Workspace Group

Workspace Group PLC
Annual Report and Accounts 2024

Front cover image 
The front cover image was created from a photo 
of Workspace people, customers and partners 
captured at an event held at Kennington Park. 
The original drone image is shown here and we 
also captured the event on film (watch it via the 
QR code on page 8).
WHOEVER YOU ARE, 
WHATEVER YOU DO,  
WE HAVE A SPACE FOR YOU
Our vision is to be the first choice 
in London for the brightest businesses, 
people and investors.
Our purpose is to give businesses the 
freedom to grow. We achieve this by giving 
our customers working environments they can 
personalise and an experience tailored to their 
business. Free from constraint and compromise.
We deliver our purpose by staying true to our 
values: know your stuff, find a way, show we 
care and make it fun. Our people are as driven, 
diverse and innovative as our customers and 
our culture ensures we stay close to our 
customers and their needs. 
This is why around 4,000 of London’s 
brightest businesses call Workspace home.
As the leading flexible brand for 
SMEs across London, I am confident 
that Workspace has a clear 
competitive advantage.
Graham Clemett
Chief Executive Officer
For London’s SMEs, flexibility 
means choice and control.
Cherry Tian
Head of Marketing
STRATEGIC REPORT
1
1
It all happens at Workspace
9
Business model
12
Performance highlights in 2024
14
Chair’s statement
16
Chief Executive Officer’s statement
18
Our stakeholders
29 Our market
35 Our strategy 
39 Sustainability
66 Our key performance indicators
71
Principal risks and uncertainties
79 Business review
88 Compliance statements
OUR GOVERNANCE
108
108 How good governance ensures  
‘It all happens at Workspace’ for the long term
110
Chair’s introduction to Governance
116
Board leadership and company purpose
135
Division of responsibilities
146 Composition, succession and evaluation 
166 Audit, risk and internal control 
180 ESG Committee report
186 Remuneration
218 Report of the Directors
221
Directors’ responsibility statement
FINANCIAL STATEMENTS
222
222 Independent auditor’s report
230 Consolidated income statement
230 Consolidated statement  
of comprehensive income
231
Consolidated balance sheet
232 Consolidated statement of changes in equity
232 Consolidated statement of cash flows
233 Notes to the financial statements
257 Parent Company balance sheet
258 Parent Company statement of changes in equity
258 Notes to the Parent Company financial statements
ADDITIONAL INFORMATION
261
261 Five-year performance
262 EPRA performance measures
263 Property portfolio
265 Glossary of terms
266 Investor information
CONTENTS
Go to: 
www.workspace.co.uk/onlineannualreport2024
Canalot Studios, Ladbroke Grove
Portsoken House, Aldgate 
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

IT ALL HAPPENS AT WORKSPACE
Engaging with our customers
Pages 20 to 24
Our values in action
Page 26
WILD FAWN, CUSTOMER 
Their space in The Biscuit Factory is designed for 
hand-making and packaging their sustainable jewellery.
SONAL JAIN, HEAD OF SUSTAINABILITY 
Ensures sustainability remains at the heart  
of everything we do.
JAMES AVERY, HEAD OF CENTRE MANAGEMENT 
Manages our team of Centre Managers to make sure 
our buildings and our customer service are at their best.
JUKEBOX STUDIOS, CUSTOMER 
Records popular podcasts and online videos 
at Pall Mall Deposit in Ladbroke Grove.
ALBION CYCLING, CUSTOMER 
Creates innovative, sustainable cycling clothing 
in their work space at Fuel Tank in Deptford.
OUR NEIGHBOURS 
We bring together our customers, suppliers and people, as well 
as the local community, at regular events across our portfolio.
WATCH THE FILM
WATCH THE FILM
WATCH THE FILM
WATCH THE FILM
WATCH THE FILM
WATCH THE FILM
MAKERS
CREATORS
MANAGERS
INNOVATORS
NEIGHBOURS
Throughout the year we have filmed stories that capture some of the makers, 
innovators and creators from our diverse customer base. We’ve also turned 
the camera on ourselves to show how our purpose, values and culture ensure 
we stay close to the 4,000 businesses that call Workspace home.
LEADERS
1
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

We love that we could adapt 
the space, so that we can make 
and pack our jewellery all 
in the same room.
Emma Barnes
Founder, Wild Fawn
How we support makers
At Workspace, we offer a blank canvas that allows makers like 
Wild Fawn to customise and brand their space. Our flexible offer has 
allowed them to organise their space into distinct zones for design, 
production, packaging, and customer consultations. 
WATCH THE FILM
MAKERS
2
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

INNOVATORS
With the hum of sewing machines 
in the background, we feel very 
close to the sustainable garments 
we’re developing.
Rupert Hartley
Co-Founder, Albion Cycling
How we support innovators
Our customers want more than just desk space. They want areas 
where they can develop and test their latest products. Albion use 
machines in their space to cut new materials. They also host repair 
workshops for their customers to help extend the life of their garments.
WATCH THE FILM
3
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

CREATORS
Workspace has helped my creative 
journey by allowing me to do pretty 
much anything I want to my space.
Daniel Stewart
Managing Director, Jukebox Studios
How we support creators
Creative customers want to be creative with their space. 
For instance, Jukebox Studios has divided its space into 
several sound studios and mixing rooms, each reflecting 
its unique brand personality.
WATCH THE FILM
4
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

AT WORKSPACE, WE ARE AS  
DRIVEN AND INNOVATIVE AS OUR 
CUSTOMERS – IT’S HOW WE STAY 
CLOSE TO THEM AND THEIR NEEDS.
5
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

MANAGERS
The most common feedback we 
receive from customers highlights 
our centre teams as heroes.
James Avery
Head of Centre Management
Putting the customer first
We have created a new role, Head of Centre Management, and 
two new Regional Managers. With James Avery running the team, 
this additional level of oversight provides more support to our centre 
teams, ultimately continuing our focus on putting the customer first.
WATCH THE FILM
6
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

LEADERS
From big strategic decisions to 
small choices, sustainability shapes 
all our actions. At Workspace, every 
individual is committed to driving 
our sustainability agenda forward.
Sonal Jain
Head of Sustainability
Our edge is our sustainable business model
Our business model empowers us to boldly advance our sustainability goals and  
deliver impact for all our stakeholders. By prioritising refurbishment, we breathe  
new life into old buildings, creating high-quality, sustainable work spaces. Our investments  
across London stimulate economic activity, enhance local amenities and ultimately  
create a more equitable distribution of employment opportunities across the city. 
WATCH THE FILM
7
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

NEIGHBOURS
I love the sense of community 
at Workspace – there’s always 
something fun going on.
Victoria Murley
Centre Manager, Fleet Street
Celebrating our neighbours
We frequently host events in our buildings to unite Workspace people 
and customers. In April 2024, we held a Spring party at Kennington Park 
and used the opportunity to take an aerial photo that captured our community 
spirit and now features on the cover of this Annual Report.
WATCH THE FILM
8
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

IT ALL HAPPENS AT WORKSPACE 
AND OUR SUSTAINABLE BUSINESS MODEL 
ENSURES WE CREATE LONG-TERM VALUE 
FOR OUR STAKEHOLDERS
 
It connects the two parts of our business:  
1
A first class customer experience,  
delivered by our operating platform. 
 
 2  
The property portfolio, which  
we are continuously enhancing.
BUSINESS MODEL
9
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

DELIVERING VALUE FOR THE LONG TERM
CUSTOMER VALUE
86.1%
CUSTOMER SATISFACTION
Read more on page 19
PEOPLE VALUE
85.5%
EMPLOYEE INCLUSIVITY
Read more on page 55
COMMUNITY VALUE
+£0.8m
DIRECT SOCIAL VALUE
Read more on page 60
PARTNER AND SUPPLIER VALUE
100%
CONSTRUCTION & FACILITIES 
PARTNERS PAID LONDON 
LIVING WAGE
Read more on page 27
INVESTOR VALUE
+8.5%
DIVIDEND GROWTH
Read more on page 79
ENVIRONMENT
11%
REDUCTION IN ENERGY 
USE INTENSITY ACROSS THE 
LIKE-FOR-LIKE PORTFOLIO
Read more on page 44
Delivered
by our great
people
Our leading 
customer
proposition
Fully
embedding
sustainability
Supported
by our smart
operating
platform
Creating  
a unique
portfolio
Delivering  
income and 
capital growth
PROPERTY
CUSTOMER
CUSTOMER
We stay close to our customers, 
gaining insight and knowledge 
about what they need to help 
their businesses grow. 
PROPERTY
Active asset management  
allows us to create hubs of 
economic activity and a more 
sustainable London.
OUR PURPOSE,  
VALUES AND CULTURE  
DRIVE EVERYTHING  
WE DO
BUSINESS MODEL CONTINUED
1
2
10
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

CUSTOMER
PROPERTY
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 is dynamic 
and open and helps attract 
and retain people who align 
with these values and have 
a broad range of skills, 
experience and backgrounds. 
In 2023/24, we developed 
new partnerships to support 
our commitment to recruit 
from a more diverse talent 
pool, for example with 
Jobcentre Plus and Sapphire 
Partnership, a charity focused 
on providing opportunities 
to young people not in 
employment, education 
or training. We are also 
growing our apprenticeship 
programme and have 
designed clearer career 
pathways for centre teams, 
which has resulted in around 
10% of our centre staff being 
promoted during the year.
We provide companies 
with customisable space 
on flexible terms within 
inspiring, sustainable 
buildings in dynamic 
London locations. We 
cater to customers who are 
creative, passionate 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. This year, we  
have continued to upgrade 
communal spaces, cafés and 
meeting rooms and added 
phone booths across the 
portfolio. We have expanded 
our events programme, 
rolling out a calendar of 
exciting and engaging 
events, with a focus on 
wellbeing and networking. 
Customer satisfaction 
was up 2.1% to 86.1% 
this year, as well as a 
2% increase to 86.5% 
in customers who would 
recommend Workspace.
Built up over more than 
35 years, we own a 
predominantly London-based 
portfolio of high-quality 
assets. Generally distinctive, 
low-rise buildings of 
30,000 sq. ft. or more, they 
are well located around major 
transport hubs and in vibrant 
neighbourhoods and are 
often landmarks in their areas. 
We actively manage the 
portfolio to enhance the 
quality of space, implement 
the latest sustainability 
features and generate 
value over the long term. 
We target 90% occupancy 
on our like-for-like properties 
and, as occupancy rises, 
we can enhance pricing.
As well as driving rental 
growth, our refurbishment 
and redevelopment pipeline 
expands our footprint, and 
we use our deep knowledge 
of the London property 
market to recycle capital 
and invest in strategic 
acquisitions to help 
accelerate our growth plans.
Through our inherently 
sustainable business model we 
aim to create a flatter, fairer, 
more sustainable London. 
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 systems 
and engage with customers 
to reduce operational carbon.
We ensure our operations 
are sustainable, focusing on 
waste management, water 
efficiency and sustainable 
procurement. 
We play a key role in the 
employment-led regeneration 
of areas across London: our 
buildings become hubs of 
economic activity, bringing 
more employment 
opportunities and prosperity 
into emerging areas.
Our properties generate 
sustainable, long-term 
income, which we reinvest 
to enhance the portfolio 
and return to shareholders 
as dividends. 
We prudently manage 
our balance sheet and are 
committed to maintaining 
conservative leverage, which 
we expect to reduce further 
through strategic disposals 
and as values improve. 
We have significant headroom 
to our financial covenants. 
Our continuous programme 
of refurbishments and 
redevelopments drives 
rental growth and 
enhances valuations. 
It is this combination 
of income and capital 
value growth that makes 
Workspace a compelling 
investment. 
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 renewals. 
These ongoing interactions 
with customers, as well as 
our regular surveys, provide 
real-time market intelligence. 
Over the year, we have 
embedded our new finance 
system and prepared the 
way for a new CRM system 
in 2024/25. With these 
dynamic systems in place, 
we will drive further 
efficiencies and harvest 
even more data, which 
helps inform decision-
making across the business.
Maintaining direct 
relationships with our 
customers also means 
we can work with them to 
enhance the sustainability 
of our buildings. 
GIVING THEM WHAT THEY NEED TO GROW THEIR BUSINESSES
CREATING HUBS OF ECONOMIC ACTIVITY
Leading customer 
proposition
Supported by our smart 
operating platform
Creating a unique 
portfolio
Fully embedding 
sustainability
Delivering income  
and capital growth
Delivered by  
great people
BUSINESS MODEL CONTINUED
11
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

PERFORMANCE HIGHLIGHTS IN 2024
FINANCIAL
EPRA NTA PER SHARE
£8.00
2024
8.00
9.27
9.88
2023
2022
1.	 A reconciliation of basic and diluted earnings to trading 
profit after interest is in note 8 to the financial statements. 
Despite the economic challenges, we have had another 
year of strong performance, with continued demand from 
London’s SMEs for our flexible offer delivering double-digit 
rent roll and pricing growth in the year. 
Our distinctive offer, proven operating platform and track 
record, alongside ownership of an extensive, high-quality 
property portfolio mean we are well positioned to capitalise 
on the growing shift towards flex and to capture more of the 
significant market opportunity ahead of us.
UNDERLYING PROPERTY VALUATION
-9.5%
TRADING PROFIT AFTER INTEREST1
£66.0m
2024
66.0
60.7
46.9
2023
2022
NET RENTAL INCOME
£126.2m
2024
126.2
116.6
86.7
2023
2022
DIVIDEND PER SHARE
28.0p
2024
28.0
25.8
21.5
2023
2022
Business review
Pages 79 to 87
(LOSS)/PROFIT BEFORE TAX
£(192.8)m
2024
(192.8)
(37.5)
124.0
2023
2022
12
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

LIKE-FOR-LIKE RENT ROLL GROWTH
+9.6%
2024
9.6
7.1
8.7
2023
2022
AVERAGE LETTINGS PER MONTH
103
2024
103
110
127
2023
2022
AVERAGE ENQUIRIES PER MONTH
788
2024
788
798
917
2023
2022
REDUCTION IN ENERGY USE INTENSITY 
ACROSS THE LIKE-FOR-LIKE PORTFOLIO
11%
DONATED TO SINGLE HOMELESS PROJECT
£31k
AVERAGE VIEWINGS PER MONTH
524
2024
524
518
598
2023
2022
SCOPE 1 AND 2 EMISSIONS 
REDUCTION SINCE 2019/20
20%
100%
RENEWABLE ELECTRICITY SOURCED
SUSTAINABILITY
OPERATIONAL
Our accomplishments this 
year are a testament to our 
unwavering commitment 
to sustainability.
Sonal Jain
Head of Sustainability
13
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
PERFORMANCE HIGHLIGHTS IN 2024 CONTINUED

1.	 A reconciliation of basic and diluted earnings to trading 
profit after interest is in note 8 to the financial statements.
QA
Duncan Owen was appointed Chair of 
Workspace after the 2023 AGM, having 
joined the Board in 2021. We sat down with 
him to discuss his first year in the role, what 
differentiates Workspace in the market and 
the exciting growth opportunities for the 
business going forward.
Q
What have been your priorities as Chair 
of Workspace in this first year?
A 
 Initially, I was focused on continuing to 
learn and build an even deeper understanding 
of the business and the people beyond the 
Executive Committee members who I knew 
well from my two years as a Non-Executive 
Director. I made it a priority to get out to 
more Workspace sites to see the blend of 
characterful, heritage buildings and modern 
properties that we own and to meet the 
customer-facing teams on the ground. 
Succession planning has been a key priority 
this year, particularly after Graham Clemett 
announced his intention to retire in January. 
We have conducted a rigorous and thorough 
search process and were delighted that so 
many excellent candidates came forward 
for consideration. As a consequence, we are 
fortunate to have found such a strong CEO 
designate in Lawrence Hutchings. His deep 
experience in the listed real estate environment 
and world-class skills as a hands-on operator 
of multi-use assets make him the ideal person 
to lead Workspace. Equally compelling is his 
widely acknowledged warmth of personality 
and high integrity which are a great fit for 
the existing team.
Beyond the CEO appointment, we have also 
taken steps to further strengthen the Board 
with the appointment of David Stevenson as 
Non-Executive Director. He brings invaluable 
capital markets experience and strategic 
thinking as an investor, as well as expertise 
in the SME sector and in optimising digital 
strategies. This will complement our existing 
Board and support Workspace in delivering 
our growth ambitions.
Q
How has your perception of Workspace 
changed now that you’ve been in the Chair 
role for a year?
A 
 I have a much better appreciation now 
of the factors that differentiate Workspace 
in the market. The flexible space industry 
is increasingly competitive and growing 
strongly as it emerges from a niche within 
the real estate sector to the mainstream. 
Workspace stands out from its peers for 
several reasons. The first and strongest 
reason is our people and the culture we’ve 
cultivated, which would be particularly 
difficult for competitors to copy. Workspace 
is as much an operating, people-led business 
as it is a property company. We hire the 
best people from hospitality, marketing, 
technology and the real estate industries 
and we have a fantastic culture that ensures 
our people are looked after, offered great 
career development opportunities and, 
as a result, employee retention is high. 
£66.0m
TRADING PROFIT AFTER INTEREST1
28.0p
DIVIDEND PER SHARE
Duncan Owen
Chair
Our people have a common 
sense of purpose – a key 
differentiator for Workspace. 
Everyone is focused on 
delivering a great experience 
for our customers and giving 
their businesses the freedom 
to grow.
CHAIR’S STATEMENT
14
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

The Company has a common sense 
of purpose, which is the second key 
differentiator for Workspace. Everyone 
is focused on delivering a great experience 
for customers and giving their businesses 
the freedom to grow. Whether you’re in 
the Facilities Management team, Executive 
team or a Centre Manager, there is real 
collaboration across the Company towards 
achieving our purpose. 
Finally, for more than 35 years, Workspace has 
pioneered a truly flexible offer and developed 
a unique customer-centric operational platform 
– comprising our people and our proprietary 
systems. This supports the delivery of the 
customer experience. It is this platform that 
will enable us to scale the business over the 
longer term and grow earnings for the 
benefit of shareholders. 
Q
You referenced culture – how does the 
Board monitor the culture of the business?
A 
 Workspace’s culture has developed over 
almost four decades. It starts with the DNA 
of the business – our earliest annual reports 
talked about customer-centricity, which is at 
the heart of our culture. This has evolved as 
new people have joined and innovated with 
new ideas to constantly improve our service. 
We have a strong set of values, which I see 
are genuinely lived by in the day-to-day 
operations of the business. 
Both the Board and Executive Committee 
closely monitor culture and how it is 
embedded throughout the business. 
We do this primarily through our employee 
engagement programme. This is a mix of 
formal engagement, with regular presentations 
to the Board on strategic and operational 
initiatives from senior managers, and informal 
engagement, where I and other NEDs host 
breakfast or lunch meetings for people across 
the business. These are held at Workspace 
sites and have no fixed agenda, but provide 
an opportunity for employees to give 
feedback, make suggestions and raise 
any issues or concerns they might have. 
Q
Why is sustainability so important 
to Workspace?
A 
 I mentioned our DNA. Sustainability has 
always been in our DNA and is integral to our 
business. We own historic buildings and it is 
our responsibility to maintain them for future 
generations and make them fit for purpose in 
today’s world. Where we do develop sites, we 
do so with our environmental footprint in mind 
and are committed to our goal of being a net 
zero carbon business. We also work closely 
with our customers to reduce our combined 
impact and we know how important 
sustainability is to their businesses. Many of 
our customers are B Corp certified, or aiming 
to be so, and in our recent survey of SME 
business owners, 66% responded that they 
would be more likely to use a supplier or 
service if they had B Corp certification.
Q
What are your priorities for 2024/25?
A 
 With Lawrence, our new CEO, joining the 
business later this year, our priority is going 
to be his handover with Graham and induction 
on to the Board and into the business. 
On that note, I’d like to take this opportunity 
on behalf of the Board to express our gratitude 
to Graham for his many years of service. 
As CFO for twelve years and CEO for the last 
five, he has made a significant contribution 
to the success of Workspace over that time. 
It is thanks to Graham’s invaluable leadership 
and the hard work of all our people that 
Workspace is so well positioned as we look 
to the future. 
Whilst we are in a challenging economic 
environment, with political uncertainty also 
impacting markets, Workspace has proven 
its resilience through previous economic 
downturns, as well as its outperformance 
during better times. We have a fantastic 
team and a clear strategy to take advantage 
of our operational leverage to deliver 
earnings growth. SME occupiers want the 
customer service, flexibility, and type of 
quality locations we have across the portfolio. 
Workspace is London’s largest owner and 
operator of flexible, sustainable work space. 
This creates barriers to entry for competitors 
and provides us with a wealth of knowledge 
and an opportunity to profitably increase 
our market share for the benefit of our 
customers, our people and our shareholders. 
Duncan Owen
Chair
FIVE REASONS TO INVEST
We know London SMEs
No one knows London SMEs – and how 
and where they want to work – better 
than Workspace.
Pioneers of flex
We’ve been doing this for more than 
35 years. We helped create the London 
flex market.
It’s a great time to be the leader
Our market is expanding, and we plan 
to capture more of the significant market 
opportunity ahead of us.
We’re a great neighbour
Our model is to repurpose distinctive 
buildings, revitalise local areas and have 
a positive environmental and social impact 
in the areas we operate.
We’re not done until our customers are
Our quality, in-person service offers daily 
face-to-face access and creates close 
relationships with strong retention.
We have a fantastic team 
and a clear strategy to take 
advantage of our operational 
leverage to deliver 
earnings growth.
CHAIR’S STATEMENT CONTINUED
Our governance
Pages 109 to 221
15
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

