidance
from science based targets – committing us
to a target of 90% emissions reduction by
2040 against our 2020 baseline. We are
pleased to report that we have already
reduced our emissions by 35% and have
strong foundations in place to continue
to drive climate action at pace.
1. https://ukgbc.org/wp-content/uploads/2020/01/
UKGBC-Net-Zero-Carbon-Energy-Performance-Targets-
for-Offices.pdf
CASH FLOW
A summary of cash flows is set out below:
£m
31 Mar
2025
31 Mar
2024
Net cash from operations
after interest
1
77 63
Dividends paid (56) (51)
Capital expenditure (60) (71)
Property disposals and
cash receipts 77 118
Other (3) (12)
Net movement 35 47
Opening debt (net of cash) (855) (902)
Closing debt (net of cash) (820) (855)
1. Excludes £8.8m of VAT payment (2024) relating to the
sale of Riverside included in ‘Other’.
There is a reconciliation of net debt
in note 16(b) in the financial statements.
The overall decrease of £35m in net debt
largely reflects the disposals made in
the period.
NET ASSETS
Net assets decreased in the year by £46.7m
to £1,502m. EPRA net tangible assets (NTA)
per share at 31 March 2025 was down 3.3%
(£0.26) to £7.74.
EPRA NTA per share
£
At 31 March 2024 8.00
Adjusted trading profit after
interest 0.34
Property valuation deficit (0.30)
Dividends paid (0.28)
Other (0.02)
At 31 March 2025 7.74
The calculation of EPRA NTA per share is set
out in note 9 of the financial statements.
TOTAL ACCOUNTING RETURN
The total accounting return for the year was
0.3% compared to -10.9% in the prior year
ended March 2024. The total accounting
return comprises the change in absolute EPRA
net tangible assets per share plus dividends
paid in the year as a percentage of the
opening EPRA net tangible assets per share.
The calculation of total accounting return is
set out in note 9 of the financial statements.
The Print Rooms, Southwark
Leroy House, Islington
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BUSINESS REVIEW CONTINUED
FINANCING
As at 31 March 2025, the Group had £25m of available cash and £235m of undrawn facilities:
Drawn amount
£m
Facility
£m Maturity
Private placement notes 300.0 300.0 2025-2029
Green bond 300.0 300.0 2028
Secured loan 65.0 65.0 2030
Term loan 80.0 80.0 2026
Bank facilities 100.0 335.0 2026-2028
Total 845.0 1,080.0
In May 2025 the terms of the £200m RCF
were amended to extend the maturity to
30 June 2029, with options to extend by
up to a further two years and an option
to increase the facility amount to £300m,
subject to lender consent. Following the
refinancing, on a pro-forma basis, the average
debt facility maturity at 31 March 2025 was
3.1 years (31 March 2024: 3.4 years).
In February 2024, £100m of the floating rate
bank borrowings were swapped to an all in
fixed rate of 6.1% for two years. At 31 March
2025, the Group’s effective interest rate
excluding the impact of capitalisation but
including amortisation of issue costs and
commitment fees was 4.0% based on SONIA
at 4.5%, with 91% (£745m) of the debt at fixed
or hedged rates. The average interest cost
of our fixed-rate borrowings is 3.3% and our
un-hedged floating-rate bank borrowings had
an average margin of 1.8% over SONIA. A 1%
change in SONIA would change the effective
interest rate by 0.1% (at current debt levels).
At 31 March 2025, loan to value (LTV) was
34% (31 March 2024: 35%) and interest cover,
based on net rental income and interest paid
over the last 12-month period, was 3.8 times
(31 March 2024: 3.7 times), providing good
headroom on all facility covenants. Our net
debt to earnings ratio (calculated as net debt
divided by trading profit before interest, but
excluding depreciation and amortisation),
improved from 8.3 times to 8.1 times during
the year.
FINANCIAL CONSIDERATIONS FOR 2025/26
Looking ahead to our new financial year,
recent macroeconomic events combined
with slower economic growth and high levels
of competition will continue to impact our
business in the near term. As announced in
our post-close financial update, we expect
trading profit headwinds driven by a lower
opening rent roll, further large unit vacations,
additional costs from higher national
insurance and higher living wages and
additional refinancing costs due to the
repayment of £80m of private placement
notes in August.
We have already taken a number of tangible
actions to stabilise our business, but these
will take time to take full effect and we will
likely see continued pressure on occupancy
in the year ahead, given visibility we have on
more large customers vacating in H1. We are
also working hard to deliver efficiencies to
mitigate cost increases through streamlining
our support functions to create a leaner,
faster organisation, as well as a focus on
non-recoverable property costs and general
administrative expenses.
We expect capital expenditure to be
maintained at a similar level to last year,
around £50-60m, as we continue to progress
with planned asset management projects,
including the refurbishments of Chocolate
Factory and The Biscuit Factory, alongside
tactical capital-light refurbishments to
enhance our offering in conviction and high
conviction buildings. This will be offset by
recycled capital from asset disposals. As we
look further ahead, we have confidence that
our strategic plan will ensure we deliver a
market-leading product for our rapidly
growing client base of creative and innovative
SME’s, whilst at the same time delivering long
term, enduring value for our shareholders.
The Chocolate Factory, Wood Green
The majority of the Group’s debt comprises
long-term fixed rate committed facilities
including a £300m green bond, £300m of
private placement notes, and a £65m secured
loan facility.
Shorter term liquidity and flexibility is
provided by floating-rate sustainability-linked
Revolving Credit Facilities (RCFs) totalling
£335m which were £100m drawn as at
31 March 2025. In November, the terms
of the £135m RCF were amended to extend
the maturity to 30 November 2028, with
options to extend by up to a further two
years and an option to increase the facility
amount to £255m, subject to lender consent.
In addition, an £80m term loan facility was
agreed with an initial maturity of November
2026 and with the option to extend by up to
two further years, subject to lender consent.
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BUSINESS REVIEW CONTINUED
PROPERTY STATISTICS
Half Year ended
31 Mar
2025
30 Sep
2024
31 Mar
2024
30 Sep
2023
Workspace Portfolio
Property valuation £2,368m £2,423m £2,446m £2,505m
Number of locations 67 73 77 79
Lettable floorspace (million sq. ft.) 4.3 4.3 4.5 4.7
Number of lettable units 4,744 4,650 4,678 4,718
Rent roll of occupied units £139.4m £140.1m £143.4m £141.9m
Average rent per sq. ft. £41.50 £40.27 £38.21 £36.81
Overall occupancy 78.5% 81.5% 83.0% 83.5%
Like-for-like number of properties 39 39 43 42
Like-for-like lettable floor space (million sq. ft.) 2.7 2.7 2.9 2.9
Like-for-like rent roll growth 0.7% (1.6%) 3.0% 6.4%
Like-for-like rent per sq. ft. growth 2.0% 2.7% 3.4% 6.8%
Like-for-like occupancy movement (1.2%) (3.8%) (0.4%) (0.6%)
1. The like-for-like category has been restated in the current financial year for the transfer in of Old Dairy, Shoreditch where
occupancy is now stabilised post refurbishment, the transfer out of Archer Street Studios, Soho, and Rainbow Industrial
Estate (part), Raynes Park, which have been sold, the transfer out of Shaftesbury Centre, Ladbroke Grove to non-core
which has been exchanged for sale and the transfer out of The Biscuit Factory site in Bermondsey which is undergoing
major refurbishment.
2. Like-for-like statistics for prior years are not restated for the changes made to the like-for-like property portfolio in the
current financial year.
3. Overall rent per sq. ft. and occupancy statistics includes the lettable area at like-for-like properties and all refurbishment
and redevelopment projects, including those projects recently completed and also properties where we are in the process
of obtaining vacant possession.
The Strategic Report on pages 1 to 117 was approved by the Board of Directors on 4 June 2025
and signed on its behalf by:
Lawrence Hutchings Dave Benson
Chief Executive Officer Chief Financial Officer
The Print Rooms, Southwark
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SUSTAINABILITY PERFORMANCE
2025 HIGHLIGHTS
84
Real Estate Assessment Score
92
Development Assessment Score
A
Public Disclosure Score
A- (2023 rating)
2024 rating under review by CDP
GOLD
EPRA Sustainability Best
Practice Recommendations
Award
AA
MSCI ESG rating
Negligible Risk
Sustainalytics ESG Risk Rating
7%
REDUCTION IN LIKE-FOR-LIKE ENERGY USE
2025 37.5 GWh
40.5 GWh
44.8 GWh
2024
2023
100%
WORKSPACE-PROCURED ELECTRICITY COMES
FROM RENEWABLE SOURCES
200+
SUSTAINABILITY EVENTS DELIVERED
86%
RECYCLING RATE
2025 86
76
79
2024
2023
84%
CUSTOMER ESG SCORE
1
2025 84
79
70.5
2024
2023
86%
EMPLOYEE
INCLUSIVITY SCORE
2,220
CUSTOMERS ATTENDED OUR
WELLBEING EVENTS
14
EMPLOYEE TRAINING HOURS PER FTE
16
PEOPLE ON APPRENTICESHIPS
100%
OF EMPLOYEES AND SUPPLIERS PAID
THE REAL LONDON LIVING WAGE
£1.02m
DIRECT SOCIAL VALUE GENERATED
2025 1.02m
827k
604k
2024
2023
£21.7m
INDIRECT SOCIAL VALUE
1
2,578
EMPLOYEE VOLUNTEERING HOURS
2025 2,578
1,560
620
2024
2023
LOOKING AFTER
OUR PEOPLE
SUPPORTING
OUR COMMUNITIES
SUSTAINABILITY BENCHMARKS
AND RATINGS
DELIVERING CLIMATE
RESILIENT PORTFOLIO
1. % of customers who agree Workspace is
environmentally and socially responsible.
1. See page 85 for detailed breakdown
of social value.
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DRIVING PERFORMANCE
THROUGH SUSTAINABILITY
SUSTAINABILITY PERFORMANCE CONTINUED
SUSTAINABILITY PERFORMANCE DASHBOARD
This dashboard summarises our current performance against our long-term goals across three pillars.
Sustainability pillar Theme Ambition Current performance Goal
DELIVERING A CLIMATE
RESILIENT PORTFOLIO
Energy &
Carbon
Aim to reduce emissions by 90% by 2040,
from a 2020 baseline
35%
90%
For more information
see pages 76 to 80
Nature Aim to achieve 15% Biodiversity Net Gain
across the portfolio by 2030, from a 2024
baseline
2.4%
15%
Waste Continue to divert 100% waste from landfill,
aim for 5% annual reduction in produced waste
Achieving
LOOKING AFTER OUR
PEOPLE
Diversity &
Inclusion
Maintain a diverse business, representative
of London's demographics
Achieving
Aim for an employee inclusivity score of 90%
86%
90%
Customer
Engagement
Aim for a customer ESG score of 90%
84%
90%
For more information
see pages 81 to 82
Supplier
Engagement
Engage our top 50 suppliers on climate
transition to drive scope 3 emissions reduction
20 suppliers
50
SUPPORTING OUR
COMMUNITIES
Social Value Aim to deliver £10m of cumulative direct
social value by 2030, since 2022
£2.4m
£10m
For more information
see pages 83 to 85
Skills and
Employment
Aim to reach 3,000 young people with skills
and employment support by 2030, since 2024
240
3,000
We are committed to a performance-driven
strategy where our sustainability initiatives are
integral to our operational efficiency.
To further strengthen our positive impact,
we have set ambitious targets across all of our
material sustainability issues, as illustrated on
page 44. These targets are fully embedded
within our business, with ownership
distributed across relevant teams and
business units to ensure accountability and
integration into day-to-day operations.
Progress is monitored closely throughout the
year to support continuous improvement and
measurable impact. The following pages
outline our annual environmental and social
targets, along with commentary on year-end
performance and achieved outcomes.
Workspace Sustainability Managers,
Mel Gooding and Ariane Ephraim
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ADDRESSING OUR MATERIAL ENVIRONMENTAL ISSUES: DELIVERING A CLIMATE RESILIENT PORTFOLIO
Relevant material issue
ENERGY & CARBON
REGULATORY CHANGE
Relevant material issue
ENERGY & CARBON
Relevant material issue
ENERGY & CARBON
Workspace response
REDUCE SCOPE 1 AND 2 EMISSIONS BY 8-10%
ACROSS THE LIKE-FOR-LIKE PORTFOLIO
Workspace response
REDUCE LIKE-FOR-LIKE ENERGY USE INTENSITY ('EUI')
BY 8% MEASURED IN KWHE/M
2
Workspace response
ROLL OUT SMART BUILDING ENERGY MANAGEMENT
SYSTEMS ACROSS THE PORTFOLIO
Status: Partially Achieved
Status: Partially Achieved Status: Ongoing
We achieved a 7% reduction in scope 1 & 2
emissions across like-for-like portfolio since
last year, falling slightly short of our target.
The reduction was primarily driven by
limiting gas use in buildings, rolling out
smart Building Energy Management Systems,
optimising temperature set points and timing
controls and implementing over 50 HVAC
upgrade projects. Currently, over 60% of
our portfolio is fossil fuel free (all electric
or served by district heating).
Despite having an active energy and
carbon reduction plan in place, the ongoing
electrification of our portfolio led to
increased electricity consumption, which
offset the savings from reduced gas use.
As a result, our location-based emissions
reduction was slightly lower than expected.
SCOPE 1&2 LOCATION-BASED GHG EMISSION
2024/25 7,995
8,610
10,595
2023/24
2019/20 (baseline)
We achieved a 7% reduction in like-for-like
Energy Use Intensity ('EUI') across the
portfolio, falling slightly short of our target.
This was mainly driven by an impressive 12%
reduction in gas use across the portfolio,
along with a 6% reduction in landlord-
procured electricity. This year, we invested
over £10m on various energy-efficiency
initiatives across the portfolio, including LED
lighting, presence-detection sensors, smart-
building management systems, secondary
glazing and heat pumps. We also ran
extensive customer engagement campaigns
to reduce whole building energy consumption
(see case study on Big Energy Race on page
17). Targeted effort was also made to reduce
the EUI at high energy consuming buildings
(refer to case study to the right).
As noted on the left, electricity demand
increased following the phase out of gas
boilers which resulted in slightly lower than
expected savings.
53 buildings (c.81% of portfolio by area) are
now fully enabled with our smart Building
Energy Management System (BEMS),
Optergy. This not only provides unit-level and
equipment-level consumption visibility, but it
also enables us to track energy performance
in real-time and identify optimisation
opportunities in a timely way. We aim to
continue with the roll-out to ensure all our
buildings are BEMS enabled.
Optergy gives us the granular data
we need – zone-level usage,
runtimes, peak loads, temperature
set points – and helps us identify
and address energy wastage across
the portfolio.
Phil Nartey
Senior Facilities Manager
Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs
DRIVING POSITIVE ENVIRONMENTAL IMPACT
SUSTAINABILITY PERFORMANCE CONTINUED
Uncovering energy savings through
energy audits
This year, we shortlisted 12 of our high
energy consuming buildings for energy
audits, to identify practical ways to reduce
energy. These audits led to the identification
of over 70 energy-saving opportunities,
many of which have already been put into
action. The implemented opportunities
contributed towards a 545 MWh reduction in
energy use across the 12 selected buildings.
The key set of opportunities we implemented
included adjusting temperature bands,
introducing automated hourly equipment
shutdowns, installing LED lighting with
presence and lux sensors, and replacing
gas-dependent systems with electric
alternatives such as point-of-use water
heaters and electric showers.
These audits are a simple but effective way
for us to keep improving how our buildings
perform, helping us lower our environmental
impact while making spaces more efficient
and comfortable for customers.
We continue to explore
low and zero-cost opportunities
tounlockenergy savings.
CASE STUDY: SITE ENERGY AUDITS
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ADDRESSING OUR MATERIAL ENVIRONMENTAL ISSUES: DELIVERING A CLIMATE RESILIENT PORTFOLIO CONTINUED
Relevant material issue
ENERGY & CARBON
SUSTAINABLE BUILDING DESIGN
Relevant material issue
ENERGY & CARBON
SUSTAINABLE PROCUREMENT
Relevant material issue
ENERGY & CARBON
REGULATORY CHANGE
Relevant material issue
NATURE AND BIODIVERSITY
Workspace response
ALL MAJOR PROJECTS DESIGNED TO BE NET ZERO
CARBON IN CONSTRUCTION AND OPERATION, BREEAM
EXCELLENT AND EPC A (B FOR REFURBISHMENTS)
Workspace response
SOURCE HIGH-QUALITY RENEWABLE ELECTRICITY
Workspace response
INCREASE THE % OF ENERGY PERFORMANCE
CERTIFICATE ('EPC') A AND B RATED AREAS
IN THE PORTFOLIO BY 8%
Workspace response
CREATE A LONG-TERM NATURE
AND BIODIVERSITY STRATEGY
Status: Achieved
Status: Achieved Status: Achieved Status: Achieved
We continue to implement our Sustainable
Development Framework across all major
projects. This framework ensures all our
projects meet the net zero carbon brief. We
undertake whole-life carbon analysis at key
design stages to help us assess and reduce
embodied carbon by optimising design and
material choices. The Leroy House project
which we completed this year resulted in
embodied carbon emissions of 293 kgCO
2
/m
2
(which were fully offset) and achieved
BREEAM Excellent (for the extension) and an
EPC A rating. Estimated embodied carbon of
current projects are – 436 kgCO
2
/m
2
for the
Biscuit Factory and 291 kgCO
2
/m
2
for the
Chocolate Factory. Overall, we achieved a
56% reduction in embodied carbon emissions
since our 2019/20 base year.
Our portfolio is 60% A/B rated, with 22
BREEAM certified buildings, and we continue
to ensure all projects in the pipeline are being
designed to achieve at least an ‘Excellent’
BREEAM certification and A rated EPC
(B for refurbishments).
We continue to source 100% renewable
electricity. Since February 2024, two-thirds of
Workspace-procured electricity comes from a
solar farm in Devon through a Power Purchase
Agreement. We meet the remaining third of
our electricity demand by continuing to source
renewable electricity through a REGO-backed
contract from our utility supplier.
15 sites are equipped with solar panels and
generated 218,594 kWh of renewable
electricity in the past year. This is equivalent
to the annual electricity usage of over 60
typical UK households.
2/3rd
OF WORKSPACE PROCURED ELECTRICITY
COMES FROM A SOLAR FARM IN DEVON
This year we upgraded 8% of our portfolio
(346K sq. ft.) to EPC A/B rating by installing
highly efficient lighting and HVAC systems.
As a result, 60% of our whole portfolio has
an EPC rating of A/B.
EPC BREAKDOWN ACROSS
THE PORTFOLIO (BY AREA)
A/B
60%
C
21%
D
15%
E
4%
We have published our first Nature and
Biodiversity Strategy 'Make Space for
Nature' setting measurable targets for our
developments and operational portfolio.
This strategy is now under implementation
and we delivered 5 greening projects this year,
resulting in a 0.4 Biodiversity Unit
1
uplift across
the operational portfolio. See page 117 for
more information. We have also incorporated
the targets in the design brief for development
projects and will report performance upon
project completion. Retrospective
assessments of our live projects, Chocolate
Factory and Biscuit Factory, indicate an
Urban Greening Factor of 0.18 (0.75 BU/ha)
and 0.12 (1.7 BU/ha) respectively (BNG is not
applicable due to negligible baselines).
We have also published the inaugural edition
of our reporting aligned with the Taskforce on
Nature-related Financial Disclosure (TNFD).
See pages 112 to 117 for more details.
1. Biodiversity Units ('BU') are a measure of habitat
provision based on its size, condition and distinctiveness.
2. Biodiversity Net Gain ('BNG') equals = biodiversity units
post project (-) biodiversity units pre-project.
Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs
SUSTAINABILITY PERFORMANCE CONTINUED
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0
200
150
100
50
Energy use intensity kWhe/m
2
internal area
Buildings in portfolio
APRIL 2024 TO MARCH 2025 ENERGY USE INTENSITY ACROSS THE PORTFOLIO (kWhe/m
2
INTERNAL AREA)
Properties
2025 Target
2030 Targ et
DRIVING ENERGY REDUCTION ACROSS
THE PORTFOLIO
This graph shows the energy use intensity of
all the buildings in the portfolio. The average
energy intensity of our portfolio is 75 kWhe/m2
of internal area, which is over 15% lower than
the 2030 UKGBC target for net zero carbon
offices. At an individual building level, 23
buildings already meet the 2030 target
depicted by the yellow line. As explained
in page 77, we continue to prioritise high
energy use buildings for site audits and
energy efficiency investments.
As a long-term goal, we are aiming for the
vast majority of our buildings to perform
below the 2030 net zero carbon target
and to achieve an EPC A/B rating (where
feasible) by 2030. We project a total
investment of £40-50m will be required to
meet this goal by 2030 (this is inclusive of
the required ongoing annual maintenance
CAPEX).
Over the 2024/25 financial year, we invested
over £10m of CAPEX across 45 properties to
improve the energy efficiency and EPC
rating of our buildings, helping us deliver a
7% reduction in energy use intensity, across
the like-for-like portfolio. We also upgraded
8% of our portfolio to EPC A/B ratings.
A recent refurbishment project at Salisbury
House exemplifies our commitment to
sustainable upgrades. This year, we
refurbished circa 18,000 sq. ft. of space in
the building, improving the EPC rating from
a C to an A. We installed high efficiency
lighting and heat pumps, with minimal
disruption to neighbouring units. This
refurbishment contributed to the 32%
reduction in gas consumption witnessed in
the building over the course of the year.
SUSTAINABILITY PERFORMANCE CONTINUED
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ADDRESSING OUR MATERIAL ENVIRONMENTAL ISSUES: DELIVERING A CLIMATE RESILIENT PORTFOLIO CONTINUED
Relevant material issue
WATER
Relevant material issue
CLIMATE ADAPTATION
Relevant material issue
SUSTAINABLE PROCUREMENT
Workspace response
TARGET AT LEAST 5% REDUCTION IN POTABLE
WATER CONSUMPTION
Workspace response
ENSURE ACTIVE MANAGEMENT
OF CLIMATE RISK ACROSS THE PORTFOLIO
Workspace response
DRIVE EMISSION REDUCTIONS
THROUGH PROCUREMENT
Status: Achieved
Status: Ongoing Status: Ongoing
We achieved a 8% reduction in absolute
water consumption this year as a result of
enhanced metering and roll-out of water
saving fixtures in showers and toilets.
We have nearly 100% visibility of our water
consumption and track it monthly. This has
also enabled us to accurately benchmark
our water consumption and drive material
consumption reductions. Our water
consumption intensity across the portfolio
is 0.5 m
3
/m
2
oflettable area, which is in
line with the Real Estate Environmental
Benchmark (REEB) for UKoffices.
We have a robust understanding of our
exposure to physical climate risk and closely
monitor impacts of extreme weather events,
such as flooding and storms. See our TCFD
report (pages 99 to 106). Our mitigation
strategy isdetailed on pages 104 to 105.
One of our main risks is related to flooding
on select sites and a dedicated taskforce
continues to monitor our flood management
plans, including business continuity processes.
This taskforce monitors any incidents of
flooding and remedial actions being taken.
We also continued to roll-out flood risk and
drainage management surveys across the
portfolio, resulting in no material flood-related
damage or business interruption.
On the back of our updated net zero carbon
commitment, we conducted a thorough
review of our supply chain emissions. This
review enabled us to understand the
distribution ofemissions across key supplier
groups. Subsequently, we initiated
sustainability-focused engagement with
our top suppliers todrive targeted impact.
We invited our top 20 suppliers to participate
in a sustainability workshop, aimed at
gathering their input on our proposed supply
chain decarbonisation roadmap. This roadmap
requires our suppliers to submit carbon data
and to set their own net zero targets by no
later than the 2027/28 financial year. We
were pleased to receive full support on our
roadmap by our key suppliers. As a result, we
have taken the decision to roll it out to our top
50 suppliers. A successful implementation will
help to ensure we stay on course to achieve
our scope 3 emissions reduction target in line
with our net zero commitments.
Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs
SUSTAINABILITY PERFORMANCE CONTINUED
Offsetting embodied carbon from Leroy
House construction
Our Leroy House project was completed this
year, in compliance with our development
net zero carbon brief. To align with UKGBC's
Net Zero Carbon Framework criteria for 'net
zero carbon – in construction' we took a
decision to offset the entirety of the project’s
upfront embodied carbon, which amounts to
c.2,500tCO
2
e. Carbon credits were sourced
from two high quality carbon removal projects:
– 375 tonnes of CO
2
e worth of credits were
purchased from a carbon mineralisation
project in Leeds, UK. This carbon capture
technology ensures long-lived carbon
removal and storage and supports
sustainable construction by producing
carbon negative materials.
– 2,125 tonnes of CO
2
e worth of credits
werepurchased from the Ejido Tutuaca
Improved Forest Management in Mexico,
providing high quality carbon removal
and storage solution. The project is
Sylvera Tier 2 rated and has a 100 years
permanence guarantee.
CASE STUDY: OFFSETTING OUR
CONSTRUCTION CARBON FOOTPRINT
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ADDRESSING OUR MATERIAL ENVIRONMENTAL ISSUES: DELIVERING A CLIMATE RESILIENT PORTFOLIO CONTINUED
Relevant material issue
SUSTAINABLE TRANSPORT
Relevant material issue
WASTE AND RESOURCES
Workspace response
ENHANCE SITE-WIDE INFRASTRUCTURE
TO ENABLE GREATER UPTAKE OF SUSTAINABLE
TRANSPORT MODES
Workspace response
ACHIEVE RECYCLING RATE OF 80%
AND DIVERT 100% WASTE FROM LANDFILL
Status: Achieved
Status: Achieved
We have over 60 EV charging points across
the portfolio, which were used over 3,000
times in the past year and helped avoid
material amounts of air pollution and fossil
fuel consumption from traditional thermal
vehicles. We have also upgraded site facilities
to encourage green transport and provide
over 1,600 secure cycling racks and
90showers across the portfolio.
We achieved an average recycling rate of
86% across the portfolio and diverted 100%
waste from landfill. A total of 2,936 tonnes
of waste was generated across the portfolio,
comprising of 70% post-consumer waste,
14% general waste, 11% food/composting
and 5% bottom ash.
We also partnered with CauliBox, a provider
of a reusable coffee cup borrowing and
returning system.. Their solution is live across
two of our sites since March 2025. Within
just one month, we were able to avoid 197
single-use coffee cups going to waste from
our cafes.
197
LESS SINGLE-USE COFFEE CUPS PER MONTH
USED AT OUR LEROY HOUSE AND VOX STUDIOS
CAFÉS THANKS TO OUR PARTNERSHIP WITH
'CAULIBOX', A PROVIDER OF REUSABLE CUPS
Relevant UN SDGs Relevant UN SDGs
SUSTAINABILITY PERFORMANCE CONTINUED
Waste is a material issue for us and to meet
our stretching recycling target, we focused
on engaging with our customers on waste
management practices. In September 2024,
20 customers and employees took part in
a behind-the-scenes tour of the recycling
centre where all Workspace’s recycling is sent
to be sorted. This eye-opening tour was led
by our waste management partner Veolia
and showed the technology and process
undertaken to sort recycling, in an all-sensory
tour. We have also organised two litter picking
events to raise awareness of single-use
plastics and contribute to improving the
cleanliness ofthepublic realm around
our centres.
We are conscious that signage and waste
infrastructure are paramount to enable
our customers to recycle. For this reason,
we upgraded our waste posters and
our customer-facing waste management
guidance. We are also trialling new bins and
signage at Leroy House, introducing in-unit
bins for the first time to improve waste
segregation at source.
As a large portion of waste is generated at
ourcafés, we have partnered with CauliBox,
a customer at Fleet Street, to bring reusable
coffee cups to Leroy House and Vox Studios.
This reusable cup scheme has saved 197
single use coffee cups in its first month.
CASE STUDY: RAISING AWARENESS OF WASTE
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SUSTAINABILITY PERFORMANCE CONTINUED
Relevant material issue
WELLBEING
HEALTH AND SAFETY
Relevant material issue
DIVERSITY AND INCLUSION
Relevant material issue
SKILLS AND EMPLOYMENT
Relevant material issue
SKILLS AND EMPLOYMENT
Workspace response
SUPPORT AND ENHANCE THE WELLBEING
OF OUR EMPLOYEES AND CUSTOMERS
Workspace response
FOSTER A DIVERSE AND
INCLUSIVE CULTURE
Workspace response
SUPPORT EMPLOYEE GROWTH THROUGH CAREER
DEVELOPMENT AND POSITION WORKSPACE
AS AN EMPLOYER OF CHOICE
Workspace response
ENABLE PEOPLE IN NEED TO BUILD BRIGHTER
FUTURES THROUGH TAILORED SKILLS AND
EMPLOYMENT PROGRAMMES
Status: Achieved
Status: Achieved Status: Achieved Status: Achieved
This year we rolled out an enhanced
wellbeing programme for our employees and
customers. We facilitated over 20 employee
wellbeing events, over 160 employees utilised
our health cashback offering, with a total
claims value of £12.2k. We also delivered
106 employee hours of mental health training.
We received an average employee wellbeing
score of 66%, based on our annual employee
survey, matching the benchmark for similar
sized companies.
Our focus this year for customers was on
enhancing our wellbeing offering, focusing
on hands on experiences. We hosted over
70 sessions including sketch workshops and
terrarium building, benefitting over 2,200
customers, and with an average feedback
score of 4.9/5.
We continue to monitor and benchmark
our workforce diversity metrics twice a year,
confirming that we remain closely aligned
with the demographic profile of London.
A breakdown showing the number of
directors, senior managers and all employees
by gender is set out on page 166. We recently
published our third Gender Pay Gap Report
accompanied by a clear action plan. In
addition, we delivered 728 hours of diversity
training to employees across the organisation.
Inclusive recruitment and career pathways
continued to be a key focus for us this year,
enabling us to promote social mobility.
See case study on page 20.
Throughout the year we celebrated 11 different
cultural events (eg. Eid, Diwali) and continued
our internal network for employees with
caring responsibilities. We started our
cross-department Diversity Action Group,
aiming to drive the diversity and inclusion
agenda forward (see detail on page 171).
We were also pleased to receive an inclusivity
score of 86% in our recent employee survey.
We supported over 10 employees to complete
accredited training, such as the Chartered
Institute of Personnel and Development and the
National Examination Board in Occupational
Safety and Health. We also delivered various
personal and professional development training
sessions, such as a customer service and conflict
resolution session. In total we delivered over
4,350 employee hours of professional training
(women – 2,693 hours and men – 1,657 hours).
We supported 10 employees in their career
progression, through our in-house career
pathways programme. Out of a total 31 internal
promotions this year, 23 were awarded to
women. We formed a working group on
positioning Workspace as an employer of
choice, the group agreed on key targets and
conducted a benefits review to ensure our
offering remains competitive. Feedback from
new recruits has also been implemented to
ensure we are meeting expectations on
recruitment and onboarding. These initiatives
supported us in maintaining a low employee
attrition rate of 13%, compared to a benchmark
of 28% for businesses of a similar size.
We supported 16 apprenticeships through
our programme (15 existing employees and
one new recruit). We employed 13 people
from Notin Employment, Education or
Training ('NEET') backgrounds to work
part-time inthe Workspace cafés through
Sapphire, a specialist recruitment consultancy
working with people who have barriers
toemployment.
12 employees supported 12 pupils from
under-privileged backgrounds and completed
a total of 68 hours of career coaching as
part of a mentorship programme with
Future Frontiers. We also hosted 15 pupils for
meaningful work experience. See case study
on page 58.
Throughout the year, we maintained active
engagement with our suppliers to promote
employment opportunities. We’re pleased to
report that four of our suppliers hired a total
of 12 apprentices, all of whom gained valuable
practical skills and experience by working on
Workspace contracts.
Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs
ADDRESSING OUR MATERIAL SOCIAL ISSUES: LOOKING AFTER OUR PEOPLE
DRIVING POSITIVE SOCIAL IMPACT
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SUSTAINABILITY PERFORMANCE CONTINUED
Relevant material issue
CUSTOMER ENGAGEMENT
Relevant material issue
ETHICS, CONDUCT AND COMPLIANCE
SUSTAINABLE PROCUREMENT
Workspace response
UPSKILL AND ENGAGE OUR CUSTOMERS
TO DRIVE GREATER SUSTAINABLE BEHAVIOURS
Workspace response
AMPLIFY SOCIAL IMPACT IN COLLABORATION
WITH OUR SUPPLIERS
Status: Achieved
Status: Achieved
We rolled-out a multifaceted customer
engagement programme, helping raise
awareness of sustainability issues through
newsletters, social media, building installations,
events and campaigns (see case study on
page 17). We hosted eight customer events
on sustainability skills, reaching over 60
customers. We also continued our series of
sustainability suppers, see more in case study
on the right.
We are pleased to say that over 84% of
our customers agree that Workspace is
environmentally and socially responsible.
This represents an increase of more than
5% compared to last year.
84%
CUSTOMER ESG SCORE
Workspace are an accredited Living Wage
employer and 100% of our employees and
contractors are paid London Living Wage
levels. We conduct an independent
verification of our compliance with Real
London Living Wage requirements.
Workspace’s Supplier Code of Conduct
is mandated across all contracts and
is formally included in our supplier
on-boarding procedure.
To drive social impact, Workspace partners
with suppliers to gather data and set goals
to maximise impact through apprenticeships,
local hires, and professional training on
Workspace contracts. For instance, Our
cleaning partner supports the local economy
by employing 144 operatives who live near
our centres.
100%
OF EMPLOYEES AND CONTRACTORS
ARE PAID A LIVING WAGE
Relevant UN SDGs Relevant UN SDGs
ADDRESSING OUR MATERIAL SOCIAL ISSUES: LOOKING AFTER OUR PEOPLE CONTINUED
This year we continued our sustainability
themed supper clubs. We hosted two supper
clubs, one about fashion and one about food.
The fashion themed supper brought together
40 customers from fashion and creative
industries to reflect on The Fashion Revolution
Movement, created after the Rana Plaza
Disaster in 2013.
Eliza Batten, co-founder of the Cirkel,
who are based at Workspace's Shepherds
Building, gave a key note speech about
the rise of the second-hand economy, and
sparked discussion around the challenges
of our fashion system and ways to solve
them including increasing wears per item
and championing second-hand clothing.
The sustainable food supper brought
together 30 customers from the food,
beverage and hospitality sectors. The
discussion explored how small changes within
the circular economy – where resources are
reused and waste minimised – can have a
huge impact on businesses reducing their
waste and carbon footprints.
I loved seeing our customers
engaging in such a lively,
stimulating and meaningful
discussion. The evening was
verysolution-oriented and
greatconnections were made.
Mel Gooding
Sustainability Manager
5/5
EVENT RATING FROM CUSTOMERS
CASE STUDY: SUSTAINABLE SUPPER CLUB
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CASE STUDY: INSPIRESME
Relevant material issue
SKILLS AND EMPLOYMENT
Relevant material issue
SKILLS AND EMPLOYMENT
CHARITABLE AND COMMUNITY SUPPORT
Workspace response
RUN OUR COMMUNITY SKILLS AND
EMPLOYMENT PROGRAMME, INSPIRESME,
ACROSS TWELVE CENTRES
Workspace response
WORK IN PARTNERSHIP WITH SHP
TO PREVENT HOMELESSNESS IN LONDON
Status: Partially Achieved
Status: Achieved
We successfully delivered InspiresMe, our
community skills and employment programme,
in partnership with our customers and local
schools, across 11 centres, spanning across
various London boroughs.
Over 200 students were reached through
our CV workshops, career sessions and five
students completed work placements. A total
of 13 customers participated in the InspiresMe
programme. The responses from school
partners and customers were extremely
positive with 100% of the schools who took
part agreeing they were keen to continue
with this initiative next year. See case study
to the right of this page.
100%
OF SCHOOLS WHO TOOK PART WOULD
CONTINUE NEXT YEAR
We raised over £27,000 for Single Homeless
Project (SHP) and also provided funding for
the hiring of their full-time employability
coordinator. Our support benefitted 1,210
vulnerable people. This year, we had a total
of2,578 employee volunteering hours.
1,250of these volunteering hours were
spentsupporting SHP throughout the year.
This involved refreshing four youth hostels.
Our support helped SHP to directly support
851 people during Christmas, a time that can
be very isolating.
EMPLOYEE VOLUNTEERING HOURS
2025 2,578
1,560
620
2024
2023
Relevant UN SDGs Relevant UN SDGs
DRIVING POSITIVE SOCIAL IMPACT
SUSTAINABILITY PERFORMANCE CONTINUED
Third year of InspiresMe
This year we further expanded the InspiresMe
programme, our community outreach
programme focused on skills and employment.
The aim of the programme is to work alongside
our customers to provide inspiration,
knowledge, support, and experience to young
individuals in our communities who are most
at risk of becoming NEET and help them
to reach their full potential.
Through InspiresMe, we facilitate
partnerships between local schools and our
customers to improve employability skills of
under-privileged Londoners.
The programme spanned across 11 of
our centres. This year we facilitated work
placements, CV workshops, speed
networking and brought our customers
tocareer fairs to equip students with the
necessary tools for success and to inspire
them. In the last 12 months, we reached over
200 students through collaborative efforts
with 13 of our customers.
ADDRESSING OUR MATERIAL SOCIAL ISSUES: SUPPORTING OUR COMMUNITIES
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Relevant material issue
CHARITABLE AND COMMUNITY SUPPORT
Relevant material issue
CHARITABLE AND COMMUNITY SUPPORT
Workspace response
IMPLEMENT A PLACE-BASED SOCIAL
IMPACT INITIATIVE ACROSS ALL CLUSTERS
Workspace response
SUPPORT CHARITIES AND VOLUNTARY, COMMUNITY
AND SOCIAL ENTERPRISES (VCSE) THROUGH
OUR LETTINGS IN KIND OFFERING
Status: Achieved
Status: Achieved
All 22 clusters, groups of closely located
Workspace centres, covering 67 sites, ran
either the InspiresMe or a place-based social
impact initiative. These initiatives were led by
the Centre Managers. Place-based initiatives
are a partnership with a local charity or
community-oriented organisation. These
ranged from sports charities to business
improvement districts, from homeless
charities to local food kitchens.
We supported these initiatives in a range
of ways from putting on fundraising events
to giving them space for free to host events.
Overall, our centre teams volunteered over
600 hours to support charity and community
organisations.
We also partnered with local organisations
to run 42 food bank drives, collecting over
240 tonnes of food.
240tonnes
FOOD DONATIONS
Workspace provided £299.5k worth
of lettings and meeting room bookings
as in-kind support to various charities.
These charitable organisations are
dedicated to a wide array of causes,
including homelessness, health, justice,
and emergency aid.
£299.5k
IN-KIND SUPPORT
Relevant UN SDGs Relevant UN SDGs
ADDRESSING OUR MATERIAL SOCIAL ISSUES: SUPPORTING OUR COMMUNITIES CONTINUED
SUSTAINABILITY PERFORMANCE CONTINUED
CASE STUDY: WELLBEING SUPPORT FOR
LOCAL COMMUNITIES
CASE STUDY: SUPPORTING FLEET STREET
QUARTER
We partnered with Southwark Council to
host health screening stations at two of our
buildings, aiming to raise awareness of
preventative care within local communities.
Over the course of seven weeks, 267
individuals accessed the facilities to check
key vital indicators and gain insights into
their health.
In addition, we held a Workspace Wellbeing
Fair at two of our West London locations –
Barley Mow and The Mille. Delivered in
collaboration with local health experts and
practitioners, the fair welcomed over 130
attendees. The event received highly positive
feedback and served as a valuable platform
to raise awareness of health and wellbeing,
while also strengthening community
connections by opening our doors and
encouraging local community participation.
Over the past year, our Fleet Street site
has built a strong partnership with the
Fleet Street Quarter (FSQ), the local
Business Improvement District. As part
of this collaboration, we regularly provided
event space to support FSQ in its mission to
revitalise the area as a vibrant destination for
businesses, residents, and visitors. More than
60 members of the local community attended
events hosted at our Fleet Street location.
Additionally, this partnership has benefited
our customers, who have received discounts
to attend local events organised by FSQ.
One recent example includes discounted
access to FSQ’s literacy events programme,
further strengthening community ties and
enhancing customer benefits.
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SUSTAINABILITY PERFORMANCE CONTINUED
SOCIAL VALUE GENERATED BY WORKSPACE FY2024/25
This is our third year partnering with Social Value Portal to quantify our social value creation. The National Themes, Outcomes and Measures (TOMs) Framework has been used to calculate the
financial value associated with each of our initiatives, which is deemed ‘additional’ to business as usual. The table provides a breakdown of various initiatives and social value created by our business
activities. A significant proportion of our social value contribution comes from tailored engagement with the beneficiaries which we believe delivers long lasting impact. In addition to our direct
social value contribution, we have also calculated the indirect value generated through our collaboration with our suppliers and customers. We have also included our indirect value calculations
from our development project, Chocolate Factory.
Strategic focus Impact beneficiaries Impact themes Social initiatives generating direct value
Social initiatives
generating indirect value
Direct/indirect
impact breakdown
LOOKING AFTER
OUR PEOPLE
– Employees
– Customers
– Suppliers
– Community
– Charity
RESPONSIBLE
AND INCLUSIVE
PRACTICES
DIRECT
£422.9k
INDIRECT
£14.8m
£73.49k delivered
through EDI training –
211 employees received
EDI training, 41 received
unconscious bias
training and 46 received
anti-harassment training
£869 delivered through
funding 67 weeks of
further studies for
employees
£300.38k delivered
through spend with
VCSE or hyper-local
organisations
£48.17k delivered
through upskilling
programmes for
customers
£14.77m delivered through
construction spend with local
organisations
£49.7k delivered through
training
£270 delivered through
recycling specific items
EMPLOYMENT
AND SKILLS
DIRECT
£39.7k
INDIRECT
£6.9m
£2.12k delivered
through 22 weeks
of work placement
supported by
Workspace
£11.64k delivered
through 384 weeks of
existing apprenticeships
training
£3.14k delivered
through 10.1 weeks of
new apprenticeships
training
£22.8k delivered
through 808 hours of
employment for people
who were previously
Not in Employment,
Education, or Training
£162.3k delivered through
537 weeks of apprenticeships
£6.69m delivered through
hiring or retaining 138 local
people
£52k delivered through hiring
individuals with disabilities
SUPPORTING
OUR
COMMUNITIES
WELLBEING
DIRECT
£140.7k
INDIRECT
£6.7k
£94.54k delivered
through investment in
wellbeing offering for
customers
£10.98k delivered
through investment in
wellbeing campaigns
for staff
£35.2k delivered
through all employees
having access to a
comprehensive
wellbeing programme
£6.67k delivered through our
building contractors having
access to a comprehensive
wellbeing programme
CHARITY AND
COMMUNITY
SUPPORT
DIRECT
£422.3k
INDIRECT
£1.4k
£41.36k delivered
through 389 hours of
skilled volunteering
£27.4k delivered
through 1,568 hours of
unskilled volunteering
£10.84k delivered
through centre teams
contributing 621 hours
to support the local
community projects
£342.73k delivered
through total in-kind
contributions, including
in-kind lettings, to local
charities
£474 delivered through
our building contractor
delivering 28 hours of
volunteering in local schools
£950 delivered through
in-kind donations to local
community projects
DIRECT
£1.02m
INDIRECT
£21.7m
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Risk management is an integral part of all
Workspace activities. Our culture drives us to
consider the risks and opportunities of any
new business decision. We focus on key risks
which could impact the achievement of our
strategic goals and therefore the performance
of our business. Risks are considered at every
level of the business including when approving
corporate transactions, property acquisitions
and disposals and whenever undertaking
refurbishment and redevelopment projects.
We have created a positive culture within
Workspace which encourages open
communication and engagement. This enables
staff from all areas of the business to feel free
to raise risks or opportunities, no matter how
small, to their managers and teams. This
culture means that information is
communicated across the business well. We
make every effort to engage staff with
risk-related issues, particularly those which are
new and emerging so that we are managing
our lower-level risks as well as the more
strategic ones.
The Board assesses and monitors the principal
risks of the business and considers how these
risks could best be mitigated, where possible,
through a combination of internal controls and
risk management.
EMERGING RISKS
Emerging risks are discussed monthly and are
promptly escalated to the Board as required.
Emerging risks considered during the year
included insolvency of large construction
companies, geopolitics including political
changes in the US, the Employment Rights
Bill and budget changes to national
insurance, the ongoing war and instability
in Ukraine and the Middle East, an increasing
number of our large customers vacating units,
the macroeconomic environment, such as
inflation, interest rate expectations and the
potential impact on property valuations and
operating performance.
FINANCIAL POSITION
The Group continued to control costs and
manage capital expenditure to protect its
strong financial position. Management
regularly reviewed performance reports and
forecasts to understand the impact on cash
flows and debt covenants.
During the year we refinanced £135m of our
bank debt facilities out to November 2028
and the remaining £200m of bank debt
facilities by a further 12 months to December
2026. We also took out an £80m term loan
with two of our syndicate banks to cover the
repayment of the £80m private placement
maturing in August 2025 with no further
material debt maturities until August 2027.
InMay 2025, the £200m bank debt facility
was refinanced out to June 2029, further
extending our average debt maturity.
As of 31 March 2025, the Group had cash and
undrawn credit facilities of £260m along with
substantial headroom on its financial covenants
and met all loan covenants throughout the year.
EMPLOYEES
Employee health, safety and wellbeing
remains a top priority. For the majority of our
employees, we are able to offer a flexible
working environment to enable a healthy
work-life balance alongside a competitive
benefits package for all.
CLIMATE CHANGE
Workspace recognises that climate change
ishaving, and will continue to have an
increasing impact on our business. Similar
toother owners of real estate, our properties
are at risk from physical climate-related
issues including changes in temperature
extremes leading to increased cooling and
heating loads, changes in precipitation
leading to flash flooding, and physical
damage to buildings from extreme weather
events, which in turn can lead to greater
stresses on our properties.
It is now widely recognised that climate
change issues present a financial risk to the
global economy. To improve transparency,
the Task Force on Climate-related Financial
Disclosures ('TCFD') framework sets out
recommendations and recommended
disclosures for reporting on climate-related
financial risks and opportunities. The
Group’s TCFD disclosures can be found
on pages 99 to 106.
The TCFD framework includes risk
management. The Head of Sustainability
manages a separate risk register for climate
change-related risks. Details of the risks
considered are provided on pages 104 to 105.
The Taskforce on Nature-related Financial
Disclosures ('TNFD') framework sets out
recommendations and guidance on
disclosures for reporting on nature-related
financial risks and opportunities. The Group's
first TNFD disclosures can be found pages
112 to 117.
The financial year has seen continued risks
tothe UK economy with political instability,
inflation and the ongoing disruption from
tariffs weakening consumer confidence
and leaving macroeconomic conditions
challenging. This has led to softer demand and
coincided with an increasing supply of flexible
space across London which means the
challenges we face are intensifying.
Overall however, key risks that could affect
the Group’s medium-term performance and
the factors that mitigate these risks have not
materially changed from those set out in the
Group’s Annual Report and Accounts 2024.
As a business, we are also at risk from the
transition to a net zero carbon economy in the
form of increasing regulation and changes in
customer demand. We are actively managing
our climate change risk and have put in place
mitigation measures for the most material
impacts. We have included Taskforce on
Climate-related Financial Disclosures (TCFD)
in the Annual Report on pages 99 to 106 as
well as Taskforce on Nature-related Financial
Disclosures (TNFD) which can be found on
pages 112 to 117.
Further details of the risk management
framework can be found on page 185.
PRINCIPAL RISKS AND UNCERTAINTIES
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PRINCIPAL RISKS
KEY: PRINCIPAL RISKS Page
Customer demand
88
Financing
88
Valuation
89
Acquisition pricing
89
Customer payment default
90
Cyber security
90
Resourcing
91
Third-party relationships
92
Regulatory
92
Climate change
93
PROBABILITY SCALE
LIKELIHOOD
Probable >80%
Possible 50-79%
Low 21-49%
Unlikely <20%
PROBABILITY (POST-MITIGATION)
ProbableUnlikely
Low
IMPACT
Severe
1
2
3
4
5
6
7
8
9
10
1
2
3
4
5
6
7
8
9
10
PossibleLow
Medium High
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
HOW WE EVALUATE RISK
Risk is measured by using impact and
probability within a five-year period. Principal
risks are identified and then mapped on the
risk matrix.
The low, moderate, high risk severity score is
determined using the following calculation:
Impact x Impact x Probability, which provides
a weighted impact scoring. The impact is
determined on a scale from 1 (low) to 4
(severe) based on revenue, property valuation,
health and safety and reputational
consequences. Probability is determined
onascale from 1 (unlikely) to 4 (probable),
considering the likelihood of the risk
materialising within a five-year period.
There has been no significant changes to the
principal risks this year. The principal risks are
reviewed in detail bi-annually.
IMPACT CRITERIA
IMPACT 1 – LOW 2 – MEDIUM 3 – HIGH 4 – SEVERE
Revenue/Cash Revenue <£2m
Cash <£1m
Revenue £2m-£15m
Cash £1m-£5m
Revenue £15m-£25m
Cash £5m-£15m
Revenue >£25m
Cash >£15m
Property valuation <2% unexpected
reduction
2-5% unexpected
reduction
5-10% unexpected
reduction
>10% unexpected
reduction
Hazard/Health & Safety Minor injury/first aid
required
Minor reportable injury/
RIDDOR report required
Major reportable injury Large scale injuries
Reputational Third-party
communications with no
lasting impact on
reputation
Adverse local media
attention which could
lead to a small number of
complaints and damage
the brand locally
Adverse national publicity
resulting in short-term
damage to public and/or
political confidence
Adverse sustained national
publicity resulting in loss
of public and/or political
confidence
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IMPACT
Severe
PROBABILITY (POST-MITIGATION)
Unlikely
CHANGE FROM LAST YEAR
No change, with the risk impact from inflation and interest
rate rises lower than last year but still remaining elevated
compared to recent history
RISK APPETITE
Low
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
3. Innovate to create future options
RELEVANT KPIS
Financial
2. Trading profit after
interest
4. Dividend per share
9. Total shareholder return
Principal risk
There may be a reduction in the availability
of long-term financing due to an economic
recession, which may result in an inability to
grow the business and impact Workspace’s
ability to deliver services to customers.
Risk impact
– Inability to fund business plans and invest
in new opportunities
– Increased interest costs as we refinance
long term fixed debt
– Negative reputational impact amongst
lenders and in the investment community
Mitigation
– We regularly review funding requirements
for business plans, and we have a wide
range of options to fund our forthcoming
plans. We also prepare a five-year business
plan which is reviewed and updated
annually. Further detail is provided in the
Viability Statement on pages 94 and 95
– We have a broad range of funding
relationships in place and regularly review
our refinancing strategy
– We maintain a specific interest rate profile
via the use of fixed rates on the majority
of our debt facilities so that our interest
payment profile is broadly stable. We also
had a £100m interest rate hedge in place
throughout the year to further fix our
interest costs
– Loan covenants are monitored and reported
to the Board on a monthly basis and we
undertake detailed cash flow monitoring
and forecasting
– In November 2024 we refinanced the £135m
RCF to November 2028 and extended the
£200m RCF by a further 12 months to
December 2026 as well as taking out an
£80m term loan, providing further certainty
over our funding position going forwards
– In May 2025 the £200m bank debt facility
was refinanced out to June 2029 further
extending our average debt maturity
FINANCING
2
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
IMPACT
Severe
PROBABILITY (POST-MITIGATION)
Possible
CHANGE FROM LAST YEAR
No change
RISK APPETITE
Medium
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
RELEVANT KPIS
Financial
1. Net rental income
2. Trading profit after
interest
5. Like-for-like rent roll
growth
6. Like-for-like occupancy
7. Property valuation
8. Total property return
Non-financial
1. Customer enquiries
2. Viewings
3. Lettings
4. Renewals
Principal risk
Opportunities for growth could be missed
without a clearly differentiated brand
positioning strategy and products to meet
the evolving demands of target customers.
Macroeconomic factors including political
instability and geopolitical tensions, weak
economic growth, inflationary pressures, and
higher interest rates as well as increased
supply of flexible space, could also impact
our customers.
Risk impact
– Fall in occupancy levels at our properties
– Reduction in rent roll
– Reduction in property valuation
Mitigation
– Broad mix of buildings across London with
different space offerings, at various price
points to match customer requirements
– Pipeline of refurbishment and redevelopments
to further enhance the portfolio
– Enhanced market insight, segmentation,
data and reporting to track customer
trends, optimise sales performance and
develop new propositions
– Increased accountability for centre staff
to maintain ongoing relationships with our
customers, understand their requirements
and implement change to meet their needs
– Business plans are stress tested to assess
the sensitivity of forecasts to reduced levels
of demand and implement contingency
measures
– Targeted marketing creates demand for
Workspace and drives conversion to
viewings, with advertising content and
messaging regularly reviewed and updated
CUSTOMER DEMAND
1
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IMPACT
High
PROBABILITY (POST-MITIGATION)
Possible
CHANGE FROM LAST YEAR
No change
RISK APPETITE
Medium
LINK TO STRATEGY
3.2.1.
2. Transform and prepare for emerging opportunities
3. Innovate to create future options
RELEVANT KPIS
Financial
3. EPRA NTA per share
7. Property valuation
8. Total property return
9. Total shareholder return
Principal risk
Inadequate appraisal and due diligence of a
new acquisition could lead to paying above
market price leading to a negative impact
onvaluation and rental income targets.
Risk impact
– Negative impact on valuation
– Impact on overall shareholder return
Mitigation
– We have an acquisition strategy determining
key criteria such as location, size and potential
for growth. These criteria are based on the
many years of knowledge and understanding
of our market and customer demand
– A detailed appraisal is prepared for each
acquisition and is presented to the
Investment Committee for challenge and
discussion prior to authorisation by the
Board. The acquisition is then subject to
thorough due diligence prior to completion,
including capital expenditure and risks
associated with ESG concerns
– Workspace will only make acquisitions that
are expected to yield a minimum return
andwill not knowingly overpay for an asset
– We undertake appropriate property,
financial and tax due diligence including
areview of ESG when required
ACQUISITION PRICING
4
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
IMPACT
High
PROBABILITY (POST-MITIGATION)
Possible
CHANGE FROM LAST YEAR
No change, with the risk impact from inflation and interest
rate rises lower than last year but still remaining elevated
compared to recent history
RISK APPETITE
Medium
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
3. Innovate to create future options
RELEVANT KPIS
Financial
3. EPRA NTA per share
5. Like-for-like rent roll
growth
7. Property valuation
8. Total property return
9. Total shareholder return
Principal risk
Macroeconomic uncertainty, reductions in
occupancy or pricing, or failure to meet ESG
legislation targets could have an impact on
asset valuations. With a decrease in net
income and ERV and an increase in property
yield, valuations fall. This may result in a
reduction inreturn on investment and
negative impact on covenant testing.
Risk impact
– Financing covenants linked to loan to value
(‘ LT V’) ratio
– Impact on share price
Mitigation
– Market-related valuation risk is largely
dependent on independent, external factors.
We maintain a conservative LTV ratio which
can withstand a severe decline in property
values without covenant breaches
– We monitor changes in sentiment in the
London real estate market, yields and
pricing to track possible changes in
valuation. CBRE, a leading full-service real
estate services and investment organisation,
provides twice yearly independent
valuations of all our properties
– We manage and invest in our properties,
planning and undertaking upgrades where
necessary, to ensure they are compliant
with current Minimum Energy Efficiency
Standards ('MEES') for EPCs
– Alternative use opportunities, including
mixed-use developments, are actively
pursued across the portfolio
VALUATION
3
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IMPACT
High
PROBABILITY (POST-MITIGATION)
Possible
CHANGE FROM LAST YEAR
No change
Principal risk
A cyber attack could lead to a loss of access
to Workspace systems or a network disruption
for a prolonged period of time. This could
damage Workspace’s reputation and inhibit
our ability to run the business.
Risk impact
– Inability to process new leases
and invoice customers
– Reputational damage
– Increased operational costs
Mitigation
– Cyber security risk is managed using a
mitigation framework comprising network
security, IT security policies and third-party
risk assessments. Controls are regularly
reviewed and updated and include technology
such as next-generation firewalls, multi-layered
access control through to people solutions
such as user awareness training, mock-
phishing emails and cyber attack simulations
– Assurance over the framework’s performance
is gained through an independent maturity
assessment, penetration testing and network
vulnerability testing, all performed annually
– We are committed to continue the adoption
of the NIST Cybersecurity Framework to
enhance our cyber security maturity. This
adoption will strengthen risk management,
improve controls, fortify incident response,
and ensure consistent protection and
recovery, validated through external
independent assessments
CYBER SECURITY
6
RISK APPETITE
Low
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
RELEVANT KPIS
Financial
2. Trading profit after
interest
4. Dividend per share
8. Total property return
9. Total shareholder return
Non-financial
1. Customer enquiries
3. Lettings
4. Renewals
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
IMPACT
High
PROBABILITY (POST-MITIGATION)
Possible
CHANGE FROM LAST YEAR
No change
RISK APPETITE
Low
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
RELEVANT KPIS
Financial
1. Net rental income
2. Trading profit after
interest
4. Dividend per share
8. Total property return
9. Total shareholder return
Principal risk
Uncertainty remains around the
macroeconomic environment. Although
inflation and interest rates have reduced
during the period, given the broader
geopolitical climate and recent increases to
living wage and national insurance costs, there
remains a risk of an economic downturn which
could put pressure on rent collection figures.
Risk impact
– Negative cash flow and increasing
interest costs
– Breach of financial covenants
Mitigation
– Rent collection and customer payment
levels have remained strong throughout the
year, however, the economic environment
remains challenging
– The risk continues to be mitigated by strong
credit control processes and an experienced
team of credit controllers, able to make
quick decisions and negotiate with
customers for payment. In addition, we
hold a three-month deposit for the majority
of customers
– Centre staff maintain relationships with
customers and can identify early signs of
potential issues
CUSTOMER PAYMENT DEFAULT
5
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IMPACT
High
PROBABILITY (POST-MITIGATION)
Low
CHANGE FROM LAST YEAR
No change
Principal risk
Ineffective succession planning, recruitment
and people management could lead to limited
resourcing levels and a shortage of suitably
skilled individuals to be able to achieve
Workspace objectives and grow the business.
Inadequate resourcing may also result in
management being spread too thinly and
a decline in effectiveness.
Risk impact
– Increased costs from high staff turnover
– Delay in growth plans
– Reputational damage
Mitigation
– We have a robust recruitment process
to attract new joiners and established
interview and evaluation processes with a
view to ensuring a good fit with the required
skill set and our corporate culture
– We have diversified our recruitment pools,
including the launch of a new
apprenticeship programme to ensure we
have a diverse talent pool
– Various incentive schemes align employee
objectives with the strategic objectives of
the Group to motivate employees to work
in the best interests of the Group and its
stakeholders. This is supported by a formal
appraisal and review process for all
employees
– Our HR and People teams run a broad
training and development programme
designed to ensure employees are
supported and encouraged to progress
withlearning and study opportunities
RESOURCING
7
RISK APPETITE
Medium
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
3. Innovate to create future options
RELEVANT KPIS
Financial
1. Net rental income
2. Trading profit after
interest
4. Dividend per share
5. Like-for-like rent roll
growth
6. Like-for-like occupancy
8. Total property return
9. Total shareholder return
Non-financial
1. Customer enquiries
2. Viewings
3. Lettings
4. Renewals
9. Inclusivity score
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
– We have an in-house Recruitment Manager
who oversees the entire recruitment process
and ensures that we have a diverse and
wide-ranging talent pool
– The HR team utilises a candidate applicant
tracking system to track the source of
applications. This allows us to manage the
process better and diversify our talent from
various application sources. At the same
time, we have revised our internal
application process for existing employees
with 31 individuals being internally promoted
during this period and 63% of new starters
being recruited directly without recruitment
agencies
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IMPACT
High
PROBABILITY (POST-MITIGATION)
Low
CHANGE FROM LAST YEAR
No change
IMPACT
Medium
PROBABILITY (POST-MITIGATION)
Low
CHANGE FROM LAST YEAR
No change
Principal risk
Poor performance from one of Workspace’s
key contractors or third-party partners could
result in an interruption to or reduction in the
quality of our service offering to customers or
could lead to significant disruptions and delays
in any refurbishment or redevelopment projects.
Risk impact
– Decline in customer confidence
– Increased project or operational costs
– Fall in customer demand
– Weaker cash flow
– Reputational damage
Principal risk
A failure to keep up to date and plan for
changing regulations in key areas such as
health and safety and sustainability, could
lead to fines or reputational damage.
Risk impact
– Increased costs
– Reputational damage
Mitigation
– Health and safety is one of our primary
concerns, and strong leadership promotes
aculture of awareness throughout the
business. We have well-developed policies
and procedures in place to help ensure that
any workers, employees, or visitors on site
comply with strict safety guidelines, and
wework with well-respected suppliers who
share our high-quality standards in health
and safety. This year saw the recruitment
of a new role (Health and Safety Manager)
Mitigation
– Workspace has a robust tender and
selection process for key contractors and
partners. Contracts contain service-level
agreements that are monitored regularly,
and actions are taken in the case of
underperformance
– For key services, Workspace maintains
relationships with alternative providers so
that other solutions would be available if the
main contractor or third party was unable to
continue providing their services. Processes
are in place to identify key suppliers and
understand any specific risks that require
further mitigation
– Workspace remains committed to being
London Living Wage compliant
for all service providers
tosupport our commitment to Health
andSafety throughout the business
– Health and safety management systems are
updated in line with changing regulations
and regular audits are undertaken to
identify any potential improvements
– Sustainability requirements are becoming
increasingly important for the Group, and
we take this responsibility seriously. We
have committed to becoming a net zero
carbon business and being climate resilient.
We undertake an annual review of all ESG
regulations and our policies and procedures
to ensure compliance. We also closely monitor
and manage physical risk arising from climate
change, with details of our mitigation
strategy provided on pages 104 to 105
– Workspace has a robust legal framework in
place, managed by the Company Secretary
and Head of Legal, to ensure full compliance
with applicable laws, regulations, and
corporate governance
THIRD-PARTY RELATIONSHIPS
8
REGULATORY
9
RISK APPETITE
Low
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
3. Innovate to create future options
RELEVANT KPIS
Financial
1. Net rental income
2. Trading profit after
interest
4. Dividend per share
5. Like-for-like rent roll
growth
6. Like-for-like occupancy
8. Total property return
9. Total shareholder return
Non-financial
3. Lettings
4. Renewals
RISK APPETITE
Low
LINK TO STRATEGY
3.2.1.
1. Enhance and expand the core business
2. Transform and prepare for emerging opportunities
3. Innovate to create future options
RELEVANT KPIS
Financial
2. Trading profit after
interest
4. Dividend per share
7. Property valuation
9. Total shareholder return
Non-financial
3. Lettings
4. Renewals
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
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IMPACT
Medium
PROBABILITY (POST-MITIGATION)
Possible
CHANGE FROM LAST YEAR
No change
Principal risk
Failure to recognise that climate change
presents a financial risk to our business,
alongside our customers’ increasing
expectations for the sustainable operation
ofour properties, could have a significant
impact on the business.
Risk impact
– Loss of rent roll
– Negative impact on value
– Reduced occupancy levels
– Reputational damage
Mitigation
The inherent risk from climate change
isuniversal, with a high likelihood of risk
materialising in the near future resulting in
a potentially material impact on businesses
ingeneral. For Workspace, our risk is lower
when compared to many other real estate
businesses, in particular our exposure to
physical risk. However, transition risk is an
industry-wide risk and is impacting all real
estate businesses due to the environmental
impact associated with the sector. As a result,
the regulatory requirements continue to
become more stringent. In response to this,
Workspace has been proactively managing its
risk exposure. Our mitigation strategy includes:
– Periodic assessment of our climate risk
exposure, using climate modelling every
time the portfolio changes
– Bi-annual review of control measures
and their effectiveness by our Risk
CLIMATE CHANGE
10
RISK APPETITE
Low
LINK TO STRATEGY
3.2.1.
2. Transform and prepare for emerging opportunities
RELEVANT KPIS
Financial
1. Net rental income
2. Trading profit after
interest
7. Property valuation
8. Total property return
Non-financial
3. Lettings
5. Emissions reduction
6. EPC A/B rated portfolio
7. Customer ESG score
Management Group and the Environmental
Committee
– Active management of acute physical
risks such as floods and storms across the
portfolio through emergency preparedness,
site maintenance surveys and business
continuity planning
– Delivery of net zero carbon and EPC
upgrades across the portfolio to manage
transition risk
– Embedding of climate-related objectives
linked with remuneration, to incentivise
focused action
– Active management of our energy and raw
materials costs via efficiency measures and
design optimisation
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
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COMPLIANCE STATEMENTS
Assessment of prospects
The Group assesses its prospects primarily
through the annual strategic review process.
This includes an assessment of the
macroeconomic environment, consideration
of the Group’s principal risks and a review
of the Group’s five-year plan. Particular
attention is given to existing refurbishment
and redevelopment commitments, long-term
financing arrangements, compliance with
financing and REIT covenants and key
financial metrics of the business.
The most recent strategy day was held in
September 2024. An updated business plan
for the five years to 31 March 2030 was
reviewed by the Board in April 2025.
Macroeconomic and geo-political issues,
including the impact of US tariffs on UK
business, persistent higher levels of inflation
and slow growth continue to give rise to
concerns around the UK economy meaning
there is continuing risk of an economic
downturn. Consideration has been given
to a number of downside assumptions
covering the period to 31 March 2030.
We have modelled a severe, yet plausible
downside scenario based on the following
key assumptions:
– A stalling of the UK economy, with low
levels of GDP growth and inflationary
pressure, resulting in a reduction in
customer demand over the next two
years, compared to current levels
– Like-for-like occupancy reduces by
c.3% to 80% over the next 18 months,
with associated increase in void costs
and downward pressure on pricing of
new lettings, and thereafter a gradual
recovery to c.87% by 31 March 2030
The Group’s activities, strategy and
performance are explained in the
Strategic Report on pages 1 to 117.
Further detail on the financial performance
and financial position of the Group is provided
in the financial statements on pages 243
to 269.
The Directors have conducted an extensive
review of the appropriateness of adopting
the Going Concern basis of accounting.
More details can be found on page 246.
Following this review and having made
appropriate enquiries, the Directors have a
reasonable expectation that the Group and
the Company have adequate resources and
sufficient headroom on the Group’s bank
loan facilities to continue for at least the next
twelve months. For this reason, the Directors
believe that it is appropriate to continue to
adopt the Going Concern basis in preparing
the Group’s accounts.
– New lettings at below the average price per
sq. ft. of vacating customers resulting in an
overall reduction in average rent per sq. ft.
until like-for-like occupancy levels recover
to c.86%
– Elevated levels of counterparty risk,
with bad debt significantly higher than
pre-pandemic levels
– Elevated levels of cost inflation
– Increased SONIA rate impacting the cost
of variable rate borrowings
– Estimated rental value reduction in-line with
the decline in average rent per sq. ft. and
outward movement in investment yields
resulting in a lower property valuation
The Group’s activities, strategy and
performance are explained in the Strategic
Report on pages 1 to 117, including a
description of the Group’s strategy and
business model on pages 34 to 58 and 2 to 9.
Assessment of time period
The Board has selected a review period
of five years for the following reasons:
a) The Group’s strategic review assesses
a five-year forecast period
b) Our current project pipeline spans five
years, covering the time for the currently
planned major refurbishments and
redevelopments to progress from initiation
to completion
c) It covers the period to maturity for the
majority of the Group’s committed facilities
Although financial performance is assessed
over a period of five years, the strategy and
business model are considered with the
longer-term success of the Group in mind.
The Directors believe they have no reason
to expect a significant adverse change in
the Group’s viability immediately following
the end of the five-year assessment period.
Assessment of viability
The Board has considered the key risks
and mitigating factors that could impact
the Group, details of which can be found on
pages 86 to 93. Those risks that could have
an impact on the ongoing success of the
Group’s strategy, particularly in light of the
current geopolitical situation, were identified
and the resilience of the Group to the impact
of these risks in a severe, yet plausible
downside scenario has been evaluated.
Sensitivity analyses have been prepared to
understand the impact of the identified risks
on solvency and liquidity. The specific risks
which were evaluated are shown in the
following table.
GOING CONCERN VIABILITY STATEMENT
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SPECIFIC RISK RISK CATEGORY SENSITIVITY ANALYSIS
Demand for space falls
dramatically impacting
occupancy and pricing
levels, or customer
default increases
leading to a breach
of loan covenants
– Customer demand At the point in the scenario modelled
where Interest Cover Rates (‘ICR’) is
at its lowest, net rental income would
need to decrease by 12% compared
to the year to 31 March 2025. This
represents a 12% reduction from the
net rental income included in the
severe scenario modelled.
Property values are
adversely impacted by
the uncertainty in the
economy leading to a
breach of covenants
– Valuation At the point in the scenario modelled
that LTV is at its highest, the property
valuation would need to fall by 37% to
breach the covenant, compared to the
valuation as at 31 March 2025 (adjusted
for planned disposals).
Changes in the economic
UK environment result
in further increases in
SONIA rates
– Financing At the point in the scenario modelled
where ICR is at its lowest, SONIA rates
would need to have increased by
350bps from March 2026 compared
to 31 March 2025.
Changes in the economic
and regulatory UK
environment impact the
availability and pricing
of debt
– Financing The majority of the Group’s committed
facilities will need to be refinanced
during the viability assessment period.
The Group has successfully completed
£335m of debt refinancing over the
last twelve months, has a low LTV of
34%, maintains good relationships with
funders and is confident in its ability
to refinance these facilities as
they mature.
Risk sensitivity analyses
The Group benefits from a largely freehold
property portfolio and a flexible business
model that allows the business to adapt to
the changing requirements of its customer
base. This, coupled with a strong balance
sheet, means the Company can withstand
a significant downturn in the economy
and demand.
In the scenario tested, the most significant
impact on the viability of the Group would
be on liquidity headroom resulting from an
inability to refinance existing debt facilities as
they fall due. To mitigate this risk, the Group
regularly reviews funding requirements and
maintains a close relationship with existing
and potential funding partners to facilitate
the continuing availability of debt finance.
The maturity of debt facilities is spread over
a number of years to avoid a concentration
of risk in one period and gearing is relatively
low with LTV of 34% as at 31 March 2025.
There are a number of mitigating factors that
were not considered in the scenarios tested
but which could be actioned if required:
– Additional asset disposals
– Cancellation or significant reduction
in dividend
– Reduction in refurbishment capex
programme
Conclusion
The sensitivity and stress analyses outlined
above indicate that the Group will have
adequate means to maintain headroom
in its facilities and covenants to continue
operations for the period under review. On
this basis, the Directors have a reasonable
expectation that the Group will be able to
continue in operation and meet its liabilities
as they fall due over the five-year period to
31 March 2030.
COMPLIANCE STATEMENTS CONTINUED
RISK SENSITIVITY ANALYSES
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As we have fewer than 500 employees, the non-financial and sustainability information statement (‘NFSIS’) requirements contained in Sections 414CA and 414CB of the Companies Act 2006 do
not apply to us. However, due to our commitment to promoting transparency in our reporting and business practices, we have elected to provide further information in the table below. The time
periods for reporting on the matters set out below have been informed by applicable law and prevailing market practice, taking into account the Group’s particular circumstances and the nature
of its business. The description of our business model can be found on pages 2 to 9 and the description of our non-financial key performance indicators can be found on pages 62 to 64. Many of
the policies referenced below can be found at: https://www.workspace.co.uk/investors/sustainability/our-policies.
POLICIES OUTCOMES OF POLICIES AND IMPACTS OF ACTIVITIES
RELATED PRINCIPAL RISKS
(Pages 86 to 93)
CLIMATE AND
ENVIRONMENTAL
MATTERS
– Environmental Policy
– Climate Change Policy
– Net zero carbon pathway
– Green Finance Framework and allocation report
– TCFD Report – pages 99 to 106
– TNFD Report – pages 112 to 117
– SECR disclosure – pages 107 to 109
– Climate and environmental activities during the year –
pages 76 to 80 and 186 to 191
– Climate-related financial disclosures – pages 99 to 106
Risk 10 – Climate change
SOCIAL MATTERS – Social Impact Strategy
– Real Living Wage Commitment
– Social-related activities during the year – pages 81 to 85
– Social Impact programme – page 58
Social matters are
not deemed to be a
principal risk for the
Group; however, we are
continuing to focus on
social matters through
our Social Impact
Strategy
EMPLOYEES – Employee Code of Conduct
– Equal Opportunities and Dignity at Work Policy
– Sexual Harassment Policy
– Hybrid Working Policy
– Parental Leave policies
– Carer’s Leave Policy
– Diversity and inclusion – pages 162 to 171
– Training & development – pages 20 and 168
– Employee wellbeing – page 81
– Employee engagement – pages 18 to 20 and 134 to 135
Risk 7 – Resourcing
COMPLIANCE STATEMENTS CONTINUED
NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT
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POLICIES OUTCOMES OF POLICIES AND IMPACTS OF ACTIVITIES
RELATED PRINCIPAL RISKS
(Pages 86 to 93)
HEALTH & SAFETY – Health & Safety Policy – Our Health and Safety Policy was formally reviewed in
January 2025
– The Group’s Health & Safety Committee meets twice per year
– The Board receives regular reports and reviews our health
and safety processes at least annually, and the Executive
Committee receives monthly reports
– Workspace continues to invest in our Computer Aided
Facilities Management (‘CAFM’) systems. All planned
and reactive work is recorded in our CAFM system
– We train our employees so that they are competent and
confident to carry out their jobs in a safe and professional
manner. Each new starter is given in-house induction training
targeted to the health and safety responsibilities they will
hold, with ongoing training provided via toolbox talks and
regular formal meetings with managers and the Head of
Health and Safety
– We closely manage our contractors’ activities and the
associated risks to the health and safety of customers and
visitors, particularly where building works are being carried
out in close proximity to common parts and customer-
occupied areas
– Our comprehensive and robust auditing arrangements
include a rolling programme of internal site health and safety
audits. All Workspace premises are subject to such audits.
These arrangements are supplemented with random
inspections and site visits. Workspace periodically
commissions external providers to review our health
and safety processes, procedures and internal auditing
arrangements. The information gathered is used to evaluate
the effectiveness of our arrangements and controls. During
this year, the Head of Health & Safety undertook a full review
of the Group’s health and safety arrangements. The
recommendations of this review were presented to, and
approved by, the Executive Committee in April 2024,
following which an action plan was developed to address
the recommendations, including improvements to the
accident and near-miss reporting processes and roll
out of fire warden training for head office staff
Risk 9 – Regulatory
COMPLIANCE STATEMENTS CONTINUED
NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT CONTINUED
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POLICIES OUTCOMES OF POLICIES AND IMPACTS OF ACTIVITIES
RELATED PRINCIPAL RISKS
(Pages 86 to 93)
HUMAN RIGHTS
AND MODERN
SLAVERY
– Human Rights Policy
– Anti-Slavery Policy
– Modern Slavery Statement
– Supplier Code of Conduct
– We take a zero-tolerance approach to modern slavery and
other breaches of fundamental human rights (as stated in
the UN Universal Declaration of Human Rights and the ILO
Declaration on Fundamental Principles and Rights at Work)
– No incidences of human rights abuse or modern slavery have
been identified (2024: Nil)
Risk 7 – Resourcing
Risk 8 – Third-Party
Relationships
Risk 9 – Regulatory
ANTI-BRIBERY
AND CORRUPTION
– Anti-Bribery and Corruption Policy
– Gifts and Hospitality Policy
– Conflicts of Interest Policy
– Anti-facilitation of Tax Evasion Policy
– Supplier Code of Conduct
– We take a zero-tolerance approach to bribery and corruption
and we are committed to implementing and to enforcing
effective systems to counter bribery
– No incidences of bribery or corruption have been identified
(2024: Nil)
– All conflicts of interest are recorded on a central register
and we have procedures in place for managing conflicts
of interest
– During the year, no Director had any beneficial interest
inacontract significant to the Group’s business, other than
contract of employment (2024: Nil)
Risk 9 – Regulatory
POLITICAL AND
CHARITABLE
DONATIONS AND
EXPENDITURE
– Our policy is not to make any political donations or incur any
political expenditure
– We only make charitable donations that are legal and ethical
– The Group did not make any political donations or incur
any political expenditure during the year (2024: Nil)
Risk 9 – Regulatory
DATA PRIVACY – Data Protection Policy
– CCTV Policy
– Data Breach Policy
– Subject Rights Policy
– Data Protection Impact Assessment Policy (‘DPIA’)
– Regular reports are provided to the Executive Committee
and the Board
– Mandatory data protection training is provided to all staff at
induction and annual online refresher training is conducted
via the learning management portal
– More tailored, role-specific training is provided to staff where
appropriate (for example, training for the marketing team
on direct marketing rules)
– Data privacy is a key consideration whenever new projects
are contemplated or changes to existing arrangements
are proposed
Risk 9 – Regulatory
WHISTLEBLOWING – Whistleblowing Policy – An open and transparent culture means any concerns
are raised directly to the HR team or members of the
Executive Committee
– Employees also have access to a telephone line for
anonymous reporting of concerns
– During the year under review, we did not receive any
whistleblowing messages to the telephone line (2024: Nil)
– The Board receives an annual update each year confirming
the number of whistleblowing reports received (if any)
Risk 7 – Resourcing
Risk 9 – Regulatory
COMPLIANCE STATEMENTS CONTINUED
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COMPLIANCE STATEMENTS CONTINUED
Workspace considers climate change to be a
principal risk and a material issue. In line with
the ‘Task Force on Climate-Related Financial
Disclosures’ (‘TCFD’) recommendations,
we have provided information to our
stakeholders on our climate-related risks
and opportunities, in turn helping them
to make informed decisions.
We have assessed our material climate risks
and opportunities, and their potential impact
using a number of climate change scenarios.
This assessment has provided us with an
in-depth view of the levels of risks across the
portfolio and helped us test the resilience of
our strategy. We also have a more robust
understanding of the opportunities to
Workspace, arising from the transition to
a low-carbon economy. We have used the
findings of this assessment to update our
approach to risk management, implement
a strategy to mitigate material risks and
maximise the opportunity. Aligned to this
is our net zero carbon target, which ensures
we are closely managing our transition risks
and building resilience.
The following section includes our
climate-related financial disclosures for
purposes of the UK Listing Rules, including
details on climate change scenarios and
how they may affect our business in the
short, medium and long term. As required
by the UK Listing Rules (UKLR 6.6.6R),
we confirm that this report is consistent
with all of the TCFD recommendations and
recommended disclosures, taking into
account Section C of the TCFD Annex
entitled ‘Guidance for All Sectors’ and
(where appropriate) Section E of the TCFD
Annex entitled ‘Supplemental Guidance for
Non-Financial Groups’.
TCFD PILLAR AND
RECOMMENDATION RECOMMENDED DISCLOSURES
COMPLIANCE
STATUS PROGRESS TO DATE 2025/26 OBJECTIVES
1. GOVERNANCE
Disclose the
organisation’s
governance around
climate-related risks
and opportunities.
– Describe the Board oversight of climate-related
risks and opportunities
Achieved
– Board ESG Committee
oversees climate-related
risks, opportunities and goals
– Joint Audit and ESG meeting
held in January 2025 which
reviewed ESG policies and
related assurance
– Executive ownership of
climate-related objectives,
with performance linked
to their remuneration
– Board ESG
Committee to
continue monitoring
climate-related risks
and opportunities
– Emission reduction
objectives in line with
updated science-
based targets to be
included in relevant
teams’ objectives
– Describe management’s role in assessing
and managing climate-related risks
and opportunities
Achieved
2. STRATEGY
Disclose the actual
and potential impacts
of climate-related risks
and opportunities on
the organisation’s
businesses, strategy
and financial planning
where such information
is material.
– Describe the climate-related risks and
opportunities the organisation has identified
over the short, medium and long term
Achieved
– In-depth assessment of
climate-related risks and
opportunities undertaken
against 4°C and 1.5°C global
temperature rise scenarios
(see pages 101 to 102)
– A disclosure on potential
impact and resilience
of strategy on pages 102
to 103
– Whilst we expect
minimal changes in
physical risks, annual
re-assessment of
transition risks
(specifically from
regulation) will
be carried out
– Describe the impact of climate-related risks
and opportunities on the organisation’s
businesses, strategy and financial planning
Achieved
– Describe the resilience of the organisation’s
strategy, taking into consideration different
climate-related scenarios, including a 2°C
or lower scenario
Achieved
3. RISK MANAGEMENT
Disclose how the
organisation identifies,
assesses, and manages
climate-related risks.
– Describe the organisation’s processes for
identifying and assessing climate-related risks
Achieved
– Risks identified using climate
models, academic research
and expert advice
– Based on probability and
impact scale, risk level
assessed as low, moderate or
high
– Utilising enterprise risk
management framework
to capture, document and
manage risks
– Climate risk is
identified as a
principal risk and
will continue to
be assessed as
part of the overall
risk management
framework, including
a bi-annual review
of effectiveness of
controls
– Describe the organisation’s processes
for managing climate-related risks
Achieved
– Describe processes for identifying, assessing,
and managing climate-related risks and
integrating them into the organisation’s
overall risk management
Achieved
4. METRICS AND
TARGETS
Disclose the metrics
and targets used to
assess and manage
relevant climate-
related risks and
opportunities where
such information
is material.
– Disclose the metrics used by the
organisation to assess climate-related risks
and opportunities in line with its strategy
and risk management process
Achieved
– Annual publication of energy
consumption, renewable
energy generation and
procurement, carbon emissions
(from fuels, waste, water),
recycling rates, EPC split,
voluntary green certifications,
energy efficiency projects,
portfolio flood exposure
– Emissions reduction targets
were updated to be in line with
latest SBTi criteria
– Key metrics to
continue being
tracked on a monthly
basis and presented
to the Board
– Disclose scope 1, scope 2, and if appropriate,
scope 3 greenhouse gas (‘GHG’) emissions
and the related risks
Achieved
– Describe the targets used by the organisation to
manage climate-related risks and opportunities
and performance against targets
Achieved
TCFD
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The role of the Board
Our Chief Executive Officer has the highest
level of responsibility for climate-related risks
and opportunities and, together with the rest
of the Workspace Board, ensures we maintain
close oversight of climate-related issues.
Climate-related issues are regularly
considered by the Board as part of broader
decision-making processes regarding
strategy, risk management, budgeting,
business planning and overseeing the Group’s
performance objectives. To do this
effectively, the Board has set up an ESG
Committee comprising of all members of the
Board – the Board Chair, the five independent
Non-Executive Directors, the Chief Executive
Officer and the Chief Financial Officer. The
ESG Committee receives a detailed update on
our sustainability and climate-related goals
three times a year, from members of the
Executive Committee and the Head of
Sustainability.
During the year, the ESG Committee
considered the following climate-related
issues: approved the proposal to update net
zero targets in line with latest SBTi guidance,
approved interim emissions reduction
milestones and inclusion of relevant KPIs as
performance targets for Executive Directors,
endorsed the launch of Leroy House as our
first net zero building and reviewed the
effectiveness of our climate-related policies.
See page 189 for further details of climate-
related responsibilities of the Board and its
Committees (including the Audit and
Remuneration Committees). The Board also
received a technical briefing on three topics
as part of the ongoing upskilling drive,
including net zero carbon, nature and
biodiversity and evolving sustainability
legislative requirements.
Climate change risk and opportunity
As a responsible business, we consider
climate-related risks and opportunities across
our portfolio and business wide activities.
We have identified the physical and transition
risks arising from climate change and are
committed to actively managing these risks.
Due to the nature of our business model,
Workspace is also in a position to capture
several opportunities arising from the
transition to a low-carbon economy.
Since 2022, we have worked with Willis
Towers Watson (‘WTW’) to identify and
assess the impact of climate-related risks
through quantitative and qualitative scenario
analysis, considering short (current, 2025),
medium-term (2025-2030) and long-term
(to 2050 and beyond) time horizons. These
short-term and medium-term time horizons
align with our portfolio strategy and financial
planning. Our portfolio strategy categorises
projects that are live and will be completed
in the short term (1 year) and a medium-term
development pipeline that extends out to
2030. We accordingly do our budgeting
for short and medium term. Aligned to this
strategy, we are aiming to decarbonise our
portfolio by 2030, where feasible. Anything
beyond 2030 is considered long term given
the regulatory and market uncertainty involved.
The assessment we have conducted is
based on two pre-defined climate scenarios
– a 4°C global temperature rise scenario in
line with the Intergovernmental Panel on
Climate Change (‘IPCC’) Representative
Concentration Pathway (‘RCP 8.5’) and
a 1.5°C global temperature rise scenario
in line with RCP 2.6.
Climate risk remained a principal business
risk this year and the Board reviewed the
mitigation strategy and effectiveness of
controls as part of the principal risk register
review. This information is provided to the
Board and the Executive Committee via the
Risk Management Group, comprising of
senior members from different parts of the
business. The Risk Management Group meets
monthly and is responsible for monitoring
and implementing risk management
activities, including climate risk.
We have also linked climate-related
performance measures to the Executive
Directors’ LTIP grants this year, accounting
for 25% of weighting. These targets are also
incorporated into wider team objectives.
The Board received regular reports tracking
progress against these goals. See pages 186
to 191 for further details.
Management responsibility
The Head of Portfolio Management was
nominated as the Executive owner of our
climate strategy and reports to the Board
ESG Committee on all climate-related issues.
They are supported by the Head of
Sustainability and members of the
Environmental Committee in the day-to-day
management and delivery of climate-related
initiatives. The Environmental Committee is
made up of cross-functional members who
head up various business departments, such
as development, asset management, facilities
management, investment and support
functions. The Committee includes a number
of other Executive Committee members, which
ensures senior level ownership and oversight
of implementation plans and also streamlines
communication to the wider Executive team
and the Board. The Environmental Committee
meets bi-monthly and is responsible for
operationalising our climate-related objectives,
and hence is well positioned to manage,
report, communicate and inform our
approach on climate-related issues.
The 4°C warming scenario assumes that
markets, governments and society will
continue business as usual with increasing
adoption of energy and resource intensive
lifestyles and abundant exploitation of fossil
fuels. There will be limited action taken to
mitigate climate change in this scenario and
hence as a result in the period after 2030, the
physical effects of climate change will begin
to intensify rapidly.
The 1.5°C warming scenario assumes
proactive and sustained action to reduce
carbon emissions over the next 30 years
to build a low-carbon economy, in the form
of stringent Government policies on stricter
energy efficiency building codes and carbon
taxes. There will also likely be significant
public and private sector investment in low
emissions technologies to help the global
economy achieve net zero goals by 2050.
Overall, this scenario would result in higher
transition risk in the short and medium term.
Given the warming over pre-industrial levels
is going to be limited, the extent of physical
risk will only be slightly higher than it is today.
COMPLIANCE STATEMENTS CONTINUED
TCFD CONTINUED
1. GOVERNANCE 2. STRATEGY
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Our assessment considered all plausible climate-related risks and opportunities that are
applicable for real estate businesses. These are identified in the table below. The impact of
physical risks is mainly in the form of direct damage to property, business interruption or supply
chain disruption. Impact of transition risks is mainly in the form of increased cost of business,
property obsolescence or failure to meet customer expectations.
RISKS RELATED TO THE PHYSICAL IMPACTS OF CLIMATE
ACUTE CLIMATE RISKS CHRONIC CLIMATE RISKS
Winter storm Heat stress
Tornado Precipitation
River flood Drought
Flash flood Fire weather
Coastal flood Sea level rise
Hailstorm
Lightning
RISKS AND OPPORTUNITIES RELATED TO THE TRANSITION TO A LOWER-CARBON ECONOMY
POLICY AND LEGAL RISKS/OPPORTUNITIES – Pricing of GHG emissions
– Proposed MEES requirements
(EPC B by 2030)
– Climate Change litigation
– Enhanced emissions reporting obligations
– Increasingly stringent planning
requirements
TECHNOLOGY RISKS/OPPORTUNITIES – Substitution of existing technology
to lower emissions options
MARKET RISKS/OPPORTUNITIES – Change in customer demands
– Increased cost of raw materials
– Increased cost and availability of electricity
– Cost of capital
– Emissions offset
REPUTATION RISKS/OPPORTUNITIES – Investment risk
– Employee risk
We have worked with WTW since 2022 to
conduct an asset by asset exposure analysis
for a range of climate risks (as shown in the
table to the left) at the present day, as well as
for future years under the selected scenarios.
This analysis was last repeated in 2023 as we
had a significant change in portfolio during
that time. Data used for the analysis includes
state of the art models and databases within
the insurance industry (including WTW Global
Peril Diagnostic, MunichRe hazard database,
SwissRe CatNet amongst others), climate
models, published research and information
from IPCC. The assessment was further
supplemented with local information
and data that we hold on the assets.
To assess the transition risks, we conducted
scenario analysis using the guidance issued
by TCFD. The scenario used for the analysis
aligns with projections to keep global warming
below 1.5°C above pre-industrial temperatures
and it was constructed based on a variety of
sources including RCP 2.6 scenario from IPCC,
International Energy Agency (‘IEA’) and the
Network for Greening the Financial System
(‘NGFS’). NGFS has also been used as a
primary source for carbon price estimates.
Potential transition risks to Workspace were
identified and articulated using academic
research and discussions with Workspace
teams (as shown in the table on the
bottom left).
All the identified risks were assessed
in terms of impact and probability via a
series of subject matter expert interviews
with Workspace teams (such as finance,
investment, technology, legal, development,
HR and leasing). Where the risk criteria
allowed for quantification, financial impacts
were estimated using assumptions and
likelihood assessed and aligned to our
Enterprise Risk Management (‘ERM’) risk rating
criteria (details of our ERM framework can
be found on page 185). This helped us narrow
down the material risks and opportunities
applicable to Workspace as shown on
page 44, along with risk levels.
Our analysis showed that all of London and
the South East could be exposed to a mix
of acute and chronic climate risks such as
flooding, windstorm, drought and heat stress,
thereby affecting our properties as well. The
analysis showed that the chronic risk would
become more evident in the long term,
but the impact level will still be low and
manageable under the 1.5°C scenario. The
impact level is deemed moderate under the
4°C scenario, arising from failure to transition.
Acute risk, on the other hand, could be felt
today. Using catastrophe models such as
Property Quantified and KatRisk, we
simulated thousands of acute climate events
to estimate the level of impact in terms of
property damages and business interruption.
Taking this probabilistic view and accounting
for actual vulnerability of our locations has
further provided rigour to our risk level
projections. Overall, we estimate the level
of impact from acute risks (such as flooding,
flash floods and wind storms) is low.
On transition risk, the impact is evident
even now, and could be significant under
the 1.5°C warming scenario due to stringent
policy requirements, increasing customer
expectations and expected raw materials
price increases. We have estimated the risk
level to be moderate, considering impact
in terms of increased cost, property
obsolescence and customer demand.
However, through our sustainable business
model we hold an advantage over our peers
and have made a net zero carbon commitment
in line with the UK’s commitment in Climate
Change Act 2008 (2050 Target Amendment)
Order 2019, thereby minimising our risk.
We are also well positioned to capture the
transition opportunities, such as operational
cost efficiencies, lower cost of capital and
changing customer demands.
COMPLIANCE STATEMENTS CONTINUED
TCFD CONTINUED
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The table below shows the summary of material risks and opportunities, applicable to Workspace, across the various time horizons and considering the two warming scenarios.
CURRENT / SHORT TERM (2025) MEDIUM TERM (2025-2030) LONG TERM (TO 2050+)
1.5°C SCENARIO Moderate transition risk resulting from:
– Proposed MEES requirements for all
commercial buildings to be EPC B by 2030,
requiring investment in energy efficiency
upgrades across the portfolio
– Changing customer demands on
sustainability, requiring swift adaptation
of our older buildings to meet high
sustainability standards
Moderate transition risk resulting from:
– Proposed MEES requirements
– Increase in planning requirements,
resulting in higher upfront investment
in energy efficiency or offsetting
– Increased costs of raw materials
– Increased costs associated with
offsetting of scope 3 emissions
Low transition risk in the long term,
assuming the UK economy has already
transitioned to a low-carbon world.
Transition opportunity arising from:
– Operational cost savings and efficiencies
from upgraded EPCs and implementation
of low-carbon technologies
– Enhanced customer attractiveness due
to our ability to meet their expectations
on sustainability across many of our new
and refurbished buildings
– Access to green finance
Transition opportunity continues to exist
due to operational cost savings, customer
expectations and access to green finance.
Low transition opportunity in the long
term, assuming the UK economy has already
transitioned to a low-carbon world.
Low physical risk
– Existing exposure to windstorm across
the portfolio (unrelated to changing
temperature). The impact in terms of
physical damage and business disruption
is low considering asset vulnerability
– Flood risk exposure at three buildings and
risk of localised flash flooding due to heavy
precipitation across 10 buildings. The
impact in terms of physical damage and
business disruption is low considering
asset vulnerability
Low physical risk with no significant changes
to current risks profile, other than the already
existing exposure to windstorm and flood risk.
Low physical risk, mainly due to smaller
manageable changes in chronic risks such
as drought and heat stress. The main impact
from droughts is water scarcity and impact
on green areas. Heat stress can impact
running costs and customer wellbeing. On
acute risk, windstorm continues to pose risk.
However, the impact in terms of physical
damage and business disruption is low
considering asset vulnerability.
4°C SCENARIO Transition risk non-existent in this scenario,
in the current / short term
Transition risk non-existent in this scenario,
in the medium term
Moderate physical risk arising from failure
to transition:
– Continued exposure to windstorm, flood
risk at three buildings and localised flash
flooding across 10 buildings
– Increased drought risk across all buildings
– Increased heat stress across all buildings
Low physical risk, due to already existing
exposure to windstorm (unrelated to changing
temperature), flood risk at three buildings and
localised flash flooding across 10 buildings.
The impact in terms of physical damage and
business disruption is low considering asset
vulnerability.
Low physical risk with no significant changes
to current risks profile, other than the already
existing exposure to windstorm and flood risk.
COMPLIANCE STATEMENTS CONTINUED
TCFD CONTINUED
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Strategy and financial planning
Our sustainability strategy has a key focus
on climate change mitigation and adaptation,
ensuring we are minimising the environmental
impact of our portfolio and building resilience
for the long term. We are delivering on
this ambition by embedding climate
considerations in financial and strategic
decisions across the life cycle of our
properties: Development, Investment
and Asset Management and the services
we deliver to our customers.
Development: As a business, our primary
focus is on repurposing old buildings to higher
standards and hence inherently our activity is
less carbon intensive than some of our peers.
However, we continue to focus on further
minimising our environmental and carbon
impact, ensuring what we build is fit for the
future. Our sustainable development brief
requires all our development and
refurbishment projects to meet high energy
and carbon specifications, thereby minimising
our exposure to risks such as proposed MEES
requirements, stringent planning
requirements, raw material costs and
increased customer demands. We also ensure
that we test our design brief against physical
risks such as heat stress and flooding.
Investment: Climate considerations inform all
our investment decisions, whether it’s spending
capex on building upgrades or acquiring new
properties. We conduct sustainability due
diligence, taking into account a number of
warming scenarios, prior to acquisition to
assess climate-related risks associated with
the building and forward plan the investment
and interventions required to mitigate any
material risks.
Asset management: Our flexible business
model allows us to implement a rolling
programme of refurbishments across the
existing portfolio, to ensure we continue to
improve the energy and carbon performance
of all our buildings and remain compliant with
legislation. Our flood risk assessment has also
helped us prioritise adequate defences and
mitigation plans for exposed assets.
Services to customer: Climate considerations
are fully embedded in our operational platform,
ensuring our site teams are delivering customer
services sustainably. This includes initiatives to
manage whole building energy consumption,
raising awareness with our customers to
reduce carbon and manage our waste
sustainably. We are also actively upgrading
our portfolio to be more sustainable, in line
with changing customer expectations.
Financial planning: Climate considerations
inform our business financial reporting and
planning. The Board deem there is no material
financial impact from climate-related issues,
considering valuation of properties, going
concern and viability of the Group and the
capital expenditure required. The Board
reviewed the investment plan to transition our
portfolio to net zero carbon and upgrade EPC
to A and B, where feasible, (see pages 76 to 77)
and this has enabled us to forward plan
investments on interventions such as energy
efficiency technology, decarbonising heat,
onsite renewables and sustainable materials
and construction practices. To ensure we have
access to capital at competitive rates, our
financing is also linked to climate-related
criteria (£300m Green Bond, £335m ESG-
linked revolving credit facility and a £65m
loan from Aviva).
Resilience of strategy
The climate scenario assessment has enabled
us to test the resilience of our strategy and
revealed that our overall exposure to climate-
related risks is moderate, mainly arising from
transition risk under 1.5°C scenario (see table
on pages 104 to 105). The geographic
concentration of our portfolio in London and
low vulnerability of assets to acute risks
means that the overall exposure to physical
climate risks is low, even under a 4°C scenario.
Our strategy and financial planning effectively
addresses the transition risk identified in
the 1.5°C scenario. Our sustainable business
model, whereby our carbon and energy
intensity is lower compared to the industry
average and our focus on repurposing older
buildings to meet high sustainability standards
ensures we are building resilience across the
business in the near to medium term. Our
robust operational platform allows us to
proactively manage environmental
performance of our assets and mitigate
both physical and transition risks.
Given our long-term ownership of buildings,
coupled with our flexible lease model which
allows us to invest across our portfolio in a
timely manner and actively address climate
risks, we are confident that our strategy is
resilient against plausible climate scenarios.
Further, our pathway to become net zero
carbon (see pages 53 to 55), ensures we are
aligning our business to a 1.5°C warming
scenario and mitigating any potential risks.
Our updated net zero targets,
aligned with latest SBTi guidance,
ensure we actively mitigate any
potential transition risk.
Identifying and assessing risk
We have an established Risk Management
Framework in place to help us capture,
document and manage risks facing our
business, including climate-related risks.
The Audit Committee along with the full
Board have overall responsibility for risk
management. See our Risk Management
Framework on page 185 along with our
criteria for determining risk scoring.
We identify risks across two key areas:
Principal Business (Strategic) risks and
Operational risks. Climate-related risks have
been factored in to both these categories.
The scenario analysis conducted with WTW
helped us assess the level of exposure to
climate risk, its likelihood (taking into
account both existing and emerging
regulatory and market risks), and determine
its financial materiality using a structured
template (see impact criteria on page 87)
to capture any impact on revenue, costs or
property valuation. This allowed us to map
our risk levels as low, moderate or high, using
our risk scoring matrix (page 87). In our case,
we observed no significant change in risk
profile between various time horizons and
hence the mitigation strategy is focused on
short to medium-term actions, covering our
response out to 2030, including delivery
of our net zero carbon commitment.
Depending on the extent of planned
mitigation measures in place, as already
captured in our net zero pathway and
existing business processes, we were able to
narrow down the material risks which had a
level of residual impact that we will continue
to manage effectively. These are captured
in the tables on pages 104 to 105 along with
current mitigation strategy for the two
climate scenarios we have assessed.
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RISK EVALUATION OF RESIDUAL RISK MITIGATION STRATEGY
TRANSITION RISKS AND OPPORTUNITIES IN THE CURRENT/SHORT AND MEDIUM TERM – 1.5°C WARMING SCENARIO
POLICY AND LEGAL – EPC
RATING REQUIREMENTS
– 21% of the Workspace portfolio is rated C and 19% is rated D and E.
Additional investment of £40-50m will be required to meet EPC A/B
across the portfolio by 2030 (c.£8-10m annually)
– However, taking into account the annual maintenance capex for ongoing
refurbishments throughout the year, the actual additional investment
required will be much lower than c.£4-5m annually
– Opportunity: There will be an opportunity arising from higher operational
savings due to upgraded environmental performance
– Target set to upgrade a significant proportion of the portfolio to EPC A/B each
year. We successfully upgraded 8% of the portfolio to EPC A/B this year
– A rolling programme of EPC and net zero audits is being undertaken to
identify asset level upgrade plans and a process is in place to upgrade a unit
once vacant
– A detailed investment plan is created for annual budgeting purposes
– Central register created to track EPC compliance status monthly
POLICY AND LEGAL –
INCREASINGLY STRINGENT
PLANNING REQUIREMENTS
– Workspace is able to meet London Plan requirement of 35% emissions
reduction over Part L, of the building regulations
– If the requirements were to get more stringent in future (say 50% reduction
or inclusion of offsetting for upfront carbon at planning stage), we would
need to design buildings differently, which could raise project costs
– By implementing our net zero design brief, we are able to achieve 35%
reduction at minimal incremental cost
– Continual tracking of planning requirements to inform our design brief
– Strategy in place to minimise whole life carbon through responsible design
and material choices
MARKET – CHANGE IN
CUSTOMER DEMANDS
– Based on a recent survey, over 25% of London SMEs factor in sustainability
as one of the top five criteria in their choice of office space
– We are rapidly decarbonising our portfolio in line with our net zero pathway,
ensuring we are well placed to meet changing customer expectations and
capture more market share by being ahead of our peers. In the interim, there
is some risk to our older properties which are not in the top tier of energy/
carbon performance and are awaiting upgrades
– Opportunity: There will also be an opportunity from increased customer
demands (i.e. successful lettings, high occupancy) for our newly refurbished
or developed buildings that meet high sustainability standards
– Our net zero pathway ensures we continue to enhance our portfolio to meet
changing customer demands
– Through continual collection of customer preferences and data, we intend
to proactively manage customer expectations
– Improved communications with customers on our sustainability efforts
further strengthen customer satisfaction
MARKET – INCREASED COST
OF RAW MATERIALS
– We expect the costs of carbon intensive raw materials (such as cement,
steel) will increase in the future
– The resulting impact will depend on our build activity in a year and the
percentage of cost passed on by suppliers
– Our focus on repurposing limits our exposure to raw materials and associated
cost increased
– Continued efforts to explore new materials and technologies will help further
reduce embodied carbon of our developments
MARKET – EMISSIONS OFFSET
– Our current emissions are around 20,565 tonnes of CO
2
e. In line with our
net zero pathway, we expect to reduce our emissions by 90% by 2040
from a 2020 baseline (31,631 tonnes of CO
2
e)
– Applying UCL projected cost of carbon at $100 per tonne
1
worst case
scenario, this could cost us up to £240k annually from the point we
achieve our net zero carbon target
– Continue to drive progress on our net zero pathway by upgrading our
properties to eliminate scope 1 and 2 emissions
– Continue efforts to explore new materials and technologies to reduce
embodied carbon of our developments, driving our scope 3 emissions down
– Continue engaging with tier 1 suppliers to implement the newly established
supply chain decarbonisation roadmap, requiring top 50 suppliers to report
carbon data annually and setting their own net zero targets
1. Source: https://www.ucl.ac.uk/news/2021/jun/ten-fold-increase-carbon-offset-cost-predicted.
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RISK EVALUATION OF RESIDUAL RISK MITIGATION STRATEGY
PHYSICAL RISKS IN THE CURRENT/SHORT AND MEDIUM TERM – 1.5°C WARMING SCENARIO
WINDSTORM
– Most of our buildings could be exposed to risk of windstorm and missile
impact from flying debris. However, given the solid façade and relatively
lower height of our buildings, we estimate level of impact in property
damages and business interruption to be low (less than £1m, assuming
worst case scenario). The risk profile will likely remain within the current
levels of variability, with changing temperatures
– Business continuity and emergency response planning measures in place
to minimise potential impact in case of storm warnings
– Protection against portable and not secured items in building vicinity
is being incorporated
RIVER FLOOD
– Flood defences provide an adequate level of protection however, there
are some local areas at risk which exposes three of our buildings. The
impacts could be water ingress, damage in lower floor and some level of
interruption to the business. Taking into account our flood mitigation
strategy and emergency preparedness plans, we estimate level of impact
in property damages and business interruption to be low (less than £2m,
assuming worst case scenario). The risk profile only moderately changes
with time or changing temperatures
– Comprehensive flood risk management plans created for exposed assets
– Business continuity and emergency response planning measures put in place
in case of flooding
– Flood mitigation measures being incorporated in design of new projects
– Insurance protection in place in case of physical damage or interruption
LOCALISED FLASH FLOODING
– Whilst the precipitation stress due to heavy rainfall is likely to stay the same,
10 of our buildings could be exposed to localised flash flooding due to local
terrain features which could cause water ingress and damage in lower floors.
A deeper dive of these buildings has revealed lower vulnerability to localised
flash flooding and hence we estimate level of impact in property damages
and business interruption to be low (less than £1m, assuming worst case
scenario). The risk profile is not likely to change with time or changing
temperatures
– Comprehensive flash flood risk assessment being undertaken across
the portfolio
– Business continuity and emergency response planning measures put
in place to minimise impact in case of high precipitation warning
– Regular drainage survey being undertaken across select buildings to
ensure sufficient water attenuation on site
– Flood mitigation measures being incorporated in design of new projects,
including blue roofs and rain water harvesting systems
PHYSICAL RISKS IN THE LONG TERM – 4°C WARMING SCENARIO
1
DROUGHT
– Under this climate scenario, London and the South East of the UK could
be exposed to drought stress, affecting all our properties in the long term.
Whilst our water consumption is not material, this would result in slightly
increased utility costs and impact on green areas
– We are installing water efficient fittings across our buildings
– Our landscaping has been designed to bear warmer climates in mind
HEAT STRESS
– In this scenario, by the end of the century, London and the South East of the
UK could be exposed to medium level of exposure to heat stress resulting
in the number of heatwave days increasing to 20 days per year, thereby
affecting all our properties. On average, there will be an increase in our
cooling demand. The scenario will also result in milder winters, which
would in turn reduce our heating demand on average. In the current/short
term, heat stress will not be a significant issue despite slight increase in
heatwave days
– A rolling programme of air conditioning is being implemented across
the portfolio to ensure customers are comfortable in high temperatures
– Additional measures such as outdoor greenery and shade being incorporated
to provide ‘refuges’ in hotter weather conditions
– Review of current heating and cooling usage being undertaken to ensure
we continue to optimise consumption, in response to outdoor temperatures
1. Note: Under the 4°C warming scenario – windstorm, flood risk and flash flood risk will exist as well, and potentially could edge further. However, the risk profile will not change significantly. The mitigation strategy listed above will continue to be effective.
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Metrics used to assess climate-related risks
and opportunities
To understand our climate-related impact
and performance we report on a wide range
of consumption and intensity metrics relating
to energy, carbon, waste and water, such as:
– Total energy consumption (page 107).
– Total electricity consumption, including
proportion generated from renewables
(page 107).
– Proportion of electricity sourced from
renewable sources (page 110).
– Total fuel consumed on site (page 107).
– Building emissions intensity by floor area
(page 107).
– Total emissions from water consumption
(page 107).
– Total emissions from waste, waste recycled
and diverted from landfill (page 107).
– EPC split of the portfolio by floor area
(page 77).
– Number of buildings with sustainability
certification (page 77).
– Number of energy efficiency projects
implemented and associated capital
expenditure (page 108).
– Number of buildings exposed to flooding
(page 105).
– ESG metrics linked to remuneration and
performance against these (pages 63, 64, 221).
– Internal carbon price of $100/tonne
(page 104).
Pages 75 to 80 provide further detail on
targets we have set against all climate-related
metrics and progress made to date.
Scope 1, 2, 3 GHG emissions and related risks
Carbon emissions represent one of our largest
environmental impacts and we are actively
working to reduce our sources of carbon
where possible (see our net zero carbon
pathway on page 54). Significant contributors
to our operational carbon emissions are the
electricity and gas consumed within our
buildings and by improving the energy
efficiency of our buildings and electrifying the
heating systems we aim to reduce our overall
carbon footprint. Following an in-depth
analysis of our scope 3 emissions, we now
have a much better understanding of the
emissions associated with our development
and refurbishment activities which make up
a significant portion of our scope 3 emissions.
We are also implementing a supply chain
decarbonisation roadmap to accurately assess
and reduce our supply chain emissions. Refer
to page 107 for our scope 1, 2 and 3 greenhouse
gas emissions data and year-on-year changes
(calculated using GHG protocol).
Targets used to manage climate-related
risks and opportunities
To reduce our carbon emissions, we continue
to focus on designing low-carbon buildings
and implementing energy efficiency
initiatives throughout the portfolio, whilst
actively engaging our customers and
suppliers to reduce scope 3 emissions.
Our main goal is to significantly decarbonise
our business (see pages 54 to 55 for the scope
of our net zero carbon commitment, aligned
to latest SBTi guidance). This is underpinned
by the following emissions reduction targets:
– Aim to reduce our total greenhouse gas
emissions by 90% by 2040, from a 2020
baseline.
– Aim to significantly decarbonise heating
from our portfolio by 2030 where feasible.
– Aim to source 100% energy from renewable
sources.
– Undertake whole life carbon assessment of
all development and refurbishment projects.
We use the following KPIs to assess progress
against these targets:
– Reduction in scope 1 and 2 emissions.
– % of our property portfolio that is EPC
A/B rated.
See page 63 for further details.
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90%
REDUCTION IN TOTAL
GREENHOUSE GAS
EMISSIONS BY 2040,
FROM 2020 BASELINE
4. METRICS AND TARGETS
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GREENHOUSE GAS (‘GHG’) EMISSIONS AND ENERGY USE DATA FOR STREAMLINED ENERGY & CARBON REPORTING (‘SECR’)
1
Source of emissions
2019/20 2023/24 LfL 2023/24 2024/25 LfL 2024/25
2024/25
vs 2023/24
% change
LfL 2024/25 vs
2023/24
% change
2024/25 vs
2019/20
% change
Scope 1 (Direct) 3,451 2,248 2,118 1,912 1,883 -15% -11% -45%
Gas (tCO
2
e) 2,620 1,711
2
1,645 1,473 1,445 -14% -12% -44%
Fugitive Emissions (tCO
2
e) 828 537 473 438 438 -18% -7% -47%
Vehicle Emissions (tCO
2
e) 3 0 0 0 0 N/A N /A -86%
Scope 2 Location-based (Energy Indirect) 7,144 6,470 6,492 6,259 6,112 -3% -6% -12%
Scope 2 Market-based (Energy Indirect) 123 166 166 179 179 8% 8% 45%
Electricity (Location-based) (tCO
2
e) 7,02 1 6,304 6,326 6,080 5,933 -4% -6% -13%
Electricity (Market-based) (tCO
2
e) 0 0 0 0 0 0% 0% 0%
Purchased Heat (Location-based) (tCO
2
e) 123 166 166 179 179 8% 8% 45%
Purchased Heat (Market-based) (tCO
2
e) 123 166 166 179 179 8% 8% 45%
Vehicle Emissions (tCO
2
e) – Location-based 0 0.3 0.3 0.4 0.4 29% 29% NA
Vehicle Emissions (tCO
2
e) – Market-based 0 0.3 0.3 0.4 0.4 29% 29% NA
Total Scope 1 & 2 (Location-based) 10,595 8,718 8,610 8,171 7,995 -6% -7% -23%
Energy consumption used to calculate above emissions (kWh) 42,429,912 40,721,536 40,462,672 38,415,694 37,546,760 -6% -7% -9%
Intensity Ratio: Net Lettable Area tCO
2
e/sq. ft. 0.00268 0.00168 0.00194 0.00175 0.00180 5% -7% -35%
Intensity Ratio: Gross Internal Area tCO
2
e/sq. ft. 0.00191 0.00123 0.00138 0.00125 0.00128 2% -7% -35%
Scope 3 (Other Indirect) 21,036 15,251 N/A 12,393 N/A -19% N/A -41%
Fuel and Energy-Related Activities (tCO
2
e) 961
3
868
3
N/A 823 N/A -5% N /A -14%
Customer Direct Energy (tCO
2
e) 2,928 2,760 1,678 1,683 1,588 -39% -5% -43%
Water Supply (tCO
2
e) 91 44 N /A 33 N /A -25% N /A -64%
Water Treatment (tCO
2
e) 187 51 N /A 40 N /A -20% N /A -78%
Waste Management (tCO
2
e) 82 56 N /A 20 N /A -65% N /A -76%
Embodied carbon in development projects (tCO
2
e) 8,982 4,495 N/A 3,974 N/A -12% N/A -56%
Purchased goods and services (tCO
2
e) 7,647 6,574 N/A 5,396 N/A -18% N/A -29%
Employee Commuting (tCO
2
e) 84 374 N /A 394 N/A 5% N /A 369%
Business Travel (tCO
2
e) 74 29 N /A 30 N /A 4% N /A -59%
Total Scope 1, 2 & 3 (tCO
2
e) 31,631 23,969 N/A 20,565 N/A -14% N/A -35%
Total energy consumption – whole building (kWh) 55,120,583 53,935,038 50,158,529 45,680,866 47,028,144 -15% -6% -17%
Total gas use – whole building (kWh) 15,617,931 10,626,937 11,628,536 8,167,827 10,626,937 -23% -9% -48%
Total electricity use – whole building (kWh) 38,801,849 42,386,431 37,608,323 36,518,439 35,406,607 -14% -6% -6%
Total purchased heat – whole building (kWh) 700,803 921,670 921,670 994,600 994,600 8% 8% 42%
Self-generated renewable electricity (kWh) 129,533 217,782 217,782 218,594 218,594 0.4% 0.4% 69%
1. Note: All figures reported relate to emissions and energy consumed in the United Kingdom.
2. The gas figure for FY 23/24 has been restated, as noted in page 109.
3. Figure restated due to inclusion of well to tank emissions from gas and heat use.
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Reporting period:
1 April 2024 – 31 March 2025
Reporting Frequency – Annual, aligned
with financial reporting
Regulatory:
Schedule 7 of the Large and Medium-sized
Companies and Groups (Accounts and
Reports) Regulations 2008
Boundary:
Our GHG emissions have been prepared
using the ‘operational control’ approach,
in compliance with the Greenhouse Gas
Protocol guidance. Scope 1 and 2 emissions
include customer consumption where we
procure gas, electricity or heat on their
behalf. Where electricity is directly purchased
by our customers (c.28% of NLA as at April
2024), we have estimated usage and
corresponding emissions have been included
under our scope 3 reporting.
In cases where a property has been acquired
or sold during the reporting period, we report
its greenhouse gas emissions up to the sale
date or from the acquisition date. We exclude
properties from greenhouse gas reporting for
the duration of any major refurbishment or
construction project.
Reporting standards:
World Resources Institute/World Business
Council for Sustainable Development
Greenhouse Gas Protocol: A Corporate
Accounting and Reporting Standard, Revised
Edition (the GHG Protocol). World Resources
Institute/World Business Council for
Sustainable Development Greenhouse Gas
Protocol: Corporate Value Chain (scope 3).
We have also aligned our reporting with:
– EPRA ‘Sustainability Best Practice
Recommendations’ (‘SBPR’). Published
in the sustainability performance section
of our investor website.
– Sustainability Accounting Standards
Board (‘SASB’) real estate metrics.
Pages 110 to 111.
– Global Reporting Initiative (‘GRI’) 2021
Standard. Published in the sustainability
performance section of our investor website.
Verification:
Bureau Veritas were appointed for
independent third-party verification of our
carbon data. The verification has been
performed to the international standard
ISAE3410 Specification. Limited level of
assurance, based upon a 5% materiality
threshold has been carried out. The full
assurance statement can be found in the
sustainability performance section of our
investor website. Further, our social value
data has been verified by Social Value Portal.
Other:
When reporting totals, the location-based
emissions are used. All our portfolio market-
based emissions are backed by Renewable
Energy Guarantees of Origin (‘REGOs’).
Any questions about the reported
information, please contact:
info@workspace.co.uk
Performance against targets and KPIs
We achieved a 6% reduction in scope 1 and
scope 2 emissions across the portfolio
compared to FY 23/24. This is underpinned by
a 6% reduction in Workspace procured energy
consumption (14% reduction in gas and 4%
reduction in electricity). On a like-for-like
basis, which only includes properties that have
been owned for the entirety of the April 2023
to March 2025 period, we achieved a 7%
reduction in scope 1 and 2 emissions.
The reduction in energy use was driven
by investment in high efficiency heat pump
installation across a number of properties and
optimisation of controls and setpoints. We
also rolled out a number of energy efficiency
upgrades across the portfolio such as LED
lighting, presence detection sensors, a smart
Building Energy Management System
(‘BEMS’) and ran several energy awareness
sessions with customers. In addition, granular
energy data enabled us to monitor and
optimise real time energy demand.
In line with common practice in the property
sector, we use a carbon intensity metric of
tCO
2
e/sq. ft. This year, we have delivered
savings of 7% in our emissions per sq. ft. of Net
Lettable Area (‘NLA’), across the like-for-like
portfolio. It is worth noting that on an absolute
basis we witnessed a 5% increase in emissions
per sq. ft. NLA, due to the sale of several assets
on FRI leases which didn’t contribute to scope 1
and 2 emissions.
Our market-based electricity figure is zero
because all of the electricity we purchase for
our portfolio is now on a renewable energy
contract backed by Renewable Energy
Guarantees of Origin (‘REGOs’), including the
power purchase agreement with a solar plant
in Devon.
Energy efficiency actions
taken during 2024/25
We have proactively identified and delivered
a range of energy efficiency projects across
our portfolio (invested £10m across 45
properties), such as LED and PIR lighting
upgrades, installation of secondary glazing
and a rolling programme of high efficiency
heat pumps. We have also benefited from
improved data management and customer
engagement initiatives across a number
of our buildings.
We have continued to roll out our BEMS,
Optergy, which is a smart metering technology
that has enabled real-time energy monitoring
at the building level right down to individual
plant equipment. The data provided by the
BEMS is used by our in-house Facilities
Management teams to improve energy
management practices and reduce GHG
emissions. The Optergy portal is now fully
enabled at 53 sites and enables us to view
and monitor our energy consumption profiles,
down to the unit level. See the case study on
page 53 for further details on energy efficiency
measures implemented during the year.
Method for data collection
We collect utility data across our portfolio
from manual meters, automated meters and
invoices, which are all collated on our energy
reporting and billing platform. Our site teams
are responsible for reading manual meters and
log consumption data onto our energy and
billing platform on a monthly basis. To remove
reliance on manual meter reading, we
continuously look at upgrading to automatic
meters, which are currently in place across the
majority of our main incomers. Our in-house
energy analyst reviews the accuracy of energy
data and analyses monthly performance
trends to help prioritise properties for energy
efficiency improvements.
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We estimate electricity consumption data
where customers have their own utility
supplier. Where this relates to units in a
building where we otherwise have access to
energy consumption, we estimate ‘Customer
direct’ electricity usage based on the energy
usage of the rest of the building, using a floor
area pro-rating method. Where this relates
to a FRI building, energy consumption is
estimated based on the average energy usage
of the building type in the portfolio. Whilst
our ‘Customer direct’ gas consumption is very
low, we have included estimations for gas
consumption where we have been made
aware of customer managed gas supplies.
GHG emissions calculated from ‘Customer
direct’ electricity and gas consumption are
included in our scope 3 reporting. Every time
a unit becomes vacant and we take over the
‘Customer direct’ supply, we transition the
associated energy use to our scope 1 and 2
emissions.
This year, we made the decision to restate
our 2023/24 emissions data, specifically gas
usage and renewable energy generation
following significant improvements in the
accuracy of our historical data. We have also
restated emissions from fuel and energy
related activities for FY 23/24 and FY
2019/20, to account for well-to-tank emissions
associated with gas and heat. On page 107, we
have also reported like-for-like figures, which
include properties that have been owned for
the entirety of the April 2023 to March 2025
period. Given we took over a significant
number of ‘customer direct’ supplies during the
course of the year, the data for these meters
have been back dated for the 2023/24 period
to enable a like-for-like comparison.
On page 107, we present the energy use
intensity for each building in our portfolio.
The energy use is normalised by the total
internal area of each asset, revealing the
relative performance of individual buildings
and allowing us to benchmark it against
industry best practice. This normalisation
using total internal area allows us to take
into account extensive usage of common areas
provided as amenity spaces for our customers,
ensuring a comprehensive assessment of
energy performance of our buildings.
Fugitive emissions stem from the use of
refrigerants and have been calculated based
on refrigerant leak event schedules provided
by our air conditioning contractors.
Vehicle emissions are calculated from the
use of our company cab.
Waste data is captured by our waste
contractor, who weighs recycled and general
waste across the portfolio at each waste
collection and provides us with a monthly
tonnage report.
Embodied carbon in development projects
relates to GHG emissions stemming from our
construction and refurbishment activities.
Since 2021, we systematically carry out
whole-life carbon analysis for all
developments and major refurbishment
projects, and therefore have project specific
embodied carbon data on our most recent
projects. Whilst there is no standardised
carbon emission factor for calculating
embodied carbon emissions from smaller
refurbishment projects, embodied carbon
factors advised by our consultant’s research
team have allowed us to estimate embodied
carbon emissions for small projects,
representative of standard market practice
(196 kgCO
2
e/m
2
for office retrofits involving
heat decarbonisation, 77kgCO
2
e/m
2
for light
office retrofits).
Purchased goods and services relate to the
upstream emissions from the business’ use
of products and services. Emissions were
calculated using a combination of spend-
based and activity-based method, applying
carbon factors from the BEIS database and
supplier reported emissions, respectively.
We intend to continue to move towards an
activity-based method for our upstream
emissions as more supply chain data becomes
available. This will provide greater accuracy of
the purchased goods and services emissions.
Business travel data includes flights and
car mileage claimed for business purposes
by our employees.
Emissions from commuting include carbon
emissions from homeworking in addition to
office commuting. For this year’s reporting,
we assumed the Head Office employees to be
working in the office three days a week and at
home two days a week. All site employees are
assumed to be working on-site five days a
week. Assumption on modes of transportation
used by commuters came from the
Department of Transport statistics.
On advice of our sustainability consultants,
we have expanded the scope of our Fuel and
Energy Related emissions to include well-to-
tank emissions from gas, heat, business travel
and employee commuting. This information
has been back dated to previous years as well.
With the exception of embodied carbon and
purchased goods and services, GHG emissions
were calculated using DEFRA (Department
for Environment, Food & Rural Affairs)
2024 factors.
Close monitoring and reporting
ofour impact not only ensures high
transparency in disclosure, but also
empowers us to take meaningful
action informed by real insights.
Sonal Jain
Head of Sustainability
COMPLIANCE STATEMENTS CONTINUED
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TOPIC ACCOUNTING METRIC CODE COMMENT
ENERGY
MANAGEMENT
Energy consumption data coverage as a percentage
of total floor area, by property subsector
IF-RE-130a.1 The energy consumption reported on page 107, falling within our scope 1 and 2 emissions,
covers 75% for our office portfolio and 39% of our industrial portfolio’s total nettable floor area,
as at 1 April 2024, and corresponds to the areas where Workspace have operational control.
Energy data falling outside of our procurement control is estimated and corresponding carbon
emissions are reported under scope 3 on page 107. A portion of this consumption is associated
with the industrial assets in the portfolio which are on FRI lease.
(1) Total energy consumed by portfolio area with
data coverage
(2) Percentage grid electricity
(3) Percentage renewable, by property subsector
IF-RE-130a.2 (1) See ‘Energy Consumption used to calculate above emissions (kWh)’ on page 107.
(2) 99% of electricity consumed was purchased from the grid, the rest was self-generated
by on-site solar panels.
(3) 100% of electricity procured was from certified renewable sources (REGO-backed).
Additionally we have 15 sites that are equipped with solar panels. Refer to page 77 for more
information on our renewable electricity procurement.
Like-for-like percentage change in energy consumption
for the portfolio area with data coverage, by property
subsector
IF-RE-130a.3 Refer to Ele-LfL, Fuel-LfL and DH&C-LfL metrics in our EPRA report.
Percentage of eligible portfolio that
(1) Has an energy rating and
(2) Is certified to ENERGY STAR, by property subsector
IF-RE-130a.4 Refer to Cert-Tot metric in our EPRA report. Energy Performance certificates (‘EPCs’) and
BREEAM certification have been used as the relevant UK alternative to ENERGY STAR.
Description of how building energy management
considerations are integrated into property investment
analysis and operational strategy
IF-RE-130a.5 Energy management is identified as one of the key material issues for the business and
underpins the delivery of our net zero carbon pathway. As a result, stretching greenhouse gas
emissions reduction targets directly influence Executive remuneration. Refer to pages 44 to 55
and 75 to 78 in this report for more information on our strategy and approach to energy
management, along with impact delivered.
WATER
MANAGEMENT
Water withdrawal data coverage as a percentage of
(1) Total floor area and
(2) Floor area in regions with High or Extremely High
Baseline Water Stress, by property subsector
IF-RE-140a. (1) Our water consumption data coverage amounts to 94% of our portfolio.
(2) 100% of our office properties and 74% of our industrial properties are located in areas
classified as under high water stress according to the World Resource Institute’s (‘WRI’)
Water Risk Atlas tool.
(1) Total water withdrawn by portfolio area with data
coverage and
(2) Percentage in regions with High or Extremely High
Baseline Water Stress, by property subsector
IF-RE-140a.2 (1) Refer to Water-Abs metric in our EPRA report.
(2) 100% of our office properties 100% of our industrial properties are located in areas
classified as under high water stress according to the World Resource Institute’s (‘WRI’)
Water Risk Atlas tool.
Like-for-like percentage change in water withdrawn for
portfolio area with data coverage, by property subsector
IF-RE-140a.3 Refer to Water-LfL metric in our EPRA report.
Description of water management risks and discussion
of strategies and practices to mitigate those risks
IF-RE-140a.4 We include emissions associated with water supply and water treatment in our scope 3
footprint and intend to address it as part of our net zero carbon pathway. Our climate risk
assessment also indicated water stress as a key risk in the long term and we have put in place a
mitigation strategy in the form of water efficient design brief and adaptive landscaping around
our sites (page 79). We are also rolling out metering to gain better coverage of our water data.
COMPLIANCE STATEMENTS CONTINUED
SASB SUSTAINABILITY ACCOUNTING STANDARD – REAL ESTATE METRIC
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MANAGEMENT
OF TENANT
SUSTAINABILITY
IMPACTS
(1) Percentage of new leases that contain a cost
recovery clause for resource efficiency related
capital improvements
(2) Associated leased floor area, by property subsector
IF-RE-410a.1 Our new leases are inclusive of rent and all bills, including utilities. A responsible energy
consumption clause has been included in those leases, which allows us to charge an excessive
usage fee in instances of consistent high energy consuming behaviour. Those inclusive leases
represented 61% of our total sales volume in 2024/25.
(1) Percentage of tenants that are separately metered
or submetered for grid electricity consumption
(2) Percentage of tenants that are separately metered
or submetered for water withdrawals, by property
subsector
IF-RE-410a.2 (1) 60% of tenant spaces are submetered for grid electricity consumption (as at 1st April 2024)
(2) Customers are billed for water usage on a floor area pro rating basis. A small number
of tenants manage their own water meter (gyms and restaurant units) in addition to
single-let properties’ tenants.
Discussion of approach to measuring, incentivising,
and improving sustainability impacts of tenants
IF-RE-410a.2 Our operational platform allows us to maintain a close working relationship with our customers
and collaborate on whole building initiatives. We have a multi-faceted customer engagement
strategy on sustainability, which includes sending quarterly sustainability newsletters to
customers across all of our properties, share building-level sustainability performance data,
along with practical guidance on how to operate buildings more sustainably. This year we
delivered over 40 sustainability-themed customer events ranging from energy savings
awareness to recycling and zero-waste environmental workshops.
CLIMATE CHANGE
ADAPTATION
Area of properties located in 100-year flood zones,
by property subsector
IF-RE-450a.1 1,601,363 sq. ft. of lettable area are located in a 100-year flood zone according to the
Environment Agency flood map.
Description of climate change risk exposure analysis,
degree of systematic portfolio exposure, and strategies
for mitigating risks
IF-RE-450a.2 Refer to the TCFD section of this report on pages 99 to 106.
ACTIVITY METRIC AS AT 1ST APRIL 2024 CODE COMMENT
Number of assets, by property subsector IF-RE-000.A 71 offices
3 industrial assets
1 other (leisure)
Leasable floor area, by property subsector IF-RE-000.B 4,508,235 sq. ft. of offices
147,136 sq. ft. of industrial assets
98,255 sq .ft. of leisure assets
Percentage of indirectly managed assets, by property subsector IF-RE-000.C 2% of office space floor area is indirectly managed
41% of industrial floor area is indirectly managed
Average occupancy rate, by property subsector (average for FY24/25) IF-RE-000.D 81% average occupancy rate across offices
71% average occupancy rate across industrial assets
COMPLIANCE STATEMENTS CONTINUED
SASB SUSTAINABILITY ACCOUNTING STANDARD – REAL ESTATE METRICS CONTINUED
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TNFD
TNFD PILLAR AND RECOMMENDATION RECOMMENDED DISCLOSURES
ALIGNMENT
WITH DISCLOSURE
REQUIREMENTS
1. GOVERNANCE
Disclose the organisation’s
governance of nature-related
dependencies, impacts, risks
and opportunities.
A. Board oversight of nature-related dependencies, impacts, risks and opportunities Fully aligned
B. Management’s role in assessing/managing dependencies, impacts, risks and opportunities Fully aligned
C. Human rights policy and engagement activities in assessment of dependencies, impacts,
risks and opportunities
Fully aligned
2. STRATEGY
Disclose the effects of nature-
related dependencies, impacts,
risks and opportunities on the
organisation’s business model,
strategy and financial planning
where such information is
material.
A. Dependencies, impacts, risks and opportunities for short, medium and long term Partially aligned
B. Effect on business model, value chain, strategy, financial planning, transition plans Partially aligned
C. Business’ strategy resilience against various scenarios N/A
D. Interface with priority locations Partially aligned
3. RISK MANAGEMENT
Describe the process used by
the organisation to identify,
assess, prioritise and monitor
nature-related dependencies,
impacts, risk and
opportunities.
A. Process for identifying, assessing and prioritising dependencies, impacts, risks and
opportunities in direct operations and value chain
Partially aligned
B. Process for monitoring dependencies, impacts, risks and opportunities Partially aligned
C. Integration into overall risk management Partially aligned
4. METRICS AND TARGETS
Disclose the metrics and
targets used to assess and
manage material nature-
related dependencies, impacts,
risks and opportunities.
A. Metrics used to assess and manage risks and opportunities Fully aligned
B. Metrics used to assess and manage dependencies and impacts Partially aligned
C. Description of targets (and performance monitoring) to manage dependencies, impacts,
risks and opportunities
Partially aligned
INTRODUCTION
Workspace considers nature and biodiversity
to be a material issue, intrinsically linked to
several of our other priority areas, including
climate resilience, customer expectations,
wellbeing, and regulatory compliance.
Recognising the growing urgency of nature
loss and its implications for our business
and stakeholders, we are committed to
understanding and addressing our nature-
related impacts and dependencies.
In line with the recommendations of the
Taskforce on Nature-related Financial
Disclosures (TNFD), we are pleased to present
our inaugural TNFD report. This disclosure
provides transparency on the nature-related
risks and opportunities we face, supporting
stakeholders in making informed decisions.
We intend to build on this foundation, refining
and expanding our approach annually as we
deepen our assessment of nature-related
issues and embed them more fully into our
strategic planning and risk management
processes.
The need for action is clear. Globally, wildlife
populations have declined by nearly 70%
over the past 50 years (Source: WWF’s living
planet report). In the UK, one in six species
is now at risk of extinction (Source: State of
nature report 2023). London is not immune
to these pressures. Urban development and
rising temperatures are straining natural
habitats, with far-reaching consequences for
public health, community resilience, and
quality of life.
As the owner and manager of 67 sites across
18 London boroughs and the South East,
Workspace is well-positioned to enhance
access to green space, improve local
biodiversity, and deliver positive outcomes
for communities. In recognition of this
opportunity, we have launched our first
Nature and Biodiversity Strategy, Make Space
for Nature, available on our website.
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Through this strategy, we are setting
ambitious, measurable targets to enhance
the ecological value of our operational and
development portfolios—ensuring nature is a
core consideration in the design, construction,
and management of our spaces.
With a portfolio comprising of
4.2m sq. ft. of space, Workspace is
uniquely positioned to support local
biodiversity and increase access to
nature in the city.
Ariane Ephraim
Senior Sustainability Manager
Board Oversight
Our Chief Executive Officer has the highest
level of responsibility for nature-related risks
and opportunities and together with the rest
of the Workspace Board, ensures we maintain
oversight of nature-related issues. The Board
ESG Committee, comprising of our Chair, five
Non-Executive Directors, Non-Executive
Directors, our CEO and CFO receives a
detailed update three times a year on our
sustainability strategy, including nature-related
issues, from members of the Executive
Committee and the Head of Sustainability.
This year, the Board ESG Committee reviewed
and approved Workspace’s first nature and
biodiversity strategy, taking into account our
nature-related dependencies, impacts, risks
and opportunities. The strategy includes
measurable targets for our developments and
existing portfolio, which are now fully integrated
into key performance metrics, and monitored
by the Board ESG Committee annually.
The Committee also received a detailed
ESG regulatory update from the Executive
Committee and Head of Sustainability during
the year, including changes to national and
local nature-related regulations.
Management’s Role
The Head of Portfolio Management was
nominated the Executive owner of our nature
strategy and reports to the Board ESG
Committee on all nature-related issues. They
are supported by the Head of Sustainability
and members of the Environmental
Committee in setting our nature and
biodiversity strategy and mobilising delivery.
Nature-related targets set out in our strategy
are now fully embedded into the objectives
of relevant team members.
To ensure effective learning from the outset,
a smaller group within the Environmental
Committee has formed a dedicated
Biodiversity Taskforce. Meeting monthly,
the taskforce includes representatives from
asset management, facilities management,
and development, providing focused oversight
of nature enhancement projects and tracking
progress against our nature and biodiversity
goals as outlined in the Make Space for
Nature strategy.
Human rights and engagement
As a property business, we recognise that
nature-related impacts often intersect with
the rights and wellbeing of local communities.
We integrate human rights considerations
into our governance of nature-related risks,
particularly when developing or managing
properties that may affect local ecosystems,
contribute to deforestation, or limit public
access to natural assets. We engage with
customers, suppliers, and local stakeholders
to identify and address all risks, ensuring our
activities support equitable and sustainable
development in line with international human
rights and environmental standards.
1. GOVERNANCE
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Nature-related Dependencies and Impacts
Workspace recognises the vital connection
between a thriving natural environment and
the long-term success of its business. As a
provider of flexible workspaces across a
densely urbanised city, we both depend on
and impact key ecosystem services, including
climate regulation, stormwater management,
and air purification. Our reliance on nature’s
provisioning services is especially
pronounced in our value chain, notably in
construction, which demands significant
volumes of natural raw materials.
Shifting regulatory and market expectations
present both risks and opportunities.
Increasingly, local and national regulations
require greater attention to greening and
biodiversity in development projects. At the
same time, evolving customer expectations
are a key driver of action. Our recent London
SME survey revealed that access to greenery
is a significant factor in office space selection.
We’ve seen highly positive responses to the
greening of our sites, highlighting a clear
opportunity to expand this across our
portfolio and enhance customer satisfaction.
In collaboration with nature and biodiversity
experts, and through engagement with
internal teams, we have undertaken an initial
mapping of our nature-related risks and
opportunities associated with our direct
operations. Building on this foundation, we
plan to conduct a comprehensive double
materiality assessment of our direct and
indirect impacts, dependencies, risks, and
opportunities related to nature. This will
be guided by the TNFD’s LEAP (Locate–
Evaluate–Assess–Prepare) approach.
2. STRATEGY
NATURE-RELATED RISKS AND OPPORTUNITIES
CATEGORY
NATURE-RELATED RISKS /
OPPORTUNITY DESCRIPTION
EFFECT ON BUSINESS MODEL,
VALUE CHAIN, STRATEGY AND
FINANCIAL PLANNING IMPACT
Physical Risk Biodiversity degradation near
urban sites
Reduced ecosystem services
(e.g. pollination, shading, air quality)
impacting customer wellbeing and
quality of life
Diminished attractiveness of
our portfolio Low
Physical Risk Climate stress from loss of
natural safeguards
Lack of green space exacerbates
urban heat island effect and
flood risk
High operational costs due to
heat stress and flood damage
remediation
Moderate
Physical Risk Drought risk Water scarcity causing
operational issues
High operational costs Low
Transition Risk Regulatory compliance
(e.g., Biodiversity Net Gain,
local planning requirements,
nature-related disclosure)
Additional planning restrictions,
cost increases, or delays for
non-compliance
Compliance risk, development
cost increase due to delays Low
Transition Risk Stakeholder expectation
misalignment
Reputational risk due to lack of
appropriate response to nature
degradation
Reduced brand attractiveness and
customer recommendation levels Low
Transition Risk Access to capital Increased scrutiny on nature and
biodiversity KPIs as part of lending
requirements
Increase cost of capital
Low
Transition Risk Cost of raw materials Degraded provision of ecosystem
services causing lack in supply of
raw materials, such as timber.
Construction cost increase
Low
Opportunity Enhanced asset value from
green spaces
Nature-enhanced assets may
command higher rents and
customer retention
Increased and sustained
rental income Low
Opportunity Customer wellbeing and
productivity
Access to nature linked to improved
customer satisfaction and wellness
Reputational benefits and
increased tenant retention
and attraction
Low
Opportunity Alignment with urban
planning and resilience
strategies
Supporting local climate/nature
goals can streamline approvals
and community goodwill
Facilitating planning approvals
and portfolio growth Low
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While we have mapped our operational
portfolio against priority biodiversity
locations - confirming that none of our sites
fall within designated areas – we have not yet
conducted a comprehensive assessment of
our broader value chain. This is a priority we
intend to address in due course. Similarly,
we have not undertaken dedicated nature-
related scenario analysis, primarily due to the
current lack of robust and widely accepted
methodologies. However, several risks and
opportunities identified through our existing
TCFD climate scenarios are directly linked
to nature, such as surface water flooding.
ADDRESSING OUR NATURE-RELATED
IMPACTS, DEPENDENCIES, RISKS
AND OPPORTUNITIES
Our ‘Make Space for Nature’ strategy aims
to address our nature-related risks and
opportunities via three primary objectives:
1. Achieve ambitious Biodiversity Net Gain
The statutory metric (BNG) provides
a quantifiable and verifiable method to
assess our habitat creation efforts and
environmental impact, which also helps
to meet regulatory requirements. The aim
is to achieve quantifiable biodiversity net
gains, which exceed minimum compliance
standards, for all new developments, major
refurbishments and existing assets. This
includes enhancing habitats for priority
species and implementing green
infrastructure across all assets where
opportunity exists. Quantifying habitat
enhancement and creation also allows
us to incorporate nature and biodiversity
performance consideration into financial
planning both at design stage of
development/refurbishment projects and
into annual asset management budgeting.
2. Health and wellbeing engagement
The increase in urban density can constitute
a barrier to accessing nature, a crucial
contributor to physical and mental health. As
an actor of urban transformation, Workspace
recognises that people’s connection to nature
is essential to their wellbeing and needs to be
preserved. By creating sizeable and inviting
green spaces as part of each project, we are
committed to meeting our customers’
expectations and enhancing their
wellbeing and that of local communities.
3. Ecosystem service provision
and resilience
We recognise that the evolving climate
presents low to moderate risks to our
business, manifesting as extreme weather
events such as flooding, and chronic
challenges like heat and drought stress. By
integrating nature-based solutions into the
design of our buildings effectively help to
mitigate against these risks. The creation of
blue and green spaces contribute to reducing
the Urban Heat Island effect, and outdoor
greenery offers shaded spaces that help
mitigate the effects of heat stress. Green
infrastructure on site also helps managing
surface water by increasing the amount of
permeable ground across our properties.
To measure our progress, we have baselined
our contribution to local biodiversity and set
measurable targets (see Metrics and Targets
on page 117).
2. STRATEGY CONTINUED
15%
AIM FOR BIODIVERSITY NET GAIN
BY 2030, AGAINST 2024 BASELINE
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Given the central role of nature-based
solutions in climate change adaptation
and mitigation, nature and climate-related
risks are deeply interdependent. As such,
Workspace integrates nature-related risks
into its broader climate risk management
approach through its enterprise risk
management framework (see page 103
in the TCFD section for further detail).
As outlined in the Strategy section, the three
objectives of our ‘Make Space for Nature’
strategy (biodiversity net gain, wellbeing,
climate resilience) together address our
direct nature-related risks and opportunities.
To mitigate against the risks, we have
incorporated the strategy, along with clear
action plans, into the objectives of relevant
teams, both for our operational portfolio
and development projects.
Operational portfolio:
Following a comprehensive biodiversity
baselining exercise of our portfolio, we have
identified enhancement opportunities across
our operational portfolio and created a
pipeline of greening projects which were
prioritised based on site needs, customer
expectations and space availability.
To ensure any enhancement or addition of
green spaces across our portfolio addresses
our three strategic objectives, we have
developed a Biodiversity Design Guide to
inform and support decision making. This
guide provides clear green infrastructure
specifications, including species selection
and is used by both our asset management
and development teams to inform project
specification.
This guidance also includes maintenance
regimen, horticultural best practice, cost
estimations and links to ecosystem
service provision.
Developments:
Our Sustainable Development Framework
has guided our development teams in
translating Workspace’s sustainability
ambitions consistently into project designs.
Building on this existing process, we have
incorporated our latest nature-specific targets
into the Framework to ensure meaningful and
measurable contributions to local biodiversity
are achieved at project level (exceeding the
minimum compliance requirements), whilst
maximising customer wellbeing. This also
places nature-based solutions at the heart
of our climate-related adaptation and
mitigation strategy.
The table on the right outlines our mitigation
strategy against each of the nature-related
risks.
3. RISK MANAGEMENT
MITIGATING STRATEGY FOR NATURE-RELATED RISKS
CATEGORY NATURE-RELATED RISKS/OPPORTUNITY: MITIGATION STRATEGY
Physical Risk Biodiversity degradation near urban
sites > Reduced ecosystem services
(e.g. pollination, shading, air quality)
impacting customer wellbeing and
quality of life
– Rolling programme of greening
projects, informed by Biodiversity
Design Guide, to enhance onsite
biodiversity
– All major projects incorporate a
minimum BNG target, exceeding
minimum compliance requirements
Physical Risk Climate stress from loss of natural
safeguards > Lack of green space
exacerbates urban heat island
effect and flood risk
– Biodiversity Design Guide
encourages implementation of
sustainable drainage systems and
enhancement in vegetative cover,
including tree planting
Physical Risk Drought risk > Water scarcity
causing operational issues
– Specification of drought resistant
planting and water efficient fittings
to minimise our water consumption
Transition Risk Regulatory compliance > Additional
planning restrictions, cost increases,
or delays for non-compliance
– All major projects incorporate a
minimum BNG target, exceeding
minimum compliance requirements
Transition Risk Stakeholder expectation
misalignment > Reputational
risk due to lack of appropriate
response to nature degradation
– ‘Make Space for Nature’ strategy
communicated to all stakeholders
with public reporting of progress
and TNFD disclosure to ensure our
approach and response is widely
understood
Transition Risk Access to capital > Increased
scrutiny on nature and biodiversity
KPIs as part of lending
requirements
– Incorporation of BNG target as a
key sustainability KPI, with a long
term measurable goal
– TNFD disclosure ensures lenders are
informed of progress being made
Transition Risk Cost of raw materials > Degraded
provision of ecosystem services
causing lack in supply of raw
materials, such as timber
– Focus on refurbishment minimises
reliance on raw materials
– Plans to update procurement
policies to take into account
nature-related considerations
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4. METRICS AND TARGETS
To measure our nature-related impact
and dependency, we are now tracking and
reporting on a number of metrics such as:
– Biodiversity Net Gain achieved on
each development project
3
– Urban Greening Factor achieved on
new development project
3
– Number of ecosystem services uplifted
on new development project
3
– Annual Biodiversity Net Gain uplift across
our operational portfolio (page 117)
– Number of additional greening projects or
greenery condition improvement projects
carried our annually (page 77)
– Number of customer and employee nature
awareness events delivered (page 117)
– Instances of surface flooding affecting
our buildings (page 79)
– Waste generated and disposal (page 107)
– Water use (page 107)
The table on the right provides further detail
on targets we have set against nature-related
risks and opportunities.
SMALL PROJECTS MAKE BIG WINS
This year we delivered external greening
projects across 5 buildings, carefully
designing the space to enhance local
biodiversity and access to nature. These
projects resulted in a biodiversity net gain
of 0.4 Biodiversity Units – a 2.4% increase
from our baseline of 16.76 Biodiveristy Units.
We intend to continue to drive progress at
pace, in line with our 2030 target.
STAKEHOLDER ENGAGEMENT ON NATURE
Meeting customer expectations around
nature is a key driver of our strategy. Just
as importantly, we believe that fostering
awareness and connection to the natural
environment will deepen the impact and
long-term success of our approach. To mark
the launch of our ‘Make Space for Nature’
strategy and involve our customers from the
outset, we hosted a bulb planting workshop
at our Kennington Park centre. Fifteen
customers took part, learning planting
techniques and creating their own planters,
which are now proudly displayed on the
shared terraces.
1. Where the baseline value of site is one biodiversity unit or above.
2. Where the baseline value of site is less than one biodiversity unit.
3. Nature and Biodiversity metrics for new developments (see table to the
right) are not reported this year as no new development project has been
designed since the publication of the ‘Make Space for Nature’ strategy.
NATURE & BIODIVERSITY TARGETS
TARGET PROCESS
Existing
portfolio
1. Achieve 15% BNG across the
operational portfolio (based
on habitat units) by 2030
from a 2023/24 baseline.
– We will seek to green our buildings
where feasible.
– We will implement adequate
‘biodiversity actions’ (such as
planters, trees, etc) where feasible.
– We aim to monitor and report against
the targets every two years including
verification from a third party.
New
Developments
1. Achieve 25% BNG, for sites with
existing greening
1
OR achieve
2 BU/ha, for dense urban sites
with little greening
2
.
2. Achieve a Urban Greening Factor
(‘UGF’) of 0.3.
3. Achieve an uplift in at least five
ecosystem services, as assessed
via the Environmental Benefits
for Nature (‘EBN’) Tool.
– We will apply the ‘Biodiversity
Requirements’ for new developments
during the design process, to provide
process-led environmental net gain
on each site.
– We will monitor and report against
the targets from RIBA Stage 3
onwards.
Business-wide
commitment
1. Communicate response
externally via TNFD disclosure
2. Update procurement policies
to include nature-related
considerations.
– We will continue to evolve our TNFD
disclosure as the strategy evolves
beyond direct operations.
– We will build on existing sustainable
procurement policy to consider
embodied ecological impact of
materials and information on
suppliers’ nature impacts.
CASE STUDY
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IN THIS SECTION
OVERVIEW
119 Governance highlights in 2024/25
120 Chair’s introduction to Governance
124 UK Corporate Governance Code 2018
BOARD LEADERSHIP AND COMPANY PURPOSE
126 CEO introduction
127 Our Board
130 Board activities 2024/25
139 Section 172(1) statement
DIVISION OF RESPONSIBILITIES
143 Company Secretary introduction
144 Board roles and responsibilities
146 Our governance framework
147 How we govern
COMPOSITION, SUCCESSION AND EVALUATION
153 Chair of the Nominations Committee
introduction
155 Nominations Committee Chair’s letter
156 The role of the Nominations Committee
157 Nominations Committee activities in 2024/25
162 Diversity and inclusion
AUDIT, RISK AND INTERNAL CONTROL
172 Chair of the Audit Committee introduction
174 Audit Committee Chair’s letter
177 The role of the Audit Committee
179 Significant matters considered
by the Committee
182 External audit
184 Risk management and internal controls
ESG COMMITTEE REPORT
186 Chair of the ESG Committee introduction
188 ESG Committee Chair’s letter
191 ESG policies, procedures and related
assurance
REMUNERATION
192 Chair of the Remuneration Committee
introduction
195 Remuneration Committee Chair’s letter
197 Summary of Executive Directors’ Total
Remuneration
200 Consideration of the experience of our
stakeholders
202 Aligning our remuneration principles with
our purpose and strategy and the experience
of all our stakeholders
206 Our Remuneration Policy
211 Annual report on remuneration
DIRECTORS REPORT AND RESPONSIBILITY
STATEMENT
231 Report of the Directors
234 Statement of Directors’ responsibilities
in respect of the annual report and the
financial statements
STRONG GOVERNANCE IS A
STRATEGIC ENABLER, WHILE
OUR INCLUSIVE CULTURE IS A
CATALYST FOR INNOVATION,
TRUST AND COLLABORATION,
FORMING THE FOUNDATION
FOR LONG-TERM VALUE
CREATION FOR ALL OUR
STAKEHOLDERS.
Embedding and monitoring
our culture
Pages 122 to 123
Diversity and inclusion
Pages 162 to 171
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GOVERNANCE HIGHLIGHTS IN 2024/25
EMBEDDING AND MONITORING CULTURE
Through ongoing employee surveys,
wegather the feedback necessary to
continuously monitor and embed our culture.
By nurturing a stronger culture,
the Board has aimed to create
an environment where every
employee feels seen, supported
and driven by a shared sense
of purpose and values.
Duncan Owen
Non-Executive Chair
Lawrence Hutchings was appointed as CEO
on 18 November 2024, succeeding Graham
Clemett, who retired from the role of CEO on
the same date but remained on the Board as
an Executive Director until his retirement on
31 January 2025.
Read more about the transition
Page 157
DIVIDEND
28.4p
REFINANCING
£215m
REFINANCED CREDIT FACILITIES
Read more about the refinancing
Pages 142
CREATING SOCIAL VALUE
£1.02m
OF SOCIAL VALUE GENERATED
2025 1.02m
827k
604k
2024
2023
-7%
REDUCTION IN SCOPE 1 AND 2 EMISSIONS
IN THE LIKE-FOR-LIKE PORTFOLIO COMPARED
TO FY 23/24
Read more about embedding
and monitoring our culture
Pages 122 to 123
Read more about how we
create social value
Page 85
76%
STAFF AGREE OUR VALUES MATCH OUR
CULTURE (2025 STAFF SURVEY)
DIVIDEND CEO TRANSITION
REDUCING OUR IMPACT
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CHAIR’S INTRODUCTION TO GOVERNANCE
Robust governance provides the
discipline and direction behind
our strategy, while our inclusive
culture accelerates innovation,
strengthens trust, and enhances
collaboration. Together, they
are key drivers of long-term
performance and value for all
our stakeholders.
Duncan Owen
Non-Executive Chair
QUICK LINKS
Page
Chair’s introduction to governance 120
Board leadership and company purpose 126
Division of responsibilities 143
Composition, succession and evaluation 153
Audit, risk and internal control 172
ESG Committee report 186
Remuneration 192
Report of the Directors 231
Statement of Directors’ responsibilities 234
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CHAIR’S INTRODUCTION TO GOVERNANCE CONTINUED
Dear shareholder,
I am pleased to present Workspace’s corporate
governance report for the 2024/25 year.
The Board and I recognise that strong
governance is fundamental to building trust
and driving long-term value for both our
shareholders and our people. This year, we
were proud to see our efforts acknowledged
through several industry accolades, including
Reporting in the FTSE 350 and Remuneration
Reporting in the FTSE 350 at the PwC Building
Trust Awards. These achievements reflect our
commitment to transparency, accountability,
and high performance, and we remain
focused on maintaining these standards.
Board changes and succession planning
One of the Board’s key priorities this year has
been to ensure a smooth and effective CEO
transition. On 18 November 2024, we were
pleased to welcome Lawrence Hutchings as
our new Chief Executive Officer. Lawrence
has already brought fresh perspectives and
energy to Workspace, delivering resilient
results, with trading profit at £66.8m, and
developing a refreshed strategy. We look
forward to working closely with him as we
continue to deliver on our strategic ambitions.
Read more about Lawrence on page 127.
Graham Clemett retired as CEO on
18 November 2024, remaining on the Board
as an Executive Director until 31 January
2025 to support a seamless handover. On
behalf of the Board, I would like to sincerely
thank Graham for his significant contribution
to Workspace over the years and wish him
all the best in his retirement.
I’m also pleased to welcome Jess Berney
to the Executive Committee, who will take
on the role of Head of Portfolio Management
from 1 July 2025. Jess has a strong track
record from her senior management role at
Schroders Capital, and we look forward to the
expertise and leadership she will bring to this
important position.
Focus on strategy
During the year, the Executive Committee,
led by Lawrence and supported by the Board,
have been developing a revised strategy, based
on operational excellence and an evolution of
our flexible offer. The new approach prioritises
agility and our ability to adapt to changing
market conditions. Read more about our
refreshed strategy on pages 34 to 58.
Embedding culture
We are committed to setting the tone from
the top, championing a culture that is open,
inclusive, and aligned with our values. The
Board plays an active role in embedding this
culture by engaging directly with employees
through Chair engagement lunches, reviewing
insights from employee surveys, and listening
to feedback across the organisation.
These insights are central to shaping how
we understand, communicate, and embed
our culture at every level of the business.
Sustainability
In addition to launching our first net zero
carbon building, we introduced a new social
impact programme, designed to enhance
skills and create employment opportunities
within our local communities. Read more
on pages 58 and 187.
The Board discussed the updated target –
setting criteria issued by the Science Based
Target initiative, which requires a 90%
reduction in greenhouse gas emissions in order
to claim net zero, and approved a change in
the Company’s targets to align with the new
criteria. Read more on page 54.
Diversity & inclusion
We are proud of our diverse and inclusive
workforce and in support of our ongoing
commitment to inclusivity, we established
a Diversity Action Group during the year, a
dedicated staff forum aimed at promoting
dialogue and progress across all aspects of
diversity. This is chaired by Richard Swayne,
our Investment Director, and attended by
employees from across the business, and
its remit is to suggest and drive forward
employee led initiatives. Read more on
page 171.
Internal Board performance review
Following the external Board performance
review conducted by Fidelio last year, the
Board conducted an internal performance
review this year. It concluded that the Board
and its Committees remain effective,
delivering strong oversight through informed
decision making, strategic input, and
consistent support for the Executive team.
Read more about the internal performance
review on pages 159 to 160.
New Corporate Governance Code
During the year, we considered the forthcoming
amendments contained in the UK Corporate
Governance Code 2024, which applies to
Workspace for financial years starting from
1 April 2025 (except for provision 29 in relation
to risk management and internal controls,
which will be effective from 1 April 2026).
We were pleased to be recognised
at this year’s PwC Building Trust
Awards with the judges highlighting
our visually engaging stakeholder
led disclosures, affirming our
commitment to clear, transparent
and impactful reporting.
The main changes in the 2024 Code focus
on internal controls, requiring boards to
monitor and review all material controls and
to make a declaration on their effectiveness
in the annual report. The Board has reviewed
the requirements, and the plans to ensure the
Company is compliant with the new provisions.
Looking forward
It has been a busy and productive year, with
significant focus by the Board on refining our
strategy and implementing an operational
structure aligned to deliver on our strategic
objectives. This foundational work has
positioned us well for the future. As we move
forward, continued attention will be given to
strengthening governance and enhancing the
effectiveness of Board operations, ensuring
we remain well-equipped to support the
organisation’s growth and long-term success.
Duncan Owen
Non-Executive Chair
4 June 2025
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Q&A
EMBEDDING AND MONITORING
OUR CULTURE
WHY WE DO IT
An engaged and motivated workforce helps
us deliver value.
HOW WE DO IT
The Board uses a variety of methods to
monitor our culture and how it is embedded.
CHAIR’S INTRODUCTION TO GOVERNANCE CONTINUED
IN CONVERSATION WITH OUR
NON-EXECUTIVE DIRECTORS
Q
Why is culture so important to the Board
and how do you set our culture?
Lesley-Ann Nash (Lesley-Ann)
Fostering
the right culture is vital to ensuring Workspace
delivers value to its stakeholders. As a
collective, the Board is aligned on wanting
an open and inclusive culture at Workspace,
where all staff are motivated and aware of
the value their work brings to delivering our
economic, environmental and social value.
Rosie Shapland (Rosie)
Promoting an
inclusive workplace begins with setting clear
expectations around conduct and behaviour.
As a Board, we regularly review and approve
the Group’s core employment and compliance
policies to ensure they remain robust and
aligned with our values. We recently approved
an updated and consolidated Employee
Handbook and Code of Conduct, which was
communicated to all employees. We also
reviewed the Group’s new Sexual Harassment
Policy, which sets out the clear steps the
Company will take to protect employees
and uphold a zero-tolerance approach
to harassment in the workplace.
Q
How does diversity & inclusion fit in with
culture?
Nick Mackenzie (Nick)
A diverse workforce
plays a vital role in shaping a positive, inclusive,
and high-performing culture. By bringing
together a rich variety of backgrounds,
experiences and perspectives, it not only
drives creativity and innovation but also
supports more well-rounded, effective
decision-making across the organisation.
David Stevenson (David)
An inclusive
environment helps employees feel respected
and valued, which strengthens engagement,
enhances collaboration, and contributes to
a stronger, more cohesive team performance
throughout the Company.
Q
How does the Board directly monitor our
culture and make sure it is embedded?
Manju Malhotra (Manju)
Our two Executive
Board members, our CEO and CFO, are at
the heart of the business day-in and day-out.
They set the ‘tone from the top’ and constantly
see our culture in action. We hear from them
at every Board meeting and it is always
invaluable for us to hear their perspectives
on Workspace’s culture and the feedback
they have received.
Rosie
As Non-Executive Directors, we
believe it’s essential to step out of the
boardroom and engage directly with staff
to gain firsthand insights. Duncan, our Chair,
takes his role as the designated Director for
Employee Engagement very seriously. He has
been particularly committed to ensuring that
all Board members have the opportunity to
hear directly from staff. This year, several of us
Non-Executive Directors have joined Duncan
at staff lunch sessions, which have proven to
be an invaluable way for us to monitor and
understand the company culture.
Q
Why are the lunchtime sessions so valuable?
Rosie
The lunchtime sessions allow us
to speak to staff in a relaxed environment,
without the formality they might feel in
a meeting at head office. It fosters an
atmosphere where staff can freely speak.
David
I attended my first lunch session in
October 2024 and I was immediately struck by
the knowledge our staff have of the business
and our customers, and the many ideas they
have for improvements. One theme in the
session I attended was a clear desire to hear
and understand more about the Company’s
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strategy. Following this, the Executive
Committee have started holding regular
sessions with senior managers and their wider
teams to update them on strategy discussions.
Q
How do you make sure that the Board is
engaging with our centre teams as well as
head office teams?
David
As part of my induction as a new
Non-Executive Director, I met with several
members of staff at our head office, and
visited a number of our sites where I was
able to speak to the centre teams on-site and
hear their perspectives. I saw first-hand the
impact that our centre teams make on
customer experience.
Nick
We’ve made a conscious effort to
ensure that the Board’s focus extends beyond
our headquarters in Kennington. This year,
we held Board meetings at Centro Buildings,
The Print Rooms and Salisbury House, giving
us the chance to observe our teams in action
and engage with them while enjoying our
morning coffee. These visits provide valuable
opportunities to connect with staff and gain
adeeper understanding of their roles and
interactions with customers.
Lesley-Ann
And of course, the staff lunch
sessions are held at various locations to give
every member of staff the opportunity to
attend one that is convenient for them.
Q
Do you hear the results of the annual
staff survey?
Manju
Yes we do! The annual staff survey
is one of our most important opportunities
to hear the honest views of Workspace staff.
The survey is always anonymous because
we understand some staff may not feel
comfortable giving feedback directly,
especially constructive feedback.
Nick
Once the survey results are in, we
receive an in-depth presentation of the results
from the Director of People & Culture and
discuss them in detail. We also review and
discuss the proposed actions that come out
of the survey and then we regularly invite the
Director of People & Culture back to the
boardroom to update us on progress.
Lesley-Ann
One of the focus areas of the
annual survey is always remuneration and
benefits. As Chair of the Remuneration
Committee, I am particularly conscious of our
responsibility to consider the remuneration of
the wider workforce when setting Executive
pay, especially given the continual increase
in the cost of living. Feedback from the survey
on the remuneration and benefits was a key
reason for the decision to enhance our family
leave policies and introduce a new scheme
which allows staff to buy extra annual leave.
Q
How else do you monitor culture?
Lesley-Ann
We make sure that we
communicate regularly with all members
of the Executive Committee. Sometimes
the informal feedback that our Executive
Committee members hear day-to-day can be
the most insightful and give us a really good
barometer of how staff are feeling.
Manju
One of the ways the Executive
Committee receive feedback is the online staff
suggestion box that was introduced a few years
ago. One of the suggestions received from a
centre manager was to send out an end-of-year
newsletter to customers summarising what
key events and achievements took place in
their centre that year. This excellent idea was
implemented in March 2025.
Nick
We’ve heard that one of the things
staff value most is the ‘town hall’ style events,
held several times a year and hosted by
members of the Executive Committee and
other senior leaders in the business. This gives
staff the chance to get together and hear
business updates in a communal setting.
Questions from staff are always encouraged
(anonymously or not!) and as a Board we hear
feedback from the Executive Committee on
the questions asked and thoughts raised.
David
One of the themes raised this year,
in common with the matters discussed at staff
lunches, was communication about strategy.
Q
Do you think Workspace has a culture
where staff feel able to raise concerns
about misconduct?
Rosie
It’s vital that staff are able to let
us know if they are concerned about any
misconduct at work. Each year the Audit
Committee reviews Workspace’s
Whistleblowing Policy to ensure it continues
to reflect best practice. In particular, we
ensure that there is a way for staff to report
matters anonymously if they feel they need to.
Manju
One of the most important parts of
the Whistleblowing Policy is the section on
‘no reprisals’, where we reassure staff that
no-one who makes a genuine report will be
subject to any negative consequences as a
result. This is reinforced in an annual reminder
that is sent to all staff.
Q
What more do you want to do in the
coming year?
Manju
In the coming year, the Board
is committed to actively monitoring and
responding to the insights gathered from the
recent staff survey. The results, which were
presented to the Board in April, highlighted
key areas where we can improve and
strengthen our culture and employee
experience. As a result, the Board will closely
monitor progress on initiatives aimed at
addressing these areas, including enhancing
communication, promoting professional
development opportunities, and ensuring
that our work environment continues to
be inclusive and supportive. We remain
dedicated to listening to our staff and
fostering a workplace where every employee
feels valued and empowered to contribute
tothe Company’s success.
RESPONDING TO STAFF FEEDBACK IN 2024/25
What did we hear? Where did we hear it? What action have we taken?
Staff want to hear more
about our strategy
Employee Lunch
Session/Town Halls
Started holding strategy update sessions
for senior managers and wider teams
Staff want to see ongoing
improvements to
employee benefits
Staff survey Reviewed and enhanced our family leave policies
and introduced a new scheme where employees
can buy additional annual leave
Staff want to see more
opportunities for career
development
Staff survey Increased our offering of apprenticeships
Rolled out coaching and mentoring training
for line managers
Staff thought it would be
useful to send a year-end
newsletter highlighting
positive developments
at centres
Online suggestion box This idea has been implemented, with the first
newsletter being sent in March 2025
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CHAIR’S INTRODUCTION TO GOVERNANCE CONTINUED
EMBEDDING AND MONITORING OUR CULTURE CONTINUED

UK CORPORATE
GOVERNANCE CODE 2018
Compliance statement
The Board confirms that, for the year ended 31 March 2025,
we have complied with all of the provisions of the UK
Corporate Governance Code 2018 other than Provision 32
ofthe Code. Lesley-Ann Nash was appointed as Chair of the
Remuneration Committee with effect from 10 September
2021 and on appointment had served nine months as a
member of the Remuneration Committee. While we note the
requirement of Provision 32 that remuneration committee
chairs should have served on a remuneration committee for
at least 12 months prior to their appointment, Lesley-Ann has
now served on the Remuneration Committee for over three
years and the Board continues to have every confidence that
Lesley-Ann has the skills and experience to carry out the role.
The application of the Code’s Principles is evidenced
throughout the Annual Report and the tables to the right
andbelow show how the Governance section has been
structured around the Code Principles (A to R).
Further information on the Code can be found on the
Financial Reporting Council’s website at www.frc.org.uk.
During the year, the Board and its Committees have spent
time reviewing the UK Corporate Governance Code 2024, the
majority of which will apply to Workspace from 1 April 2025
(except for Provision 29 in relation to risk management and
internal controls, which will be effective from 1 April 2026).
Aprogramme of work to ensure our continuing compliance
was progressed during the year.
BOARD LEADERSHIP AND COMPANY PURPOSE
Pages 126 to 142
The Board provides the essential
leadership needed to drive sustained
and resilient performance.
Lawrence Hutchings
Chief Executive Officer
Principle A
A successful company is led by an effective
and entrepreneurial board, whose role is
to promote the long-term sustainable
success of the company, generating value
for shareholders and contributing to
wider society.
Our Board
Pages 127 to 129
CEO transition
Page 157
Board performance
review
Pages 159 to 161
Principle B
The board should establish the company’s
purpose, values and strategy, and satisfy
itself that these and its culture are aligned.
All directors must act with integrity, lead by
example and promote the desired culture.
Purpose, values
and culture
Page 132
Strategy
Page 34
Business model
Page 2
Principle C
The board should ensure that the necessary
resources are in place for the company to
meet its objectives and measure performance
against them. The board should also establish
a framework of prudent and effective
controls, which enable risk to be assessed
and managed.
Our governance
framework
Page 146
Risk management
and internal controls
Page 184
Principal risks
and uncertainties
Page 86
Principle D
In order for the company to meet its
responsibilities to shareholders and
stakeholders, the board should ensure
effective engagement with, and encourage
participation from, these parties.
Our stakeholders
Pages 14 to 26 and
133 to 136
Section 172(1)
statement
Pages 139 to 142
Principle E
The board should ensure that workforce
policies and practices are consistent with the
company’s values and support its long-term
sustainable success. The workforce should
be able to raise any matters of concern.
Purpose, values
and culture
Page 132
Employee engagement
Pages 18 to 20,
134 and 214
Whistleblowing Policy
Page 98
DIVISION OF RESPONSIBILITIES
Pages 143 to 152
Clear separation of roles enables
us to maintain the highest standards
of integrity and governance.
Carmelina Carfora
Company Secretary
Principle F
The chair leads the board and is responsible
for its overall effectiveness in directing the
company. The chair should demonstrate
objective judgement throughout their tenure
and they should promote a culture of
openness and debate. In addition, the chair
facilitates constructive board relations and
the effective contribution of all non-executive
directors, and the chair ensures that directors
receive accurate, timely and clear information.
Board roles and
responsibilities
Page 144
Chair’s introduction
to governance
Page 120
Board performance
review
Pages 159 to 161
Principle G
The board should include an appropriate
combination of executive and non-executive
(and, in particular, independent non-executive)
directors, such that no one individual or small
group of individuals dominates the board’s
decision making. There should be a clear
division of responsibilities between the
leadership of the board and the executive
leadership of the company’s business.
Board roles and
responsibilities
Page 144
Non-Executive
Directors
Page 147
The relationship
between the Board
and the Executive
Committee
Page 149
Principle H
Non-executive directors should have sufficient
time to meet their board responsibilities.
They should provide constructive challenge,
strategic guidance, offer specialist advice
and hold management to account.
Board roles and
responsibilities
Page 144
Non-Executive
Directors
Page 147
Principle I
The board, supported by the company
secretary, should ensure that it has the
policies, processes, information, time and
resources it needs in order to function
effectively and efficiently.
Our governance
framework
Page 146
Information flow
to the Board
Page 151
CHAIR’S INTRODUCTION TO GOVERNANCE CONTINUED
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REMUNERATION
Pages 192 to 230
AUDIT, RISK AND INTERNAL CONTROL
Pages 172 to 185
COMPOSITION, SUCCESSION AND EVALUATION
Pages 153 to 171
The Committee has maintained its
focus on overseeing the Group’s financial
reporting, external audit, internal controls
and risk management.
Rosie Shapland
Chair of the Audit Committee
Principle M
The board should establish formal and
transparent policies and procedures to
ensure the independence and the
effectiveness of internal and external audit
functions. The board should satisfy itself
on the integrity of financial and narrative
statements.
Audit Committee
Report
Page 172
Principle N
The board should present a fair, balanced
and understandable assessment of the
company’s position and its prospects.
Fair, balanced and
understandable
reporting
Page 182
Principle O
The board should establish procedures to
manage risk, to oversee the internal control
framework, and to determine the nature and
the extent of the principal risks the company
is willing to take in order to achieve its
long-term strategic objectives.
Our governance
framework
Page 146
Risk management
and internal controls
Page 184
Principal risks
and uncertainties
Page 86
Our purpose is to design remuneration
arrangements that not only align with
the Company’s goals and objectives but
also reflect our culture and core values.
Lesley-Ann Nash
Chair of the Remuneration Committee
Principle P
Remuneration policies and practices
should be designed to support strategy
and promote long-term sustainable success.
Executive remuneration should be aligned to
company purpose and values, and be clearly
linked to the successful delivery of the
company’s long-term strategy.
Remuneration
Committee
Chair’s letter
Page 195
Remuneration
at a glance
Page 199
Our remuneration
policy
Page 206
Principle Q
A formal and transparent procedure for
developing policy on executive remuneration
and determining director and senior
management remuneration should be
established. No director should be involved
in deciding their own remuneration outcome.
Remuneration
Committee Chair’s
letter
Page 195
Our remuneration
policy
Page 206
Principle R
Directors should exercise independent
judgement and discretion when authorising
remuneration outcomes, taking account
of company and individual performance,
and wider circumstances.
Remuneration
Committee
Chair’s letter
Page 195
Our approach
to fairness and
wider workforce
considerations
Page 214
We are committed to cultivating a
diverse mix on the Board, ensuring
a balanced approach that supports
sustainable long-term success.
Duncan Owen
Chair of the Nominations Committee
Principle J
Appointments to the board should be
subject to a formal, rigorous and transparent
procedure, and an effective succession plan
should be maintained by the board and by
senior management. Both appointments and
succession plans should be based on merit
and objective criteria and, within this
context, should promote diversity of gender,
social and ethnic backgrounds, cognitive
and personal strengths.
CEO transition
Page 157
Diversity and
inclusion
Page 162
Principle K
The board and its committees should have
a combination of skills, experience and
knowledge. Consideration should be given
to the length of service of the board as a
whole and membership regularly refreshed.
Board composition
Page 158
Principle L
Annual evaluation of the board should
consider its composition, diversity and
how effectively members work together
to achieve objectives. Individual evaluation
should demonstrate whether each director
continues to contribute effectively.
Board performance
review
Pages 159 to 161
£2.368bn
PROPERTY VALUATION
6%
DECREASE IN MEDIAN HOURLY
GENDER PAY GAP COMPARED TO 2023
13%
ETHNIC MINORITIES IN EXECUTIVE AND
SENIOR MANAGEMENT AS AT 31 MARCH 2025
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CHAIR’S INTRODUCTION TO GOVERNANCE CONTINUED
UK CORPORATE GOVERNANCE CODE 2018 CONTINUED