We’ve had another year 
of strong trading. Our ability 
to deliver sustained dividend 
growth for shareholders 
remains a key focus for 
the Company. 
CHIEF EXECUTIVE OFFICER’S STATEMENT
£126.2m
NET RENTAL INCOME
£66.0m
TRADING PROFIT AFTER INTEREST1
Graham Clemett
Chief Executive Officer
We’ve had another year of strong trading at 
Workspace. Continued demand for our flexible 
lease offer has meant that we’ve been able 
to maintain broadly stable occupancy and 
increase pricing by some 10% through the 
year. This has involved a huge amount of 
customer activity with our teams completing 
1,238 lettings and 705 renewals, worth £53.3m 
in terms of rent roll. The result is an 8% growth 
in net rental income delivering a 9% increase 
in trading profit after interest, to £66m. As a 
result, the Board has recommended a final 
dividend of 19p per share, taking the full year 
dividend to 28p per share, an increase of 8.5% 
on last year. Our ability to deliver sustainable 
dividend growth for shareholders remains 
a key focus for the Company. 
Our property teams have been busy too. 
We’re continuing to deliver three major 
refurbishment projects and I’m looking 
forward to the launch of Leroy House in 
Islington in September, which will be our first 
net zero building. Our property portfolio also 
offers up rich opportunities for smaller scale 
projects and we have completed on some 
30 smaller refurbishments and upgrades 
over the year, which are delivering strong 
and immediate income returns. We’ve also 
exchanged or completed on the disposal 
of £143m of non-core assets as we continue 
to recycle capital and strengthen the 
balance sheet.
Our property valuation has reduced by 9.5% 
on an underlying basis over the year although 
the pace of this reduction slowed significantly 
in the second half. This was primarily driven 
by a continued outward movement in yields, 
with the like-for-like equivalent yield now at 
7.0%. As a result, our net tangible asset value 
per share is down 13.7% to £8.00, which 
remains significantly higher than our current 
share price. I would expect this valuation to 
be the low point of the current cycle given 
the forecast of interest rate reductions 
combined with our ability to continue 
delivering pricing growth and value-add 
asset management activity.
With the Executive and senior management 
teams, we’ve spent useful time over the year 
on how we can deliver on our longer-term 
ambitions, with the vision to be the first choice 
in London for the brightest businesses, people 
and investors. We are now progressing a 
number of customer and technology 
initiatives to take forward these plans.
We describe our customers as London’s 
brightest businesses. They are SMEs, the 
unsung heroes of the London and UK 
economy, and a large and growing part of it. 
Workspace has been providing space for 
SMEs for over 35 years and we understand 
what they need to grow their businesses. 
They need the right buildings in the right 
locations, true flexibility – both in their lease 
and how they can use the space – and a work 
space provider with a sustainable mindset 
that puts the community and the 
environment at the heart of its offer. 
To be first choice for these businesses, 
we need the brightest people in the market. 
Our unique and valuable operating platform 
is a combination of these people, smart 
systems and actionable data and insights. 
Our stakeholders
Pages 18 to 28
I am immensely proud of 
the distinctive culture we’ve 
cultivated at Workspace; 
it has made my time in the 
business hugely enjoyable.
1.	 A reconciliation of basic and diluted earnings to trading 
profit after interest is in note 8 to the financial statements. 
16
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED
1,238
LETTINGS COMPLETED IN THE YEAR
86.1%
CUSTOMER SATISFACTION SCORE
On that note I want to thank all our teams 
for their hard work over the last year. It is no 
surprise that our customer satisfaction score 
has risen this year to 86.1%.
As I come towards the end of my tenure 
at Workspace, I have been reflecting on the 
changes I’ve seen over the last seventeen 
years. The most obvious is that the flexible 
model, which Workspace has pioneered since 
its inception in the late 1980s, has become 
increasingly mainstream in the real estate 
industry. There is undoubtedly more 
competition in our space but as the leading 
flexible brand for SMEs across London, 
I am confident that Workspace has a clear 
competitive advantage. 
I am immensely proud of the distinctive 
culture we’ve cultivated at Workspace; 
it has made my time in the business hugely 
enjoyable, despite the challenges we have 
had to deal with over the last two decades. 
I have no doubt that Lawrence Hutchings, 
who succeeds me as Chief Executive Officer, 
will be a great fit for the business and that 
Workspace will continue to thrive under 
his leadership. 
I wish everyone at Workspace and all our 
stakeholders all the best for the future. I will 
of course remain an invested shareholder and 
I look forward to watching from the sidelines 
as Workspace goes from strength to strength.
Graham Clemett
Chief Executive Officer
ACCELERATING THE EVOLUTION OF WORKSPACE
Adding value for customers
We conduct market research to ensure 
we understand our existing and potential 
customers and that our offer caters to 
their needs. It informs improvements to the 
customer experience and offer, including 
ongoing enhancements to our cafés, 
events and customer service, as well as asset 
management activity to optimise the portfolio.
Building our brand
As the first major flex brand in London we 
have a unique heritage in the Capital. In the 
face of growing competition, we continue 
to cement our position and build awareness 
of Workspace amongst all stakeholders.
Evolving our digital strategy
Our digital capabilities are well embedded 
within Workspace, supporting teams and 
the smooth operation of our platform. Our 
strategic focus is now on leveraging digital 
technologies to enhance the experience, 
and create greater value, for customers.
With growing demand for sustainable, 
flexible space and a nimble, open culture, 
Workspace is ideally placed to continue 
to evolve. Our strategy is focused on 
growth and we believe that our platform 
– a combination of people, smart systems 
and actionable data – will enable us to 
grow faster than our peers and ultimately 
outperform the market. 
Scaling the portfolio
There is significant headroom in our market. 
With 4,000 customers, we estimate that 
we have a 3% market share at a time of 
structural growth in the number of SMEs. 
We will continue to benefit from economies 
of scale as we grow the portfolio through 
strategic acquisitions and refurbishment 
projects, which will deliver more than one 
million sq. ft. of new and upgraded space. 
Our unique and valuable 
operating platform is a 
combination of our people, 
smart systems and 
actionable data. 
An aerial photo shot for our 
annual report front cover 
image at a customer event 
in Kennington Park
17
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

OUR STAKEHOLDERS
Listening to our stakeholders guides  
our decision making.
Page
1. OUR CUSTOMERS
19
2. OUR PEOPLE
25
3. OUR INVESTORS
27
4. OUR PARTNERS AND SUPPLIERS
27
5. OUR COMMUNITIES
28
6. THE ENVIRONMENT
28
STAYING CLOSE 
TO OUR 
STAKEHOLDERS 
MEANS WE CAN  
RESPOND TO 
THEIR NEEDS, 
FASTER. 
To understand what matters most we listen to our 
stakeholders, both in person and by collecting real-time 
data, directly informing the way we make decisions.
OUR STAKEHOLDERS
Canalot Studios, Ladbroke Grove
Our strategy
Pages 35 to 38
There are clear links between our 
market trends and our strategy. 
Section 172(1) Statement
Page 131 to 134
T
h
e 
e
n
vi
r
o
n
m
e
n
t
O
u
r 
c
u
st
o
m
e
r
s
O
u
r 
c
o
m
m
u
n
it
ie
s
O
u
r 
p
a
r
t
n
e
r
s
&
 
s
u
p
p
li
e
r
s
O
u
r 
p
e
o
p
l
e
O
u
r 
i
n
v
e
s
t
o
r
s
OUR PURPOSE, 
VALUES AND 
CULTURE GET US 
CLOSER TO OUR 
STAKEHOLDERS
18
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Our centre teams received 
more than 1,000 individual 
shout-outs in our customer 
survey for consistently going 
out of their way to help 
customers and create a 
vibrant atmosphere.
Greg Absalom
Customer Insight Manager
81
CUSTOMER EVENTS HOSTED THIS YEAR
79.2%
OF CUSTOMERS SAY WORKSPACE IS 
A SOCIALLY AND ENVIRONMENTALLY 
SUSTAINABLE BUSINESS, UP 8.6% 
YEAR ON YEAR
OUR CUSTOMERS
OUR STAKEHOLDERS CONTINUED
How we engage
We maintain a continual dialogue with a 
customer from the moment they make an 
enquiry, and our Centre Managers foster 
close relationships once they’ve moved in. 
We collect scheduled feedback twice a year 
from our 4,000 customers. We use these 
invaluable insights to enhance our service 
and building management, guiding key 
decisions on everything from refurbishments 
to acquisitions.
How the Board engaged
	
– Reviewed our brand and marketing 
campaigns.
	
– Reviewed customer experience initiatives.
	
– Considered the results of the customer 
survey and reviewed ongoing feedback.
	
– Evaluated key monthly customer metrics. 
Significant topics raised
	
– Wi-Fi and connectivity quality.
	
– Strong performance of centre teams 
(over 1,000 formal ‘shout-outs’).
	
– Frequency and type of social events.
	
– Social and environmental sustainability. 
	
– Breakout areas, meeting rooms 
and phone booths.
	
– Quality of cafés.
Activity in the year
	
– New centralised Centre Management 
team to strengthen customer focus.
	
– Delivered 30 smaller asset management 
projects.
	
– Rolled out inclusive billing to 
a further nine buildings.
	
– Launched new conference and events 
space for existing and external customers.
	
– Invested in Wi-Fi upgrade programme.
	
– Added 10 new meeting rooms.
	
– 81 customer events with 4,000 attendees, 
including launching a series of customer 
festivals and new sustainability 
roundtable events.
	
– Further streamlined leasing process 
with faster transaction times and 
improved customer experience.
	
– Launched four new in-house coffee bars.
19
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

RESPONDING 
TO THE NEEDS OF 
OUR CUSTOMERS
Our regular brand-tracker survey asks 
300 London SME business leaders and 
decision makers what their priorities are 
when selecting a work space. We’ve 
analysed this data alongside our 
in-house customer survey results and 
identified 12 key priorities for SMEs.
Of these 12, we have highlighted four key 
priority areas over the following pages: 
Page
FLEXIBILITY
20
QUALITY OF SERVICE
21
TYPE OF PROPERTY
22
SOCIAL ENGAGEMENT
23
100%
OWNERSHIP OF OUR 
BUILDINGS PUTS US 
IN A UNIQUE POSITION 
WHEN RESPONDING 
TO CUSTOMER DEMAND
OUR STAKEHOLDERS CONTINUED
OUR CUSTOMERS CONTINUED
Cherry Tian
Head of Marketing
FLEXIBILITY:  
IT ALL HAPPENS 
AT WORKSPACE
Q
What do our customers have in common?
A 
 Our SME customers are incredibly 
diverse. However, they are all passionate 
about what they do and share the same 
dynamism and drive. They’re busy creating, 
making and innovating – whether that’s 
producing podcasts, making sustainable 
deodorants or designing apps.
Q
What sort of space do they want?
A 
 They want more than just standard desk 
space and flexible lease terms. Given the 
variety of businesses we attract, they value a 
range of choices and flexibility in every sense. 
Q
What does true flexibility mean to you?
A 
 For London’s SMEs, flexibility means 
choice and control. Most flexible office 
providers use a one-size-fits-all model. At 
Workspace, customers have the freedom to 
design and brand their space, creating a true 
home for their teams. We also make it easy 
for them to move across our over 70 well-
connected locations as their business evolves.
Q
How is this reflected in the brand campaign?
A 
 This year’s campaign showcases just 
how diverse, interesting and innovative our 
customers are. They know where they want 
to be and what they want to do, and just 
need the freedom to make it happen. At 
Workspace, they can. You can find our ads 
online, on the radio/podcasts, and on buses 
and Underground billboards, celebrating 
our colourful customers – from architects 
to app developers and jewellery makers to 
PR agencies. It All Happens At Workspace.
WHAT IT LOOKS LIKE WHEN 
EVERYTHING WE DO COMES  
TOGETHER FOR OUR CUSTOMERS
20
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Andrea Kolokasi
Head of Business Development
QUALITY OF SERVICE:
ENSURING IT STAYS 
CORE TO OUR OFFER
Q
Beyond providing great space, how do 
you enhance the customer experience 
at Workspace?
A 
 There’s a huge amount that we offer 
beyond the four walls of the customer’s 
space. Our cafés are a really good example 
– they are the beating heart of the centre 
and that’s why we’ve started to hire our own 
baristas and provide our own café offering 
in some locations. This year, we’ve also grown 
and enhanced our meeting rooms platform 
and launched our own Workspace sound; 
curated playlists which can be heard in 
the communal areas of our buildings.
Q
How has the new Eventspace conference 
centre performed in its first few months 
of operation?
A 
 It’s been really well received by both 
internal and external customers. We’ve had 
some large brands, such as Microsoft and 
Lloyds Bank, book events with us and some 
repeat bookers, which is a great sign. We’re 
excited about continuing that momentum 
in our first full year of operation.
Q
What else have you been working 
on this year?
A 
 We’re working with our furniture partner 
on a broader offer to help our customers 
see the potential in their space and better 
facilitate the move-in process, in addition 
to our existing free space planning offer.
Q
What’s on the horizon for you and your team?
A 
 We’re focusing on enhanced customer 
experience, overhauling our MyWorkspace 
customer portal to create a digital community 
hub that enables greater customer 
connections and offers new services.
RESPONDING TO THE NEEDS OF OUR CUSTOMERS CONTINUED
OUR STAKEHOLDERS CONTINUED
OUR CUSTOMERS CONTINUED
There’s a huge amount 
that we offer beyond the 
four walls of the 
customer’s space. 
21
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

RESPONDING TO THE NEEDS OF OUR CUSTOMERS CONTINUED
OUR STAKEHOLDERS CONTINUED
OUR CUSTOMERS CONTINUED
Richard Swayne
Investment Director
TYPE OF PROPERTY:
THE RIGHT 
BUILDINGS IN THE 
RIGHT LOCATIONS
Q
How do you know what kind of building 
is right for your customers?
A 
 We have a long and successful track 
record in providing space for SMEs so 
we’ve built up a wealth of knowledge on their 
needs. But it’s not just about what customers 
need, you also need development and asset 
management expertise to know what type 
of building can be best carved up for our 
multi-let offer. The configuration is crucial. 
Q
How do you decide when to invest 
and when to sell?
A 
 We have a rigorous investment strategy 
for acquisitions and refurbishment projects, 
that is underpinned by specific criteria 
including ESG performance and strict return 
hurdles. Our operating platform also ensures 
we know where demand is around London so 
we can take a view on future income growth 
or whether an asset has reached maturity.
Q
You’ve been a net seller this year. 
What have you disposed of?
A 
 This year, we’ve sold £143m of non-core 
assets, recycling capital to pay down debt 
and help fund our project pipeline.
Q
Will you be in the market for acquisitions 
next year?
A 
 We have a clear growth strategy that 
includes exciting prospects within our existing 
portfolio that can be complemented with 
buying great buildings in the right locations 
when opportunities arise. The market 
continues to be constrained by the economic 
environment but we are well positioned to 
take advantage of acquisitions that are 
aligned with our investment strategy.
Our operating platform 
ensures we know where 
demand is around London 
so we can take a view on 
future income growth. 
22
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

RESPONDING TO THE NEEDS OF OUR CUSTOMERS CONTINUED
OUR STAKEHOLDERS CONTINUED
OUR CUSTOMERS CONTINUED
Sophia Merola
Events Coordinator
SOCIAL ENGAGEMENT: 
HOW WE BUILD 
COMMUNITY
Q
Why are events important to our customers?
A 
 Our customers love that they can learn, 
network, and unwind right where they work. 
Whether it’s grabbing breakfast at a panel 
discussion, hanging out at a lunch event, 
or enjoying live music at night, there’s 
something for everyone. These events 
enhance the community feel and give 
businesses an extension of their own 
company culture, making coming to 
work more exciting for their teams.
Q
How have our events evolved this year?
A 
 We’ve really ramped up our customer 
events, hosting 81 this year. Highlights 
included our It All Happens At Workspace 
events, co-hosted with customers, such as 
jewellery making or pottery workshops, which 
drew more than 1,100 customers. We also 
continued our London’s Brightest Businesses 
panels, moderated by enterprise journalists 
from The Times and Evening Standard. We 
kicked off our Sustainability Roundtable 
series, bringing customers together to tackle 
big topics like B Corp certification. A big plus 
has been our new state-of-the-art events centre, 
Eventspace at Salisbury House, so we can 
now host even bigger and better gatherings 
(read more on page 36).
Q
How do these events benefit Workspace?
A 
 They’re a part of why people love 
working here. They bring our ‘Make It Fun’ 
value to life and get great feedback for 
boosting the overall vibes, giving our 
customers networking opportunities. Our 
surveys show that people who join our events 
are more satisfied and stay with us for longer, 
helping us build stronger connections and 
keeping our community thriving.
Our customers love that 
they can learn, network, 
and unwind right where 
they work.
23
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

OUR STAKEHOLDERS CONTINUED
OUR CUSTOMERS CONTINUED
RESPONDING 
TO THE FUTURE 
NEEDS OF OUR 
CUSTOMERS
Our experienced Technology team boasts 
extensive expertise in connectivity and 
engineering, and are dedicated to using 
innovative technology to help empower 
our customers and teams.
Chris Boultwood
Head of Technology
How are you using technology to improve 
the customer journey?
Our Systems Innovation team is always 
looking at ways to make the customers’ life 
that bit simpler and smoother. This year, we 
introduced an internal app for centre teams 
to ease the process for customers moving 
in and out. Instead of juggling emails and 
paperwork, customers can handle everything 
through the app – from uploading pictures 
to filling out descriptions and requirements, 
all stored securely on the cloud. This not only 
speeds up the process but also enhances 
transparency between Workspace teams 
and customers.
How can AI help with the customer journey
We’re already experimenting with AI 
internally, using tools like Microsoft Co-Pilot 
to enhance some of our processes. But we’re 
not stopping there, we’re also exploring how 
AI can enhance our customer experience. 
For instance, we’re testing AI in our meeting 
room systems to adjust temperatures for 
optimal comfort while also cutting down on 
energy use. In time, we hope these insights 
could expand to entire buildings, not just 
individual rooms.
How are you improving connectivity 
for customers?
Over the past two years we have invested 
heavily in upgrading to superfast internet 
via the latest Wi-Fi 6 technology. The service 
provides four times the capacity of the usual 
network, improving customer satisfaction 
significantly – as reflected in a nearly 10% 
increase in our connectivity scores since 
we started the project.
What are you most excited about 
in the future?
We’re working with an augmented reality 
partner to enhance how customers see and 
fit-out their potential space. We’ll be trialling 
the use of iPads and VR headsets to visualise 
and arrange furniture in 3D, even seeing 
prices as they design their layout. It’s a 
game-changer for customers personalising 
their spaces, and it perfectly complements 
our blank canvas offer.
Our strategy
Pages 35 to 38
24
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

How we engage
Our culture and values consistently receive 
high scores in our employee survey. This year 
91% said they would recommend Workspace 
as a great place to work. Our regular town 
hall broadcasts provide a forum to hear from 
teams across the business. We also carry out 
a series of face-to-face and virtual events 
throughout the year, where we gather both 
formal and informal feedback.
How the Board engaged
	
– Reviewed and discussed our new 
recruitment policies.
	
– Chairman featured in our Wrap Live 
staff newsletter.
	
– Chairman and two separate Non-Executive 
Directors hosted two employee 
engagement sessions with a mix of centre 
and head office staff providing feedback.

Significant topics raised
	
– Strategy and vision.
	
– Diversity and inclusion, especially 
around recruitment.
	
– Communication from senior leaders.
	
– Intra-company collaboration and 
information sharing.
	
– Career development.
	
– Health and wellbeing.
	
– Systems improvements.
Activity in the year
	
– Strategy and vision workshops 
for senior managers.
	
– Enhanced recruitment processes, 
encouraging more internal hires 
and greater diversity.
	
– Six Wrap Live town halls – mix 
of in-person and virtual events.
	
– Four Wrap On Tour events, where the 
Executive team engage with centre staff.
	
– Enhanced Wrap bulletin staff newsletters.
	
– Introduced our first e-learning portal.
	
– Upgraded our systems.
	
– Increased frequency of internal recognition 
‘shout-outs’, via informal and formal 
communications.
	
– Launched Diversity & Inclusion 
Networking Group.
	
– Delivered Unconscious Bias and 
Harassment training for all employees. 
	
– Career pathway programme for Relief 
Managers, Centre Coordinators and 
Assistant Centre Managers.
	
– New centralised Centre Management team 
to strengthen customer focus.
	
– New Facilities Management team structure, 
creating clearer career structure and 
development opportunities.
	
– Charity, Wellbeing & Social Committee 
hosted frequent events, including the Tour 
de Workspace, Christmas Family Day and 
Carnival in the Car Park. 
Since tracking diversity, we 
have found that we are more 
diverse than the national 
average, which we are 
extremely proud of.
Claire Dracup
Director of People & Culture
45
INTERNAL PROMOTIONS 
91%
OF OUR PEOPLE WOULD RECOMMEND 
WORKSPACE AS A GREAT PLACE TO WORK
OUR PEOPLE
OUR STAKEHOLDERS CONTINUED
Read more about how we 
engage with our people in 
the governance section
Pages 126 to 127
25
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

OUR STAKEHOLDERS CONTINUED
OUR PEOPLE CONTINUED
KNOW YOUR STUFF
We like people who are 
serious about their subject; 
those who are open-minded, 
interested and ask questions.
SHOW WE CARE
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 understand that 
a smile and the right word 
at the right time can make 
all the difference.
Living our values – Donating 
space to Sheltersuit
Workspace’s offer of lettings 
in kind has allowed charity, 
Sheltersuit, to make a home 
at Record Hall, allowed it to 
bring its life-saving sleeping 
bags to homeless people 
across London.
FIND A WAY
We look for those who 
are persistent and have the 
confidence to move things 
forward when it is difficult. 
Flexibility and adaptability 
are key, but so are focus 
and determination.
MAKE IT FUN
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.
LIVING OUR VALUES: 
A CLEAR 
FRAMEWORK  
FOR SUCCESS
Our company values are embraced 
by our people – 96% believe they align 
perfectly with our culture. We celebrate 
individuals who exemplify these values 
quarterly with our Workspace Winners 
awards. This year, we’ve also introduced 
an award for centre teams.
116
PEOPLE COMPLETED ROLE 
SHADOWING THIS YEAR
Meet our Events Coordinator
Page 23
We host social and wellbeing 
events for our employees 
throughout the year
96%
BELIEVE OUR VALUES 
MATCH OUR CULTURE
Embedding our culture
Page 127
Sheltersuit, Record Hall
26
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

OUR STAKEHOLDERS CONTINUED
OUR PARTNERS AND SUPPLIERS
OUR INVESTORS
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
	
– Discussed new supplier onboarding process.
	
– Approved modern slavery statement.
Significant topics raised
	
– Creating sustainable buildings.
	
– Compliance with building regulations 
and neighbourhood plans.
	
– Access for all user groups.
	
– Urban regeneration.
	
– Recycling and waste practice. 
	
– London Living Wage.
Activity in the year
	
– Launched new, simplified supplier 
onboarding process. 
	
– Continued to ensure suppliers and partners 
working on Workspace premises pay Real 
London Living Wage.
	
– Worked with our supply chain to adopt 
environmentally friendly practices.
	
– Promoted recycling and sustainable waste 
practices among our suppliers and partners.
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
	
– Approved disposal of £143m of non-core 
assets in the year.
	
– The Chair engaged with our largest 
investors following the announcement of 
Graham Clemett’s upcoming retirement.
	
– 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 succession.
	
– Growth strategies. 
	
– Our sustainability approach.
	
– Brand and marketing capability.
	
– Competition.
Activity in the year
	
– 97 investor meetings (in-person and virtual). 
	
– 19 sell-side analyst and buy-side investor 
site tours.
	
– 6 real estate conferences attended globally.
	
– AGM.
100%
CONSTRUCTION &  
FACILITIES PARTNERS
PAID REAL LONDON  
LIVING WAGE
27
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

How we engage
Creating a flatter, fairer 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
	
– Reviewed our social impact strategy and 
received monthly updates on initiatives. 
	
– Our Chair and NEDs discussed social 
impact initiatives at their employee 
engagement sessions.
Significant topics raised
	
– Understanding local community needs 
to align our social impact initiatives.
	
– Expanding our partnership with Single 
Homeless Project.
	
– Partnering with 10 local schools to support 
skills and employability in the area.
Activity in the year
	
– Launched 100+ community engagement 
initiatives in partnership with local charities.
	
– Raised £31,000 for Single Homeless Project, 
funding a full-time employability 
coordinator and benefitting 589 young and 
vulnerable people, along with providing 
1,560 volunteering hours.
	