BOARD LEADERSHIP AND COMPANY PURPOSE
QUICK LINKS
Page
Our Board 127
Board and Committee meeting attendance 129
The Board provides the
strong leadership required
for Workspace to deliver
resilient performance for
its stakeholders.
Lawrence Hutchings
Chief Executive Officer
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BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
DUNCAN OWEN
Non-Executive Chair
LAWRENCE HUTCHINGS
Chief Executive Officer
DAVE BENSON
Chief Financial Officer
Appointed
Board: July 2021. Chair: July 2023
Appointed
November 2024
Appointed
April 2020
Current external appointments
Duncan is Chair of Link PLC, Asia’s largest REIT.
He is Chair of their Nominations Committee and
the Finance and Investment Committee as well as
a member of the Remuneration and Sustainability
Committees. He is currently Chair of Sellar, the
large-scale London developer and asset manager of
schemes such as the Shard andPaddington Square,
and he will be stepping down from this role in
November 2025. Duncan isalso chair of the Oxford
Science Park Ltd.
Current external appointments
Lawrence does not have any current
external appointments.
Current external appointments
Dave does not have any current
external appointments.
Relevant skills, business experience
and contribution
Duncan has over 35 years’ of global experience
in the real estate investment and development
sector. He has a deep understanding of the central
London Office sector and listed capital markets,
including leadership of IPO and corporate
acquisitions. He was previously a director of LaSalle
Investment Management, on the board of Insight
Investment, co-founder of Gatehouse Investment
Management Limited, CEO of Invista Real Estate
Investment Management plc and Global Head
of Real Estate at Schroders PLC. Up until 2023,
he was also CEO of Immobel Capital Partners.
He was previously a member of the Board of
Governors of the Church Commissioners and Chair
of its Real Assets Investment Committee, and is
a council member of the Royal College of Music.
He is a member of the Royal Institution of Chartered
Surveyors, sat on the policy committee of the BPF
(British Property Federation) for 14 years and
studied at INSEAD.
Relevant skills, business experience
and contribution
Lawrence was Chief Executive Officer at Capital &
Regional PLC from 2017-2024. Prior to that, hewas
an Advisor and then Managing Director at Blackstone
in Australia for five years, Managing Director, UK
Retail at Hammerson PLC and Director (Property)
European Retail at Henderson Global Investors.
Lawrence brings an extensive background in all
facets of property management, development,
leasing, asset and fund management combined
with corporate experience spanning his 30-year
career, the majority of which has been spent in
the UK and Europe.
Relevant skills, business experience
and contribution
Prior to joining Workspace, Dave was the Corporate
Finance Director of Whitbread PLC. He previously
held senior finance roles at Kier Group plc and
Keller Group plc, having qualified as a Chartered
Accountant with Deloitte. He has strong financial
skills, having gained experience in a series of
dynamic businesses as well as agood
understanding of technology and itscommercial
applications plus strong communication and
leadership skills.
He has experience in strategy development,
infrastructure and development projects, corporate
transactions, acquisitions and integrations, investor
relations and detailed knowledge of risk
management and internal control systems.
NON-EXECUTIVE CHAIR EXECUTIVE DIRECTOR EXECUTIVE DIRECTOR
Board meeting attendance
Page 129
Composition, skills and diversity
of the Board
Page 163
R N G G E I D G E I D
OUR BOARD
Led by our Chair, Duncan Owen, the Board
provides strategic leadership and direction
for the Company. Collectively accountable
to shareholders, the Board oversees the
Company’s long-term success, ensuring
alignment with our purpose, values, culture,
strategy, and governance. It is responsible
for setting the Company’s strategic aims,
providing the leadership to put them into
effect, supervising the management of the
business, and reporting to shareholders on
their stewardship.
Details of individual attendance at Board
meetings held during the year are set out
on page 129.
More information on the skills and the
experience of the Board members can
be found on page 163.
Committee membership key
E
Executive
A
Audit
R
Remuneration
N
Nominations
G
ESG
I
Investment
D
Disclosure
Denotes chair of a committee
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ROSIE SHAPLAND
Senior Independent Non-Executive Director
LESLEY-ANN NASH
Independent Non-Executive Director
MANJU MALHOTRA
Independent Non-Executive Director
NICK MACKENZIE
Independent Non-Executive Director
Appointed
November 2020
1
Appointed
January 2021
1
Appointed
January 2022
1
Appointed
January 2022
Current external appointments
Rosie is a Non-Executive Director at Foxtons Group
plc, where she is Senior Non-Executive Director,
Chair of their Audit Committee, and a member
of their Remuneration, Nomination and ESG
Committees. She is a Non-Executive Director
at PayPoint plc, where she is Chair of their Audit
Committee and a member of their Nomination
and Remuneration Committees.
Current external appointments
Lesley-Ann is a Non-Executive Director on the
board of Homes England where she chairs their
Nominations and Remuneration Committee,
anda Non-Executive Director on the board
oftheConfederation of British Industry.
Current external appointments
Manju is a Non-Executive Director at abrdn UK
Smaller Companies Growth Trust plc, where she
is Audit Committee Chair and a member of their
Nomination Committee and a Non-Executive
Director atSmiths News plc, on their Audit,
Nominations and Remuneration Committees. She is
also a Non-Executive Director at London & Partners,
an international trade and investment agency
for London.
Current external appointments
Nick is CEO at Greene King, the pub retailer
and brewer.
Relevant skills, business experience
and contribution
Rosie is a Chartered Accountant and was previously
an audit partner at PwC. She has many years’
experience of operating within the finance sector
as well as a broad range of public company board
experience, in addition to experience of
governance, risk management, investment and
corporate transactions and strong financial skills.
1. Rosie was appointed Senior Independent Director
in February 2022 and Chair of the Audit Committee
in July 2021.
Relevant skills, business experience
and contribution
Lesley-Ann was previously a Director in the Cabinet
Office of HM Government and a Managing Director
at Morgan Stanley, as well ashaving previously
worked at UBS and Midland Bank. She has deep
global capital markets experience on both buy and
sell sides, extensive knowledge of central and local
government and experience of policy development,
procurement and major programme delivery and
a track record of promoting inclusion and diversity
and delivering meaningful cultural change, as well
as public company board experience. She also has
deep financial fluency gained as a fellow of the
Chartered Institute of Management Accountants
(CIMA). She was also previously on the board
of BusinessLDN, a Non-Executive Director of
St. James’s Place plc and on the board of North
London Hospice.
1. Lesley-Ann was appointed Chair of the Remuneration
Committee in September 2021.
Relevant skills, business experience
and contribution
Manju was CEO at Harvey Nichols until 31 December
2023. Manju joined Harvey Nichols in 1998 and
progressed through various roles, including CFO and
co-COO, before her appointment as CEO. She has
extensive experience in customer-focus, developing
a values-led culture, strategy, operations, finance
and technology. She is a Chartered Accountant.
1. Manju was appointed Chair of the ESG Committee
on 1 April 2024.
Relevant skills, business experience
and contribution
Prior to joining Greene King, Nick spent 17 years at
Merlin Entertainments plc, having started his career
in pubs at Bass plc and Allied Domecq. He was also
previously a Non-Executive Director at Daniel
Thwaites plc. He has significant expertise in
strategy, real estate and business development
and experience of public company boards. Nick
is Chair of British Beer & Pub Association, on the
advisory board of WiHTL and has sat on various
Government councils representing the pub and
hospitality sector.
NON-EXECUTIVE DIRECTORNON-EXECUTIVE DIRECTORNON-EXECUTIVE DIRECTORSENIOR INDEPENDENT NON-EXECUTIVE DIRECTOR
R N
A G
R N
A G
N
A G
N
G
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BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
OUR BOARD CONTINUED

DAVID STEVENSON
Independent Non-Executive Director
Appointed
June 2024
Current external appointments
David is a Non-Executive Director at listed funds
Gresham House Energy Storage, Aurora and
Castelnau. He is also a director at investor relations
specialist Doceo.tv.
Relevant skills, business experience
and contribution
David has been an investment columnist for the
Financial Times for over 15 years and also writes
regular columns for Citywire and Moneyweek, as
well as for Investment Week and the Investor’s
Chronicle in previous years. In addition, David has
built up a number of media businesses, including
corporate comms business The Rocket Science
Group, fintech news service AltFi and most
recently, www.etfstream.com, a fast-growing
brand focused on the ETF industry.
BOARD MEMBERS MEETING ATTENDANCE
Board Audit Remuneration Nominations ESG
Duncan Owen 7/ 7 – 5/5 1/1 4/4
4
Lawrence Hutchings
1
2/2 – – – 2/2
4
Graham Clemett
2
5/6 – – – 2/4
4
Dave Benson 7/ 7 – – – 4/4
4
Rosie Shapland
5
7/ 7 4/4
4
4/5 1/1 4/4
4
Lesley-Ann Nash 7/ 7 4/4
4
5/5 1/1 4/4
4
Manju Malhotra 7/ 7 4/4
4
– 1/1 4/4
4
Nick Mackenzie 7/ 7 – – 1/1 4/4
4
David Stevenson
3
5/5 – – 0/0 3/3
4
1. Lawrence Hutchings was appointed CEO with effect from 18 November 2024.
2. Graham Clemett stepped down as CEO on 18 November 2024 and stepped down from the Board on 31 January 2025.
Graham did not attend the Board or ESG Committee meetings in January 2025.
3. David Stevenson was appointed as a Non-Executive Director with effect from 1 June 2024.
4. The Audit Committee meeting in January 2025 was a joint meeting with the ESG Committee.
5. Rosie Shapland was unable to attend one of the Remuneration Committee meetings due to personal reasons.
Appointed
March 2010
Carmelina is Secretary to the Board and its
Nominations, Remuneration, Audit and ESG
Committees. She monitors compliance with
procedures and provides advice on governance
matters. At the direction of the Chair, she is
responsible for making sure the Board receives
accurate, timely and relevant information. She also
coordinates the induction of new Board members
and the provision of ongoing training and
development of the Board. Carmelina’s other
responsibilities include corporate governance,
compliance with legislation andthe administration
of share schemes.
NON-EXECUTIVE DIRECTOR
CARMELINA CARFORA
Company Secretary
N G
Workspace’s governance
framework forms the foundation
of all Board decisions, including
our approach to strategic
planning, risk management
and operational execution.
It ensures transparency,
accountability and alignment
with our long-term goals.
Carmelina Carfora
Company Secretary
Diversity and Inclusion at Workspace
Pages 162 to 171
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BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
OUR BOARD CONTINUED

STRATEGY
ANNUAL STRATEGIC
REVIEW
Relevant stakeholders
•
CUSTOMERS
•
PEOPLE
•
INVESTORS
•
PARTNERS AND SUPPLIERS
•
COMMUNITIES
•
ENVIRONMENT
The Board held its annual
strategic review in
September 2024. Members
of the Executive Committee
participated in the session,
and external speakers were
invited to present on
selected topics of interest.
The review covered elements
of the Group’s strategy
including brand
communications and the
composition of the
investment portfolio.
APPROVAL OF
REFRESHED STRATEGY
Relevant stakeholders
•
CUSTOMERS
•
PEOPLE
•
INVESTORS
•
PARTNERS AND SUPPLIERS
•
COMMUNITIES
•
ENVIRONMENT
Following Lawrence
Hutchings’ appointment
as CEO in November 2024,
Lawrence and the Executive
Committee held a series of
workshops and meetings to
review the Group’s strategy
and consider potential
improvements or
refinements. The outcomes
of these discussions were
presented to the Board in
March 2025. The refreshed
strategy was formally
approved by the Board and
was shared with the market
alongside the year-end
results on 5 June 2025.
7
BOARD MEETINGS
Our strategy
Pages 34 to 58
Page
Strategy 130
Operations 131
Purpose, values and culture 132
Stakeholders 133
Finance 137
Reporting 137
Risks 137
Succession 138
Governance 138
BOARD ACTIVITIES 2024/25
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BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED

STRATEGY CONTINUED
ASSET MANAGEMENT
Relevant stakeholders
•
CUSTOMERS
•
INVESTORS
•
PARTNERS AND SUPPLIERS
The Board receives
regular updates on asset
management and leasing
activity across the portfolio.
This year, there has been a
particular focus on targeted
initiatives to enhance the
customer experience.
Read more about our
customer engagement
on pages 16 to 17 and 49.
PORTFOLIO VALUATION
Relevant stakeholders
•
INVESTORS
The Board reviewed and
approved the full and
half-year valuations of the
Group’s property portfolio
inMay and November 2024
respectively.
VALUER ROTATION
Relevant stakeholders
•
INVESTORS
The Board reviewed and
approved the appointment
of Knight Frank as one of
Workspace’s valuers. In line
with the RICS policy on
valuer rotation, Knight Frank
will work alongside CBRE
and, subject to a successful
onboarding process, Knight
Frank will begin formal
valuations on a portion of the
portfolio as part of the half
year results in October 2025.
PORTFOLIO MANAGEMENT
Relevant stakeholders
•
CUSTOMERS
•
PEOPLE
•
INVESTORS
•
PARTNERS AND SUPPLIERS
•
COMMUNITIES
•
ENVIRONMENT
The Board has been kept
informed on planned
refurbishment and
development projects across
the portfolio. This year, key
development projects have
included Leroy House, The
Biscuit Factory and The
Chocolate Factory. Read
more about these projects
on pages 7 and 70.
During the year the Board also
approved the disposals of a
number of non-core assets.
OPERATIONS
Sustainability performance
Pages 74 to 85
SUSTAINABILITY AGENDA
Relevant stakeholders
•
CUSTOMERS
•
PEOPLE
•
INVESTORS
•
PARTNERS AND SUPPLIERS
•
COMMUNITIES
•
ENVIRONMENT
The Board ESG Committee
serves as a dedicated forum
for oversight and discussion
of environmental, social
and governance matters.
This year, the Committee’s
agenda included the launch
of Leroy House, progress
against the Group’s science-
based targets on the path to
net zero carbon, social value
creation and a review of
upcoming ESG-related laws
and regulations.
Throughout the year, the
Board received regular
updates from the
sustainability team on
the Group’s sustainability
initiatives and reviewed
assurance plans relating to
ESG policies and procedures.
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PURPOSE, VALUES AND CULTURE
PURPOSE
Relevant stakeholders
•
CUSTOMERS
•
PEOPLE
•
INVESTORS
•
PARTNERS AND SUPPLIERS
•
COMMUNITIES
•
ENVIRONMENT
Our purpose is to give
businesses the freedom to
grow. The Board sets the
Group’s strategy, makes
decisions and engages with
stakeholders through the
lens of our purpose.
The Board has continued to
monitor how our purpose is
articulated and understood
by our stakeholders. This
is achieved through regular
engagement using surveys,
town halls and other means,
more information on which
can be found on pages 122
to 123. The Board also
approves the Group’s key
policies and practices to
ensure they align with and
support our purpose. The
Executive Committee is
responsible for
communicating and
embedding these policies
throughout the business.
VALUES
Relevant stakeholders
•
CUSTOMERS
•
PEOPLE
•
INVESTORS
•
PARTNERS AND SUPPLIERS
•
COMMUNITIES
•
ENVIRONMENT
Our purpose informs our
values: ‘know your stuff’,
‘show we care’, ‘find a way’
and ‘make it fun’.
The Board encourages all
employees to live our values
in their day-to-day work,
especially in how they
interact with one another
and with our stakeholders.
Our CEO, Lawrence
Hutchings, is part of the
judging panel for our
employee recognition
programmes, such as the
Workspace Winners, where
employees are celebrated
and rewarded for
demonstrating one or more
of our core values. This year,
employees were awarded for
going above and beyond to
resolve issues for customers
or help other teams during
busy periods.
CULTURE
Relevant stakeholders
•
CUSTOMERS
•
PEOPLE
•
INVESTORS
•
PARTNERS AND SUPPLIERS
•
COMMUNITIES
•
ENVIRONMENT
Our culture is built on
integrity, transparency,
and openness, encouraging
independent thinking and
initiative. The Board
recognises the vital role our
culture plays in the Group’s
success and sets the ‘tone
from the top’ by modelling
and promoting values-driven
behaviour. It also oversees
how the Executive
Committee is embedding
this culture throughout
theorganisation.
Read more about how we
monitor and embed culture
on pages 122 to 123.
Our values
Page 19
During a particularly busy
period, I stepped in to support
our energy team, working
closely with them to identify
some £40,000 of potential
rebates. It was a great
example of cross-team
collaboration and gave
me the opportunity to learn
more about their work while
providing meaningful support
when it was needed most.
Aoife Murphy
Company Secretarial Assistant
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STAKEHOLDERS
INVESTOR RELATIONS CALENDAR OF EVENTS 2024/2025
Investor events Investor meetings Investor tours
2024
April – Q4 business update
0
May – Kempen European real
estate conference
6
June – Full-year results
– Investor roadshow
– Morgan Stanley European
real estate conference
27
July – AGM & Q1 update
4
August
1
September
0
October – Q2 business update
2
November – Half-year results
– Investor roadshow
24
December
4
2025
January – Q3 business update
– Global real estate
conference
8
February
2
March – Global real estate
conference
11
INVESTOR ENGAGEMENT
Relevant stakeholders
•
INVESTORS
Market engagement
We regularly engage with
existing and prospective
shareholders through an
active investor relations
programme. The Board
reviews a detailed bi-monthly
investor relations report
which includes notable views
expressed by shareholders
and wider market
participants, alongside share
register movements, broader
sector and peer news and
progress on various investor
relations initiatives.
Our Investor Relations team
manages a comprehensive
calendar of engagement.
This includes formal
announcements, the AGM,
results presentations and
roadshows, ad hoc equity
and debt investor meetings
(including institutional,
private client and retail
investors), equity sales team
meetings, conferences,
analyst and investor site
tours, Capital Markets Days,
business media outreach,
andindustry events. In
addition we maintain ad hoc
contact with stakeholders
to ensure our strategy and
approach to value creation
are well understood by the
market and wider
stakeholder community.
See page 21 for details of the
topics raised by investors.
During 2024/25, we engaged
with 215 institutional
investors via one-to-one and
group meetings; most were
held in person,
supplemented by virtual
meetings. Investor meetings
are attended by various
senior executives, including
the CEO, CFO, Chair and
Executive Committee
members, as well as the
Corporate Communications
and Investor Relations team
and Group Financial
Controller. Key investor
engagement during the year
included the following:
– 89 investor meetings
(in-person and virtual)
– Eight sell-side analyst and
buy-side investor site tours
– 13 real estate conferences
attended globally
– AGM
Following his appointment
as CEO, Lawrence Hutchings
undertook a programme of
engagement with our major
shareholders to introduce
himself and understand their
views on the Company and
its strategy.
Duncan Owen has regularly
engaged with shareholders
following his appointment as
Chair. All Committee Chairs
are available to engage with
shareholders as appropriate.
If shareholders have any
concerns, which cannot be
resolved through the usual
channels of communication
with the CEO, CFO or Chair,
or where such contact may
be inappropriate, then our
Senior Independent Director,
Rosie Shapland, is available
to address them. Contact
details for our Investor
Relations team, Company
Secretary and Company
Registrars can be found at
the back of this Report as
well as on our website.
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89
Investor meetings
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
BOARD ACTIVITIES 2024/25 CONTINUED

STAKEHOLDERS CONTINUED
Annual Report and Website
The Company’s Annual
Report is available to all
shareholders. Shareholders
can opt to receive a printed
copy by post or a PDF
version via email, or to
access it directly from our
website. Shareholders who
hold their shares through a
nominee account and
experience difficulty
obtaining the Annual Report
from their nominee provider,
may contact the Company
Secretary to request a copy.
Our investor website is
www.workspace.co.uk/
investors. It contains our
Annual Reports, half and
full-year results
presentations and our
financial and dividend
calendar for the upcoming
year. Our website also
outlines our company
strategy, business model,
property portfolio and it has
a detailed section covering
our ESG activities.
AGM
Our 2024 AGM was held
on 25 July 2024 and all
resolutions passed with over
95% of votes in favour. Our
2025 AGM will be held at the
Company’s Eventspace
venue at Salisbury House,
114 London Wall, EC2M 5QD
on Wednesday 16 July 2025
at 11.00am and we look
forward to welcoming our
shareholders there. The
Notice of Meeting, together
with an explanation of the
business to be dealt with at
the Meeting, is included as
a separate document sent
to shareholders who have
elected to receive hard copies
of shareholder information
and it is also available on the
Company’s website.
Following shareholder
engagement, since 2019
we have sought approval
for a resolution authorising
political donations up to
£20,000 in aggregate. This
year we are again proposing
a resolution with an upper
limit of £20,000 in
aggregate. This resolution
is proposed as a precaution
to prevent the Company’s
normal business activities
being inadvertently caught
by the broad definitions used
in the relevant provisions of
the Companies Act 2006.
It remains the Company’s
policy not to make political
donations or incur political
expenditure within the
ordinary meaning of those
terms and the Board has no
intention of using the
authority for that purpose.
In addition, and in line with
the resolution approved at
last year’s AGM, the Directors
are again proposing a single
resolution disapplying
pre-emption rights for the
2025 Annual General Meeting
that would apply only in
very limited circumstances.
The proposed disapplication
resolution is limited to
allotments and/or sales:
(i) in connection with
pre-emptive offers and
offers to holders of equity
securities other than ordinary
shares (if required by the
rights of those securities or
as the Directors otherwise
consider necessary); and
(ii) in connection with the
terms of any employees’
share scheme.
EMPLOYEE ENGAGEMENT
Relevant stakeholders
•
PEOPLE
The Board recognises the
critical role our employees
play in the success of the
Group. By actively listening
to our people, we not only
support their needs and
wellbeing, but also gain
valuable insights into our
customers. Throughout the
year the Board engages with
a broad range of employees
across the business and
reviews feedback, including
the results of our annual
employee survey. The Board
and the Executive
Committee review and
approve key policies, practices
and strategic decisions,
making sure that they reflect
our culture and align to the
Group’s key values and
purpose. See pages 122 to
123 for further details of how
the Board monitors and
embeds our culture.
Duncan Owen is our
designated Non-Executive
Director responsible for
employee engagement, as
the Board considers this the
most effective method to
ensure the employee voice
is heard at the very top of
the organisation. This year,
we held three lunch sessions
with employees. Duncan
attends these sessions with
one or more additional
Non-Executive Directors.
See pages 18 and 135
for further details of the
Chair lunch sessions and
topics raised.
Duncan and the other
Non-Executive Directors in
attendance report back to
the Board after every session
to ensure the feedback
gained from our staff is
effectively communicated
to the Board as a whole.
Throughout the year, the
Board holds its meetings
across the Company’s
portfolio. The Strategy Day
in September 2024 was held
at The Print Rooms, the
Board meeting in April was
held at Centro Buildings and
the Board meeting in July
was held at Salisbury House.
Employee engagement
Pages 18 to 20
Investor engagement
Page 21
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STAKEHOLDERS CONTINUED
LISTENING TO THE
EMPLOYEE VOICE
WHY WE DO IT
Our people deal with our customers on a
daily basis so their perspective is invaluable.
HOW WE DO IT
Our staff lunch sessions with the
Non-Executive Directors are an important
opportunity for members of the Board
to hear directly from employees.
Our staff lunch sessions are an
invaluable opportunity for me and
my fellow Non-Executive Directors
to engage directly with colleagues
in an informal, open setting. These
conversations allow us to better
understand the views and
experiences of our people and
help to demystify the role of the
Board and Non-Executive Directors.
This year, we heard a clear interest
from staff inlearning more about
our strategy. We shared that
feedback with the Board and
Executive Committee, and it was
encouraging to hearthat staff
have since felt communication has
improved. I always value the diverse
perspectives our employees bring
– each one offers aunique insight
into life atWorkspace.
Duncan Owen
Non-Executive Chair
I joined the lunch with Duncan
Owen and Rosie Shapland at
Leather Market in March 2025.
The small group and relaxed setting
made it much easier for me to
speak up than Iwould have at a
larger or more formal event – it felt
more like a chat. I was able to share
insights on what I am seeing in the
market, and we discussed what
prospective customers are looking
for. It genuinely made me feel that
the Board values my perspective
and the views of all staff.
George Rawlings
Sales Manager
Embedding and monitoring our culture
Pages 122 to 123
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STAKEHOLDERS CONTINUED
BUSINESS RELATIONSHIP
ENGAGEMENT
COMMUNITY AND
ENVIRONMENT
ENGAGEMENT
Relevant stakeholders
•
CUSTOMERS
•
PARTNERS AND SUPPLIERS
Positive relationships with
our customers, suppliers and
other business partners are
essential to the Group’s
ongoing success. Customer-
facing teams provide daily
feedback from customers
while views from suppliers
and partners are captured
by dialogue with the relevant
business team. These views
are collated and fed back to
the Board, and incorporated
into decision making.
Relevant stakeholders
•
COMMUNITIES
•
ENVIRONMENT
All new Board members
undergo an induction to
understand the Group’s
commitment to
sustainability. Our Board-
level ESG Committee creates
a dedicated space for
discussions on our progress
towards sustainability goals
and for reviewing key
updates from the
sustainability team.
Additionally, the Board is
regularly informed about
ourwellbeing initiatives,
community impact projects,
and fundraising efforts for
our charity partners, which,
during the year, was Single
Homeless Project (SHP). Our
fundraising efforts for SHP
have raised almost £245,000
over four years, afantastic
achievement that we’re
incredibly proud of.
This year, we reviewed and
approved the Company’s
new social impact strategy.
For more details see
page 58.
Workspace staff litter picking in Kennington Park
Truly hearing and understanding
the views of our local
communities is the foundation
ofbuilding meaningful and
lasting social value for all.
Sonal Jain
Head of Sustainability
Community engagement
Page 23 to 26
Business relationship
engagement
Pages 16 to 17 and 21 to 22
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BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
BOARD ACTIVITIES 2024/25 CONTINUED

FINANCE
STRUCTURE, FORECASTS,
BUDGETS
DIVIDEND
PAYMENTS
Relevant stakeholders
•
INVESTORS
The Board regularly reviews
the Group’s financial structure
and rolling forecasts, as well
as discussing monthly
performance information at
each Board meeting. In April
2024, the Board approved
the Group’s 2024/25 budget.
Relevant stakeholders
•
INVESTORS
The Board recommended the
payment of the final dividend
which was distributed to
shareholders in August 2024
and also approved the
payment of the interim
dividend paid toshareholders
in February 2025.
FINANCING
Relevant stakeholders
•
INVESTORS
The Board discussed
arrangements relating to the
refinancing of the Group’s
RCF and term loan. See
page 72 for further details.
REPORTING RISKS
PRINCIPAL RISKS
Relevant stakeholders
•
CUSTOMERS
•
PEOPLE
•
INVESTORS
•
PARTNERS AND SUPPLIERS
•
COMMUNITIES
•
ENVIRONMENT
The Board discussed the
Group’s principal risks
thatcould affect the
implementation of the
Group’s strategy and
requested updates from
the Chair of the Audit
Committee on the key
risk areas discussed during
the year.
EMERGING RISKS
Relevant stakeholders
•
CUSTOMERS
•
PEOPLE
•
INVESTORS
•
PARTNERS AND SUPPLIERS
•
COMMUNITIES
•
ENVIRONMENT
The Board heard updates in
November 2024 and March
2025 from the Chair of the
Audit Committee and the
CFO on emerging risks
which have been highlighted
and debated during
meetings of the Audit
Committee, including any
new controls that have been
identified and introduced
to mitigate them.
FULL, HALF-YEAR AND
TRADING STATEMENTS
VIABILITY AND GOING
CONCERN STATEMENTS
Relevant stakeholders
•
INVESTORS
The Board considered
and approved the full and
half-year results and trading
statements. The Board also
reviews the Annual Report,
and in particular considers
whether the Report as a
whole is fair, balanced and
understandable.
Relevant stakeholders
•
INVESTORS
The Board reviewed the
Company’s viability over the
next five years and approved
both the viability and going
concern statements.
Viability statement
Pages 94 to 95
Going concern statement
Page 94
Principal risks
Page 86
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BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
BOARD ACTIVITIES 2024/25 CONTINUED

SUCCESSION
INTERNAL PERFORMANCE
REVIEW
Relevant stakeholders
•
CUSTOMERS
•
PEOPLE
•
INVESTORS
•
PARTNERS AND SUPPLIERS
•
COMMUNITIES
•
ENVIRONMENT
The Board participated in an
internal Board performance
review, assisted by Fidelio.
Read more on page 159.
NED FEES
During the year, the
Nominations Committee
reviewed the fees payable to
Non-Executive Directors.
Following careful
consideration, the
Committee concluded that
there should be no increase
in Non-Executive Director
fees this year.
More details can be found
on page 227.
DIVERSITY & INCLUSION
Relevant stakeholders
•
PEOPLE
•
INVESTORS
The Board discussed and
approved the Company’s
gender pay gap report,
which was published in
March 2025 and can be
found at https://www.
workspace.co.uk/investors/
about-us/governance/
our-policies/gender-pay-
gap-report. This year, our
median hourly pay gap
decreased by 6% to 21.01%
and our mean hourly pay
gap decreased by 5.2%
to 29.39%.
The Board reviewed and
discussed the Company’s
progress towards achieving
its target of 16% ethnic
diversity among the
individuals within its
Executive Committee
and senior managers,
by December 2027, in line
with the Parker Review.
See page 166 for more detail.
The Board also discussed the
formation of the Group’s new
Diversity Action Group. See
page 171 for more details.
REGULATORY AND LEGAL
UPDATES
Relevant stakeholders
•
INVESTORS
The Company’s legal
advisers attended a meeting
of the Board to provide an
update on recent regulatory
developments, which the
Board discussed and
considered. They will
continue to attend Board
meetings as required to
provide relevant legal and
regulatory updates.
The Board also received
regular legal and governance
updates from the Company
Secretary, including briefings
on the amendments to the
UK Listing Regime, the new
UK Corporate Governance
Code 2024, the new duty to
prevent sexual harassment
in the workplace and the
forthcoming introduction
of the new corporate offence
of failure to prevent fraud.
The sustainability team
provided the Board with
updates including, briefings
on upcoming ESG-related
regulatory changes.
COMMITTEE MEMBERSHIP
AND TERMS OF REFERENCE
Relevant stakeholders
•
INVESTORS
During the year, the Board
considered the structure of
its Committees as part of the
Board performance review.
The Board also considered
the schedule of matters
reserved to the Board (see
page 149) and the terms of
reference applicable to each
Committee.
WORKFORCE POLICIES
AND PRACTICES
Relevant stakeholders
•
PEOPLE
The Board is responsible for
approving all key policies and
practices that may affect our
employees and shape
organisational behaviour. As
part of this process, policies are
regularly reviewed to ensure
they align with the Group’s
purpose, culture and values.
The Board recently reviewed
and approved a refreshed
version of the Employee
Handbook and Code of
Conduct, which consolidates
key policies and procedures
applicable to all staff and
reinforces the standards of
behaviour expected across
the business.
The updated Handbook
andCode of Conduct were
distributed to employees
in2025.
The Board recognises that
effective and honest
communication is essential
to maintain our business
values, and we encourage
our employees to speak
out if they witness any
wrongdoing. This stance
is reinforced in our
whistleblowing procedures.
Further information on the
Group’s key compliance
policies can be found
on pages 96 to 98.
All policies are available to
employees on the Group’s
intranet. All new employees
are provided with training
on our policies at induction
sessions and we provide
annual refresher training to
all staff in key areas such as
anti-bribery, data protection
and cyber security.
GOVERNANCE
CEO SUCCESSION
Relevant stakeholders
•
CUSTOMERS
•
PEOPLE
•
INVESTORS
•
PARTNERS AND SUPPLIERS
•
COMMUNITIES
•
ENVIRONMENT
Lawrence Hutchings joined
the Board as CEO on
18 November 2024. On the
same date, Graham Clemett
stepped down as CEO, but
continued to serve as an
Executive Director until
31 January 2025 to facilitate
a smooth transition.
Diversity and inclusion
Pages 162 to 171
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BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
BOARD ACTIVITIES 2024/25 CONTINUED

The need to act fairly
as between members
of the Company
The desirability of the
Company maintaining
a reputation for high
standards of business
conduct
The impact of the
Company’s operations
on the community and
the environment
The need to foster the
Company’s business
relationships with suppliers,
customers and others
The interests of the
Company’s employees
The likely
consequences of
any decision in the
long term
SECTION 172(1) STATEMENT
The Board of Workspace Group PLC
(‘the Board’) is required to act in good faith
to promote the long-term success of the
Company (and its Group) for the benefit of
itsshareholders, while having due regard to
the matters set out in Section 172(1) of the
Companies Act 2006.
The Board has identified the Company’s
key stakeholders to be its shareholders,
employees, customers, suppliers, and local
communities. The Board also considers the
impact of operations on the environment
tobe of key importance.
Key Board decisions
Pages 141 to 142
A. B. C. D. E. F.
Community and environment
engagement
Pages 23 to 26
Sustainability performance
Pages 74 to 85
TCFD
Pages 99 to 106
TNFD
Pages 112 to 117
Employee engagement
Pages 18 to 20 and 134 to 135
Diversity and inclusion
Pages 162 to 171
Customer proposition
Page 3
Customer and supplier
engagement
Pages 16 to 17, 21 to 22 and 136
Anti-bribery & corruption
and modern slavery
Page 98
Purpose, values and culture
Pages 2, 19 and 122 to 123
Our business model
Pages 2 to 9
Our strategy
Pages 34 to 58
Dividend
Page 68
Compliance policies
Pages 96 to 98
Purpose, culture and values
Pages 2, 19 and 122 to 123
Whistleblowing
Page 98
Risk management
and internal controls
Pages 184 to 185
Shareholder engagement
Pages 21 and 133 to 134
AGM
Page 134
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BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED

BOARD INFORMATION BOARD DISCUSSION AND DECISION MAKING MONITORING
– All members of the Board
are aware of the Board’s
responsibilities and their
individual duties as
Directors and the need
to consider Section 172(1)
factors, which are
embedded in the Matters
Reserved to the Board
and Committee terms
ofreference.
– The Board receives
regular updates from
the sustainability team
on ESG matters
(see pages 186 to 191).
– The Board engages
directly with employees
and investors, and also
receives feedback from
the CEO and CFO on
their meetings with
investors, analysts and
debt finance providers
(see pages 133 to 134).
– Regular updates are
provided to the Board
by the Executive
Committee and external
advisers on engagement
with a broader range
of stakeholders
including shareholders,
customers, suppliers
and the wider community
(see page 133 to 136).
– Duncan Owen, Chair
of the Board, alongside
other Non-Executive
Directors, holds focus
groups with employees in
his role as the designated
Non-Executive Director
for employee engagement
(see page 135).
– A stakeholder impact
analysis is conducted for
key strategic decisions,
outlining the anticipated
effects on different
stakeholder groups and
identifying measures to
mitigate any potential
negative impacts.
This analysis informs the
Board’s discussions and
decision-making process.
– Board decision making is
supported by a range of
inputs, including
information presented to
the Board, the knowledge
and experience of its
members, and regular
updates from executive
management and external
advisers. The Board holds
an annual strategy day
focused on the Group’s
long-term direction,
emerging opportunities
and risks, market trends,
and strategic priorities.
Where relevant, external
speakers are invited to
provide expert insight and
context on specific topics.
This session supports
informed, forward-looking
discussion and alignment.
Further details can be
found on page 130.
– The Board regularly
considers the Company’s
purpose, values and
policies related to business
conduct (see page 132).
– The Board and the Audit
Committee oversee the
Company’s risk
management framework
and the actions that are
inplace to mitigate risk
inthe short, medium and
long term (see pages 184
to 185).
– The Board considers
stakeholder interests
when determining the
level of dividend.
– The Board monitors
the short, medium
and long-term impact
of key decisions through
regular updates from the
Executive Committee.
– Feedback and
engagement from
stakeholder groups
is collated and used
to inform future
decision making.
HOW THE BOARD CONSIDERS SECTION 172(1) MATTERS
140
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BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
SECTION 172(1) STATEMENT CONTINUED

KEY BOARD DECISIONS
IN 2024/25
STRATEGY APPRENTICESHIPS ROTATION OF VALUERS
DECISION
The Board approved the Group’s
refreshed strategy in April 2025.
The strategy targets operational
excellence, with a focus on agility
and adaptation to changing
market conditions, to ensure
Workspace can prepare for
emerging opportunities to drive
income and capital growth.
DECISION
We made the decision to support
16 apprenticeships during the year,
reinforcing our commitment to
fostering the growth and
development of emerging talent. By
investing in these opportunities, we
are not only helping individuals build
valuable skills but also contributing
to the future of our industry.
DECISION
The Board is committed to
ensuring the Group remains in
line with legal and regulatory
requirements and guidance. In line
with the RICS policy on valuer
rotation, this year the Board
approved the appointment of
Knight Frank as Workspace’s
valuer, alongside CBRE.
RELEVANT S172(1) DECISION CRITERIA RELEVANT S172(1) DECISION CRITERIA RELEVANT S172(1) DECISION CRITERIA
A
F
E
D
C
B
A
F
E
D
C
B
A
F
E
D
C
B
RELEVANT STAKEHOLDERS RELEVANT STAKEHOLDERS RELEVANT STAKEHOLDERS
•
EMPLOYEES
•
CUSTOMERS
•
SUPPLIERS
•
INVESTORS
•
COMMUNITIES
•
EMPLOYEES
•
COMMUNITIES
•
INVESTORS
BALANCING STAKEHOLDER IMPACTS
The Board considered all
stakeholders when discussing
and approving the new strategy.
The refreshed approach focuses
first on customer retention and
acquisition, driving occupancy and
building a competitive platform
that will allow the business to
scale over the long term.
BALANCING STAKEHOLDER IMPACTS
The initial investment needed
for apprenticeships and training
is far outweighed by the long-term
benefits it brings to stakeholders. It
creates development opportunities
for current employees and
supports our local communities
by encouraging applications from
a broader range of backgrounds.
Over time, a diverse, skilled and
motivated workforce will enable us
to better serve our customers and
generate greater social value.
BALANCING STAKEHOLDER IMPACTS
In assessing the results of the
tender process, the Board
concluded that including Knight
Frank on our panel of valuers
achieved the appropriate balance
between providing assurance
to investors on the integrity
and robustness of our valuation,
while retaining CBRE who have
an extensive understanding of
the business.
LINK TO STRATEGY
3.2.1.
1. Enhance and expand
the core business
2. Transform and prepare for
emerging opportunities
3. Innovate to create future options
LINK TO STRATEGY
3.2.1.
1. Enhance and expand
the core business
LINK TO STRATEGY
3.2.1.
1. Enhance and expand
the core business
2. Transform and prepare for
emerging opportunities
Read more on page 34
Some of the key decisions considered by
the Board in 2024/25, and how the Board
had regard to Section 172(1) matters when
discussing them, are outlined to the right
and on the following page.
A
F
E
D
C
B
A
The likely consequences of any decision
in the long term.
B
The interests of the Company’s
employees.
C
The need to foster the Company’s
business relationships with suppliers,
customers and others.
D
The impact of the Company’s operations
on the community and the environment.
E
The desirability of the Company
maintaining a reputation for high
standards of business conduct.
F
The need to act fairly as between
members of the Company.
Read more on page 81 Read more on page 131
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BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED

REFINANCING DISPOSALS
DECISION
The Board is focused on ensuring
that the Group maintains the
appropriate level of debt financing
to achieve its strategy. This informed
the Board decision this year to
approve the refinancing of our
£135m revolving credit facility
and £80m term loan.
DECISION
Maintaining the right mix of
buildings in the portfolio is vital to
ensuring we meet the needs of our
customers. Throughout the year, the
Board approved the sale of several
low conviction assets.
RELEVANT S172(1) DECISION CRITERIA RELEVANT S172(1) DECISION CRITERIA
A
F
E
D
C
B
A
F
E
D
C
B
RELEVANT STAKEHOLDERS RELEVANT STAKEHOLDERS
•
INVESTORS
•
DEBT FINANCE PROVIDERS
•
EMPLOYEES
•
CUSTOMERS
•
SUPPLIERS
•
INVESTORS
•
COMMUNITIES
BALANCING STAKEHOLDER IMPACTS
The refinancing provided additional
liquidity to fund our strategy for the
benefit of all stakeholders as well as
increasing the average maturity of
debt. The loans continue to have
an ESG-linked margin adjustment,
re-affirming our commitment to
sustainable growth.
BALANCING STAKEHOLDER IMPACTS
This decision balanced the impacts
of a change of ownership on staff,
customers, and suppliers at those
sites, with the overall benefit to all
stakeholders of investing in our
higher conviction properties and
maintaining an optimal mix of
buildings in our portfolio.
LINK TO STRATEGY
3.2.1.
1. Enhance and expand
the core business
2. Transform and prepare for
emerging opportunities
LINK TO STRATEGY
3.2.1.
2. Transform and prepare for
emerging opportunities
IN-DEPTH: LEROY HOUSE
The Board supports the Group’s net zero carbon
pathway. The launch of Leroy House this year, our first
net zero carbon building, demonstrates the Board’s
commitment to this target.
RELEVANT S172(1) DECISION CRITERIA
A
F
E
D
C
B
RELEVANT STAKEHOLDERS
•
EMPLOYEES
•
CUSTOMERS
•
SUPPLIERS
•
INVESTORS
•
COMMUNITIES
LINK TO STRATEGY
3.2.1.
2. Transform and prepare for emerging opportunities
SUSTAINABILITY IN
EVERYTHING WE DO
FOCUS ON NET ZERO
Developing Leroy House as a Net Zero
building
Developing a fully net zero building involved
a greater degree of investment than other
buildings, but the Board were clear that Leroy
House would be likely to have a significant
positive impact on our stakeholders in the
long term.
BALANCING STAKEHOLDER IMPACTS
Environment – By opting to retrofit rather than
rebuild, and making thoughtful choices in design and
materials, the project reduced embodied carbon by
40% compared to industry best practices. As a result,
Leroy House is a net-zero carbon in construction
building, demonstrating our commitment to
sustainability and environmental responsibility.
Customers – Preserving 90% of the existing structure,
the development allowed the architectural heritage
and character to be blended with the modern space
our customers want. 90% of our customers view
sustainability as key to their business and over 75%
have set their own emissions reduction targets.
The customer-led design of Leroy House harnesses
natural ventilation to reduce energy consumption and
enhance temperature control for customer comfort,
while the smart building energy management system
and well planned waste management system allows
customers to actively manage their energy
consumption and eliminate single-use items.
Suppliers – Over 25% of the project spend was
directed to local suppliers.
Communities – Leroy House is designed to be a
vibrant community hub, with a large public amenity
space and café, which is open to both customers and
members of the local community. A collaboration with
The eXceL Project charity delivered a community
upskilling programme which included youth work
provisions, mentoring and job readiness training.
Investors – Given how key sustainability is to
Workspace’s customers, Leroy House is designed
to meet customer demand and occupancy for the
long term.
Read more on page 137 Read more on page 67 Read more on page 7
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BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
KEY BOARD DECISIONS IN 2024/25 CONTINUED

DIVISION OF RESPONSIBILITIES
The clear separation of executive
and non-executive roles is a key
pillar of our governance framework.
It ensures independent oversight
at Board level, while also creating
space for the voices of employees
to be heard. This structure supports
well-informed, balanced decision
making and helps us maintain the
highest standards of integrity,
transparency and governance.
Carmelina Carfora
Company Secretary
QUICK LINKS
Page
Board roles and responsibilities 144
Our governance framework 146
How we govern 147
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NON-EXECUTIVE
CHAIR:
DUNCAN OWEN
– Leading the effective
operation and governance
of the Board.
– Setting agendas which
support efficient and
balanced decision making.
– Ensuring the Board plays
a full and constructive part
in the development of the
Group’s strategy and
making sure that there
is sufficient time for
boardroom discussion.
– Ensuring effective Board
relationships and fostering
a culture that supports
constructive debate.
– Facilitating the effective
contribution of the
Non-Executive Directors and
monitoring that all Directors
receive accurate, timely
and clear information.
– Overseeing the annual
Board performance review
and identifying key actions
required.
– With the Nominations
Committee, ensuring the
Board remains
appropriately balanced
to deliver the Group’s
strategic objectives and
confirming that the
Nominations Committee
meets the requirements
of good corporate
governance.
– Promoting effective
engagement with the
Group’s shareholders and
other key stakeholders.
– Leading initiatives to assess
the culture across
Workspace and ensuring
that the Board sets the
correct tone.
– Reviewing, with the Board,
diversity and inclusion
initiatives.
– The Chair is not involved
in an executive capacity
with any of the Group’s
activities.
DESIGNATED NON-EXECUTIVE
DIRECTOR FOR EMPLOYEE
ENGAGEMENT:
DUNCAN OWEN
– Representing the Board,
alongside other Non-
Executive Directors, in
discussions with employees
and communicating Board
decisions on specific
matters.
– Developing, implementing
and reporting back on
employee engagement
initiatives in conjunction
with management.
– Communicating to
employees the outcomes
and the developments
made by the Board on
specific matters.
SENIOR INDEPENDENT DIRECTOR:
ROSIE SHAPLAND
– Providing an alternative
communication channel
for shareholders and other
stakeholders, if required,
and being available to meet
with investors on request.
– Providing a sounding board
for the Chair.
– If necessary, deputises
for the Chair in his absence
and counsels all Board
colleagues.
– Acts as an intermediary for
Non-Executive Directors
when necessary.
– At least annually,
leads a meeting of the
Non-Executive Directors
without the Chair present,
to appraise the Chair’s
performance and to
address any other matters
which the Directors might
wish to raise. The outcomes
of these discussions are
then conveyed to the Chair.
INDEPENDENT NON-EXECUTIVE
DIRECTORS:
ROSIE SHAPLAND,
LESLEY-ANN NASH,
MANJU MALHOTRA,
NICK MACKENZIE AND
DAVID STEVENSON
– Constructively challenging
and assisting in the
development of strategy.
– Scrutinising, measuring and
reviewing the performance
of the Executive Directors
and senior management
against agreed
performance objectives.
– Promoting the highest
standards of integrity and
corporate governance.
– Reviewing the succession
plans for the Board and
key members of senior
management.
– Determining appropriate
levels of remuneration for
the senior executives.
– Reviewing the integrity
of financial reporting and
the effectiveness of risk
management systems
and internal controls.
– Serving on or chairing
various Committees
of the Board.
DIVISION OF RESPONSIBILITIES CONTINUED
BOARD OF DIRECTORS
The roles and responsibilities of the Chair and the Chief
Executive Officer are separate, with a clear division of
responsibilities between them. The Chair is responsible for
the leadership of the Board, and the Chief Executive Officer
manages and leads the business.
Our governance framework can be found on page 146. In
addition, the role specifications described on the following
pages set out the clear division of responsibility between
Executive and Non-Executive members of the Board.
BOARD ROLES
AND RESPONSIBILITIES
Board of Director’s
biographies
Pages 127 to 129
Duncan Owen
Non-Executive Chair
Lawrence Hutchings
Chief Executive Officer
Dave Benson
Chief Financial Officer
Rosie Shapland
Non-Executive Director
Lesley-Ann Nash
Non-Executive Director
Manju Malhotra
Non-Executive Director
Nick Mackenzie
Non-Executive Director
David Stevenson
Non-Executive Director
Carmelina Carfora
Company Secretary
144
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EXECUTIVE
CHIEF EXECUTIVE OFFICER:
LAWRENCE HUTCHINGS
– Proposing and directing
the delivery of strategy,
as agreed by the Board,
through leadership of the
Group’s Executive
Committee.
– Responsible for leading
and managing the business
and accountable to the
Board for the financial and
operational performance
of the Group.
– Leading the Group’s
Executive Committee in
the day-to-day running
of the Group’s business in
order to execute objectives
successfully.
– Reviewing the Group’s
organisational structure
and recommending
changes as appropriate.
– Setting overall policies for
recruitment, management,
staff development and
succession planning and
providing updates to the
Remuneration Committee.
– Overseeing employee
initiatives, diversity and
inclusion, and employee
wellbeing.
– Together with the Chair
and the CFO, representing
the Company to its
customers, suppliers,
shareholders and other
stakeholders.
– Leading on the Group’s
sustainability strategy
and the Group’s net zero
carbon pathway.
– Corporate communications
and the IR strategy.
CHIEF FINANCIAL OFFICER:
DAVE BENSON
– Supports the CEO in
developing the strategic
direction of the Group and
works closely with the CEO
and the Board to develop
and implement the Group’s
strategy.
– Provides financial
leadership to the Group
and aligns the Group’s
business and financial
strategy and management
of the Company’s capital
structure.
– Responsible for financial
planning and analysis,
treasury and tax.
– Leads and monitors the
effectiveness of the key
finance functions and
facilitates the appropriate
development of the
finance team.
– Responsible for the IT
function and coordinates
and delivers IT projects
to support the growth
and strategic priorities
of the Group.
COMPANY SECRETARY:
CARMELINA CARFORA
– Secretary to the Board and
to the Board’s Committees.
– Responsible for ensuring
compliance with Board
procedures and for
supporting the Chair.
– Advising and keeping
the Board updated on
corporate governance
developments.
– Ensuring that the Board
has high-quality
information, adequate time
and the appropriate
resources.
– Considering the Board’s
effectiveness in
conjunction with the Chair.
– Facilitating the Directors’
induction programmes
and assisting with their
professional development.
– Providing advice, services
and support to all Directors
as and when required.
– Responsible for organising
the Annual General
Meeting.
Executive Committee
Pages 150
DIVISION OF RESPONSIBILITIES CONTINUED
BOARD ROLES AND RESPONSIBILITIES CONTINUED
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KEY RESPONSIBILITIES:
– Reviews succession plans
for the Board and its
Committees and considers
its structure, size,
composition and diversity
–
Su
pports the development
of an inclusive and diverse
talent pipeline, and reviews
supporting initiatives to
increase diversity
– Monitors that the Board
has the appropriate
knowledge, skills and
experience to operate
effectively and deliver
our strategy
– Recommends to the Board
the appointment of a
Non-Executive Director for
employee engagement
KEY RESPONSIBILITIES:
– Oversees the Group’s
financial reporting
– Maintains and manages
the relationship with the
External Auditor, including
monitoring their
performance and
reappointment
– Reviews and monitors
management of risks other
than those related to real
estate, development and
valuation, which are
reviewed by the Board
KEY RESPONSIBILITIES:
– Oversees the Group’s
ESG strategy
– Monitors ESG risk and
opportunities
– Sets ESG objectives and
monitors progress against
the objectives
–
En
sures reporting of ESG
issues is in line with market
best practice
– Evaluates the
establishment and
effectiveness of
appropriate ESG-related
policies and procedures
–
In
forms the workings of
other Board Committees
with ESG considerations
KEY RESPONSIBILITIES:
– Determines the
Remuneration Policy for
Executive Board Directors
and considers whether
there is a clear link between
performance and
remuneration
–
Con
siders senior
management remuneration
presented by the CEO
– Reviews workforce
remuneration and related
policies
–
Re
views remuneration
policies and practices to
ensure they support clarity,
simplicity, transparency and
alignment with culture
Pages 153 to 171 Pages 172 to 185 Pages 186 to 191Pages 192 to 230
The terms of reference of each
Board Committee are available
on the Company’s website at
www.workspace.co.uk/investors/
about-us/governance/committee-
terms-of-reference.
DIVISION OF RESPONSIBILITIES CONTINUED
Executive Committee
The Executive Committee is accountable for
executing the Company’s strategy and
the day-to-day management of the business.
Disclosure Committee
Identifies and controls inside information or information
that could become inside information and determines how
and when that information is disclosed in accordance
with applicable legal and regulatory requirements.
Supporting Committees
The Executive Committee operates a number of operational and supporting Committees that provide oversight
on key business activities and risks, ensuring effective governance and strategic decision making.
Board of Directors
The role of the Board is to drive the long-term success of Workspace by defining a clear purpose
and setting the Group’s strategy to deliver sustained value to our shareholders and other stakeholders.
The Board delegates certain matters to its four principal Committees:
Our governance framework
supports the development
of good governance
practices across the Group.
The Board has overall
responsibility for governance
within the Group.
The Board delegates certain
of its responsibilities to its
Nominations, Audit, ESG and
Remuneration Committees.
Further details of the work,
composition, role and
responsibilities of these
Committees are provided
in separate reports on
pages 153, 172, 186 and 192.
Each of the Committees has
terms of reference which were
reviewed by the Committees
and the Board during the
year. The performance of
each of the Committees is
assessed annually as part
of the performance review
process described later
in this report.
The Board delegates
responsibility for day to day
operational matters to the
Executive Committee,
except for matters
specifically reserved to
the Board. The schedule
of matters reserved for the
Board is reviewed at least
annually and is available on
the Company website at
https://www.workspace.
co.uk/investors/about-us/
governance/board-
responsibilities.
Further information on the
matters reserved and the
relationship between the
Board and the Executive
Committee can be found
on page 149.
OUR GOVERNANCE
FRAMEWORK
Nominations Committee
Chaired by Duncan Owen
MEMBERSHIP
6
Non-Executive
Directors
Audit Committee
Chaired by Rosie Shapland
MEMBERSHIP
3
Non-Executive
Directors
ESG Committee
Chaired by Manju Malhotra
MEMBERSHIP
8
Directors
Remuneration Committee
Chaired by Lesley-Ann Nash
MEMBERSHIP
3
Non-Executive
Directors
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NON-EXECUTIVE DIRECTORS
The Non-Executive Directors
have a broad mix of business
skills, knowledge and
experience gained across
a range of businesses. This
diverse expertise enables
them to provide independent
and external perspectives
to Board discussions.
The Non-Executive Directors
play a vital role in providing
constructive challenge to the
Executive team. They
actively contribute to
shaping the Company’s
strategy and play a key role
in monitoring performance,
ensuring accountability and
alignment with long term
objectives.
Independence of
Non-Executive Directors
During the year, the Board
considered the
independence of all the
Non-Executive Directors,
save for the Chair who was
deemed independent by the
Board at the date of his
appointment. The Board
has reconfirmed that the
Non-Executive Directors
remain independent from
executive management and
that the Non-Executive
Directors are free from any
business or other relationship
which could materially
interfere with the exercise
of their independent
judgement.
This independence is
protected by a number
of mechanisms including:
– Meetings between the
Chair and the Non-
Executive Directors,
individually and
collectively, without the
Executive Directors being
present. These meetings
are typically held before
each Board meeting and
they are used to discuss
areas relevant to the
operation of the Board
and the Group in a more
private setting. This year,
seven of these meetings
were held.
– Separate and clearly
defined roles for the Chair,
as head of the Board, and
the Chief Executive Officer,
as head of executive
management, as set out
on pages 144 to 145.
Time commitment and
external appointments
The expected time
commitment of the Chair
and the Non-Executive
Directors is agreed and set
out in writing in the letter of
appointment to the position.
At the time of appointment
the existing external
demands on an individual’s
time are assessed to confirm
that individual’s capacity to
take on the role. Further
appointments which could
impair the ability to meet the
expected time commitment
(including appointments to
other public company
boards) can only be
accepted following approval
of the Board. When
evaluating additional public
company directorships that
a Non-Executive Director
may wish to take on, the
Board considers the number
of existing public company
directorships held by the
individual and the
anticipated time
commitment for those roles
(see pages 127 to 129).
Board biographies
Pages 127 to 129
62.5%
INDEPENDENT NON-EXECUTIVE DIRECTORS
Page
Non-Executive Directors 147
Election and re-election of Directors 148
Relationship between the Board and the
Executive Committee
149
Composition of the Executive Committee 150
Information and support to the Board 151
HOW WE GOVERN
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DIVISION OF RESPONSIBILITIES CONTINUED