– Rolled out the InspiresMe community 
skills and employment programme across 
10 centres, benefitting over 300 students.
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 net zero carbon. 
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 building 
sustainability, we ultimately drive higher 
satisfaction scores and retention.
How the Board engaged
	
– Reviewed our net zero pathway and 
received monthly updates on progress. 
	
– Reviewed our climate risk exposure, 
ensuring we have a robust mitigation 
strategy in place.
Significant topics raised
	
– How to reduce emissions through a long-
term renewable power purchase strategy.
	
– Enhancement of metering and smart 
controls for high energy optimisation.
	
– Engaging and upskilling customers on 
energy reduction. 
	
– Upgrading units to high sustainability 
standards, meeting at least EPC A or B.
Activity in the year
	
– Secured the industry’s first renewable 
power purchase deal, fulfilling two thirds 
of our electricity needs.
	
– Increased smart building energy 
management system coverage to 75% 
of our portfolio.
	
– Rolled out the Big Energy Race campaign, 
engaging customers on energy reduction 
and saving over 860,000 kWh.
	
– Upgraded over 10% of the portfolio to EPC 
A/B standards.
OUR COMMUNITIES
THE ENVIRONMENT
OUR STAKEHOLDERS CONTINUED
1,600
WORKSPACE TOTAL  
VOLUNTEERING HOURS
Solar energy deal powers  
a greener work space
We took a major stride towards our net zero 
carbon objective with a groundbreaking deal 
to source two-thirds of our electricity from 
solar energy. This 10-year deal with Statkraft, 
Europe’s top renewable energy producer, 
powers our spaces with electricity from a new 
solar plant in Devon, boosting the UK’s clean 
energy output. The Corporate Power Purchase 
Agreement (CPPA) also allows our customers 
to achieve their own sustainability ambitions 
by significantly reducing their carbon footprint 
while helping stabilise their costs.
28
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

FOUR KEY 
TRENDS SHAPE 
OUR CUSTOMERS’ 
NEEDS
Acting on market trends and understanding what our 
customers want helps to inform our decisions and the 
activities we undertake to deliver stakeholder value.
Our target market comprises around 138,000 London 
SMEs. With some 4,000 customers, we currently let 
space to 3% of this market. 
It is our ambition to increase our market share over the 
long term and key to achieving this, is maintaining a clear 
understanding of the market and the key trends affecting 
our existing and prospective customers. 
Our strategy
Pages 35 to 38
Our market trends are  
linked to our strategy. 
The Frames, Shoreditch
OUR MARKET
29
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

OUR MARKET CONTINUED
IT IS A GROWING MARKET
The number of London SME’s continues to grow
WE ARE SEEING EMERGING CUSTOMER TRENDS
Work life culture and the role of the workplace are shifting
270
250
230
210
190
170
150
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022	
2023
WE ARE IN OUR OWN SPACE IN THE MARKET
Limited, relatively fragmented competition
LOW FLEXIBILITY
LEASE
HIGH FLEXIBILITY
Large floor plates
TURN-KEY OFFER
Fully fitted
Large floor plates
TRADITIONAL OFFER
Unfurnished
TRADITIONAL WORK LIFE CULTURE
Work life is about fitting into hierarchies 
and top-down business cultures. 
Conventional processes are followed 
in highly structured spaces which are 
separate from the outside world.
Offices/co-working
SERVICED OFFER
Fully furnished
WE ARE WELL POSITIONED
Workspace is uniquely placed to respond to these trends and capture market share
Work life is more purposeful, fostering an 
inclusive environment that respects and 
reflects individuality and diverse ways of 
working. There is a blurring of the 
boundaries between work and the outside 
world and greater connection with local 
communities.
AN EMERGING CULTURAL SHIFT
THE WORKSPACE OFFER
USE OF SPACE HIGH FLEXIBILITY
LOW FLEXIBILITY
30
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

1,238
LETTINGS IN THE YEAR
OUR MARKET CONTINUED
TREND 1:
THE ECONOMY
Despite signs of a gradual recovery 
on the horizon, businesses continue to 
navigate a complex economic landscape 
The Bank of England’s forecast of 1.5% 
growth in 2025 offers a cautiously 
optimistic outlook for the UK’s recovery1. 
Yet businesses are still facing a complex 
landscape characterised by tight labour 
markets, sustained inflation, and the 
cost of doing business are expected 
to remain high. 
What this means for our customers
SMEs have proved resilient and adaptable2, 
with more than half expecting their profit to 
increase in 20243. In Workspace’s March 2024 
survey of 300 SME owners and leaders, 88% 
said they are confident about their future.
This growing confidence, alongside economic 
shifts and changes in work models, has seen 
robust demand for our flexible offer, with 
1,238 lettings and 705 customer renewals 
completed in the year.
Meanwhile, by securing long-term energy rates 
and offering inclusive billing, we help our 
customers manage their expenses effectively 
so they can focus on growth.
Workspace response
Our portfolio includes 77 locations with 
a variety of options to suit different budgets. 
Our new inclusive billing combines Wi-Fi, 
rent and energy into one monthly payment, 
simplifying finances for our customers. 
We also protect against fluctuating energy 
prices by hedging costs and primarily using 
solar energy for electricity.
Workspace has disposed of £143m non-core 
assets in the year, with the proceeds helping 
to pay down debt and fund our value-
enhancing programme of upgrades and 
refurbishments. Our strong balance sheet 
coupled with our truly flexible offer and 
freehold ownership model means we are 
well positioned to weather any further 
economic volatility. 
Vox Studios, Vauxhall 
1.	 Bank of England’s Monetary Policy Report, May 2024.
2.	 Business insights and Impact on UK Economy, ONS, 
May 2024.
3.	 State of UK Business, BCG, 2024.
RELEVANT STRATEGIC PILLARS
 Driving customer-led growth
 Delivering operational excellence
31
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

8%
UPLIFT IN CUSTOMER 
SATISFACTION WITH 
CONNECTIVITY SERVICES
OUR MARKET CONTINUED
TREND 2:
INFRASTRUCTURE 
AND CUSTOMISABLE 
SPACE
Now that they’ve found their hybrid-
working sweet spot, companies expect 
the highest standards in infrastructure 
and technology
Having fine-tuned their approach, more 
than 82% of small business leaders now 
aim for a hybrid workforce, more than half 
of whom expect it to boost their profits1. 
What this means for our customers
Our agile SME customers embraced flexible 
working well before it became widespread, 
long recognising its benefits for work-life 
balance, wellness, productivity, talent attraction 
and retention, and supporting diversity.
Our customers span a wide array of sectors, 
including creative fields like podcast 
production and fashion design, and use 
their space in versatile ways beyond just 
rows of desks. 
Hybrid work has made it necessary to 
schedule in-person meetings to gather teams. 
This has meant our meeting rooms offering 
has surged in popularity amongst both 
existing customers and external businesses. 
This year, we saw a 9% rise in bookings, 
totalling 22,000 meeting rooms booked.
Workspace response
For more than 35 years our business model 
has been geared toward offering flexibility 
and adaptability. 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. Building ownership and 
acting on customer feedback also allows 
us to enhance our communal areas, giving 
customers more space beyond their unit and 
adding phone booths to meet the demand 
for virtual meetings.
Customers expect super-fast, reliable 
connectivity. We’ve upgraded our buildings 
with Wi-Fi 6 which has quadrupled network 
capacity and are rolling out 5G to give our 
customers greater flexibility in how they work. 
RELEVANT STRATEGIC PILLARS
 Driving customer-led growth
 Delivering operational excellence
Jukebox Studios, Pall Mall Deposit
1.	 2024 Flexible Working Bill, Michael Page Report, 2023.
32
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

77
CHARACTERFUL WORKSPACE 
BUILDINGS FOR CUSTOMERS 
TO CHOOSE FROM
OUR MARKET CONTINUED
TREND 3:
RECRUITMENT 
AND RETENTION
Faced by a labour shortage, SMEs 
are looking to their space to support 
recruitment and retention
Two-thirds (67%) of SMEs struggle to hire 
or retain talent, while 85% of employees 
agree that the design of their workplace 
is crucial to where they work1.
What this means for our customers
78% of UK SMEs believe that flexible work 
space options are crucial for attracting and 
retaining top talent2.
London’s SMEs are focusing on work 
environments that rival the comfort and 
convenience of home to attract and retain 
talent. They’re looking for characterful, 
attractive buildings in vibrant areas, with 74% 
of businesses considering access to amenities, 
such as cafés, wellness facilities, and outdoor 
spaces, as essential in their choice of office 
location3. This highlights the importance of 
choice in order to find the right space and 
location for their teams. 
Workspace response
Our blank canvas offer allows businesses 
to customise their spaces to suit their culture, 
with 77 unique buildings to choose from, each 
offering its own personality and community. 
As businesses grow and change, they also 
have the flexibility to scale, downsize, or 
relocate within our portfolio.
Our focus on quality, in-person service and 
close relationships with our customers drives 
strong retention even as pricing increases. 
This constant dialogue helps us meet their 
evolving needs and guides our ongoing 
enhancements to the spaces, such as adding 
high quality cafés and breakout spaces, bike 
storage, roof terraces, and meeting rooms 
to our buildings.
Leather Market, London Bridge
1.	 Future Attitudes Report, Aldermore, 2024.
2.	 Flexible Working: Lessons from the Pandemic 
CIPD Report 2022.
3.	 Workplace Ecosystems of the Future, Cosham 
and Wakefield 2023.
RELEVANT STRATEGIC PILLARS
 Driving customer-led growth
 Delivering operational excellence
33
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

88%
OF LONDON’S SMES SEE 
SUSTAINABILITY AS IMPORTANT 
TO THEIR BUSINESS1
OUR MARKET CONTINUED
TREND 4:
CUSTOMERS CARE 
ABOUT ESG
More SMEs are embracing holistic 
ESG accreditations such as B Corp
As the UK Government scales back its net 
zero commitments, sustainable-minded 
SMEs are doing the opposite and 
increasingly turning to holistic 
accreditations like B Corp to enhance 
their ESG impact. 
What this means for our customers
The rigorous B Corp sustainability certification 
is increasingly sought after by companies of 
all shapes and sizes. 
Nearly 10% of Workspace’s customers are 
already B Corp certified or working towards 
certification. They see this as invaluable not 
only for enhancing their environmental and 
social impact but also for maintaining high 
standards of management and operations.
Our customers have told us they appreciate 
having a landlord that shares their commitment 
to sustainability. They value our efforts in 
enhancing their green credentials through 
initiatives like Optergy energy monitoring, 
high recycling rates, and our commitment 
to 100% renewable energy.
Workspace response
In 2023, we entered into a purchase power 
agreement to source two thirds of our 
electricity from solar power. Our operational 
energy intensity remains below industry 
benchmarks, and we’ve significantly reduced 
our scope 1 and 2 emissions. Meanwhile, we 
have generated £827,000 worth of direct 
social value for our people, customers, 
communities and supply chain.
Our sustainability initiatives have been 
proven to enhance customer engagement 
and retention. This year, we launched a series 
of roundtable events aimed at building a 
network of sustainable-minded customers. 
Our initial event focused on B Corp 
certification, where customers exchanged 
experiences and insights. 
Sustainability supper for customers  
held at Kennington Park, Oval
1.	 Workspace March 2024 survey  
of 300 SME owners and leaders.
RELEVANT STRATEGIC PILLARS
 Driving customer-led growth
 Sustainable from the inside out
34
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

OUR STRATEGY
Driven by our purpose, culture and  
values and a clear understanding 
of what stakeholders want.
Strategic pillar
Page
DRIVING CUSTOMER-LED GROWTH
36
DELIVERING OPERATIONAL GROWTH
37
SUSTAINABLE FROM THE INSIDE OUT
38
OUR UNIQUE  
CUSTOMER-LED  
OFFER AND 
BESPOKE 
OPERATING 
PLATFORM  
DRIVE OUR  
LONG-TERM 
PERFORMANCE 
Our vision is to be the first choice in London 
for its brightest businesses, people and investors. 
Our strategy to deliver this creates value for 
our customers, people and communities.
OUR STRATEGY
Principal risks and uncertainties
Pages 71 to 78
Key performance indicators
Pages 66 to 70
China Works, Vauxhall
T
h
e 
e
n
vi
r
o
n
m
e
n
t
O
u
r 
c
u
st
o
m
e
r
s
O
u
r 
c
o
m
m
u
n
it
ie
s
O
u
r 
p
a
r
t
n
e
r
s
&
 
s
u
p
p
li
e
r
s
O
u
r 
p
e
o
p
l
e
O
u
r 
i
n
v
e
s
t
o
r
s
OUR PURPOSE
IS TO GIVE
BUSINESSES
THE FREEDOM
TO GROW
S
u
st
ai
n
a
b
le
 f
r
o
m
 t
h
e
 i
n
si
d
e
 
o
u
t
D
ri
vi
n
g 
c
u
st
o
m
e
r-
le
d
 
g
r
o
w
t
h
D
el
iv
e
ri
n
g
 
o
p
e
ra
ti
o
n
al
 e
x
c
el
le
n
c
e
35
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Our goal is to be the home to London’s brightest 
businesses. Our growth plans tie in to the continued 
strong SME demand in London for our flexible offer 
and the customer experience we deliver.
CEMENT OUR POSITION 
AS HOME TO LONDON’S 
BRIGHTEST BUSINESSES
CONTINUALLY ENHANCE 
CUSTOMER EXPERIENCE
LEADING IN LONDON’S 
FLEXIBLE OFFICE MARKET
Key priorities
	
– Reinforce our differentiated 
customer proposition to capture 
demand and grow market share.
	
– Raise our profile amongst target 
customers and stakeholders.
Key priorities
	
– Continue to improve our 
flexible offer and service 
to retain customers and 
support occupancy.
	
– Focus on customer service, 
with centre teams creating 
vibrant communities.
Key priorities
	
– Grow and enhance our portfolio 
of historic and character 
properties in the right locations.
2023/24 key achievements
	
– Brand marketing campaigns 
focused on demonstrating how 
‘It all happens at Workspace’.
	
– 1,238 lettings completed.
	
– 705 customer renewals.
	
– 81 customer events held for 
4,000 attendees and launched 
new Workspace supper series.
	
– Showcasing customers on 
our social media channels.
2023/24 key achievements
	
– Continued to improve the 
customer journey, including 
new reinstatement process 
for customers moving.
	
– Launched our first events and 
conference facility at Eventspace 
in Salisbury House.
	
– Delivered significant Wi-Fi 
upgrades across the portfolio.
	
– Grew and enhanced our meeting 
room offer across the portfolio.
2023/24 key achievements
	
– Ongoing refurbishments at The 
Biscuit Factory in Bermondsey 
and The Chocolate Factory in 
Wood Green.
	
– Near completion of the 
refurbishment of Leroy House in 
Islington to be launched in 24/25.
	
– Exchanged on the disposal of 
£143m of non-core assets.
2024/25 aims
	
– Evolve “It all happens at 
Workspace” positioning and 
launch new ad campaigns. 
	
– More focus on showcasing 
what we do to enhance 
understanding of our offer.
2024/25 aims
	
– Deliver upgraded MyWorkspace 
customer portal.
	
– Launch application and broaden 
our offer with furniture partners 
to ease lettings and customer 
move-in process.
2024/25 aims
	
– Re-launch Leroy House in 
Islington, our first net zero 
building, and The Chocolate 
Factory in Wood Green.
	
– Continue to recycle capital 
into our pipeline of 
refurbishment and asset 
management projects.
OUR STRATEGY CONTINUED
Relevant KPIs
Financial performance:
1, 5, 6
Non-financial performance:
1, 2, 3, 4, 5
Relevant principal risks  
and uncertainties
1, 2, 5, 7
Market trends
1, 2, 3
Salisbury House refurb 
and Eventspace launch
We completed the refurbishment 
of the front of house, meeting rooms 
and Eventspace at Salisbury House 
and opened the new space in 
September. It has transformed the 
entrance to this iconic building and 
been very well received by internal 
customers, as well as external 
customers using the new, state 
of the art conference and meeting 
room facilities.
Salisbury House, Moorgate
Upgraded front of house
STRATEGIC PILLAR: DRIVING CUSTOMER-LED GROWTH
IN FOCUS
36
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Our in-house operating platform means we have a uniquely 
scalable business. We actively manage our portfolio to deliver 
returns through like-for-like rental growth, delivering projects, 
targeted acquisitions and disposals, all while maintaining 
a prudent approach to financing.
ACTIVE PORTFOLIO 
MANAGEMENT
EFFICIENT, SCALABLE 
OPERATING PLATFORM
PRUDENT FINANCING AND 
STRICT INVESTMENT CRITERIA
Key priorities
	
– Continue to execute our rolling 
pipeline of refurbishment and 
redevelopment projects.
	
– Proactively identify 
opportunities to acquire. 
	
– Selectively recycle capital 
through disposals.
Key priorities
	
– In-house capability and 
expertise drives income growth.
	
– Focus on innovation, technology 
and customer experience.
	
– Ability to scale without 
significant cost growth.
Key priorities
	
– Maintain strong balance sheet.
	
– Strict focus on returns.
	
– Disciplined approach to gearing.
2023/24 key achievements
	
– Three major refurbishment 
projects ongoing, with two 
nearing completion.
	
– Completed 30 smaller 
asset management projects 
to refurbish and subdivide 
units across the portfolio.
	
– Exchanged on £143m of 
disposals of non-core assets.
2023/24 key achievements
	
– Embedded our new finance 
system.
	
– Created a new centre 
management and facilities 
management team structure.
	
– Rollout of Optergy energy 
management system to 75% 
of our portfolio. 
2023/24 key achievements
	
– Put in place a two-year £100m 
interest rate hedge.
	
– Extended our £335m of bank 
debt facilities for a further 
12 months.
	
– Strengthened balance 
sheet through disposals 
of non-core assets.
2024/25 aims
	
– Launch Leroy House in 
Islington and The Chocolate 
Factory in Wood Green.
	
– Continue to deliver asset 
management projects 
to refurbish and subdivide 
units across the portfolio.
2024/25 aims
	
– Deliver enhanced CRM system.
	
– Launch new decoration team to 
improve buildings and undertake 
repairs for customers.
2024/25 aims
	
– Continue to recycle 
capital through disposal 
of non-core assets.
	
– Invest in ongoing refurbishment 
plans that deliver against our 
strict investment criteria.
	
– Review our financing 
requirements ahead of debt 
maturities in 2025.
FM team workshop on strategy 
Alongside our Director of Strategy 
and Corporate Development, 
Andy Watts, Head of Facilities 
Management, hosted a workshop 
for his team on Workspace’s vision 
and strategy to accelerate growth, 
with a focus on what this means 
for their day-to-day roles in facilities 
management and how their work 
helps deliver our vision to be first 
choice in London for its brightest 
businesses, people and investors.
Relevant KPIs
Financial performance:
1, 2, 3, 4, 5, 6, 7, 8, 9
Non-financial performance:
1, 2, 3, 4, 5
Relevant principal risks  
and uncertainties:
1, 2, 3 ,4 ,5 7, 8
Market trends:
1, 2, 3
OUR STRATEGY CONTINUED
Kennington Park, Oval
Facilities team workshop
STRATEGIC PILLAR: DELIVERING OPERATIONAL EXCELLENCE
IN FOCUS
37
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

We view every aspect of our business through a 
sustainability lens. Our aim is to create a climate-resilient 
portfolio, to continue to prioritise and look after our people 
and to have a positive impact on our local communities.
DELIVERING A CLIMATE-
RESILIENT PORTFOLIO
LOOKING AFTER OUR PEOPLE
SUPPORTING OUR 
COMMUNITIES
Key priorities
	
– Reduce energy consumption 
across the portfolio and reduce 
greenhouse gas emissions in line 
with our net zero carbon pathway.
	
– Ensure our operations are 
sustainable, focusing on waste 
management, water efficiency 
and sustainable procurement.
	
– Achieve high environmental 
standards across all development 
and refurbishment activities.
Key priorities
	
– Support and enhance the 
wellbeing of our employees 
and customers.
	
– Improve diversity across all 
levels of business and embed 
inclusive behaviours into 
our culture.
	
– Support professional 
development and career 
progression of our people.
Key priorities
	
– Enhance the impact of our work 
with charity partners.
	
– Roll out our local skills and 
employment programme, 
InspiresMe, in partnership 
with our customers.
	
– Establish meaningful 
partnership with local charities 
and community organisations 
across the portfolio to deliver 
place-based social impact.
2023/24 key achievements
	
– 11% reduction in like-for-like 
energy intensity across the 
portfolio.
	
– 36% reduction in gas use.
	
– 10.5% increase in spaces with 
A/B EPC rating. 
	
– 100% renewable electricity 
procured.
	
– PPA secured for 2/3rd 
of electricity demand.
2023/24 key achievements
	
– 57 wellbeing events hosted, 
benefitting over 3,350 customers.
	
– 19 employee wellbeing events, 
with 600 attendees.
	
– Voluntarily paid London Living 
Wage across the portfolio, 
including suppliers.
	
– 45 internal promotions.
	– 8,800 employee hours of training.
	
– Created a long-term Diversity, 
Equity and Inclusion framework.
2023/24 key achievements
	
– 1,560 employee hours 
dedicated to volunteering. 
	
– 300 students benefitted from 
our InspiresMe programme.
	
– 100 community engagement 
initiatives across the portfolio.
	
– Funded an employability 
coordinator at SHP, supporting 
589 homeless people.
	
– Delivered £827k equivalent 
of direct social value.
2024/25 aims
	
– Drive further improvement 
in energy efficiency and 
emissions reductions.
	
– Champion waste management, 
adopting a circular approach.
	
– Roll out a nature and 
biodiversity strategy.
2024/25 aims
	
– Further improve diversity and 
inclusion across the business.
	
– Champion responsible 
and inclusive recruitment.
	
– Promote Workspace as 
an employer of choice.
2024/25 aims
	
– Scale our impact through 
our charity partners, focusing 
on skills and employment.
	
– Enhance our place-based 
social impact programme 
across each of our centres.
Relevant KPIs
Financial performance:
1, 5, 6
Non-financial performance:
1, 4, 5, 6
Relevant principal risks  
and uncertainties:
1, 2, 7, 8, 9, 10
Market trends:
2, 3, 4
Customer engagement
We are pleased to say that over 
79% of our customers agree that 
Workspace is environmentally and 
socially responsible. This is a result 
of our multifaceted customer 
engagement programme, helping 
raise awareness of ESG issues 
through newsletters, social media, 
building installations, events, 
campaigns and our new 
sustainability supper series. 
Kennington Park, Oval
Customer roundtable event
OUR STRATEGY CONTINUED
STRATEGIC PILLAR: SUSTAINABLE FROM THE INSIDE OUT
IN FOCUS
38
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Our focus on operational 
excellence and business-wide 
accountability on sustainability 
has driven remarkable 
achievements this year. 
Accomplishments such as 12% 
reduction in direct emissions, 
79% customer ESG advocacy 
score and securing a 
market-first renewable power 
deal, stand as a testament of 
our unwavering commitment 
to sustainability. 
Sonal Jain
Head of Sustainability
We have embedded sustainability throughout 
our business. It drives how we design and 
operate our buildings and informs every 
strategic decision we take.
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 to all our stakeholders. 
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.
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. We also 
publish our EPRA sustainability report on our 
website www.workspace.co.uk/investors/
sustainability/our-environmental-performance.
over
50%
PORTFOLIO A/B RATED
79%
CUSTOMER ESG ADVOCACY SCORE
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 180) 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 sustainability 
and social sustainability, comprising senior 
representatives from across the business. 
The two committees are responsible for 
operationalising the delivery of our strategy. 
Progress is reported to the Board and 
Executive Committee monthly. We also 
have a number of sustainability champions 
across the business who help mobilise 
ground-up support.
39
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY – A STAKEHOLDER FOCUSED APPROACH

ACHIEVEMENTS IN 2023/24
10.5%
OF THE TOTAL PORTFOLIO’S 
FLOOR AREA WAS UPGRADED 
TO EPC A/B
100%
RENEWABLE ELECTRICITY 
SOURCED
76%
RECYCLING RATE
2024
2023
2022
79
76
75
100+
SUSTAINABILITY 
EVENTS DELIVERED
79%
CUSTOMER ESG 
ADVOCACY SCORE
2024
2023
2022
71
79
66
36%
YEAR ON YEAR REDUCTION 
IN FOSSIL FUEL CONSUMPTION 
(LIKE-FOR-LIKE PORTFOLIO)
Read more about our  
sustainability strategy 
and impact  
Pages 43 to 65
85.5%
EMPLOYEE INCLUSIVITY SCORE
£827k
DIRECT SOCIAL VALUE GENERATED
2024
827
604
Not recorded
2023
2022
£10.4m
INDIRECT SOCIAL VALUE
1,560
EMPLOYEE VOLUNTEERING HOURS
2024
1,560
620
540
2023
2022
3,350
CUSTOMERS BENEFITTED FROM  
OUR WELLBEING OFFERING
RATINGS
81
Real Estate Assessment Score
94
Development Assessment Score
A
Public Disclosure Score
A-
GOLD
EPRA Sustainability Best Practice 
Recommendations Award
AA
MSCI ESG rating
Low Risk
Sustainalytics ESG Risk Rating
MEMBERSHIP
40
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
2024
2023
2022
 12,800,681
8,212,572
 12,586,574

 	Environmental issue
 	Social issue
 	Governance issue
	 Material move since 2022/23
Prioritise issues and refine our strategy
Significant
IMPACT ON WORKSPACE
Very significant
Very significant
IMPORTANCE TO EXTERNAL STAKEHOLDERS
Significant
Changes since 22/23
While energy, carbon reduction, health and safety, regulatory compliance, and ethical 
practices remain top priorities, we’ve also proactively addressed evolving stakeholder 
expectations. We’ve elevated the importance of key issues, including waste management, 
customer engagement, nature conservation, biodiversity, and diversity and inclusion. 
GRI report
https://www.workspace.co.uk/investors/sustainbility/ 
our-environmental/performance
Identify key stakeholders
List material issues
Consult stakeholders
Analyse consultation outputs
STEP 1
STEP 2
STEP 3
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.
	
– Employees
	
– Customers
	
– Suppliers
	
– Regulators
	
– Investors
We consulted with our internal and external 
stakeholders, including customers and 
employees through our bi-annual surveys 
and ongoing interactions with our suppliers 
to confirm our material issues, as shown 
on the matrix. 
	
– Importance to stakeholders
	
– Significance of impacts
	
– Ability of the business to influence 
Our sustainability strategy covers all 
issues identified as material to our business. 
Subsequent sections in the report highlight 
how we are positively impacting these issues. 
OUR MATERIALITY MATRIX – KEY SUSTAINABILITY ISSUES
Sustainable 
transport
Page 48
Water
Page 47
Sustainable  
procurement
Page 48
Nature and 
biodiversity
Page 48
Climate 
adaptation
Page 48
Charitable and 
community 
support 
Page 61
Skills and 
employment
Page 57
Customer 
engagement
Page 57
Diversity  
and inclusion
Page 158
Risk management
Pages 71 and 178
Regulatory 
change
Page 45
Health  
and safety
Page 91
Energy and 
carbon 
Page 45
Waste and 
resources
Page 46
Sustainable 
building design
Page 46
0
Wellbeing
Page 56
DEFINING WHAT 
MATTERS MOST
Transparency
Page 58
41
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED

ALIGNMENT OF OUR 
KEY SUSTAINABILITY 
ISSUES TO UN SDGS
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.
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 
stakeholder engagement programme plays 
a pivotal role in raising awareness about 
responsible resource utilisation during 
both operational and construction phases. 
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. As a Living Wage 
employer, we actively contribute to reducing 
inequalities in London and strive to provide 
decent work opportunities. Additionally, our 
business practices and culture foster diversity 
and inclusion, addressing gender inequality.
Furthermore, our partnership with the Single 
Homeless Project charity and the provision 
of in-kind office space to several non-profit 
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
42
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED

OUR THREE-PILLAR SUSTAINABILITY STRATEGY
STRATEGIC  
PILLAR 1
DELIVERING A 
CLIMATE-RESILIENT 
PORTFOLIO
Future proofing our business by  
minimising our environmental impact 
and transitioning to net zero carbon.
STRATEGIC  
PILLAR 2
LOOKING AFTER  
OUR PEOPLE
Looking after our people through  
our focus on wellbeing, responsible business 
practices, skills and employment.
STRATEGIC  
PILLAR 3
SUPPORTING OUR 
COMMUNITIES
Creating lasting value for our communities  
through employment-led regeneration 
and meaningful partnerships with local 
community groups and charities.
43
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED

Making Workspace climate resilient is 
a key priority for us and we have aligned 
our approach with the Better Buildings 
Partnership’s (BBP) definition, whereby 
a climate-resilient business has a strategy 
in place to:
	
– Mitigate the impact of climate change 
by becoming net zero carbon. 
	
– Adapt to operating in a world in which 
climate-driven disruption is more frequent.
	
– Disclose climate-related information to 
stakeholders in a useful way. 
In response to these principles, we made a 
commitment to becoming a net zero carbon 
business and have created a robust strategy 
to adapt to climate change. Our TCFD 
disclosure (page 94) provides detailed 
information on our climate risk exposure 
and mitigation plans. 
We are also a signatory to the BBP Climate 
Commitment and have published our net 
zero pathway, quantifying our emissions 
and outlining our decarbonisation trajectory 
(www.workspace.co.uk/investors/
sustainability). This trajectory is informed 
by our 1.5°C aligned science-based targets*.
We are in the process of revising our 
emissions reduction targets to be in line 
with the updated net zero standard from the 
Science Based Targets initiative, as we remain 
fully committed to the net zero carbon 
transition of our business. 
*	 1.5°C aligned science-based targets:
–	 Reduce scope 1 emissions 42% by 2030 from 2020 
base year.
–	 Reduce scope 3 GHG from capital goods 20% per sq. ft. 
of NLA by 2030 from 2020 base year.
–	 Continue annually sourcing 100% renewable electricity 
through FY 2030.
Accountability and engagement
We continue to make great progress in 
increasing the accuracy of our energy data, 
notably through an accelerated roll-out of 
smart Building Energy Management Systems 
(BEMS) across the portfolio. 75% of our 
portfolio is now fully BEMS enabled. 
This has enabled our site teams and 
customers to better understand energy 
usage across the properties and implement 
targeted reduction initiatives. We also 
provide targeted support to customers 
who are high users of energy.
To further drive action, we have embedded 
energy and carbon targets into various 
teams’ objectives. This drove collective effort 
between various teams, who delivered an 
impressive 11% like-for-like reduction in energy 
use intensity of the portfolio. Our customers 
also played a key part by wholeheartedly 
supporting our portfolio-wide energy 
reduction competition (see page 53). 
20%
SCOPE 1 AND 2 REDUCTION 
SINCE 2019/20
75%
PORTFOLIO SMART 
BEMS ENABLED
STRATEGIC  
PILLAR 1
DELIVERING A 
CLIMATE-RESILIENT 
PORTFOLIO
Future proofing our business by  
minimising our environmental impact 
and transitioning to net zero carbon.
44
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED

ADDRESSING OUR MATERIAL ENVIRONMENTAL ISSUES: OUR TARGETS
Relevant material issue
 ENERGY & CARBON 
 REGULATORY CHANGE
Relevant material issue
 ENERGY & CARBON
Relevant material issue
 ENERGY & CARBON
Relevant material issue
 ENERGY & CARBON
Relevant material issue
 ENERGY & CARBON
 SUSTAINABLE BUILDING DESIGN
Workspace response
REDUCE ENERGY USE INTENSITY 
(EUI) BY 7% MEASURED IN KWHE/M2 
Workspace response
SIGNIFICANTLY REDUCE THE EUI OF 
ALL BUILDINGS CONSUMING ABOVE 
THE 130 KWHE/M2 (2020 UKGBC 
TARGET FOR NET ZERO OFFICES)
Workspace response
REDUCE SCOPE 1 EMISSIONS BY  
7% ACROSS THE PORTFOLIO
Workspace response
ROLL OUT SMART-BUILDING 
ENERGY MANAGEMENT SYSTEM
Workspace response
ALL NEW DEVELOPMENTS AND 
REFURBISHMENTS DESIGNED TO 
BE NET ZERO CARBON, AIMING 
TO ACHIEVE EMBODIED CARBON 
OF LESS THAN 500 KGCO2/M2
Status: Achieved
Status: Partially achieved
Status: Achieved
Status: Partially achieved
Status: Achieved
We achieved an 11% 
reduction in like-for-like 
Energy Use Intensity (EUI) 
across the portfolio, 
compared to last year. 
This was mainly driven by an 
impressive 36% reduction in 
gas use across the portfolio, 
along with a 7% reduction 
in landlord-procured 
electricity. This year, we 
invested over £14m 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 53).
Our portfolio is inherently 
energy efficient when 
compared to industry 
benchmarks. The average 
energy intensity across our 
portfolio is 81 kWhe/m2/year, 
which is 38% better than 
the current UK Green 
Building Council energy 
performance target for net 
zero carbon buildings set at 
130 kWhe/m2. There are only 
four buildings performing 
above this target and 
we have implemented 
targeted energy reduction 
programmes across 
these sites. 
We achieved a 36% reduction 
in scope 1 emissions due to 
significant reduction in gas 
use across the portfolio. This 
was primarily driven by the 
rollout of smart Building 
Energy Management Systems 
across a number of buildings, 
optimisation of temperature 
set points and timing controls 
and implementation of over 
80 HVAC upgrade projects. 
Currently over 50% of our 
portfolio is fossil fuel free 
(all electric or served by 
district heating).
46 buildings (c. 75% of 
portfolio by area) are now 
fully enabled with our smart 
Building Energy Management 
System, Optergy. This not 
only provides visibility of 
consumption at unit level for 
our customers, it also enables 
us to track performance real 
time and identify optimisation 
opportunities in a timely way. 
We continue to implement 
our sustainable development 
framework across all major 
constructions and 
refurbishments. This 
framework ensures all our 
projects meet the net zero 
carbon brief. We also 
undertake whole-life carbon 
analysis at key design stages 
to help us assess and reduce 
embodied carbon by 
optimising design and material 
choices. Estimated embodied 
carbon of our current projects 
at Leroy House, The Biscuit 
Factory and The Chocolate 
Factory is 231 kgCO2/m2, 
291 kgCO2/m2 and 
436 kgCO2/m2 respectively. 
Overall, we achieved a 50% 
reduction in greenhouse 
gas emissions from capital 
goods per sq. ft. from 
a 2019/20 base year.
Relevant UN SDGs
Relevant UN SDGs
Relevant UN SDGs
Relevant UN SDGs
Relevant UN SDGs
 
 
 
 
 
In order to continue to 
enhance our positive impact, 
we set ambitious incremental 
targets across all our 
identified material issues. 
These targets are embedded 
amongst multiple business 
units and their progress is 
closely monitored. Our 
annual targets for strategic 
pillar 1 are covered in the 
following pages, along with 
commentary on progress 
made and impact achieved. 
Andrew Rae-Spiller
Senior Facilities Manager
45
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
DELIVERING A CLIMATE-RESILIENT PORTFOLIO CONTINUED

ADDRESSING OUR MATERIAL ENVIRONMENTAL ISSUES: OUR TARGETS CONTINUED
Relevant material issue
 ENERGY & CARBON
 SUSTAINABLE PROCUREMENT
Relevant material issue
 ENERGY & CARBON
 REGULATORY CHANGE
Relevant material issue
 ENERGY & CARBON 
 SUSTAINABLE BUILDING DESIGN
Relevant material issue
 WASTE AND RESOURCES
Workspace response
INCREASE RENEWABLE ENERGY 
SUPPLY AND SOURCE 100% 
RENEWABLE ELECTRICITY
Workspace response
INCREASE THE % OF ENERGY 
PERFORMANCE CERTIFICATE (EPC) 
A AND B RATED AREAS IN THE  
PORTFOLIO BY 10%
Workspace response
ALL DEVELOPMENT PROJECTS  
TO BE BREEAM EXCELLENT AND  
EPC A (B FOR REFURBISHMENTS)
Workspace response
ACHIEVE RECYCLING RATE OF  
80% AND DIVERT 100% WASTE  
FROM LANDFILL
Status: Achieved
Status: Achieved
Status: N/A
Status: Partially achieved
Starting February 2024, 
two-thirds of Workspace’s 
electricity demand was met 
by renewable electricity 
produced from a solar farm 
in Devon through a Power 
Purchase Agreement (See 
case study, page 184). We 
meet the remaining third of 
our electricity by continuing 
to source 100% renewable 
electricity from our utility 
supplier (REGO-backed). 
12 sites are equipped with 
solar panels and generated 
196,437 kWh of renewable 
electricity in the past year. 
This is equivalent to 
the annual electricity 
usage of over 60 typical 
UK households. 
This year we upgraded 
474k sq. ft. of our portfolio to 
EPC A/B rating by installing 
high efficiency lighting and 
HVAC systems. Overall we 
increased A/B rated space by 
10.5%, bringing 52% of our 
whole portfolio to an A or B 
EPC rating.
A total of 22 buildings are 
BREEAM certified in our 
portfolio. No new projects 
were completed this year. All 
projects in the pipeline are 
being designed to achieve at 
least an ‘Excellent’ BREEAM 
certification and A rated EPC 
(B for refurbishments).
We achieved an average 
recycling rate of 76% across 
the portfolio. A total of 
2,856 tonnes of waste 
was generated across the 
portfolio, comprising of 58% 
post consumer waste, 24% 
general waste, 12% food 
and 6% bottom ash.
Relevant UN SDGs
Relevant UN SDGs
Relevant UN SDGs
Relevant UN SDGs
 
 
 
 
 
APPLYING CIRCULARITY PRINCIPLES
Whilst we continue to focus 
on improving our recycling 
rate and managing our 
operational waste 
sustainably, we are very 
aware that the built 
environment consumes vast 
amounts of resources and 
generates tonnes of waste 
during construction and 
refurbishment phases. 
We are increasingly applying 
circular principles to prioritise 
reduction and reuse of 
resources, before recycling. 
The aim is to reduce the 
need for virgin materials and 
minimise waste generation.
A great example is our 
contractor Nexus Flooring, 
who repurposed nine tonnes 
of building waste from a refit 
project at Chiswick Studios, 
including timber and 
plasterboard rubble. Timber 
found new life as on-site 
boundary walls, while 
plasterboard rubble 
contributed to garden 
decking. Scrap metal and 
cables were sold, with 
proceeds supporting 
charitable causes.
To give valuable materials a 
second life, two wall AC units 
were auctioned, with funds 
donated to charity. The £570 
generated from Chiswick 
Studios’ materials facilitated 
the purchase of 310kg of rice 
for a local food charity. 
This integrated approach 
not only minimises waste 
but actively supports our 
commitment to sustainability 
and community welfare.
Material issue
Waste and Resources
46
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
DELIVERING A CLIMATE-RESILIENT PORTFOLIO CONTINUED

ADDRESSING OUR MATERIAL ENVIRONMENTAL ISSUES: OUR TARGETS CONTINUED
Across many of our 
buildings, we have the 
opportunity to enhance 
the customer experience 
by providing high-quality 
external spaces. Part of this 
opportunity lies in greening 
our terraces, which also 
significantly supports local 
biodiversity by providing 
habitat for local species. 
A great example of terrace 
enhancement was recently 
completed at Kennington 
Park, our flagship 350k sq. ft. 
building in Lambeth. 
Our landscape architects 
designed the space in line 
with local biodiversity needs, 
by selecting species 
benefitting the local fauna. 
Eight trees were added to the 
terrace as well as 64 planters 
hosting over 1,000 plants from 
a mix of evergreen, pollinators, 
native and drought-tolerant 
plant species. 
Relevant material issue
 WATER
Relevant material issue
 WATER
Relevant material issue
 NATURE AND BIODIVERSITY
Workspace response
ROLL OUT WATER METERING  
ACROSS THE PORTFOLIO AND 
BENCHMARK CONSUMPTION
Workspace response
TARGET AT LEAST 50%  
REDUCTION IN POTABLE  
WATER CONSUMPTION  
ACROSS ALL MAJOR  
DEVELOPMENT PROJECTS
Workspace response
INCREASE GREENERY AND 
BIODIVERSITY ACROSS THE 
PORTFOLIO, TARGETING AT  
LEAST 15% IMPROVEMENT IN 
BIODIVERSITY NET GAIN ON 
DEVELOPMENT PROJECTS
Status: Achieved
Status: Not achieved
Status: Achieved
We now have nearly 
100% visibility of our water 
consumption and track it 
monthly. This has enabled us 
to accurately benchmark our 
water consumption and set 
reduction targets for the 
coming year. 
Our water consumption 
intensity across the portfolio 
is 0.48 m3/m2 of NLA, which 
is in line with GRESB 
standard practice and REEB 
benchmarks for offices.
We have developed a 
water fixture and fittings 
specification in line with 
best-in-class market 
standards (aligning with 
maximum water credits 
under BREEAM v.6). 
However, designing buildings 
to achieve a 50% reduction 
in potable water demand is 
currently deemed unfeasible 
due to practical complexities 
and financial unviability 
of installing grey water 
systems in our buildings. 
We will continue to explore 
alternative technologies that 
drive further reduction in 
potable water consumption. 
By incorporating urban 
greening and biodiversity 
net gain (BNG) criteria early 
on in the project brief, we 
have significantly enhanced 
BNG across all our current 
projects. For example our 
Riverside project is designed 
to achieve a 430% BNG and 
a 0.42 Urban Greening 
Factor (UGF). We have also 
rolled out several greening 
initiatives across our existing 
portfolio (see case study 
on the left). A taskforce 
has been set up to create 
a long-term nature and 
biodiversity strategy for 
the whole portfolio.
Relevant UN SDGs
Relevant UN SDGs
Relevant UN SDGs
 
 
 
URBAN GREENING AT KENNINGTON PARK
Material issue
Nature and Biodiversity
 
“Incorporating a diverse 
range of plant species is 
crucial for creating a 
sustainable and thriving 
ecosystem, this installation 
helps to attract insects and 
birds into the space.”
Brian Hattersley
Director at 1stForFoliage.
 
“This is a great example 
of how the right species 
selection and aesthetic 
design can both support local 
biodiversity and enhance 
customer experience.”
Jack George
Development Manager 
at Workspace.
1,000
PLANTS ADDED ON THE 
TERRACE
47
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
DELIVERING A CLIMATE-RESILIENT PORTFOLIO CONTINUED

Relevant material issue
 CLIMATE ADAPTATION
Relevant material issue
 SUSTAINABLE TRANSPORT
Relevant material issue
 SUSTAINABLE PROCUREMENT
Workspace response
ENSURE ACTIVE MANAGEMENT  
OF CLIMATE RISK ACROSS THE 
PORTFOLIO 
Workspace response
ENHANCE SITE-WIDE  
INFRASTRUCTURE TO ENABLE  
GREATER UPTAKE OF SUSTAINABLE 
TRANSPORT MODES
Workspace response
DRIVE GREATER ENVIRONMENTAL 
AND SOCIAL IMPACT THROUGH 
PROCUREMENT
Status: Achieved
Status: Achieved
Status: Ongoing
We have a robust 
understanding of our 
exposure to physical climate 
risk from the assessment 
carried out last year. See 
our TCFD report (page 94). 
Our mitigation strategy is 
detailed on pages 100 to 101. 
One of our main risks is 
related to flooding on 
certain sites and we have set 
up a monthly task force to 
review flood management 
plans, including business 
continuity processes. This 
task force monitors any 
incidents of floods and 
remedial action being 
taken. This year we rolled 
out flood risk and drainage 
management surveys across 
the portfolio, resulting in no 
material flood-related 
damage or business 
interruption.
We have a total of 55 EV 
charging points across 
the portfolio, which saved 
38 tCO2e. We have also 
upgraded site facilities to 
encourage green transport 
and offer over 1,500 secure 
cycling racks and over 80 
showers across the portfolio.
Our supplier code of 
conduct outlines our key 
sustainability requirements 
which all our suppliers are 
mandated to comply with. 
This year we also initiated 
sustainability-focused 
engagements with our top 
suppliers to drive targeted 
impact. This includes 
working with our security 
company to switch to 
electric bikes, partnering 
with contractors to reduce 
site waste (case study on 
page 46) and reducing 
food waste in our cafés 
(case study on the right). 
Relevant UN SDGs
Relevant UN SDGs
Relevant UN SDGs
 
 
 
ADDRESSING OUR MATERIAL ENVIRONMENTAL ISSUES: OUR TARGETS CONTINUED
SUSTAINABLE MANAGEMENT OF OUR CAFÉS
Material issues
Sustainable Procurement
Waste and resources
Workspace directly manages 
ten on-site cafés, giving us 
an opportunity to implement 
ambitious social and 
environmental initiatives. 
In addition to a zero single-
use plastic policy, we have 
partnered with Huskee, a 
provider of reusable coffee 
cups made from repurposed 
coffee grounds, to offer their 
products across our cafés. 
This avoided 3,715 single-use 
cups being purchased in 
the last year. 
Our Workspace cafés are 
also a great way to trial 
partnerships with ethical 
suppliers such as Galeta for 
pastries and Origin Coffee 
for coffee grounds. 
We are also conscious that 
food waste is a material 
contributor to greenhouse 
gas emissions. Across our 
portfolio, it amounts to 
2.9 tCO2 e. Giving away 
unsold food not only helps 
us fight against food waste, 
but also against food poverty. 
This is why we have started 
using the TooGoodToGo 
app, which allows us to give 
away meals at a reduced 
price. In 2023/24 we have 
recorded 2,150 meals 
diverted from food waste 
streams and landfill. 
 