NON-EXECUTIVE DIRECTORS CONTINUED
ELECTION AND RE-ELECTION OF DIRECTORS
Executive Directors may
accept a non-executive role
at another company with the
approval of the Board.
In both cases, the Board
considers guidance
published by institutional
investors and proxy advisers
as to the maximum number
of public appointments
which can be managed both
effectively and efficiently.
The Board is satisfied that
each of the Non-Executive
Directors can devote
sufficient time to the
Company’s business
to discharge their
responsibilities effectively.
The Non-Executive Directors
offer strategic guidance to
Board discussions and they
provide independent input
to their respective Board and
Committee duties (see the
table on page 129 for Board
meeting attendance).
In accordance with the
Code, all of the Directors
will submit themselves for
election or re-election at
the AGM on 16 July 2025.
Following the Board
performance review, detailed
on pages 159 to 160, and
taking into account the
Directors’ skills and
experience (set out on page
163) and the reasons why
their contributions are
important for the Company’s
long-term sustainable
success, the Board believes
that the election or
re-election (as applicable)
of the Directors is in the best
interests of the Company.
The Board has considered
their commitments and it
has concluded that the
Non-Executive Directors
have sufficient time to meet
their Board responsibilities.
The explanatory notes in the
Notice of Meeting for the
AGM also state the reasons
why the Board believes that
the Directors proposed for
election or re-election at the
AGM should be reappointed.
Mr Hutchings and Mr Benson
each have service contracts,
details of which can be
found on page 228.
None of the Non-Executive
Directors have service
contracts. The Non-
Executive Directors are
given letters of appointment.
The appointments of Rosie
Shapland, Lesley-Ann Nash,
Manju Malhotra, Nick
Mackenzie and David
Stevenson may be
terminated by either the
Company, or any one of
them, giving three months’
notice in writing. The
appointment of Duncan
Owen may be terminated by
either him or the Company
giving six months’ notice
in writing.
The terms and conditions
of appointment of the
Non-Executive Directors,
including the expected time
commitment, are available
for inspection at the
Company’s registered office.
Annual General Meeting
Page 134
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DIVISION OF RESPONSIBILITIES CONTINUED
HOW WE GOVERN CONTINUED

DIVISION OF RESPONSIBILITIES CONTINUED
HOW WE GOVERN CONTINUED
BOARD OF DIRECTORS
The Board is responsible for contemplating market
trends and their impact on our strategy, assessing
appropriate levels of risk and setting the objectives for
the business, including the approach to ESG matters.
THE EXECUTIVE COMMITTEE
The Executive Committee is responsible for managing
the business, making day-to-day operational decisions
and delivering the strategy set by the Board.
KEY RESPONSIBILITIES:
– Review and approval of the Group’s strategy, business
objectives and annual budgets.
– Approval of the Group’s dividend policy and the payment
and recommendation of interim and final dividends.
– On the advice of the Audit Committee, approval of
full-year and half-year results, including the review and
approval of the going concern basis of accounting and
the viability assessment.
– Review of the health and safety performance across
the Group.
– On the advice of the Nominations Committee, reviewing
succession plans for the Board and the senior
management team.
– Review and approval of corporate transactions.
– Setting the Group’s purpose, values and standards.
– Approval of decisions likely to have a material impact on
the Company or Group from any perspective, including,
but not limited to, financial, operational, strategic
or reputational.
– Setting the risk appetite and tolerance of the Group.
KEY RESPONSIBILITIES:
– Develop the Group’s strategy and budget for approval
by the Board.
– Receive regular feedback from centre staff and take
responsibility for implementing suggestions for
improvements.
– Collectively responsible for the day-to-day running
of the business.
– Analyse and review initiatives of particular interest
to the Group and present these to the Board
as appropriate.
– Monitor operational and financial results against
plans and budgets.
– Review and approve capital expenditure within the
authorities delegated by the Board.
– Develop leadership skills and the future talent of the
business so that strong succession plans are in place
as the Group develops.
– Discuss updates on the Group’s sustainability strategy.
– Consider regulatory developments.
– Focus on the effectiveness of risk management
and control procedures.
THE RELATIONSHIP BETWEEN THE BOARD AND THE EXECUTIVE COMMITTEE
The Board considers there
to be an appropriate balance
between Executive and
Non-Executive Directors
required to lead the business
and safeguard the interests
of shareholders.
As at 31 March 2025, the
Board comprised the Chair,
five Non-Executive Directors
(all of whom are independent)
and two Executive Directors.
This composition meets the
requirement of the Code
for at least half the Board,
excluding the Chair, to be
independent Non-Executive
Directors.
The Board delegates all
operational matters to the
Executive Committee except
for the matters reserved to
the Board.
Executive Committee –
managing the business
Chaired by Lawrence
Hutchings, the Executive
Committee supports the
Board by overseeing the
implementation of
Workspace’s strategy
and managing the Group’s
day-to-day operations. This
structure ensures effective
execution of strategic
objectives and operational
efficiency.
The Executive Committee
is accountable to the Board
for implementation of the
agreed strategy.
Our strategy
Pages 34 to 58
Female 3
Male 5
OUR STRATEGYAS AT THE DATE OF THIS REPORT, THE BOARD COMPRISES EIGHT PEOPLE
The Chair, five Non-Executive Directors and two Executive Directors
2.
Transform and
prepare for
emerging
opportunities
Pages 46-55
3.
Innovate to
create future
options
Pages 56-58
EMBEDDING OPERATIONAL EXCELLENCE
1.
Enhance and
expand the
core business
Pages 36-45
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DIVISION OF RESPONSIBILITIES CONTINUED
HOW WE GOVERN CONTINUED
WILL ABBOTT
CHIEF CUSTOMER OFFICER
CLAIRE DRACUP
DIRECTOR OF PEOPLE & CULTURE
PAUL HEWLETT
DIRECTOR OF STRATEGY &
CORPORATE DEVELOPMENT
RICHARD SWAYNE
INVESTMENT DIRECTOR
Specific responsibilities:
Marketing, brand
development, digital strategy
and customer engagement.
Specific responsibilities:
HR, training and staff
development, internal culture,
health and safety, management
of the customer experience
improvement programme,
management of the head office,
personal assistants and admin
teams, Chair of the Social
Sustainability Committee and
responsible for delivery of all
social sustainability initiatives.
Specific responsibilities:
Corporate strategic initiative
development and execution;
investor relations strategy.
Specific responsibilities:
Investment strategy,
acquisitions and disposals,
and valuations.
Background and relevant
experience:
Will joined Workspace in
2020, having spent over 20
years in marketing roles across
a diverse range of businesses.
After beginning his career in
advertising, Will moved to
BSkyB before working in
digital media, FMCG, financial
services and travel sectors.
Prior to Workspace, Will was
Marketing Director at Insurer
Hiscox, and latterly was Chief
Marketing officer of Neilson
Active Holidays.
Background and relevant
experience:
Claire joined Workspace
in 1995, initially as a Centre
Manager before progressing
to Portfolio Manager. In 2008,
Claire became Head of Support
Services and she was
responsible for facilities
management, security, health
and safety and business centre
support, which included
recruitment, training and
improvements to service and
quality control. Claire joined
the Executive Committee in
April 2020.
Background and relevant
experience:
Paul joined Workspace
as Director of Strategy
& Corporate Development
in 2021. He was previously
Executive Director of the UK
Investment Banking Real Estate
team at J.P. Morgan Cazenove.
Paul has over 20 years of
Corporate Finance advisory
and Corporate Broking
experience, advising
companies across the real
estate sector on corporate
strategy and a wide variety
of transactions, most notably
focused on Mergers &
Acquisitions and Equity
Capital Markets.
Background and relevant
experience:
Richard joined Workspace
in November 2014 as an
Investment Manager. He was
promoted to Head of
Investment in October 2017
and to Investment Director
in April 2020. Prior to joining
Workspace, Richard worked
for Cushman & Wakefield
Investors and LFF Real Estate
Partners. He is qualified as a
Chartered Surveyor and holds
the Investment Management
Certificate.
CARMELINA CARFORA
COMPANY SECRETARY
DAVE BENSON
CHIEF FINANCIAL OFFICER
LAWRENCE HUTCHINGS
CHIEF EXECUTIVE OFFICER
EXECUTIVE DIRECTOR
EXECUTIVE DIRECTOR
COMPOSITION OF THE EXECUTIVE COMMITTEE
For full details of Lawrence, Dave
and Carmelina’s responsibilities
and experience, go to
Pages 127 to 129
Board skills and diversity
Page 163
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BOARD PRESENTATIONS
Employees below Board level are
regularly invited to present to the
Board on operational topics. This year,
this included:
– Presentations on the Group’s
strategy, presented by the Head of
Portfolio Management, Director of
Strategy and Corporate Development
and Chief Customer Officer;
– A number of updates on investor
relations by our Director of Strategy
& Corporate Development;
– Updates on our brand strategy
from our Chief Customer Officer;
– Updates on our social impact
programme from the Director
of People & Culture;
– Feedback from our annual customer
survey, presented by our Customer
Insight Manager;
– Sustainability updates from
our Head of Sustainability; and
– Updates on IT systems and
cyber security.
EMPLOYEE ENGAGEMENT
The Chair, alongside other Non-
Executive Directors, held several
meetings with staff as part of his role
as Non-Executive Director responsible
for employee engagement.
Our annual employee survey also
collected feedback from staff during
the year, and the Executive Committee
reported to the Board on key themes.
Further details on these and the
Group’s other employee engagement
initiatives during the year can be found
on pages 18, 134 to 135 and 214.
Feedback from these initiatives was
then presented to the Board.
The CEO also sends out weekly
emails to all staff, providing updates
on initiatives and activity across
the Company.
DIVISION OF RESPONSIBILITIES CONTINUED
HOW WE GOVERN CONTINUED
Information and support
to the Board
The Board and its
Committees receive
comprehensive papers
in a timely manner, ensuring
members are well prepared
for formal meetings and
other key discussions.
The CEO and CFO keep the
Board appraised of business
matters relating to the Group
on a timely basis. They
provide various updates to
the Board on many aspects
of the business, ranging
from trading performance,
progress being made
on our refurbishment and
redevelopment projects, the
rationale for acquisitions and
disposals and how these are
aligned to strategy. The CEO
and CFO also inform the
Board on the discussions
held with analysts, investors
and other stakeholders.
The Chair of each Committee
separately engages with
Executive Committee
members and other staff
relevant to their roles, and
relevant external advisers.
The Company Secretary and
external advisers periodically
update the Board on
regulatory changes. This
year, these have included
implementation of the new
2024 UK Corporate
Governance Code,
amendments to the UK
Listing Rules, the new duty
to prevent sexual
harassment of employees
and the new corporate
offence of failure to prevent
fraud, as well as updates
on forthcoming ESG laws,
regulations and guidance.
Slaughter and May also
provided an update to the
Board in March 2025 on
several matters including
cyber security and the
market abuse regime.
The Board utilises an
electronic Board paper
system which provides
immediate and secure
access to Board papers
and materials. Prior to each
Board meeting, the Directors
receive the agenda and
supporting papers through
this system meaning that
they have the latest and
most relevant information
in advance of the meeting.
After each Board meeting, the
Company Secretary operates
a comprehensive follow-up
procedure to enable actions
to be completed as agreed.
The Directors have access to
the advice of the Company
Secretary, Carmelina Carfora.
Her biography can be found
on page 129. At the direction
of the Chair, Carmelina is
responsible for advising the
Board on matters of
corporate governance and
compliance with Board
procedures.
SENIOR MANAGEMENT MEETINGS
SCHEDULED BOARD INPUTS 2024/2025
One-to-one meetings are held between
new Directors and senior management
as part of the induction process. The
CEO and the CFO also regularly meet
with senior management individually
and at team meetings to discuss
operations and performance, after
which the CEO and/or the CFO will
report back to the Board on matters
that require discussion.
7Board meetings 12Presentations 3
Staff breakfast and lunch
sessions
INFORMATION FLOW TO THE BOARD
AD HOC BOARD INPUTS IN 2024/25
Presentations from brokers | Updates on strategy development | Updates from legal advisers
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The Board discharges its
responsibilities through an
annual programme of Board
and Committee meetings
which are scheduled
throughout the year, with
main meetings timed around
the Group’s financial
calendar. Additional
meetings are convened to
consider an annual cycle of
topics, including the annual
strategy day, key
management and financial
updates, review of risk as
well as the approval of
acquisitions and
refurbishment programmes.
In the year ended 31 March
2025, the Board met formally
on eight occasions, including
a strategy day in September
2024. Supplementary
meetings or conference calls
are held between formal
Board meetings as required.
During the year, the Board
engaged with the Group’s
advisers. Presentations were
delivered by the Group’s
brokers Stifel in July 2024
and JP Morgan in September
2024. In addition, the Group’s
corporate legal advisers,
Slaughter and May, provided
an update on key trends and
developments in March 2025.
The Group’s property
valuer, CBRE, presented
to the Board in May 2024
and November 2024.
The CBRE presentation
covered the valuation of the
property portfolio and the
wider market in which the
Group operates.
Directors are expected to
attend all meetings of the
Board, the Committees on
which they serve and the
AGM. They are also expected
to dedicate sufficient time to
the Group’s affairs, to enable
them to effectively discharge
their responsibilities
as Directors.
Should the Directors be
unable to attend meetings,
they would be provided with
papers to allow them to make
their views known to the
Chair ahead of that meeting.
Prior to each Board meeting,
and periodically, the Chair
meets the Non-Executive
Directors without the
Executive Directors present,
and maintains regular
contact with the CEO, CFO
and other members of the
management team.
If any Director has concerns
regarding the running of
the Group or any proposed
actions that cannot be
resolved, these concerns are
documented in the Board
minutes. No such concerns
were raised during the year
under review.
DIVISION OF RESPONSIBILITIES CONTINUED
HOW WE GOVERN CONTINUED
With the ever-changing
environment in which
Workspace operates, it is
important that the Board
maintains a good working
knowledge of the property
industry and how the Group
operates within its sector,
as well as remaining aware
of recent and upcoming
developments in the wider
legal and regulatory
environment.
Directors attend external
seminars and briefings in
areas considered
appropriate for their own
professional development.
This training is designed to
build upon the diverse range
of experience that each
Director brings to the Board.
The Company Secretary
provides regular updates
on legal, regulatory and
corporate governance
matters. As required,
Workspace invites external
professional advisers to
provide training and updates
on their specialist areas.
Updates and training are not
solely reserved for legislative
developments but they aim
to cover a range of issues
including, but not limited to,
market trends, the economic
and political environment,
ESG, technology and social
considerations.
The Directors are invited
to identify areas in which
they would like additional
information or training,
following which the Company
Secretary will arrange for
the necessary resources to
be put in place. The resulting
sessions may be internally
or externally facilitated.
Over the course of this year,
the Directors have been
provided with updates
on the following areas:
– Governance and regulatory
developments, including
the new Corporate
Governance Code 2024,
the amended UK Listing
Rules, the new duty to
prevent sexual harassment
of employees and the new
corporate offence of
failure to prevent fraud.
– Cyber security, digital
resilience and data
privacy regulation.
– Executive remuneration
trends and best practice,
including ESG in
remuneration.
– Diversity and inclusion.
– Conflicts of interest.
– Emerging market
developments and
industry trends.
HOW THE BOARD DISCHARGES ITS RESPONSIBILITIES TRAINING AND DEVELOPMENT
Directors are committed to attending
all Board meetings and dedicating
the necessary time to the Group’s
affairs, ensuring they can effectively
discharge their responsibilities and
contribute to the Group’s strategic
objectives and long-term growth.
Carmelina Carfora
Company Secretary
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10
BOARD TRAINING SESSIONS
AND UPDATES IN 2024/25