“Our cafés showcase 
Workspace’s commitment 
to sustainability. We strive 
to improve each year and 
have some exciting things 
in the works. We are aiming 
to completely remove 
disposable coffee cups and 
reducing food waste by 
making our own fresh food.” 
Giandonato Rosa
Hospitality Manager
48
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
DELIVERING A CLIMATE-RESILIENT PORTFOLIO CONTINUED

We are proud of our 
decarbonisation journey 
to date. With our 25% 
reduction in GHG emissions 
since our baseline year, we 
are progressing at pace to 
achieve net zero carbon. 
Ariane Ephraim
Sustainability Manager
Greenhouse Gas emissions
As a signatory to BBP’s Climate Commitment 
and the Science Based Targets Initiative, we 
disclose progress against our net zero 
pathway annually. We have reported our 
absolute greenhouse gas emissions in line 
with the GHG Protocol Guidelines. Our scope 
1 and 2 categories encompass emissions 
where we have operational control and 
therefore include tenant consumption where 
we procure gas, electricity or heat on their 
behalf. Although two-thirds of our electricity 
comes from a solar plant in Devon and the 
remaining third is met by our REGO-back 
green electricity contract. We report scope 2 
emissions using a location-based methodology. 
Our total emissions footprint is 23,447 tCO2e. 
We have reduced our scope 1 emissions by 
41% and our scope 2 emissions by 9% against 
our 2019/20 baseline (see graph on the right).
Our net zero carbon pathway
The chart above shows an indicative 
emissions reduction trajectory, in line with 
our net zero pathway. Our near-term goal 
is to reduce our emissions by 50% by 2030. 
To achieve this, our immediate focus is on 
eliminating the majority of our scope 1 and 2 
emissions, and targeted customer energy use 
and embodied carbon of our developments 
to drive down scope 3 emissions. We have 
already reduced our emissions by 25% since 
our baseline year. The next page of this 
report provides further detail of our net 
zero pathway and progress made under 
each workstream. 
We are in the process of revising our 
emissions reduction targets to be in line 
with the updated net zero standard from 
the Science Based Targets Initiative. 
We will accordingly update our net zero 
pathway, with the ultimate goal of reducing 
our scope 1, 2 and 3 emissions by 90%. 
NET ZERO PATHWAY
EMISSIONS REDUCTION TRAJECTORY (TCO2E)
Our net zero pathway (www.workspace.
co.uk/investors/sustainability) is an essential 
component of our climate resilience pillar. 
It guides our efforts across the business 
as we work towards achieving net zero 
emissions. This pathway outlines a number 
of workstreams with sub-targets, including 
reduction of operational and embodied 
carbon, procurement of high-quality 
renewable energy, reduction in value 
chain emissions and offsetting. 
DEEP DIVE:
NET ZERO CARBON 
COMMITMENT
Material issue
Energy and Carbon 
WORKSPACE PORTFOLIO
LOCATION-BASED SCOPE 1, 2, 3 GHG EMISSIONS (tCO2e)
 Scope 1
2,039
 Scope 2
6,470
 Scope 3
14,938
SCOPE 1 GHG EMISSIONS (tCO2e)
2023/24
2,039
3,188
3,451
2022/23
2019/20 (baseline)
SCOPE 2 GHG EMISSIONS (tCO2e)
2023/24
6,470
6,482
7,144
2022/23
2019/20 (baseline)
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2019/20
2020/21
2022/23
20XX*
2021/22
2030
2023/24
Scope 1
Scope 2
Scope 3
Offsetting for 
10% residual 
emissions
Aiming 
for further 
40% reduction
Aiming for 
50% reduction
-25%
*	 Long-term net zero carbon target date to be confirmed once science-based target update is verified.
20/21 dip 
was due  
to Covid
22/23 increase 
was due to McKay 
acquisition.
49
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
DELIVERING A CLIMATE-RESILIENT PORTFOLIO CONTINUED

OPERATIONAL CARBON 
(SCOPE 1&2)
EMBODIED CARBON
RENEWABLES ENERGY
REDUCE VALUE CHAIN 
EMISSIONS (SCOPE 3)
OFFSETTING
THIRD-PARTY 
VERIFICATION
PROGRESS ON NET ZERO CARBON PATHWAY 
Goal:
Eliminate majority of scope 
1 and 2 emissions by 2030
Progress:
	
– 20% reduction in 
scope 1 and 2 emissions
	
– 7% reduction in direct 
energy use
	
– 50% of portfolio 
fully electric
	
– £14m invested in 
upgrading our portfolio 
in 2023/24 
Goal:
Source 100% of power 
from high-quality 
renewable supply
Progress:
	
– Two-thirds of electricity 
sourced from solar plant 
in Devon
	
– Remaining one-third 
is REGO* backed
	
– 12 sites with solar panels 
generating 196,437 kWh 
of clean electricity
*REGO (Renewable Energy 
Guarantees of Origin) certificate.
Goal:
Reduce embodied carbon 
of projects, aiming for less 
than 500 kg CO2/m2 for new 
developments (250 CO2/m2 
for refurbishments)
Progress:
	
– A detailed embodied 
carbon assessment and 
reduction plan is created 
for all projects 
	
– Estimated embodied 
carbon of our current 
projects at Leroy House, 
The Biscuit Factory and 
The Chocolate Factory is 
231 kgCO2/m2, 291 kgCO2/
m2 and 436 kgCO2/m2 
respectively 
Goal:
Develop a robust offsetting 
policy, to enable the 
procurement of offsets for 
residual emissions only
Progress:
	
– Offsetting strategy 
in development
Goal:
Obtain third-party 
verification on emissions 
reduction and ensure net 
zero plans are backed by 
a science-based trajectory
Progress:
	
– Annual third-party 
verification of emissions
	
– Working towards 
updating our science-
based targets in line with 
the new guidance
Goal:
Engage with suppliers and 
customers to significantly 
reduce scope 3 emissions
Progress:
	
– Reduction in proportion 
of portfolio with 
customer-managed 
energy supplies, resulting 
in a 6% reduction in 
corresponding energy-
related emissions
	
– Customer engagement 
campaign focused on 
energy reduction
	
– Key supplier engagement 
initiated to get better 
visibility of emissions and 
identify reduction drivers
Relevant UN SDGs
Relevant UN SDGs
 
Relevant UN SDGs
Relevant UN SDGs
Relevant UN SDGs
 
50
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
DELIVERING A CLIMATE-RESILIENT PORTFOLIO CONTINUED

0
200
150
100
50
Energy use intensity kWhe/m2 internal area
Buildings in portfolio
APRIL 2023 TO MARCH 2024 ENERGY USE INTENSITY ACROSS THE PORTFOLIO (kWhe/m2 INTERNAL AREA)
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 
81 kWhe/m2 of internal area, which is 10% 
lower than the 2025 UKGBC target for net 
zero carbon offices. We have compared our 
energy performance across a number of 
industry benchmarks:
	
– All but 16 buildings meet the 2025 UKGBC 
energy performance target for net zero 
carbon buildings depicted by the blue line.
	
– 25 buildings already meet 2030 target 
depicted by the yellow line.
In FY 23/24 we set a target of 7% reduction 
in energy intensity and through our £14m 
investment across over 50 properties 
we delivered 11% reduction in energy use 
intensity, across the like-for-like portfolio. 
We have developed a sustainable 
refurbishment playbook, which we 
are implementing across our portfolio. 
Our goal is to achieve a fully electric 
and EPC A/B rated portfolio by 2030.
A recent refurbishment project at 
Clerkenwell Workshops serves as a prime 
example. We upgraded 44,000 sq. ft. of 
space to high sustainability standards by 
replacing the gas-powered wet heating 
system with a high-efficiency air source heat 
pump and installing LED lights and sensors 
– all while the building remained fully 
operational, with customers in situ. This 
refurbishment is projected to reduce the 
building’s energy use intensity by 5% and 
surpass our financial return expectations.
 Properties
 2025 Target
 2030 Target
51
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
DELIVERING A CLIMATE-RESILIENT PORTFOLIO CONTINUED

We acquired Swan Court, a 57,500 sq. ft. 
building in Wimbledon, in 2022 and inherited 
a building that had already achieved a 
BREEAM Very Good certification and a 
B-rated Energy Performance Certificate. 
The building’s energy use intensity was 
however one of the highest in our portfolio. 
Our facilities management team remediated 
the situation by implementing operational 
improvements: 
	
– Upgraded the Building Management 
System to allow for finer time and 
temperature controls. 
	
– Adapted heating and cooling time 
schedules to occupant needs.
	
– Turned off air handling units and chillers 
during weekends and nights. 
	
– Adjusted temperature set points 
in response to outside temperature, 
when conditions permit.
	
– Carried out lighting checks, and 
remediated faulty presence 
detection systems.
The close collaboration with the main 
customer in the building was instrumental, 
demonstrating how collaboration with our 
customers can unlock great results when 
both are working towards energy efficiency 
and decarbonisation. 
These measures drove a 26% reduction 
in energy intensity, all delivered through 
low/no cost measures.
SWAN COURT IN NUMBERS
29%
GAS REDUCTION
26%
ELECTRICITY REDUCTION
ENERGY USE 
OPTIMISATION –  
SWAN COURT, 
WIMBLEDON
Being instrumental in 
implementing an energy 
reduction programme through 
insights into building 
occupancy patterns has been 
incredibly gratifying. Adjusting 
temperature and time controls 
have yielded impressive results 
with minimal investment.
Sarah Miller
Cluster Facilities Manager
Link to material issue: 
Energy and Carbon
52
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
DELIVERING A CLIMATE-RESILIENT PORTFOLIO CONTINUED

860 MWh
ENERGY SAVED IN FEBRUARY 2024  
COMPARED TO FEBRUARY 2023
330
ENERGY SAVING PLEDGES
BIG ENERGY RACE 
– PORTFOLIO-WIDE 
ENERGY SAVING 
COMPETITION
Customer engagement is essential in 
unlocking the greatest energy savings and 
accelerating progress on our net zero carbon 
trajectory. In 2022 we ran a behaviour change 
campaign at our Frames building which 
helped achieve an 11% energy reduction over 
twelve months, in a modern building already 
well-equipped. Taking inspiration from the 
success at Frames, we ran a portfolio wide 
‘Big Energy Race’ campaign across our 
entire portfolio in February this year to 
encourage all our customers to reduce 
their energy consumption.
This energy saving competition included all 
buildings in our portfolio. A specific energy 
savings target was set for each building 
to account for operational attributes and 
equipment features. The portfolio was 
divided into four clusters and the four 
winning buildings had to outperform 
their energy savings target by the most. 
We targeted our customers through a 
multi-channel communications strategy 
including a dedicated Big Energy Race 
web page, on-site posters, newsletters, 
social media takeover and in-person energy 
saving workshops for our customers delivered 
in partnership with FuturePlus, a valued 
customer and sustainability consultancy. 
We reached 90 customers across four 
workshops and recorded 330 energy saving 
pledges from our customers.
Our engaging communication and use of 
gamification allowed this campaign to deliver 
very tangible results. Over 860,000 kWh 
of energy was saved in February 2024 
compared to February 2023, the equivalent 
of 178 million smart phone charges and 
28 Glastonbury festivals. The campaign 
motivated our customers to adopt 
sustainable behaviours such as switching 
off lights, reducing set points and setting 
appliances on energy saving mode during 
off hours. 
The four winning sites will be rewarded with 
a ‘sustainable festival’ this summer, featuring 
products from our eco-friendly customer 
base; another great opportunity to promote 
sustainable businesses at Workspace.
I really like that you are 
running an energy saving 
competition, it’s clear that 
you really care about the 
environment. We’ve shared 
the campaign around our 
team and are doing a follow 
up to see what changes 
people made.
Customer at Kennington Park
Feedback on the campaign
Link to material issue: 
Energy and Carbon
53
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
DELIVERING A CLIMATE-RESILIENT PORTFOLIO CONTINUED

As a business we are continuously looking 
to adopt new solutions and technologies 
that can help us reduce the whole life 
carbon impact of our buildings.
With this in mind, our development team 
undertook a comprehensive review of various 
HVAC solutions in the market to identify 
solutions that are optimal from a whole 
life carbon point of view. 
The focus of this research piece was to 
consider the operational and embodied 
carbon impact of different types of refrigerant 
and water-based systems, in conjunction with 
considerations such as cost, adaptability and 
spatial requirements. The Global Warming 
Potential of the various refrigerant options 
was also considered, R32 versus R410a. 
Results from this comparative analysis 
EPC RATINGS
Whilst our portfolio is already compliant 
with the current Minimum Energy Efficiency 
Standards (MEES) regulation, requiring all 
units to hold a valid EPC with a minimum 
rating of E, the UK Government is planning 
to increase requirements to a minimum 
rating of B by 2030. 
We are working towards upgrading our 
entire portfolio to EPC A/B by 2030, aiming 
to deliver at least 10% upgrades each year. 
This year, following an investment of over 
£14m in HVAC equipment, lighting upgrades 
and insulation works across 50 properties, 
we have increased the proportion of A/B 
rated spaces by 10.5% to reach 52%. 
Based on the projects we have already 
delivered, we estimate the total investment 
needed to upgrade our portfolio to EPC A/B 
by 2030 will be c.£55–70m (c.£9–12m each 
year). However, the actual additional 
investment needed each year will be lower 
as part of this expenditure is covered by our 
ongoing maintenance capex.
EPC BREAKDOWN ACROSS THE PORTFOLIO (BY AREA)
 A/B
52%
 C
25%
 D
19%
 E
4.0%
TAKING A WHOLE 
LIFE CARBON 
APPROACH
Link to material issue: 
Energy and Carbon
£14m
INVESTED IN 2023/24  
IN SUSTAINABILITY UPGRADES
52%
A/B RATED PROPERTIES
are now used to inform HVAC design 
decisions in various scenarios such as 
new construction, refurbishments and 
operational upgrades. 
For operational upgrades and refurbishments, 
the business will increasingly be looking at 
transitioning to R32 variable refrigerant flow 
systems to minimise whole-life carbon impact 
of HVAC systems. 
For new construction projects, it is 
understood that a four-pipe water-based 
air-source heat pump solution is the most 
efficient system from a whole-life-carbon 
perspective. This is being implemented 
in our Biscuit Factory project.
54
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
DELIVERING A CLIMATE-RESILIENT PORTFOLIO CONTINUED

STRATEGIC  
PILLAR 2
LOOKING AFTER  
OUR PEOPLE
Looking after our people through  
our focus on wellbeing, responsible business 
practices, skills and employment. 
As an employer of 329 people, client 
of over 800 suppliers and work space 
provider for over 4,000 customers, we 
have a responsibility to support all our 
stakeholders and help them perform at 
their very best. We do this by adopting 
responsible business practices, a customer 
first approach and creating a culture 
that fosters fairness, wellbeing, inclusion 
and diversity. 
Our people have a common direction under 
our sustainability strategy and are guided 
by our core values to do the right thing. 
Our business fosters a cohesive culture, 
where everyone feels valued and knows how 
they can contribute to the Company’s goals. 
Initiatives such as town hall meetings and 
regular business updates, shadowing days, 
employee suggestion scheme and employee 
support networks all contribute to a positive 
Company culture. 
Listening to our people
To keep delivering the best to our customers, 
we keep our ear to the ground and collect 
feedback throughout the year and formal 
feedback twice a year via a survey. This helps 
us evolve our offer to best meet our customer 
needs. We have also introduced a customer 
feedback policy to ensure our customers 
have a direct line to communicate with 
us in a consistent and timely manner. 
Our strategy evolves each year in line with 
the employee feedback we gather via an 
annual survey. Our People Team have an 
employee suggestion scheme to encourage 
feedback and new idea sharing throughout 
the year. 
In order to continue to enhance our positive 
impact we set progressively incremental 
targets across all our identified material 
issues. These targets are embedded 
throughout the business and we closely 
monitor progress. Our annual targets for 
strategic pillar 2 are covered in the following 
pages, along with commentary on progress 
made and impact achieved. 
£827k
DIRECT SOCIAL VALUE GENERATED
£10.4m
INDIRECT SOCIAL VALUE GENERATED
55
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED

Relevant material issue
 WELLBEING
Relevant material issue
 DIVERSITY AND INCLUSION
Relevant material issue
 ETHICS, CONDUCT AND 
COMPLIANCE
Workspace response
SUPPORT AND ENHANCE  
THE WELLBEING OF OUR  
EMPLOYEES AND CUSTOMERS
Workspace response
DRIVE A DIVERSE AND  
INCLUSIVE CULTURE THROUGH  
A RANGE OF EDUCATION AND 
AWARENESS SESSIONS, AND 
EMPLOYEE NETWORKS
Workspace response
CHAMPION COMPLIANCE  
WITH LIVING WAGE AND  
MODERN SLAVERY ACROSS  
THE SUPPLY CHAIN
Status: Achieved
Status: Achieved
Status: Achieved
We enhanced our 
comprehensive wellbeing 
programme for our 
employees and customers. 
We offered 19 employee 
wellbeing events, over 160 
employees utilised our health 
cash back offering, with a 
total claims value of £38k 
and delivered 730 employee 
hours of mental health 
training. We are pleased to 
receive an average employee 
wellbeing score of 75%, 
based on our annual 
employee survey.
Our focus this year for 
customers was on increasing 
our ‘welldoing’ offering. We 
hosted 57 sessions including 
sketch workshops and 
terrarium building, benefitting 
over 3,350 customers. More 
information is included in the 
case study on the right.
We continued to bi-annually 
monitor and benchmark data 
on diversity across the 
business. We published our 
second gender pay gap report 
and created an action plan to 
address this gap. We also 
rolled out over 1,300 employee 
hours of diversity training. 
Inclusive recruitment was a 
key focus for us this year, 
enabling us to widen access 
to profession and promote 
social mobility. See case 
study on page 59.
Throughout the year we 
celebrated eight different 
cultures and continued our 
employee network to support 
people with caring 
responsibilities. We were 
pleased to receive an 
inclusivity score of 85.5% in 
our recent employee survey.
Workspace are an accredited 
Living Wage employer and 
100% of our employees and 
contractors are paid above 
Living Wage levels. We also 
conduct an independent 
verification of our 
compliance with Living 
Wage requirements. 
To drive compliance, 
Workspace’s supplier code of 
conduct is mandated across 
all contracts and formally 
included in our supplier 
on-boarding procedure. 
We are also working with a 
third party to roll out modern 
slavery audits across our 
key contracts.
100%
OF EMPLOYEES AND 
CONTRACTORS ARE 
PAID A LIVING WAGE
Relevant UN SDGs
Relevant UN SDGs
Relevant UN SDGs
 
 
We prioritise the health and 
wellbeing of our employees 
and customers. We are 
proud to offer a 
comprehensive range 
of benefits, including a 
health cashback plan 
that subsidises wellness 
treatments. In total, 160 
employees utilised our 
health cashback plan, 
resulting in 498 claims, 
equivalent to c.£38k.
We rolled out mandatory 
mental health training for 
all employees and hosted 19 
employee wellbeing events 
and initiatives, reaching over 
600 attendees.
Building on last year’s 
success, we have continued 
to deliver a series of 
wellbeing events for 
our customers, focusing 
more on ‘welldoing’.
A total of 57 customer 
wellbeing events were 
hosted across the portfolio, 
benefitting over 3,350 
customers. Our puppy 
therapy events were once 
again extremely popular. 
On average, our ‘wellbeing’ 
events received 4.8/5 star 
ratings from customers. 
In addition, the centre teams 
partnered with local gyms 
and businesses to host 
a further 37 wellbeing 
focused initiatives. 
Based on insights from our 
mid-year customer survey, 
customers who attended 
wellbeing events were more 
likely to be brand promoters. 
over 
3,350
CUSTOMERS BENEFITTED 
FROM OUR WELLBEING 
OFFERING
ADDRESSING OUR MATERIAL SOCIAL ISSUES: OUR TARGETS 
OUR APPROACH TO WELLBEING
Material issue:
Wellbeing
56
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
LOOKING AFTER OUR PEOPLE CONTINUED

Relevant material issue
 SKILLS AND EMPLOYMENT 
DIVERSITY AND INCLUSION
Relevant material issue
 SKILLS AND EMPLOYMENT 
DIVERSITY AND INCLUSION
Relevant material issue
 CUSTOMER ENGAGEMENT
Workspace response
DEVELOP AND SUPPORT OUR 
PEOPLE THROUGH PROFESSIONAL 
AND CAREER DEVELOPMENT 
OPPORTUNITIES AND BEST 
IN CLASS BENEFITS
Workspace response
SUPPORT SKILLS AND EMPLOYMENT 
THROUGH OUR APPRENTICESHIP 
AND WORK PLACEMENT 
PROGRAMME
Workspace response
UPSKILL AND ENGAGE  
WITH OUR CUSTOMERS TO  
DRIVE GREATER SUSTAINABLE 
BEHAVIOURS
Status: Achieved
Status: Achieved
Status: Achieved
We supported over 
26 employees to complete 
accredited training, including 
24 employees who were 
sponsored for our 
Leadership and Management 
programme. In total we 
delivered over 8,800 
employee hours of 
professional training (women 
– 5,119 hours and men – 
3,709 hours), including over 
370 hours of Chartered 
Institute of Personal and 
Development coaching and 
people skills training.
We rolled out career 
pathways and supported 10 
employees with progression. 
This year we had 45 internal 
promotions, of which 38 
were earned by women.
We launched our inaugural 
apprenticeship scheme this 
year, supporting six 
employees.
We hosted five pupils 
from underprivileged 
background for meaningful 
work experience.
Throughout the year we 
continued our engagement 
with our suppliers on 
employment related 
opportunities. We are 
pleased to see that our 
building contractor was able 
to employ four apprentices 
during the refurbishment of 
Leroy House. Further, our 
cleaning and security 
suppliers have offered 
permanent employment 
to four individuals from 
NEET (Not in Employment 
or Education) backgrounds. 
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 53). We hosted 
five customer events on 
sustainability, reaching 110 
customers. We also started 
a new series of sustainability 
suppers, see more in case 
study on the left.
We are pleased to say that 
over 79% of our customers 
agree that Workspace is 
environmentally and socially 
responsible. This represents 
an increase of more than 10% 
compared to last year.
79%
CUSTOMER ESG SCORE
Relevant UN SDGs
Relevant UN SDGs
Relevant UN SDGs
 
In November we hosted the 
first event of our new series: 
Sustainable Suppers. These 
events create a guild of 
customers with a common 
interest to foster deeper 
collaboration and create 
opportunities to enhance 
sustainability impact. 
Noting that a significant 
proportion of our SME 
customers are interested in 
B Corp, the first supper 
focused on exploring the 
benefits of B Corp 
framework. 
We invited some of our B 
Corp certified customers to 
join and share learnings on 
how businesses can make a 
positive social and 
environmental impact. 
The event was a huge 
success with stimulating and 
meaningful discussions. 
We have since continued to 
roll out our sustainability 
suppers at regular intervals 
to foster connection and 
collaboration between our 
customers on various 
sustainability themes. 
77%
OF LONDON SME’S 
ARE AWARE OF B CORP 
A really useful way 
to compare notes with 
your peers in a relaxed 
and open way. I came 
away from the 
sustainability supper 
having learnt lots, 
made new connections 
and thoroughly 
enjoyed myself! 
Charlie Vass
Co-founder of Vinca Wines
FOSTERING CONNECTION AND COLLABORATION
ADDRESSING OUR MATERIAL SOCIAL ISSUES: OUR TARGETS CONTINUED
Material issue:
Customer Engagement 
57
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
LOOKING AFTER OUR PEOPLE CONTINUED

28%
FIRST GENERATION 
OF THEIR FAMILY TO 
GO TO UNIVERSITY
33%
40+ YEARS OF AGE
29%
UNDER 30 YEARS 
OF AGE
25%
WITH CARING 
RESPONSIBILITIES
26%
ENGLISH NOT AS A 
FIRST LANGUAGE
29%
NATIONALITY OTHER 
THAN BRITISH
30%
IDENTIFY AS BAME
8%
IDENTIFY AS LGBTQ
56%
IDENTIFY AS FEMALE
Diversity is our strength and the first step 
to improving on diversity is to measure it. 
97% of our employee base provided their 
diversity data, and we have now published 
our second gender pay gap report. A 
breakdown of the number of directors, 
senior managers and all employees by 
gender is set out on page 159. 
DEEP DIVE:
DIVERSITY  
AND INCLUSION
Material issue:
Diversity and Inclusion
Getting the right balance for growth
We are very proud of our business values 
and welcoming culture. We strongly believe 
that the success of our business depends on 
our people and are committed to providing a 
working environment which is inclusive. We 
are pleased to receive a high inclusivity score 
of 85.5% in our recent employee survey. 
We have launched a series of initiatives to 
support diversity and inclusion:
	
– All our employees have undergone 
mandatory diversity and inclusion training.
	
– Our diversity network called ‘Supporting 
Others’ offers a safe space for colleagues 
to share their experience on balancing 
work and caring responsibilities.
	
– We implemented inclusive recruitment 
practices including anonymised CVs and 
hiring manager training.
	
– Throughout the year we celebrated eight 
events raising awareness of various 
cultures and beliefs.
	
– We launched our diversity framework, 
setting out a long-term ambition and 
roadmap (further detail on the right side).
We are committed to continuous 
improvement and building on our current 
initiatives. To effectively monitor our 
diversity performance and develop a 
comprehensive diversity and inclusivity 
improvement plan, we needed a deeper 
understanding of our workforce’s diversity. 
Therefore, we collected additional data from 
our employees. Although participation was 
entirely voluntary, we achieved a remarkable 
97% response rate, reflecting our employees’ 
strong support for a strategy aimed at 
enhancing diversity and inclusion within 
our organisation.
WORKSPACE’S EQUITY, DIVERSITY AND INCLUSION FRAMEWORK
Workstream:
1. RECRUITMENT
2. PROGRESSION
3. FUTURE TALENT
Workstream:
1. AWARENESS
2. BEHAVIOURS
3. FEEDBACK
Workstream:
1. CUSTOMERS
2. SUPPLIERS
3. PARTNERS
Workstream:
1. INCLUSIVE SPACES
Workstream:
1. REPRESENTATION
2. LEAD BY EXAMPLE
3. COMMITMENT
PEOPLE
CULTURE
STAKEHOLDERS
BUILDINGS
LEADERSHIP
Transparency, Data and Accountability
The framework
Our Equity, Diversity and 
Inclusion (EDI) framework has 
been developed over the last 
year with input from across 
the business. The framework 
is informed by feedback from 
our annual employee survey, 
peer reviews and best 
practice. The framework (see 
above) has five pillars, with 
specific workstreams in each, 
to ensure a holistic approach 
to diversity, and inclusion 
across all stakeholders. 
Accountability
Diversity and inclusion is a 
material issue for the business 
and hence we have set a 
Board level objective to 
maintain an inclusivity score 
of at least 85.5%, linking it 
to team’s annual bonus 
allocation. We also measure 
and report on our employee 
diversity figures bi-annually, 
helping us benchmark and 
track improvement over time. 
Implementing the framework
An internal EDI working group 
is currently being set up to 
shape the outcomes and 
targets of the framework 
and implement the strategy 
across Workspace. The group 
will be chaired by a member 
of the Executive team, 
reporting directly to the CEO. 
Outcome:
The diversity of 
Workspace’s 
current and future 
talent reflects the 
communities that 
we operate in.
Outcome:
A culture where 
everyone 
champions our 
strategy, feels 
included and 
empowered.
Outcome:
Workspace is a 
force for positive 
change by 
advocating for 
diversity and 
inclusion with 
our customers, 
suppliers, partners, 
and the industry  
at large.
Outcome:
Our buildings offer 
a more accessible, 
welcoming and 
accommodating 
environment for 
everyone.
Outcome:
Leadership is 
diverse and can 
lead Workspace 
into a more diverse 
and inclusive 
future.
58
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
LOOKING AFTER OUR PEOPLE CONTINUED

85.5%
EMPLOYEE INCLUSIVITY SCORE
68
EMPLOYEE HOURS OF INCLUSIVE 
RECRUITMENT TRAINING
INCLUSIVE 
RECRUITMENT
Having a diverse workforce is key to 
Workspace’s success. This means our people 
have varied experiences and perspectives 
which will drive innovation, make better 
decisions, and create a more inclusive 
and equitable work environment. 
Our recruitment processes have been 
continually improving to be inclusive and bias 
free in order to attract diverse candidates. 
We undertook several key actions to enhance 
our inclusive recruitment practices. In 2022, 
we appointed a dedicated recruitment 
manager to oversee the process efficiently. 
We then introduced an inclusive recruitment 
policy and provided comprehensive training 
to our hiring managers to mitigate biases. 
This year we rolled out a new recruitment 
software. Leveraging the platform, we 
optimised candidate evaluation, alongside 
the adoption of blind CVs and bias-free 
language in job postings. Additionally, 
strategic partnerships were forged this year 
with organisations like Sapphire Partners, 
Lambeth Jobs Centre and The White Ensign 
Association to drive social mobility.
We achieved 59 direct hires, fostering 
diversity and enriching our culture. This also 
helped us save £350k in recruitment costs, 
whilst also broadening our talent pool. Our 
collaborations with social mobility-focused 
partners have extended our reach and 
community engagement, aligning with 
our commitment to positive social impact.
As an employer, we are 
constantly looking to attract 
and retain the best talent. 
As such, we actively look 
to breakdown barriers to 
employment and widen access 
to our jobs through working 
with social mobility partners.
Ben Saunders
Head of People
Link to material issue:
Diversity and Inclusion
59
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
LOOKING AFTER OUR PEOPLE CONTINUED

STRATEGIC  
PILLAR 3
SUPPORTING OUR 
COMMUNITIES
Creating lasting value for our communities  
through employment-led regeneration 
and meaningful partnerships with local 
community groups and charities. 
Social impact is inherent to Workspace’s 
business model. We support employment-led 
regeneration of London by investing in some 
of the most deprived areas of the capital, 
enabling employment opportunities for 
local people and boosting local spend. 
We have a strong culture of charitable giving 
and volunteering. Working closely with our 
charity partner Single Homeless Project, we 
have made a significant impact in alleviating 
homelessness across London. 
We manage over 60 sites across 15 boroughs. 
Through our centre teams, we aim to build 
meaningful relationships with local 
communities and charities. We work 
closely with our customers to implement 
engagement initiatives that support the 
local communities.
Our response to local community needs
As a major provider of work space to over 
4,000 of London’s brightest businesses, 
Workspace is well placed to address some of 
the most pressing social issues in the capital. 
In London, homelessness has increased by 
47% in the past 10 years, and the proportion 
of NEET1 young people aged 16-17 has 
reached 3.4%. This is why we are committed 
to using our centres as hubs for driving 
positive social impact amongst local 
communities, through a focus on skills and 
education and homelessness prevention. 
Each year we set incremental annual targets 
to ensure progress across all our material 
issues. Our targets for strategic pillar 3 are 
covered in the following pages, along with 
commentary on progress made and impact 
achieved. 
1.	 Not in Education, Employment or Training.
300
BENEFICIARIES OF SKILLS  
AND EMPLOYMENT PROGRAMME
1,560
TOTAL VOLUNTEERING HOURS
100+
COMMUNITY ENGAGEMENT INITIATIVES
60
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED

ADDRESSING OUR MATERIAL SOCIAL ISSUES: OUR TARGETS CONTINUED
Relevant material issue
 SKILLS AND EMPLOYMENT
Relevant material issue
 SKILLS AND EMPLOYMENT
 CHARITABLE AND COMMUNITY 
SUPPORT
Relevant material issue
 CHARITABLE AND COMMUNITY 
SUPPORT
Relevant material issue
 CHARITABLE AND COMMUNITY 
SUPPORT
Workspace response
ROLL OUT OUR COMMUNITY  
SKILLS AND EMPLOYMENT 
PROGRAMME, INSPIRESME,  
ACROSS TEN CENTRES
Workspace response
WORKS IN PARTNERSHIP  
WITH SHP TO PREVENT 
HOMELESSNESS IN LONDON
Workspace response
IMPLEMENT A PLACE BASED  
SOCIAL IMPACT INITIATIVE  
ACROSS ALL CLUSTERS
Workspace response
SUPPORT CHARITIES AND  
VCSES THROUGH OUR LETTINGS  
IN KIND OFFERING
Status: Achieved
Status: Achieved
Status: Achieved
Status: Achieved
We successfully rolled out 
InspiresMe, our community 
skills and employment 
programme in partnership 
with our customers and local 
schools, across ten centres. 
Over 300 students 
benefitted through our CV 
workshops, career sessions 
and 26 students completed 
work placements. A total of 
30 customers participated 
in the InspiresMe programme. 
The responses from school 
partners and customers 
were extremely positive 
with 96% of the schools 
who took part agreeing they 
were keen to continue with 
this initiative next year. The 
programme also received 
a 100% engagement score 
from our customers. 
We raised over £31,000 for 
SHP, additionally we provided 
funding for a full-time 
employability coordinator 
benefitting 589 young and 
vulnerable people. A number 
of our employees supported 
SHP throughout the year and 
delivered over 1,460 
volunteering hours. 
We delivered a successful 
employability workshop to 
support SHP clients on CV 
building and interview skills. 
Four customers and four 
employees shared their 
experience and skills with 
10 clients from SHP. 
We ran over 100 community 
engagement initiatives across 
our centres in partnership 
with local charities. Our 
partnership with local charity 
CartridgeBuyBack serves 
as a prime example. We 
supported them by collecting 
used cartridges from our 
customers, generating funds 
over £5,000 to support 
people who are leaving 
prison. We also ran 16 food 
bank drives, collecting 
1.2 tonnes of food, which 
were hugely popular with 
our customers. 
Workspace provided 
£177k worth of lettings and 
meeting rooms as in-kind 
support to various charities. 
These organisations are 
dedicated to a wide array 
of causes, including 
homelessness, health, 
justice, and emergency aid. 
Such support is invaluable to 
these charities. See more in 
the case studies on the right. 
Relevant UN SDGs
Relevant UN SDGs
Relevant UN SDGs
Relevant UN SDGs
 
 
 
 
 
Workspace’s in-kind 
commitment has enabled 
charities to thrive within our 
portfolio, they often would 
not be able to have a 
high-quality work space in 
London without this offer.
“Workspace make all our 
operations possible by 
donating space to us in 
Record Hall. Sheltersuit UK 
could not function in the way 
that it does without them, 
and it’s no exaggeration to 
say that with this support, 
Workspace is saving lives.” 
– Ian Sutherland McCook 
(CEO) Sheltersuit UK.
Material issue:
Charitable and 
community support
£177k
WORTH OF LETTINGS AND 
MEETING ROOMS IN-KIND 
Edinburgh House hosted a 
family classical music concert 
by Charity Vauxhall One. 
Workspace covered the 
cost of the space, cleaning, 
and security fees.
There were over 50 attendees 
from the local community. 
Children who attended were 
gifted a Workspace branded 
gift bag full of creative 
goodies to take away.
The feedback from the 
event was overwhelmingly 
positive and the acoustics 
of the space complemented 
the beautiful music.
Material issue:
Charitable and 
community support
LETTINGS IN KIND
CLASSICAL VAUXHALL
61
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
SUPPORTING OUR COMMUNITIES CONTINUED

SOCIAL VALUE GENERATED BY WORKSPACE FY2023/24
This is the second year we have worked with Social Value Portal to quantify the social value we create. The National 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 deeper engagement with the beneficiaries which we believe delivers long lasting impact, compared to financial contribution and donations. 
In addition to our direct social value contribution, we have also calculated the indirect value generated through our collaboration with our suppliers, contractors and customers. As we near the 
completion of Leroy House in Islington, we’ve included this project in our indirect value calculations, enhancing the comprehensive overview of our social impact.
RESPONSIBLE  
AND INCLUSIVE 
PRACTICES
DIRECT
£368k
INDIRECT
£10.3m
£133.2k delivered 
through EDI training – 
220 employees 
received unconscious 
bias training and 124 
employees received 
anti-harassment 
training
£1.2k delivered 
through funding 
26 employees for 
further studies 
£180.6k delivered 
through £1.5m spend 
with non-profit 
organisations as 
suppliers
£52.4k delivered 
through upskilling 
programmes for 
customers
£10.3m delivered through 
over 26% of construction 
spend with local 
organisations
EMPLOYMENT  
AND SKILLS
DIRECT
£10k
INDIRECT
£77.7k
£836 delivered 
through four weeks 
of work placement 
supported by 
Workspace
£5.5k delivered 
through 97 staff weeks 
of apprenticeships 
delivered by 
Workspace
£3.9k delivered 
through 233 hours 
spent supporting 
local schools 
£77.7k delivered through 
64 weeks of apprenticeships, 
52 weeks of work 
experience, four people 
employed from NEET 
backgrounds and one 
long-term unemployed 
individual
WELLBEING
DIRECT
£192k
INDIRECT
£14.9k
£138.2k delivered 
through investment in 
wellbeing offering for 
customers
£17.2k delivered 
through investment in 
wellbeing campaigns 
for staff
£36.5k delivered 
through all employees 
having access to a 
comprehensive 
wellbeing programme 
£14.9k delivered through 
our building contractors 
having access to a 
comprehensive wellbeing 
programme 
CHARITY AND  
COMMUNITY SUPPORT
DIRECT
£257k
INDIRECT
£1.9k
£12.5k delivered 
through 124 hours of 
skilled volunteering 
£24.4k delivered 
through 1,436 hours of 
unskilled volunteering 
£6.7k delivered 
through employees 
contributing 400 hours 
to support the local 
community projects
£213.8k delivered 
through in-kind 
contributions
£1.9k delivered through 
108 hours of unskilled 
volunteering 
Strategic focus
Impact beneficiaries
IMPACT THEMES
SOCIAL INITIATIVES GENERATING DIRECT VALUE
SOCIAL INITIATIVES 
GENERATING INDIRECT VALUE
LOOKING 
AFTER OUR 
PEOPLE
SUPPORTING 
OUR 
COMMUNITIES
	
– Employees
	
– Customers
	
– Suppliers
	
– Community
	
– Charity
Direct  
£827k
Indirect  
£10.4m
62
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
SUPPORTING OUR COMMUNITIES CONTINUED

Working with the local community and 
charity partners is a key component of 
Workspace’s Social Impact strategy. 
Our collaboration with like-minded partners 
allows us to amplify this impact. The 
following pages provide further information 
on the initiatives we have delivered by 
partnering with our customers, local schools, 
our charity partner and contractors on-site. 
DEEP DIVE:
A PARTNERSHIP 
LED APPROACH
INSPIRESME IN NUMBERS
4/5
SATISFACTION SCORE FROM 
STUDENTS
100%
CUSTOMER ENGAGEMENT SCORE
300
BENEFICIARIES SUPPORTED
We really enjoyed 
participating in 
InspiresMe and 
spending time to pass 
on knowledge. It was 
great to see how it 
had benefitted the 
students by the end 
of the week.
Customer at  
Kennington Park
The aim of the programme is to work 
alongside our customers to provide 
inspiration, knowledge, support and 
experience to young individuals within our 
communities who are most at risk of NEET 
(Not in Education, Employment or Training) 
and to 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 now spans across 10 of our 
centres. Our approach includes establishing 
partnerships with schools and getting 
our customers involved by generating 
interest and enthusiasm through targeted 
communications raising awareness on young 
people unemployment issues. 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 300 
students through collaborative efforts with 
30 of our customers. This approach led to 
the placement of 26 students in professional 
settings, providing invaluable hands-on 
experience. The programme received a 
100% engagement score from our customers, 
reflecting their enthusiastic involvement and 
commitment to the cause. Furthermore, 
beneficiaries of the programme expressed 
high levels of satisfaction, with an impressive 
4 out of 5 rating, affirming the programme’s 
effectiveness in empowering individuals for 
their future.
INSPIRESME – 
SCALING IMPACT 
IN THE LOCAL 
COMMUNITY
InspiresMe is Workspace’s community 
outreach programme, focused on skills 
and employment.
Link to material issue: 
Skills and employment
63
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
SUPPORTING OUR COMMUNITIES CONTINUED

SINGLE HOMELESS 
PROJECT –
OUR PARTNERSHIP 
CONTINUES 
TO FLOURISH
Link to material issue: 
Charitable and community support
Homelessness is a growing issue in London. 
Recent research by City Hall showed a 23% 
year-on-year increase for the fourth quarter 
of 2023, the highest level in a decade.
Being a London based company we chose to 
partner with Single Homeless Project as they 
are focused on addressing local issues. Each 
day across all 32 London boroughs, Single 
Homeless Project employees work with 
individuals to tackle the underlying causes 
of homelessness, such as poor mental health 
or drug and alcohol dependency. Often that 
means being there for people at a critical 
time with the goal of helping them find a job 
and accommodation, ultimately supporting 
them to take the final steps to living 
independently.
Our Charity Wellbeing and Social Committee 
(CWS) is made up of 10 employees from 
across the Company, and steers our support 
to SHP. Annually we pay the salary for the 
Employability Manager at SHP and support 
the charity’s efforts through fundraising and 
volunteering. This year, our support 
benefitted 589 young and vulnerable 
people. This year 85 Workspace employees 
volunteered with SHP, in refurbishing their 
hostels, running a sports day and other 
initiatives. We also raised over £31,000 
for the charity through a number of 
fundraising events. 
In March 2024, 4 employees and 4 customers 
took part in an employability workshop with 
10 SHP clients. The aim of the session was to 
help SHP clients with creation of CVs and 
interview skills.
1,460
HOURS VOLUNTEERED WITH SHP
589
BENEFICIARIES
64
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
SUPPORTING OUR COMMUNITIES CONTINUED

LEROY HOUSE, 
ISLINGTON – 
DELIVERING 
SOCIAL VALUE 
IN CONSTRUCTION
Link to material issues: 
Sustainable procurement
Skills and Employment
10.3m
SOCIAL VALUE GENERATED
26.5%
CONSTRUCTION SPENT WITH 
LOCAL SUPPLIERS
Our refurbishment and development activity 
offers us a great opportunity to deliver the 
construction programme in a way that 
enhances social impact. 
Whilst refurbing Leroy House in Islington, we 
have closely collaborated with our contractor, 
Faithdean, to maximise social value generated 
in the local area. The project team have 
worked throughout the construction 
programme to prioritise initiatives in 
response to local community needs. 
Through careful procurement decisions we 
were able to direct over 26% of the project 
spend on local suppliers, within 10 miles from 
the site. Faithdean also led several on the 
ground initiatives to support their employees 
and contractors through a multidimensional 
mental health and wellbeing programme. 
Other initiatives that took place were 
volunteering in a local school, apprenticeships 
and putting on a community local skip. 
Workspace have also teamed up with the 
charity, The eXceL Project, to deliver a 
community upskilling programme in the form 
of youth work provisions, mentoring and job 
readiness training in the borough of Islington. 
Wellbeing enhancing features and 
community amenities have also been 
prioritised in the design of the building 
including large windows that open to 
ensure good levels of natural daylight 
and ventilation, cycle racks and showers to 
encourage green modes of transportation 
and an onsite cafe and gym. There is also 
a green roof to promote biodiversity and 
green space nearby for customers to connect 
with nature. The regeneration of the site will 
continue to improve the local area by creating 
new jobs, services and increasing footfall 
to local shops and amenities, therefore 
continuing to support the local economy.
We are committed to 
generating social value 
through our projects. 
Delivering employment led 
regeneration and supporting 
the local economy is a key 
priority for us.
Kahroon Tanvir
Head of Project Management
65
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
SUSTAINABILITY CONTINUED
SUPPORTING OUR COMMUNITIES CONTINUED

FINANCIAL PERFORMANCE
OUR KEY PERFORMANCE INDICATORS
1. NET RENTAL INCOME
2. TRADING PROFIT AFTER INTEREST
3. EPRA NTA PER SHARE
LINK TO 
STRATEGY
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
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.
Trading profit after interest is net rental income, 
less administrative expenses and finance costs but 
excluding exceptional 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.
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 2023/24
Net Rental Income increased by 8% (£9.6m) to £126.2m. 
Underlying net rental income which excludes the net 
impact of acquisitions and disposals in the current and 
prior year, was up 8.2% to £122.3m, reflecting the 
strong increase in rent per sq.ft. achieved in the year.
Trading profit after interest increased by 9% (£5.3m) 
to £66.0m. The main driver was the £9.6m growth in net 
rental income. Total administrative expenses increased 
by £3.8m to £25.3m which includes a £1.9m increase in 
share based costs, leaving a £1.9m underlying increase 
in administration costs due primarily to wage inflation. 
Net finance costs increased to £34.9m in the year, 
reflecting the increase in SONIA during the period, 
offset by a reduction in net debt. 
Our EPRA NTA per share decreased by 13.7% (£1.27) 
to £8.00. This was driven by the underlying decrease 
in the valuation of our portfolio, offset by trading profit 
in the year.
£126.2m
£66.0m
£8.00
2024
126.2
116.6
86.7
2023
2022
2024
66.0
60.7
46.9
2023
2022
2024
8.00
9.27
9.88
2023
2022
66
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

4. DIVIDEND PER SHARE
5. LIKE-FOR-LIKE RENT ROLL GROWTH
6. LIKE-FOR-LIKE OCCUPANCY
LINK TO 
STRATEGY
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
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.
Like-for-like properties are those with stabilised 
occupancy, excluding recent acquisitions 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.
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 2023/24
The increase of 9% (2.2p) in dividend per share 
was due to the increased trading profit in the year.
The like-for-like rent roll has increased by 9.6% (£111.2m) 
in the year, driven by a 10.4% uplift in rent per sq. ft. 
from £40.08 to £44.27.
Like-for-like occupancy broadly stable at 88.1%.
28.0p
+9.6%
88.1%
2024
28.0
25.8
21.5
2023
2022
2024
9.6
7.1
8.7
2023
2022
2024
88.1
89.1
89.6
2023
2022
OUR KEY PERFORMANCE INDICATORS CONTINUED
FINANCIAL PERFORMANCE CONTINUED
67
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