COMPOSITION, SUCCESSION AND EVALUATION
QUICK LINKS
Page
Membership and attendance at
Nominations Committee meetings
154
Chair’s letter 155
Role of the Nominations Committee 156
Nominations Committee activities in 2024/25 157
Diversity and Inclusion 162
Our focus is on cultivating a mix of
expertise and insight, ensuring the
Board is forward looking, agile and
aligned with the Group’s evolving
strategic ambitions.
Duncan Owen
Chair of the Nominations Committee
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MEMBER SINCE MEETINGS ATTENDED
Duncan Owen (Chair) 2021
1/1
Rosie Shapland 2020
1/1
Lesley-Ann Nash 2021
1/1
Manju Malhotra 2022
1/1
Nick Mackenzie 2022
1/1
David Stevenson
1
2024
0/0
1. David Stevenson joined the Board and became a member of the
Nominations Committee on 1 June 2024.
More information on the skills and
experience of all Committee members
Pages 127 to 129
Board skills and diversity
Page 163
MEMBERSHIP AND ATTENDANCE AT
NOMINATIONS COMMITTEE MEETINGS
KEY TOPICS CONSIDERED BY THE COMMITTEE DURING THE YEAR
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
KEY TOPIC ACTIVITY OUTCOME
CEO TRANSITION During the year, the Committee focused
on ensuring a smooth transition between
Graham Clemett and Lawrence Hutchings.
Lawrence started as CEO on 18 November
2024. Graham stepped down as CEO on
the same date, but remained an Executive
Director until 31 January 2025. Lawrence
received a comprehensive induction. Read
more about Lawrence’s induction process
on page 157.
APPOINTMENT OF A NEW
NON-EXECUTIVE DIRECTOR
Following last year’s external Board
performance review, the Committee
identified an opportunity to strengthen
the Board through the addition of a new
member with expertise in capital markets
and digital capabilities.
David Stevenson joined the Board as a
Non-Executive Director on 1 June 2024.
Read more about David Stevenson on
page 129.
SUCCESSION PLANNING The Committee has continued its focus on
succession planning and the development
of a strong pipeline of talent.
Jess Berney was appointed as Head
of Portfolio Management and will join
Workspace on 1 July 2025. Read more
on page 155.
INTERNAL BOARD
PERFORMANCE REVIEW
As part of the Board’s three-year
performance review cycle, this year the
Board and its Committees undertook an
internal performance review. The review
assessed the overall effectiveness of the
Board and its Committees, with a particular
focus on their role in shaping and driving
strategy, as well as overseeing the Group’s
culture and governance practices.
The Board, its Committees, the individual
Directors and the Chair were all collectively
recognised for working effectively. Read
more about the performance review and
recommendations on pages 159 to 161.
DIVERSITY AND INCLUSION The Board and Committee reviewed the
Group’s progress towards achieving its
target of 16% ethnic diversity within the
Executive Committee and senior
management by December 2027.
In addition, the Board also continued
to monitor the Group’s advancements
in gender diversity and other key areas
of inclusivity.
The Board and Committee were pleased
to note a positive increase in the
representation of ethnic minorities within
the Company’s Executive Committee and
senior management, rising from 12.5% as of
31 March 2024 to 13% as of 31 March 2025.
Read more on page 166.
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NOMINATIONS
COMMITTEE
CHAIR’S LETTER
Board skills and experience
Pages 127 to 129
This year, the Committee’s
efforts have centred on
ensuring a well-managed
leadership transition, with
Lawrence Hutchings stepping
into the CEO role at a pivotal
moment for the Group’s growth
and strategic evolution,
positioning the business to
adapt, innovate and lead in
a changing market landscape.
Duncan Owen
Chair of the Nominations Committee
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
Dear shareholder,
I am pleased to present this review of the
activities of the Nominations Committee for
the financial year ended 31 March 2025.
This year, the Committee’s primary focus
has been on ensuring a smooth leadership
transition between Graham Clemett and
Lawrence Hutchings. Details on the
appointment process for Lawrence were
included in last year’s Annual Report.
Lawrence assumed the role of CEO on
18 November 2024. Graham stepped down
as CEO on the same date, but continued as
an Executive Director until 31 January 2025,
ensuring a thorough and effective handover.
Lawrence also received a detailed induction,
details of which can be found on page 157.
On 1 June 2024, David Stevenson also joined
the Board as Non-Executive Director. Details
of his appointment process and induction
were outlined in last year’s Annual Report.
David brings with him extensive experience
in capital markets, digital capabilities and
knowledge of SMEs, further strengthening
the Board’s collective experience.
The Committee has also continued its focus
on succession planning and the development
of a strong pipeline of talent. This year, those
discussions included the appointment of Jess
Berney to the Executive Committee. Jess will
join Workspace as Head of Portfolio
Management on 1 July 2025, after thirteen
years at Schroders Capital, where she is Fund
Manager, UK Strategic Partnerships, with
responsibility for growth of the UK real estate
business. Her extensive property experience
will give us a fresh perspective as we
implement our refreshed strategy.
The Committee continues to recognise that
abroad range of backgrounds, skills, and
experiences across the business is essential
to delivering our strategy. Following Jess’s
appointment, the proportion of women on the
Executive Committee will increase to 37.5%.
At Board level, we continue to focus on
maintaining a well-balanced Board, capable
of approaching issues from a wide range of
perspectives. Read more about our Board
diversity on page 163. The Committee
remains dedicated prioritising a diverse
pipeline when considering future appointments.
We have also continued to advance our
inclusivity initiatives across the wider
organisation. As reported last year, we are
targeting 16% ethnic minority representation
within our Executive Committee and senior
management team by December 2027, in line
with the Parker Review recommendations.
We are pleased to report progress, with
representation increasing from 12.5% in
March 2024 to 13% in March 2025.
As part of our three-year Board performance
review cycle, an internal evaluation was
carried out this year, with a particular focus
on the Board’s strategic contribution and
oversight of culture. The review concluded
that the Board and its Committees continue
to operate effectively. Additional information
is available on pages 159 to 161.
Looking ahead, the Committee remains
focused on robust succession planning at
both Board and senior leadership levels, to
ensure Workspace is equipped with the right
capabilities to support long-term growth and
deliver on its strategic ambitions.
Duncan Owen
Chair of the Nominations Committee
4 June 2025
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The Nominations Committee plays a key
role in ensuring that the Board, its
Committees and Workspace’s senior
leadership team collectively bring the right
blend of skills, experience and business
insight – both to meet the demands of
today and to steer the organisation
successfully into the future.
THE ROLE OF THE
NOMINATIONS
COMMITTEE
The Nominations Committee
delivers its role through robust
succession planning, proactive
talent development, and a clear
understanding of the evolving
skills and capabilities required
to support the Group’s strategy,
purpose, vision, culture, and
values. Details of how the
current Board composition
reflects this approach can be
found on page 158.
The Committee plays a key role
in advancing inclusion and
diversity across Workspace, and
the Board was pleased with the
progress made this year in
furthering initiatives in this area.
Notable achievements include
the continued success of our
diversity hiring and
apprenticeship programmes,
which have contributed to a more
balanced and representative
employee population.
In addition, the Committee was
pleased with progress on the
Group’s initiatives to enhance
unconscious bias training across
the business, ensuring that
inclusion remains a key focus
at all levels of the organisation.
During the year, the Board and
the Committee reviewed the
effectiveness of these initiatives
and explored new ways to
deepen our commitment to
creating an inclusive culture
where all employees feel valued
and empowered.
The Committee is also responsible
for recommending candidates
for the role of Non-Executive
Director designated for employee
engagement. To further
strengthen employee
engagement, the Committee
introduced a practice where an
additional Non-Executive
Director joins the Chair at these
sessions. This initiative not only
increases the Board’s visibility
within the organisation but also
fosters stronger relationships and
deeper understanding between
the Board and employees,
providing mutual insight and
enhancing communication.
While all Directors are seasoned
professionals who take ownership
of their own development, the
Committee recognises that
specific areas of training may
be more relevant depending
on the individual’s role and the
contribution they make to the
overall effectiveness of the
Board. Directors are encouraged
to pursue training in areas that
align with their responsibilities,
ensuring that each Director
continues to grow in ways that
best support their contribution
to the Board’s work. Nonetheless,
all Directors receive the same
core training throughout the year,
with programmes coordinated
by the Company Secretary to
ensure consistency in knowledge
across the Board.
How the Committee operates
The Committee held one meeting
during the year, focused primarily
on supporting the CEO transition.
This meeting also included
a review of the executive
leadership assessment.
In addition, the Board appointed
Fidelio Partners to support the
internal Board performance
evaluation and subsequently
reviewed the outcomes of that
review at its Board meeting in
March 2025. This provided an
opportunity for collective
reflection on Board effectiveness,
strategic contribution and
oversight of culture.
The meetings are usually held
immediately prior to or following
a Board meeting, although the
Committee also meets on other
occasions on an ad hoc basis,
as required.
Only members of the Committee
have the right to attend
meetings. However, an invitation
to attend Committee meetings is,
on occasion, extended to the
Chief Executive Officer, in order
to understand his views,
particularly on key talent within
the business.
All Directors can, for the purpose
of discharging their duties, obtain
independent professional advice
at the Company’s expense. No
Director had reason to use this
facility during the year.
Nominations Committee
responsibilities
The Nominations Committee
is responsible for reviewing the
structure, size, and composition
of the Board, its Committees,
and the Executive Committee.
It also plays a key role in assessing
the overall effectiveness and
performance of the Board.
In relation to senior leadership,
the Committee receives input
from the CEO on key roles within
the business, including members
of the Executive Committee and
other individuals regarded as
part of the senior management
team. The Committee’s
responsibilities include:
– Leading the process for new
Board appointments and
reviewing succession for
Directors and senior
management.
– Regularly reviewing the
structure, size and composition
of the Board and its
Committees, including the
Executive Committee.
– Facilitating a performance
review of the Board, its
Committees and Directors.
– Reviewing the time commitment
expected from the Chair and
Non-Executive Directors.
– Recommending the election
and re-election by shareholders
of the Directors, having due
regard to their performance
and ability to continue to
contribute to the Board, taking
into consideration the skill,
experience and knowledge
required along with the need
for progressive refreshing
of the Board and alignment
to strategic objectives of
the business.
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
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Page
CEO transition 157
Performance of the Nominations Committee 158
Board composition 158
Board performance review 159
NOMINATIONS COMMITTEE
ACTIVITIES IN 2024/25
Lawrence Hutchings joined the Company as CEO on 18 November 2024. On the same date,
Graham Clemett stepped down as CEO but remained with the Company as an Executive
Director until 31 January 2025 to support a well-managed transition.
This planned crossover period enabled a comprehensive and effective handover process.
In addition, Lawrence completed a thorough induction programme, details of which can
be found below.
Lawrence Hutchings’
induction commenced
shortly after he joined
the Company as CEO on
18 November 2024, and
encompassed the following
key elements:
– One-to-one meetings
with the Chair, each of the
Non-Executive Directors,
the CFO and each member
of the Executive
Committee, providing a
comprehensive overview
of the Group’s strategy,
operational and financial
performance and other
business priorities.
– Briefings led by the
Company Secretary
and Head of Corporate
Communications covering
legal governance matters
and shareholder relations.
These were followed up by
in depth sessions with the
Company’s brokers and
external advisers to
provide further context
and insight.
– Briefings from senior
managers across key areas
of the business and
operations, including
marketing, asset
management, investment,
brand development,
ESG and technology.
– Access to a suite of
reference materials
including key information
on the Group’s governance
framework, recent financial
performance, investor
relations and the Group’s
business practices,
including share dealing
policies, the conflicts of
interest procedure and
Director’s duties.
– Tours of properties within
the portfolio with the
relevant asset
management teams.
CEO TRANSITION
INDUCTION OF LAWRENCE HUTCHINGS
Each newly appointed Director participates in a comprehensive induction programme,
carefully designed to provide a thorough understanding of the business and its operations,
as well as their duties and responsibilities as a member of the Board.
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
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COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
NOMINATIONS COMMITTEE ACTIVITIES IN 2024/25 CONTINUED
The performance of the
Nominations Committee
was evaluated during the
year as part of the internal
Board performance review,
supported by Fidelio.
The feedback received
confirmed that the
Committee is operating
effectively and fulfilling
its responsibilities
appropriately.
See pages 159 to 161 for
further details of the internal
Board performance review.
Reviewing the Board and
Committee composition
As part of the Board’s annual
performance review,
described on pages 159 to 161,
the Committee considers the
composition of the Board
and its Committees in
terms of balance of skills,
experience, length of
service and wider diversity
considerations. While no
changes to the Board’s
composition are expected
to arise directly from the
2024/2025 performance
review, the Nominations
Committee will draw on
feedback received to inform
its broader approach to
Non-Executive Director
succession planning.
The Board and its
Committees continue to
benefit from a strong mix of
experience, from individuals
who bring external
perspectives, and provide
constructive challenge in
reviewing the Group’s
strategy. The Nominations
Committee is satisfied that
each Director continues to
make an effective contribution
to the Board and remains
committed to promoting the
success of the Company.
Furthermore, the respective
skills of the Directors were
found to be complementary,
enhancing the overall
effectiveness of the Board.
The Board has carefully
considered the guidance
criteria regarding the
composition of the Board
under the UK Corporate
Governance Code. In the
opinion of the Board, the
Chair and all the Non-
Executive Directors bring
independence of judgement
and character, a wealth and
diversity of experience and
knowledge, and the
appropriate balance of skills.
The Directors give sufficient
time to enable them to carry
out effectively their
responsibilities and duties
to the Board and the
Committees on which they
sit. They are sufficiently
independent of management
and are free from any other
circumstances or
relationships that could
interfere with the exercise
of their judgement.
With effect from the close
of the 2025 AGM, no
Non-Executive Directors will
have been on the Board for
more than six years.
As at 31 March 2025, the
Board comprised of the Chair,
two Executive Directors and
five Non-Executive Directors.
Further details on the
independence of the
Directors and their election
and re-election can be found
on pages 147 to 148 and
on pages 3 to 4 of the
2025 Notice of Annual
General Meeting.
In accordance with the Code,
all the Directors will retire
and offer themselves for
election or re-election by
shareholders at the 2025
Annual General Meeting.
The biographies of all
members of the Board,
outlining the skills and
experience they bring to
their roles, are set out on
pages 127 to 129.
Time commitments
The Directors have
demonstrated a strong
commitment to their roles
on the Board and its
Committees. The Directors
attended meetings of the
Board and Committees
scheduled in 2024/25 as well
as additional ad hoc Board
meetings as required. For
further details of attendance
at meetings see page 129.
The Non-Executive Directors
also meet with the Executive
Directors and members of
senior management during
the year.
The Directors have carefully
considered their external
commitments to ensure they
are able to dedicate
sufficient time to their roles
on the Board. For each of
the Directors, the Board
considers that the time
commitment that he or she
is required to devote to those
external roles does not
compromise their role at
Workspace. The Nominations
Committee reviews Directors’
time commitments and
confirmed that they were
fully satisfied with the
amount of time each Director
devoted to the business.
The Committee recognises
the value Non-Executive
Directors can gain from
holding positions on other
boards, whether in executive
or non-executive roles, as
such experience can broaden
their perspectives and
enhance their contributions
to the Board. During the year,
the Nominations Committee
considered Manju Malhotra’s
proposed appointment as
a Non-Executive Director
of Smiths News plc, and
concluded that the role
would not conflict with
or compromise her role
at Workspace.
PERFORMANCE OF THE NOMINATIONS COMMITTEE BOARD COMPOSITION
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COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
NOMINATIONS COMMITTEE ACTIVITIES IN 2024/25 CONTINUED
As part of our three-year
Board performance review
cycle, an internal review of
Board performance was
conducted for the 2025
reporting year. This followed
an externally facilitated
review by Fidelio in 2024 and
an internal review in 2023.
The outcomes of these
reviews are detailed on
pages 160 to 161.
Having facilitated the
external performance review
in 2024, as well as the
internal reviews in 2023 and
2022, Fidelio were appointed
to support this year’s internal
performance review. Fidelio
are accredited by the FTSE
Women Leaders Review
and are signatories of the
Standard Voluntary Code
of Conduct.
The performance review
assessed the overall
effectiveness of the Board,
with a particular focus on
its contribution to strategy
and oversight of culture.
The Board evaluated its
performance positively,
concluding that is continues
to operate effectively.
Fidelio have no other
connection with the
Company or individual
Directors save for in
connection with certain
director recruitment
activities (see page 164).
AN ESTABLISHED REVIEW CYCLE WITH INCREMENTAL IMPROVEMENTS MADE EACH YEAR
This internal performance
review covered the
effectiveness of the
Workspace Board, and
how this had developed
over the preceding year.
Looking ahead, it had a
clear focus on the Board’s
contribution to strategy
and horizon-scanning.
The 2023/24 external Board
performance review was
conducted against the
backdrop of a new Board
Chair. The external
performance review focused
on Board oversight in the
development of the leadership
team and implementation of
the Company’s strategy.
This internal performance
review assessed the overall
effectiveness of the Board,
with particular focus on the
recent CEO transition in
November 2024. Key themes
included the Board’s
contribution to strategy
and oversight of culture.
This year’s internal Board
performance review confirmed that
the Board continues to operate
effectively, with members
demonstrating strong engagement,
robust oversight and a clear focus
on long-term value creation and
organisational success.
2022/2023 2023/2024 2024/2025
BOARD PERFORMANCE REVIEW
INTERNAL BOARD
PERFORMANCE REVIEW
EXTERNAL BOARD
PERFORMANCE REVIEW
INTERNAL BOARD
PERFORMANCE REVIEW
Key outcomes of the review
Page 160
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BOARD INTERNAL PERFORMANCE REVIEW PROCESS
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
NOMINATIONS COMMITTEE ACTIVITIES IN 2024/25 CONTINUED
TIMELINE: NOVEMBER 2024
FOCUSED QUESTIONNAIRE OUTCOMESFINDINGS DISCUSSED
TIMELINE: JANUARY-FEBRUARY 2025 TIMELINE: MARCH 2025 TIMELINE: MARCH 2025
A discussion was held by the Board
to consider key subject areas for this
internal review
Fidelio developed a tailored survey
reflecting all aspects of the work of
the Board
Findings presented to the Board and
implementation plan agreed
Key outcomes agreed
Key questions:
– What more can the Board do to assess,
challenge and enhance its own
performance?
– What is the Board’s role in ensuring that
Workspace has and implements a
compelling strategy and how can the
strategy process be further strengthened?
– How effective is the Board at overseeing
culture within Workspace and how does
it know the culture has been embedded?
– What is the quality of the Board’s dynamic
and communication?
– How well does the Board carry out its role
in shareholder engagement?
Focus areas:
– The quantitative section of the questionnaire
enabled the Board to provide feedback
across all key areas of its work. The results
were broadly comparable with previous
internal reviews and offered an opportunity
to monitor progress over time.
– The qualitative section of the questionnaire
enabled a deep dive on three key areas:
– Board performance;
– strategy; and
– culture.
– The format was broadly in line with previous
reviews and the overall positive scoring
indicated that the Board saw good progress.
Discussion points:
– The Board discussed the points raised
by the review.
– It was noted that particular strengths were
the Board’s grasp of accountability and
governance, the quality of the Board’s
dynamic and communication as well
as the role of the Chair.
– The Board agreed that the key areas for
further development included the role of
the designated Non-Executive Director for
employee engagement and the quality of
the Board’s oversight of the people agenda.
Development themes:
– Continue to enhance Board focus on the
Company’s performance.
– Agree criteria by which Board performance
can be measured after meetings, including
the quality and type of challenge, individual
contribution and allocation of Board time.
– Develop clear alignment between the
Board and Executive Committee in the
strategy process.
– Review whether the current framework
of employee engagement provides the
Board with the insights and understanding
it requires.
– Consider whether the Board’s
understanding and insight into Executive
culture provides a good means of ensuring
that culture cascades through the business.
BOARD DISCUSSION
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COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
NOMINATIONS COMMITTEE ACTIVITIES IN 2024/25 CONTINUED
PROGRESS AGAINST THE EXTERNAL BOARD EFFECTIVENESS REVIEW CONDUCTED IN 2024
ITEM DISCUSSED
BY THE BOARD FOCUS AREA PROGRESS
STRATEGY Continue to maintain the
focus and pace of the
strategy process.
The Board continues to consider the Group strategy at each Board meeting. An annual strategy day was held in September 2024
and this was attended by members of the Executive Committee and external presenters. Actions from the strategy day were
then circulated to the Board, followed by further presentations by members of the Executive Committee to develop our strategy.
The Board reviewed progress on the strategy development at its meeting in March 2025, and approved the refreshed strategy
in April 2025. Read more about the development of the strategy on page 130.
BOARD COMPOSITION Continue to align Board
composition to the needs
of the business.
Following last year’s external Board performance review which highlighted the need for additional expertise in capital markets
and digital capabilities, David Stevenson was appointed as a Non-Executive Director in June 2024 to help strengthen the Board
in these areas.
EXECUTIVE DEVELOPMENT Support the executive
development programme.
This year, the Board was updated on, and discussed, the appointment of a new member of the Executive Committee,
Jess Berney. Jess will join the Company as Head of Portfolio Management, with effect from 1 July 2025.
Jess will bring a fresh perspective and additional skills to the Executive Committee with her extensive property experience.
PEOPLE
Increase focus on the people
agenda and continue focus
on effective workforce
engagement.
During the year, the Board continued with a programme of events outside of Board meetings at which members of the Board
and the Executive Committee can build relationships on a more informal basis.
The Chair also held feedback meetings with staff during the year. This year, other Non-Executive Directors joined the Chair
at these meetings. Further details can be found on pages 122 to 123 and 134 to 135.
The CEO provides the Board with oversight of the broader people agenda, including succession planning, staff development and
workforce changes across the business. This includes updates from town hall meetings, including analysis of results, and action
plans developed, from the annual staff survey.
INVESTOR ENGAGEMENT Ensure firm understanding of
the shareholder perspective.
At the Board strategy day in September 2024, the Board discussed and outlined a clear plan for how strategy and the Company’s
differentiated model are communicated to stakeholders. The Board also discusses regular updates on investor sentiment.
BOARD LEARNING Continuous learning for
Board members to enhance
understanding of the
Company and the business
it operates in.
The Board strategy day offers an opportunity for members of the Board to hear from internal and external speakers on a variety
of topics, including market trends and developments as well as strategic planning across areas of the business. The Board also
takes part in regular site visits where they are able to engage with centre staff and see our buildings. This year, the Board visited
The Print Rooms, Salisbury House and Centro Buildings.
Whilst the approach to Board learning will be kept under review, we shall continue to develop a dynamic programme of relevant
subject areas to be covered that reflect strategic priorities or challenges.
Regular Board updates on compliance and regulatory matters will also continue, as appropriate. Board members also have
a responsibility to stay up to date in their relevant areas of expertise.
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DIVERSITY AND INCLUSION
AT WORKSPACE
WHY WE DO IT
A diverse workforce will contribute
to our long-term success and help
us achieve our strategy.
HOW WE DO IT
Read all about our diversity initiatives
on the following pages.
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
OVERVIEW
We embrace diversity in all its forms and
strive to foster an environment where
talented individuals can excel, regardless of
gender, gender reassignment, race, ethnicity,
age, religious or spiritual beliefs, sexual
orientation, marital or civil partnership status,
disability, education, or social background.
A diverse organisation gains from the varied
perspectives and inclusivity these differences
bring, along with a range of skills, industry
experience and personalities.
Workspace’s purpose is to give businesses
freedom to grow. We recognise that having a
Board, Executive Committee, and workforce
with diverse backgrounds and experiences is
crucial to deliver our strategy and make sure
It All Happens at Workspace for the long term.
Our Equal Opportunities and Dignity
at Work Policy is applicable to the Board,
its Committees, and the broader business.
We also have a Board-specific diversity and
inclusion policy, outlined on page 164.
With a rich mix of perspectives
across our Board, Executive
Committee and workforce,
Workspace is set to deliver
lasting impact and shape
a successful future.
Achieving a diverse and inclusive pipeline
Pages 167 to 171
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COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY AND INCLUSION AT WORKSPACE CONTINUED
BOARD DIVERSITY
BOARD AND COMMITTEE SKILLS AND EXPERIENCE 31 MARCH 2025
BOARD INDEPENDENCE
31 MARCH 20254
LENGTH OF TENURE FOR THE BOARD 31 MARCH 2025
Men (including those self-identifying as men)
62.5%
Women (including those self-identifying as women)
37.5%
Non-Executive Chair
1
Executive Directors
2
Independent Non-Executive Directors
5
GENDER DIVERSITY OF THE BOARD
31 MARCH 2025
AGE DIVERSITY OF THE BOARD
31 MARCH 2025
ETHNIC DIVERSITY OF THE BOARD
31 MARCH 2025
Identify as ethnic minority
25%
Do not identify as ethnic minority 75%
8
50-59
Workspace is committed to Board-level diversity,
recognising that varied perspectives strengthen corporate
culture and drive improved performance.
BOARD EVOLUTION
3.1 years
AVERAGE TENURE AS OF 31 MARCH 2025
Executive leadership Property and Real Estate Financial Corporate governance Customer and Marketing People ESG 2020 2021 2022 2023 2024 2025
Executive Directors
Lawrence Hutchings
Dave Benson
Non-Executive Directors
Duncan Owen
Rosie Shapland
Lesley-Ann Nash
Manju Malhotra
Nick Mackenzie
David Stevenson
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BOARD DIVERSITY, PRINCIPLES AND PROGRESS
We acknowledge that a diverse group of Board Directors brings varied perspectives and effectively challenges debates and decisions. When recruiting new Board members, the Nominations
Committee follows the policy and the principles outlined below. These principles are designed to enhance diversity within our Board and its Committees while developing a pipeline of high-potential,
diverse leaders and senior managers.
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY AND INCLUSION AT WORKSPACE CONTINUED
BOARD DIVERSITY CONTINUED
PROGRESS AGAINST OBJECTIVESIMPLEMENTATIONPRINCIPLES
Ensure the Board comprises an appropriate balance of skills and
diverse characteristics including gender, ethnicity, skills, experience,
cognitive diversity and background. This diversity helps bring
fresh perspectives, enriches our business and contributes to our
long-term success.
Ensure the recruitment process, including advertisements and use
of recruitment agencies, allows for a diverse group of potential
candidates to be identified.
The Board and Nominations Committee will only engage with
executive search firms that have signed up to the Standard Voluntary
Code of Conduct for Executive Search Firms.
Board attention and focus is given to initiatives designed to develop
a pipeline of talented, high potential employees and senior managers
from a diverse range of backgrounds including in terms of gender,
ethnicity, skills, experience and background.
The diversity of the Board, in its broadest sense, is regularly reviewed
by the Nominations Committee throughout the year, and at least
annually by the full Board as part of its yearly performance review.
This ensures the Board maintains a diverse balance of perspectives
and experience.
The Board places importance on ensuring the recruitment process
is fair and is based solely on individual merit. The Board instructs
executive search firms to assist with sourcing the best candidates for
the role. When instructing an executive search firm, the Board will
explicitly request that a diverse mix of individuals is identified for
the role.
The Board will continue to engage executive search firms that have
signed up to the Standard Voluntary Code of Conduct.
The HR team has been tasked with continuing to progress our existing
initiatives to support development of a diverse pipeline of talent (see
page 170 for further details) as well as delivering the new initiatives
detailed on pages 167 to 169.
As always, diversity formed an important part of the discussion of this
year’s internal Board performance review, conducted in February
2025. No concerns were raised in connection with the diversity of the
Board. For more information on the outcomes of the internal Board
performance review, please see page 160.
As at 31 March 2025, there is 37.5% female representation on our
Board (2024: 42.9%) and 25% ethnic minority (2024: 28.6%). We
recognise that, due to the appointment of David Stevenson in June
2024, female representation on our Board has fallen slightly below
the 40% target set by the UK Listing Rules and FTSE Women Leaders
Review. Gender diversity will be a consideration of the Nominations
Committee when considering future appointments.
This year saw the appointment of David Stevenson as a new
Non-Executive Director, and Lawrence Hutchings as the Group’s
new CEO. David and Lawrence both bring different experience and
skills to the Board from their backgrounds in capital markets and
customer-centric real estate respectively.
A thorough recruitment and selection process was undertaken for
each and the executive search firms involved were instructed to
identify a diverse mix of individuals to be considered for each role.
During 2023/24 and 2024/25, Heidrick & Struggles and Fidelio were
each engaged by the Board as executive search firms (for Lawrence
Hutchings and David Stevenson respectively). Both Heidrick &
Struggles and Fidelio are signatories to the Standard Voluntary Code
of Conduct. Heidrick & Struggles have no other connection with the
Company or individual Directors. Fidelio provided support for the
2024/25 Board performance review but have no other connection
with the Company or individual Directors.
During the year, we continued to introduce and progress a number of
initiatives aimed at achieving a diverse and inclusive pipeline of talent.
See page 169 for more details on the progress on our diversity
initiatives during this year.
In particular, this year saw the formation of our new Diversity Action
Group, a forum formed of twelve employees and chaired by our
Investment Director, Richard Swayne. Read more on page 171.
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GENDER AND ETHNIC DIVERSITY OF THE BOARD AND THE EXECUTIVE COMMITTEE
AS AT 31 MARCH 2025
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY AND INCLUSION AT WORKSPACE CONTINUED
The Board continues to support the recommendations of both
the FTSE Women Leaders Review and the Parker Review, and
of the targets set out in UKLR 6.6.6R(9). A group that is
diverse in nature, across gender, ethnicity, skills, experience
and background, brings a range of perspectives that enrich
debate and strengthen decision making.
The tables to the right set out the numerical data required
to be disclosed in accordance with UKLR 6.6.6R(9), as at
31 March 2025.
The Board is aware that as of 31 March 2025, the Company is
just short of the target of 40% female representation, with
37.5% of the Board being women. Board positions are, by their
nature, limited in number meaning vacancies are less common,
but when vacancies do become available the Board will
continue to recruit in a manner which attracts a diverse mix
of candidates and to shortlist an equal number of men and
women wherever possible.
The data contained in the disclosures to the right were
self-reported by members of the Board and Executive
Committee. The Executive Committee were asked to specify
their gender identity and ethnic origin via our HR system, with
each question using a dropdown menu with options to select.
The Board were separately each asked the same questions
with the same options.
Lawrence Hutchings and Dave Benson are members of both
the Board and the Executive Committee and therefore are
included in both the calculations relating to the Board and
those relating to executive management.
PROGRESS AGAINST
UKLR 6.6.6R(9) TARGETS
AS AT 31 MARCH 2025
At least one of the
senior Board positions
should be held by a woman
Status: Achieved
ROSIE SHAPLAND IS SENIOR
INDEPENDENT DIRECTOR
At least one member of
the Board should be from
an ethnic minority
Status: Achieved
2
MEMBERS OF THE WORKSPACE
BOARD ARE FROM A MINORITY
BACKGROUND
At least 40% of
individuals on the Board
should be women
Status: Not currently met
37.5%
OF THE WORKSPACE
BOARD ARE WOMEN
GENDER
Number of
Board
members
Percentage of
the Board
Number of
senior
positions on
the Board
(CEO, CFO,
SID and Chair)
Number in
executive
management
Percentage of
executive
management
Men (including those
self-identifying as men) 5 62.5% 3 6 75%
Women (including those
self-identifying as women) 3 37.5% 1 2 25%
Non-binary 0 0% 0 0 0%
Not specified/prefer not to say 0 0% 0 0 0%
ETHNICITY
Number of
Board
members
Percentage of
the Board
Number of
senior
positions on
the Board
(CEO, CFO,
SID and Chair)
Number in
executive
management
Percentage of
executive
management
White British or other White
(including minority-white
groups) 6 75.0% 4 8 100%
Mixed/Multiple Ethnic Groups 0 0% 0 0 0%
Asian/Asian British 1 12.5% 0 0 0%
Black/African/Caribbean/
Black British 1 12.5% 0 0 0%
Other ethnic group 0 0% 0 0 0%
Not specified/prefer not to say 0 0% 0 0 0%
Further information on the
composition of the Board can
be found on pages 127 to 129 and
on the composition of the Executive
Committee on page 150
EXECUTIVE COMMITTEE EVOLUTION
5 years
AVERAGE TENURE AS OF 31 MARCH 2025
BOARD AND EXECUTIVE COMMITTEE DIVERSITY
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COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY AND INCLUSION AT WORKSPACE CONTINUED
The tables below set out the gender and
ethnic diversity of the individuals comprising
our Executive Committee and senior managers.
In line with the FTSE Women Leaders Review
and the Parker Review, we consider senior
managers to be those employees deemed to
be senior managers of the Group who report
directly to an Executive Committee member.
In respect of the UK Corporate Governance
Code 2018 (which was the version of the Code
applicable to the Company during the year
under review), we consider the Executive
Committee to be our ‘senior management’
as defined by the Code.
GENDER DIVERSITY OF EXECUTIVE
COMMITTEE AND SENIOR MANAGERS
AS AT 31 MARCH 2025
PARKER REVIEW TARGET
In line with the guidance published by the
Parker Review, in the 2024/25 financial year
the Board set a target of 16% minority ethnic
representation within the group comprising
our Executive Committee and senior
managers, as defined by the Parker Review,
by 31 December 2027.
GENDER DIVERSITY OF ALL EMPLOYEES
AS AT 31 MARCH 2025
The charts below show the gender, ethnicity
and age diversity of all our employees.
This disclosure is made in accordance with
section 414C(8)(c)(iii) of the Companies Act
2006. The Board breakdown required by
section 414C(8)(c)(i) of the Companies Act
2006 is set out on page 163.
In addition, for the purposes of disclosure
under section 414C(8)(c)(ii) of the Companies
Act 2006, the Group had four male and two
female senior managers as at 31 March 2025,
calculated in accordance with sections 414C(9)
and (10)(b) of the Companies Act 2006.
AGE DIVERSITY OF ALL EMPLOYEES
AS AT 31 MARCH 2025
ETHNIC DIVERSITY OF ALL EMPLOYEES
AS AT 31 MARCH 2025
ETHNIC DIVERSITY OF EXECUTIVE
COMMITTEE AND SENIOR MANAGERS
AS AT 31 MARCH 2025
2025
Female: 183
56.8%
Male: 139
43.2%
2025
18–29: 98
30.4%
30–39: 115
35.7%
40–49: 72
22.4%
50–59: 24
7.5%
60–69: 13
4.0%
70–79: 0
0%
2025
Female
39.1%
Male
60.9%
2025
Minority ethnic
13.0%
White
87.0
%
2025
White: 230
71.4%
English/Welsh/Scottish/Northern Irish/British 47.5%
White – Irish 3.1%
White – Other 20.8%
Black: 22
6.8%
Black/African/Caribbean/Black British –
Caribbean
3.4%
Black/African/Caribbean/Black British – African 2.8%
Black/African/Caribbean/Black British – Other 0.6%
Asian: 40
12.4%
Asian/Asian British – Indian 5.0%
Asian/Asian British – Bangladeshi 1.2%
Asian/Asian British – Pakistani 1.2%
Asian/Asian British – Chinese 1.0%
Asian/Asian British – Other 4.0%
Mixed: 26
8.1%
Mixed – White and Black Caribbean 1.2%
Mixed – White and Black African 1.6%
Mixed – White and Asian 1.0%
Mixed – Other 4.0%
Mixed 0.3%
Other ethnic group: 4
1.2%
EXECUTIVE COMMITTEE AND SENIOR MANAGER DIVERSITY WIDER WORKFORCE DIVERSITY
13.0%
MINORITY ETHNIC REPRESENTATION WITHIN
THE GROUP COMPRISING OUR EXECUTIVE
COMMITTEE AND SENIOR MANAGERS
AS OF 31 MARCH 2025
PROGRESS AGAINST PARKER REVIEW TARGET
31 MARCH 2024 31 MARCH 2025
TARGET
31 DECEMBER 2O27
12.5% 13.0% 16%
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– Every employee has the
right to be treated with
respect and dignity
throughout their
employment with us and
not to be discriminated
against. We have a zero
tolerance attitude to
bullying, harassment or
victimisation of any kind.
This year we introduced
a new Sexual Harassment
Policy to reinforce our
zero tolerance approach
to unprofessional or
inappropriate behaviour
from our staff and from
third parties who interact
with our business.
– Our recruitment and
selection, training and
development,
performance reviews and
promotion processes are
all based solely on
individual merit and are
free from bias. The HR
team oversee these
processes to ensure that
they remain fit for purpose
and eliminate bias.
– We monitor and analyse
the diversity of our
employees so that we can
track and progress our
diversity initiatives.
– Our Board and Executive
Committee are regularly
updated on our progress
with diversity initiatives
and external guidance and
recommendations for
improving diversity.
– We offer flexible working
options (including hybrid
working) to support
employees with family
and/or caring
commitments.
– We have an employee
support network aiming
to provide a forum for
parents and carers,
including how Workspace
can better support them.
– We provide training for all
employees and line
managers on areas such
as unconscious bias and
harassment to ensure that
our values and standards
are understood. This
year we introduced
neurodiversity training
for managers and staff.
Diversity at all levels of our organisation is crucial to
providing a variety of thoughts, skills and experiences that
will support the achievement of our long-term strategy by
fostering innovation and better decision making. While it
remains our policy to appoint the best person for each role,
we are committed to ensuring that our processes and
initiatives actively encourage a diverse group of candidates
for roles at all levels and build a diverse pipeline of talent
for senior positions. Our initiatives to achieve this are
detailed to the right and overleaf, and further details on
Board and Executive level succession planning can be
found on page 155.
ACHIEVING A DIVERSE AND INCLUSIVE PIPELINE
31
INTERNAL PROMOTIONS
IN 2024/25
7
DAG MEETINGS IN 2024/25
16
APPRENTICES SUPPORTED
IN 2024/25
17
NEURODIVERSITY TRAINING
SESSIONS IN 2024/25
CULTURE
Innovation thrives on
diverstiy. It is the unique
perspectives, experiences
and voices at the table
that spark bold ideas
and meaningful progress.
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY AND INCLUSION AT WORKSPACE CONTINUED
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COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY AND INCLUSION AT WORKSPACE CONTINUED
– We promote progressive
career development
through encouraging
lateral job moves where
opportunities arise.
– We hold bi-monthly
meetings between the HR
team and senior managers
with a view to identifying
opportunities for staff
development.
– During our annual
appraisal process, we
identify employees who
have strong potential for
development, and put
training and development
plans in place for them.
– We provide a Group-wide
internal training
programme to offer
employees opportunities
to learn and develop skills
such as organisation,
people management and
managing difficult
situations.
– We offer Institute of
Leadership & Management
training for line managers
and are developing
training for managing
difficult conversations.
– We support employee
development by
sponsoring external
learning and further study
opportunities where
appropriate.
– We have implemented
‘career pathways’, for our
centre team roles and
facilities management
team roles, to make it
clearer to staff how they
can progress their careers
at Workspace.
– We have introduced
apprenticeship
programmes to widen
access to the professions
within our organisation.
Empowering our people
to achieve their best
Pages 20
TRAINING AND DEVELOPMENT
– Our Recruitment team
oversees all recruitment
activities and processes
in accordance with our
policy, which ensures fair,
transparent and consistent
hiring practices.
– We review and change job
titles where appropriate,
and we review job
specifications to ensure
we consistently use
inclusive language that
encourages both male
and female candidates.
– We use software to track
the sources of candidate
applications and
implement CV
anonymisation to help
eliminate unconscious
bias in the recruitment
process.
– We provide all hiring
managers with training
in unconscious bias and
interview skills to support
fair and effective
recruitment practices.
– Guidance and support
notes are provided to
hiring managers to
promote fair and
thorough processes.
– We advertise all vacancies
internally before
undertaking any external
advertisement, to
encourage internal
applications.
– When we do advertise
externally, we have
increased our use of social
media and other direct
recruitment methods in
order to reach a wider
pool of talent, including
encouraging applications
from people who may be
returning to work and from
local communities via local
job centres, universities
and schools. We also
partner with organisations
such as Sapphire Partners
and the White Ensign
Association to promote
social mobility.
– Where recruitment
agencies are engaged, we
ensure they demonstrate
a strong commitment to
diversity and a proven
track record in diverse
appointments.
– When a senior role
becomes available,
we actively encourage
applications from diverse
candidates and aim to
shortlist an equal number
of men and women
wherever possible.
RECRUITMENT AND SELECTION
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COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY AND INCLUSION AT WORKSPACE CONTINUED
OUR PROGRESS FROM LAST YEAR
WHAT WE SAID WE WOULD FOCUS ON OUR PROGRESS
Continue to widen the pool of candidates from which we
recruit by introducing apprenticeship schemes, encouraging
staff recommendations, and working with job centres,
charities and universities to reach candidates that may not
come through more traditional recruitment methods.
– We started working with Sapphire Recruitment, a charity that has individuals from disadvantaged backgrounds, and
throughout this year they have helped us with finding candidates for certain roles. We have also partnered with the White Ensign
Association, an organisation that helps military veterans find employment, other charities and social enterprises such as Spear
Lambeth and London & Partners, and the Job Centre to help promote our vacancies to those who are not currently employed.
– We promote our vacancies through these channels and will continue to explore ways to enhance our engagement with these
or similar minded organisations.
– In October 2024 we launched the apprenticeship scheme business wide. We have also expanded the range of apprenticeships
we offer across the business. All junior roles that become available will now be advertised as apprenticeships wherever
appropriate. In the year under review, we supported 16 apprentices.
Use our new recruitment software to produce and analyse
more detailed information, and to implement new recruitment
initiatives such as standardising language used in job adverts
and anonymising CVs.
– Our new recruitment system has enabled us to anonymise CVs, promote vacancies to a wider audience and gain more detailed
insights into the recruitment experience, including how our candidates have learned about the roles.
– We have also enhanced our recruitment experience to ensure we continue to attract and retain the best talent, and we have
started conducting on-boarding surveys to obtain feedback from new starters to enable us to improve and ease the process
of on-boarding.
Continue our focus on internal development and promotions,
including further development of our career progression
pathways and implementing a new learning management
system to enhance our training and development provision.
– Last year, we continued our efforts in relation to internal development opportunities and promotions. We had 34 internal
movements across the business. We also continue to offer career development pathways within our Customer Experience
and Facilities Management Teams. We will continue to explore with other teams as to whether we can expand our career
pathways further.
– Our new learning management system launched in February 2024 and this year we have launched six learning courses to staff
via the new system.
Continue to improve awareness of diversity at all levels, by
rolling out enhanced diversity and inclusion training for the
Executive Committee, hiring managers and all staff and
increasing the use of external speakers to bring different
perspectives.
– Throughout the course of the year, we have rolled out specific training for both employees and line managers. New courses
around mental health and neurodiversity awareness have been trialled.
– We have also run awareness sessions on menopause and breast cancer for our employees and our employee network
‘Supporting Others’ continues to meet regularly.
Introduce a diversity working group to provide a forum
for discussion of ideas with staff representatives from across
the organisation, with feedback to be elevated to the
Executive Committee.
– We launched the Diversity Action Group (DAG) in July 2024. The DAG is chaired by Richard Swayne, our Investment Director,
and comprises twelve representatives from different areas of the business. The DAG reports into the Group’s Social
Sustainability Committee, which in turn reports to the Executive Committee. Read more on page 171.
Implementing recommended changes to our parental leave
policies following completion of our benchmarking exercise
this year.
– Following a benchmarking exercise, we have enhanced our family friendly leave entitlements. Employees may now receive
up to 26 weeks full pay for maternity, adoption or shared parental leave, depending on length of service. For paternity leave,
up to four weeks of full pay is also available, subject to service eligibility.
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OUR FUTURE PLANS
Our key aims for next year
include:
– Continue to focus
on ensuring job adverts
use non-discriminatory
language, in particular
by making use of AI tools.
– Minimise reliance on
recruitment agencies and
broaden our talent pool
by actively encouraging
apprenticeship hires
for junior roles.
– Focus on employee
retention and
development by
implementing career
pathways for additional
roles within the business.
– Sign the Armed Forces
Covenant to demonstrate
our commitment to
supporting former members
of the Armed Forces.
– Enhance the awareness of
Workspace among potential
job applicants by showcasing
employee stories and our
internal culture via our
social media channels.
– Issue updated best practice
guidelines and provide
regular updates to line
managers, encouraging
them to engage in regular
check-ins and career
conversations with
their teams.
– Design and launch a paid
internship programme for
individuals aged 16 and over.
– Further promote our newly
introduced policy on
buying additional annual
leave and how it can be
used to split the cost of
unpaid leave over a longer
period, in particular to
employees with caring
commitments.
– Externally benchmark
our employee benefits
to ensure they remain
competitive.
– We continue to actively
promote our ‘Supporting
Others’ network and
encourage the development
of additional employee
networks, for example
BAME or LGBT+ networks.
– Implement a series of
‘lunch and learn’ sessions
to help line managers and
staff to better understand
different perspectives.
– Enhance the functionality
of our Learning
Management System to
expand and improve our
training and development
opportunities.
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY AND INCLUSION AT WORKSPACE CONTINUED
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Q
What prompted the formation of the DAG
as a forum comprising staff members?
A
Our best ideas often come from our
people, and we believe diversity and inclusion
is no exception. In the same way that our
Board benefits from diversity of skills,
experiences and backgrounds in order to
achieve Workspace’s overall strategy, the
same applies to achieving our diversity and
inclusion aims and initiatives. We have also
heard from past employee surveys that it is
something very important to our staff.
The DAG comprises twelve members of staff
from a range of teams and role levels and
with diverse backgrounds. All DAG members
are passionate about diversity and inclusion
and bring the energy needed to contribute
new ideas.
Q
What drew you to being Chair of the DAG?
A
Diversity and inclusion are not just
corporate buzzwords to me, they are deeply
personal values. I believe that our differences
make us stronger and drive innovation, and
Iwant to play a key role in driving further
diversity at Workspace.
Q
Will the DAG focus primarily on diversity
among Workspace staff?
A
The DAG’s remit is much wider than that.
Obviously our staff are very important
stakeholders and promoting diversity and
inclusion within our workforce is a key
priority. But the DAG will also be looking
athow Workspace can help drive diversity
among our customers and suppliers, as well
as how we can make our buildings a safe
space for all who visit them.
Q
What are the main objectives for the DAG
next year?
A
We have begun to consider many
objectives but the focus next year is likely
to target two specific areas.
Firstly, for the people within our business,
the aim is to pilot a mentorship programme
to allow staff to meet with a senior member
of the organisation to foster growth and
professional development.
And secondly, across our portfolio
of properties, accessibility is a priority.
We are developing a plan to capture
customer accessibility information so
we can better support all people using our
spaces. Alongside this, we are starting to
instruct external accessibility surveys with
a third-party provider to understand how
our buildings can support a diversity of
accessibility for customers, staff and all
visitors to our building.
Q&A
A DEDICATED FORUM TO
PUSH OUR DIVERSITY AND
INCLUSION FORWARD
Richard Swayne
Investment Director
Chair of Diversity Action Group (DAG)
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY AND INCLUSION AT WORKSPACE CONTINUED
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AUDIT, RISK AND INTERNAL CONTROL
QUICK LINKS
Page
Membership and attendance
at Audit Committee meetings
173
Chair’s letter 174
Role of the Audit Committee 177
Significant matters considered 179
External audit 182
Risk management and internal controls 184
The Committee has continued
its focus on maintaining strong
governance over the Group’s
financial reporting, external
audit, risk management and
internal controls.
Rosie Shapland
Chair of the Audit Committee
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MEMBER SINCE MEETINGS ATTENDED
Rosie Shapland 2020
4/4
Lesley-Ann Nash 2021
4/4
Manju Malhotra 2022
4/4
1. In accordance with the UK Corporate Governance Code 2018, the Board
considers that Rosie Shapland has significant recent and relevant financial
experience.
2. Following Board discussions on the structure of its Committees, it was
agreed that from 21 April 2022, the Committee will consist of three
members, Rosie Shapland, Lesley-Ann Nash and Manju Malhotra. Other
Non-Executive Directors are welcome to attend meetings should they wish
to do so. All Non-Executive Directors attended meetings held in May and
November 2024 as well as March 2025 to review the full and half-year results
and the joint meeting of the Audit and ESG Committee meeting held
in January 2025.
3. The Audit Committee meeting in January 2025 was a joint meeting with the
ESG Committee.
MEMBERSHIP AND ATTENDANCE
AT AUDIT COMMITTEE MEETINGS
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
KEY TOPIC ACTIVITY OUTCOME
PORTFOLIO
VALUATION
– Considered the objectivity and
independence of the external valuers.
– Discussed the presentation of the portfolio
valuation by the external valuers.
CBRE continued to value the entire portfolio for the year
ending 31 March 2025.
FINANCIAL
AND
NARRATIVE
REPORTING
– Reviewed the interim reporting and
the Annual Report and Accounts.
– Considered key judgements, estimates
and assumptions in the preparation
of the financial statements.
The Committee recommended to the Board that the Annual
Report and Accounts as a whole was fair, balanced, and
understandable.
The Committee concurred with management’s key
judgements, estimates and assumptions. Where appropriate,
the Committee challenged management assumptions such
asbad debt provisions and downside scenarios for viability.
EXTERNAL
AUDIT
– Reviewed and discussed reports from BDO,
summarising their findings arising from the
2024/25 audit and the half-year review for
thesix months ended 30 September 2024.
– Assessed the independence and objectivity
ofthe External Auditors.
The Committee was satisfied with the effectiveness of the
audit and confirmed that there were no matters impacting
theauditor’s independence or objectivity.
CHANGES
TOPRINCIPAL
RISKS
– Reviewed and discussed the Group’s
principalrisks.
There were no new principal risks added during the year but,
in line with previous years, a full review of these was carried
out at the March Board meeting.
INTERNAL
CONTROLS
AND RISK
MANAGEMENT
– Reviewed the effectiveness of the
Company’s control environment and the
process for self-certification of the operating
effectiveness of controls.
– Discussed progress on actioning Grant
Thornton’s recommendations from their
post-implementation review on the Group’s
new finance system.
– Discussed an update from the Group’s Head
of Technology and Group Financial Controller
on progress with recommendations relating
to IT general controls, highlighted by BDO
during the course of theiraudit.
Control owners certified the effectiveness of controls under
their responsibility and no significant issues were identified.
The Group’s Head of Security and Risk Management continued
a programme of internal controls assurance during the year.
The Committee was satisfied with both the progress
made with optimisation of the new finance system and
management’s response to control recommendations
highlighted byBDO as part of their audit.
GOVERNANCE – Reviewed the Committee’s terms
of reference.
– Reviewed forthcoming changes to the
UK Corporate Governance Code.
– Discussed the results of the internal
performance review.
An internal review of the Audit Committee’s performance was
conducted during the year and concluded that the Committee
continues to operate effectively.
The Committee was satisfied with the Company’s plans to ensure
compliance with Provision 29 of the Corporate Governance
Code 2024, which will apply to the Company from 1 April 2026.
KEY TOPICS CONSIDERED BY THE COMMITTEE DURING THE YEAR
The Committee is composed entirely of Non-Executive
Directors, each bringing substantial commercial acumen and
broad industry expertise. The Committee is chaired by Rosie
Shapland. Details of individual attendance at the meetings
held during the year are set out above. More information on
the skills and the experience of all Committee members can
be found on pages 127 to 128.
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Dear shareholder,
I am pleased to present this year’s Audit
Committee Report. The report is intended to
provide shareholders with an understanding of
the broad role we have performed throughout
the year, as well as the work carried out to
provide assurance on the integrity of the
Annual Report and Financial Statements for
the year ended 31 March 2025. Much of the
work of the Committee is necessarily
targeted around the key areas of financial
reporting, external audit, internal control and
risk management, all of which is underpinned
by a robust governance framework.
External Auditor
Following the rigorous audit tender process
undertaken last year, BDO LLP (‘BDO’) was
selected as the Company’s External Auditor.
Their appointment was approved by
shareholders at the AGM on 25 July 2024.
The Committee is confident that BDO brings
the required experience and independence
to perform a robust and effective audit of the
Company’s financial statements.
The Audit Committee applies the ‘Audit
Committees and the External Audit: Minimum
Standard’ and this Report sets out how the
Minimum Standard has been applied.
Rotation of valuers
During the year the Board considered
the implications of the RICS mandatory
requirement for the periodic rotation of UK
external valuers, set to take effect in May
2026 following a two year transition period.
Read more on page 131.
The role of the Audit Committee
Pages 177 to 178
Developing a robust Viability Statement
Page 181
The Audit Committee Report
highlights how the Committee
has actively challenged and
supported management, carried
out rigorous oversight of financial
reporting, and upheld high
standards of audit quality and risk
governance throughout the year.
Rosie Shapland
Chair of the Audit Committee
AUDIT COMMITTEE
CHAIR’S LETTER
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
Review of material issues
The Audit Committee has a key role in
establishing that the financial statements
provide a true and fair view of the Group’s
financial affairs. As part of this process,
weconsidered the significant financial
judgements made during the year, along
withother key financial reporting issues.
In this context and in conjunction with
the Board, we considered the twice annual
valuation of the investment portfolio, the
valuation process, the key assumptions
made by the valuers and their independence.
Following our review, we are satisfied that the
valuation process is robust, the assumptions
and estimates used in the valuation are
appropriate and that the valuers remain
independent. Further details can be found
onpage 179.
The Committee reviewed a number of other
key matters which have been considered
by management and discussed with BDO,
including uncertainties relating to the collection
of trade receivables, the classification of assets
held for sale, and accounting for disposals.
We also considered, as we do on a regular
basis, the potential for fraud in revenue
recognition, scope for management override
of controls and compliance with regulations.
We found no concerns arising from this review.
A description of the material issues that the
Committee considered during the year can
be found on page 179 to 182.
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AUDIT, RISK AND INTERNAL CONTROL CONTINUED
AUDIT COMMITTEE CHAIR’S LETTER CONTINUED
Cyber security
During the year the Company conducted two
table top exercises focused on responding to
cyber attacks. Insights gained from these
exercises have been incorporated into the
Company’s processes.
Viability and going concern statements
The Committee considered the going
concern statements in the interim statement
and the Annual Report, and the viability
statement in the Annual Report. This included
reviewing the work undertaken by
management, which considered plausible
downside scenarios factoring in the Group’s
principal risks and potential uncertainties,
and assessing the appropriateness of the
five-year viability assessment period.
Following this review, we were satisfied that
management had conducted robust viability
and going concern assessments and
recommended approval of these to the Board.
See our viability and going concern
statements on pages 94 to 95.
2025 Annual Report
After reviewing the reports from management,
and following discussions with the External
Auditor and valuers, the Committee is
satisfied that:
– the process used to determine the property
valuation was satisfactory.
– the financial statements appropriately
address the key judgements and the
key estimates.
– the Group has adopted appropriate
accounting policies.
– both the External Auditor and the property
valuers remain independent and objective
in their work.
The Board as a whole is responsible for
assessing the Group’s position, performance,
business model and strategy. The Committee
has a key role in checking that the Group’s
narrative reporting gives a fair, balanced and
understandable assessment of the Group’s
position and prospects. This assessment
is covered on page 182. For the year ended
31 March 2025, the Committee confirmed
to the Board it was satisfied that the Annual
Report and Accounts was fair, balanced
and understandable.
Challenging management’s assumptions
The Committee reviews and, where necessary,
challenges key management assumptions and
estimates, ensuring they are robust, well
reasoned, and supported by appropriate
evidence. This oversight forms a core part
of the Committee’s role in maintaining the
integrity of the Group’s financial reporting.
Committee effectiveness
The performance of the Audit Committee
was assessed this year through an internal
performance review. I am pleased that this
concluded we continue to operate effectively.
Risk, control and assurance
The Group has a range of processes in place
to support effective internal control. These
include self-certification of controls by risk
owners, reviews of fraud, anti-bribery and
whistleblowing policies and a risk management
framework through which controls and their
effectiveness are monitored and assessed.
SUSTAINABILITY IN
EVERYTHING WE DO
BUILDING RESILIENCE
IN THE FACE OF
CLIMATE CHANGE
Incorporating sustainability across
the business means we need to build
resilience in the face of climate change
The Group recognises that climate
change will continue to have an
increasing impact on our business and so
it is one of our principal risks. More detail
can be found on page 93.
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We do not have a formal internal audit
function, a matter which is kept under review
by the Audit Committee. However, the Head
of Security and Risk Management provides
the Committee with updates on the assurance
reviews conducted across the business.
The Committee is aware of the changes to the
UK Corporate Governance Code and has been
considering our approach to address the new
provision 29 requirements relating to the
effectiveness of material controls, with a view
to ensuring that appropriate processes are in
place and documented in advance of the new
provision becoming effective for the Group
for its financial year commencing 1 April 2026.
This has included discussions with the
management team regarding the process of
identifying and agreeing our material controls
in line with these requirements.
I hope that you find this report informative
and can take assurance from the work
undertaken by the Committee during the year
to deliver its key responsibilities.
Rosie Shapland
Chair of the Audit Committee
4 June 2025
During the year the Committee reviewed
an update on the post-implementation
controls review conducted by Grant Thornton
on the Group’s new finance and property
management system, as reported previously.
The Committee noted that the majority of
actions identified have been addressed, with
plans in place to complete the remaining items.
The Committee discussed recommendations
from BDO relating to the Group’s Information
Technology General Controls (ITGCs), which
were highlighted as part of their work in their
first year as the Group’s new auditors, and
noted that management had implemented
plans to address these recommendations
prior to the financial year end.
Together with the Board, the Audit
Committee has reviewed the effectiveness
of the Group’s risk management and internal
control systems and have not identified any
significant failings or weaknesses.
In January 2025, the Audit Committee held
a joint meeting with the ESG Committee.
During this meeting, both Committees
reviewed the Company’s policies and
procedures supporting the implementation
of our ESG strategy, as well as the assurance
programme being undertaken to ensure the
effectiveness of these policies and procedures.
Both Committees were satisfied that the
Company’s policies and procedures in this
area are operating effectively, and that
appropriate assurance procedures are
in place.
– Continue to monitor the Group’s risk
management and internal control
framework, particularly with regard to the
new UK Corporate Governance Code on
risk management and the effectiveness
of material controls.
– Continue to review management’s
progress in addressing recommendations
from BDO and Grant Thornton in relation
to IT general controls and the new
finance system.
– Focus on the Company’s protection
against cyber threats.
– Continue to focus on climate change
and its potential impact on the financial
statements and review mitigation strategies.
This includes monitoring of climate-related
risks across business decisions and
seeking assurance from Bureau Veritas
on our carbon emissions disclosures.
See page 108 for more details.
MONITORING FUTURE DEVELOPMENTS
Fair, balanced and understandable reporting
Page 182
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
AUDIT COMMITTEE CHAIR’S LETTER CONTINUED
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The Audit Committee reviews and monitors the integrity
of the Group’s financial reporting in advance of its
consideration by the Board. The Committee oversees the
relationship with the External Auditor in order to assess the
effectiveness of the audit and to annually assess their
independence and objectivity. The Audit Committee also
reviews and monitors the Group’s risk management and
internal controls framework.
THE ROLE OF THE
AUDIT COMMITTEE
HOW THE COMMITTEE OPERATES
FORWARD PLANNING
Subjects include management’s response to control recommendations and reviewing and responding
to changes in the UK Corporate Governance Code
AUDIT COMMITTEE
Assess and discuss topics with senior management and the External Auditor
Regular inputs received from: Workspace management and the External Auditor
The Audit Committee is
committed to ensuring the
integrity of our financial
reporting, internal controls
and risk management systems.
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
– The Audit Committee
is composed solely of
independent Non-Executive
Directors, with a wide
diversity of experience.
Rosie Shapland, as a
Chartered Accountant and
former audit partner with
over 30 years of audit
experience across multiple
sectors, satisfies the
requirement of having
appropriate recent and
relevant financial
experience. The Committee
as a whole has competence
in the sector in which the
Group operates.
– Meetings of the Audit
Committee coincide with
key dates in the financial
reporting and audit cycle.
During the year, the
Committee met on four
occasions, in May and
November 2024 and in
January and March 2025.
– The meeting in January
was a joint meeting with
the ESG Committee to
review the Group’s ESG
related policies and
procedures that support
the implementation of our
ESG strategy.
– There was a further
meeting in May 2025 when
matters relating to the
2025 Annual Report &
Accounts were discussed.
– A forward plan of agenda
items guides the business
to be considered at each
meeting and is regularly
reviewed and developed.
This pre-planning facilitates
the work of the Committee,
enabling it to give thorough
consideration to matters of
particular importance to
the Group.
– The Committee receives
information in advance
of its meetings including
information from
management and detailed
reports from the External
Auditor including the audit
report. The Committee
meets privately with the
External Auditor, at least
annually, and it liaises with
Company management
in considering areas
for review.
– The Committee regularly
invites the External Audit
lead partner, the Chair of
the Board, the Chief
Executive Officer (CEO),
the Chief Financial Officer
(CFO), the Group Financial
Controller, the Head of
Technology and the Head
of Security and Risk
Management to attend
Committee meetings.
Representatives from our
external valuers, CBRE,
attend Board meetings
twice per year to present
the half and full-year
valuation reports.
– Meetings of the Committee
are held in advance of the
Board meetings to allow
the Committee Chair to
provide a report on the
key matters discussed
to the Board, and for the
Board to consider any
recommendations made.
– The Chair of the Committee
also meets regularly with
the External Audit partner,
CFO, Group Financial
Controller and Head of
Security and Risk
Management during the
year, and specifically before
Committee meetings.
– All of this, along with
ongoing challenge, debate
and engagement, allows the
Committee to discharge its
responsibilities effectively.
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Financial reporting
– Review the year end
and interim financial
statements and monitor
the reporting process,
including key judgements,
estimates and assumptions
and the presentation of
significant transactions.
Information on significant
matters in relation to the
financial statements that
were considered by the
Committee can be found
on page 179.
– Review the appropriateness
of accounting policies and
practices.
– Review the Group’s internal
controls in relation to the
financial reporting process.
Further detail on our risk
management and internal
controls processes can be
found on pages 184 to 185.
– Advise the Board on the
Group’s viability and
going concern statements
including the assumptions
in plans, key risks
considered, and the
sensitivities tested.
More information on the
Committee’s assessment
of the Group’s viability and
going concern status can be
found on pages 94 to 95.
– Review the content of
the Annual Report and
Accounts and advise the
Board on whether, taken
as a whole, they are fair,
balanced and
understandable and
provide the information
necessary for shareholders
to assess performance,
the business model and
strategy. The Group’s
strategy and business
model are explained on
pages 34 to 58 and 2 to 9
respectively.
External audit
– Assess the work of the
External Auditor in relation
to significant financial
judgements and estimates
made by management.
More information is available
on pages 182 to 183.
– Assess the effectiveness of
the external audit process
and the ongoing
relationship with the
External Auditor. This is
done by considering their
approach to the audit and
understanding of our
business, discussing their
reporting and any issues
identified and obtaining
the views of management.
– Review and monitor
the objectivity and the
independence of the
External Auditor, including
our policy governing the
provision of non-audit
services. Refer to page 183
for more information on
our process for maintaining
their independence.
– Agree the remuneration
of the External Auditors.
– Complete a robust audit
tender process when
required, in line with the
Minimum Standard for
Audit Committees.
Portfolio valuation
– Review the External
Auditor’s assessment
of the valuation, including
an explanation as to how
the valuation is audited.
– Consider, alongside the
Board, the objectivity and
independence of the
external valuers.
– Review and challenge,
along with the Board, the
methodology, assumptions
and judgements used by
the external valuers to
ensure they are appropriate.
Internal controls and
risk management
– Review the adequacy and
effectiveness of the Group’s
overall risk management
processes that inform the
Board’s decision making,
including the design,
implementation and
effectiveness of those
processes.
– Review the Company’s
statement on internal
control systems and risk
management prior to
endorsement by the Board
– Review the effectiveness
of the Group’s control
environment, including
the adequacy of key
financial controls.
– Review whistleblowing
arrangements whereby
employees may, in
confidence, raise concerns
about possible
improprieties in financial
reporting or other matters,
to receive assurance that
there are proportionate and
independent procedures
in place. See page 98 for
more information on our
Whistleblowing Policy.
– Review the Group’s
procedures for preventing
and/or detecting fraud.
– Review the Group’s
procedures for the
prevention and detection
of bribery and monitor the
reports generated by such
procedures. See page 98
for more information on
our Anti-Bribery Policy.
– Consider whether the
Group should have an
internal audit function.
Governance, best practice
and development
– Keep up to date with
changes to the UK
Corporate Governance
Code, specifically
regarding the effectiveness
of the internal control
environment.
– Keep up to date on
investor, shareholder
and market sentiment
(with advice from the
Company’s brokers).
– Keep up to date with
regulatory and legislative
matters relevant to the
Group including
developments in
accounting standards.
– Consider ESG matters
in all decision making.
– Develop and approve the
Committee timetable and
planner which detail the
areas of focus for the
Committee each year.
– Discuss the assessment
of the effectiveness of
the Committee.
– Review and approve
changes to the
Committee’s terms
of reference.
Internal controls
Pages 184 to 185
AUDIT COMMITTEE RESPONSIBILITIES
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
THE ROLE OF THE AUDIT COMMITTEE CONTINUED
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Page
Valuation of the investment property portfolio 179
Developing a robust viability statement 181
Fair, balanced and understandable reporting 182
SIGNIFICANT MATTERS
CONSIDERED BY THE COMMITTEE
Our properties are critical to
our business and the valuation
demonstrates the value that
we are delivering to our
shareholders. It is a measure
of how well we are managing
our buildings and driving
rental income. Furthermore,
the valuation is a major
component of Total Property
Return, which is a key
performance indicator.
The valuation of the
investment property
portfolio is inherently
subjective, requiring
significant judgement.
The valuation is conducted
externally by independent
valuers, CBRE, one of the
world’s largest commercial
real estate services firms.
Given its significance,
management, the Board and
the Committee monitor the
objectivity and independence
of the valuers, and review the
methodology and outcomes
of the valuation, challenging
the key assumptions and
judgements.
BDO met with the valuers
and they presented their
views on the valuation to
the Committee, as well as
an explanation of how the
valuation is audited. The
Board and Committee were
satisfied that the
methodology, assumptions
and judgements used by the
valuers were appropriate,
that the valuations were
suitable for inclusion in the
financial statements and the
work of the External Auditor
was appropriate.
A number of meetings
are held between key
management and CBRE
ahead of the valuation
at which the inputs and
methodology of the
valuation are discussed.
Key discussions include:
– London commercial
property market: current
trends and circumstances
expected to affect the
market are discussed.
– comparable market
evidence: recent
transactions are
considered and compared
to assumptions made in
valuing our portfolio.
– development projects:
we provide CBRE with
any updates to ongoing
or future schemes and we
discuss the assumptions
CBRE has made,
particularly for more
complex schemes where
more significant levels of
judgement are required.
– estimated rental values:
the estimated rental values
proposed by CBRE are
discussed and reviewed,
with management ensuring
that these are in line with
our recent rental activity.
– property information:
we provide CBRE with
information on any
changes to properties that
may affect the valuation.
– other inputs used by the
valuers are reviewed
and discussed.
VALUATION OF THE INVESTMENT PROPERTY PORTFOLIO
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
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The Committee considers
all financial information
published in the full and
interim financial statements
and considers accounting
policies adopted by the
Group, presentation and
disclosure of the financial
information. The Committee
challenges the key
judgements and estimates
made by management in
preparing the financial
statements.
The Committee pays close
attention to matters it
considers to be important by
virtue of their impact on the
Group’s results, or the level
of complexity, judgement or
estimation involved in their
application on the
consolidated financial
statements.
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
SIGNIFICANT MATTERS CONSIDERED BY THE COMMITTEE CONTINUED
The Committee reviewed
a number of other key
matters which have been
considered by management
and discussed with BDO,
including uncertainties
relating to the collection
of trade receivables, the
classification of assets
held for sale and accounting
for disposals made during
the year.
£2.368bn
PROPERTY VALUATION
67
LOCATIONS
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RESPONSIBILITY
Risk Management Group
Executive Committee
Heads of Department
The strategic and operational risks were
reviewed to identify the principal risks to
viability over the period under consideration.
The risks that would impact solvency and
liquidity, either individually or in combination
with other risks, were considered.
RESPONSIBILITY
Risk Management Group
Executive Committee
Heads of Department
For each risk, the following factors were
considered:
– our risk appetite (the level of risk the Board
is willing to take);
– the controls in place to mitigate the risk; and
– the quantum of risk.
RESPONSIBILITY
Executive Committee
Heads of Department
For those risks identified as being severe
enough to impact the viability of the Group,
sensitivity analysis was performed to
understand the potential impact on liquidity
and financial ratios.
RESPONSIBILITY
The Board
Audit Committee
The Audit Committee considered the
findings from this analysis and made their
recommendations to the Board, who were
given the opportunity to question the process
and the findings.
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
SIGNIFICANT MATTERS CONSIDERED BY THE COMMITTEE CONTINUED
As part of the Group’s Viability Statement,
the following factors were considered:
– the Group’s current financial and
operational position and the current
economic outlook;
– the Group’s cash flows, financing
headroom and financial ratios; and
– reassessment of key risks and their
potential impact on the business model.
RISK ASSESSMENT CONCLUSIONSSCENARIO SENSITIVITY ANALYSISRISK IDENTIFICATION
STAGE 1 STAGE 2 STAGE 3 STAGE 4
DEVELOPING A ROBUST VIABILITY STATEMENT
THE PROCESS WE FOLLOWED:
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AUDIT, RISK AND INTERNAL CONTROL CONTINUED
SIGNIFICANT MATTERS CONSIDERED BY THE COMMITTEE CONTINUED
On behalf of the Board, the Committee has considered
whether, in its opinion, this Annual Report and Accounts,
taken as a whole, is fair, balanced and understandable and
whether it provides the information necessary for
shareholders to assess the Group’s position, performance,
business model and strategy.
THE PROCESS WE FOLLOWED
COMMITTEE
REVIEW
Audit Committee review
The Committee reviewed the Annual Report at
an early stage, and throughout the process, to
enable sufficient time for comment and review
and to check overall balance and consistency.
REPORT Report from the CFO and Group Financial
Controller
The Committee discussed a report from the
CFO and the Group Financial Controller
covering the financial statements within the
Annual Report and Accounts: this highlighted
the significant changes and the areas of focus
in the financial statements and commented on
any new accounting standards in the period.
ASSESS Fair, balanced and understandable assessment
A fair, balanced and understandable assessment
looking at the Annual Report and Accounts
as a whole was prepared by the management
team and circulated to the Committee. This
assessment highlights factors which support
the responsibility of the Committee.
EXTERNAL
REVIEW
External Audit Review
The External Auditor presented the results
of its audit work to the Committee.
RECOMMEND Recommendation to Board and Board’s
conclusion
The Directors consider the Annual Report and
Accounts, taken as a whole, is fair, balanced
and understandable and provides the
information necessary for shareholders to
assess the Group’s position and performance,
business model and strategy.
Following a competitive
tender process, BDO were
appointed by the shareholders
as the Workspace External
Auditor for the financial year
ended 31 March 2025.
Audit and non-audit fees
Fees payable to the External
Auditor for audit and
non-audit services are set
out in note 2 on page 251.
This year, the non-audit
services performed by BDO
included the review of the
Group’s half-year results.
Audit quality
An important part of the
Committee’s work consists
of overseeing the relationship
with, and performance of, the
External Auditor, in particular
with regards to the
independence, quality, rigour
and challenge of the external
audit process. The Committee
reviews the effectiveness of
the audit throughout the
year taking into account:
– the detailed audit strategy
for the year including
scope of work and
coverage of any risks;
– the quality, knowledge and
expertise of the audit
engagement team;
– insight around the key
accounting and audit
judgements;
– the External Auditor’s
mindset, objectivity and
approach to challenging
management’s assumptions
and judgements where
necessary;
– the quality of reporting and
discussions at the Audit
Committee meetings; and
– the outcome of the review of
effectiveness of the External
Auditor and the audit
process discussed below.
The Committee discussed
with BDO the risks to audit
quality that they identified
and how these have been
addressed, including the key
audit firm and network level
controls they relied on. The
Committee also enquired
about the findings from
internal and external
inspections of their audit
and their audit firm.
Annually, the Committee
assesses the qualifications,
expertise, resources and
independence of the Group’s
External Auditor, as well as
the effectiveness of the audit
process. This includes
reviewing the FRC AQR
results for BDO as part of the
audit strategy discussion.
The Chair of the Committee
also meets with the audit
partner during the year and
specifically, ahead of Audit
Committee meetings.
The Committee reviewed
the content of the External
Auditor’s reporting,
incorporating internal control
recommendations, and other
communications with the
Audit Committee and it
concluded it is based on a
good understanding of the
Company’s business.
The Committee considers
that the External Auditor
demonstrates professional
scepticism by critically
assessing information
provided by the Group,
assessing the reasonableness
of management assumptions
and seeking corroborative
evidence where necessary.
The External Auditor raised
challenges to management’s
assumptions and estimates
during the audit, including
those detailed on page 179.
Audit plan
During the year, the
Committee considered the
audit plan created by BDO
and were satisfied that the
plan included appropriate
responses to the risks which
had been identified.
At the Audit Committee in
May 2025, the Committee
reviewed whether the External
Auditor had met the agreed
audit plan and to understand
the reasons for any changes,
including changes in
perceived audit risks and
the work undertaken by the
External Auditors to address
those risks.
BDO did not make any
specific commitments during
the tender process in
2023/24 which required
review by the Committee.
There were no additional
areas that the Committee
required BDO to consider
other than the key audit
matters, detailed on
page 236 to 237.
FAIR, BALANCED AND UNDERSTANDABLE REPORTING
EXTERNAL AUDIT
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Our strategy
Pages 34 to 58
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
EXTERNAL AUDIT CONTINUED
As noted above, BDO was
appointed at the start of the
year following a competitive
tender process, as detailed
in the 2024 Annual Report,
and provided external audit
services to the Group for
this financial year.
The Committee has
discussed the quality
of the audit work provided
by BDO since their
appointment. A preliminary
view has been reached that
the Committee is satisfied
with their level of
competence and
professional scepticism
applied in challenging the
Group’s policies and
assumptions and the overall
quality of work.
Following the external
audit for this financial year,
a full review will be
undertaken of the audit
process and feedback
discussed with BDO.
THE EFFECTIVENESS OF EXTERNAL AUDIT
In addition to reviewing
effectiveness, the
Committee considered
the independence and
objectivity of the External
Auditor through a
combination of assurances
provided by the External
Auditor on the safeguards
in place to maintain
independence; oversight
of the Non-Audit Services
Policy and fees paid.
BDO have confirmed to the
Committee that:
– the audit of the
consolidated financial
statements is undertaken
in accordance with the UK
firm’s internal policies and
procedures;
– they have internal
procedures in place to
identify any aspects of
non-audit work which
could compromise their
role as auditor and to
ensure the objectivity
of their audit report;
– they believe that, in their
professional judgement,
the safeguards they have
in place sufficiently guard
against the threats to
independence;
– the total fees paid by the
Group during the year do
not represent a material
part of the firm’s fee
income; and
– they consider that they
have maintained audit
independence throughout
the year.
The Committee is satisfied
that the External Auditor
is independent.
The Audit Committee
will continue to review
the effectiveness and the
independence of the
External Auditor each year.
The Group has complied
with the Competition and
Markets Authority’s
Statutory Audit Services
Order 2014 relating to audit
tendering and the provision
of non-audit services during
the financial year ended
31 March 2025. It is the
Group’s intention to put the
audit out to tender at least
every ten years. The external
audit was last tendered in
2023 following which the
External Auditor changed
from KPMG LLP to BDO with
effect from the audit in
respect of the financial year
ended 31 March 2025.
There are no contractual
obligations which restrict
the Committee’s choice of
External Auditor or which
put in place a minimum
period for their tenure.
AUDITOR INDEPENDENCE AND OBJECTIVITY
The full review will focus
on areas such as the
effectiveness of the audit,
the delivery and execution
of the external audit
process, the efficiency and
performance of the audit
team, communication and
engagement with the
management team and
the quality and regularity
of contact.
Having considered
the quality of the external
audit and the effectiveness
and independence of the
External Auditor, the
Audit Committee has
recommended to the Board
that BDO be reappointed
as the Company’s External
Auditor for the financial
year ended 31 March 2026
and the Board has accepted
the recommendation. A
resolution proposing BDO’s
reappointment will be put
forward to shareholders
at the AGM to be held
on 16 July 2025.
As required by the
Code, the Audit
Committee has a formal
policy governing the
engagement of our External
Auditor to supply non-audit
services and to assess the
threats of self-review,
self-interest, advocacy,
familiarity and
management.
If the External Auditor
is to be considered for
the provision of non-audit
services, the scope of work
and the fees must be
approved in advance by
the Chief Financial Officer,
the Company Secretary
and the Chair of the
Audit Committee.
For larger assignments,
in excess of £100,000, this
would involve a competitive
tender process, unless there
are compelling commercial
or timescale reasons to
use the External Auditor
or another specific
accountancy firm.
SAFEGUARDING AUDITOR
INDEPENDENCE
AUDIT AND NON-AUDIT FEES (BDO)
2024–2025
£570k
Audit £503k
£67k Non-Audit
AUDIT AND NON-AUDIT FEES
(KPMG)
2023–2024
£714k
Audit £617k
£97k Non-Audit
AUDIT AND NON-AUDIT FEES
(KPMG)
2022–2023
£440k
Audit £370k
£70k Non-Audit
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AUDIT, RISK AND INTERNAL CONTROL CONTINUED
The Committee, on behalf
of the Board, keeps under
review the effectiveness of
the Group’s risk management
and internal control systems
through management
updates and output from the
Group’s Risk Management
Group to ensure that the
controls in place are
effective. This framework is
designed to manage rather
than eliminate business risks
and to provide reasonable
assurance against material
misstatement in the financial
statements.
On the basis of the processes
outlined on this page and
having regard to the ‘Guidance
on Risk Management, Internal
Control and Related Financial
and Business Reporting’
issued by the FRC in
September 2014, the Board,
supported by the Audit
Committee, has reviewed
the effectiveness of the
risk management and
internal control systems.
No significant control
failings or weaknesses were
identified during the period
under review.
As noted on page 176,
a post-implementation
review of our new finance
and property management
system by Grant Thornton
identified a number of
opportunities to enhance
our processes and control
environment in relation to
the new system. In addition,
as also noted on page 176,
BDO highlighted a number
of recommendations relating
to the Company’s IT General
Controls, identified during
the course of their audit.
The majority of their
recommendations have been
implemented, and there is
a plan in place to remediate
the remaining items.
The Committee is satisfied
that appropriate mitigating,
monitoring and review
controls exist and a
comprehensive action plan
is in place to deliver these
enhancements.
The Directors confirm that
the processes described
below have been in place
during the 2024/25 financial
year and up to the date of
approval of the Annual
Report and Accounts.
Audit Committee
The Audit Committee has
a key role in developing
appropriate governance
and challenge around risk
management and considering
processes and assurance. It
also sets the tone and culture
within the organisation
regarding risk management
and internal control.
The Board
The Board has defined its risk
appetite for strategic and
operational risks. A standard
methodology for risk
assessment is applied across
the Group to assist with
monitoring inherent and
residual risk and to assist
with comparing residual risk
against target risk.
The Group had the following
key procedures and
monitoring processes in place
during the year to provide
effective internal control:
– an ongoing process to
identify, evaluate and
manage risks, including
the self-certification of
controls by risk owners,
which is monitored and
regularly reviewed by the
Risk Management Group
and Executive team.
Significant issues are
presented to the Board
and Audit Committee;
– the Group’s key controls
include appropriate
segregation of duties
that are embedded across
the organisation;
– on behalf of the Board, the
Audit Committee reviews
fraud and anti-bribery
policies and procedures
and annual anti-bribery
training is in place for all
employees. There have been
no reported instances of
bribery or corruption during
the period under review;
– the Group has in place
a monthly process for,
reporting and reviewing
financial performance,
against its business plan;
– monthly performance
packs, including those
used to prepare annual and
half-year statements, are
approved by the CEO and
distributed to the Board;
– on behalf of the Board, the
ESG Committee reviews
the Group’s environmental
and social related risks;
– the Audit and ESG
Committees met jointly in
January 2025 to discuss
policies, procedures and
assurance; and
– the Audit Committee
reviews technology risks
including IT systems and
cyber risk, to ensure that
the Group’s IT function
effectively implements
preventative and detective
controls to monitor and
to mitigate risk.
As required by the Code,
the Board, through the Audit
Committee has carried out
a robust assessment of the
principal and emerging risks
facing the Group, including
those that could threaten its
business model, future
performance, solvency
or liquidity.
Corporate Governance
Code 2024
The Committee has
discussed the changes to the
UK Corporate Governance
Code, the majority of which
apply to the Group from the
financial year commencing
1 April 2025. In particular,
the Committee discussed
provision 29 relating to the
effectiveness of risk
management and internal
controls, which will apply
for the Group’s financial year
commencing 1 April 2026.
The Risk Management
Group is in the process
of identifying our material
controls, with a view to
ensuring that these are
agreed with the Committee
along with the relevant
processes to document their
effectiveness, well in advance
of the new provision 29
becoming effective.
RISK MANAGEMENT AND INTERNAL CONTROLS
This assessment is
further described in
the Strategic Report
Pages 86 to 93
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OUR RISK MANAGEMENT FRAMEWORK
The Audit Committee oversees the
Group’s risk management framework
with the Board retaining overall
responsibility for risk appetite and
strategy, in particular for risks relating
to valuation, development and real
estate. The overall risk management
framework is reflected below.
Risk owners
– Each risk identified by the Group is assigned a Risk Owner.
– Risk Owners are responsible for monitoring, managing and reporting
on their risks, as well as identifying any emerging risks.
Risk Management Group
– Chaired by the Head of Security and Risk Management and responsible
for the implementation and embedding of risk management activities.
– Reviews and challenges the risk information provided by Risk Owners.
– Reports to the Executive Committee, although the Audit Committee
has the power to request attendance or reports from the Risk
Management Group directly if it is felt this is necessary.
Executive Committee
– Oversees and manages the Group’s day-to-day risk management
procedures.
– Reports to the Audit Committee on the operation and effectiveness
of controls.
Audit Committee
– Oversees the Group’s risk management framework.
– Reviews the Company’s annual report disclosures on internal control
systems and risk management prior to endorsement by the Board.
Board of Directors
– Sets the Group’s overall risk appetite, tolerance and strategy.
– Oversees the Group’s principal risks, including property valuation,
development and real estate risks.
– Receives advice and recommendations from the Audit Committee
and Executive Committee.
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
RISK MANAGEMENT AND INTERNAL CONTROLS CONTINUED
Due to its size and lack of
complexity, the Group does
not have an internal audit
function, a matter reviewed
by the Audit Committee
during the year. The
Committee has advised
the Board that, currently,
it considers there to be no
need for an internal audit
function. The External
Auditor has confirmed this
currently has no impact on
their audit approach.
The Group has a Head of
Security and Risk
Management whose
responsibilities include
chairing our Risk
Management Group and the
ongoing maintenance of our
risk management and
control processes.
As part of our evolving
internal assurance processes,
the Head of Security and
Risk Management has
continued with a series
of departmental control
reviews across the business
with 10 completed during
the year. No significant
issues were identified from
these reviews.
To supplement reviews
of risk management
and internal control, a
programme of operational,
facilities management and
health and safety reviews
are undertaken across our
properties by qualified
senior head office personnel.
Any significant findings will
then be reported to the
Audit Committee.
In addition, all key controls
are recorded on a central
register and, every six
months, control owners
are required to certify the
effectiveness of controls for
which they are responsible
and to provide details of
further actions to address
any identified
ineffectiveness. No
significant issues were
identified during the year.
INTERNAL AUDIT
Whistleblowing policy
Page 98
OUR RISK MANAGEMENT PROCESS
Identification
– Risks are identified when projects
are being considered or through
being raised organically by
members of staff.
– Identified risks are captured
in Risk Registers.
– A Risk Owner is assigned to each
risk and has responsibility for
assessing and monitoring that risk.
Assessment
– Each risk is assessed and scored
according to the potential impact
and likelihood of it materialising.
– Each risk is given an Inherent Risk
Score (pre-controls) and a Residual
Risk Score (post-existing controls).
– Each risk is also assigned a Target
Risk Score representing the Group’s
risk tolerance for that risk.
Response
– Each Residual Risk Score is
compared to its Target Risk Score.
– If the Residual Risk Score is higher
than the Target Risk Score, action is
taken to reduce it towards the target.
– Controls are assigned an owner who
is responsible for monitoring whether
the controls operate effectively.
Monitoring and reporting
– Risks are regularly monitored
by the Risk Owners.
– Control owners regularly certify
that their controls continue to
operate effectively.
– The Risk Management Group
oversees this activity and escalates
significant changes and new risks
to the Executive Committee,
Audit Committee and/or Board
as appropriate.
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ESG COMMITTEE REPORT
QUICK LINKS
Page
Membership and attendance
at ESG Committee meetings
187
Chair’s letter 188
Governance of ESG matters at Workspace 189
Spotlight on sustainable refurbishment 190
ESG policies, procedures and related assurance 191
Sustainability is central to
Workspace’s strategy and a key
driver of value. Despite wider
ESG headwinds, our commitment
remains strong. The ESG
Committee is focused on ensuring
Workspace continues to lead the
way, deliver meaningful impact,
and build long-term resilience.
Manju Malhotra
Chair of the ESG Committee
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ESG COMMITTEE REPORT CONTINUED
KEY TOPIC ACTIVITY OUTCOME
CREDIBLE CLIMATE
LEADERSHIP
– Approved the proposal to reset SBTi aligned net zero targets.
– Assessed the suitability of interim emission reduction
milestones and the inclusion of key KPIs as performance
targets for Executive Directors.
– Endorsed the launch of Leroy House as our first net zero
carbon building, with upfront embodied carbon offset using
high-quality, credible credits.
– Reviewed nature and climate interdependencies and approved
the introduction of Workspace’s nature strategy.
Workspace is committed to
climate transition, moving at pace.
The business continues to take a
proactive approach to managing
nature-related risks and
strengthening resilience to both
climate and nature challenges.
LONG-LASTING
SOCIAL IMPACT
– Reviewed Workspace’s strategy for delivering social impact
and supported the decision to develop a flagship social impact
programme aligned with the business model.
– Evaluated the methodology for measuring and reporting
social impact from direct corporate activities and across the
value chain.
– Assessed the suitability of incorporating the social value metric
and diversity and inclusion goals into Executive Directors’
targets along with the Remuneration Committee.
– Reviewed Workspace’s approach to stakeholder engagement
on ESG, identifying key priorities for the year to enhance
value creation.
Doubling down on the
commitment to generate value
for all stakeholders. Positioned to
amplify impact and value creation
through the flagship social impact
programme.
BUILDING
LONG-TERM
RESILIENCE
– Evaluated the materiality of various ESG issues, weighing risks
and opportunities for Workspace to identify priorities.
– Assessed the effectiveness of climate risk management and
internal controls.
– Received a briefing on upcoming regulatory changes and
evaluated compliance readiness.
A future-focused business
approach that is resilient to
evolving regulatory and market
risks, supported by a materiality
review that identified and
prioritised key areas of
opportunity.
LEADING THE WAY
ON CORPORATE
GOVERNANCE
AND REPORTING
– Proposed ESG objectives for Executive Directors to the
Remuneration Committee and assessed outcomes at year end.
– Collaborated with the Audit Committee to review all ESG
policies and assurance programmes for effectiveness.
– Reviewed and approved ESG disclosures, along with feedback
received, to identify opportunities for enhancing transparency
in our reporting.
A robust governance framework
for sustainability matters, with
business-wide accountability
in delivering strategic priorities.
Reaffirmation of business
commitment to transparent
practices, by championing
adoption of best practice
sustainability disclosure.
KEY TOPICS CONSIDERED BY THE COMMITTEE DURING THE YEAR
MEMBERSHIP AND ATTENDANCE
AT ESG COMMITTEE MEETINGS
MEMBER SINCE MEETINGS ATTENDED
Manju Malhotra (Chair) 2022 4/4
1
Duncan Owen 2022 4/4
1
Rosie Shapland 2022 4/4
1
Lesley-Ann Nash 2022 4/4
1
Nick Mackenzie 2022 4/4
1
Graham Clemett
2
2022 2/4
1
Dave Benson 2022 4/4
1
Lawrence Hutchings
3
2024 2/2
1
David Stevenson
4
2024 3/3
1
1. There were two ESG Committees held in January 2025. One meeting was
a joint meeting with the Audit Committee.
2. Graham Clemett was unable to attend the ESG Committee meetings in
January 2025, and stepped down from the Board on 31 January 2025.
3. Lawrence Hutchings joined the Board and the ESG Committee on
18 November 2024.
4. David Stevenson joined the Board and the ESG Committee on 1 June 2024.
As at 31 March 2025, the Committee consisted of the Board
Chair, the five non independent Non-Executive Directors,
the Chief Executive Officer and the Chief Financial Officer
(biographies are available on pages 127 to 129). At the request
of the Committee, members of the Executive Committee,
the senior management team and/or external advisers
may be invited to attend all or part of any meeting,
as and when appropriate.
Meetings of the ESG Committee
During the year under review, the Committee held four
meetings. These took place in April 2024, September 2024,
January 2025 and a joint ESG and Audit Committee meeting
was held in January 2025.
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ESG COMMITTEE
CHAIR’S LETTER
Dear shareholder,
I am pleased to present the ESG Committee
Report for the year ended 31 March 2025.
Since its formation in April 2022, the
ESG Committee has played a central role
in reinforcing the Board’s oversight of
environmental and social matters. Our
commitment to ESG is core to Workspace’s
strategy and success. We view ESG and
business priorities as one and the same.
Our focus on the sustainability of our
business model means that Workspace
is well positioned to lead with purpose,
drive meaningful impact, and capture the
opportunities a forward-thinking ESG
approach provides.
The Committee’s work is guided by four
strategic themes:
(i) Credible climate leadership;
(ii) Long-lasting social impact;
(iii) Building long-term resilience; and
(iv) Leading the way on corporate
governance and reporting.
Through these themes Workspace has
continued to deepen the alignment between
ESG and core business strategy. At a time
when broader sentiment around ESG is
softening, we remain resolute. We believe
that delaying action is not an option. In fact,
we see a narrowing window to capitalise on
the early mover advantage, and we remain
committed to lead from the front.
This year, the Committee has played a pivotal
role in shaping and supporting several key
outcomes across all four themes: Accelerating
our climate transition and deepening nature
resilience, advancing meaningful and
long-lasting social impact, strengthening
ESG COMMITTEE REPORT CONTINUED
stakeholder value creation and upholding
high standards of ESG governance and risk
management. Further details on these
activities can be found on page 187.
Driving environmental stewardship
As part of our commitment to climate action,
Workspace joined the Better Buildings
Partnership (BBP) Climate Commitment in
2019, pledging to deliver a net zero carbon
real estate portfolio. To reinforce this
ambition and align with the 1.5°C pathway,
the business has committed to Science-
Based Targets (recently updated to reflect
the latest Net Zero Standard) committing to
reduce emissions by 90% by 2040, against
2020 baseline. This goal demands
transformation across our entire business,
and we are making real progress.
I’m pleased to report that Workspace has
reduced its emissions by 35% since 2020
baseline year, driven by a strong focus on
operational excellence. A major milestone this
year was the launch of Leroy House, our first
net zero building, offering a tangible example
of climate leadership in action (see page 7).
Recognising the intrinsic link between climate
and nature, the Committee also reviewed
Workspace’s dependencies and impacts on
nature. As part of this work, the business
launched its ‘Make Space for Nature’ strategy,
which focuses on enhancing biodiversity and
building long-term resilience for the business
(see page 26, 117).
Delivering meaningful social impact
The ‘S’ in ESG is a vital value driver for
Workspace. As home to around 4,000 of
London’s brightest businesses and as
custodians of over four million square feet
across London, Workspace is deeply rooted
in the communities it serves. This year,
Workspace delivered over £22.8m in social
value across its operations and supply chain.
As Chair of the ESG Committee,
my focus is on ensuring
Workspace remains at the
forefront of ESG and creates
value for all stakeholders.
This can only be achieved
through the true integration of
environmental and social impact
within our business strategy.
Manju Malhotra
Chair of the ESG Committee
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GOVERNANCE OF ESG MATTERS AT WORKSPACE
BOARD OF DIRECTORS
ESG COMMITTEE
Chaired by Manju Malhotra
NOMINATIONS COMMITTEE
Chaired by Duncan Owen
REMUNERATION COMMITTEE
Chaired by Lesley-Ann Nash
AUDIT COMMITTEE
Chaired by Rosie Shapland
Key responsibilities:
– Ensuring requisite strength
of Board ESG expertise
Key responsibilities:
– Integrity of ESG disclosures
and targets
– Strategic risk management,
including reputational risk
Key responsibilities:
– Detailed scrutiny and
oversight of ESG
– Ensuring adequate resource
– Driving Board focus on ESG
Key responsibilities:
– Aligning compensation with
ESG goals
– Ensuring clarity of ESG metrics
and KPIs
The role of the Board
The role of the Board is to maintain close
oversight of the ESG programme, ensuring
long-term sustainable success of the business.
An ESG Committee has been set up comprising
of all the members of the Board – the Board
Chair, the five independent Non-Executive
Directors, the Chief Executive Officer and
the Chief Financial Officer, to ensure ESG
considerations are effectively integrated
in business strategy and decision making.
The ESG Committee receives detailed update
on Workspace’s sustainability strategy and
targets three times a year, from members
of the Executive Committee and the
Head of Sustainability.
The ESG Committee also informs the working
of other Board Committees with ESG
considerations as it pertains to remuneration,
nominations and audit functions.
Management responsibility
The Executive Committee is responsible for
creating a sustainability strategy for the business
and individual Executive Committee members
are responsible for leading on the delivery of
environmental and social programmes.
The Executive Committee receives monthly
updates on ESG matters, including progress
against the annual ESG targets.
At an operational level, the day-to-day
management of ESG initiatives is managed by
the members of the Environmental and Social
Sustainability Committees, cross-function
groups comprising heads of departments
who are responsible for individual
workstreams. Both these Committees include
several Executive Committee members, which
ensures senior level ownership and oversight
of implementation plans and streamlines
communication to the wider Executive
Committee and the Board.
Ownership and accountability
ESG considerations are embedded across the
business, ensuring there is clear oversight and
accountability at each level – at Board level,
at Executive level and at operational delivery
level. Further, the core ESG targets for the
business have been translated into
performance objectives for relevant teams
and are linked to their remuneration.
Terms of Reference
The Committee’s role and responsibilities
are set out in the terms of reference, the
latest version of which are available on the
Company’s website at www.workspace.co.uk/
investors/about-us/governance/board-
committees.
Performance of the ESG Committee
As part of this year’s Board effectiveness
review, the performance of the ESG
Committee was assessed through an internal
evaluation. The review concluded that the
Committee is operating effectively. The broad
scope of environmental and social issues
considered at Committee meetings was
recognised, reflecting the growing emphasis
in ensuring long-term business resilience,
deepening understanding of organisational
culture, and aligning ESG priorities more
closely with overall business strategy.
ESG COMMITTEE REPORT CONTINUED
ESG COMMITTEE CHAIR’S LETTER CONTINUED
To deepen this impact, the Committee
steered the development of Workspace’s
flagship social impact programme, Growth
Happens at Workspace, with a focus on skills
and employment (see page 58). This
programme aligns closely with our core
business and positions Workspace as
a genuine leader in social impact.
Embedding ESG into the workings
of other Committees
To ensure the ESG agenda is not siloed,
we also identified ways in which ESG
considerations are embedded within the
workings of other Committees. We held a
joint meeting with the Audit Committee to
review the ESG policies and effectiveness
of the assurance programme in place.
The Committee worked closely with the
Remuneration Committee to set ESG linked
performance targets that are aligned to core
business priorities. ESG input also informed
discussions at the Nominations Committee
regarding requisite expertise at Board level.
Looking forward
Workspace’s ambition to grow with impact
remains unwavering. As a Committee, we
will continue to guide the business to ensure
ESG remains deeply embedded and its
impact closely measured. We will also
continue to assess key value drivers to
ensure every sustainability opportunity
is explored, strengthening Workspace’s
position as a leader and enhancing long-term
business resilience.
Manju Malhotra
Chair of the ESG Committee
4 June 2025
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Workspace is proud to be at the forefront
of sustainable development in London,
championing a refurbishment-led approach.
By transforming existing buildings into
high-quality work spaces, we significantly
reduce our environmental impact while
enhancing long-term value. This approach cuts
emissions by 40–70% compared to new builds.
A standout example is Leroy House in Islington
– our first net-zero building. Originally a 1930s
watchmaker’s factory, 90% of its structure was
retained in its transformation into a modern
hub for London’s creative community –
blending heritage with innovation.
1.2m sq.ft.
SUSTAINABLE REFURBISHMENTS DELIVERED
OVER THE LAST 10 YEARS
We take great pride in our
refurbishment-led ethos
at Workspace. Leroy House
is evidence that retrofitting,
not rebuilding, delivers the
best outcomes for our
customers, the community
and the environment.
Lawrence Hutchings
Chief Executive Officer
ESG COMMITTEE REPORT CONTINUED
SPOTLIGHT ON
REFURBISHMENT-
LED APPROACH
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Workspace holds an annual joint meeting
of the Audit Committee and ESG
Committee to review and approve a
comprehensive assurance programme that
assesses the effectiveness of ESG-related
policies and processes.
The table opposite outlines the policies
and procedures that support the execution
of Workspace’s ESG strategy. These
policies are designed to guide the
Company in conducting business in an
environmentally and socially responsible
manner, ensuring that sustainability is fully
integrated into the Company’s operations
and decision making.
Following a detailed review, both
Committees confirmed that all ESG policies
are being effectively implemented and are
supported by a robust assurance framework.
ESG POLICIES, PROCEDURES
AND RELATED ASSURANCE
ESG COMMITTEE REPORT CONTINUED
KEY TOPIC ACTIVITY OUTCOME
ENVIRONMENTAL
Environmental and climate
change policy
Ensures that we conduct our business in an environmentally and climate responsible way.
Net zero pathway Ensures that we have quantifiable emission reduction targets and a clear plan to achieve net zero
carbon in alignment with a 1.5°C future.
Sustainable development brief Sets minimum requirements for our development and refurbishment projects on energy, carbon, waste,
water, materials, nature and wellbeing.
Green finance framework A framework used by Workspace to issue a green debt instrument including green bonds, private
placement, and green loans.
Climate risk register and
disclosure
A climate risk register to ensure the business has a robust process to assess and manage climate risk.
The document is published externally in the form of Task Force on Climate-related Financial Disclosures
(TCFD) in the annual report.
Nature and biodiversity strategy Ensure the business effectively manages its impact and dependency on nature and biodiversity, while
remaining resilient to the challenges posed by the climate and nature emergencies.
SOCIAL
Health and safety policy Ensures the business meets its obligations under Health and Safety legislation, reduces accidents and
controls health and safety risks to employees and others who may be affected by our activities.
Supplier code of conduct Sets out Workspace’s principles for ethical conduct and behaviour in business practices. The Supplier
Code of Conduct also ensures that our suppliers, contractors, service providers and representatives live
up to our values and standards.
Modern slavery statement Sets out a zero-tolerance stance towards slavery and human trafficking for Workspace’s operations
and amongst its suppliers.
Social impact framework Sets out Workspace’s strategy for delivering positive stakeholder impact. The framework is published
externally in the Annual Report.
Equal opportunities and dignity
at work policy
Sets out Workspace’s expectations and standards regarding equal opportunities and dignity at work.
The policy also outlines managerial and staff responsibilities to ensure the business’ principles are observed.
Diversity and inclusion Ensures the business is committed to supporting diversity and creating an inclusive culture.
Sexual harassment policy Ensures the business provides a safe environment for all Workspace employees, free from discrimination
on any ground and from harassment at work including sexual harassment.
Human rights policy Sets out Workspace’s commitment to respecting fundamental human rights, including as defined by
the United Nations Universal Declaration of Human Rights and the International Labour Organisation’s
Declaration on Fundamental Principles and Rights at Work.
GOVERNANCE
ESG-linked remuneration Ensures ESG is treated as a strategic priority for the business, with leadership accountability.
ESG risk register A five-step approach to ensure we have a robust process to assess and manage risks. This is used
to inform our ESG risk register, enabling us to assess, monitor and manage material ESG risks.
Anti-bribery and corruption, and
gifts and hospitality policy
Sets out standards and expectations for employees to ensure relationships with suppliers are conducted
in an ethical way which is compliant with relevant legislation and provides guidance on how to recognise
and deal with corruption issues.
Whistleblowing policy Ensures that staff are aware of how to raise serious concerns. The policy provides guidance, and it
ensures a robust process exists to enable an adequate response to the concerns raised. The policy
ensures that staff will be protected from retribution.
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QUICK LINKS
Page
Membership and attendance
at Remuneration Committee meetings
193
Chair’s letter 195
Remuneration at a glance 199
Summary of Directors’ Remuneration Policy 205
Annual report on remuneration 211
Our aim is to ensure
remuneration is closely
aligned with the Company’s
purpose, culture and values
thereby maintaining a
remuneration approach
that motivates our people,
supports our strategic
goals, as well as fulfilling our
duties to our shareholders
and all other stakeholders
Lesley-Ann Nash
Chair of the Remuneration Committee
REMUNERATION
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The Committee consists of Non-Executive Directors and is
chaired by Lesley-Ann Nash. Details of individual attendance
at the meetings held during the year are set out above. More
information on the skills and experience of all Committee
members can be found on page 163.
Support for the Remuneration Committee
During the year, the Committee sought external support
fromPwC and internal support from the CEO and CFO, who
attended Committee meetings by invitation from the Chair,
toadvise on specific matters raised by the Committee,
particularly those relating to the performance and
remuneration of the senior management team. The Company
Secretary attended each meeting as Secretary to the
Committee. No Director was present for any discussions
thatrelated directly to their own remuneration.
MEMBER SINCE MEETINGS ATTENDED
Lesley-Ann Nash (Chair) 2021 5/5
Duncan Owen 2023
5/5
Rosie Shapland
1
2020 4/5
1. Rosie Shapland was unable to attend one meeting of the Committee due
to personal reasons.
MEMBERSHIP AND ATTENDANCE AT
REMUNERATION COMMITTEE MEETINGS
KEY TOPICS CONSIDERED BY THE COMMITTEE DURING THE YEAR
KEY TOPIC ACTIVITY OUTCOME
CEO
SUCCESSION
One of the Committee’s main areas of focus
during the year was overseeing the remuneration
arrangements associated to the Chief Executive
Officer succession. Lawrence Hutchings was
appointed CEO in November 2024. Graham
Clemett stepped down from the role in the same
month and retired as aDirector of the Company
on 31 January 2025, having served his full
12 months’ notice period.
The terms of remuneration for Lawrence were outlined
inthe 2024 Remuneration Report. These arrangements
are fully in line with the Directors’ Remuneration Policy
that was approved by shareholders at the 2023 AGM.
Lawrence’s base salary was set at £560,000 on
appointment. He receives a cash allowance in lieu of
pension set at 6% of salary during his first year of
employment, increasing to 10% of salary thereafter.
Further information in respect of Lawrence Hutchings
remuneration upon his appointment as CEO is provided
on pages 206 to 209. The Committee determined that
Graham Clemett was a good leaver, and all in flight
awards will vest on their normal vesting dates, subject
to performance and time pro-rating. As Graham served
his full 12-month notice period, he was paid his contractual
salary and benefits up to his retirement on 31 January 2025.
EXECUTIVE
AND SENIOR
MANAGEMENT
REMUNERATION
FRAMEWORK
The Committee reviewed annual bonus outcomes
for 2023/24 and considered the outcome of the
2021 LTIP grant, which vested at 50% of maximum
in June 2024. Performance metrics and targets
were set in accordance with our established
remuneration framework. For the 2024/25
financial year, the Committee also reviewed the
targets for both the annual bonus and 2024
LTIP grant. The Committee also reviewed and
approved the overall remuneration package
foranew Executive Committee member, Jess
Berney, who isexpected to join the Company
in July 2025.
The performance measures and targets for the 2024
LTIP grant to Executive Directors continue to align with
Workspace’s evolving strategy. In June 2024, Restricted
Share Awards were granted to the senior team for the
second consecutive year (excluding Executive Directors),
replacing the previous performance based LTIP structure.
This approach recognises the continued contribution of
employees below Board level and aims tomotivate and
retain talent by aligning their interests with Workspace’s
share price performance.
WIDER
WORKFORCE
REMUNERATION
The Committee reviewed wider workforce
remuneration arrangements and took these into
consideration when reviewing remuneration for
the Executive Directors.
The Committee reviewed remuneration decisions across
the workforce to ensure consistency with the decisions
for the Executive Directors.
REMUNERATION CONTINUED
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KEY TOPICS CONSIDERED BY THE COMMITTEE DURING THE YEAR CONTINUED
GENDER
PAY GAP
The Remuneration Committee continues to
monitor the compliance with the Equality Act
2010, which requires employers with over 250
employees on 5 April each year (the ‘Snapshot
Date’) to publish a gender pay gap report.
Having met this threshold for the first time at
the Snapshot Date of 5 April 2022, we published
our third gender pay gap report in March 2025.
This report is available on our website:
https://www.workspace.co.uk/investors/aboutus/
governance/our-policies/gender-pay-gap-report
As of 5 April 2024, the Company employed 328
employees and was required to publish an updated
Gender Pay Gap Report in March 2025. The Committee
reviewed the data presented by the HR team, which
showed a gender pay gap exists in both hourly pay and
bonuses on mean and median measures. The primary
driver for the gap continues to be the higher proportion
of men employed in roles within the upper quartile. Over
the past few years, we have made significant efforts to
implement and advance a range of initiatives, including
inclusive recruitment policies, targeted training
programmes, and flexible working arrangements.
A higher proportion of women in the upper and middle
pay quartiles has contributed to a reduction in our gender
pay gap. This year, there was a 6.0% decrease in the
median hourly gender pay gap and a 5.2% decrease
in the mean hourly gender pay gap compared to 2023.
We are encouraged by the progress achieved and
further information is available on page 138.
COMMITTEE
GOVERNANCE
The Committee reviewed key trends in executive
remuneration and market practices, including
updates on the current executive pay landscape,
shareholder guidance and recent corporate
governance developments.
A review of the Remuneration Committee’s internal
performance review and its terms of reference was
carried out during the year. The Committee also
approved the Directors’ Remuneration Report and
Gender Pay Gap Report, and, in consultation with the
Board ESG Committee, agreed on the targets for both
the LTIP and annual bonus for FY25.
REMUNERATION CONTINUED
6.0%
DECREASE IN MEDIAN HOURLY
GENDER PAY GAP COMPARED TO 2023
5.2%
DECREASE IN MEAN HOURLY
GENDER PAY GAP COMPARED TO 2023
We are pleased to report a
decrease in our gender pay gap
this year, reflecting the positive
impact of our diversity and inclusion
initiatives in promoting a more
equitable workplace.
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REMUNERATION COMMITTEE
CHAIR’S LETTER
£66.8m
TRADING PROFIT
AFTER INTEREST
28.4p
FULL YEAR DIVIDEND
89.8%
CUSTOMER SATISFACTION
Dear shareholders,
As Chair of the Remuneration Committee
and on behalf of the Board, I am pleased
to present our 2025 Remuneration Report.
The report this year is split into:
– Remuneration at a glance: highlighting
simply and transparently how executive
pay incentivises the delivery of our
strategy and promotion of our values, and
how this cascades down the organisation
– pages 199 to 204.
– A summary of our current Directors’
Remuneration Policy for Executive Directors
approved by shareholders at our 2023 AGM
– pages 205 to 210.
– The Annual Report on Directors’
remuneration explaining the remuneration
outcomes for 2024/25 and the
implementation of pay for 2025/26
– pages 211 to 230.
In producing this year’s Remuneration Report,
the Committee has sought to simplify our
disclosures to ensure we present a clear
and concise description of the key items
considered by the Committee during the
financial year, with the aim of reducing
duplication and providing a more succinct
explanation of how remuneration aligns
to our strategic priorities.
As already mentioned, this has been
atransitional year for Workspace as we
welcomed Lawrence Hutchings into the role of
CEO in November 2024. Led by Lawrence and
our Executive Team, this has led to an evolving
strategy, with operational excellence at its
heart, which the Board is confident will ensure
Workspace remains agile and able to adapt to
the ever-changing conditions in the market.
REMUNERATION CONTINUED
We are confident that the link
between pay and performance
at Workspace is clearly evident,
with a focus on how our variable
pay structures directly drive all
of our strategic priorities.
Lesley-Ann Nash
Chair of the Remuneration Committee
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The Committee has spent time ensuring that
our remuneration arrangements support the
performance of the business during the year
and continues to be guided by its key
principles which are detailed on page 202
and our approved Directors’ Remuneration
Policy. The Committee intends to conduct
a more detailed review of the alignment of
our Policy to our strategy during the year
to ensure it remains fit for purpose ahead of
submitting it for renewal at our 2026 AGM.
Business performance and experience
of our stakeholders
Against the backdrop of an uncertain and
challenging macroeconomic environment,
which impacted customer activity throughout
the year, the Company has delivered a resilient
set of results. Our trading profit for the year
was £66.8m and we have continued progress
on capital recycling from the disposal of
non-core assets. However, occupancy has
been down, and a key part of our evolving
strategy is centred on ensuring we attract
and retain our customers.
Our focus on operational excellence and
business-wide accountability on sustainability
continues to drive significant progress. We
have continued to execute our rolling pipeline
of refurbishment and redevelopment projects,
and our balance sheet remains strong with
£260m of cash and undrawn facilities. We are
also continuing to deliver a climate-resilient
portfolio, evidenced by the reduction in our
energy consumption, whilst also scaling our
social impact through our lettings in kind
programme and ongoing InspiresMe
programme, providing work experience and
careers advice for students and disadvantaged
young people in our communities.
The Board is proposing a final dividend of
19.0p, resulting in a total dividend for the year
of 28.4p. However, the Board is acutely
aware of our share price performance over
the past 12 months and remains committed
to delivering returns to shareholders and
believes our evolved strategy positions us
strongly to deliver long-term success.
In reviewing the outcomes for 2024/25
remuneration for our Executive Directors,
the Committee actively considered the wider
context, including the experience of all the
Company’s stakeholders during the year,
such as our shareholders, employees,
customers and suppliers. A more detailed
summary of how the remuneration outcomes
align with the experience of our other
stakeholders is set on page 202.
Remuneration outcomes in 2024/25
The 2024/25 Annual Bonus was assessed
against financial objectives (70% of maximum
opportunity) and sustainability, operational
efficiency and customer satisfaction targets
(30% of maximum opportunity).
The strategic financial objectives relating
to reducing our large voids and our capital
recycling target were met. We also made
progress against our sustainability and
operational efficiency objectives, and met our
customer satisfaction targets. However, given
the macroeconomic challenges facing the
Company, 98% of the stretching threshold
target set for the trading profit measure was
achieved, meaning no payout under this
element. The formulaic outcome under the
bonus was therefore 43.3% of maximum.
In line with our Policy, the Committee
reviewed the outcome of each measure and
also undertook a holistic view of the outturn
versus underlying performance and value
delivered to our shareholders. We have also
considered the treatment of bonus payments
across the organisation. As a result of this
review, and in light of the trading-profit
target for the year not being met and the
misalignment between the achievement
99.8%
SUPPORT FOR OUR DIRECTORS’
REMUNERATION POLICY AT THE 2023 AGM
99.3%
SUPPORT WE RECEIVED FOR OUR 2024
DIRECTORS’ REMUNERATION REPORT
REMUNERATION CONTINUED
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of financial and non-financial objectives,
the Committee has decided to exercise its
discretion to reduce the bonus outcome
of 43.3% by 35% for each of the Executive
Directors. This therefore means a bonus
outturn of 28% of maximum. The Committee
is comfortable this approach is fair and
proportionate in the context of the Company’s
underlying performance. Further details on
the attainment of applicable performance
conditions can be found on page 218.
Lawrence’s eligibility to participate in the
Company’s Annual Bonus Plan was at the
discretion of the Committee. It was agreed
that he should participate, with his opportunity
pro-rated to reflect the proportion of 2024/25
he was employed. He was subject to the same
performance conditions which applied to the
other Executive Directors, and the downwards
adjustment of the bonus outcome.
Vesting of 2022 LTIP
The LTIP awards granted to Executive
Directors in 2022 were subject to performance
conditions measured over the three financial
years from 1 April 2022 to 31 March 2025. The
vesting of 50% of this award was subject to
Total Shareholder Return (TSR) performance
relative to FTSE 350 Real Estate companies
(excluding agencies), with the remaining 50%
subject to Total Property Return (TPR) versus
IPD Benchmark.
Having tested the performance conditions,
TPR performance was above upper quartile,
meaning this element vested in full. TSR
performance, however, was below median
meaning that this element did not pay out.
Therefore, the overall formulaic outcome
was 50%.
As per our Policy, a performance underpin
applies to the LTIP which allows the Committee
to reduce vesting if the outturn is inconsistent
with the overall performance of the business.
SUMMARY OF EXECUTIVE DIRECTORS’ TOTAL REMUNERATION
The tables below set out a single figure for the total remuneration received by each Executive Board
Director for the year ended 31 March 2025. The full table can be found on pages 217.
2024/25
£000
Fixed pay
Base salary
208.9
Pension
1
12.5
Benefits
2
1.2
Total fixed 222.6
Variable pay
Annual bonus
3
88.2
LTIP
4,5
NIL
Other (SAYE, SIP, Buyouts)
250.0
Total variable 338.2
Total 560.8
of which share price growth 0
Fixed pay
Base salary
463.7
Pension
1
46.4
Benefits
2
18.2
Total fixed 528.3
Variable pay
Annual bonus
3
195.8
LTIP
4,5
188.4
Other (SAYE, SIP)
NIL
Total variable 384.2
Total 912.5
of which share price growth 0
Fixed pay
Base salary
400.0
Pension
1
40.0
Benefits
2
NIL
Total fixed 440.0
Variable pay
Annual bonus
3
135.1
LTIP
4,5
149.3
Other (SAYE, SIP)
NIL
Total variable 284.3
Total 724.3
of which share price growth 0
Lawrence Hutchings
6
Chief Executive Officer
(Joined 18 November 2024)
Graham Clemett
7
Outgoing Chief Executive
Officer and Director
(1 April 2024 to 31 January
2025)
Dave Benson
Chief Financial Officer
1. Pension: During 2024/25 each of Messrs Hutchings, Clemett and Benson received a cash allowance in lieu of pension contribution.
2. Benefits: Taxable value of benefits received in the year by Executive Directors includes a car allowance, private health insurance and death in service
cover.
3. This is the total bonus earned in respect of performance during the relevant year. For 2024/25, the Committee set a minimum deferral requirement
of 33% of the bonus earned. This deferral was equivalent to £29,108 for Mr Hutchings, £64,607 for Mr Clemett and £44,573 for Mr Benson. For Messrs
Hutchings and Clemett their respective bonus amount have been pro-rated for time served during the year ended 31 March 2025.
4. None of the LTIP single figure is attributable to share price growth.
5. The 2024/25 figure includes the estimated value of 25% of the 2022 LTIP shares that vested based on performance to 31 March 2025 and the application
of the Remuneration Committee’s discretion. The share price used is the three-month average to 31 March 2025 of £4.47. This will be updated in next
year’s report to reflect the share price on the date of vesting. As allowable under the relevant plan rules and approved Policy, the Committee determined
that dividend equivalents are payable under the 2022 LTIP award – this figure therefore includes the value of dividend equivalents accrued on the shares
that are vesting over the relevant performance period.
6. Mr Hutchings joined the Company on 18 November 2024, with a total salary of £208,889 earned up to 31 March 2025.
7. Mr Clemett retired from the Company on 31 January 2025; his total salary earned up to that date was £463,667.
8. Mr Hutchings was granted a buyout award upon joining the Company, to compensate for incentives forfeited from his previous employer. The value
shown in the table above relates to the first tranche of this award, which is subject to a continued employment requirement throughout the vesting
period. Further details are set out on page 223.
In reviewing this, the Committee
considered a range of factors, including
a decline in the Company’s share price over
the performance period and misalignment in
outcomes under the two LTIP measures. As a
result, the Committee has decided to exercise
its discretion to reduce the vesting outcome,
resulting in an outcome of 25% of maximum.
The Committee believes this adjustment is
appropriate, particularly as this is above the
LTIP’s 20% vesting threshold.
Proposed implementation of policy
for 2025/26
The Director’s Remuneration Policy was last
tabled to shareholders in July 2023 and this
received overwhelmingly strong support. In
light of our evolving strategy, we are making
some immediate changes to our annual bonus
and LTIP measures to improve the alignment
between our strategic priorities and
remuneration, and will conduct a further review
over the course of the year before putting
a revised Policy to vote at our 2026 AGM, in
line with the regulatory requirement to do so.
Base salary
The CEO and CFO will not receive a base
salary increase for the upcoming year.
Annual Bonus 2025/26
During the year, the Committee undertook a
review of our annual bonus measures within
the context of our evolved strategy. As a
result, it was determined that the weighting
of the operational efficiency measure be
increased to 12.5% and the sustainability
objective measure be reduced to 7.5%.
Targets for the annual bonus are set at the
beginning of the year and will be disclosed
infull at the end of the performance year.
Seepage 224 for further details.
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2025 LTIP
The Committee also reviewed the LTIP
performance measures and determined that
these measures continue to remain fit for
purpose. However, we are proposing to
change the weighting of the Total Accounting
Return (TAR) and Environmental, Social and
Governance (ESG) metrics. Therefore, the
measures that will apply to the 2025 LTIP
award are as follows: Total Shareholder
Return (TSR) relative to FTSE 350 Real Estate
companies (excluding agencies) (25%), TAR
(35%), Earnings Per Share Growth (EPS)
(25%) and Environmental, Social and
Governance (ESG) metrics (15%).
We have chosen to increase the weighting
on the TAR measure as it is a core measure
of the successful execution of our strategy,
representing the value we have created for
shareholders in the form of dividends paid
and growth in net asset value. Sustainability
remains important to how we design and
operate our buildings, as well as support our
people and local communities, and therefore
the Committee agreed that a meaningful
proportion of the LTIP should continue to be
assessed against ESG metrics. Sustainability
remains a key competitive advantage for us,
with businesses increasingly willing to pay
more for highly rated sustainable space,
which in turn delivers value to shareholders.
As with previous awards, a performance
underpin applies to this award which allows
the Committee to reduce vesting if the outturn
is inconsistent with the overall performance of
the business, individual performance or wider
considerations. The Committee will review
the impact of any windfall gains on vesting
of the 2025 LTIP Award. Further details of
the 2025 LTIP are on page 225.
Chief Executive Officer (CEO) Succession
In January 2024, we announced Graham
Clemett’s intention to retire from his role
as Chief Executive Officer and I would like to
thank him for his dedication and commitment
in this role. On 8 May 2024, we were pleased
to announce that Lawrence Hutchings would
become the new CEO and he took-up the role
and joined the Board on 18 November 2024.
The remuneration arrangements of the
incoming and the outgoing CEO are in line
with our Directors’ Remuneration Policy
approved by shareholders.
On appointment, Lawrence Hutchings’ base
salary was set at £560,000. The Committee
believes that this salary level is representative
of Lawrence’s skills, experience and the scope
of the role. Lawrence will receive a cash
allowance in lieu of pension of 6% of salary for
the first year of employment and 10% of salary
thereafter. The incentive opportunities remain
unchanged from the levels awarded to the
outgoing CEO: a maximum Annual Bonus
opportunity of 150% of base salary and a
maximum LTIP award of 200% of base salary.
Lawrence also received a buyout award to the
value of £500,000 in respect of outstanding
incentives that he forfeited on leaving his
former employer. Further details may be
found on page 223.
As Graham Clemett retired, the Committee
confirmed good leaver status. He was paid his
contractual salary and benefits until he retired
on 31 January 2025, providing transitional
support to Lawrence during this time. He
remained eligible for the 2024/25 Annual
Bonus, subject to Committee discretion, which
will be pro-rated for time served and subject
to deferral in line with our Policy. All unvested
Deferred Bonus Awards will continue to vest
based on their original vesting dates. Unvested
LTIP Awards will vest on their normal vesting
dates, subject to performance and time
pro-rating. Graham will also be subject to
post-cessation shareholding requirements,
and he is required to hold shares equivalent to
200% of salary for two years post-departure.
Remuneration Committee Performance Review
During the financial year, the Company was
required to undertake an internal Board
performance review to identify opportunities
to further strengthen Board performance and
contribution. Fidelio Partners assisted with
the internal Board performance review and
presented their findings to the Board in March
2025. As part of the process, Fidelio has
produced specific feedback for the
Remuneration Committee, highlighting areas
in which the Committee operates strongly and
we are responding to areas identified for
improvement. Overall it was confirmed that the
Committee continued to operate effectively.
Concluding remarks
There remains much uncertainty in the market
but I am confident that our refreshed strategy
positions us well to respond to the challenges
and seize the opportunities. The changes we
are making to the implementation of our
Policy this year, specifically in relation to the
performance conditions in our incentives, are
intended to ensure our approach to remuneration
better supports the delivery of our strategy
and align incentive outcomes with those of
our shareholders. I am looking forward to
reviewing our Policy in further detail over the
next 12 months to ensure it remains fit for
purpose. I welcome the opportunity to consult
with our shareholders on the outcomes of the
review and the new Policy, which will be
submitted for approval at the 2026 AGM.
In the meantime, I want to thank you for
your ongoing support in the year and I hope
you will join the Board in supporting our
Directors’ Remuneration Report at the
upcoming 2025 AGM.
Lesley-Ann Nash
Chair of the Remuneration Committee
4 June 2025
Workspace’s Remuneration
Report was the winner of PwC’s
2024 Building Trust Award for
remuneration reporting in the
FTSE 350.
REMUNERATION CONTINUED
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1.
REMUNERATION AT A GLANCE
EXECUTIVE PAY IS STRUCTURED
TO ALIGN WITH AND INCENTIVISE
THE SUCCESSFUL EXECUTION OF
OUR STRATEGY, WHILE ACTIVELY
SUPPORTING THE PROMOTION
OF OUR CORE VALUES.
IN THIS SECTION
Page
1. Consideration of our stakeholders 200
2. Fair Pay at Workspace 200
3. Aligning remuneration to our purpose and strategy 202
INCENTIVISING AT ALL LEVELS
Page 204
How remuneration cascades down
the organisation
REMUNERATION CONTINUED
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OUR PURPOSE, STRATEGY AND
STAKEHOLDERS
Our people
Employee engagement and wellbeing are
reflected in our sustainability objectives and
are directly linked to the bonus outcomes for
our Executive Directors and members of the
Executive Committee. In addition, the
Committee set objectives to enhance our
overall social value contribution, with a target
of generating £1m during the year. We
delivered a range of initiatives focused on
employee skills, including career pathways
and professional development and training.
This year we continued to expand our
apprenticeship programme, supporting
16apprentices across the business. We
continued to strengthen our commitment
todiversity and inclusion, rolling out several
initiatives including over 700 hours of
employee time dedicated to diversity
and inclusion training.
We are also working towards achieving gender
balance across all professional training and
internal promotion opportunities. Notably
86% of employees agreed that Workspace
is an inclusive employer in our most recent
year-end survey.
Stakeholder experiences in 2025
Pages 200 to 201
CONSIDERATION OF THE
EXPERIENCE OF OUR
STAKEHOLDERS
FAIR PAY AT
WORKSPACE
Market competitive
The pay of our people is reflective
of their skills, role and function
and the external market. Salary
benchmarking is conducted for
all roles across the business on
a regular basis and we actively
manage any who fall below the
market competitive range.
Free from discrimination
When hiring for new roles, the HR
team use a recruitment software
which anonymises CVs to remove
bias and we conduct equal pay
audits to ensure any issues are
identified and addressed.
Ensure a good standard of living
We have recently enhanced our
approach to wellbeing support
including 24/7 access to our
employee assistance programme.
Share in our success
All employees have the chance
to join our SAYE scheme to share
in the success of the Company.
Provide benefits for all
A variety of benefits are offered
toall staff including a cashplan
offering, purchasing annual leave
and family-friendly policies.
Open and transparent
The Company Secretary hosted
a town hall-style event in February
2025, attended by 135 employees
both in person and virtually. The
session focused on the Company’s
overall approach to remuneration,
with particular emphasis on pay
structures, how remuneration
cascades throughout the
organisation, and the employee
share schemes, including the Save
As You Earn (SAYE) plan. More
information is on page214.
REMUNERATION CONTINUED
REMUNERATION AT A GLANCE CONTINUED
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Our customers
Our customers are at the heart of our business
and customer satisfaction remains a key
performance metric within the annual bonus
for our Executive Directors. We are continually
improving and refining the customer experience
and this year saw further upgrades to communal
areas, cafés and meeting rooms, along with
the addition of phone booths at 16sites.
We also expanded our events programme,
delivering a vibrant calendar focused on
wellbeing and networking. We areproud that
customer satisfaction remains strong, with
89% of customers stating that they are likely
or very likely to recommend Workspace.
Our communities
Creating a more inclusive and equitable
London lies at the heart of our strategy.
Our high-quality space brings employment
opportunities to local communities and helps
foster vibrant, connected neighbourhood
hubs. We are committed to supporting the
communities where we operate and firmly
believe in giving back.
This year, we provided employment support
to disadvantaged young people through
partnerships with 11 local schools, delivering
skills and employability workshops that
reached over 200 participants. Additionally,
we collaborated with our customers to offer
work placements to five students, helping
them gain valuable real-world experience.
As part of our annual bonus sustainability
metrics, we prioritised a range of social impact
initiatives. These included the promotion of
responsible business practices, wellbeing
programmes, skills development, and
activities focused on employment and
community engagement. Over the course
of the year, our employees contributed more
than 2,000 hours of volunteer time. Through
these efforts, we generated £1.02 million in
social value, exceeding our target of £1 million
for the year. See pages 85 where further
details of these initiatives can be found.
The environment
We recognise the climate emergency and
know that the real estate sector contributes
to nearly 40% of global carbon emissions.
That is why sustainability is integrated across
the business, and this is reflected in incentives
for our Executive Directors. In 2023, the
Committee approved the introduction of
ESG metrics for the LTIP. The measures have
continued to include key objectives which
directly support and deliver our strategy to
reduce our energy consumption and carbon
emissions. Sustainability objectives are also
part of our annual bonus, which ensures a focus
on our commitments to diversity & inclusion
and social value contribution. In addition, we
held a number of engagement initiatives such
as the Big Energy Race campaign (case study
on page 17), sustainability supper series and
eight sustainability master classes for our
customers to drive sustainable behaviours
and supported them with their own
sustainability aspirations. Increased
awareness on the topic has positively
impacted energy consumption across the
like-for-like portfolio, delivering over 7%
reduction in energy use compared to last year.
Our sustainability engagement continues to
be positively received by our customers, with
84% of customers agreeing that Workspace
isa socially and environmentally responsible
business, up from 79% last year.
REMUNERATION CONTINUED
REMUNERATION AT A GLANCE CONTINUED
Our investors
We are committed to maintaining an open
dialogue with our investors. The Committee
values open, two-way engagement on all
aspects of remuneration. In the latter part
of2025, the Committee will begin a
comprehensive review of the Remuneration
Policy, ahead of presenting a revised policy
to shareholders at the 2026 AGM. As part
ofthis process, we will engage with our
shareholders and the investor bodies.
Our partners and suppliers
We collaborate with a diverse network
of long-term partners and have a strong
track record of refurbishments and
redevelopments, where maintaining
positive relationships with local authorities,
communities and contractors is essential.
We require all partners and suppliers to meet
rigorous ethical and sustainability standards.
As an accredited Living Wage employer, we
are committed to ensuring that our suppliers
and partners working on Workspace
premises are paid at least the Real London
Living Wage. We also ask our suppliers to
adhere to our Supplier Code of Conduct,
which sets clear expectations for ethical
behaviour and sustainable practices.
Throughout the year we continued our
engagement with our suppliers on
sustainability, specifically on employment
related initiatives. We are pleased to see
that four companies in our supply chain
hired a total of 16 apprentices, who worked
on a Workspace contract. We also engaged
with 20 key suppliers on climate transition
plans, encouraging sector wide
transformation to more sustainable
practices. We held workshops with these
suppliers on Workspace’s sustainability
ambitions, carbon reporting and to create
a decarbonisation action place, see page 22
for more information.
SUSTAINABILITY IN
EVERYTHING WE DO
ALIGNING
REMUNERATION
TO SUSTAINABILITY
HELPS US TO MEET
OUR GOALS
Over the year, we achieved a 7%
reduction in energy use intensity across
our like-for-like portfolio compared to the
previous year. This was primarily driven by
a 12% reduction in gas consumption across
the portfolio, compared to the same
period last year, largely due to ongoing
electrification efforts and operational
efficiencies.
Additionally, 60% of the portfolio has now
been upgraded to an EPC A/B rating.
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OUR PURPOSE
OUR PURPOSE IS TO GIVE BUSINESS THE FREEDOM TO GROW
EMBEDDING OPERATIONAL EXCELLENCE
3.
Innovate to create
future options
2.
Transform and
prepare for emerging
opportunities
1.
Enhance and expand
the core business
Pages 36-45
Pages 46-55 Pages 56-58
OUR STRATEGY DELIVERS OUR PURPOSE
OUR STRATEGY
OUR KEY REMUNERATION PRINCIPLES
ALIGNMENT WITH
OUR STRATEGY
AND PURPOSE
Workspace has worked hard to articulate and define our purpose, alongside
our established values and corporate strategy. Our remuneration is aligned
with the Group’s objectives and long-term strategy through a mix of short
and long-term performance metrics. This aligns with the ‘alignment to
culture’ principle under Provision 40 of the UK Corporate Governance Code.
A FOCUS ON RISK We design our measures to incentivise the right behaviours, that are
consistent with our strategy. Performance measures applicable to the 2025
LTIP grant have been reviewed and are based on a combination of financial,
share price, ESG and strategic measures aligned with the Company’s
strategic plan. Both the annual bonus and LTIP are subject to malus and
clawback provisions. This aligns with the ‘risk’ and ‘proportionality’ principles
under the UK Corporate Governance Code.
ACTING IN A
SUSTAINABLE WAY
Incorporating ESG into our incentive arrangements reinforces the
importance of sustainability across the business. Keeping sustainability at
the core of our business and delivering on our net zero carbon commitments
is a fundamental part of Workspace’s long-term strategy. This aligns with the
‘alignment to culture’ principle under Provision 40 of the UK Corporate
Governance Code.
TRANSPARENCY AND
SIMPLICITY FOR THE
BENEFIT OF ALL OUR
STAKEHOLDERS
The Committee ensures that the implementation of Executive remuneration
is simple and transparent. The remuneration structure is easy for both
participants and shareholders to understand, and is directly aligned with
our strategic priorities. This helps to ensure employees understand how
their remuneration is aligned with performance. This approach aligns with
the ‘clarity’, ‘simplicity’ and ‘predictability’ principles under Provision 40
of the UK Corporate Governance Code.
CONSISTENCY
OF APPLICATION
Both short-term and long-term incentive plans, implemented across the
organisation, are designed to directly reward the achievement of the
business strategy. A significant portion of these rewards is delivered in
equity, ensuring that Executives are closely aligned with shareholders.
Additionally, Executives are required to build substantial shareholdings
inWorkspace. This aligns with the ‘risk’ principle outlined in Provision 40
ofthe UK Corporate Governance Code.
Stakeholder experiences in 2025
Pages 200 to 201
ALIGNING OUR REMUNERATION PRINCIPLES WITH OUR PURPOSE AND STRATEGY
AND THE EXPERIENCE OF ALL OUR STAKEHOLDERS
OUR PURPOSE, STRATEGY AND STAKEHOLDERS
Our remuneration approach is aligned to our purpose, values and strategy,
thereby incentivising the creation of long-term value for all of our stakeholders.
REMUNERATION CONTINUED
REMUNERATION AT A GLANCE CONTINUED
OUR STAKEHOLDERS
CONSIDERATION OF OUR STAKEHOLDERS INFORMS OUR STRATEGY
Page
Our Customers 16
Our People 18
Our Investors 21
Our Partners and suppliers 21
Our Communities 23
The Environment 25
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HOW OUR VARIABLE PAY ALIGNS TO OUR STRATEGIC PILLARS
Our annual bonus and LTIP are closely aligned to our strategic priorities. They each demonstrate a clear focus on operational performance, customers and the environment.
ELEMENT OF
REMUNERATION
WHY IT IS IMPORTANT TO DELIVER OUR STRATEGIC PRIORITIES
AND SUPPORT OUR STAKEHOLDERS
LINK TO DIFFERENT
STAKEHOLDERS
2025/26
ANNUAL BONUS
LINK TO STRATEGY
2025 LTIP
MEASURES
(% of award)
Financial measures
Trading profit
after interest
50%
Strategic
financial
20%
Trading profit after interest
Trading profit after interest is a
key measure for Workspace and
determines dividend growth,
and also the returns we provide
to our shareholders.
Strategic financial
Strategic financial objectives allow
us to cover key drivers of our
commercial success that would
otherwise not be captured under
trading profit after interest.
1. Enhance and expand the core business – Our investors
– Our partners &
suppliers
Operational efficiency
12.5%
Operational efficiency
Optimising value and service is an important part of our business
and a key part of our strategic pillar to deliver operational excellence.
1. Enhance and expand the core business
2. Transform and prepare for emerging
opportunities
3. Innovate to create future options
– Our customers
– Our people
Customer satisfaction
10%
Customer satisfaction
Customers are at the heart of Workspace and the use of customer
satisfaction objectives demonstrates our commitment to providing
the best value to our customers.
1. Enhance and expand the core business – Our customers
Sustainability
7.5%
Sustainability
The sustainability objectives incentivise the Executive Directors
to deliver progress against our three-pillar sustainability strategy.
1. Enhance and expand the core business
2. Transform and prepare for emerging
opportunities
3. Innovate to create future options
– The environment
– Our communities
– Our people
– Our partners &
suppliers
Total accounting return (TAR)
35%
Total Accounting Return (TAR)
TAR is important to Workspace as it ensures we reward the creation of value
for shareholders in the form of dividends paid and growth in net asset value.
1. Enhance and expand the core business
2. Transform and prepare for emerging
opportunities
3. Innovate to create future options
– Our investors
Total Shareholder Return
(TSR) relative to FTSE 350
Real Estate companies
(excluding agencies)
25%
Total Shareholder Return (TSR) relative to FTSE 350 Real Estate
companies (excluding agencies)
TSR is paramount to Workspace because it shows the value that our
shareholders receive from investing in Workspace. We aim to create
maximum value for our shareholders therefore it is important to ensure
outcomes from the LTIP align with the experience of our shareholders,
with participants only rewarded if returns exceed those achieved
elsewhere within the sector.
1. Enhance and expand the core business
2. Transform and prepare for emerging
opportunities
3. Innovate to create future options
– Our investors
Earnings per share (EPS)
growth
25%
Earnings Per Share (EPS) growth
EPS growth is a key headline measure of Workspace’s financial
performance, with outcomes better aligned to our success in active
portfolio management and investment.
1. Enhance and expand the core business
2. Transform and prepare for emerging
opportunities
– Our investors
Environmental, Social and
Governance (ESG) measures
15%
Environmental, Social and Governance (ESG) measures
ESG measures demonstrate our commitment to long-term Company
strategy focusing on creating sustainable environments.
1. Enhance and expand the core business
2. Transform and prepare for emerging
opportunities
3. Innovate to create future options
– The environment
REMUNERATION CONTINUED
REMUNERATION AT A GLANCE CONTINUED
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WORKSPACE’S APPROACH TO REMUNERATION AND HOW WE INCENTIVISE AT ALL LEVELS WITHIN THE COMPANY
Salaries are set to reflect the market value of each role and to support both recruitment and retention.
Employees are eligible for a 2:1 match on employee pension contributions of 3% or 5% of salary. Payments are made through salary sacrifice.
We are committed to fostering a workplace environment that promotes healthy behaviours and supports the overall wellbeing of our employees. All staff, regardless of level,
are eligible for Company-funded healthcare, an enhanced sick pay scheme, and the option to purchase up to five additional days of annual leave each year. Employees also
have access to a medical advice and information services designed to support their health and wellbeing needs. Our Employee Assistance Programme is available 24/7 at no
cost, offering confidential counselling and support to employees and their household members. In addition, all colleagues have received mental health awareness training, and
we actively guide them toward appropriate support services whenever needed.
All colleagues have access to a wide range of voluntary benefits tailored to suit different lifestyles. We have introduced two new benefits to replace our previous employee
cash plans, offering staff access to annual health checks as well as mental health and nutritional consultations. In addition, colleagues can choose from a range of deals and
discounts all year round, and have the option to donate to their chosen charities directly from their pay.
All colleagues are eligible to take part in the annual bonus scheme, which is designed to reward the achievement of targets and objectives aligned with the Group’s financial
and strategic performance each year. As part of our appraisal process, each employee agrees on individual objectives with their head of department to ensure consistency and
alignment across the business.
The deferral of a portion of the bonus into shares helps to reinforce long-term
alignment between Executive Directors and shareholders by encouraging
sustained focus on the Company’s performance and value creation over time.
Not applicable. Discretionary annual share awards are granted, vesting after three years subject to
continued employment and the achievement of specified performance conditions.
Any shares that vest are then subject to a further two-year holding period.
Not applicable. The bonus deferral arrangement applies exclusively to the Executive
Directors, reflecting the specific structure of their remuneration and the level of
responsibility associated with their roles.
Executive Directors are not eligible to receive Restricted Share Awards (RSAs),
as they participate in the Company’s Long Term Incentive Plan (LTIP).
Offering the opportunity to participate in our Save As You Earn (SAYE) scheme promotes employee engagement and supports our strong performance culture. It
enables all employees to share in the Company’s long-term success, while aligning their interests with those of our shareholders. This scheme allows employees to
purchase shares in Workspace at a discounted price after completing a three or five-year savings period.
The Company will award a number of shares based on an agreed value. In September 2021, the Company offered a free share award of £2,000 to all employees.
RSAs are awarded to certain senior staff and other members of staff at the discretion
of the Committee. RSA Awards ensure that senior staff are incentivised and
remunerated for delivering our strategy and creating value for stakeholders through
direct alignment with our share price.
REMUNERATION ELEMENT
ANNUAL
BONUS
SHARE
OWNERSHIP
BENEFITS
PENSION
Health and
wellbeing
benefits
Flexible
benefits
Cash
Deferral
LTIP
Restricted
Share Awards
(RSAs)
Save As You
Earn (SAYE)
Share Incentive
Plan (SIP)
Rest of employees
1
320
Executive Directors
1
2
BASE SALARY
1. Lawrence Hutchings joined as CEO on 18 November 2024. Graham Clemett remained as an Executive Director until his retirement on 31 January 2025. Consequently, there were two Executive Directors as at 31 March 2025.
ALL EMPLOYEES
ALL EMPLOYEES
ALL EMPLOYEES
ALL EMPLOYEES
ALL EMPLOYEES
ALL EMPLOYEES
ALL EMPLOYEES
EXECUTIVE DIRECTORS ONLY
EXECUTIVE DIRECTORS ONLY
EXECUTIVE DIRECTORS DO NOT RECEIVE AN RSA
REST OF EMPLOYEES
CERTAIN SENIOR STAFF AND OTHER STAFF MEMBERS
REST OF EMPLOYEES
REMUNERATION CONTINUED
REMUNERATION AT A GLANCE CONTINUED
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2.
SUMMARY OF DIRECTORS’
REMUNERATION POLICY
A SUMMARY OF OUR CURRENT
DIRECTORS’ REMUNERATION
POLICY FOR EXECUTIVE
DIRECTORS AS APPROVED
BY SHAREHOLDERS AT
OUR 2023 AGM.
IN THIS SECTION
Page
1. Fixed components of executive pay 206
2. Variable components of executive pay 207
3. Possible payouts under the policy 210
SINGLE FIGURE SCENARIOS
Page 210
Potential remuneration to be earned
by Directors under the Policy
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This section outlines the key components
ofthe Remuneration Policy for Executive
Directors, as approved by shareholders at
the 2023 Annual General Meeting. It also
details the operation of the Policy during
the2024/25 financial year, which was in
accordance with its intended framework,
andsets out how the Policy is expected
tobe applied in 2025/26.
You can find the full policy at
www.workspace.co.uk
OUR REMUNERATION
POLICY
REMUNERATION POLICY TABLE
The table below describes the Policy in relation to the components of remuneration for Executive Directors.
KEY ELEMENT
PENSION
To provide market
competitive
pensions.
BASE SALARY
To reflect market
value of the role
and an individual’s
experience,
performance and
contribution.
BENEFITS
To provide market
competitive
benefits.
OPERATION
OPERATION IN THE YEAR
ENDING 31 MARCH 2026
OPERATION IN THE YEAR
ENDED 31 MARCH 2025
OPPORTUNITY
Salaries are normally
reviewed annually.
Salary levels take account of:
– Role, performance and
experience.
– Business performance and the
external economic environment.
– Salary levels for similar roles
at relevant comparators.
– Salary increases across
the Group.
Directors participate in a defined
contribution pension scheme or
may receive a cash allowance in
lieu of pension contribution.
Benefits typically include car
allowance, private health
insurance, and death in service
cover. Where appropriate, other
benefits may be offered including
allowances for relocation.
In addition, Directors are eligible
to participate in all employee
share plans, currently the SAYE
and SIP.
Proposed salary:
CEO: £560,000
CFO: £400,000
Salary:
Lawrence
Hutchings (CEO):
£560,000
Graham Clemett
(Outgoing CEO):
£556,400
Dave Benson
(CFO):
£400,000
CEO: Lawrence Hutchings
joined as CEO on 18
November 2024. He will
receive a cash allowance
in lieu of pension of 6%
of salary for the first year
of employment, and
10% thereafter.
CFO: 10% of salary
Lawrence
Hutchings (CEO):
6% cash allowance
in lieu of pension
Graham Clemett
(Outgoing CEO):
10% of salary
Dave Benson
(CFO):
10% of salary
No change.Includes car
allowance, private
health insurance
and other benefits.
Neither Lawrence
Hutchings nor Dave
Benson received
a car allowance
during the year.
2024–2025 2025–2026 2026–2027 2027–2028 2028–2029
FIXED COMPONENTS OF EXECUTIVE PAY
Increases are applied
in line with the
outcome of the
review. There is no
prescribed maximum.
Increases for
Executive Board
Directors will
typically be in line
with those of the
wider workforce.
Up to 10% of salary.
For individuals with
less than a year’s
service with
Workspace, this will
be 6% of salary.
Benefits may vary
by role and individual
circumstance and are
reviewed periodically.
There is no overall
maximum.
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REMUNERATION POLICY TABLE CONTINUED
Performance is measured relative
to financial, operational and strategic
objectives in the year aligned with the
Company’s strategic plan.
Performance measures and weightings are
reviewed each year to ensure they remain
appropriate and reinforce the business
strategy. At least 60% of the total bonus
will be based on financial measures.
Bonus awards are at the Committee’s
discretion and the Committee will
consider the Company’s performance in
the round. The Committee may override
the formulaic bonus outcome within the
limits of the plan where it believes the
outcome is not reflective of performance,
to ensure fairness to both shareholders
and participants.
The annual bonus opportunity for
Graham Clemett proceeded on the usual
timetable and was pro-rated to reflect
the proportion of FY25 that was spent
in employment.
Lawrence Hutchings eligibility to
participate in the Company’s Annual
Bonus Plan was at the discretion of the
Committee, and was subject to the
attainment of the same performance
conditions applicable to other Executive
Directors. The bonus opportunity for
Lawrence has been time pro-rated to
reflect the proportion of FY25 in which
he is employed.
KEY ELEMENT
ANNUAL
BONUS
To reinforce and
reward delivery
of annual strategic
business priorities,
based on
performance
measures relating
to both Group
and individual
performance.
Bonus deferral
provides alignment
with shareholder
interests.
A portion of the annual bonus is
deferred into shares for a period
of three years. The deferral is
33% of bonus earned.
Dividend equivalents may be
accrued on deferred shares.
The Committee may apply malus and
clawback in circumstances of gross
misconduct, material misstatement
of the Group’s results, an error in
calculation, serious reputational
damage, and corporate failure up
tothe end of the deferral period.
Maximum Opportunity:
Lawrence Hutchings (CEO):
Up to 150% of salary
(Pro rated for time served)
Graham Clemett (Outgoing CEO):
Up to 150% of salary
(Pro rated for time served)
Dave Benson (CFO):
Up to 120% of salary
Performance conditions
and weightings:
(As % of award)
– Trading Profit (50%)
– Strategic Financial (20%)
– Sustainability (10%)
– Operational efficiency (10%)
– Customer satisfaction (10%)
Executive Directors awarded
bonuses (reflecting the
Committee’s discretion) of:
Lawrence Hutchings (CEO):
42.2% of salary
Graham Clemett (Outgoing CEO):
42.2% of salary
Dave Benson (CFO):
33.8% of salary
Deferral of 33% of bonus earned
See page 218 for further details
on bonus outcomes
Maximum Opportunity:
Lawrence Hutchings (CEO):
Up to 150% of salary
Dave Benson (CFO):
Up to 120% of salary
Performance conditions
and weightings:
(As a % of award)
– Trading Profit (50%)
– Strategic Financial (20%)
– Operational efficiency (12.5%)
– Customer satisfaction (10%)
– Sustainability (7.5%)
See page 224 for more details.
The Committee is of the
opinion that the targets used
for the annual bonus are
commercially sensitive and
willbe disclosed in next year’s
Annual Report.
Actual targets, performance
achieved and awards made
are published at the end of the
financial year so shareholders
can fully assess the basis for
any payouts.
OPERATION
OPERATION IN YEAR
ENDING 31 MARCH 2026
OPERATION IN THE YEAR
ENDED 31 MARCH 2025
PERFORMANCE METRICS
2024–2025 2025–2026 2026–2027 2027–2028 2028–2029
VARIABLE COMPONENTS OF EXECUTIVE PAY
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REMUNERATION POLICY TABLE CONTINUED
VARIABLE COMPONENTS OF EXECUTIVE PAY CONTINUED
KEY ELEMENT
2024–2025 2025–2026 2026–2027 2027–2028 2028–2029
LONG TERM
INCENTIVE PLAN
(LTIP)
To reward and align
to the delivery of
sustained long-term
performance and to
align the interests
of participants
with those
of shareholders
The Committee may
grant annual awards
of Performance Shares
which vest after three
years, subject to
performance
conditions. Vested
shares are subject
to a further two-year
holding period. The
Committee has
discretion to apply
malus and clawback
(in circumstances
listed in the annual
bonus column above),
up to the end of the
holding period.
Dividend equivalents
may be accrued on
shares in respect of
the performance and
holding period.
Maximum Opportunity:
Lawrence Hutchings first ordinary course grant of an award
under the Company’s LTIP will take place in FY26. During
the year, he was granted a buyout award, split into two
tranches, each to the value of £250,000, granted under the
rules of the Company’s LTIP. Further details are set out on
page 223.
Graham Clemett (Outgoing CEO):
200% of salary
Dave Benson (CFO):
200% of salary
Performance conditions and weightings for the 2024 LTIP:
25% Total Shareholder Return (TSR) relative to FTSE 350
Real Estate companies (excluding agencies), 25%
Total Accounting Return (TAR), 25% Earnings Per Share
(EPS) Growth and 25% Environmental Social and
Governance (ESG).
The 2021 LTIP vested in the year at 50% of the award.
Grant
sizes for:
Lawrence Hutchings
(CEO):
200% of salary
Dave Benson (CFO):
200% of salary
No change to
maximum LTIP
opportunities or the
performance
conditions. However,
we are proposing to
change the weighting
of the TAR and ESG
metrics. Therefore,
the measures that
will apply to the 2025
LTIP award are as
follows: TSR relative
to FTSE 350 Real
Estate companies
(excluding agencies)
(25%), TAR (35%),
EPS (25%) and ESG
metrics (15%) to
strengthen the
alignment of the LTIP
measures with our
refreshed strategy.
OPERATION
IMPLEMENTATION
FOR 2025/26
OPERATION FOR 2024/25PERFORMANCE METRICSOPPORTUNITY
Normal maximum
award of up to
200% of salary
per annum. An
award of 300% of
salary per annum
may be made in
exceptional
circumstances.
Awards will be based on
a combination of financial,
share price and strategic
measures aligned with the
Company’s strategic plan.
A performance underpin
will apply which allows
the Committee to reduce
vesting if performance
is inconsistent with the
overall performance of
the business. The
Committee may, in the
context of the underlying
business strategy, use
different measures and/or
vary the weightings of the
measures. The Committee
would consult with major
shareholders prior to
making any significant
changes.
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VARIABLE COMPONENTS OF EXECUTIVE PAY CONTINUED
2024–2025 2025–2026 2026–2027 2027–2028 2028–2029
REMUNERATION CONTINUED
SUMMARY OF DIRECTORS’ REMUNERATION POLICY CONTINUED
REMUNERATION POLICY TABLE CONTINUED
OPERATION CURRENT SHAREHOLDINGS
1
SHAREHOLDING
REQUIREMENT
Shareholding guideline for Executive Directors of 200% of salary.
Post-cessation shareholding requirement of 200% of salary for
two years post-departure. In the event that a leaver has not met
the relevant shareholding requirement at the point of cessation
of employment, they would be required to retain their full
pre-cessation shareholding for the two-year period.
Lawrence Hutchings (CEO): 22% of salary. Lawrence, who joined as CEO
in November 2024, will be expected to build up and maintain a shareholding
in the Company with shares equivalent to 200% of basic salary.
Dave Benson (CFO): 162% of salary.
Graham Clemett’s shareholding at the date of leaving was 244% of salary. Graham
Clemett’s post-cessation shareholding requirement will comply with the Policy.
1. Based on a share price of £5.42 being the average share price over the year to 31 March 2025, and
based on a salary of £560,000 for Lawrence Hutchings and £400,000 for Dave Benson. Graham
Clemett’s shareholding has been based on a price of £5.06 being the 3-month average share price
to 31 January 2025 and a salary of £556,400.
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Based on our proposed Remuneration
Policy, we set out to the right scenarios for
the potential remuneration to be earned by
our Executive Directors under the Policy
for various performance assumptions.
In line with the Companies (Miscellaneous
Reporting) Regulations 2018, we have
included the impact of a potential scenario
of a 50% share price appreciation on
the LTIP.
A high proportion of the Executive Board
Directors’ packages are made up of shares,
supporting the alignment of executive pay
with the interests of our shareholders. The
increased value in remuneration from share
price appreciation is beneficial for both
Executive Directors and shareholders.
POSSIBLE PAYOUTS
UNDER POLICY
SINGLE FIGURE SCENARIOS
Lawrence Hutchings, CEO Dave Benson, CFO
Salary as at 1 April 2025. Salary as at 1 April 2025.
Current contribution rate of 6%
cash allowance in lieu of pension,
increasing to 10% with effect from
18 November 2025 in line with
our Policy.
Current contribution rate of 10%
of salary.
As provided in the single figure
table on page 197.
As provided in the single figure
table on page 197.
Minimum – no bonus payable;
On-target – 50% of maximum
potential bonus;
Maximum – maximum potential
bonus.
Minimum – no bonus payable;
On-target – 50% of maximum
potential bonus;
Maximum – maximum potential
bonus.
Minimum – no LTIP vesting;
On-target – 20% of maximum
(threshold vesting);
Maximum – maximum LTIP vesting.
Minimum – no LTIP vesting;
On-target – 20% of maximum
(threshold vesting);
Maximum – maximum LTIP vesting.
Impact of 50% share price
appreciation over three years
(on the LTIP).
Impact of 50% share price
appreciation over three years
(on the LTIP).
BASE SALARY BASE SALARY
PENSION PENSION
BENEFITS BENEFITS
ANNUAL BONUS ANNUAL BONUS
LTIP LTIP
SHARE PRICE GROWTH SHARE PRICE GROWTH
F
ixed pay
On
-target
M
aximum
M
aximum with
50
% share price
a
ppreciation
0
3,5003,0002,5002,0001,5001,000500
£000
F
ixed pay
On
-target
M
aximum
M
aximum with
50
% share price
a
ppreciation
0
3,5003,0002,5002,0001,5001,000500
£000
REMUNERATION CONTINUED
SUMMARY OF DIRECTORS’ REMUNERATION POLICY CONTINUED
210
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SUSTAINABILITY OBJECTIVES
Page 221
How we achieved our sustainability
objectives set for the financial year
3.
ANNUAL REPORT
ON REMUNERATION
THE ANNUAL REPORT ON
DIRECTORS’ REMUNERATION
EXPLAINS THE REMUNERATION
OUTCOMES FOR 2024/25 AND
THE IMPLEMENTATION OF PAY
FOR 2025/26.
IN THIS SECTION
Page
1. How we set bonus targets 212
2. CEO pay ratio 217
3. Annual bonus payout for 2024/25 218
4. How we will apply the policy in 2025/26 224
211
Workspace Group PLC
Annual Report and Accounts 2025
Strategic Report Our Governance Financial Statements Additional Information