7. PROPERTY VALUATION
8. TOTAL PROPERTY RETURN
9. TOTAL SHAREHOLDER RETURN
LINK TO 
STRATEGY
 Driving customer-led growth
 Sustainable from the inside out
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
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.
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.
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 2023/24
There was an underlying reduction of 9.5% (£256m) 
in our property valuation, taking the valuation to 
£2,446m. This was mainly driven by an outward shift 
in valuation yields offset by increases in estimated 
rental values. See Property Valuation section of the 
Business Review on pages 82 to 84 for more detail.
The decrease in total returns in the year was driven 
by the decrease in the property valuation, although 
income returns increased. We have again out 
performed our IPD benchmark demonstrating 
the resilience of our property portfolio.
Total Shareholder Return has increased due to an 
uplift in the share price over the year, and increased 
dividends paid in the year.
£2,446m
(4.67)%
22.3%
2024
2,446
2,741
2,402
2023
2022
2024
(4.67)
1.10
6.49
2023
2022
2024
22.3
(34.0)
(12.3)
2023
2022
OUR KEY PERFORMANCE INDICATORS CONTINUED
FINANCIAL PERFORMANCE CONTINUED
68
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

OUR KEY PERFORMANCE INDICATORS CONTINUED
NON-FINANCIAL PERFORMANCE
1. CUSTOMER ENQUIRIES
2. VIEWINGS
3. OFFER LETTERS
LINK TO 
STRATEGY
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
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.
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.
Once prospective customers have completed a 
viewing, and are interested in the space, an offer 
letter is issued containing pricing information and 
lease terms. Tracking the number of offer letters 
is important as it allows us to assess the success 
of our viewings and the demand for our product.
MOVEMENT  
IN 2023/24
There was an average of 788 monthly enquiries over 
the year, with an average of 818 monthly enquiries 
in the final quarter.
There was an average of 524 monthly viewings over 
the year, with a good conversion rate from enquiry to 
viewing and, as with enquiries, a strong final quarter.
On average 359 offer letters were issued each month 
in the year, which represents 69% of viewings. 
788
524
359
2024
788
798
917
2023
2022
2024
524
518
598
2023
2022
2024
359
315
322
2023
2022
OUR KEY PERFORMANCE INDICATORS CONTINUED
69
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

OUR KEY PERFORMANCE INDICATORS CONTINUED
NON-FINANCIAL PERFORMANCE CONTINUED
4. LETTINGS
5. RENEWALS
6. EMPLOYEE VOLUNTEERING DAYS
LINK TO 
STRATEGY
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
 Sustainable from the inside out
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.
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.
This is the number of days that our employees spent 
volunteering or fundraising for our selected charities. 
Supporting our communities is a key part of our 
sustainability strategy and it is important for our 
employees to get involved.
MOVEMENT  
IN 2023/24
We saw a good level of lettings, reflecting customer 
demand in the year. This, alongside strong renewal 
activity, drove rental pricing growth in the year.
The average number of renewals completed per 
month was 59, a level consistent with the prior year.
The number of volunteering days increased 
significantly from 78 to 192. We worked closely 
with our charity partner Single Homeless Project. 
For example, we delivered a range of employability 
sessions, support for local foodbanks and upgrades 
to hostel accommodation.
103
59
192
2024
103
110
127
2023
2022
2024
59
61
15
2023
2022
2024
192
78
68
2023
2022
70
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 on 
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. 
This approach flows through to our day to 
day management of our operational risks.
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 well across the business. 
We make every effort to engage staff with 
risk-related issues, particularly those which 
are 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. 
The financial year has seen another period of 
challenging macroeconomic conditions with 
high inflation and increasing interest rates. 
Although these risks appear to have stabilised 
towards the end of the year, the key risks that 
could affect the Group’s medium-term 
performance and the factors which mitigate 
these risks, have not materially changed from 
those set out in the Group’s Annual Report 
and Accounts 2023. 
Workspace recognises that climate change 
is having an impact on our business and will 
continue to do so. Our properties are at risk 
from physical climate-related issues and, 
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 including the 
recruitment of a Sustainability Reporting 
and Engagement Manager.
Further details of the framework can 
be found on pages 178 to 179.
PRINCIPAL RISKS AND UNCERTAINTIES
EMERGING RISKS
Emerging risks are discussed monthly and 
promptly escalated to the Board as required.
Emerging risks considered during this year 
included: employee recruitment in specialist 
areas; geopolitics, war and regional instability 
in Ukraine and the Middle East; availability of 
materials due to ongoing instability of 
shipping routes; the new Building Safety Act; 
the macroeconomic environment including 
inflation, higher interest rates and potential 
impact on property valuations and operating 
performance.
FINANCIAL POSITION
During the year, 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 extended our £335m 
bank debt facilities by a further 12 months 
leaving no material debt maturities until 
August 2025.
As of 31 March 2024, the Group had cash 
and undrawn credit facilities of £145m along 
with substantial headroom on its financial 
covenants and met all loan covenants 
throughout the year.
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 assets, 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 94 to 105.
The TCFD framework includes risk 
management. A separate risk register for 
climate change-related risks is managed by 
the Head of Sustainability. Details of the risks 
considered are provided on pages 98 to 101.
EMPLOYEES
The health, safety and wellbeing of our 
employees 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.
71
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

There has been no 
significant change to the 
principal risks this year. The 
principal risks are reviewed 
in detail bi-annually.
Key: Principal risks
Page
1
CUSTOMER DEMAND
72
2
FINANCING
73
3
VALUATION
73
4
ACQUISITION PRICING
74
5
CUSTOMER PAYMENT 
DEFAULT
75
6
CYBER SECURITY
75
7
RESOURCING
76
8
THIRD-PARTY 
RELATIONSHIPS
77
9
REGULATORY
77
10
CLIMATE CHANGE
78
PROBABILITY (POST-MITIGATION)
Probable
Unlikely
 No change
Low
IMPACT
Severe
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
PRINCIPAL RISKS
1
2
3
4
5
6
7
8
9
10
IMPACT
SEVERE
PROBABILITY (POST-MITIGATION)
POSSIBLE
CHANGE FROM LAST YEAR
No change
RISK APPETITE
MEDIUM
LINK TO STRATEGY
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
RELEVANT KPIS 
Financial
1.	 Net rental income
2.	Trading profit after  
interest
5.	Like-for-like rent roll  
growth
6.	Like-for-like occupancy
8.	Total property return
Non-financial
1.	 Customer enquiries
2.	Viewings
3.	Offer letters
4.	Lettings
5.	Renewals
Principal risk
Opportunities for growth could be missed 
without a clear brand positioning strategy 
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 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 work space offerings, at various 
price points to match customer 
requirements.
	
– Pipeline of refurbishment and 
redevelopments to further enhance 
the portfolio.
	
– Weekly meeting to track enquiries, 
viewings and lettings to closely track 
customer trends and amend pricing as 
demand changes.
	
– Centre staff maintain ongoing relationships 
with our customers to 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.
	
– Marketing campaigns maintain awareness 
of Workspace’s offer and the content and 
messaging are regularly reviewed to remain 
relevant and appealing.
CUSTOMER DEMAND
1
72
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

IMPACT
SEVERE
PROBABILITY (POST-MITIGATION)
UNLIKELY
CHANGE FROM LAST YEAR
No change
IMPACT
HIGH
PROBABILITY (POST-MITIGATION)
POSSIBLE
CHANGE FROM LAST YEAR
No change, with the risk impact from inflation and interest 
rate rises remaining elevated
RISK APPETITE
LOW
LINK TO STRATEGY
 Delivering operational excellence
 Sustainable from the inside out
RELEVANT KPIS 
Financial
2.	Trading profit after  
interest
4.	Dividend per share
9.	Total shareholder return
RISK APPETITE
MEDIUM
LINK TO STRATEGY
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
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
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.
	
– 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 page 88.
Principal risk
Macroeconomic uncertainty, reductions 
in occupancy or pricing, or failure to meet 
Energy Performance Certificate (EPC) targets 
could have an impact on asset valuations, 
whereby property yields increase and 
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 
(‘LTV’) ratio.
	
– Impact on share price.
	
– We have a broad range of funding 
relationships in place and regularly review 
our refinancing strategy. We also 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.
	
– During the year we put in place a £100m 
interest rate hedge 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.
	
– During the second half of the year we 
extended the maturity of our £335m 
bank debt facilities by a further year, 
providing the Group with adequate 
funds for future plans.
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 and future Minimum Energy 
Efficiency Standards (MEES) for EPCs.
	
– Alternative use opportunities, including 
mixed-use developments, are actively 
pursued across the portfolio.
FINANCING
2
VALUATION
3
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
73
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

IMPACT
HIGH
PROBABILITY (POST-MITIGATION)
POSSIBLE
CHANGE FROM LAST YEAR
No change
RISK APPETITE
MEDIUM
LINK TO STRATEGY
 Driving customer-led growth
 Delivering operational excellence
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.
	
– For all corporate acquisitions, we undertake 
appropriate property, financial and tax due 
diligence including a review of ESG.
ACQUISITION PRICING
4
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
The Biscuit Factory, Bermondsey
74
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 and mock-phishing emails.
	
– Assurance over the framework’s 
performance is gained through an 
independent maturity assessment, 
penetration testing and network 
vulnerability testing, all performed annually.
	
– We’re 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
 Delivering operational excellence
RELEVANT KPIS 
Financial
2.	Trading profit after  
interest
4.	Dividend per share
8.	Total property return
9.	Total shareholder return
Non-financial
4.	Lettings
5.	Renewals
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
IMPACT
HIGH
PROBABILITY (POST-MITIGATION)
POSSIBLE
CHANGE FROM LAST YEAR
No change
RISK APPETITE
LOW
LINK TO STRATEGY
 Delivering operational excellence
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
There remains uncertainty around the 
macroeconomic environment given 
broader geopolitical events, and interest 
rate pressures. This could result in further 
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
75
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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’s 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.
	
– 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. 
	
– The HR function was strengthened in 
2022 by the appointment of a Recruitment 
Manager whose role is to overview the 
entire recruitment process to ensure that we 
have a diverse and wide ranging talent pool.
RESOURCING
7
COMPANY VALUES
RISK APPETITE
MEDIUM
LINK TO STRATEGY
 Delivering operational excellence
 Sustainable from the inside out
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.	Offer letters
4.	Lettings
5.	Renewals
6.	Employee volunteering 
days
Kennington Park, Oval
We have a strong internal culture which 
encourages independent thought and initiative 
which is articulated in our four key values:
Know 
your stuff
Show 
we care
Find  
a way
Make 
it fun
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
	
– The HR team has also introduced a new 
candidate applicant tracking system to track 
the source of applications. This will allow us 
to better manage the process and diversify 
our talent from a range of application 
sources. At the same time, we have revised 
our internal application process for existing 
employees with 35 individuals being internally 
promoted during this period and about 
30% of new starters being recruited directly 
without the use of recruitment agencies.
	
– We have engaged external search agencies 
to identify and rigorously assess potential 
candidates for the new CEO and NED 
appointments.
76
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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, with strong leadership promoting 
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.
Mitigation
	
– Workspace has in place a robust tender and 
selection process for key contractors and 
partners. Contracts contain service level 
agreements which 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 for identifying key suppliers and 
understanding any specific risks that require 
further mitigation.
	
– Workspace is London Living Wage 
compliant for all service providers 
since April 2022.
	
– Health and safety management systems are 
reviewed and updated in line with changing 
regulations and regular audits are 
undertaken to identify any potential 
improvements.
	
– Sustainability requirements have an 
increasing importance for the Group and 
it is a responsibility we take seriously. We 
have used the TCFD framework to govern 
and assess risk to our business from climate 
change and have built a robust mitigation 
plan to minimise impact. Our net zero 
carbon pathway offers a robust response 
to transition risk arising from climate 
change. However, we also closely monitor 
and manage physical risk arising from 
climate change, with details of our 
mitigation strategy provided on 
page 104 and 105.
THIRD-PARTY RELATIONSHIPS
8
REGULATORY
9
RISK APPETITE
LOW
LINK TO STRATEGY
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
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
5.	Renewals
RISK APPETITE
LOW
LINK TO STRATEGY
 Delivering operational excellence
 Sustainable from the inside out
RELEVANT KPIS 
Financial
2.	Trading profit after  
interest
4.	Dividend per share
9.	Total shareholder return
Non-financial
4.	Lettings
5.	Renewals
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
77
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

IMPACT
HIGH
PROBABILITY (POST-MITIGATION)
POSSIBLE
CHANGE FROM LAST YEAR
No change
Principal risk
A failure to recognise that climate change 
presents a financial risk to our business 
alongside changes to our customers’ 
expectations could lead to 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 
potentially significant 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 significant 
environmental impact associated with the 
sector. In response to this, Workspace has 
been proactively managing its risk exposure. 
Our mitigation strategy includes: 
	
– Annual assessment of our climate risk 
exposure, using climate modelling to inform 
our risk management plan. 
	
– Ongoing review of control measures 
and their effectiveness by our Risk 
Management Group and Environmental 
Sustainability Committee. 
CLIMATE CHANGE
10
RISK APPETITE
LOW
LINK TO STRATEGY
 Delivering operational excellence
 Sustainable from the inside out
RELEVANT KPIS 
Financial
2.	Trading profit after  
interest
4.	Dividend per share
9.	Total shareholder return
Non-financial
4.	Lettings
5.	Renewals
	
– 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 an accelerated net zero carbon 
and EPC upgrade plan across the portfolio 
to manage transition risk.
	
– Introduction of climate objectives linked with 
remuneration, to incentivise focused action.
	
– Long-term energy contracts in place 
to hedge price and availability risk.
	
– Stretching carbon targets for our 
development projects to minimise reliance 
on raw materials and exposure to increasing 
offset costs.
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Leroy House, Islington
78
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

CONTINUED 
INCOME AND 
DIVIDEND 
GROWTH FROM 
OUR SCALABLE 
OPERATING 
PLATFORM  
BUSINESS REVIEW
The Frames, Shoreditch
TOTAL RENT ROLL
£143.4m
TRADING PROFIT AFTER INTEREST 
£66.0m
PROPERTY VALUATION 
£2,446m
Our strategy
Pages 35 to 38 
There are clear links between our 
market trends and our strategy.
79
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

CUSTOMER ACTIVITY
We have seen resilient customer demand, despite the early Easter impacting enquiries in the 
fourth quarter, with 1,238 lettings completed in the year with a total rental value of £31.3m.
FY 
2023/24 
FY 
2022/23 
Monthly Average 
Q4 
2023/24 
Q3 
2023/24
Q2 
2023/24 
Q1 
2023/24 
Enquiries 
788 
798 
818
759
837
738
Viewings 
524 
518 
589
488
527
491
Lettings 
103 
110 
114
104
108
87
Good activity levels have continued into the first quarter of 2024/25, with 725 enquiries, 
537 viewings and 92 new lettings in April 2024.
Alongside our new lettings, we have seen strong renewal activity in the year, with over 700 
customers renewing for a £2.4m (12%) uplift in annual rent.
Mare Street Studios, Hackney
RENT ROLL
Total rent roll, representing the total 
annualised net rental income at a given date, 
was up 2.4% (£3.3m) in the year to £143.4m 
at 31 March 2024.
Total Rent Roll
£m
At 31 March 2023
140.1
Like-for-like portfolio 
9.7
Completed projects
(0.3)
Projects underway and design stage
(0.1)
South East Office
(0.2)
Non-core
0.2
Disposals 
(6.0)
At 31 March 2024
143.4
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 £194.6m at 31 March 2024. 
Like-for-like portfolio 
The like-for-like portfolio represents 78% 
of the total rent roll as at 31 March 2024. 
It comprises 43 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 10.4% in the year 
to £44.27, with like-for-like occupancy 
marginally down by 1.0% to 88.1% in the year, 
resulting in an overall increase in like-for-like 
rent roll of 9.6% (£9.7m) to £111.2m. 
We have seen ERV per sq. ft. increase by 3.4% 
in the year. If all the like-for-like properties 
were at 90% occupancy at the CBRE 
estimated rental values at 31 March 2024, 
the rent roll would be £126.8m, £15.6m higher 
than the actual rent roll at 31 March 2024.
Like-for-like
Six Months Ended
31 Mar 
2024
30 Sep
 20231
31 Mar 
20231
Occupancy
88.1%
88.5%
89.1%
Occupancy change2
(0.4%)
(0.6%)
0.6%
Rent per sq. ft.
£44.27
£42.82
£40.08
Rent per sq. ft. change
3.4%
6.8%
5.3%
Rent roll
£111.2m
£108.0m
£101.5m
Rent roll change 
3.0%
6.4%
4.9%
1.	 Restated for the transfer in of Castle Lane, Mare Street Studios, Westbourne Studios, Wilson Street, Lock Studios 
and Mirror Works and the transfer out of Poplar Business Park and Atelier House (part of Centro). 
2.	 Absolute change. 
BUSINESS REVIEW CONTINUED
80
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

BUSINESS REVIEW CONTINUED
Completed projects
There are six projects in the completed 
projects category. Rent roll reduced overall 
by £0.3m in the year to £7.1m. An underlying 
increase of £0.6m in rent roll was offset 
by a £0.9m reduction at Evergreen Studios, 
Richmond, following the expiry of a short 
leaseback of the building by the developer. 
If the buildings in this category were all 
at 90% occupancy at the ERVs at 31 March 
2024, the rent roll would be £10.0m, 
an uplift of £2.9m. 
Projects underway – refurbishments 
We are currently underway on nine larger 
refurbishment projects that will deliver 
390,000 sq. ft. of new and upgraded space. 
As at 31 March 2024, rent roll was £9.3m, 
down £0.7m in the year. 
Assuming 90% occupancy at the ERVs 
at 31 March 2024, the rent roll at these nine 
buildings once they are completed would 
be £21.1m, an uplift of £11.8m. 
 
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 2024, the rent roll at these 
properties was £6.2m, up £0.6m. 
South East office 
As at 31 March 2024, the rent roll of the 
South East office portfolio, comprising 
nine buildings, was £6.9m, down £0.2m. 
Assuming 90% occupancy (or current 
occupancy if higher) at the ERVs at 
31 March 2024, the rent roll would 
be £9.7m, an uplift of £2.8m. 
Non-core
As at 31 March 2024, the rent roll of the 
non-core portfolio was £2.7m, up £0.2m.
Disposals
During the year, there was £143m exchanged 
or completed sales. In aggregate, disposals 
have delivered £118m of proceeds (net of 
sales costs) in the year (including £10m 
for the deferred consideration of Riverside, 
Wandsworth), at a combined net initial 
yield of 5.3%.
In April, we exchanged on the sale of 
20-30 Greyfriars Road, Reading and Cygnet 
House, Staines for a combined consideration 
of £4.6m, in line with the March 2024 valuation.
In May, we completed on the sale of Poplar 
Business Park for £21.5m which we exchanged 
for sale in January.
PROFIT PERFORMANCE
Trading profit after interest for the year was 
up 8.7% (£5.3m) on the prior year to £66.0m. 
£m
31 Mar 
2024
31 Mar 
2023
Net rental income 
126.2
116.6
Administrative expenses 
– underlying
(22.0)
(20.1)
Administrative expenses 
– share based costs1
(3.3)
(1.4)
Net finance costs
(34.9)
(34.4)
Trading profit 
after interest 
66.0
60.7
1.	 These relate to both cash and equity settled costs.
Net rental income was up 8.2% (£9.6m) 
to £126.2m. 
£m
31 Mar 
2024
31 Mar 
2023
Underlying rental income 
122.3
113.1
Unrecovered service 
charge costs 
(4.0)
(4.3)
Empty rates and other 
non-recoverable costs
(9.5)
(9.3)
Services, fees, 
commissions and 
sundry income
1.4
0.5
Underlying net 
rental income 
110.2
100.0
Acquisitions 
13.4
10.7
Disposals
2.6
5.9
Net rental income
126.2
116.6
The £9.2m increase in underlying rental 
income to £122.3m reflects the strong 
increase in average rent per sq. ft. achieved 
over the last year. Total net rental income also 
benefited from increased rents from recent 
acquisitions which have continued to let up 
well in the year.
Unrecovered service charge costs decreased 
by £0.3m, with the majority of service charge 
costs recovered from customers, despite the 
unusually high levels of inflation we have seen 
in the UK over the last year.
There was a small increase in empty rates 
and other non-recoverable costs which were 
up £0.2m to £9.5m. Net revenue from services, 
fees, commissions and sundry income was up by 
£0.9m, including increased hospitality revenue.
Underlying administrative expenses increased 
by £1.9m to £22.0m, reflecting the high levels 
of wage inflation seen in the UK in the period. 
Share-based costs increased by £1.9m to 
£3.3m driven by higher vesting levels and 
assumptions with the Workspace portfolio 
performing strongly relative to the London 
IPD index.
Net finance costs increased by £0.5m to 
£34.9m in the year reflecting the increase 
in SONIA over the last two years offset by 
a reduction in average net debt following 
asset disposals in the period and an increase 
in capitalised interest reflecting the increase 
in activity on major projects over the year. 
The average debt balance over the year 
was £53.0m lower than in the prior year, 
whilst the average interest cost increased 
from 3.7% to 3.8%. 
Evergreen Studios, Richmond
Parkhall, Dulwich
81
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

BUSINESS REVIEW CONTINUED
Loss before tax was £192.8m compared 
to £37.5m in the prior year.
£m
31 Mar 
2024
31 Mar 
2023
Trading profit 
after interest 
66.0
60.7
Change in fair value of 
investment properties
(255.3)
(93.1)
Loss on sale of 
investment properties
(2.3)
(0.7)
Exceptional costs
(1.2)
(4.3)
Other items
–
(0.1)
Loss before tax
(192.8)
(37.5)
Adjusted underlying 
earnings per share
34.1p
31.7p
The change in fair value of investment 
properties, including assets held for sale, 
was a decrease of £255.3m compared to 
a decrease of £93.1m in the prior year. 
The loss on sale of investment properties 
of £2.3m was driven by costs associated 
with disposals in the year.
Exceptional costs include one-off items 
relating to the implementation of our new 
finance and property management system, 
and in the prior year relating to the 
acquisition and integration of McKay.
Adjusted underlying earnings per share, 
based on EPRA earnings adjusted for 
non-trading items and calculated on a 
diluted share basis, was up 7.6% to 34.1p. 
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, with our aim being to ensure the total 
dividend per share in each financial year 
is covered at least 1.2 times by adjusted 
underlying earnings per share.
With the strong improvement in trading 
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 28.0p 
(2023: 25.8p), to be paid on 2 August 2024 
to shareholders on the register at 5 July 2024. 
The dividend will be paid as a REIT Property 
Income Distribution (PID) net of withholding 
tax where appropriate.
PROPERTY VALUATION
At 31 March 2024, our property portfolio was 
independently valued by CBRE at £2,446m, 
an underlying decrease of 9.5% (£256m) 
in the year. The main movements in the 
valuation are set out below:
 
£m
Valuation at 31 March 2023
2,741
Capital expenditure
71
Disposals
(110)
Underlying revaluation
(256)
Valuation at 31 March 2024
2,446
Leroy House, Islington
82
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

BUSINESS REVIEW CONTINUED
WALTHAM 
FOREST
HARINGEY
BARNET
BRENT
CAMDEN
EALING
LEWISHA
SOUTHWARK
LAMBETH
WANDSWORTH
WIMBLEDON
RICHMOND 
UPON THAMES
TOWER HAMLETS
HACKNEY
ISLINGTON
CITY OF LONDON
CITY OF 
WESTMINSTER
HAMMERSMITH
AND
FULHAM
KENSINGTON 
AND 
CHELSEA
ENFIELD
HOUNSLOW
EARLS COURT
PADDINGTON
BATTERSEA
VICTORIA
WATERLOO
KENNINGTON
BETHNAL
GREEN
LONDON 
BRIDGE
KING’S
CROSS
OLD
STREET
SHOREDITCH
ISLINGTON
S
FARRINGDON
CANARY
WHARF
There was an underlying revaluation decrease of 3.1% (£78m) in the second half of the year 
compared to a decrease of 6.6% (£178m) in the first half. A summary of the full year valuation 
and revaluation movement by property type is set out below:
£m 
Valuation
31 March
2024
Underlying revaluation decrease
Full Year
H2
H1
Like-for-like properties 
1,833
162
49
113
Completed projects 
137
19
7
12
Refurbishments 
319
46
16
30
Redevelopments 
19
5
1
4
South East office 
86
14
5
9
Non-core 
52
10
–
10
Total 
2,446
256
78
178
Like-for-like properties
There was an 8.1% (£162m) underlying decrease in the valuation of like-for-like properties 
to £1,833m. This was driven by a 78bps outward shift in equivalent yield (£233m), offset 
by a 3.4% increase in the ERV per sq. ft. (£71m). 
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 6.2% 
in the year for units under 1,000 sq. ft., compared to larger spaces where ERVs increased by 
1.3%. This reflects our approach to implement a wide range of smaller unit refurbishments 
and subdivisions to align our spaces with customer demand.
 