This section sets out the Annual Report
on Remuneration. An advisory shareholder
resolution to approve this section, together
with the Chair’s statement on pages 195
to 198 will be put forward at the 2025 AGM
of the Company on 16 July 2025.
ANNUAL REPORT
ON REMUNERATION
WHAT WE PAID OUR DIRECTORS IN 2024/25
TOTAL TARGET COMPENSATION COMPARED TO OUR PEERS
Chart A below shows the relative position of target total compensation
for our Executive Directors compared to our peers. In setting the target
total compensation for the Executive Directors, one of the factors the
Committee considers is the competitive market for our Executive
Directors, which we believe is the FTSE 250 constituents and FTSE 350
Real Estate companies, and the size of the Company compared to
these peers.
CHART A
Bottom
quartile
Bottom
quartile
Third
quartile
Third
quartile
Second
quartile
Second
quartile
Top
quartile
Top
quartile
FTSE 350
Real Estate
FTSE 250
FTSE 350
Real Estate
FTSE 250
LAWRENCE HUTCHINGS
CHIEF EXECUTIVE OFFICER
Positioning of total remuneration of the
Company relative to market benchmarks.
DAVE BENSON
CHIEF FINANCIAL OFFICER
Positioning of total remuneration of the
Company relative to market benchmarks.
Performance-related pay is a key element of our reward framework,
and setting stretching targets remains a core priority for the
Committee. Each year, we conduct a thorough review to ensure that
our targets are appropriately challenging, taking into account both
external market conditions and our internal performance ambitions.
The Committee reviews and sets targets at two dedicated
Remuneration Committee meetings annually.
Step 1
In January, the Committee reviews the wider market context and is
receives an early indication of how performance is tracking in the
current year. The Committee’s independent remuneration advisers
are invited to provide the Committee with a broader assessment of
the pay and governance landscapes across the markets in which
Workspace operates.
Step 2
At its April meeting, the Committee has a first look at possible
targets for the forthcoming year and provides feedback, taking
into account a number of factors, including:
– The strategic plan
– Brokers’ earnings estimates
– Wider economic expectations
– Our key competitors’ earnings estimates from several
peer groups.
Step 3
By the time the Committee convenes in May, the Board will have
approved the budgets for the upcoming year, and the performance
outcomes for the current year have been reviewed by our auditor.
The Committee takes both of these factors into account when
determining final outcomes for the prior year and conducting
its final review and approval of targets for the year ahead.
HOW WE SET THE
BONUS TARGETS
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
212
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OVERALL LINK TO REMUNERATION AND EQUITY OF THE
EXECUTIVE DIRECTORS
Table A below sets out the single figure for 2024/25, the number of
shares held by the Director at the beginning and end of the financial
year, and the impact on the value of these shares taking the opening
price and closing price for the year.
TABLE A
Lawrence
Hutchings
Graham
Clemett
1
Dave
Benson
2024/25 single figure (£000) 560.8 912.5 724.3
Shares held at start of year 0 189,322 64,988
Shares held at end of year 0 224,077 88,903
Value of shares at start of
year (£000)
2
0 971.2 333.3
Value of shares at end of year
(£000)
3
0 929.9 368.9
Difference (£000) 0 41.3 35.6
1. Graham Clemett retired from the Company on 31 January 2025, with a shareholding
of 224,077, and he is subject to a post cessation shareholding requirement.
2. Based on a closing share price on 31 March 2024 of £5.13.
3. Based on a closing share price on 31 March 2025 of £4.15.
OUR SHAREHOLDING REQUIREMENTS (AUDITED)
Our Executive Directors are encouraged to hold a high number
of shares in order to align their interests to those of the shareholders,
and to encourage a long-term view of the sustainable performance of
the Company. As such, our Directors are impacted by the share price
over the year in the same way as our shareholders.
Chart B below shows that, during the year, Graham Clemett,
the outgoing CEO, met his minimum shareholding requirements.
In accordance with the Policy, he will be subject to a two-year
post-cessation shareholding requirement of 200% of salary.
The incoming CEO, Lawrence Hutchings, who joined as CEO
on 18 November 2024, is expected to build up and maintain
a shareholding in the Company equivalent to 200% ofbasic salary.
Dave Benson, the CFO joined in April 2020 and continues to build
his shareholding in the Company.
1. All shares that are either unvested and not subject to performance or subject
to performance have been included on a net of tax basis (i.e. at a 50% discount).
2. This is based on a share price of £5.42 being the average share price over the year to
31March 2025 and salaries of, £560,000 and £400,000 for Lawrence Hutchings and
Dave Benson respectively. Graham Clemett’s shareholding has been based on a price
of £5.06 being the 3-month average share price to 31 January 2025 and a salary
of £556,400.
CHART B
OUR SHAREHOLDING
REQUIREMENT HAS BEEN MET
Owned outright or vested.
Unvested and not subject to performance.
Subject to performance.
CEO
OUTGOING CEO
CFO
% of salary
0 400%300%200%100%
MINIMUM SHAREHOLDING
REQUIREMENT
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
WHAT WE PAID OUR DIRECTORS IN 2024/25 CONTINUED
213
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OUR APPROACH TO FAIRNESS AND WIDER WORKFORCE CONSIDERATIONS
When determining remuneration for
Executive Board Directors, the Committee
considers the pay structures, policies, and
practices across the wider Group.
We receive regular updates from the
Executive Board Directors and actively
monitor data on bonus payout and
share awards.
In this section, we outline the context
of Executive Board Director remuneration
by detailing our employee policies, our
commitment to fairness, and the ratio of
CEO pay to that of the broader workforce.
Communication and engagement
with employees
The Board remains committed to maintaining
open and transparent dialogue with
employees on a broad range of matters. Our
Chair, Duncan Owen, serves as the designated
Non-Executive Director responsible for
overseeing employee engagement. During
the year, Duncan held three dedicated
employee engagement meetings, which were
also attended by Manju Malhotra, David
Stevenson and Rosie Shapland. These
sessions provided valuable opportunities for
open dialogue and direct engagement with
members of the Board.
Employees are kept informed throughout the
financial year about key activities, business
performance, and the impact of strategic
initiatives introduced in the fourth quarter of
2024/25. Further details are available in the
CEO’s Review on page 12.
A variety of communication channels
supported ongoing engagement, including
the circulation of corporate announcements,
regular updates, and staff briefings. Lawrence
Hutchings, the new CEO, now sends a weekly
email to all staff, every Friday to provide
updates on activity across the business. In
addition, the CEO and other members of the
Executive team hosted town hall (‘Wrap Live’)
events, offering employees insight into
business performance and strategic priorities.
In February 2025, the Company Secretary
hosted a Wrap Live event, focusing on
elements of the remuneration structure at
Workspace, including how Executive Director
remuneration aligns with the broader
Company pay policies. The session also
provided staff with a clear explanation of the
Save as You Earn Scheme (‘SAYE’), outlining
how they can make monthly savings and
potentially benefit from share ownership in
the Company. Further information can be
found in the case study on the right.
Share schemes
Share schemes are a long-established and
successful part of our total reward package,
encouraging and supporting employee share
ownership. In particular, all employees are
invited to participate in the Company’s SAYE
and the Share Incentive Plan.
Equal opportunities
Workspace is committed to an active Equal
Opportunities Policy from recruitment and
selection, through training and development
and in performance reviews and promotion.
All decisions relating to employment
practices are objective, free from bias and
based solely upon work criteria and individual
merit. We consider the needs of all employees,
customers and the community.
We are committed to recognising and
leveraging the talents and abilities of all
individuals, actively valuing diversity in our
workforce. The Company is dedicated to
ensuring that recruitment and promotion
practices are fair, inclusive, and objective.
We promote continuous learning and
development, offering equal opportunities for
all employees. This year, we introduced career
pathways to support employee progression,
and helped 8 employees to further develop
their skills. Further information can be found
on pages 20.
Retirement benefits
The Company offers pension benefits for
themajority of its employees. In line with
previous years, pension contributions range
from 6% to 10% of an employee’s salary.
Thescheme is available to all employees
inaccordance with the Government
auto-enrolment regulations.
Family Friendly policies
During the year, the Company conducted
a review of its family friendly leave
entitlements, including maternity and
paternity policies. As a result, these policies
were updated, effective from 1 July 2024, to
increase the level of maternity and paternity
pay for employees.
The new entitlements have been introduced
to allow individuals to take time off work to
spend with their families. These revised benefits
were benchmarked against similarly sized
organisations and are designed to reflect best
practices, enhance employee wellbeing and
promote a healthy work-life balance.
Wider benefits
The Company also reviewed the wider
benefits offered to employees for example,
sick pay and annual leave entitlements.
Abuying annual leave policy was introduced
from 1 July 2024 along with an updated
Company sick pay policy.
This year, the Company Secretary hosted
a Wrap Live event, with input from the Chair
of the Committee, which focused on the
Company’s approach to remuneration and
how it is applied throughout the business.
The event was held at Vox Studios and
saw strong attendance, with 135 employees
attending both in person and virtually.
Employees were actively encouraged to
ask questions, and topics raised included
specific aspects of the SAYE scheme and the
Company’s approach to benchmarking pay.
The event received positive feedback,
and a summary of the discussion was
made available on the Company’s intranet.
Given the strong engagement and positive
response, the Company Secretary intends
tohold similar events in the future with the
Chair of the Committee, to continue to foster
transparency and employee engagement.
HOW WE
ENGAGED WITH
OUR EMPLOYEES
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
214
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THE YEAR ON YEAR CHANGE IN OUR DIRECTORS’ REMUNERATION
TABLE B
2025 2024 2023 2022 2021
Director
Salary/
fees
Taxable
benefits
Annual
variable
Salary/
fees
Taxable
benefits
Annual
variable
Salary/
fees
Taxable
benefits
Annual
variable
Salary/
fees
Taxable
benefits
Annual
variable Salary/fees
Taxable
benefits
Annual
variable
Executive Directors
Lawrence Hutchings
1
100% 100% 100% n/a n/a – n/a n/a – n/a n/a – n/a n/a n/a
Graham Clemett
2
-13% -16% -64% 3% -3% 20% 3% 4% -11% 2% 1% 157% 9% -15% -54%
Dave Benson 9% n/a -54% 3% n/a -22% 3% n/a 10% 2% n/a 157% n/a n/a n/a
Non-Executive Directors
Duncan Owen
3
25% n/a – 172% n/a – 73% n/a – n/a n/a – n/a n/a –
Rosie Shapland 3% n/a – 0% n/a – 31% n/a – 194% n/a – n/a n/a –
Lesley-Ann Nash 3% n/a – 0% n/a – 15% n/a – 345% n/a – n/a n/a –
Nick Mackenzie
4
4% n/a – 0% n/a – 491% n/a – n/a n/a – n/a n/a –
Manju Malhotra
4
24% n/a – 0% n/a – 491% n/a – n/a n/a – n/a n/a –
David Stevenson
5
100% n/a – n/a n/a – n/a n/a – n/a n/a – n/a n/a –
All other employees
6
1% 10% -28% -7% -20% -6% 19% -4% -11% 5% -24% 58% 5% -5% -5%
1. Lawrence Hutchings joined as CEO in November 2024 and therefore the above information reflects his time in role.
2. Graham Clemett retired as CEO in November 2024 and stepped down from the Board in January 2025.
3. Duncan Owen joined the Board in July 2021 and assumed the role of Chair in July 2023.
4. Nick Mackenzie and Manju Malhotra joined the Board in January 2022, and therefore were paid a partial fee in the prior year.
5. David Stevenon joined the Board in June 2024.
6. The 2024 and 2023 figures have been impacted by the acquisition of McKay.
The table below outlines the year on year changes between Director pay and average employee
pay. In line with our Policy, salary increases for Executive Directors are typically aligned with
those awarded to the wider workforce.
Table B below shows the percentage change in Director remuneration, comprising salary,
taxable benefits and annual bonus, and comparable data for the average of employees within
the Company. The comparator group is based on all employees (excluding the CEO, CFO and
Non-Executive Directors), normalised for joiners and leavers during the year. The average
number of people employed by the Company during the year was 335 (2024: 311). All employees
are eligible to be considered for an annual bonus.
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
215
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0
40
80
120
160
20
60
100
140
PAY COMPARISONS
Chart C shows the single figure of
remuneration for our CEO over time,
each rebased to 2015. We have also
included our TSR performance over
this period.
FTSE 350 Real Estate Supersector Index
FTSE 250 Index
Workspace Group PLC TSR
CEO single figure
TABLE C
CEO single figure of total remuneration £000
31 Mar 2015 31 Mar 2016 31 Mar 2017 31 Mar 2018 31 Mar 2019 31 Mar 2020 31 Mar 2021 31 Mar 2022 31 Mar 2023 31 Mar 2024 31 Mar 2025
Lawrence Hutchings
1
– – – – – – – – – – 560.8
Graham Clemett
2
– – – – – 1,349.9 764.4 1,080.0 1,440.3 1,495.7 912.5
Jamie Hopkins
3
3,533.1 2,262.7 2,205.6 1,674.2 1,728.2 490.9 – – – – –
Annual bonus payout
Lawrence Hutchings (% of maximum opportunity) – – – – – – – – – – 28%
Graham Clemett (% of maximum opportunity) – – – – – – 33% 83% 72% 67.1% 28%
Jamie Hopkins (% of maximum opportunity) 97.2% 95.3% 100% 100% 95.8% – – – – – –
LTIP vesting
Lawrence Hutchings (% of maximum opportunity) – – – – – – – – – – -
Graham Clemett (% of maximum opportunity) – – – – – 87.24% 0% 0% 50% 50% 25%
Jamie Hopkins (% of maximum opportunity) 100% 100% 88.7% 62.7% 50.7% 87.24% – – – – –
Ratio of single total
remuneration figure shown
to employees as a whole
4
to employee lower quartile – – – – 53x 47x 23x 32x 43x 40x 39x
to employee median 128x 79x 72x 48x 33x 43x 15x 23x 29x 29x 28x
to employee upper quartile – – – – 23x 23x 11x 15x 20x 18x 17x
1. Mr Hutchings was appointed as CEO on 18 November 2024.
2. Mr Clemett assumed the role of Interim CEO on 1 June 2019 and was appointed CEO on 24 September 2019. He stepped down as CEO on 18 November 2024, and as a Director of the Company on 31 January 2025.
3. Mr Hopkins was appointed as an Executive Director on 12 March 2012 and stepped down from the Board on 31 May 2019.
4. See next page for details on calculation.
CHART C
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
216
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PAY COMPARISONS CONTINUED
SINGLE FIGURE OF EXECUTIVE DIRECTORS (AUDITED)
Chief Executive’s Pay Ratio
The table below compares the single total
figure of remuneration for the CEO with
that of the Group employees who are paid
at the 25th percentile (lower quartile),
50th percentile (median) and 75th percentile
(upper quartile) of its employee population.
Despite voluntarily disclosing the ratio of
CEO pay to workforce pay in previous years
(see page 216), this is the third year in which
Workspace meets the requirement regarding
employee numbers as per the Companies
(Miscellaneous Reporting) Regulations 2018.
Year Methodology
25th
percentile
ratio
50th
percentile
ratio
75th
percentile
ratio
2025
2024
2023
Option A
Option A
Option A
39:1
40:1
43:1
28:1
29:1
29:1
17:1
18:1
20:1
Option A, as set out under the reporting
regulations, was used to calculate remuneration
for 2025, as well as 2024 and 2023. In line
with the regulatory requirement, we have
used the sum of Lawrence and Graham's
Single Figure as the CEO figure for the
purposes of the calculation.
The UK employees included are those
employed on 31 March 2025 and remuneration
figures are determined with reference to the
financial year ended on 31 March 2025.
We have chosen Option A as we believe
that it is the most robust methodology for
calculating these figures. The value of each
employee’s total pay and benefits was
calculated using the single figure
methodology consistent with the CEO. No
elements of pay have been omitted. Where
required, remuneration was approximately
adjusted to be full-time and full-year
equivalent basis based on the employee’s
average full-time equivalent hours for the
year and the proportion of the year they were
employed. No other adjustments were made.
The table below sets out the salary and total
pay and benefits of the employee at the lower
quartile, median and upper quartile for the
2024/25 financial year.
25th
percentile
50th
percentile
75th
percentile
Salary £36,660 £48,000 £67,252
Total pay
and benefits £39,626 £56,038 £90,452
The median pay ratio is broadly consistent
with the previous year.
There is significant volatility in this ratio,
caused by the following:
– Our CEO pay was made up of a higher
proportion of incentive pay than that of
our employees, in line with shareholder
expectations. This introduces a higher
degree of variability in his pay each year
versus that of our employees.
– Long-term incentives, which made up
a significant proportion of our CEO’s pay,
are provided in shares, and their value
on vesting, included in his single figure,
reflects the movement in share price
over the three years prior to vesting.
This outcome can add significant volatility
to the CEO’s pay and this is reflected in
the ratio.
For these reasons, we believe the median pay
ratio this year is consistent with pay, reward
and progression policies for UK colleagues.
The illustrations below set out a single figure for the total remuneration received by each
Executive Board Director for the year ended 31 March 2025 and the prior year.
Lawrence Hutchings
CEO
Graham Clemett
Outgoing CEO
Dave Benson
CFO
2024/25
£000
2023/24
£000
2024/25
£000
2023/24
£000
2024/25
£000
2023/24
£000
Fixed pay
Base salary
208.9 – 463.7 535.0 400.0 368.0
Pension
1
12.5 – 46.4 53.5 40.0 36.8
Benefits
2
1.2 – 18.2 21.8 0 0
Total fixed 222.6 – 528.3 610.3 440.0 404.8
Variable pay
Annual bonus
3
88.2 – 195.8 538.5 135.1 296.3
LTIP
4,5
NIL – 188.4 385.9 149.3 265.6
Other – SAYE, SIP
BUYOUT
6
250.0 – NIL 4.5 NIL 4.5
Total variable 338.2 – 384.2 928.9 284.3 566.4
Total 560.8 912.5 1,539.2 724.3 971.2
Of which share
price growth
7
0 – 0 0 0 0
1. Pension: During 2024/25 each of Messrs Hutchings, Clemett and Benson received a cash allowance in lieu of pension
contribution.
2. Benefits: Taxable value of benefits received in the year by Executive Directors includes a car allowance (not for Mr Hutchings
or Mr Benson), private health insurance and death in service cover.
3. Annual bonus: This is the total bonus earned in respect of performance during the relevant year, and for Messrs Hutchings
and Clemett pro-rated for time served during the performance period. For 2023/24 and 2024/25, the Committee set
a minimum deferral requirement of 33% of the bonus earned. For 2024/25, this deferral was equivalent to £29,108 for
Mr Hutchings, £64,607 for Mr Clemett and £44,573 for Mr Benson. Deferred shares are subject to continued service only.
4. The 2024/25 figure includes the estimated value of 25% of the 2022 LTIP shares that vested based on performance to
31 March 2025 and the application of the Remuneration Committee’s discretion. The share price used is the three-month
average to 31 March 2025 of £4.47. This will be updated in next year’s report to reflect the share price on the date of vesting.
As allowable under the relevant plan rules and approved Policy, the Committee determine that dividend equivalents are
payable under the 2022 LTIP award – this figure includes accrued dividends on vested shares.
5. With regards to the 2021 LTIP which vested on 24 June 2024, the 2023/2024 figures have been updated to reflect the share
price on the date of vesting on 24 June 2024 of £5.854221.
6. Mr Hutchings was granted a buyout award on joining the Company to compensate him for awards forfeited at his previous
employer. The value set out in the table above relates to the portion of his buyout award that is subject to a requirement
to remain in employment throughout the vesting period. Further details are set out on page 223.
7. The Committee did not exercise any discretion in relation to share price movement over the performance period.
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
217
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For 2024/25 the maximum bonus
opportunity for the Executive Directors
was 150% of salary for the CEO and 120%
of salary for the CFO. Payouts are subject
to the assessment of performance against
stretching financial, strategic and business
performance targets, and are calculated on
a straight-line basis from 0% at threshold
to 100% at maximum performance.
Lawrence Hutchings, Graham Clemett and
Dave Benson are required to defer 33% of
their bonus into Company shares for three
years. The targets are set based on our
budgeting process, which takes account of
market expectations, planned acquisitions
and disposals of assets, and aspirations
around Company growth.
The performance measures, targets and
outcomes for each measure are shown
to the right.
ANNUAL BONUS PAYOUT
IN RESPECT OF 2024/25
(AUDITED)
ANNUAL BONUS PAYOUT IN RESPECT OF 2024/25
ANNUAL BONUS
OUTCOMES UNDER THE 2024/25 ANNUAL BONUS
Measure:
Threshold
(0% payable)
Maximum
(100% payable)
Formulaic outcome and
opportunity as a % of award
Financial objectives
Trading Profit
£68.0m £71.5m
0%
50%
Actual: £66.8m
Strategic Financial
0% 100%
18.75%
20%
Actual: 93.75%
Sustainability,
operational and
customer objectives
Sustainability
0% 100%
10%
10%
Actual: 100%
Operational Efficiency
0% 100%
4.55%
10%
Actual: 45.5%
Customer Satisfaction
80% 86%
10%
10%
Actual: 89.9%
Total
43.3%
Discretionary reduction
applied to outturn of 35%
28.1%
Outcome (£000)
Lawrence Hutchings, CEO
Outturn
£88.2
£29.1
of which is
deferred bonus
Outcome (£000)
Graham Clemett, Outgoing CEO
Outturn
£195.8
£64.6
of which is
deferred bonus
Outcome (£000)
Dave Benson, CFO
Outturn
£135.1
£44.6
of which is
deferred bonus
1. Lawrence joined as CEO on 18 November 2024. His bonus has been pro-rated to reflect his time in office.
2. Graham retired as an Executive Director on 31 January 2025 and so his bonus has been pro-rated to reflect the period he was on the Board during the performance year.
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
218
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A summary of the strategic financial,
operational efficiency and sustainability
objectives is shown below. Full details
for each performance measure are set
out on pages 220 and 221.
1
2
3
STRATEGIC FINANCIAL, OPERATIONAL EFFICIENCY, SUSTAINABILITY OBJECTIVES (AUDITED)
Reduction in the large voids
Capital recycling
Raise brand awareness and familiarity
MyWorkspace rollout
Yavica Optimisation
Improved customer facilities
Employee Engagement
Reduce operational energy intensity
Increase in percentage of EPC A/B rated space
Improve customer advocacy of our sustainability
credentials
Increase our social value contribution
Champion diversity and inclusion
Strategic financial
objectives
Operational efficiency
objectives
Sustainability
objectives
18.75%
4.55%
10%
20%
10%
10%
Page 220
Page 220
Page 221
STRATEGIC FINANCIAL,
OPERATIONAL EFFICIENCY
AND SUSTAINABILITY
OBJECTIVES 2024/25
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
Objectives Activity Opportunity Outcome Page ref
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STRATEGIC FINANCIAL OBJECTIVES – OUTCOME 18.75%/20%
1
Target Achievement
Reduction in large voids – 21% to 42% reduction of the units
identified as large voids to be let
– An overall reduction of 45% in the large voids that were identified at the start of the year was achieved.
Capital recycling – £50m exchanged or sold – Excluding properties that were under exchange at the end of FY24, properties with a total value of £67.5 million
were exchanged or sold during FY25. Since the year end, we have also completed the sale of Q West for
£9.9 million.
Raise brand awareness
and familiarity
– Overall brand awareness score
between 13% to 15%
– Overall brand familiarity score
between 27% to 29%
– The overall brand awareness score was 13% in FY25, and in line with FY24, which was also 13%. This element
of the bonus was not payable.
– In FY25, the overall brand familiarity score reached 33%, highlighting an increase in understanding of the
Workspace brand amongst London’s SMEs.
OPERATIONAL EFFICIENCY OBJECTIVES – OUTCOME 4.55%/10%
Target Achievement
MyWorkspace rollout – Roll-out of the new MyWorkspace
web portal
– Integration of the new MyWorkspace
portal with Wavenet and the new
Workspace Wi-Fi solution
– Migration of all existing Wavenet
Wi-Fi users onto MyWorkspace
– The roll-out of MyWorkspace was not completed during FY25. Although the project has been delayed, significant
progress has been made on the design and build of the portal and WiFi integration, laying the groundwork for
successful implementation.
Yavica Optimisation – Successful optimisation based
on seven key targets
– 82% of the seven key targets set for the year were achieved. These targets spanned various areas of the business
including accounting, architecture, controls, credit control, leasing, procurement and reporting.
Improved customer facilities – Following the customer survey, overall
satisfaction ranging from 79% to 81%
or above
– Customer surveys are conducted annually, by an independent third party. In FY25, the overall facilities
satisfaction score increased to 83%, up from 79% in FY24, based on the percentage of respondents who selected
‘agree’ or ‘strongly agree’.
Employee Engagement – Following the staff survey, overall
satisfaction ranging from 73% to 75%
or above
– The Company conducts annual staff surveys to assess employee engagement. In FY25, the overall engagement
score was 64%.
2
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
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SUSTAINABILITY OBJECTIVES – OUTCOME: 10%/10%
3
Target Achievement
Improve customer advocacy
of our sustainability
credentials
– 76% to 80% – The year-end customer survey, conducted by an independent third party, revealed that 84% of customers agree
that Workspace is a socially and environmentally responsible business, an increase from 79% in the previous year.
– An enhanced customer engagement and communications workstream, staff training on ESG principles and,
ongoing operational improvements have all contributed to achieving this target.
– Customer feedback on our ESG campaigns such as the ‘Big Energy Race’, Sustainability Supper Events, and
customer ESG Master classes have been overwhelmingly positive, reflecting strong engagement and support
for our sustainability efforts.
Increase our social
value contribution
– £850k to £1.0m – During the year, the Company generated £1.02m in social value through a range of social impact initiatives,
reflecting its continued commitment to community and social wellbeing.
– This has been driven by enhanced support provided to charities through our lettings in kind programme, skilled
volunteering support offered to our charity partners, equality diversity and inclusion initiatives, apprenticeship
training programme and directing procurement spend towards local businesses.
Champion diversity
and inclusion
– Maintain at 85% or greater – The year-end employee survey revealed an inclusivity score of 86%, maintaining last year’s strong result of 85.5%.
– To further strengthen diversity and inclusion, several initiatives have been rolled out during the year including
over 700 hours of equality diversity and inclusion initiatives, plus a tailored session on neurodiversity.
– A Diversity Action Group was established to drive employee-led action on key themes, and to help shape
our long-term strategy.
– As part of our commitment to inclusive recruitment, we have partnered with external organisations to find
employment opportunities for individuals who have been out of work long term, while also investing in the
development of existing employees through apprenticeship training.
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
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LTIP AWARD VESTING IN RESPECT OF 2024/25 (AUDITED) LTIP AWARDS MADE DURING THE 2024/25 FINANCIAL YEAR (AUDITED)
The 2022 LTIP awards measured performance over the period 1 April 2022 to 31 March 2025.
Details of the performance targets and achievement against them are set out below.
On this basis, the overall formulaic outcome of the 2022 LTIP is 50%. As per our Policy,
a performance underpin applies to the LTIP, allowing the Committee to reduce vesting if
performance is inconsistent with the overall performance of the business. The Committee
reviewed this outcome, considering a range of factors, including the decline in the Company’s
share price performance over the performance period. The Committee has decided to exercise
discretion to reduce the vesting outcome, resulting in an outcome of 25% of maximum.
TABLE D
Measure
Threshold
(20% payable)
Maximum
(100% payable) Actual
Formulaic outcome
(% of award)
Total shareholder return
(TSR) relative to FTSE
350 Real Estate
companies (excluding
agencies)
MEDIAN UPPER QUARTILE
24th
Percentile
0%/50%
Total property return
(TPR) versus IPD
MEDIAN UPPER QUARTILE
90th
Percentile
50%/50%
LTI P (% maximum)
vesting
50%/100%
Discretionary reduction
of 50% applied to LTIP
(% maximum) vesting
25%/100%
Graham Clemett
(Retired as an
Executive Director
on 31 January
2025)
1
Dave Benson
(CFO)
Number of shares vesting
(audited)
35,911 28,447
1. Vested awards have been pro-rated to 31 January 2025, the date on which Graham Clemett retired as an Executive Director.
Under the current Policy, conditional share awards under the LTIP are granted to a maximum of
200% of salary. Awards under the 2024 LTIP are subject to the performance conditions detailed
in Table E below measured over the period 1 April 2024 to 31 March 2027.
TABLE E
Total Shareholder
Return relative to
FTSE 350 Real
Estate companies
(excluding agencies)
Earnings Per Share
(EPS) Growth
Total Accounting
Return (TAR)
Environmental,
Social and
Governance (ESG)
Weighting (% of award) 25% 25% 25% 25%
Threshold (20% vesting) Median 5% p.a. 4% p.a. See below
Maximum (100% vesting)
Upper
Quartile 10% p.a. 8% p.a. See below
A holding period of two years will apply to any net vested shares under the LTIP.
To allow any payouts to be fully reflective of underlying performance, the LTIP underpin allows
the Committee to reduce vesting should the Committee believe that the performance is
inconsistent with the overall performance of the business.
ESG LTIP THREE-YEAR TARGETS
Environmental, Social and Governance (ESG)
Threshold
(20% vesting)
Maximum
(100% vesting) Weighting
Increase in percentage of EPC A or B rated space 18% 24% 50%
Reduction in total Scope 1 and 2 emissions 24% 30% 50%
The following awards were granted during the year under the 2024 LTIP:
Performance share award
Director
Date of grant
Market price at
date of award
1
Number
of shares
Face value
£ % of salary
Graham Clemett
2
21 June 2024 £5.787 192,293 1,112,800 200%
Dave Benson 21 June 2024 £5.787 138,240 799,995 200%
1. The share price for calculating the levels of awards was £5.787 , the average mid-market closing price over the three dealing
days 18, 19 and 20 June 2024, in accordance with the LTIP rules.
2. At vesting, Mr Clemett’s awards will be pro-rated to 31 January 2025, the date on which he retired as an Executive Director.
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
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On leaving his current employer, Lawrence Hutchings forfeited various incentive awards.
As a consequence, the Company, in accordance with the Director’s Remuneration Policy,
made a ‘buy-out’ award (under the rules of the LTIP), to compensate Lawrence for the loss
of his awards, granted on 28 November 2024. The buy-out award is structured as follows:
A) An award of 44,907 shares, the value of £250,000 as at the grant date of 28 November 2024.
The award is subject to a vesting period of three years from the date of commencement of
employment, 18 November 2024, and is subject to a requirement to remain in employment
throughout the vesting period until 18 November 2027.
B) An award of 44,907 shares, the value of £250,000 as at the grant date of 28 November 2024.
The award is subject to a vesting period of three years from the date of commencement of
employment, 18 November 2024. Vesting would be subject to a requirement to remain in
employment throughout the vesting period until 18 November 2027, and to the same performance
conditions that apply to awards made under the Company’s ordinary course LTIP grant to
Executive Directors for the financial year ending 2025.
LTIP AWARDS MADE DURING THE 2024/25 FINANCIAL YEAR (AUDITED) CONTINUED
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
Director
Date of grant
Market price at
date of award
1
Number
of shares
Face Value
£
Lawrence Hutchings 28 November 2024 £5.567 44,907 250,000
Lawrence Hutchings 28 November 2024 £5.567 44,907 250,000
1. The market price at grant was £5.567 and calculated by reference to the average mid market closing price over the three
dealing days of 25,26 and 27 November 2024 in accordance with the LTIP rules.
Deferred shares were granted (as conditional share awards) under the 2023/24 bonus of 30,692
shares to Mr Clemett and 16,888 shares to Mr Benson (33% of bonus awarded) on 26 June 2024.
The share price on the date of grant was £5.79 which represented the average mid-market
closing price.
Director Basis of award
Face value
of award
1
Number of
shares granted
End of
deferral period
Graham Clemett 33% of bonus £177.7 30,692 26/06/2027
Dave Benson 33% of bonus £97.8 16,888 26/06/2027
1. The share price on the date of grant was £5.79 which represented the average mid-market closing price.
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REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
HOW WE WILL APPLY THE POLICY IN 2025/26
BASE SALARY
The CEO and CFO will not receive a base salary increase.
Salaries will be as follows:
CEO CFO
£560,000 £400,000
PENSION
In line with the proposed Policy set out in this report, the
Executive Directors will receive a contribution to a defined
contribution plan or a cash allowance in lieu of contribution
of10% of salary respectively.
Lawrence Hutchings will receive a cash allowance in lieu
of pension of 6% of salary for the first year of employment
and will receive 10% of salary thereafter.
ANNUAL BONUS
There is no change to the annual bonus
maximum potential in 2025/26, and this
will continue to be 150% of salary for the
CEO and 120% of salary for the CFO.
33% of the total bonus paid will be
deferred into shares for three years.
Dividend equivalents may be accrued
on deferred shares.
Whilst the Committee is of the opinion
that the targets used for the annual
bonus are commercially sensitive,
we remain committed to best practice
disclosure. We therefore set out below
some examples of the objectives that
the Committee will consider in respect
of evaluating the strategic financial and
operational efficiency and sustainability
objectives.
Operational efficiency objectives will
include elements which optimise value
and service such as the deployment of
capital and employee engagement.
Strategic financial targets will cover
key drivers of our commercial success
including capital management. ESG
metrics will continue to align to our core
sustainability focus including increasing
our social value impact and
championing an inclusive culture.
Full disclosure on the targets,
performance achieved and resulting
bonus payouts for 2025/26 will be
provided in next year’s report.
2025/26 ANNUAL BONUS AND LINK TO STRATEGY
Measure:
Financial objectives
(Trading profit after
interest (50%),
Strategic financial (20%))
Measure:
Operational efficiency
(12.5%)
Measure:
Customer satisfaction
(10%)
Measure:
Sustainability
(7. 5%)
LINK TO STRATEGY
3.2.1.
1. Enhance and expand
the core business
2. Transform and prepare for
emerging opportunities
3. Innovate to create future options
BONUS WEIGHTING
7.5%
LINK TO STRATEGY
3.2.1.
1. Enhance and expand
the core business
2. Transform and prepare for
emerging opportunities
3. Innovate to create future options
BONUS WEIGHTING
12.5%
LINK TO STRATEGY
3.2.1.
1. Enhance and expand
the core business
BONUS WEIGHTING
70%
LINK TO STRATEGY
3.2.1.
1. Enhance and expand
the core business
BONUS WEIGHTING
10%
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2025 PERFORMANCE MEASURES AND LINK TO STRATEGY
Measure:
Total Accounting
Return (TAR)
Measure:
Total Shareholder
Return (TSR) relative
to FTSE 350 Real
Estate companies
(excluding agencies)
Measure:
Earnings Per Share
(EPS) Growth
Measure:
Environmental,
Social and
Governance
(ESG) metrics
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
LONG-TERM INCENTIVE PLAN (LTIP)
Following careful consideration, the performance measures of the 2025 LTIP remain
unchanged, but we have decided to amend the weightings of award for the ESG and TAR
elements. We have chosen to increase the weighting on the TAR measure as it is a core
measure of our success and execution of our strategy, representing the value we have created
for shareholders in the form of dividends paid and growth in net asset value. Sustainability
remains important to how we design and operate our buildings, as well as support our people
and local communities and therefore the Committee agreed that a meaningful proportion
of the LTIP should continue to be assessed against ESG metrics.
Maximum award 200% of salary. The performance measures and targets for the four elements
are as follows:
Total Accounting
Return (TAR)
Earnings Per Share
(EPS) Growth
Total Shareholder
Return relative to
FTSE 350 Real
Estate companies
(excluding agencies)
Environmental,
Social and
Governance (ESG)
Weighting (% of award) 35% 25% 25% 15%
Threshold (20% vesting) 4% p.a. 4 p.a. Median See below
Maximum (100% vesting) 8% p.a. 8% p.a. Upper Quartile See below
A holding period of two years will apply to any net vested shares under the LTIP.
To allow any payouts to be fully reflective of underlying performance, the LTIP underpin allows
the Committee to reduce vesting should the Committee believe that the performance is
inconsistent with the overall performance of the business.
ESG LTIP THREE-YEAR TARGETS
Environmental, Social and Governance (ESG)
Threshold
(20% vesting)
Maximum
(100% vesting) Weighting (15%)
Increase in percentage of EPC A or B rated space 15% 20% 5%
Reduction in whole building energy related
emissions intensity (scope 1 and 2) 14% 27% 10%
HOW WE WILL APPLY THE POLICY IN 2025/26 CONTINUED
LINK TO STRATEGY
3.2.1.
1. Enhance and expand
the core business
2. Transform and prepare
for emerging
opportunities
3. Innovate to create
future options
WEIGHTING
35%
LINK TO STRATEGY
3.2.1.
1. Enhance and expand
the core business
2. Transform and prepare
for emerging
opportunities
3. Innovate to create
future options
WEIGHTING
25%
LINK TO STRATEGY
3.2.1.
1. Enhance and expand
the core business
2. Transform and prepare
for emerging
opportunities
WEIGHTING
25%
LINK TO STRATEGY
3.2.1.
1. Enhance and expand
the core business
2. Transform and
prepare for emerging
opportunities
3. Innovate to create
future options
WEIGHTING
15%
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SHARE OWNERSHIP AND SHARE INTERESTS (AUDITED)
The table below shows the interests of the Directors and connected persons in shares (owned outright or vested). There have been no changes in the interests in the period between 31 March 2025
and 4 June 2025.
TABLE G
31 March
2025
31 March
2024
Chair
Duncan Owen 20,010 20,010
Executive Directors
Lawrence Hutchings Nil Nil
Dave Benson 88,903 64,988
Non-Executive Directors
Rosie Shapland Nil Nil
Lesley-Ann Nash Nil Nil
Nick Mackenzie 16,900 12,400
Manju Malhotra Nil Nil
David Stevenson 1,248 Nil
Past Directors
Graham Clemett See note 189,322
1. Graham Clemett stepped down from the Board on 31 January 2025. As at date of leaving, Graham Clemett held 224,077 shares.
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
SINGLE FIGURE FOR NON-EXECUTIVE DIRECTORS (AUDITED)
Table F below sets out a single figure for the total remuneration received by each Non-Executive Director for the year ended 31 March 2025 and the prior year:
TABLE F
Duncan Owen Stephen Hubbard Nick Mackenzie Rosie Shapland Lesley-Ann Nash Manju Malhotra David Stevenson
Non-Executive Director
2024/25
£000
2023/24
£000
2024/25
£000
2023/24
£000
2024/25
£000
2023/24
£000
2024/25
£000
2023/24
£000
2024/25
£000
2023/24
£000
2024/25
£000
2023/24
£000
2024/25
£000
2023/24
£000
Base fee 208.0 163.8 – 66.7 57.2 55.0 57.2 55.0 57. 2 55.0 57. 2 55.0 47.7 –
Additional fees – 2.8 – – – – 21.6 21.6 10.8 10.8 10.8 – – –
Total 208.0 166.6 – 66.7 57.2 55.0 78.8 76.6 68.0 65.8 68.0 55.0 47.7 –
1. Expenses incurred by Non-Executive Directors represent the cost to the Group, being gross of taxation. In 2024/25 Nick Mackenzie, Manju Malhotra, Lesley-Ann Nash, David Stevenson and Rosie Shapland were reimbursed for out of pocket expenses
incurred in attending meetings, in connection with the discharge of their duties of £103.60, £96.70, £379.96 and £272.45 and £177.00 respectively.
2. Additional fees were paid during the year to Non-Executive Directors serving as Chairs of the Remuneration, Audit and ESG Committees. An additional fee is also paid to the Senior Independent Non-Executive Director.
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ADDITIONAL INFORMATION
External appointments
It is the Board’s policy to allow Executive Directors to take up one Non-Executive position on the
board of another company, subject to the prior approval of the Board. Any fee earned in relation
to outside appointments is retained by the Executive Director. Currently, none of the Executive
Directors hold any external appointments.
Relative importance of spend on pay
Chart D below shows the Company’s actual expenditure on shareholder distributions (including
dividends and share buybacks) and total employee pay expenditure for the financial years ended
31 March 2024 and 31 March 2025.
CHART D
EMPLOYEE REMUNERATION
2025
2024
DISTRIBUTION TO SHAREHOLDERS
2025
2024
£34.7m £54.5m
£34.0m £53.8m
+2.1% +1.3%
The estimated total dividend as reported in the financial statements for the year to 31 March 2025
was £54.5m.
NON-EXECUTIVE DIRECTOR FEES
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
SHARE OWNERSHIP AND SHARE INTERESTS (AUDITED) CONTINUED
Table H below shows the Executive Directors’ interest in shares.
TABLE H
Executive Director Type
Owned
outright
or vested
2
Unvested and
not subject to
performance
3
Subject to
performance
4
Total
Lawrence Hutchings Shares Nil 44,907 44,907 89,914
Market value options
1
Nil Nil Nil Nil
Graham Clemett Shares 224,077 123,978 409,043 757,098
Market value options
1
Nil 4,556 Nil 4,556
Dave Benson Shares 88,903 89,913 287,428 466,244
Market value options
1
Nil 4,556 Nil 4,556
1. Market value options include SAYE options outstanding and not yet matured as at 31 March 2025. The exercise price of these
was set at 80% (in accordance with HMRC and the plan rules) of the market value of a share at the invitation date.
2. The total shares owned outright or vested. This includes any shares held by connected persons or spouse.
3. This figure includes the deferred bonus shares awarded in 2022, 2023 and 2024. For Mr Clemett, the total number of deferred
bonus shares is 88,067 and for Mr Benson the total number is 61,466. For Mr Clemett and Mr Benson, it also includes the
number shares vesting pursuant to the 2022 LTIP. Following Committee discretion, 25% of the 2022 LTIP will vest. These
have been pro-rated for Graham Clemett to the 31 January 2025. The remaining in-flight LTIP awards for Mr Clemett will be
prorated on the date of vesting. The interest in shares of 44,907 for Mr Hutchings relates to the first tranche of his buyout
award which, as set out on page 223, is subject to the requirement to remain in employment during the vesting period.
4. The interest in shares of 44,907 relates to the second tranche of Mr Hutchings buyout award that is subject to the same
performance conditions applicable to the 2024 LTIP grant made to the Executive Directors. For Mr Clemett, this consists
of 411,043 LTIP awards made in 2023 and 2024 and for Mr Benson, the interest in shares of 287,428 consists of LTIP awards
made in 2023 and 2024.
Graham’s post cessation shareholding requirement will apply in line with the policy.
The fees for Non-Executive Directors were reviewed and found to be significantly below market.
There will be no increases to these fees this year, but these will be considered as part of the
Policy review ahead of the 2026 AGM. The fees, which are effective from 1 April 2025, are set
out in the table below.
2025/26 fee 2024/25 fee % change
Chair £208,000 £208,000 0%
NED base fee £57,200 £57,200 0%
Chair of Audit Committee fee £10,800 £10,800 0%
Chair of Remuneration Committee fee £10,800 £10,800 0%
Chair of ESG Committee fee £10,800 £10,800 0%
Senior Independent Director fee £10,800 £10,800 0%
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ADDITIONAL INFORMATION CONTINUED
Service contracts of Directors serving in the year
Executive Directors are employed under contracts of employment with Workspace Group PLC.
The principal terms of the Executive Directors’ service contracts are as follows.
Notice period
Executive Director
Position Effective date of contract From Company From Director
Lawrence Hutchings Chief Executive Officer 18 November 2024 12 months 12 months
Dave Benson Chief Financial Officer 1 April 2020 12 months 12 months
Graham Clemett retired as CEO on 18 November 2024, and stepped down from the Board
as an Executive Director on 31 January 2025.
The Chair and Non-Executive Directors have letters of appointment. Dates of the Directors’
letters of appointment are set out below:
Name
Date of original appointment
(date of reappointment)
Date of appointment/
last reappointment at AGM Notice period
Duncan Owen 22 July 2021 (6 July 2023) 2024 6 months
Rosie Shapland 6 November 2020 (6 November 2023) 2024 3 months
Lesley-Ann Nash 1 January 2021 (1 January 2024) 2024 3 months
Manju Malhotra 26 January 2022 (26 January 2025) 2024 3 months
Nick Mackenzie 26 January 2022 (26 January 2025) 2024 3 months
David Stevenson 1 June 2024 (n/a) 2024 3 months
The Directors are subject to annual re-election at the AGM. Non-Executive Directors’ letters
of appointment and Executive Directors’ contracts are available to view at the Company’s
registered office.
Mr Owen, as Chair designate, signed a new letter of appointment dated 27 February 2023,
confirming his appointment for a further period of three years, which became effective at the
conclusion of the AGM on 6 July 2023. Reappointment letters for each of Nick Mackenzie and
Manju Malhotra were both dated 22 January 2025 and both took effect from 26 January 2025.
David Stevenson was appointed as a Director with effect from 1 June 2024. David was subject
to election by shareholders at the 2024 AGM.
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
Payments for loss of office (audited)
The retirement arrangements for Mr Clemett are as follows.
Having served his full 12 months’ notice, Mr Clemett received salary, benefits and pension
allowance in the normal way up until 31 January 2025 when his employment ended. The
Committee has, in its discretion, determined that Mr Clemett should be treated as a good leaver
in relation to annual bonus and outstanding LTIP awards.
Mr Clemett was paid £12,840 in respect of unused holiday during the financial year in which
he retired.
Mr Clemett is eligible to receive a pro-rated bonus in respect of time spent in employment for
the financial year ended 31 March 2025. He will be paid an annual bonus of £195,780 in respect
of the year ended 31 March 2025 (see page 218 for more details). In accordance with the
Remuneration Policy, 33% of the bonus will be deferred into shares for three years and the
remainder will be paid on the normal bonus payment date.
Mr Clemett’s outstanding LTIP awards will vest on the normal vesting dates, subject to
satisfaction of the relevant performance conditions (measured over the full performance period)
and time pro-rating. In accordance with the rules of the LTIP, the net number of any vested
shares will also be subject to holding periods which end on the second anniversary of vesting
or if earlier, two years from the date that employment ends (or 31 January 2027, if earlier). Mr
Clemett’s outstanding deferred bonus share awards will vest in full on the normal vesting dates
in accordance with the plan rules and the Remuneration Policy. Malus and clawback provisions
will continue to apply to annual bonus, deferred bonus and LTIP awards. Outstanding SAYE
options and shares held under the SIP will be treated in accordance with the terms of the plan
rules. Mr Clemett will be subject to a post-employment shareholding requirement of 200% of
salary for two years following the date of cessation of employment. Shares subject to these
requirements will be held by a nominee until the end of the applicable holding periods.
Payments to past directors (audited)
There have not been any payments made to past directors.
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ADDITIONAL INFORMATION CONTINUED
Share based awards and dilution
The Company’s share schemes are funded through a combination of shares purchased in
the market and new-issue shares, as appropriate. The Company monitors the number of shares
issued under these schemes and their impact on dilution limits. The Company’s usage of shares
compared to the relevant dilution limits set by the Investment Association in respect of all-share
plans (10% in any rolling ten-year period) as at 31 March 2025 is detailed below. Despite the
Investment Association removing the limit on executive share plans (5% in any rolling ten-year
period), this continues to apply to the Company as part of the Remuneration Policy.
As of 31 March 2025, around 2.0% and 1.7% of shares have been, or may be, issued to settle
awards made in the previous ten years in connection with all-share schemes and executive share
schemes respectively. Awards that are made but then lapse or are forfeited are excluded from
the calculations.
EXECUTIVE SHARE PLANS
Limit
Actual
ALL-SHARE PLANS
Limit
Actual
5%
10%
1.7%
2.0%
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
Committee advisers
During the year, PwC LLP acted as independent adviser to the Committee. PwC LLP was
appointed by the Committee in 2018 following a selection process. PwC LLP is a founding
member of the Remuneration Consultants Group and voluntarily operates under the Code of
Conduct in relation to Executive remuneration consulting in the UK. The Committee is satisfied
that the PwC LLP engagement partner and team, which provide remuneration advice to the
Committee, do not have connections with the Group that may impair their objectivity and
independence. The fees charged by PwC LLP for the provision of independent advice to the
Committee during the year were £88,250 (based on hourly rates). PwC LLP provided no other
services during the financial year.
Voting at the Company’s AGM
The table below sets out the results of the most recent shareholder votes on the Policy Report
at the 2023 AGM, and the advisory vote on the 2023/24 Annual Report on Remuneration at the
2024 AGM on 25 July 2024. The Committee views this level of shareholder support as a strong
endorsement of the Company’s Policy and its implementation.
Percentage of votes cast Number of votes cast
For and
Discretion Against For and Discretion Against Withheld
1
Policy Report (2023 AGM) 99.77% 0.23% 168,571,004 396,722 2,506
Annual Report on
Remuneration (2024 AGM) 99.31% 0.69% 168,353,446 1,168,699 2,122
1. A withheld vote is not a vote in law and is not counted in the calculation of the proportion of votes cast for and against
a resolution.
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Share options
The following table shows, for the Directors who served during the year, the interests
in outstanding awards under the HMRC-approved Savings Related Share Option Plan
and SIP Awards.
Executive Director
At
01/04/2024
2
Granted
during
the year
Lapsed
during
the year
Vested
in year
At
31/03/2025
1
Exercise
price
Normal exercise date
From To
Lawrence
Hutchings – – – – –
Graham Clemett 292 – – – 292 26.03.16
107 107 18.09.18
228 – – – 228 30.08.20
233 – – – 233 05.09.22
235 – – 235 29.09.24
4,556 – – – 4,556 £3.95 31.01.25 01.07.25
Dave Benson 235 – – – 235 29.09.24
4,556 – – – 4,556 £3.95 01.09.26 01.03.27
1. As at 31 January 2025 for Mr Clemett, which was the point he ceased to be an employee.
2. Mr Hutchings was appointed as a Director on 18 November 2024.
3. Mr Clemett was granted awards under the Share Incentive Plan on 26 March 2013 (292) 18 September 2015 (107);
30 August 2017 (228); 5 September 2019 (233) and 29 September 2021 (235).
4. Mr Benson was granted an award under the Share Incentive Plan on 29 September 2021 (235).
There have been no changes in Directors’ interests over options in the period between
the balance sheet date and 4 June 2025.
The Directors’ Remuneration Report has been approved by the Board of Workspace Group PLC.
By order of the Board
Lesley-Ann Nash
Chair of the Remuneration Committee
4 June 2025
ADDITIONAL INFORMATION CONTINUED
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
Outstanding LTIP awards
Details of current awards outstanding to Graham Clemett and Dave Benson are detailed below.
Executive Director
1
At 1 April 2024
Performance
3
Lapsed during
the year
Performance
Vested during
the year
Performance
Exercised during
the year
Performance
At 31 March 2025
Performance
Lawrence Hutchings
5
28/11/2024 – – – – 44,907
28/11/2024 – – – – 44,907
Graham Clemett
2
24/06/2021 117,043 58,521 58,521 – –
24/06/2022 165,350 – – – 165,350
22/06/2023 216,750 – – – 216,750
21/06/2024
4
– – – – 192,293
Dave Benson
24/06/2021 80,541 40,270 40,270 – –
24/06/2022 113,789 – – – 113,789
22/06/2023 149,188 – – – 149,188
21/06/2024
4
– – – – 138,240
1. Awards will vest subject to the satisfaction of performance conditions detailed on page 222 over the three-year
performance period.
2. Mr Clemett retired as an employee with the agreement of the Company on 31 January 2025. As a result, Graham’s in-flight
LTIP (Long Term Incentive Plan) awards will continue and vest on the original vesting dates, subject to performance
assessment and pro-rating in accordance with the LTIP rules.
3. LTIP awards made to the Executive Directors in June 2021, 2022, 2023 and 2024 awards were in respect of 200% of salary,
based on a share price at date of award of £8.6117, £6.2800, £4.9347 and £5.787 respectively. The 2022 LTIP awards vested
at 25% following Committee discretion.
4. On 21 June 2024, LTIP awards of 192,293 and 138,240 were granted to Mr Clemett and Mr Benson respectively.
5. As set out on page 223, both tranches of Mr Hutchings’ buyout award are subject to a requirement to remain in employment
during the vesting period, with one tranche also subject to the same performance conditions as other Executive Directors
contained within the 2024 LTIP award.
The Remuneration Committee determined that Mr Clemett was a Good Leaver and therefore
the outstanding LTIP awards will continue to vest subject to performance and time pro-ration
in accordance with the respective plans.
230
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REPORT OF THE DIRECTORS
The Directors present their report on
the affairs of the Group together with the
audited financial statements for the year
ended 31 March 2025.
Workspace Group PLC is incorporated in the
UK and registered as a public limited company
in England and Wales with company number
02041612 and registered office at Canterbury
Court, Kennington Park, 1-3 Brixton Road,
London SW9 6DE. It is listed on the main
market of the London Stock Exchange.
It is the ultimate holding company of the
Group. A full list of its subsidiaries is set out
in note 27 to the financial statements on
page 269.
Where reference is made in this Directors’
Report to other sections of the Annual Report,
those sections are incorporated by reference
into this Directors’ Report. Certain disclosures
required to be contained in the Directors’
Report have been incorporated into the
Strategic Report as set out in ‘Other
information’ below.
Dividends
An interim dividend of 9.4 pence was paid
in February 2025 (2024: 9.0 pence) and
the Board is recommending the payment of a
final dividend of 19.0 pence (2024: 19.0 pence)
per share to be paid on 1 August 2025 to
shareholders whose names are on the
Register of Members at the close of business
on 4 July 2025. This makes a total dividend
of 28.4 pence (2024: 28.0 pence) for the year.
Disclosure of information to auditors
The Directors who held office at the date of
approval of this Directors’ Report confirm
that, so far as they are each aware, there is
no relevant audit information of which the
Company’s auditor is unaware; and each
Director has taken all the steps that they
ought to have taken as a Director to make
themselves aware of any relevant audit
information and to establish that the Company’s
auditor is aware of that information.
Directors’ indemnities
Under the Company’s Articles of Association
the Company may, to the extent permitted by
law, indemnify any Director, Secretary or other
Officer of the Company against any liability
and the Company may also purchase and
maintain insurance against such liability. The
Board considers that the provision of such
indemnification is in keeping with current
market practice and the Board believes that
it is in the best interest of the Company to
provide such indemnities in order to attract and
to retain high-calibre Directors and Officers.
The Company purchased and maintained
Directors’ and Officers’ liability insurance
during the year under review and at the
date of approval of the Directors’ Report.
Qualifying third-party indemnity provisions
(as defined by Section 234 of the Companies
Act 2006) were in force during the period
and these provisions remain in force in relation
to certain losses and liabilities which the
Directors may incur to third parties in the
course of acting as Directors or employees of
the Company or of any associated company.
Employment policies
Workspace recognises that a diversity of skills
and experiences in our workforce will provide
a competitive advantage. The Company has
various employment policies, including in
relation to recruitment, diversity & inclusion,
health & safety and wellbeing. We monitor
these practices to ensure that they are fair
and objective.
This includes giving full and fair consideration
to applications from prospective employees
who are disabled, having regard to their
aptitudes and abilities, and not discriminating
against employees under any circumstances
(including in relation to applications, training,
career development and promotion) on the
grounds of any disability. In the event that
an employee, worker or contractor becomes
disabled in the course of their employment or
engagement, Workspace aims to ensure that
reasonable steps are taken to accommodate
their disability by making reasonable
adjustments to their existing employment
or engagement.
Further detail on our employment policies and
how we invest in our workforce can be found
on pages 81 to 82 and 167 to 168.
Details of how we reward our employees
can be found on pages 200 and 204 and in
notes 22 and 23 to the financial statements.
Share capital
As at 31 March 2025, the Company’s issued
share capital comprised a single class of
192,143,004 ordinary shares of £1.00 each.
Details of the Company’s issued share capital
are set out on page 265.
Restrictions on transfer of shares
There are no restrictions on the transfer of
ordinary shares in the Company other than
restrictions that are imposed by law or
regulation (for example, insider trading laws).
In addition, pursuant to the Company’s Dealing
Code, Directors and certain employees of the
Group require the approval of the Company
to deal in ordinary shares of the Company.
The Company is not aware of any agreements
between shareholders that may result in
restrictions on the transfer of securities.
Substantial shareholdings in the Company
As at 31 March 2025 and 23 May 2025, the following interests in voting rights over the issued
share capital of the Company had been notified:
Shareholder
31 March 2025 23 May 2025
Number of shares Percentage held Number of shares Percentage held
The London & Amsterdam
Trust Company Limited
55,045,439 28.65% 55,045,439 28.65%
BlackRock, Inc. 23,166,428 12.06% 21,320,114 11.10%
Ameriprise/Threadneedle 9,554,960 4.97% 9,671,257 5.03%
Janus Henderson Investors 7,777,806 4.05% 6,335,553 3.30%
The Vanguard Group Inc 7,715,231 4.02% 7,774,261 4.05%
Artemis Fund Managers Ltd 7,277,715 3.79% 7,768,263 4.04%
Man Group 6,500,318 3.38% 6,656,672 3.46%
Aberforth Partners LLP 6,043,560 3.15% 6,014,360 3.13%
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Articles of Association
The following description summarises
certain provisions of the Company’s Articles
of Association and applicable English law
concerning companies. Any amendment to
the Articles of Association of the Company
may be made in accordance with the
provisions of the Companies Act 2006,
by way of special resolution.
Directors
Unless otherwise determined by ordinary
resolution of the Company, the Board shall be
comprised of not less than two or more than
ten Directors. The Board may exercise all
powers of the Company, subject to the
Company’s Articles of Association, the
Companies Act 2006 and other applicable
legislation.
Directors may be elected by the members in
a general meeting or appointed by the Board.
The Company’s Articles of Association require
any new Directors to stand for election at
the next AGM following their appointment.
The Articles of Association also require each
Director to stand for re-election every three
years following their election. However,
in accordance with the UK Corporate
Governance Code and the Company’s current
practice, all continuing Directors will offer
themselves for election or re-election
(as applicable) at the AGM on 16 July 2025.
In addition to any power of removal conferred
by the Companies Act 2006, the Company
may by ordinary resolution remove any
Director before the expiry of their period
of office.
Voting and other rights
Subject to the provisions of the Companies
Act 2006, to any special terms on which
shares may have been issued or to any
suspension or abrogation of voting rights
pursuant to the Articles of Association, every
member who is present in person shall have
one vote on a show of hands or, on a poll, one
vote for each share of which they are a holder.
The Company is not aware of any agreements
between shareholders that may result in
restrictions on voting rights.
The Company may, by ordinary resolution,
declare dividends but no dividend shall
exceed the amount recommended by the
Board. Subject to the provisions of the
Companies Act 2006, the Board may also
declare and pay such interim dividends as
appears to the Board to be justified by the
profits of the Company available for
distribution. Except as otherwise provided
by the rights attached to shares, all dividends
shall be paid to shareholders according to the
amounts paid up on the shares on which the
dividend is paid.
Subject to the terms of allotment of shares,
the Board may only make calls on
shareholders in respect of any amounts
unpaid on the shares held by them. All shares
are fully paid.
Purchase of own shares and issuing shares
Under the Company’s Articles of Association,
the Company may purchase any of its own
shares. The Company was granted authority
at the 2024 Annual General Meeting to make
market purchases of its own ordinary shares.
This authority will expire at the conclusion
of the 2025 Annual General Meeting and
a resolution will be proposed to renew this
authority. No ordinary shares were purchased
under this authority during the year.
The Company was granted authority at the
2024 Annual General Meeting to allot and/or
grant rights to subscribe for, or convert
securities into, shares in the Company up to an
aggregate nominal amount as set out in the
Notice of Annual General Meeting 2024. This
authority will expire at the conclusion of the
2025 Annual General Meeting and a resolution
will be proposed to renew this authority.
Significant agreements on change of control
The Group’s borrowing facilities and other
financial instruments (details of which can be
found in note 16 to the financial statements)
are agreements that could allow
counterparties to terminate or to alter those
arrangements in the event of a change of
control of the Company.
Compensation for loss of office in the event
of a takeover
There are no agreements in place between the
Company and its employees or Directors for
compensation for loss of office or employment
that occur because of a takeover bid.
Employee Share Trusts
The Company operates an Employee Share
Ownership Trust (‘ESOT’) and a trust for the
Share Incentive Plan (‘SIP’). The trusts are
used to purchase Company shares in the
market from time to time and hold them
for the benefit of employees, including
for satisfying awards that vest under the
Company’s various share incentive plans.
The ESOT also holds some Company shares
in particular accounts for specific employees
who have options over such shares vest under
the Company’s share incentive plans but have
not yet exercised those options. The trustee
of the ESOT may vote the shares it holds in
the Company at its discretion, but where it
holds any shares in an account for particular
employees it will seek their instructions on
how it exercises the votes attached to those
shares. The trustee of the SIP trust does not
vote the rights attached to shares held in
the trust.
Information required under UKLR 6.6.1R
Interest capitalised Note 4 to the financial statements
Details of long-term incentive schemes Remuneration Report, pages 203 and 222
There is no further information required to be disclosed under UKLR 6.6.1R.
REPORT OF THE DIRECTORS CONTINUED
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Other information
Other information relevant to the Directors’ Report may be found in the following sections of the Annual Report:
Information Location in Annual Report
Corporate governance statement, prepared in accordance with
rule 7.2 of the Financial Conduct Authority’s Disclosure Guidance
and Transparency Rules
Corporate Governance Report, pages 118 to 230
Principal risks and uncertainties, pages 86 to 93
Culture, purpose, values and strategy Strategic Report, pages 34 to 58
Corporate Governance Report, pages 122 to 123 and 132
Directors Directors’ biographies, pages 127 to 129
Our Board, pages 126 to 129
Diversity & inclusion Corporate Governance Report, pages 162 to 171
Employee share schemes Note 23 to the financial statements
Engagement with employees Strategic Report, pages 18 to 20
Our stakeholders, pages 134 to 135
Section 172(1) Statement, pages 139 to 140
Engagement with suppliers, customers and others Strategic Report, pages 15 to 17 and 21 to 26
Our stakeholders, page 136
Section 172(1) Statement, pages 139 to 140
Financial risk management Note 18 to the financial statements
Principal risks and uncertainties, pages 86 to 93
Future developments Chair’s Statement, page 10 to 11
Chief Executive’s Review, page 12 to 13
Our business model, pages 2 to 9
Our strategy, pages 34 to 58
Going Concern, page 94
Greenhouse gas emissions and energy consumption GHG/SECR Emissions, page 107
Political donations and expenditure Compliance Statements, page 94
Post balance sheet events Note 29 to the financial statements
Principal risks and uncertainties Principal risks and uncertainties, pages 86 to 93
Research and development The Company does not undertake research and development activities
The Directors’ Report has been approved
by the Board of Directors and signed on
its behalf by
Carmelina Carfora
Company Secretary
4 June 2025
REPORT OF THE DIRECTORS CONTINUED
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STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT
OF THE ANNUAL REPORT AND THE FINANCIAL STATEMENTS
The Directors are responsible for preparing
the Annual Report and the Group and Parent
Company financial statements in accordance
with applicable law and regulations.
Company law requires the Directors to
prepare Group and Parent Company financial
statements for each financial year. Under that
law they are required to prepare the Group
financial statements in accordance with
UK-adopted international accounting standards
and applicable law and have elected to prepare
the Parent Company financial statements in
accordance with UK accounting standards
and applicable law, including FRS 101 Reduced
Disclosure Framework.
Under company law the Directors must not
approve the financial statements unless they
are satisfied that they give a true and fair view
of the state of affairs of the Group and Parent
Company and of the Group’s profit or loss for
that period. In preparing each of the Group
and Parent Company financial statements,
the Directors are required to:
– select suitable accounting policies and then
apply them consistently;
– make judgements and estimates that are
reasonable, relevant and reliable and, in
respect of the Parent Company financial
statements only, prudent;
– for the Group financial statements, state
whether they have been prepared in
accordance with UK-adopted international
accounting standards;
– for the Parent Company financial
statements, state whether applicable UK
accounting standards have been followed,
subject to any material departures disclosed
and explained in the Parent Company
financial statements;
– assess the Group and Parent Company’s
ability to continue as a going concern,
disclosing, as applicable, matters related
to going concern; and
– use the going concern basis of accounting
unless they either intend to liquidate the
Group or the Parent Company or to cease
operations or have no realistic alternative
but to do so.
The Directors are responsible for keeping
adequate accounting records that are
sufficient to show and explain the Parent
Company’s transactions and disclose with
reasonable accuracy at any time the financial
position of the Parent Company and enable
them to ensure that its financial statements
comply with the Companies Act 2006. They
are responsible for such internal control as
they determine is necessary to enable the
preparation of financial statements that are
free from material misstatement, whether
due to fraud or error, and have general
responsibility for taking such steps as are
reasonably open to them to safeguard the
assets of the Group and to prevent and detect
fraud and other irregularities.
Under applicable law and regulations, the
Directors are also responsible for preparing a
Strategic Report, Directors’ Report, Directors’
Remuneration Report and Corporate
Governance Statement that complies with
that law and those regulations.
The Directors are responsible for the
maintenance and integrity of the corporate
and financial information included on the
Company’s website. Legislation in the UK
governing the preparation and dissemination
of financial statements may differ from
legislation in other jurisdictions.
In accordance with Disclosure Guidance and
Transparency Rule (‘DTR’) 4.1.16R, the financial
statements will form part of the annual financial
report prepared under DTR 4.1.17R and 4.1.18R.
The auditor’s report on these financial
statements provides no assurance over whether
the annual financial report has been prepared
in accordance with those requirements.
Responsibility statement of the Directors
in respect of the annual financial report
We confirm that to the best of our knowledge:
– the financial statements, prepared in
accordance with the applicable set of
accounting standards, give a true and
fair view of the assets, liabilities, financial
position and profit or loss of the Group
and the undertakings included in the
consolidation taken as a whole; and
– the Annual Report includes a fair review
of the development and performance of the
business and the position of the Group and
Company including the undertakings of the
consolidation taken as a whole, together
with a description of the principal risks
and uncertainties that they face.
Signed on behalf of the Board on 4 June 2025
by:
Lawrence Hutchings
Chief Executive Officer
Dave Benson
Chief Financial Officer
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC
OPINION ON THE FINANCIAL STATEMENTS
In our opinion:
– the financial statements give a true and fair view of the state of the Group’s and of the Parent
Company’s affairs as at 31 March 2025 and of the Group’s profit for the year then ended;
– the Group financial statements have been properly prepared in accordance with UK adopted
international accounting standards;
– the Parent Company financial statements have been properly prepared in accordance with
United Kingdom Generally Accepted Accounting Practice; and
– the financial statements have been prepared in accordance with the requirements of the
Companies Act 2006.
We have audited the financial statements of Workspace Group PLC (the ‘Parent Company’) and
its subsidiaries (the ‘Group’) for the year ended 31 March 2025 which comprise the Consolidated
Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated
Balance Sheet, the Consolidated Statement of Changes in Equity, the Consolidated Statement
of Cash Flows, the Parent Company Balance sheet, the Parent Company Statement of Changes
in Equity and notes to the financial statements and notes to the parent company financial
statements, including material accounting policy information. The financial reporting framework
that has been applied in the preparation of the Group financial statements is applicable law and
UK adopted international accounting standards. The financial reporting framework that has been
applied in the preparation of the Parent Company financial statements is applicable law and
United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced
Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK)
(ISAs(UK)) and applicable law. Our responsibilities under those standards are further described
in theAuditor’s responsibilities for the audit of the financial statements section of our report. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion. Our audit opinion is consistent with the additional report to the audit committee.
Independence
Following the recommendation of the Audit Committee, we were appointed by the Board of
Directors on 25 July 2024 to audit the financial statements for the year ended 31 March 2025
and subsequent financial periods. The period of total uninterrupted engagement including
retenders and reappointments is less than one year, covering the year ended 31 March 2025.
We remain independent of the Group and the Parent Company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the
FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled our other
ethical responsibilities in accordance with these requirements. The non-audit services prohibited
by that standard were not provided to the Group or the Parent Company.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the Directors’ use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
Ourevaluation of the Directors’ assessment of the Group and the Parent Company’s ability
tocontinue to adopt the going concern basis of accounting included:
– Using our knowledge of the Group and its market sector together with the current general
economic environment to assess the Directors’ identification of the inherent risks to the Group’s
business. This covered how these might impact the Group and the Parent Company’s ability
to remain a going concern for the going concern period, being the period to 30 June 2026,
which is at least 12 months from when the financial statements are authorised for issue;
– Obtaining the Directors’ going concern assessment and obtaining an understanding of the
Directors’ process for assessing going concern including an understanding of the key
assumptions used;
– Assessing the Group’s forecast cash flows with reference to historic performance and
challenging the Directors’ forecast assumptions in comparison to the current performance
of the Group;
– Testing the inputs into the forecasts for reasonableness based on historic performance
and corroboration to contractual agreements where available;
– Agreeing the Group’s available borrowing facilities and the related terms and covenants
to loan agreements;
– Considering the Group’s plans regarding loans which are due for repayment within the going
concern assessment period;
– Obtaining covenant calculations and forecast calculations to test for any potential future
covenant breaches. We also considered the covenant compliance headroom for sensitivity
to both future changes in property valuations and the Group’s future financial performance;
– Considering board minutes and evidence obtained through the audit and challenging the
Directors on the identification of any contradictory information in the forecast cash flows
and the resulting impact on the going concern assessment;
– Analysing the Directors’ stress testing calculations and challenging the assumptions made
using our knowledge of the business and of the current economic climate to assess the
reasonableness of the downside scenarios selected; and
– Reviewing the disclosures in the financial statements relating to going concern to check that
the disclosure is consistent with the Directors’ going concern assessment.
Based on the work we have performed, we have not identified any material uncertainties relating
to events or conditions that, individually or collectively, may cast significant doubt on the Group
and the Parent Company’s ability to continue as a going concern for a period of at least twelve
months from when the financial statements are authorised for issue.
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In relation to the Parent Company’s reporting on how it has applied the UK Corporate
Governance Code, we have nothing material to add or draw attention to in relation to the
Directors’ statement in the financial statements about whether the Directors considered
it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern
are described in the relevant sections of this report.
OVERVIEW
Key audit matters KAM 2025 Valuation of investment properties
Materiality Group financial statements as a whole
£24.7m based on 1% of Total Assets
AN OVERVIEW OF THE SCOPE OF OUR AUDIT
Our audit was scoped by obtaining an understanding of the Group and its environment, the
applicable financial reporting framework and the Group’s system of internal control. On the basis
of this, we identified and assessed the risks of material misstatement in the financial statements.
We also addressed the risk of management override of internal controls, including whether there
was evidence of bias by the Directors that may have represented a risk of material misstatement.
The Group has just a single component as it invests only in investment properties in and around
London and the South East of England, with a single finance team and a common financial
reporting system and internal control framework. The audit approach included undertaking
audit work on the key risks of material misstatement identified for the Group across the single
component. The Group audit team performed all the work necessary to issue the Group and
Parent Company audit opinion. The audit procedures performed by the Group audit team in
respect of the Parent Company audit opinion were completed to a lower level of materiality
as set out below.
Climate change
Our work on the assessment of potential impacts on climate-related risks on the Group’s
operations and financial statements included:
– Enquiries and challenge of management to understand the actions they have taken to identify
climate-related risks and their potential impacts on the financial statements and adequately
disclose climate-related risks within the annual report;
– Our own qualitative risk assessment taking into consideration the sector in which the Group
operates and how climate change affects the investment property sector;
– Review of the minutes of Board, ESG and Audit Committee meetings and other papers related
to climate change to determine if there were any climate related matters affecting the financial
statements which we are not already aware of, and evaluating the impact of these, if any; and
– We challenged the extent to which climate-related considerations, including the expected
cash flows from the initiatives and commitments have been reflected, where appropriate, in
management’s going concern assessment and in management’s judgements and estimates
in relation to the investment property valuation.
We also assessed the consistency of management’s disclosures included as Other Information
on page 99 with the financial statements and with our knowledge obtained from the audit.
Based on our risk assessment procedures, we did not identify there to be any Key Audit Matters
that were materially affected by climate-related risks.
KEY AUDIT MATTER
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the financial statements of the current period and include the most significant
assessed risks of material misstatement (whether or not due to fraud) that we identified, including
those which had the greatest effect on: the overall audit strategy, the allocation of resources
inthe audit, and directing the efforts of the engagement team. These matters were addressed
inthe context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
KEY AUDIT MATTERS CONTINUED
Key audit matter How the scope of our audit addressed the key audit matter
Valuation of investment
properties
Refer to the notes to the
financial statements on
significant judgements
and critical estimates in
respect of the significant
assumptions and the
material accounting
policies note for relevant
accounting policy
information.
Refer to note 10 in
relation toinvestment
properties.
The Group has engaged CBRE as an independent
external valuer to undertake a full year end
valuation of all the properties in accordance
with RICS Valuation – Global Standards.
The valuation of investment property requires
significant judgement and the use of estimates
by the Directors and the external valuer. It is
therefore considered a significant risk due to the
subjective nature of certain assumptions inherent
in each valuation.
Any input inaccuracies or unreasonable bases
used in the valuation judgements (such as
capitalisation yields and market rent assumptions)
could result in a material misstatement of the
income statement and balance sheet.
There is also a risk that the Directors may
unduly influence the significant judgements
and estimates inrespect of property valuations
in order to achieve property valuation or other
performance or financial targets or to meet
market expectations.
This matter has required significant auditor
attention, as a result of which we consider the
valuation of the investment properties to be
a key audit matter.
Our audit work included, but was not restricted to, the following:
Group’s controls relating to the valuation of investment properties
– We evaluated the design, implementation and appropriateness of the Group’s controls relating to the valuation of
investment properties, including the processes by which the Group ensures that accurate datais provided to the
external valuer. In doing so, we performed a walkthrough of the relevant controls byobtaining evidence for the
design and implementation of the controls.
Assessment of the valuer and relevance of their work
– We assessed the competency, qualifications, independence and objectivity of the independent external valuer
engaged by the Group and reviewed the terms of their engagement for any unusual arrangements, limitations
in the scope of their work or evidence of management bias.
– Together with our internal RICS qualified auditor’s experts we read the valuation reports and confirmed thatall
valuations had been prepared in accordance with applicable valuation guidelines and were therefore appropriate
for determining the carrying value in the Group’s financial statements.
Data provided to the valuer
– We corroborated the underlying data provided to the valuer by management, which included observable inputs
such as passing rent and lease term, by agreeing a sample to executed lease agreements as part of our audit work.
Assumptions and estimates used by the valuer
With assistance from our internal RICS qualified auditor’s experts we performed the following procedures:
– Developed yield expectations for each property using available independent industry data and reports
and comparable transactions in the market around the year end.
– Attended meetings with the valuers and discussed the assumptions used and the valuation movement
in the period with the valuers.
– Where the valuation yield or market rental values, or movements in the period relating to the above, were outside
of our expected ranges, we challenged the valuer on specific assumptions and reasoning for the yields and/or
market rents applied and corroborated their explanations where relevant, including agreeing to third-party
documentation and/or market comparisons.
– Evaluated the other key valuation assumptions, being the market rental values, taking into account factors such
as the location and specifics of each property.
– Checked the data provided to the valuers by the Group to determine whether it was consistent with the
information that we audited.
Related disclosures in the financial statements
– We reviewed the appropriateness of the Group’s disclosures within the financial statements in relation to
valuation methodology, key valuation assumptions and valuation sensitivity by checking that these adhere to the
disclosure requirements of the reporting framework used.
Key observations
Based on our work we have not noted any material instance which may indicate that the assumptions adopted by
the Directors in the valuation were not reasonable or that the methodology applied was inappropriate in the context
of our audit of the financial statements as a whole.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
OUR APPLICATION OF MATERIALITY
We apply the concept of materiality both in planning and performing our audit, and in evaluating
the effect of misstatements. We consider materiality to be the magnitude by which misstatements,
including omissions, could influence the economic decisions of reasonable users that are taken
on the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements exceed
materiality, we use a lower materiality level, performance materiality, to determine the extent of
testing needed. Importantly, misstatements below these levels will not necessarily be evaluated
as immaterial as we also take account of the nature of identified misstatements, and the
particular circumstances of their occurrence, when evaluating their effect on the financial
statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements
asa whole and performance materiality as follows:
Group
financial statements
2025
£m
Parent Company
financial statements
2025
£m
Materiality £24.7m £16.0m
Basis for
determining
materiality
Materiality for the Group and Parent Company’s financial statements was
setat 1% of total assets. This provides a basis for determining the nature and
extent of our risk assessment procedures, identifying and assessing the risk
of material misstatement and determining the nature and extent of further
audit procedures.
Rationale for
thebenchmark
applied
We determined that the benchmark of total assets would be the most
appropriate basis for determining overall materiality because we consider
it to be the principal consideration for the users of the financial statements
in assessing the financial performance of the Group.
Performance
materiality
£14.8m £9.6m
Basis for
determining
performance
materiality
Performance materiality is set at an amount to reduce to an appropriately
low level the probability that the aggregate of uncorrected and undetected
misstatements exceeds materiality. On the basis of our risk assessment,
together with our assessment of the Group’s control environment, our
judgement was that performance materiality for the Group should be 60%
ofmateriality. We determined that the same measure as the Group was
appropriate for the Parent Company.
Rationale for
thepercentage
applied for
performance
materiality
We determined that 60% of materiality would be appropriate based on
ourrisk assessment, together with our assessment of the Group’s control
environment, the low number of components, the low value of brought
forward adjustments impacting the current year, while also acknowledging
that as it is our first year auditing the Group our understanding of the Group
is likely to be less than it otherwise would be.
Specific materiality
We also determined that for other account balances and classes of transactions that impact
themeasurement of Trading Profit after Interest a misstatement of less than materiality for the
financial statements as a whole, specific materiality, could influence the economic decisions of
users. Trading Profit after Interest comprises net rental income, administrative expenses and net
finance costs. We consider this to be a key performance measure of the Group. As a result, we
determined materiality for these items based on 5% of Trading Profit after Interest. We further
applied a performance materiality level of 60% of specific materiality to ensure that the risk
of errors exceeding specific materiality was appropriately mitigated.
Reporting threshold
We agreed with the Audit Committee that we would report to them all individual audit
differences impacting the Group in excess of £0.98m and for those items impacting the
measurement of Trading Profit after Interest, all individual audit differences in excess of £0.13m.
Regarding the Parent Company, we agreed that we would report all audit differences in excess
of £0.64m. We also agreed to report differences below this threshold that, in our view,
warranted reporting on qualitative grounds.
OTHER INFORMATION
The directors are responsible for the other information. The other information comprises the
information included in the document entitled ‘Annual Report and Accounts 2025’ other than
the financial statements and our auditor’s report thereon. Our opinion on the financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion thereon. Our responsibility is to
read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit,
or otherwise appears to be materially misstated. If we identify such material inconsistencies
or apparent material misstatements, we are required to determine whether this gives rise to
a material misstatement in the financial statements themselves. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
CORPORATE GOVERNANCE STATEMENT
The UK Listing Rules require us to review the Directors’ statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the Parent
Company’s compliance with the provisions of the UK Corporate Governance Code specified for our review.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial
statements or our knowledge obtained during the audit.
Going concern and longer-term viability – The Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties
identified set out on page 94;
– The Directors’ explanation as to their assessment of the Group’s prospects, the period this assessment covers and why the period is appropriate
set out on page 94; and
– The Directors’ statement on whether they have a reasonable expectation that the group will be able to continue in operation and meet its liabilities
set out on page 94.
Other Code provisions – Directors’ statement on fair, balanced and understandable set out on page 182;
– Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 184;
– The section of the annual report that describes the review of effectiveness of risk management and internal control systems
set out on pages 184 to 185; and
– The section describing the work of the audit committee set out on pages 183 to 185.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
OTHER COMPANIES ACT 2006 REPORTING
Based on the responsibilities described below and our work performed during the course of the audit, we are required by the Companies Act 2006 and ISAs (UK) to report on certain opinions
and matters as described below.
Strategic report and Directors’ report In our opinion, based on the work undertaken in the course of the audit:
– the information given in the Strategic report and the Directors’ report for the financial year for which the financial statements are prepared
isconsistent with the financial statements; and
– the Strategic report and the Directors’ report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and Parent Company and its environment obtained in the course of the audit, we have
not identified material misstatements in the strategic report or the Directors’ report.
Directors’ remuneration In our opinion, the part of the Directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006.
Corporate governance statement In our opinion, based on the work undertaken in the course of the audit the information about internal control and risk management systems in
relation to financial reporting processes and about share capital structures, given in compliance with rules 7.2.5 and 7.2.6 in the Disclosure Guidance
and Transparency Rules sourcebook made by the Financial Conduct Authority (the FCA Rules), is consistent with the financial statements and has
been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit,
wehave not identified material misstatements in this information.
In our opinion, based on the work undertaken in the course of the audit information about the Parent Company’s corporate governance code and
practices and about its administrative, management and supervisory bodies and their committees complies with rules 7.2.2, 7.2.3 and 7.2.7 of the
FCARules.
We have nothing to report arising from our responsibility to report if a corporate governance statement has not been prepared by the Parent Company.
Matters on which we are required
toreportby exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
– adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches
not visited by us; or
– the Parent Company financial statements and the part of the Directors’ remuneration report to be audited are not in agreement with the accounting
records and returns; or
– certain disclosures of Directors’ remuneration specified by law are not made; or
– we have not received all the information and explanations we require for our audit.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the Directors’ responsibility statement, the Directors are responsible
for the preparation of the financial statements and for being satisfied that they give a true and
fair view, and for such internal control as the Directors determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and
the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the Directors
either intend to liquidate the Group or the Parent Company or to cease operations, or have no
realistic alternative but to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements
asawhole are free from material misstatement, whether due to fraud or error, and to issue
anauditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
butis not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect
amaterial misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected
toinfluence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations.
Wedesign procedures in line with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The extent to which our procedures
are capable of detecting irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on:
– Our understanding of the Group and the industry in which it operates;
– Discussion with management, those charged with governance, legal counsel and the
Audit Committee;
– Obtaining an understanding of the Group’s policies and procedures regarding compliance
with laws and regulations;
we considered the significant laws and regulations to be UK-adopted international accounting
standards, UK Listing Rules and applicable tax regulations (including compliance with the UK
REIT regime).
The Group is also subject to laws and regulations where the consequence of non-compliance
could have a material effect on the amount or disclosures in the financial statements, for example
through the imposition of fines or litigations. We identified such laws and regulations to be VAT
Regulations, employment law, environmental regulations and the Health and Safety Act.
Our procedures in respect of the above included:
– Review of minutes of meetings of those charged with governance for any instances
of non-compliance with laws and regulations;
– Involvement of tax experts in the audit;
– Review of correspondence with regulatory and tax authorities for any instances
of non-compliance with laws and regulations;
– Review of financial statement disclosures and agreeing to supporting documentation; and
– Review of legal expenditure accounts to understand the nature of expenditure incurred.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including
fraud. Our risk assessment procedures included:
– Enquiry with management, those charged with governance and the Audit Committee
regarding any known or suspected instances of fraud;
– Obtaining an understanding of the Group’s policies and procedures relating to:
– Detecting and responding to the risks of fraud; and
– Internal controls established to mitigate risks related to fraud.
– Review of minutes of meetings of those charged with governance for any known or suspected
instances of fraud;
– Discussion amongst the engagement team as to how and where fraud might occur in the
financial statements;
– Performing analytical procedures to identify any unusual or unexpected relationships that
mayindicate risks of material misstatement due to fraud; and
– Considering remuneration incentive schemes and performance targets and the related
financial statement areas impacted by these.
Based on our risk assessment, we considered the areas most susceptible to fraud to be the inputs
to the valuation of the investment properties, management override of controls, the manipulation
of revenue recognition through journal postings and the capitalisation of property expenditure.
Our procedures in respect of the above included:
Addressing the risk of management override of controls and manipulation of revenue
recognition through journal postings by:
– Testing a sample of journal entries throughout the year which met defined risk criteria
(including those specifically relating to revenue), as well as testing a sample of the residual
journal population, by agreeing to supporting documentation and evaluating whether there
was evidence of bias by management or the Directors that represented a risk of material
misstatement due to fraud; and
– Assessing significant estimates made by management for bias on key audit matters.
Addressing the risk of inappropriate capitalisation of property expenditure by:
– Testing a sample of capitalised property expenditure to supporting documentation
and evaluating whether the nature of the expenditure met the capitalisation criteria.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
Our responses to the valuation of investment properties are set out in the key audit matters
section above.
We also communicated relevant identified laws and regulations and potential fraud risks
to all engagement team members who were all deemed to have appropriate competence and
capabilities and remained alert to any indications of fraud or non-compliance with laws and
regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial
statements, recognising that the risk of not detecting a material misstatement due to fraud is
higher than the risk of not detecting one resulting from error, as fraud may involve deliberate
concealment by, for example, forgery, misrepresentations or through collusion. There are
inherent limitations in the audit procedures performed and the further removed non-compliance
with laws and regulations is from the events and transactions reflected in the financial
statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s
website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
auditor’s report.
USE OF OUR REPORT
This report is made solely to the Parent Company’s members, as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that
we might state to the Parent Company’s members those matters we are required to state to
them in an auditor’s report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Parent Company and the
Parent Company’s members as a body, for our audit work, for this report, or for the opinions
we have formed.
Richard Levy (Senior Statutory Auditor)
for and on behalf of BDO LLP, Statutory Auditor
London, UK
4 June 2025
BDO LLP is a limited liability partnership registered in England and Wales
(with registered number OC305127).
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CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
Revenue
1
185.2
184.3
Direct costs
1
1
(63. 1)
(58.1)
Net rental income
1
122. 1
126.2
Administrative expenses
2
(23.3)
(25.3)
Trading profit
98.8
100.9
Loss on disposal of investment properties and
assets held for sale
3(a)
(1.5)
(2.3)
Other expenses
3(b)
(3.6)
(1.2)
Change in fair value of investment properties
10
(55.9)
(251.2)
Impairment of assets held for sale
(0.4)
(4. 1)
Operating profit/(loss)
3 7. 4
(157 .9)
Finance costs
4
(32.0)
(34.9)
Profit/(loss) before tax
5.4
(192.8)
Taxation
6
–
0.3
Profit/(loss) for the financial year after tax
5.4
(192.5)
Basic earnings/(loss) per share
8
2.8p
(100 .4p)
Diluted earnings/(loss) per share
8
2.8p
(100 .4p)
1. Direct costs in 2025 includes impairment of receivables of £1.0m (2024: £0.8m). See note 1 for additional information.
Profit/(loss) for the financial year
5.4
(192.5)
Change in fair value of other investments
12
0.1
1 .1
Change in fair value of derivatives
(0.3)
0.2
Other comprehensive (loss)/income in the year
(0.2)
1.3
Total comprehensive income/(loss) for the year
5.2
(191.2)
The notes on pages 246 to 268 form part of these financial statements.
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CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
Investment properties
10
2,351.7
2,408.5
Intangible assets
1 .1
2.2
Property, plant and equipment
11
3.4
3.0
Other investments
12
3.3
3.2
Derivative financial instruments
16(e)
–
0.2
Deferred tax
0.3
0. 3
2,359.8
2,417 .4
Trade and other receivables
13
32.8
36. 7
Assets held for sale
10
45.2
65.7
Cash and cash equivalents
14
32.7
11.6
11 0.7
114.0
Total assets
2,4 70.5
2,531.4
Trade and other payables
15
(92.2)
(93.0)
Borrowings
16(a)
(79.9)
–
Derivative financial instruments
16(e)
(0. 1)
–
(172.2)
(93. 0)
Borrowings
16(a)
(761.4)
(854.8)
Lease obligations
17
(34.7)
(34.7)
(796. 1)
(889.5)
Total liabilities
(968.3)
(982.5)
Net assets
1,502.2
1,548.9
Share capital
20
192. 1
191.9
Share premium
20
295.6
296.6
Investment in own shares
22
(0.3)
(9.9)
Other reserves
21
71.2
93.0
Retained earnings
943.6
977 .3
Total shareholders’ equity
1,502.2
1,548.9
The notes on pages 246 to 268 form part of these financial statements.
The financial statements on pages 243 to 268 were approved and authorised for issue by the
Board of Directors on 4 June 2025 and signed on its behalf by:
Lawrence Hutchings Dave Benson
Director Director
Company registration number: 02041612
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Balance at 31 March 2023
191.6
295.5
(9.9)
91. 0
1,219.5
1,787.7
Loss for the financial year
–
–
–
–
(192.5)
(192.5)
Other comprehensive
income for the year
–
–
–
1.3
–
1.3
Total comprehensive
income/(loss)
–
–
–
1.3
(192.5)
(191.2)
Dividends paid
7
–
–
–
–
(50.6)
(50.6)
Share-based payments
23
0. 3
1 .1
0.7
0.9
3 .0
Balance at 31 March 2024
191.9
296.6
(9 .9)
93.0
977 .3
1,548.9
Profit for the financial year
–
–
–
–
5.4
5.4
for the year
–
–
–
(0.2)
–
(0.2)
(loss)/income
–
–
–
(0.2)
5.4
5.2
Dividends paid
7
–
–
–
–
(54.5)
(54.5)
in prior years
2
22
–
–
9. 3
–
(9.3)
–
to employees
–
–
0.3
–
–
0. 3
Share-based payments
23
0.2
(1.0)
1
–
(0 .4)
3.5
2.3
in prior years
3
22
–
–
–
(21.2)
21.2
–
Balance at 31 March 2025
192. 1
295.6
(0 .3)
71.2
943.6
1,502.2
1. The movement in the year on share premium relates to the excess between the nominal value and the vested share price
on awarded shares to employees in the previous year. This has been reclassified to retained earnings in the current year.
2. In the year the Group transferred the excess amounts held in the investment in own shares reserve to retained earnings
in accordance with the carrying value of the remaining shares held. The transfer should have been made prior to the date
of the opening comparative period, but was omitted. The error is not considered material and hence it is being corrected
in the current year.
3. In the year the Group transferred amounts held in the share-based payment reserve to retained earnings In relation to share
options that had lapsed in prior years. The transfer should have been made prior to the date of the opening comparative
period, but was omitted. The error is not considered material and hence it is being corrected in the current year.
The notes on pages 246 to 268 form part of these financial statements.
Cash generated from operations
19
105.1
8 7. 7
Interest paid
(28.5)
(33.8)
Net cash inflow from operating activities
76.6
53.9
Capital expenditure on investment properties
(58.9)
(71.7)
Proceeds from government grant
0.7
1.5
(net of sale costs)
36.5
22.3
(net of sale costs)
40.4
96.2
Purchase of intangible assets
(0 .4)
(0.8)
Purchase of property, plant and equipment
(1.8)
(0.4)
Other expenses
–
(1.2)
Net cash inflow from investing activities
16.5
45.9
Finance costs for new/amended borrowing facilities
(1.3)
(0.8)
Repayment of bank borrowings
16(h)
(355.5)
(211.0)
Draw down of bank borrowings
16(h)
341.5
156.0
Settlement of share schemes
(0 .4)
(0.2)
Dividends paid
7
(56.3)
(50. 7)
Net cash outflow from financing activities
(72.0)
(106.7)
equivalents
21. 1
(6.9)
Cash and cash equivalents at start of year
14
11.6
18.5
Cash and cash equivalents at end of year
14
32.7
11.6
The notes on pages 246 to 268 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Workspace Group PLC (the ‘Company’) and its subsidiaries (together ‘the Group’) are engaged
in property investment in the form of letting of high-quality business accommodation to
businesses in and around London and the South East.
The Company is a public limited company, limited by shares, which is listed on the London Stock
Exchange and is incorporated and domiciled in England and Wales. The registered address of
the Company is Canterbury Court, Kennington Park, 1–3 Brixton Road London SW9 6DE.
The registered number of the Company is 02041612.
BASIS OF PREPARATION
These financial statements are presented in Sterling, which is the Company’s functional currency
and the Group’s presentation currency , and have been prepared and approved by the Directors
on a going concern basis, in accordance with UK-adopted international accounting standards.
The Company has elected to prepare its Parent Company financial statements in accordance
with FRS101; these are presented on pages 269 to 272.
The Board is required to assess the appropriateness of applying the going concern basis in the
preparation of the financial statements. Macroeconomic and geo-political issues, including the
impact of US tariffs on UK businesses and their supply chains, have heightened wider concerns
around the UK economy and mean there is a continuing risk of an economic downturn. In this
context, the Directors have fully considered the business activities and principal risks of the
Group. Further details of the principal risks can be found on pages 86 to 93.
In preparing the assessment of going concern, the Board has reviewed a number of different
scenarios over the 12-month period from the date of signing of these financial statements. These
scenarios include a severe, but realistically possible, scenario which includes the following key
assumptions:
– A reduction in occupancy, reflecting weaker customer demand for office space.
– A reduction in the pricing of new lettings, resulting in a reduction in average rent per sq. ft..
– Elevated levels of counterparty risk, with bad debt significantly higher than pre-pandemic levels.
– Continued elevated levels of cost inflation.
– Further increases in SONIA rates impacting the cost of variable rate borrowings.
– Estimated rental value reduction in-line with the decline in average rent per sq. ft. and outward
movement in investment yields resulting in a lower property valuation.
The appropriateness of the going concern basis is reliant on the continued availability of
borrowings, sufficient liquidity and compliance with loan covenants. All borrowings require
compliance with LTV and Interest Cover covenants. As at the tightest test date in the scenarios
modelled, the Group could withstand a reduction in Net Rental Income of 12% compared to the
March 2025 Net Rental Income and a fall in the asset valuation of 37% compared to 31 March
2025 before these covenants are breached, assuming no mitigating actions are taken.
As at 31 March 2025, the Company had significant headroom with £260m of cash and undrawn
facilities. The majority of the Group’s debt is long-term fixed-rate committed facilities comprising
a £300m green bond, £300m of private placement notes, a £65m secured loan facility and an
£80m term loan. Shorter-term liquidity and flexibility is provided by floating-rate bank facilities
which comprise of £335m of sustainability-linked revolving credit facilities (RCFs) made up of
£135m which was renewed in November 2024 to November 2028 and £200m which was
renewed in May 2025 at the current rate to June 2029. Both facilities include the potential to be
extended by a further two years subject to lender consent. The £135m has the option to increase
the facility amount by up to £120m and the £200m RCF has the option to increase the facility
amount by up to £100m, both subject to lender consent.
For the full period of assessment under the scenario tested, the Group maintains sufficient
headroom in its cash and loan facilities.
Consequently, the Directors have a reasonable expectation that the Group and Company will
have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from
the date of approval of the financial statements and therefore the financial statements have
been prepared on a going concern basis.
Consideration of climate change
In preparing the financial statements, the Directors have considered the impact of climate
change, particularly in the context of the risks identified in the TCFD disclosure on pages 99 to
106 this year. There has been no material impact identified on the financial reporting judgements
and estimates. In particular, the Directors considered the impact of climate change in respect of
the following areas:
– the potential impact on the valuation of our investment properties due to transition risks;
– going concern and viability of the Group over the next three years; and
– the capital expenditure required to upgrade our assets’ EPC ratings and deliver
our net zero targets.
Whilst there is currently minimal medium-term impact expected from climate change, the
Directors are aware of the ever-changing risks attached to climate change and will regularly
assess these risks against judgements and estimates made in the preparation of the Group’s
financial statements.
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NEW ACCOUNTING STANDARDS, AMENDMENTS AND GUIDANCE
a) During the year to 31 March 2025 the Group adopted the following accounting standards
and guidance:
IAS 1 (amended)
Classification of Liabilities as Current or Non-Current;
IAS 7 and IFRS 7
Disclosures – Supplier Finance Arrangements
IFRS 16 (amended)
Lease Liability in a Sale and Leaseback
There was no material impact from the adoption of these accounting standards and
amendments on the financial statements.
b) The following accounting standards and guidance are not yet effective but are not expected
to have a significant impact on the Group’s financial statements or result in changes to
presentation and disclosure only. They have not been adopted early by the Group:
IAS 21 (amended)
Lack of Exchangeability
IFRS 9 and IFRS 7 (amended)
Amendments to the Classification and Measurement of
IFRS 18
Presentation and Disclosure in Financial Statements
IFRS 19
Subsidiaries without Public Accountability: Disclosures
SIGNIFICANT JUDGEMENTS AND CRITICAL ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting
principles requires the use of estimates and judgements that affect the reported amounts of
assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses
during the reporting period. Although these estimates are based on management’s best knowledge
of the amount, event or actions, actual results ultimately may differ from those estimates.
The Group’s material accounting policies are stated below. Not all of these accounting policies
require management to make subjective or complex judgements or significant estimates. The
following is intended to provide an understanding of the significant estimates within the accounting
policies that management consider critical because of the assumptions or estimation involved
in their application and their impact on the consolidated financial statements.
Critical Estimate: Investment property valuation
The Group uses the valuation performed by its independent valuer as the fair value of its
investment properties. The valuation is based upon the key external assumptions of estimated
rental values (ERV) and market-based yields. Whilst occupancy is one of several indicators
considered in arriving at the appropriate ERV, it is calculated at the valuation date based on
actual vacant units at that time and is therefore not subject to material estimation uncertainty.
With regard to redevelopments and refurbishments, future development costs and an appropriate
discount rate are also used. In determining fair value, the valuers make reference to market
evidence and recent transaction prices for similar properties.
Management consider the significant assumptions to the valuation of investment properties
to be estimated rental values and market-based yields. Sensitivities on these assumptions are
provided in note 10.
MATERIAL ACCOUNTING POLICIES
The material accounting policies adopted in the preparation of these consolidated financial
statements are set out below. These policies have been consistently applied to all years
presented unless stated otherwise.
Basis of consolidation
The consolidated financial statements include the financial statements of the Company
and all its subsidiary undertakings up to 31 March 2025. Subsidiaries are all entities (including
structured entities) over which the Group has control. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group until the date that
control ceases. A list of subsidiaries has been disclosed in note 27.
Inter-company transactions, balances and unrealised gains from intra-group transactions are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of
an impairment of the asset transferred.
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Workspace Group PLC
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Strategic Report Our Governance Financial Statements Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

Investment properties
Investment properties are those properties owned or leased by the Group that are held either
to earn rental income or for capital appreciation, or both, and are not occupied by the Company
or subsidiaries of the Group.
Investment property is measured initially at cost, including related transaction costs. After initial
recognition, investment property is held at fair value based on a valuation by an independent
professional external valuer at each reporting date. The valuation methods and key assumptions
applied are explained in note 10. Changes in fair value of investment property at each reporting
date are recorded in the consolidated income statement.
Investment properties acquired under leases are capitalised at the lease’s commencement at
the lower of the fair value of the leased property and the net present value of the minimum lease
payments. The investment properties acquired under leases are subsequently carried at fair value
plus an adjustment for the carrying amount of the lease obligation. The corresponding rental
obligations, net of finance charges, are included in current and non-current borrowings. Each
lease payment is allocated between liability and finance charges so as to achieve a constant rate
on the outstanding finance balance. The interest element of the finance cost is charged to the
consolidated income statement.
Properties are treated as acquired at the point which the Group assumes the significant risks
and rewards of ownership and are treated as disposed when they are transferred outside of
the Group’s control.
Existing investment properties which undergo redevelopment and refurbishment for continued
future use remain as investment property where the purpose of holding the property continues
to meet the definition of investment property as defined above. Subsequent expenditure is
charged to the asset’s carrying amount only when it is probable that future economic benefits
associated with the expenditure will flow to the Group, and the cost of each item can be reliably
measured. Certain internal staff costs directly attributable to capital/redevelopment projects are
capitalised. All other repairs and maintenance costs are charged to the consolidated income
statement during the period in which they are incurred.
Capitalised interest on refurbishment/redevelopment expenditure is added to the asset’s
carrying amount. Capitalised borrowing costs are calculated by reference to the actual interest
rate payable on borrowings or, if financed out of general borrowings, by reference to the average
rate payable on funding the assets employed by the Group and applied to the direct
redevelopment expenditure. Interest is capitalised from the date of commencement of the
redevelopment activity until the date when all the activities necessary to prepare the asset for its
intended use are substantially complete.
Investment properties are recognised as ‘assets held for sale’ when it is considered highly
probable that sale completion will take place within 12 months. This is assumed when the
property has been actively marketed for a buyer, supported by either the exchange of a contract
or agreement of terms with a buyer by the balance sheet date and it is highly probable that its
carrying amount will be recovered within one year.
Income from the sale of assets is recognised when the control has been transferred to the buyer.
In the case of sales of properties this is generally taken on completion of the contract. In the
case of a part disposal agreement, the part of the asset being disposed will be derecognised
from investment property when completion is reached or when a lease agreement is signed
(i.e. when the risks and rewards of this part of the site transfer to the developer). Profit or loss
on disposal is calculated as the consideration receivable (net of costs) less the latest valuation
(net book value) and is shown in profit/loss on disposal of assets.
Consideration can take the form of cash, new commercial buildings and a right to future overage
(generally being a share in the proceeds of any future sale of the residential development to be
constructed by the developer). Revenue is recognised in the period when all relevant criteria in
IFRS 15 are met under the five-step model.
Consideration (including overage) is measured at the fair value of the consideration received/
receivable.
Commercial property to be received is fair valued as described in note 10 and is included in
investment property. Changes in fair value are recognised through the consolidated income
statement in accordance with IAS 40.
Overage is only recognised once an agreement has been signed with a residential developer.
Overage represents a financial asset and is designated as a financial asset at fair value through
profit or loss upon initial recognition. The carrying value of overage is assessed at each period
end and changes in fair value are taken to other income/expenses.
Acquisitions
An acquisition is recognised when the control has been transferred, usually on completion of the
transaction. The acquisition method measures assets based on purchase price, which is allocated
to the property assets on a fair value basis, and includes directly related acquisition costs.
Business combinations are accounted for using the acquisition method. Any gain or bargain
purchase or acquisition-related costs are recognised in the consolidated income statement.
Intangible assets
Intangible assets are stated at historical cost, less accumulated amortisation. Acquired on-premise
computer software licences and external costs of implementing or developing computer
software programmes and websites are capitalised. These costs are amortised over the
asset’s estimated useful life of five years on a straight-line basis.
Costs associated with maintaining computer software programmes including Software as a Service
(‘SaaS’) are recognised as an expense as they fall due.
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Strategic Report Our Governance Financial Statements Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

Property, plant and equipment
Equipment and fixtures are stated at historical purchase cost less accumulated depreciation
and impairment. Historical cost includes the original purchase price of the asset and the costs
attributable to bringing the asset to working condition for its intended use.
Subsequent expenditure is charged to the asset’s carrying amount or recognised as a separate
asset only when it is probable that future economic benefits associated with the expenditure
will flow to the Group and the cost of each item can be reliably measured. All other repairs
and maintenance costs are charged to the consolidated income statement during the period
in which they are incurred.
Depreciation is provided using the straight-line method to allocate the cost less estimated
residual value over the assets’ estimated useful lives which range from four to ten years.
The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at
least at each financial year end. An asset’s carrying amount is written down immediately to its
recoverable amount if its carrying amount is greater than its estimated recoverable amount.
Other investments
Investments in unlisted shares are accounted for under IFRS 9 at fair value, using a valuation
multiple and financial information. Changes in fair value are shown in the consolidated statement
of comprehensive income.
Trade and other receivables
Trade and other receivables are recognised initially at fair value and subsequently measured
at amortised cost less provision for impairment based on the expected credit loss, which uses
a lifetime expected loss allowance for all trade receivables based on the individual occupier’s
circumstance. The amount of the provision is the difference between the asset’s carrying
amount and the present value of estimated future cash flows. The provision is recorded
in the consolidated income statement.
Deferred consideration on the disposal of investment properties is included within trade
and other receivables. It is fair valued on recognition and at each year end with any movement
taken to other income/expenses.
Trade and other payables
Trade and other payables are initially recognised at fair value and subsequently held
at amortised cost.
Cash and cash equivalents
Cash is represented by cash in hand, restricted cash in the form of tenants’ deposit deeds and
deposits held on call with banks and money market funds. Cash equivalents are highly liquid
investments that mature in no more than three months from the date of acquisition and that
are readily convertible to known amounts of cash with insignificant risk of change in value. Bank
overdrafts are included in current liabilities but within cash and cash equivalents for the purpose
of the consolidated cash flow statement.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings
are subsequently stated at amortised cost, with any difference between the initial amount
(net of transaction costs) and the redemption value being recognised in the income statement
over the period of the borrowings, using the effective interest method, except for interest
capitalised on redevelopments.
Derivative financial instruments and hedge accounting
The Group enters into derivative transactions in order to manage its exposure to interest rate
risks. Financial derivatives are recorded at fair value calculated by valuation techniques based
on market prices, estimated future cash flows and forward interest rates.
The Group applies hedge accounting for certain derivatives that are designated and effective
as hedges of future cash flows (cash flow hedges). The Group documents at the inception of the
transaction the relationship between hedging instruments and hedged items, as well as its risk
management objectives and strategy for undertaking various hedging transactions. The Group
also documents its assessment, both at hedge inception and on an ongoing basis, of whether the
derivatives that are used in hedging transactions are highly effective in offsetting changes in fair
values or cash flows of hedged items. The fair values of various derivative instruments used for
hedging purposes are disclosed in note 16(e). Movements on the hedging reserve in other
comprehensive income are shown in note 21.
For cash flow hedges, the effective portion of changes in the fair value of derivatives that are
designated and qualify as cash flow hedges is recognised in the consolidated statement of other
comprehensive income. The gain or loss relating to the ineffective portion is recognised
immediately in the consolidated income statement within other income/expenses. Amounts
accumulated in equity are reclassified to profit or loss in the periods when the hedged item
affects profit or loss.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue
of new shares are shown in equity as a deduction, net of tax, from the proceeds.
Investment in own shares
The Group operates an Employee Share Ownership Trust (‘ESOT’) and a trust for the Share
Incentive Plan (‘SIP’). When the Group funds these trusts in order to purchase Company shares,
the loan is deducted from shareholders’ equity as investment in own shares.
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Strategic Report Our Governance Financial Statements Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

Operating segments
Operating segments are reported in a manner consistent with the internal reporting provided
to the chief operating decision maker. The chief operating decision maker is the person or group
that allocates resources to and assesses the performance of the operating segments of an entity.
The Group has determined that its chief operating decision maker is the Executive Committee of
the Company. As at 31 March 2025, the Group considers that it has only one operating segment,
being a single portfolio of commercial property providing business accommodation for rent in
and around London.
Revenue recognition
Revenue comprises rental income, service charges and other sums receivable from the Group’s
investment properties. Other sums comprise supplies of utilities, premia associated with
surrender of tenancies, commissions, fees and other sundry income.
All the Group’s properties are leased out under operating leases and are included in investment
property in the consolidated balance sheet. In accordance with IFRS 16, rental income from
leases is recognised in the consolidated income statement on a straight-line basis over the lease
term. Rent received in advance is deferred in the consolidated balance sheet and recognised in
the period to which it relates. If the Group provides significant incentives to its customers the
incentives are recognised over the lease term on a straight-line basis.
Service charges and other sums receivable from tenants are recognised on an accruals basis by
reference to the stage of completion of the relevant service or transactions at the reporting date.
These services generally relate to a 12-month period.
Direct costs
Direct costs comprise service charges and other costs directly recoverable from tenants and
non-recoverable costs directly attributable to investment properties and other revenue streams.
Exceptional items
Exceptional items are those items that, in the Directors’ view, are required to be separately
disclosed by virtue of their size or incidence and the nature of the costs being one off to enable a
full understanding of the Group’s financial performance.
Share-based payments
The Group operates a number of share schemes under which the Group receives services from
employees as consideration for equity instruments of the Company.
The fair value of the employee services received in exchange for the grant of share awards and
options is recognised as an expense over the vesting period.
Fair value is measured by the use of Monte-Carlo valuation and Black-Scholes modelling
techniques. In valuing equity-settled transactions, assessment is made of any vesting conditions
to categorise these into market performance conditions, non-market performance conditions
and service conditions.
Pensions
The Group operates a defined contribution pension scheme. Contributions are charged to the
consolidated income statement on an accruals basis.
Taxation
Current income tax is tax payable on the taxable income for the year and any prior year
adjustment, and is calculated using tax rates that are relevant to the financial year.
Deferred tax is provided in full on temporary differences between the tax base of an asset or
liability and its carrying amount in the balance sheet. Deferred tax is determined using tax rates
that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets
are recognised when it is probable that taxable profits will be available against which the
deferred tax asset can be utilised.
Compliance with the Real Estate Investment Trust (‘REIT’) taxation regime
The Group is a REIT and is thereby exempt from tax on both rental profits and chargeable
gains from its UK property rental business.
In order to retain REIT status, certain ongoing criteria must be maintained. The main criteria
are as follows:
– at the start of each accounting period, the assets of the tax-exempt business must be
at least 75% of the total value of the Group’s assets;
– at least 75% of the Group’s total profits must arise from the tax-exempt business; and
– at least 90% of the tax-exempt business earnings must be distributed.
Dividend distributions
Final dividend distributions to the Company’s shareholders are recognised as a liability in the
Group’s financial statements in the period in which the dividends are approved, while interim
dividends are recognised when paid.
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Strategic Report Our Governance Financial Statements Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

1. ANALYSIS OF NET RENTAL INCOME AND SEGMENTAL INFORMATION
2025
2024
costs
1
costs
1
Rental income
144.9
(6.7)
138.2
145.0
(4.9)
140.1
Service charges
33.2
(37.4)
(4.2)
32.6
(37.5)
(4.9)
Empty rates and other
non-recoverable costs
–
(11.5)
(11.5)
–
(10.2)
(10.2)
and sundry income
7.1
(7.5)
(0.4)
6.7
(5.5)
1.2
185.2
(63.1)
122.1
184.3
(58.1)
126.2
1. There was one property within the current period (prior period: two) that were non-rent producing. Direct costs relating to
investment properties that did not generate any rental income were nil (2024: nil).
Included within direct costs for rental income is a charge of £1.0m (2024: £0.8m) for expected
credit losses in respect of receivables from customers in the period.
All of the properties within the portfolio are geographically close to each other and have similar
economic features and risks. Management information utilised by the Executive Committee to
monitor and review performance is presented as one portfolio. As a result, for the year ended
31 March 2025, management have determined that the Group operates a single operating
segment providing business accommodation for rent in and around London.
2. OPERATING PROFIT/(LOSS)
The following items have been charged in arriving at operating profit/(loss):
Depreciation
1
(note 11)
1.4
1.7
Staff costs (including share-based payment costs)
1
(note 5)
31.9
30.5
Repairs and maintenance expenditure on investment properties
5.3
3.7
Trade receivables impairment (note 13)
1.0
0.8
Amortisation of intangibles
2
1.5
0.6
Audit fees payable to the Company’s Auditor
0.6
0.8
1. Charged to direct costs and administrative expenses based on the underlying nature of the expenses.
2. During the year the amortisation charge was expensed to administrative costs and other expenses following a change
in the expected useful life of the assets (2024: amortisation charge was expensed to administrative costs).
Audit of Parent Company and consolidated financial statements
457
507
Audit of subsidiary financial statements
46
110
503
617
Audit-related assurance services
1
67
97
Total fees payable to Auditor
570
714
1. Audit-related assurance services consist of £67k for half year review (2024: £97k).
Staff costs
13.8
14.8
Equity-settled share-based payments
2.4
3.1
Cash-settled share-based payments
0.2
0.2
Other
6.9
7.2
Total administrative expenses
23.3
25.3
3(a). LOSS ON DISPOSAL OF INVESTMENT PROPERTIES AND ASSETS HELD FOR SALE
Proceeds from sale of investment properties (net of sale costs)
38.4
12.3
Proceeds from sale of assets held for sale (net of sale costs)
40.4
96.2
Book value at time of sale
(80.3)
(110.8)
Loss on disposal
(1.5)
(2.3)
3(b). OTHER EXPENSES
Other expenses
(3.6)
(1.2)
(3.6)
(1.2)
Other expenses include exceptional one-off costs relating to the replacement of our finance
and property management system and CRM system of £2.7m (2024: £1.2m), which brings the
cumulative spend to date to £5.7m with a forecast spend in the next financial year of £1.2m
in relation to the CRM system with an expected go live date in the second half of the year.
There are also one-off costs relating to the new CEO appointed in the year of £0.9m (2024: £nil).
These costs are outside the Group’s normal trading activities.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

4. NET FINANCE COSTS
Interest payable on bank loans and overdrafts
(12.8)
(15.0)
Interest payable on other borrowings
(19.3)
(19.3)
Amortisation of issue costs of borrowings
(1.8)
(1.7)
Interest payable on leases
(2.1)
(2.1)
Interest capitalised on property refurbishments (note 10)
3.4
3.0
Interest receivable
0.6
0.2
Total net finance costs
(32.0)
(34.9)
All finance costs have been calculated in accordance with IFRS 9, re-estimating the cash flows based
on the original effective interest rate with any adjustment being taken through the consolidated
income statement, with the exception of interest payable on leases which is calculated in
accordance with IFRS 16.
5. EMPLOYEES AND DIRECTORS
Wages and salaries
27.5
26.2
Social security costs
3.2
3.4
Other pension costs (note 24)
1.4
1.3
Equity-settled share-based costs (note 23)
2.6
3.1
34.7
34.0
Less costs capitalised
(2.8)
(3.5)
31.9
30.5
Head office staff (including Directors)
173
166
Estates and property management staff
162
152
335
318
The emoluments and pension benefits of the Directors are determined by the Remuneration
Committee of the Board and are set out in detail in the Directors’ Remuneration Report on
pages 192 to 230.
Total Directors’ emoluments for the financial year were £2,4m (2024: £2.9m), comprising
of £2.1m (2024: £2.2m) of Directors’ remuneration, £0.3m (2024: £0.6m) gain on exercise
of share options and £0.1m (2024: £0.1m) of cash contributions in lieu of pension in respect
of three Directors (2024: two).
6. TAXATION
UK corporation tax
–
–
Adjustments to tax in respect of previous periods
–
–
–
–
On origination and reversal of temporary differences
–
(0.3)
–
(0.3)
Total taxation credit
–
(0.3)
The tax on the Group’s profit/(loss) for the year differs from the standard applicable corporation
tax rate in the UK of 25% (2024: 25%). The differences are explained below:
Profit/(loss) before taxation
5.4
(192.8)
(2024: 25%)
1.4
(48.2)
REIT exempt income
(17.2)
(19.2)
Changes in fair value not subject to tax as a REIT
14.3
63.8
Share-based payment adjustments
0.2
0.5
Unrecognised losses carried forward
1.0
2.7
Other non-taxable expenses
0.3
0.1
Total taxation credit
–
(0.3)
The Group is a Real Estate Investment Trust (‘REIT’). The Group’s UK property rental business
(both income and capital gains) is exempt from UK corporation tax. The Group estimates that as
the majority of its future profits will be exempt from tax, future tax charges are likely to be low.
Profits arising from any residual business activities (e.g. trading activities and interest income), after
the utilisation of tax losses, are subject to corporation tax at the main rate of 25% for the period.
The Group currently has an unrecognised asset in relation to tax losses from the non-REIT
business carried forward of £8.6m (2024: £8.9m) calculated at a corporation tax rate of 25%
(2024: 25%).
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Strategic Report Our Governance Financial Statements Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

7. DIVIDENDS
Payment date
Per share
Final dividend
August 2023
17 .4p
–
33.3
Interim dividend
February 2024
9.0p
–
17.3
Final dividend
August 2024
19.0p
36.5
–
Interim dividend
February 2025
9.4p
18.0
–
Dividends for the year
54.5
50.6
Timing difference on payment of withholding tax
1.8
0.1
Dividends cash paid
56.3
50.7
The Directors are proposing a final dividend in respect of the financial year ended 31 March 2025
of 19.0 pence per ordinary share, which will absorb an estimated £36.5m of retained earnings
and cash. If approved by the shareholders at the AGM, it will be paid on 1 August 2025 to
shareholders who are on the register of members on 4 July 2025. The dividend will be paid
as a REIT Property Income Distribution (‘PID’) net of withholding tax where appropriate.
8. EARNINGS PER SHARE
£m
2
Basic and diluted earnings
5.4
(192.5)
(192.5)
Decrease in fair value of investment properties
55.9
251.2
251.2
Impairment of assets held for sale
0.4
4.1
4.1
Loss on disposal of investment properties
1.5
2.3
2.3
Other expenses
2
(note 3(b))
3.6
1.2
–
EPRA earnings
66.8
66.3
65.1
Other expenses (note 3(b))
–
–
1.2
Taxation
–
(0.3)
(0.3)
Trading profit after interest
66.8
66.0
66.0
Earnings have been adjusted to derive an earnings per share measure as defined by the European
Public Real Estate Association (‘EPRA’) and an adjusted underlying earnings per share measure.
Number
2
(excluding own shares held in trust)
191,997,294
191,676,994
191,676,994
Dilution due to share option schemes
1,770,841
1,537,856
1,537,856
for diluted earnings per share
193,768,135
193,214,850
193,214,850
In pence:
2025
2024 (Restated)
2024
Basic earnings/(loss) per share
2.8p
(100.4p)
(100.4p)
Diluted earnings/(loss) per share
2.8p
(100.4p)
(100.4p)
EPRA earnings per share
34.8p
34.6p
34.0p
Diluted EPRA earnings per share
34.5p
34.3p
34.0p
Adjusted underlying earnings per
share
1
34.5p
34.1p
34.1p
Adjusted underlying earnings per share (basic)
34.8p
34.4p
34.4p
1. Adjusted underlying earnings per share is calculated by dividing trading profit after interest by the diluted weighted average
number of shares of 193,768,135 (2024: 193,214,850).
2. The EPRA Best Practice Guidelines were updated in 2024, the new guidelines have been adopted and applied for the year
ended 31 March 2025. To ensure comparability, EPRA earnings as at 31 March 2024 have been restated in line with the new
guidelines. The key change in the guidelines is to include an additional adjustment to EPRA earnings for non-operating and
exceptional items. Other expenses (see note 3(b)) are now considered to be adjusting items for this reason.
The diluted loss per share for the period to 31 March 2024 has been restricted to a loss of
100.4p per share, as the loss per share cannot be reduced by dilution in accordance with
IAS 33 Earnings per Share.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

9. NET ASSETS PER SHARE AND TOTAL ACCOUNTING RETURN
Shares in issue at year end
192,143,004
191,910,392
Less own shares held in trust at year end
(57,524)
(139,649)
Dilution due to share option schemes
1,871,843
1,637,759
adjusted net assets per share
193,957,323
193,408,502
EPRA Net Asset Value Metrics
The Group measures financial position with reference to EPRA Net Tangible Assets (‘NTA’),
Net Reinvestment Value (‘NRV’) and Net Disposal Value (‘NDV’).
March 2025
March 2024
IFRS Equity attributable
to shareholders
1,502.2
1,502.2
1,502.2
1,548.9
1,548.9
1,548.9
financial instruments
0.1
0.1
–
(0.2)
(0.2)
–
Intangibles per IFRS balance sheet
–
(1.1)
–
–
(2.2)
–
over fair value
–
–
39.9
–
–
59.3
Purchasers’ costs
161.0
–
–
166.4
–
–
EPRA measure
1,663.3
1,501.2
1,542.1
1,715.1
1,546.5
1,608.2
EPRA measure per share
£8.58
£7.74
£7.95
£8.87
£8.00
£8.32
Total accounting return
Opening EPRA net tangible assets per share (A)
8.00
9.27
Closing EPRA net tangible assets per share
7.74
8.00
Decrease in EPRA net tangible assets per share
(0.26)
(1.27)
Ordinary dividends paid in the year
0.28
0.26
Total return (B)
0.02
(1.01)
Total accounting return (B/A)
0.3%
(10.9%)
The total accounting return for the year comprises the movement in absolute EPRA net tangible
assets per share plus dividends paid in the year as a percentage of the opening EPRA net
tangible assets per share. The total return for the year ended 31 March 2025 was 0.3% (31 March
2024: – 10.9%).
10. INVESTMENT PROPERTIES
Balance at 1 April
2,408.5
2,643.3
Capital expenditure
54.3
68.4
Capitalised interest on refurbishments (note 4)
3.4
3.0
Disposals during the year
(38.5)
(12.5)
Change in fair value of investment properties
(55.9)
(251.2)
in advance under IFRS 16
0.2
1.4
Less: Classified as assets held for sale
(20.3)
(43.9)
Balance at 31 March
2,351.7
2,408.5
Investment properties represent a single class of property, being business accommodation
for rent in and around London.
Investment properties include buildings with a carrying amount of £291.9m (2024: £317.2m)
for which there are lease obligations of £34.7m (2024: £34.7m). Investment property lease
commitment details are shown in note 17.
Disposed properties tenant incentives relate to disposed properties during the year, where there
were tenant lease incentives accounted for under IFRS 16.
Capitalised interest is included at a rate of capitalisation of 6.7% (2024: 6.8%). The total amount
of capitalised interest included in investment properties is £21.5m (2024: £18.1m).
The change in fair value of investment properties is recognised in the consolidated income statement.
Investment property held for sale
Balance at 1 April
65.7
123.0
Capital expenditure
1.4
1.2
Reclassified from investment properties in the period
20.3
43.9
Disposals during the year
(41.8)
(98.3)
Impairment of assets held for sale
(0.4)
(4.1)
Balance at 31 March
45.2
65.7
Two of the properties classified as held for sale at the end of the prior year were not sold during
the year. One of these is retained within current assets as it is still expected to sell within the next
12 months to 31 March 2026. One of them exchanged during the year.
Four (2024: six) additional properties were reclassified as held for sale at year-end. Two of these
properties have exchanged for sale and all are likely to complete within the next 12 months.
The transfer value is their year-end valuation per CBRE.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

10. INVESTMENT PROPERTIES CONTINUED
Valuation
The Group’s investment properties are held at fair value and were revalued at 31 March 2025
by the external valuer, CBRE Limited, a firm of independent qualified valuers, in accordance with
the Royal Institution of Chartered Surveyors Valuation – Global Standards. All the properties are
revalued at period end regardless of the date of acquisition. In line with IFRS 13, all investment
properties are valued on the basis of their highest and best use. For like-for-like properties, their
current use equates to the highest and best use. For properties undergoing refurbishment or
redevelopment, most of these are still being used for business accommodation in their current
state. However, the valuation at the balance sheet date includes the impact of the potential
refurbishment and redevelopment as this represents the highest and best use.
The Executive Committee and the Board both conduct a detailed review of the property
valuation to assess whether appropriate assumptions have been applied and that valuations
are appropriate. Meetings are held with the valuers to discuss and challenge the valuations,
to confirm that they have considered all relevant information.
The valuation of like-for-like properties (which are not undergoing significant refurbishment or
redevelopment) is based on the income capitalisation method which applies market-based yields
to the Estimated Rental Values (‘ERVs’) of each of the properties. Yields are based on current
market expectations depending on the location and use of the property. ERVs are based on
estimated rental potential considering current rental streams and market comparatives whilst
also considering the occupancy and timing of rent reviews at each property. Although occupancy
and rent review timings are known, and there is market evidence for transaction prices for similar
properties, there is still a significant element of estimation and judgement in estimating ERVs.
The ERVs include assumptions about future occupancy levels, these are primarily derived from
current occupancy levels adjusted as considered necessary by the valuer. As a result of
adjustments made to market observable data, the significant inputs are deemed unobservable
under IFRS 13.
When valuing properties where Workspace is carrying out a major refurbishment, the residual
value method is used. The completed value of the refurbishment is determined as for like-for-like
properties above. This is then adjusted for costs to complete and developers’ profit margin.
A discount factor is applied to reflect the time period to complete construction and make
allowance for construction and market risk to arrive at the residual value of the property.
The discount factor used is the property yield that is also applied to the estimated rental value
to determine the value of the completed building. Other risks such as unexpected time delays
relating to planned capital expenditure are assessed on a project-by-project basis, looking
at market comparable data where possible and the complexity of the proposed scheme.
Redevelopment properties are also valued using the residual value method. The proposed
redevelopment which would be undertaken by a residential developer is valued based on the
market value for similar sites and then adjusted for costs to complete, developer’s profit margin
and a time discount factor. Allowance is also made for planning and construction risk depending
on the stage of the redevelopment. If a contract is agreed for the sale/redevelopment of the site,
the property is valued based on agreed consideration.
For all methods, the valuer is provided with information on tenure, letting, town planning and the
repair of the buildings and sites.
The reconciliation of the valuation report total to the amount shown in the consolidated balance
sheet as non-current assets, investment properties, is as follows:
Total per CBRE valuation report
2,367.8
2,446.5
Deferred consideration on sale of property
(0.6)
(0.6)
Head leases treated as leases under IFRS 16
34.7
34.7
Tenant incentives recognised under IFRS 16
(5.0)
(6.4)
Less: Reclassified as assets held for sale
(45.2)
(65.7)
Total investment properties per balance sheet
2,351.7
2,408.5
The Group’s investment properties are carried at fair value and under IFRS 13 are required to be
analysed by level depending on the valuation method adopted. The different valuation methods
are as follows:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the
entity can access at the measurement date.
Level 2 – Use of a model with inputs (other than quoted prices included in Level 1) that are
directly or indirectly observable market data.
Level 3 – Use of a model with inputs that are not based on observable market data.
As noted in the significant judgements and critical estimates section, property valuations are
complex and involve data which is not publicly available and involve a degree of judgement.
All the investment properties are classified as Level 3, due to the fact that one or more
significant inputs to the valuation are not based on observable market data.
CBRE have made enquiries to ascertain any sustainability factors which are likely to impact
on value, consistent with the scope of their terms of engagement. Sustainability encompasses
a wide range of physical, social, environmental, and economic factors that can affect the value of
an asset, even if not explicitly recognised. This includes key environmental risks; such as flooding,
energy efficiency, climate, design, legislation and management considerations – as well as
current and historic land use. Where CBRE recognise the value impacts of sustainability, they
reflect their understanding of how market participants include sustainability factors in their
decisions and the consequential impact on market valuations.
255
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

10. INVESTMENT PROPERTIES CONTINUED
Valuation continued
The following table summarises the valuation techniques and inputs used in the determination
of the property valuation at 31 March 2025.
Key unobservable inputs:
ERVs – per sq. ft.
Equivalent yields
technique
Range
average
Range
Like-for-like
1,755.8
A
£24-£84
£51
5.9%-8.6%
6.8%
Completed projects
167.8
A
£25-£55
£37
4.9%-7.6%
6.9%
Refurbishments
322.6
A/B
£23-£75
£36
5.3%-10.2%
7.2%
South East Office
75.8
A
£25-£35
£29
8.4%-12.5%
10.3%
Tenant incentives
(5.0)
N/A
–
–
–
–
Head leases
34.7
N /A
–
–
–
–
Total
2,351.7
A = Income capitalisation method.
B = Residual value method.
See appendices for breakdown of properties by category.
A key unobservable input for redevelopments at planning stage and refurbishments is developer’s
profit. The range is 0%–15% with a weighted average of 3%.
Costs to complete are not considered to be a significant unobservable input for refurbishments
due to the high percentage of costs that are fixed.
Sensitivity analysis:
A +/- 10% movement in ERVs or a +/- 25 basis points movement in yields would result in the
following increase/decrease in the valuation.
£m
+/- 10% in ERVs
+/- 25 bps in yields
Like-for-like
+176/-176
-62/+67
Completed projects
+17/-17
-6/+6
Refurbishments
+37/-37
-13/+14
South East Office
+8/-8
-2/+2
The following table summarises the valuation techniques and inputs used in the determination
of the property valuation at 31 March 2024.
Key unobservable inputs:
ERVs – per sq. ft.
Equivalent yields
technique
Range
average
Range
Like-for-like
1,833.2
A
£24-£81
£49
4.9%-8.4%
7.0%
Completed projects
137.4
A
£25-£53
£35
6.6%-7.2%
7.3%
Refurbishments
318.5
A/B
£24-£75
£38
5.0%-9.9%
7.3%
Redevelopments
18.9
A/B
£18-£30
£19
4.8%-8.7%
7.4%
South East Office
72.2
A
£25-£40
£30
8.0%-11.4%
10.4%
Tenant incentives
(6.4)
N/A
–
–
–
–
Head leases
34.7
N /A
–
–
–
–
Total
2,408.5
A = Income capitalisation method.
B = Residual value method.
A key unobservable input for redevelopments at planning stage and refurbishments
is developer’s profit. The range is 10%–19% with a weighted average of 15%.
Costs to complete is a key unobservable input for redevelopments at planning stage
with a range of £273-£416 per sq. ft. and a weighted average of £325 per sq. ft.
Costs to complete are not considered to be a significant unobservable input for refurbishments
due to the high percentage of costs that are fixed.
Sensitivity analysis:
A +/- 10% movement in ERVs or a +/- 25 basis points movement in yields would result
in the following increase/decrease in the valuation.
£m
+/- 10% in ERVs
+/- 25 bps in yields
Like-for-like
+183/-183
-66/+71
Completed projects
+14/-14
-5/+5
Refurbishments
+35/-35
-15/+17
Redevelopments
+0/-0
-0/+0
South East Office
+27-27
-9/+9
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

11. PROPERTY, PLANT AND EQUIPMENT
1 April 2023
12.5
Additions during the year
0.5
Disposals during the year
(4.8)
Balance at 31 March 2024
8.2
Additions during the year
1.9
Disposals during the year
(0.2)
Balance at 31 March 2025
9.9
1 April 2023
8.1
Charge for the year
1.7
Disposals during the year
(4.6)
Balance at 31 March 2024
5.2
Charge for the year
1.4
Disposals during the year
(0.1)
Balance at 31 March 2025
6.5
Net book amount at 31 March 2025
3.4
Net book amount at 31 March 2024
3.0
12. OTHER INVESTMENTS
The Group holds the following investments:
2.0% of share capital of Wavenet Limited
3.3
3.2
3.3
3.2
In accordance with IFRS 9 the shares in Wavenet Limited have been valued at fair value, resulting
in £0.1m movement in the financial year (2024: £1.1m), recognised in the consolidated statement
of comprehensive income.
13. TRADE AND OTHER RECEIVABLES
Trade receivables
19.2
22.6
Less provision for impairment of receivables
(3.5)
(3.9)
Trade receivables – net
15.7
18.7
Prepayments, other receivables and accrued income
14.0
16.9
Deferred consideration on sale of investment properties
3.1
1.1
32.8
36.7
Receivables at fair value
Included within deferred consideration on sale of investment properties is £0.6m (2024: £0.6m)
of overage which is held at fair value through profit and loss. As the amounts receivable are
expected within the following 12 months they have been classified as current receivables.
The deferred consideration arising on the sale of investment properties relates to cash and
overage. The overage has been fair valued by CBRE Limited using appropriate discount rates,
and will be revalued on a regular basis. This is a Level 3 valuation of a financial asset, as defined
by IFRS 13. The change in fair value recorded in the consolidated income statement was £nil
(31 March 2024: £nil).
Balance at 1 April
1.1
11.2
Cash received
–
(10.1)
Additions
2.0
–
Balance at 31 March
3.1
1.1
Receivables at amortised cost
The remaining receivables are held at amortised cost. There is no material difference between
the above amounts and their fair values due to the short-term nature of the receivables. Trade
receivables are impaired when there is evidence that the amounts may not be collectable under
the original terms of the receivable. All the Group’s trade and other receivables are denominated
in Sterling.
Movements on the provision for impairment of trade receivables are shown below:
Balance at 1 April
3.9
4.6
Increase in provision for impairment of trade receivables
1.0
0.8
Receivables written off during the year
(1.4)
(1.5)
Balance at 31 March
3.5
3.9
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

14. CASH AND CASH EQUIVALENTS
Cash at bank and in hand
25.3
4.1
Restricted cash
7.4
7.5
32.7
11.6
£7.2m (2024: £6.7m) of the restricted cash relates to tenants’ deposit deeds which represent
returnable cash security deposits received from tenants which are held in ring-fenced bank
accounts in accordance with the terms of the individual lease contracts. The remaining balance
relates to restricted cash under terms of development projects’ funding.
15. TRADE AND OTHER PAYABLES
Trade payables
6.8
7.4
Other tax and social security payable
3.2
4.8
Tenants’ deposit deeds
7.3
8.2
Tenants’ deposits
32.1
32.0
Accrued expenses
31.7
28.5
Deferred income – rent and service charges
11.1
12.1
92.2
93.0
There is no material difference between the above amounts and their fair values due to the
short-term nature of the payables.
16. BORROWINGS
(a) Balances
3.07% Senior Notes (unsecured)
79.9
–
Bank loans (unsecured)
178.2
192.3
Other loans (secured)
64.3
64.1
3.07% Senior Notes (unsecured)
–
79.9
3.19% Senior Notes (unsecured)
119.9
119.9
3.6% Senior Notes (unsecured)
99.9
99.9
Green Bond (unsecured)
299.1
298.7
761.4
854.8
Total borrowings
841.3
854.8
(b) Net debt
Borrowings per (a) above
Adjust for:
841.3
854.8
Cost of raising finance unamortised
3.7
4.2
845.0
859.0
Cash at bank and in hand (note 14)
(25.3)
(4.1)
Net debt
819.7
854.9
At 31 March 2025, the Group had £235.0m (2024: £141.0m) of undrawn bank facilities, a £2.0m
overdraft facility (2024: £2.0m) and £25.3m of unrestricted cash (2024: £4.1m).
The Group has a loan to value covenant applicable to the Bank Loans and Senior Debt
Borrowings of 60%, Green Bond of 65% and Aviva Loan of 55%. Loan to value at 31 March 2025
was 34% (31 March 2024: 35%).
The Group also has an interest cover covenant of 2.0x applicable to the Bank Loan and Senior
Debt Borrowings, 1.75x applicable for the Green Bond and 2.25x applicable for the Aviva Loan.
This is calculated as net rental income divided by interest payable on loans and other
borrowings. At 31 March 2025 interest cover was 3.8x (31 March 2024: 3.7x).
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

16. BORROWINGS CONTINUED
(c) Maturity
Repayable within one year
80.0
–
Repayable between one and two years
80.0
80.0
Repayable between two and three years
420.0
194.0
Repayable between three years and four years
200.0
420.0
Repayable between four years and five years
–
100.0
Repayable in five years or more
65.0
65.0
845.0
859.0
Cost of raising finance
(3.7)
(4.2)
Total
841.3
854.8
(d) Interest rate and repayment profile
£m
Interest rate
Interest payable
Repayable
one year or on demand
–
Base + 2.25%
Variable
On demand
3.07% Senior Notes
80.0
3.07%
Half yearly
August 2025
3.19% Senior Notes
120.0
3.19%
Half yearly
August 2027
3.6% Senior Notes
100.0
3.60%
Half yearly
January 2029
Bank Loan
–
SONIA + 1.77%
1
Variable
December 2026
Bank Loan
100.0
SONIA + 1.82%
1
Variable
November 2028
Bank Loan
80.0
SONIA + 1.80%
1
Half yearly
November 2026
Other Loan (Secured)
65.0
4.02%
Quarterly
May 2030
Green Bond
300.0
2.25%
Yearly
March 2028
845.0
1. The base margin is dependent upon the LTV as reported in the client certificate, which is submitted twice a year. The base
margin can be adjusted further by up to 4.5bps dependent upon achievement of three ESG-linked metrics.
(e) Derivative financial instruments
The Group uses a mixture of fixed rate and variable rate facilities to manage its interest rate
exposure appropriately to provide operational and budget certainty. To manage the interest rate
risk arising on variable rate debt, £100m of the debt has been swapped to fixed rate GBP using
an interest rate swap.
The hedged item is designated as the variability of the cash flows of the specific debt instrument
arising from future changes in the SONIA rate, which is an eligible hedged item.
Hedge effectiveness is assessed on critical terms (amount, interest rate, interest settlement dates,
currency and maturity date). The critical terms of this hedging relationship perfectly matched
at origination, so for the prospective assessment of effectiveness a qualitative assessment was
performed. The interest rate swap creates an equal and opposite interest receipt and a fixed
interest payment, therefore creating an exact offset for this transaction resulting in a net fixed
interest payable. Potential sources of hedge ineffectiveness include significant change in the
credit risk of either party or a reduction in the hedged item as such will impact the economic
relationship between the fair value changes of the hedged item and the swap.
The effects of the interest rate swap hedging relationship is as follows:
2025
2024
Carrying amount of derivative
(0.1)
0.2
Change in fair value of designated hedging instrument
(0.3)
0.2
Notional amount £m
100
100
Rate payable (%)
4.285
4.285
Maturity
31 January 2026
31 January 2026
Hedge ratio
1:1
1:1
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Strategic Report Our Governance Financial Statements Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

16. BORROWINGS CONTINUED
(f) Financial instruments and fair values
Bank loans
178.2
178.2
192.3
192.3
Other loans
64.3
61.5
64.1
61.6
Private Placement Notes
299.7
290.5
299.6
285.4
Lease obligations
34.7
34.7
34.7
34.7
Green Bond
299.1
271.2
298.7
256.1
876.0
836.1
889.4
830.1
Financial assets/(liabilities) at fair value through
other comprehensive income
Financial derivative
(0.1)
(0.1)
0.2
0.2
Other investments
3.3
3.3
3.2
3.2
3.2
3.2
3.4
3.4
Deferred consideration (including overage)
3.1
3.1
1.1
1.1
3.1
3.1
1.1
1.1
In accordance with IFRS 13, disclosure is required for financial instruments that are carried
or disclosed in the financial statements at fair value. The fair values of all the Group’s bank loans
and Private Placement Notes have been determined by reference to market prices and discounted
expected cash flows at prevailing interest rates and are Level 2 valuations. The Green bond is
listed on the Irish stock exchange and is measured at the quoted price using Level 1 valuations.
There have been no transfers between levels in the year.
The different levels of valuation hierarchy as defined by IFRS 13 are set out in note 10.
(g) Financial instruments by category
Deferred consideration (overage)
0.6
0.6
0.6
0.6
Cash and cash equivalents
32.7
11.6
Trade and other receivables excluding prepayments
1
23.5
27.4
56.2
39.0
c) Assets/(liabilities) at value through other comprehensive
income
Financial derivative
(0.1)
0.2
Other investments
3.3
3.2
3.2
3.4
Total
60.0
43.0
Borrowings
841.3
854.8
Lease liabilities
34.7
34.7
Trade and other payables excluding non-financial liabilities
2
77.9
76.1
953.9
965.6
1. Trade and other receivables exclude prepayments of £5.9m (2024: £5.0m), accrued income of £2.8m (2024: £3.7) and
non-cash deferred consideration of £0.6m (2024: £0.6m).
2. Trade and other payables exclude other tax and social security of £3.2m (2024: £4.8m) and deferred income of £11.1m
(2024: £12.1m).
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

16. BORROWINGS CONTINUED
(h) Changes in liabilities from financing activities
Balance at 1 April 2024
854.8
34.7
Proceeds from bank borrowings
341.5
–
Repayment of bank borrowings
(355.5)
–
Finance costs for new/amended borrowing facilities
(1.3)
–
Total changes from cash flows
(15.3)
–
Amortisation of issue costs of borrowing
1.8
–
Total other changes
1.8
–
Balance at 31 March 2025
841.3
34.7
Balance at 1 April 2023
908.9
34.7
Proceeds from bank borrowings
156.0
–
Repayment of bank borrowings
(211.0)
–
Finance costs for new/amended borrowing facilities
(0.8)
–
Total changes from cash flows
(55.8)
–
Amortisation of issue costs of borrowing
1.7
–
Total other changes
1.7
–
Balance at 31 March 2024
854.8
34.7
17. LEASE OBLIGATIONS
Lease liabilities are in respect of leased investment property.
Minimum lease payments under leases fall due as follows:
Within one year
2.1
2.1
Between one and five years
8.4
8.4
Between five and fifteen years
20.9
17.2
Beyond fifteen years
174.8
180.5
206.2
208.2
Future finance charges on leases
(171.5)
(173.5)
Present value of lease liabilities
34.7
34.7
Following the adoption of IFRS 16, lease obligations are shown separately on the face of the
balance sheet. The balance represents a non-current liability as the payment shown within one
year of £2.1m (2024: £2.1m) is offset by future finance charges on leases of £2.1m (2024: £2.1m).
All lease obligations are long leaseholds, therefore, the majority of the obligations fall beyond
fifteen years.
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Strategic Report Our Governance Financial Statements Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

18. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICY
The Group has identified exposure to the following financial risks:
– Market risk
– Credit risk
– Liquidity risk
– Capital risk management
The policies for managing each of these risks and the principal effects of these policies on the
results for the year are summarised below:
(a) Market risk
Market risk is the risk that changes in market conditions will affect the Group’s interest rates.
Borrowings at variable rates expose the Group to cash flow interest rate risk. Borrowings at fixed
rates expose the Group to fair value interest rate risk.
The Group finances its operations through a mixture of retained profits and borrowings. The
Group borrows at both fixed and floating rates of interest. At 31 March 2025, 91% (2024: 89%)
of Group borrowings were fixed.
All transactions entered into are approved by the Board and are in accordance with the Group’s
treasury policy. The Board also monitors variances on interest rates to budget and forecast rates
to ensure that the risk relating to interest rates is being sufficiently safeguarded. As at year end,
a reasonably possible interest rate movement of +/-1.0% would have increased or decreased net
interest payable by £0.8m (2024: £0.9m).
The interest cover covenant in relation to Group borrowings is a ratio of 2.0x and the Group targets
a minimum cover of 2.5x. For the year ended 31 March 2025 interest cover was 3.8x. Interest cover
is calculated as net rental income divided by interest payable on loans and other borrowings.
(b) Credit risk
The Group’s main financial assets are cash and cash equivalents, deposits with financial
institutions and trade and other receivables.
Credit risk is the risk of financial loss if a tenant or a counterparty to a financial instrument fails
to meet its contractual obligations. The Group’s exposure to this principal risk relates to the
receivables from tenants, deferred consideration on the sale of investment property and cash
and cash equivalent balances held with counterparties.
The Group’s exposure to credit risk in relation to receivables from tenants is influenced mainly
by the characteristics of individual tenants occupying its rental properties. The Group has
around 4,744 lettable units at 67 properties with overall occupancy of 79%. The largest 10 single
tenants generate around 10.4% of net rent roll. As such, the credit risk attributable to individual
tenants is relatively low.
The Group’s credit risk in relation to tenants is further mitigated by requiring that tenants provide
a deposit equivalent to three months’ rent on inception of lease as security against default. Total
tenant deposits held are £39.4m (2024: £40.2m). The Group monitors aged debt balances and
any potential bad debts every week, the information being reported to the Executive Committee
every month as part of the performance monitoring process.
Deferred consideration (cash and overage) on the sale of investment properties is contractual
and valued regularly by the external valuer based on current and future market factors. Cash and
cash equivalents and financial derivatives are held with major UK high street banks and strict
counterparty limits are operated on deposits.
The carrying amount of financial assets represents the maximum credit exposure. The maximum
exposure to credit risk at the reporting date was:
Cash and cash equivalents (note 14)
32.7
11.6
Trade receivables – current (note 13)
15.7
18.7
Deferred consideration – current (note 13)
3.1
1.1
51.5
31.4
(c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they
fall due.
The Group’s approach to managing liquidity is to target a minimum headroom on loan facilities
of £50.0m, so as to have sufficient funds to meet financial obligations as they fall due. This is
performed via a variety of methods including daily cash flow review and forecasting, monthly
monitoring of the maturity profile of debt and the regular review of borrowing facilities in
relation to the Group’s requirements and strategy. The Board reviews compliance with loan
covenants which include agreed interest cover and loan to value ratios, alongside review of
available headroom on loan facilities.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

18. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICY CONTINUED
(c) Liquidity risk continued
To manage its liquidity effectively, the Group has an overdraft facility of £2.0m (2024: £2.0m),
two revolving loan facilities totalling £335.0m (2024: £335.0m). At 31 March 2025 headroom
excluding overdraft and cash was £235.0m (31 March 2024: £141.0m).
The following is an analysis of the contractual undiscounted cash flows payable under financial
liabilities, derivative financial instruments and trade and other payables existing at the balance
sheet date. Contracted cash flows are based upon the loan balances and applicable interest
rates payable on these at each year end.
Carrying
2
Private Placement Notes
300.0
88.4
7.4
125.0
102.9
323.7
Bank loan
100.0
6.2
6.2
6.2
104.1
122.7
Term loan
80.0
5.0
83.3
–
–
88.3
Green Bond
300.0
6.8
6.8
306.4
–
320.0
Other loans
65.0
2.6
2.6
2.6
70.5
78.3
Lease liabilities
34.7
2.1
2.1
2.1
199.9
206.2
Trade and other payables
1
77.9
77.9
–
–
–
77.9
957.6
189.0
108.4
442.3
477.4
1,217.1
Carrying
2
Private Placement Notes
300.0
9.9
88.3
7.4
227.2
332.8
Bank loan
125.0
4.4
4.4
131.1
–
139.9
Bank loan
69.0
4.8
4.8
69.2
–
78.8
Green Bond
300.0
6.8
6.8
6.8
306.3
326.7
Other loans
65.0
2.6
2.6
2.6
72.8
80.6
Lease liabilities
34.7
2.1
2.1
2.1
201.9
208.2
Trade and other payables
1
76.1
76.1
–
–
–
76.1
969.8
106.7
109.0
219.2
808.2
1,243.1
1. Trade and other payables exclude other tax and social security of £3.2m (2024: £4.8m) and deferred income of £11.1m
(2024: £12.1m).
2. Excludes unamortised borrowing costs.
(d) Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to
continue as a going concern, and monitor an appropriate mix of debt and equity financing.
Equity comprises issued share capital, reserves and retained earnings as disclosed in the
consolidated statement of changes in equity. Debt comprises the Green Bond, a secured loan,
a Term Loan, two Revolving Credit Facilities from banks and Private Placement Notes less cash
at bank and in hand.
At 31 March 2025, Group equity was £1,502.2m (2024: £1,548.9m) and Group net debt
(debt less cash at bank and in hand) was £819.7m (2024: £854.9m). Group gearing at
31 March 2025 was 55% (2024: 55%).
The Group’s borrowings are all unsecured apart from £65.0m. The details of each loan and
the covenants are disclosed in the borrowing note 16 and the loan covenants applicable to
these borrowings are being met comfortably. Loan to value is calculated using the total CBRE
investment property valuation (as per note 10) and the current net debt (as per note 16(b)).
Our target is to maintain loan to value below 30%. This may from time-to-time be exceeded
up to a maximum of 40% as steps are taken to reduce loan to value back below 30%.
Under the terms of the debt agreements the covenants are calculated at the end of each annual
and interim reporting period. There are no indications that the Group would have difficulties
complying with the covenants when they will next be tested.
19. NOTES TO CASH FLOW STATEMENT
Reconciliation of profit/(loss) for the year to cash generated from operations:
Profit/(Loss) before tax
5.4
(192.8)
Depreciation
1.4
1.7
Amortisation of intangibles
0.9
0.6
Letting fees amortisation
0.6
0.3
Loss on disposal of investment properties
1.5
2.3
Other expenses
0.7
1.2
Net loss from change in fair value of investment property
55.9
251.2
Impairment of assets held for sale
0.4
4.1
Equity-settled share-based payments
2.7
3.3
Finance costs
32.0
34.9
Decrease/(Increase) in trade and other receivables
5.7
(2.9)
Decrease in trade and other payables
(2.1)
(16.2)
Cash generated from operations
105.1
87.7
For the purposes of the cash flow statement, cash and cash equivalents include restricted cash
– tenants’ deposit deeds (note 14).
263
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Strategic Report Our Governance Financial Statements Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

20. SHARE CAPITAL AND SHARE PREMIUM
Issued: Fully paid ordinary shares of £1 each
192.1
191.9
Number of shares at 1 April
191,910,392
191,638,357
Issue of shares
232,612
272,035
Number of shares at 31 March
192,143,004
191,910,392
In the year, the Group issued 232,612 shares in relation to share schemes with net proceeds
£nil (31 March 2024: 272,035 share scheme options issued with £nil net proceeds).
Share capital
Share premium
Balance at 1 April
191.9
191.6
296.6
295.5
Issue of shares
0.2
0.3
–
1.1
Reduction of shares
–
–
(1.0)
–
Balance at 31 March
192.1
191.9
295.6
296.6
The movement in the year on share premium relates to the excess between the nominal value
and the vested share price on awarded shares to employees in the previous year. This has been
recycled to retained earnings in the current year.
21. OTHER RESERVES
Balance at 1 April 2023
0.4
–
25.3
65.3
91.0
Share-based payments
–
–
0.7
–
0.7
(note 12)
1.1
–
–
–
1.1
financial instruments (cash flow hedge)
–
0.2
–
–
0.2
Balance at 31 March 2024
1.5
0.2
26.0
65.3
93.0
Share-based payments
–
–
(0.4)
–
(0.4)
Share options lapsed in prior years
1
–
–
(21.2)
–
(21.2)
(note 12)
0.1
–
–
–
0.1
financial instruments (cash flow hedge)
–
(0.3)
–
–
(0.3)
Balance at 31 March 2025
1.6
(0.1)
4.4
65.3
71.2
options that had lapsed in prior years. The transfer should have been made prior to the date of the opening comparative
period, but was omitted. The error is not considered material and hence it is being corrected in the current year.
22. INVESTMENT IN OWN SHARES
The Company has an Employee Share Ownership Trust (‘ESOT’) and a trust for the Share
Incentive Plan (‘SIP’). Shares are purchased in the market for distribution at a later date in
accordance with the terms of the various share schemes. The shares are held by independent
trustees. At 31 March 2025, the number of shares held by the ESOT totalled 36,886 (2024: 84,466).
The SIP is governed by HMRC rules (note 23). At 31 March 2025, the number of shares held
for the SIP totalled 20,638 (2024: 50,290).
In the year the Group transferred the excess amounts held in the investment in own shares
reserve to retained earnings in accordance with the carrying value of the remaining shares held.
The transfer should have been made prior to the date of the opening comparative period, but was
omitted. The error is not considered material and hence it is being corrected in the current year.
264
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Strategic Report Our Governance Financial Statements Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

23. SHARE-BASED PAYMENTS
The Group operates a number of share schemes:
(a) Long Term Incentive Plan (‘LTIP’) and Restricted Share Awards (‘RSA’)
The LTIP scheme is a performance award scheme whereby shares are issued against
Group performance measures which are assessed over the three-year vesting period.
The performance measures for the 2022 scheme are:
– Relative Total Shareholder Return (‘TSR’)
– Total Property Return compared to the IPD benchmark
The performance measures for the 2023 and 2024 schemes are:
– Relative Total Shareholder Return (‘TSR’)
– Relative Earnings per share (‘EPS’) growth
– Relative ESG metrics
– Relative Total Accounting Return (‘TAR’)
The shares are issued at nil cost to the individuals provided the performance conditions are met.
Under the 2024 LTIP scheme, 330,533 performance shares and 412,923 restricted shares were
awarded in June 2024 and 89,814 performance shares in November 2024 to Directors and
Senior Management (2023 LTIP scheme: 365,938 performance shares and 430,962 restricted
shares were awarded in June 2023).
Details of the movements for the LTIP and RSA scheme during the year were as follows:
At 1 April 2023
1,764,188
Granted (‘LTIP ’)
365,938
Granted (‘RSA’)
430,962
Exercised
(259,497)
Lapsed
(276,699)
At 31 March 2024
2,024,892
Granted (‘LTIP ’)
420,347
Granted (‘RSA’)
412,923
Exercised
(232,612)
Lapsed
(670,902)
1
At 31 March 2025
1,954,648
1. Included within the lapse figure in the year are 274,992 in relation to curtailment of service for the former CEO.
For the 2021 LTIP scheme, which vested in June 2024, the average closing share price at the date
of exercise of shares exercised during the year was £5.85 (2020 LTIP scheme: £5.30).
A binomial model was used to determine the fair value of the LTIP grant for the Relative TSR
element of the schemes.
Assumptions used in the model were as follows:
Share price at grant
562p
589p
470p
642p
841p
842p
Exercise price
Nil
Nil
Nil
Nil
Nil
Nil
Average expected life (years)
3
3
3
3
3
3
Risk-free rate
4.09%
4.09%
4.95%
1.96%
0.49%
0.16%
Average share price volatility
31.2%
32.3%
33.9%
41.5%
42.6%
39.5%
Correlation
68%
65%
52%
46%
47%
45%
TSR starting factor
1.14
1.15
0.96
0.85
1.14
1.11
– Relative TSR element
375p
383p
294p
333p
446p
475p
The fair value of the 2024 RSA Scheme and the additional three new measures (EPS growth,
ESG metrics and TAR) for the 2024 LTIP Scheme are all measured at the grant date share price.
The Total Property Return compared to the IPD benchmark is a non-market-based condition
and the intrinsic value is therefore the share price at date of grant. At each balance sheet date,
the Directors will assess the likelihood of meeting the conditions under this element of the scheme.
The impact of the revision to original estimates, if any, is recognised in the income statement
with a corresponding adjustment to equity. There is no Total Property Return element for the
2024 or 2023 LTIP schemes, (LTIP 2022: 50% of the Total Property Return element will vest). The
assessment at year end for the performance measures included in the 2024 LTIP schemes were
50% of the relative EPS growth element will vest (LTIP 2023: 50%); 50% of the relative ESG
metrics element will vest (LTIP 2023: 50%); and 50% of the relative TAR element will vest (LTIP
2023: 50%).
The expected Workspace share price volatility was determined by taking account of the daily
share price movement over a three-year period. The respective FTSE 250 Real Estate share price
volatility and correlations were also determined over the same period. Assessment is made of
any vesting conditions to categorise these into market performance conditions, non-market
performance conditions and service conditions to value equity-settled transactions.
The risk-free rate has been determined from market yield curves for government zero-coupon bonds
with outstanding terms equal to the average expected term to exercise for each relevant grant.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025
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23. SHARE-BASED PAYMENTS CONTINUED
(b) Employee share option schemes
The Group operates a Save As You Earn (‘SAYE’) share option scheme. Grants under the SAYE
scheme are normally exercisable after three or five years’ saving. In accordance with UK practice,
the majority of options under the SAYE schemes are granted at a price 20% below the market
price ruling at the date of grant.
Details of the movements for the SAYE schemes during the year were as follows:
Options outstanding
Number
At 1 April 2023
286,907
£5.56
Options granted
390,739
£4.79
Options exercised
(12,538)
£5.31
Options lapsed
(226,668)
£5.44
At 31 March 2024
438,440
£4.94
Options granted
89,629
£4.66
Options lapsed
(91,606)
£4.14
At 31 March 2025
436,463
£4.85
No SAYE share options were exercised during the year (for the three-year 2021 and the five-year
2019 schemes) and therefore, there was no average closing share price at the date of exercise
(2024: £5.31).
The fair value has been calculated using the Black-Scholes model. Inputs to the model are
summarised as follows:
Weighted average share price at grant
604p
604p
479p
479p
Exercise price
466p
466p
395p
395p
Expected volatility
32%
32%
34%
36%
Average expected life (years)
3
5
3
5
Risk free rate
4%
4%
5%
4%
Expected dividend yield
5%
5%
5%
5%
Possibility of ceasing employment before vesting
20%
20%
25%
25%
The expected life is the average expected period to exercise. The risk free rate of return is the
yield on zero-coupon UK Government bonds of a term consistent with the assumed option life.
The expected dividend yield is based on the present value of expected future dividend
payments to expiry.
Fair values per share of these options were:
2025
2024
Grant date
Fair value of award
Grant date
Fair value of award
SAYE – three year
23 July 2024
168p
18 July 2023
125p
SAYE – five year
23 July 2024
174p
18 July 2023
133p
(c) Share Incentive Plan (‘SIP’)
All staff were granted £2,000 in August 2017, £2,000 in September 2019 and £2,000 in
September 2021. These shares are held in trust under an HMRC-approved SIP. The shares can be
exercised following three years of employment but must be held for a further two years in order
to qualify for tax advantages. No shares were granted in the year (2024: nil), 21,110 (2024: 5,400)
shares were exercised in the year and 705 (2024: 3,290) shares lapsed.
(d) Year-end summary
At 31 March 2025, in total there were 2,391,110 (2024: 2,498,583) share awards/options
exercisable on the Company’s ordinary share capital. These are analysed below:
exercisable
Exercisable between
24 June 2022
–
676,635
–
24.06.2025
–
22 June 2023 (‘LTIP’)
–
265,671
–
22.06.2026
–
22 June 2023 (‘RSA’)
–
375,098
–
22.06.2026
–
21 June 2024 (‘LTIP’)
–
177,401
–
21.06.2027
–
21 June 2024 (‘RSA’)
–
370,028
–
21.06.2027
–
28 November 2024 (‘LTIP’)
–
89,814
–
18.11.2027
–
27 July 2020 – five year
£5.31
1,467
–
01.09.2025
01.03.2026
23 July 2021 – five year
£6.70
447
–
01.09.2026
01.03.2027
27 July 2022 – three year
£5.08
40,088
–
01.09.2025
01.03.2026
27 July 2022 – five year
£5.08
472
–
01.09.2027
01.03.2028
18 July 2023 – three year
£3.95
276,826
–
01.09.2026
01.03.2027
18 July 2023 – five year
£3.95
39,943
–
01.09.2028
01.03.2029
24 July 2024 – three year
£4.66
70,440
–
01.09.2027
01.03.2028
24 July 2024 – five year
£4.66
6,780
–
01.09.2029
01.03.2030
Total
2,391,110
–
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Strategic Report Our Governance Financial Statements Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

23. SHARE-BASED PAYMENTS CONTINUED
The share awards/options outstanding at 31 March 2025 had a weighted average remaining
contractual life of: LTIP – 1.2 years (2024: 1.4 years), SAYE – 2.0 years (2024: 2.4 years),
SIP – 0 years (2024: 0.2 years). The weighted average for the SIP scheme includes the
unallocated and exercisable shares from previous awards.
(e) Cash-settled share-based payments
National Insurance payments due on the exercise of non-approved ESOS options and shares
from the LTIP are considered cash-settled share-based payments.
The estimated fair value of the National Insurance cash-settled share-based payments have been
calculated using the share price at the balance sheet date. At each balance sheet date, the Group
revises its estimate of the number of options that are expected to vest. It recognises the impact
of the revision to original estimates, if any, in the income statement.
(f) Share-based payment charges
The Group recognised a total charge in relation to share-based payments as follows:
Equity-settled share-based payments
2.4
3.1
Cash-settled share-based payments
0.2
0.2
2.6
3.3
The total liability at the end of the year in respect of cash-settled share-based schemes was
£0.5m (2024: £0.5m).
24. PENSIONS
The Group operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Group in an independently administered fund. The pension cost
charge for this scheme in the year was £1.4m (2024: £1.3m) representing contributions payable
by the Group to the fund and is charged through trading profit.
The Group’s commitment with regard to pension contributions, ranges from 6.0% to 10.0%
(2024: 6.0% to 10.0%) of an employee’s salary. The pension scheme is open to every employee
in accordance with the Government’s auto-enrolment rules. The number of employees, including
Directors, in the scheme at the year end was 290 (2024: 291).
25. RELATED PARTY TRANSACTIONS
Key management for the purposes of related party disclosure under IAS 24 are taken to be the
Executive Board Directors, the non-Board Executive Directors and the Non-Executive Directors.
Key management compensation is set out below:
Short-term employee benefits
4.0
4.5
Post-employment benefits
0.3
0.2
Other long-term benefits
–
–
Termination benefits
–
–
Share-based payment benefits
0.4
1.0
Total
4.7
5.7
26. CAPITAL COMMITMENTS
At the year end the estimated amounts of contractual commitments for future capital
expenditure not provided for were:
Investment property construction
24.1
18.8
For both current and prior periods, there were no material obligations for the repair or
maintenance of investment properties. All material contracts for enhancement are included
in the capital commitments.
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Strategic Report Our Governance Financial Statements Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

27. SUBSIDIARY AND OTHER RELATED UNDERTAKINGS
The Company’s subsidiary and other related undertakings at 31 March 2025, and up to the date
of signing the financial statements, are listed below.
Except where indicated otherwise, the Company owns 100% of the ordinary share capital
of the following subsidiary undertakings incorporated and operating in the UK, all of which
are consolidated in the Group’s financial statements.
UK subsidiaries
The registered address of all UK subsidiaries is Canterbury Court, Kennington Park,
1-3 Brixton Road, London SW9 6DE.
Name
Company Number
Nature of business
Workspace 12 Limited
05764838
Property Investment
Workspace 13 Limited
05834824
Property Investment
Workspace 14 Limited
05834831
Property Investment
Omnibus Workspace Limited
1,2,3
01444827
Non-trading
United Workspace Limited
1,2,3
01749661
Non-trading
Workspace Holdings Limited
2
03729646
Dormant
Busworks Limited
1,2,3
04108036
Holding Company
LI Property Services Limited
2,3
02134039
Insurance Agents
Workspace Management Limited
02841232
Property Management
Workspace 1 Limited
03726272
Dormant
Workspace 10 Limited
3
02985018
Dormant
McKay Securities Limited
00421479
Property Investment
Baldwin House Limited
1,2,3
00692181
Non-trading
Workspace Projects (KP) Limited
14186009
Property Investment
Glebe Three Limited
4
05830231
Non-trading
1. 100% of the ordinary share capital of this subsidiary is held by other Group companies.
2. These following subsidiary undertakings are exempt from the Companies Act 2006 requirements relating to the audit of their
individual accounts by virtue of Section 479A of the Act as Workspace Group PLC has guaranteed the subsidiary companies
under Section 479C of the Act.
3. Proceedings for dissolution of these subsidiary companies were commenced before the Balance Sheet date.
4. A court restoration was effective from 16 April 2025 for Glebe Three Limited.
Non-UK subsidiaries
incorporation
Registered address
Nature of business
Workspace 17 (Jersey) Limited
2
Jersey
44 Esplanade, St Helier,
Workspace Salisbury Limited
Jersey
44 Esplanade, St Helier,
Centro Property Limited
1
Guernsey
Martello Court, Admiral Park,
Isle of Man
33-37 Athol Street, Douglas,
Limited
2
1. This subsidiary company was dissolved in the year ended 31 March 2025.
2. This subsidiary was dissolved after the Balance Sheet date.
28. LEASES
The majority of the Group’s tenant leases are granted with a rolling six-month tenant break
clause, although property acquisitions have included customer leases which are much longer,
with fewer break clauses. The future minimum rental income under leases granted to tenants
are shown below.
Within one year
84.8
86.7
Between one and two years
28.6
21.0
Between two and three years
15.7
12.6
Between three and four years
6.3
9.8
Between four and five years
3.1
5.5
Beyond five years
7.3
12.2
145.8
147.8
29. POST BALANCE SHEET EVENTS
The Group completed the sale of Q West in April 2025, for a total consideration of £10.3m, the sales
price is in line with the 31 March 2025 valuation. In May 2025, the Group’s £200m RCF bank facilities
were refinanced extending maturity to June 2029, with options to extend by up to a further two
years and an option to increase the facility amount to £300m, subject to lender to consent.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

Notes
2025
£m
2024
£m
Fixed assets
Investments C 1,058.3 1,189.6
1,058.3 1,189.6
Current assets
Debtors: amounts falling due within one year D 531.7 407.6
Cash and cash equivalents 24.7 2.5
556.4 410.1
Total assets 1,614.7 1,599.7
Current liabilities
Creditors: amounts falling due within one year E (73.1) (149.1)
Borrowings F (79.9) –
(153.0) (149.1)
Creditors: amounts falling due after more than one
year
Borrowings F (697.1) (722.2)
Total liabilities (850.1) (871.3)
Net assets 764.6 728.4
Capital and reserves
Share capital 192.1 191.9
Share premium 295.6 296.6
Investment in own shares (0.3) (9.9)
Other reserves G 69.7 91.3
Retained earnings
1
207.5 158.5
Total shareholders’ equity 764.6 728.4
1. Retained earnings for the Company include profit for the year of £109.3m (2024: £53.6m loss).
The notes on pages 270 to 272 form part of these financial statements.
The financial statements on pages 269 to 272 were approved by the Board of Directors
on 4 June 2025 and signed on its behalf by:
Lawrence Hutchings Dave Benson
Director Director
Workspace Group PLC
Registered number: 02041612
PARENT COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
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A. ACCOUNTING POLICIES
These financial statements were prepared in accordance with Financial Reporting Standard 101
‘Reduced Disclosure Framework’ (‘FRS 101’).
Basis of accounting
The financial statements are prepared and approved by the Directors on a going concern basis
under the historical cost convention and in accordance with Financial Reporting Standard 101
‘Reduced Disclosure Framework’ (‘FRS 101’).
In preparing these financial statements, the Company applies the recognition, measurement and
disclosure requirements of UK-adopted international accounting standards (‘Adopted IFRSs’),
but makes amendments where necessary in order to comply with Companies Act 2006 and has
set out below where advantage of the FRS 101 disclosure exemptions has been taken. The
financial statements are presented in Sterling.
a) The requirements of IAS 7 to provide a statement of cash flows and related notes for the year.
b) The requirements of IAS 1 to provide a statement of compliance with IFRS.
c) The requirements of IAS 1 to disclose information on the management of capital.
d) The requirements of paragraphs 30 and 31 of IAS 8 ‘Accounting Policies, Changes in Accounting
Estimates and Errors’ to disclose new IFRSs that have been issued but are not yet effective.
e) The requirements in IAS 24 ‘Related Party Disclosures’ to disclose related party transactions
entered into between two or more members of a Group, provided that any subsidiary which
is a party to the transaction is wholly owned by such a member.
f) The requirements of IFRS 7 on financial instruments disclosures.
g) The requirements of paragraphs 91-99 of IFRS 13 ‘Fair Value Measurement’ to disclose
information of fair value valuation techniques and inputs.
The above disclosure exemptions are allowed because equivalent disclosures are included
in the Group’s consolidated financial statements.
Significant judgements and critical estimates
As a result of a reduction in the valuation of investment properties owned by certain of its
subsidiaries in the year to March 2025, the Directors performed an impairment assessment and
recognised an impairment of £9.6m in the value of its investment in subsidiaries (2024: £121.4m).
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Notes
Share
capital
£m
Share
premium
£m
Investment
in own
shares
£m
Other
reserves
£m
Retained
earnings
£m
Total
share-
holders’
equity
£m
Balance at 31 March 2023 191.6 295.6 (9.9) 90.6 261.8 829.7
Loss for the year – – – – (53.6) (53.6)
Total comprehensive loss – – – – (53.6) (53.6)
Transactions with owners:
Dividends paid – – – – (50.6) (50.6)
Share-based payments 0.3 1.0 – 0.7 0.9 2.9
Balance at 31 March 2024 191.9 296.6 (9.9) 91.3 158.5 728.4
Profit for the year – – – – 109.3 109.3
Total comprehensive profit – – – – 109.3 109.3
Transactions with owners:
Dividends paid – – – – (54.5) (54.5)
Own shares transferred
in prior years
2
– – 9.3 – (9.3) –
Cost of shares awarded
to employees – – 0.3 – – 0.3
Share-based payments 0.2 (1.0)
1
– (0.4) 3.5 2.3
Share options lapsed
in prior years
3
G – – – (21.2) – (21.2)
Balance at 31 March 2025 192.1 295.6 (0.3) 69.7 207.5 764.6
1. The movement in the year on share premium relates to the excess between the nominal value and the vested share price
on awarded shares to employees in the previous year. This has been reclassified to retained earnings in the current year.
2. In the year the Company transferred the excess amounts held in the investment in own shares reserve to retained earnings
in accordance with the carrying value of the remaining shares held. The transfer should have been made prior to the date
of the opening comparative period, but was omitted. The error is not considered material and hence it is being corrected
in the current year.
3. In the year the Company reversed amounts held in the share-based payment reserve in relation to share options that had
lapsed in prior years. The corresponding amounts held in investment in subsidiaries have also been reversed. The reversal
should have been made prior to the date of the opening comparative period, but was omitted. The error is not considered
material and hence it is being corrected in the current year.
The notes on pages 270 to 272 form part of these financial statements.
PARENT COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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B. PROFIT/(LOSS) FOR THE YEAR
As permitted by the exemption in Section 408 of the Companies Act 2006, the profit and
lossaccount of the Company is not presented as part of these financial statements. The profit
attributable to shareholders, before dividend payments, is £109.3m (2024: £53.6m loss). £193.7m
of dividends were received in the year from subsidiary undertakings (2024: £89.5m).
Dividend payments are disclosed in note 7 to the consolidated financial statements.
C. INVESTMENTS
Investment in subsidiary undertakings
£m
Cost
Balance at 31 March 2024 1,311.0
Additions in the year 117.5
Disposals in the year (218.0)
Share options lapsed in prior years (21.2)
Balance at 31 March 2025 1,189.3
Impairment
Balance at 31 March 2024 121.4
Impairment in the year 9.6
Disposals in the year –
Balance at 31 March 2025 131.0
Net book value at 31 March 2025 1,058.3
Net book value at 31 March 2024 1,189.6
An Impairment test has been performed at the year end by the Company. A determination of the
recoverable amount of the investments in subsidiaries was made based on the net asset value of
the subsidiaries, resulting in an impairment in the year of £9.6m (2024: £121.4m). The recoverable
amount remains sensitive to the financial performance and financial position of both the Company
and its subsidiaries, including the valuation of investment properties held by the subsidiaries
(see note 10 of the Group financial statements).
D. DEBTORS
Amounts falling due within one year
2025
£m
2024
£m
Amounts owed by Group undertakings 529.7 406.1
Corporation tax asset 2.0 1.5
531.7 407.6
Amounts owed by Group undertakings are unsecured and repayable on demand. Interest is
charged to Group undertakings. At the Balance Sheet date, there is no expectation of any
material credit losses on amounts owed by Group undertakings.
A. ACCOUNTING POLICIES CONTINUED
Material accounting policies
i. Investments
Investments are carried in the Company’s balance sheet at cost less impairment. Impairment
reviews are performed by the Directors when there has been an indication of potential
impairment. Impairment and reversal of impairment is taken to the profit and loss account.
ii. Share-based payment and investment in own shares
Incentives are provided to employees under share option schemes. The Company has
established an Employee Share Ownership Trust (‘ESOT’) to satisfy part of its obligation to
provide shares when Group employees exercise their options. The Company provides funding
to the ESOT to purchase these shares.
The Company has also established an employee Share Incentive Plan (‘SIP’) which is governed
by HMRC rules.
The Company itself has no employees. When the Company grants share options to Group
employees as part of their remuneration, the expense of the share options is reflected in a
subsidiary undertaking, Workspace Management Limited. The Company recognises this as
an investment in subsidiary undertakings with a corresponding increase to equity.
The disclosure requirements for share-based payments are met in note 23 of the Group’s
consolidated financial statements.
iii. Borrowings
Details of borrowings are described in note F to the Parent Company financial statements.
Costs associated with the raising of finance are capitalised, amortised over the life of the
instrument and charged as part of interest costs.
Taxation
Current income tax is tax payable on the taxable income for the year and any prior year
adjustment, and is calculated using tax rates that are relevant to the financial year.
Deferred tax is provided in full on temporary differences between the tax base of an asset or
liability and its carrying amount in the balance sheet. Deferred tax is determined using tax rates
that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets
are recognised when it is probable that taxable profits will be available against which the
deferred tax asset can be utilised.
Dividend distributions
Final dividend distributions to the Company’s shareholders are recognised as a liability in the
Group’s financial statements in the period in which the dividends are approved, while interim
dividends are recognised when paid.
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

E. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£m
2024
£m
Amounts owed to Group undertakings 69.3 145.2
Withholding tax – 1.8
Accruals and deferred income 3.8 2.1
73.1 149.1
Amounts owed to Group undertakings are unsecured and repayable on demand. Interest is paid
to Group undertakings.
F. BORROWINGS
Borrowings and financial instruments Interest rate Repayable
2025
£m
2024
£m
Creditors: amounts falling due
within one year
Bank overdraft due within one year
or on demand Base + 2.25% On demand – –
3.07% Senior Notes 3.07% August 2025 80.0 –
Creditors: amounts falling due after
more than one year
3.07% Senior Notes 3.07% August 2025 – 80.0
3.19% Senior Notes 3.19% August 2027 120.0 120.0
3.6% Senior Notes 3.60% January 2029 100.0 100.0
Bank Loan SONIA + 1.77%
1
December 2026 – 125.0
Bank Loan SONIA + 1.77%
1
November 2028 100.0 –
Bank Loan SONIA + 1.80%
1
November 2026 80.0 –
Green Bond 2.25% March 2028 300.0 300.0
Total borrowings 780.0 725.0
Less cost of raising finance (2.8) (2.8)
Net borrowings 777.0 722.2
1. The base margin is dependent upon the LTV as reported in the client certificate, which is submitted twice a year. The base
margin can be adjusted further by up to 4.5bps dependent upon achievement of three ESG-linked metrics.
All the above borrowings are unsecured.
Maturity analysis of borrowings:
2025
£m
2024
£m
Repayable within one year 80.0 –
Repayable between one and two years 80.0 80.0
Repayable between two and three years 420.0 125.0
Repayable between three and four years 200.0 420.0
Repayable between four and five years – 100.0
Repayable in five years or more – –
780.0 725.0
G. CAPITAL AND RESERVES
Movements and notes applicable to share capital, share premium account, investment in
own shares, other reserves and share-based payment reserve are shown in notes 20 to 23
on pages 264 to 267 and in the statement of changes in equity.
Other reserves:
Equity-settled
share-based
payments
£m
Merger reserve
£m
Total
£m
Balance at 31 March 2023 25.3 65.3 90.6
Share-based payments 0.7 – 0.7
Balance at 31 March 2024 26.0 65.3 91.3
Share-based payments (0.4) – (0.4)
Share options lapsed in prior years
1
(21.2) – (21.2)
Balance at 31 March 2025 4.4 65.3 69.7
1. In the year the Company corrected amounts held in the share-based payment reserve in relation to share options that had
lapsed in prior years. The corresponding amounts held in investment in subsidiaries have also been corrected. The correction
should have been made prior to the date of the opening comparative period, but was omitted. The error is not considered
material and hence it is being corrected in the current year.
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NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2025

31 March
2025
£m
31 March
2024
£m
31 March
2023
£m
31 March
2022
£m
31 March
2021
£m
Rents receivable 144.9 145.0 136.7 104.3 118.0
Service charges and other income 40.3 39.3 37.5 28.6 24.3
Revenue 185.2 184.3 174.2 132.9 142.3
Trading profit before interest 98.8 100.9 95.1 67.4 62.5
Net interest payable
1
(32.0) (34.9) (34.4) (20.5) (23.8)
Trading profit after interest 66.8 66.0 60.7 46.9 38.7
(Loss)/profit before taxation 5.4 (192.8) (37.5) 124.0 (235.7)
(Loss)/profit after taxation 5.4 (192.5) (37.8) 123.9 (235.7)
Basic (loss)/earnings per share 2.8p (100.4)p (19.9)p 68.2p (130.3)p
Dividends per share 28.4p 28.0p 25.8p 21.5p 17.75p
Dividends (total) 54.5 53.8 49.4 40.6 32.1
Investment properties 2,351.7 2,408.5 2,643.3 2,366.7 2,349.9
Other assets less liabilities (29.8) (4.7) 46.4 (9.4) (65.5)
Net debt (819.7) (854.9) (902.0) (557.7) (564.9)
Net assets 1,502.2 1,548.9 1,787.7 1,799.6 1,719.5
Gearing 55% 55% 50% 31% 33%
Loan to value 34% 35% 33% 23% 24%
EPRA Net Tangible Assets (NTA) £7.74 £8.00 £9.27 £9.88 £9.38
1. Excludes exceptional items.
31 March
2025
£m
31 March
2024
£m
31 March
2023
£m
31 March
2022
£m
31 March
2021
£m
Workspace Group:
Number of estates 67 77 86 57 58
Lettable floorspace (million sq. ft.) 4.3 4.5 5.2 4.0 3.9
Number of lettable units 4,744 4,678 4,910 4,482 4,196
Average unit size (sq. ft.) 865 946 1,065 844 942
Rent roll of occupied units £139.4m £143.4m £140.1m £111.0m £103.9m
Overall rent per sq. ft. £41.50 £38.21 £32.86 £33.26 £33.90
Overall occupancy 78.5% 83.0% 81.5% 84.3% 77.8%
Enquiries (number) 8,435 9,458 10,563 11,007 8,870
Lettings (number) 1,266 1,238 1,312 1,520 1,146
EPRA Measures
EPRA Earnings per share
1
34.4p 34.0p 29.4p 26.2p 21.3p
EPRA Net Tangible Assets per share £7.74 £8.00 £9.27 £9.88 £9.38
1. The prior years’ EPRA earnings are calculated in line with the EPRA guidelines that existed at the time and have not been
restated in line with the 2024 guidelines.
FIVE-YEAR PERFORMANCE (UNAUDITED)
2021–2025
PERFORMANCE METRICS (UNAUDITED)
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EPRA PERFORMANCE MEASURES (UNAUDITED)
Notes 2025 2024
EPRA earnings (£m) 8 66.8 66.0
EPRA earnings per share 8 34.8 34.6
EPRA earnings per share (diluted) 8 34.5 34.3
EPRA reinstatement value 9 1,663.3 1,715.1
EPRA net reinstatement value per share 9 8.58 8.87
EPRA net tangible assets (£m) 9 1,501.2 1,546.5
EPRA net tangible assets per share 9 7.74 8.00
EPRA net disposal value 9 1,542.1 1,608.2
EPRA net disposal value per share 9 7.95 8.32
EPRA LT V (below) 36.8% 36.9%
EPRA Vacancy Rate (below) 16.8% 13.8%
EPRA Capital Expenditure (below) 62.8 71.4
Definitions for these metrics can be found on page 277.
EP R A LT V Notes
2025
£m
2024
£m
Loan borrowings 16a 845.0 859.0
Net payable 52.2 49.6
Cash and cash equivalents 14 (25.3) (4.1)
Net Debt 871.9 904.5
Investment properties at fair value 10 2,367.8 2,446.5
Intangibles 1.1 2.2
Total Property Value 2,368.9 2,448.7
LTV% 36.8% 36.9%
EPRA Vacancy Rate Notes
2025
£m
2024
£m
Estimated rental value of vacant space excluding
major refurbishments and redevelopments
1
A 30.8 25.3
Estimated rental value of the total portfolio
1
191.9 194.6
Less: Major refurbishments and redevelopments 8.1 11.4
Total B 183.8 183.2
EPRA Vacancy Rate A/B 16.8% 13.8%
1. Comprising the ERV of the like-for-like portfolio and those properties currently undergoing refurbishment or redevelopment
(but only including properties at the design stage and non-core properties at their current rent roll and occupancy.
Property related capital expenditure
All figures in £m
2025
£m
2024
£m
Acquisitions – –
Major refurbishments & developments 21.6 38.3
Capitalised interest 3.4 3.0
Investment properties:
Incremental letting space – –
No incremental letting space 37.8 30.1
Tenant incentives – –
Total capital expenditure 62.8 71.4
Conversion from accrual to cash basis (1.5) (2.1)
Total capital expenditure on cash basis 61.3 69.3
EPRA like-for-like rental income
The table below sets out the like-for-like rental growth of the portfolio, in accordance with EPRA
Best Practices Recommendations.
2025
£m
2024
£m
Growth
£m
Growth
%
Net rental Income
EPRA like-for-like portfolio
1
100.7 102.8 (2.1) (2.0)%
Refurbishments &
Redevelopments 18.9 17.2
Underlying Net Rental Income 119.6 120.0 (0.4) (0.3)%
Acquisitions & Disposals 2.5 6.2
Net Rental Income Total 122.1 126.2 (4.1) (3.2)%
1. For this purpose, the like-for-like portfolio comprises properties which have been owned and consistently in operation and not
affected by development or refurbishment activity during the current and prior reporting years, in line with EPRA Best
Practice Recommendations. The valuation of the like-for-like portfolio on this basis, as valued by our external valuers, is
£1,862m. As per Note 1 of the financial statements, management have determined that the Group operates a single operating
segment.
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PROPERTY PORTFOLIO 2025 (UNAUDITED)
Property name Postcode
Lettable floor area
sq. ft.
Net rent roll of
occupied units £
LIKE-FOR-LIKE
Brickfields E2 8HD 56,441 2,813,923
Canalot Studios W10 5BN 48,336 1,325,816
Cannon Wharf SE8 5EN 32,619 602,424
Cargo Works SE1 9PG 63,874 3,534,157
Castle Lane SW1E 6DR 14,254 710,048
Centro Buildings NW1 0DU 183,102 7,654,297
China Works SE1 7SJ 68,422 2,712,453
Chiswick Studios W4 5PY 14,254 135,565
Clerkenwell Workshops EC1R 0AT 52,507 3,367,549
E1 Studios E1 1DU 39,630 1,153,647
East London Works E1 1DU 38,333 1,328,999
Edinburgh House SE11 5DP 65,861 2,645,534
Exmouth House EC1R 0JH 57,249 3,317,091
Fuel Tank SE8 3DX 35,189 666,559
338 Goswell Road EC1V 7LQ 36,904 1,296,855
Grand Union Studios W10 5AD 62,958 1,450,497
60 Gray's Inn Road WC1X 8LU 36,139 1,910,892
Ink Rooms WC1X 0DS 22,235 1,362,713
Kennington Park SW9 6DE 360,510 8,786,063
Property name Postcode
Lettable floor area
sq. ft.
Net rent roll of
occupied units £
Lock Studios E3 3YD 54,361 1,129,262
Mare Street Studios E8 3JS 54,863 1,796,500
Metal Box Factory SE1 0HS 106,316 7,833,803
Mirror Works E15 2NH 39,965 870,643
Morie Street SW18 1SL 21,707 415,262
Old Dairy EC2A 4HT 56,983 2,656,556
Peer House WC1X 8LZ 9,739 365,063
Pill Box E2 6GG 51,358 1,377,728
Salisbury House EC2M 5QQ 220,405 12,558,793
ScreenWorks N5 2EF 62,862 1,898,999
The Frames EC2A 4PS 51,864 3,156,445
The Leather Market SE1 3ER 143,510 6,814,336
The Light Box W4 5PY 78,489 1,993,490
The Light Bulb (part) SW18 4GQ 52,700 1,144,683
The Print Rooms SE1 0LH 45,622 2,796,390
The Record Hall EC1N 7RJ 57,015 3,141,399
The Shepherds Building W14 0EE 141,228 5,006,636
Vox Studios SE11 5JH 105,515 3,712,074
Westbourne Studios W10 5JJ 50,829 1,931,299
66 Wilson Street EC2A 2BT 11,893 553,024
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Property name Postcode
Lettable floor area
sq. ft.
Net rent roll of
occupied units £
REFURBISHMENTS
Barley Mow Centre W4 4PH 77,052 2,159,474
Busworks N7 9DP 103,110 1,517,989
Centro Buildings (Atelier House) NW1 0DU 0 19,500
Chocolate Factory (part) N22 6XJ 23,292 305,629
Corinthian House CR0 2BX 33,339 815,724
Evergreen Studios TW9 1QE 17,322 584,705
Fleet Street EC4A 2DQ 41,504 1,864,578
Havelock Terrace SW8 4AS 58,814 1,170,906
Leroy House N1 3QP 55,742 375,662
Pall Mall Deposit W10 6BL 59,813 1,461,266
Parkhall Business Centre SE21 8EN 117,567 2,120,708
Portsoken House EC3N 1LJ 43,568 2,084,273
Swan Court SW19 4JS 55,785 2,123,453
The Biscuit Factory (Cocoa Studios) SE16 4DG 39,298 1,043,039
The Biscuit Factory (J Block) SE16 4DG 83,811 896,725
The Biscuit Factory (part) SE16 4DG 122,724 1,817,830
The Light Bulb (Phase 2) SW18 4GQ 16,259 303,370
The Mille TW8 9DW 92,075 2,003,073
Wenlock Studios N1 7EU 30,941 840,753
Property name Postcode
Lettable floor area
sq. ft.
Net rent roll of
occupied units £
SOUTH EAST OFFICE
Building 329 RG12 8PE 31,307 654,138
Crown Square GU21 6HR 47,526 711,398
Gainsborough House SL4 1TX 18,661 548,417
9 Greyfriars Road RG1 1NU 38,493 918,503
Prospero House RH1 1LP 48,934 1,208,782
Pegasus Place RH1 0 9AY 50,544 1,131,880
Rivergate House RG14 2PZ 60,817 1,128,643
The Switchback SL6 7RJ 36,817 717,901
NON-CORE
Q West TW8 0GP 54,813 641,127
The Shaftesbury Centre W10 6BN 12,627 310,462
The Planets GU21 6HR 98,255 –
Thurston Road SE13 7SH 7,133 112,920
PROPERTY PORTFOLIO 2025 (UNAUDITED) CONTINUED
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Earnings per share (‘EPS’) is the profit after
taxation divided by the weighted average
number of shares in issue during the period.
Employee Share Ownership Trust (‘ESOT’) is
the trust created by the Group to hold shares
pending exercise of employee share options.
EPRA EPS is a definition of earnings per share
as set out by the European Public Real Estate
Association (‘EPRA’). It is based on operating
earnings where profit before tax is adjusted to
exclude the impact of any changes in property
valuation, gains or losses on property disposals,
fair value movements and other expenses.
EPRA LTV – Net debt plus net payables divided
by the market value of investment properties
and intangibles.
EPRA Net Asset Value (‘EPRA NAV’) is a
definition of net asset value as set out by EPRA.
It is adjusted to include investment properties
at fair value and to exclude certain items not
expected to crystallise in a long-term
investment property business model.
EPRA Net Reinstatement Value (‘EPRA NRV’)
represents the value required to rebuild an
entity, assuming that no asset sales takes place.
Assets and liabilities that are not expected to
crystallise in normal circumstances, such as
fair value movements on derivatives and
deferred tax on property valuation movements,
are excluded.
EPRA Net Tangible Assets (‘EPRA NTA’)
focuses on a company’s tangible assets and
assumes that entities buy and sell assets,
thereby crystallising certain levels of
unavoidable deferred tax.
EPRA Net Disposal Value (‘EPRA NDV’)
represents the shareholders’ value under a
disposal scenario, where deferred tax, financial
instruments and certain other adjustments are
calculated to the full extent of their liability, net
of any resulting tax.
EPRA Vacancy Rate – ERV of vacant space
divided by the ERV of the whole portfolio,
excluding major refurbishments and
redevelopments.
Equivalent yield is a weighted average of
the initial yield and reversionary yield and
represents the return a property will produce
based upon the timing of the occupancy of the
property and timing of the income receivable.
This is approximated by the reversionary yield
multiplied by the Group trend occupancy of
90%.
Estimated Rental Value (‘ERV’) or market
rental value is the Group’s external valuers’
opinion as to the open market rent which, on the
date of valuation, could reasonably be expected
to be obtained on a new letting or rent review.
Exceptional items are significant items
of income or expense that by virtue of their size,
incidence or nature are shown separately on the
consolidated income statement to enable a full
understanding of the Group’s financial
performance.
Gearing is the Group’s net debt as a percentage
of net assets.
Green Finance Framework is aligned with
ICMA’s Green Bond Principles (2018 edition) and
LMA’s Green Loan Principles (2021 edition) and
addresses UN SDGs 7, 11, 12 and 13. The
framework allows Workspace to issue a variety
of GDIs and sets out the principles for the use
and management of proceeds from GDIs.
ICMA is the International Capital Market
Association.
Initial yield is the net rents generated by
a property or by the portfolio as a whole
expressed as a percentage of its valuation.
Interest cover is the number of times net
interest payable is covered by net rental income.
Like-for-like are those properties with stabilised
occupancy, excluding recent acquisitions and
buildings impacted by significant refurbishment
or redevelopment activity.
Loan to Value (‘LTV’) is net debt divided by the
current value of properties owned by the Group
as valued by CBRE.
LMA is the Loan Market Association.
MSCI IPD MSC Inc is a company that produces
independent benchmarks of property returns
under the brand IPD.
Net Asset Value per share (‘NAV’) is net
assets divided by the number of shares
at the period end.
Net debt is the amount drawn on bank and
other loan facilities, including overdrafts,
less cash deposits. This excludes any foreign
exchange movements.
Net rents are rents excluding any contracted
increases and after deduction of inclusive
service charge revenue.
Occupancy is the area of space let divided by
the total net lettable area (excluding land used
for open storage) expressed as a percentage.
Property Income Distribution (‘PID’) a dividend
generally subject to withholding tax that a UK
REIT is required to pay from its tax-exempted
property rental business and which is taxable
for UK resident shareholders at their marginal
tax rate.
REIT is a Real Estate Investment Trust as set out
in the UK Finance Act 2006 Sections 106 and
107. REITs pay no corporation tax on profits
derived from their property rental business.
Rent roll is the annualised net rent of occupied
units for a property or portfolio of properties at
a reporting date.
Reversionary yield is the anticipated yield,
which the initial yield will rise to once the
rent reaches the estimated rental value.
It is calculated by dividing the ERV by
the valuation.
SONIA is the Sterling Overnight Interbank
Average Rate, an important interest benchmark
administrated by the Bank of England.
Total Accounting Return (‘TAR’) is the growth
in absolute EPRA net asset per share plus
dividends paid in the year as a percentage of
the opening EPRA net asset value per share.
Total Property Return (‘TPR’) is a percentage
measure calculated by MSCI IPD and defined in
the MSCI Global Methodology for Real Estate
Investment as the percentage of value change
plus net income accrued relative to the capital
employed.
Total Shareholder Return (‘TSR’) is the growth
in ordinary share price as quoted on the London
Stock Exchange plus dividends per share
received for the year, expressed as a percentage
of the share price at the beginning of the year.
Trading profit after interest is net rental
income, less administrative expenses
and net finance costs.
UN SDGs is UN Sustainable Development Goals
which are addressed in the Green Finance
Framework.
GLOSSARY OF TERMS
277
Workspace Group PLC
Annual Report and Accounts 2025
Strategic Report Our Governance Financial Statements Additional Information

INVESTOR INFORMATION
Registrar
All general enquiries concerning ordinary
shares in Workspace Group PLC should
be addressed to:
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS99 6ZY
Telephone: +44 (0)370 707 1413
Alternatively, shareholders can contact
Computershare online via their free Investor
Centre facility. Shareholders have the ability to
set up or amend bank details for direct credit
of dividend payments, amend address details,
view payment history and access information
on the Company’s share price. For more
information or to register, please visit
www.investorcentre.co.uk
Website
The Company has an investor website which
holds, amongst other information, a copy of
the latest Annual Report and Accounts, a list
of properties held by the Group and copies
of all press announcements. The site can be
found at www.workspace.co.uk/investors
Registered office and headquarters
Canterbury Court
Kennington Park
1–3 Brixton Road
London SW9 6DE
Registered number: 02041612
Telephone: +44 (0)20 7138 3300
Web: www.workspace.co.uk
Email: investor.relations@workspace.co.uk
Company Secretary
Carmelina Carfora
The Company’s advisers include:
Independent auditors
BDO LLP
55 Baker Street
London W1U 7EU
Solicitors
Slaughter and May
1 Bunhill Row
London EC1Y 8YY
Clearing bankers
NatWest
250 Bishopsgate
London EC2M 4AA
Joint stockbrokers
JP Morgan
25 Bank Street
London E14 5JP
Stifel Nicolaus Europe Limited
150 Cheapside
London EC2V 6ET
278
Workspace Group PLC
Annual Report and Accounts 2025
Strategic Report Our Governance Financial Statements Additional Information

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Workspace Group PLC
Annual Report and Accounts 2025
Workspace Group PLC
Canterbury Court
Kennington Park
1–3 Brixton Road
London
SW9 6DE
Telephone: +44 (0)20 7138 3300
Web: www.workspace.co.uk
Email: investor.relations@workspace.co.uk
If you require information regarding
business space in London, call
+44 (0)20 7369 2390 or visit:
www.workspace.co.uk