31 Mar 
2024
31 Mar 
20231
Change 
ERV per sq. ft. 
£49.43
£47.82
3.4%
Rent per sq. ft. 
£44.27
£40.08
 10.4%
Equivalent yield
7.0%
6.2%
 0.8%2
Net initial yield
5.5%
4.6%
 0.9%2
Capital value per sq. ft. 
£643
£694
 (7.3)%
1.	 Restated for the transfer in of Castle Lane, Mare Street, Westbourne Studios, Wilson Street, Lock Studios and Mirror Works 
and the transfer out of Poplar Business Park and Centro – Atelier House. 
2.	 Absolute change. 
A 2.5% increase in ERV per sq. ft. would increase the valuation of like-for-like properties by 
approximately £44m while a 25bps increase in equivalent yield would decrease the valuation 
by approximately £64m.
 Like-for-like
 Refurbishments
 Redevelopments
 Non-core
83
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Completed projects
There was an underlying decrease of 12.2% 
(£19m) in the value of the six completed 
projects to £137m. The overall valuation metrics 
for completed projects are set out below: 
 
31 Mar 
2024
ERV per sq. ft. 
£34.69
Rent per sq. ft. 
£29.30
Equivalent yield
7.3%
Net initial yield 
4.6%
Capital value per sq. ft. 
£431
Current refurbishments and redevelopments
There was an underlying decrease of 
12.6% (£46m) in the value of our current 
refurbishments to £319m and a reduction 
of 20.8% (£5m) in the value of our current 
redevelopments to £19m.
The decreases in respect of refurbishments 
largely reflected an 85bps outward 
movement in equivalent yield, with 
redevelopment valuations also impacted 
by a decline in expected residential values 
and increases in expected build costs.
South East office 
There was a 14% (£14m) underlying decrease 
in the valuation of the South East office 
portfolio to £86m with 152bps outward shift 
in equivalent yield, offset by a 3.5% increase 
in ERV per sq. ft. The overall valuation metrics 
are set out below: 
 
31 Mar 
2024
ERV per sq. ft. 
£29.00
Rent per sq. ft. 
£22.84
Equivalent Yield
10.4%
Net Initial Yield 
7.9%
Capital Value per sq. ft. 
£243
BUSINESS REVIEW CONTINUED
REFURBISHMENT ACTIVITY 
A summary of the status of the refurbishment pipeline at 31 March 2024 is set out below: 
Projects
Number
Capex spent
Capex to spend
Upgraded and new 
space (sq. ft.)
Underway 
9
£55m
£49m
390,000
Design stage
8
£0m
£454m
717,000
Design stage (without planning)
4
£0m
£161m
265,000
We are on-site at Leroy House, Islington, where we are delivering a refurbished and extended 
58,000 sq. ft. business centre which we expect to complete in September 2024. Our adaptive 
re-use of the existing building creates 70% less embodied carbon compared to a new build 
scheme. We have also recently commenced major upgrades and extensions at Chocolate 
Factory, Wood Green, and at The Biscuit Factory, Bermondsey.
We obtained vacant possession of Atelier House, at the northern end of our Centro property, 
in December 2023, which will allow us to progress with our planned conversion of the building 
to a business centre.
Pall Mall Deposit, Ladbroke Grove
Over the past year, 
we have successfully 
completed a wide range of 
projects delivering strong 
income returns. 
Graham Clemett
Chief Executive Officer
84
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
Leroy House, Islington

BUSINESS REVIEW CONTINUED
SUSTAINABILITY 
We have an inherently green property 
portfolio with energy intensity already 29% 
lower than industry best practice for net zero 
carbon offices. 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 52% EPC A and B rated, an increase 
of 11% in the year, and we are on track to 
upgrade the remainder of our portfolio 
to these categories by 2030. We are also 
targeting a reduction in Scope 1 gas 
emissions by a minimum of 5% each year, 
whilst continuing to procure 100% renewable 
electricity (REGO backed). In the year we also 
achieved a 11% reduction in operational energy 
intensity across the like-for-like portfolio and 
a 36% reduction in gas use.
In December, we signed a Corporate 
Purchase Power Agreement to supply around 
two thirds of our electricity demand over 
the next 10 years from a newly constructed 
solar plant.
CASH FLOW 
A summary of cash flows is set out below: 
£m 
31 Mar 
2024
31 Mar 
2023
Net cash from operations 
after interest1
63
70
Dividends paid
(51)
(44)
Capital expenditure
(71)
(60)
Purchase of investment 
properties
–
(201)
Net debt acquired
–
(162)
Property disposals and 
cash receipts
118
49
Other
(12)
4
Net movement
47
(344)
Opening debt (net of cash)
(902)
(558)
Closing debt (net of cash)
(855)
(902)
1.	 Excludes £8.8m of VAT receipt (2023)/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 £47m in net debt 
reflects the disposals made in the period.
NET ASSETS
Net assets decreased in the year by £239m 
to £1,549m. EPRA net tangible assets (NTA) 
per share at 31 March 2024 was down 
13.7% (£1.27) to £8.00.
EPRA NTA per share
£
At 31 March 2023
9.27
Adjusted trading profit 
after interest
0.34
Property valuation deficit
(1.32)
Dividends paid
(0.26)
Other
(0.03)
At 31 March 2024
8.00
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 
(10.9)% compared to (3.8)% in the prior year 
ended March 2023. 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.
Clerkenwell Workshops, Clerkenwell
By prioritising 
refurbishment, we breathe 
new life into old buildings, 
creating high-quality, 
sustainable work spaces.
Sonal Jain
Head of Sustainability 
Salisbury House, Moorgate
85
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

BUSINESS REVIEW CONTINUED
FINANCING
As at 31 March 2024, the Group had £4m of available cash and £141m 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
Bank facilities
194.0
335.0
2026
Total 
859.0
1,000.0
 
	  
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 
£335.0m which were £194.0m drawn as 
at 31 March 2024. The maturity of the bank 
facilities was successfully extended by a 
further year in November 2023 with £135m 
now maturing in April 2026 and £200m in 
December 2026. The average maturity of 
drawn debt at 31 March 2024 was 3.6 years 
(31 March 2023: 4.1 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 
2024, the Group’s effective interest rate was 
3.7% based on SONIA at 5.2%, with 89% 
(£765m) of the debt at fixed or hedged rates. 
The average interest cost of our fixed-rate 
borrowings was 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 2024, loan to value (LTV) was 
35% (31 March 2023: 33%) and interest cover, 
based on net rental income and interest paid 
over the last 12 month period, was 3.7 times 
(31 March 2023: 3.8 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 9.3 times to 8.3 times during 
the year.
FINANCIAL OUTLOOK FOR 2024/25
Over the past year, we have seen strong rental 
growth driven by increased pricing and stable 
occupancy. Rental income in 2024/25 will 
be underpinned by the growth in like-for-like 
rent roll we have seen over the last year, 
with like-for-like rent roll growing by 6% in 
the second half of last year on an annualised 
basis. We continue to see good demand 
and expect continued growth in rent roll 
in 2024/25. Rental income growth will also 
be supported by the letting up of recently 
completed projects. 
The high levels of inflation we have seen over 
the last year, which have impacted on both 
our service charge and administrative costs, 
are reducing and are expected to have less 
impact in the coming year, albeit wage 
inflation remains significantly above 
historic norms. 
We expect capital expenditure to be 
maintained at a similar level to last year, 
around £60–70m, as we continue to progress 
with planned asset management projects, 
including the refurbishments of Leroy House, 
Chocolate Factory and The Biscuit Factory. 
This will be largely offset by recycled capital 
from asset disposals.
The £118m of proceeds from disposals of 
non-core properties received over the last year 
has reduced our floating-rate debt, which 
currently has an effective interest rate of 7%. 
Our average interest rate has been reduced 
further by the £100m of floating rate debt we 
have swapped to fixed at an effective rate of 
6%. With planned capital expenditure largely 
offset by asset disposals, we expect this to 
result in a reduction in interest costs in the 
current year.
The Chocolate Factory, Wood Green
86
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

BUSINESS REVIEW CONTINUED
PROPERTY STATISTICS
 
Half Year ended
31 Mar 
2024
30 Sep 
2023
31 Mar 
2023
30 Sep 
2022
Workspace Portfolio
 
 
 
 
Property valuation
£2,446m
£2,505m
£2,741m
£2,863m
Number of locations
77
79
86
87
Lettable floorspace (million sq. ft.)
4.5
4.7
5.2
5.4
Number of lettable units
4,678
4,718
4,910
4,901
Rent roll of occupied units 
£143.4m
£141.9m
£140.1m
£134.7m
Average rent per sq. ft.
£38.21
£36.81
£32.86
£30.03
Overall occupancy 
83.0%
83.5%
81.5%
84.0%
Like-for-like number of properties
43
42
38
38
Like-for-like lettable floor space (million sq. ft.)
2.9
2.9
2.7
2.7
Like-for-like rent roll growth
3.0%
6.4%
3.4%
3.6%
Like-for-like rent per sq. ft. growth
3.4%
6.8%
5.2%
4.0%
Like-for-like occupancy movement
(0.4%)
(0.6%)
(0.5%)
0.1%
1.	 The like-for-like category has been restated in the current financial year for the transfer in of Castle Lane, Mare Street 
Studios, Westbourne Studios, Wilson Street, Lock Studios and Mirror Works and the transfer out of Poplar Business Park 
and Atelier House (part of Centro). 
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 107 was approved by the Board of Directors on 4 June 2024 
and signed on its behalf by:
	
Graham Clemett	
Dave Benson
Chief Executive Officer	
Chief Financial Officer
Brickfields, Hoxton
87
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

COMPLIANCE STATEMENTS
Assessment of prospects
The Group assesses its prospects primarily 
through the annual Strategic Review process 
which involves a debate of the Group’s 
strategy and business model, 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 existing 
macroeconomic factors. The most recent 
strategy day was held in September 2023. 
In January 2024, the Board reviewed 
the business plan for the five years to 
31 March 2029.
The business plan was stress tested against 
various scenarios including a severe but 
realistically possible downside scenario based 
on the following key assumptions:
	
– A further deterioration in the macro-
economic environment, 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 to 85% 
over the next two years, with associated 
increase in void costs and downward 
pressure on pricing of new lettings, and 
thereafter a gradual recovery to c.90% by 
31 March 2029.
	
– 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 return 
to c.90%.
	
– Elevated levels of counterparty risk, 
with bad debt significantly higher than 
historic levels.
	
– Continued elevated levels of cost inflation.
The Group’s activities, strategy and 
performance are explained in the Strategic 
Report on pages 1 to 107.
Further detail on the financial performance 
and financial position of the Group 
is provided in the financial statements 
on pages 230 to 256.
The Directors have conducted an extensive 
review of the appropriateness of adopting 
the Going Concern basis. More details can be 
found on page 233. 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.
	
– Rates at which the Group could refinance 
debt significantly higher than current pricing.
	
– SONIA rates remaining elevated, 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 107, including a 
description of the Group’s strategy and 
business model on pages 35 to 37 and 9 to 11.
Assessment of time period
The Board has selected a review period 
of five years for the following reasons:
a) The Group’s strategic review covers 
a five-year 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) The average period to maturity of the 
Group’s committed facilities is 3.4 years.
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 71 to 78. 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 severe, yet plausible downside 
scenarios 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
88
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

SPECIFIC RISK 
RISK CATEGORY
SENSITIVITY ANALYSIS
Demand for space falls 
dramatically impacting 
occupancy and pricing 
levels, or customer 
defaults increase 
leading to a breach 
of loan covenants.
	
– Customer demand
	
– Valuation
At the point in the severe scenario 
modelled where interest cover is at its 
lowest, net rental income would need 
to reduce by 11% compared to the year 
to 31 March 2024. As at 31 March 2024 
the portfolio has significant levels of 
income reversion based on current 
estimated rentals values.
Property values are 
adversely impacted by 
the uncertainty in the 
economy leading to a 
breach of covenants.
	
– Valuation
At the point in the severe scenario 
modelled that LTV is at its highest, 
the property valuation would need 
to fall by 42% compared to the 
valuation as at 31 March 2024. 
Changes in the economic 
and regulatory UK 
environment impact the 
availability and pricing 
of debt.
	
– Financing
£935m of the Group’s debt facilities 
(£794m drawn as at 31 March 2024) are 
due for repayment within the viability 
period. Under the severe scenario 
modelled these facilities are assumed 
to be refinanced at higher pricing levels 
than would currently be expected. 
Liquidity and covenant headroom 
is maintained under this scenario.
Risk sensitivity analyses
The Group benefits from a largely freehold 
property portfolio and a flexible business 
model that allows the business to adapt to 
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 scenarios tested, the most significant 
impacts on the viability of the Group would be 
in relation to liquidity headroom resulting from 
an inability to refinance existing debt facilities 
at pricing levels that, combined with weak 
rental income growth, would not put pressure 
on loan covenants. 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 35% as at 31 March 2024.
There are a number of mitigating factors that 
were not considered in the scenarios tested 
but which could be actioned:
	
– Additional asset disposals. 
	
– Cancellation or significant reduction 
in dividend.
	
– Reduction in refurbishment programme.
Conclusion
The sensitivity and stress analyses outlined 
above indicate that the Group would 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 stated above.
COMPLIANCE STATEMENTS CONTINUED
RISK SENSITIVITY ANALYSES
89
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

The table below, and the information it refers to, sets out our position on non-financial and sustainability reporting requirements in accordance with Sections 414CA and 414CB of the Companies 
Act 2006 as well as other key compliance areas. 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 9 to 11 and the description of our non-financial key 
performance indicators can be found on pages 69 to 70.
POLICIES AND DUE DILIGENCE
OUTCOMES OF POLICIES AND IMPACTS OF ACTIVITIES
RELATED PRINCIPAL RISKS 
(Pages 71 to 78)
CLIMATE AND 
ENVIRONMENTAL 
MATTERS
	
– Our sustainability strategy sets out our commitment to operating 
responsibly in all our dealings with our stakeholders. This is supported by 
an Environmental Policy and a Climate Change Policy which sets out our 
objectives and our commitment to a co-ordinated approach to improving 
the overall environmental performance of our portfolio.
	
– Our net zero carbon pathway sets out our roadmap to becoming a net zero 
carbon business.
	
– We disclose our climate-related risks and opportunities, targets and KPIs 
and management processes in line with the TCFD recommendations.
	
– See pages 44 to 54 and 180 to 185 for details on our climate and 
environmental activities during the year.
	
– See pages 44 to 54 and page 185 for details 
of our commitment to environmental matters, 
including our net zero carbon pathway.
	
– Our climate-related financial disclosures 
can be found on pages 94 to 105.
	
– Our Green Finance Framework, along with the 
allocation report, is on our website.
	
– This year we entered a 10-year Corporate Power 
Purchase Agreement with Statkraft, Europe’s largest 
generator of renewable energy, to source two-thirds 
of our electricity from solar energy – see page 28 
for more details.
Risk 10 – Climate change
SOCIAL MATTERS
	
– Our sustainability strategy sets out our approach to supporting our 
employees, customers and suppliers.
	
– Our social impact programme demonstrates our commitment to supporting 
communities in need across London.
	
– All direct employees and contractors are paid at real Living Wage rates, 
specifically real London Living Wage for our London operations since 
April 2022.
	
– See pages 55 to 65 for details on our social-related activities during the year.
	
– See pages 55 to 65 for details on how we are 
focusing on social matters, including our real Living 
Wage commitment, our social impact programme 
and the community and charity projects we have 
supported during the year.
Social matters are not 
deemed to be a principal 
risk for the Group; 
however, we are 
continuing to focus 
on social matters through 
our sustainability strategy 
(see pages 38 to 65 for 
more details)
EMPLOYEES
	
– Our Code of Conduct sets out the standards of behaviour expected 
of Group employees and stakeholders on behalf of the Board and 
demonstrates the Group’s commitment to maintaining the highest standard 
of ethical conduct and behaviour in our business practice.
	
– We are committed to diversity and inclusion at all levels of our business. 
See pages 58, 158, 160 and 185 for more details on our Equal Opportunities 
and Dignity at Work Policy, and Diversity and Inclusion Policy.
	
– In July 2021, we introduced a Hybrid Working Policy in recognition of the 
importance of work life balance. See page 163 for more details on our 
Hybrid Working Policy.
	
– Employees receive induction training and regular reminders on the 
Code of Conduct.
	
– See pages 55 to 59 and 126 to 127 for details of 
how we looked after our employees during the year, 
including how we listened to them during the year, 
our health and wellbeing initiatives, our diversity and 
inclusion initiatives and our training and 
development initiatives.
Risk 7 – Resourcing
COMPLIANCE STATEMENTS CONTINUED
NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT
90
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

POLICIES AND DUE DILIGENCE
OUTCOMES OF POLICIES AND IMPACTS OF ACTIVITIES
RELATED PRINCIPAL RISKS 
(Pages 71 to 78)
HEALTH & SAFETY
	
– Our Health & Safety Policy sets out our commitment to the health, safety 
and wellbeing of our employees, customers, visitors and others who 
may be affected by our activities and to fully comply with all health and 
safety legislation and contractual obligations applicable to our business.
	
– The Group’s Health & Safety Committee meets twice per year. The Board 
receives regular reports and reviews our health & safety processes at least 
annually, and the Executive Committee receives monthly reports. See 
page 77 for more details on our health and safety policies and procedures.
	
– To ensure we meet our statutory and contractual obligations, Workspace 
continue to invest in our Computer Aided Facilities Management (CAFM) 
systems. All planned and reactive work is planned and 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 includes 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. 
	
– December 2023 saw Adrian Brough join Workspace 
as our new Head of Health and Safety. Adrian, 
a Chartered Health and Safety Practitioner, with 
many years’ experience in a wide range of sectors 
has recently undertaken a systematic review 
of our arrangements and has identified various 
improvements. A plan to realise these improvements 
has been devised and approved by the Workspace 
Executive Committee. We have carried out a 
substantial amount of health and safety training 
including IOSH Managing Safely, NEBOSH Certificate 
and specific training around asbestos, water hygiene, 
fire safety and the Construction Design and 
Management Regulations.
	
– Our Health and Safety Policy was formally reviewed 
in February 2024.
	
– We continue to successfully deliver our 
comprehensive employee health and safety training. 
	
– Workspace have recently purchased a licence for 
an organisation wide electronic ‘permit to work’ 
solution. This significant investment offers numerous 
benefits which include real time monitoring of 
contractors on our sites and improved due diligence 
in regard the checking of qualifications and 
competencies of those appointed to carry out work 
on behalf of Workspace. 
	
– For the eighth consecutive year, there have been no 
contractor-related accidents or incidents that have 
affected our customers. 
Risk 9 – Regulatory
COMPLIANCE STATEMENTS CONTINUED
NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT CONTINUED
91
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

POLICIES AND DUE DILIGENCE
OUTCOMES OF POLICIES AND IMPACTS OF ACTIVITIES
RELATED PRINCIPAL RISKS 
(Pages 71 to 78)
HUMAN RIGHTS 
AND MODERN 
SLAVERY
	
– Our Anti-Slavery Policy reflects our commitment to upholding human rights 
and eliminating all forms of forced, slave, bonded or involuntary labour both 
within our business and our supply chain. All new employees are given 
training on our Anti-Slavery Policy during inductions and our Employee 
Code of Conduct reinforces the message that we expect all of our staff 
to work with us to uphold our commitment to preventing modern slavery 
in our business and supply chains.
	
– We publish a Supplier Code of Conduct on our website, which sets out our 
expectations of our suppliers, including in respect of modern slavery and 
human rights. All new suppliers are expected to read and to abide by the 
Supplier Code of Conduct.
	
– We care about, respect and support internationally proclaimed human 
rights. We consider the risk of modern slavery and human trafficking to be 
very low in our business, however, we regularly monitor and review our risk 
profile and emerging regulatory guidance and we will take any necessary 
actions to improve and to strengthen our practices.
	
– Our modern slavery statement is published on our website annually and 
it is available at https://www.workspace.co.uk/investors/sustainability/
our-policies. Our modern slavery statement sets out the steps the Group 
has taken and is taking to help prevent slavery and human trafficking 
in our business and supply chains.
	
– We take a zero-tolerance approach to modern 
slavery and other breaches of fundamental 
human rights.
	
– No incidences of human rights abuse or modern 
slavery have been identified (2023: Nil).
Risk 7 – Resourcing
Risk 8 – Third-Party 
Relationships
Risk 9 – Regulatory
ANTI-BRIBERY 
AND CORRUPTION
	
– Our Anti-Bribery and Corruption Policy, which is reviewed by the Board 
annually, sets out the responsibilities and expectations of our employees 
for the prevention, detection and reporting of bribery and other forms of 
corruption. The Policy also contains our Gifts and Hospitality Policy, which 
requires employees to seek approval whenever offered or offering a gift 
or hospitality valued over £20 (whether they are accepted or refused).
	
– We make suppliers aware of our zero-tolerance approach to bribery and 
we undertake due diligence on suppliers to confirm that they are committed 
to the prevention of bribery and corruption.
	
– Our Code of Conduct further reinforces these messages.
	
– It is our policy to conduct all of our business in an 
honest and ethical manner. We take a zero-tolerance 
approach to bribery and corruption and we are 
committed to implementing and to enforcing 
effective systems to counter bribery.
	
– All staff receive training on the Anti-Bribery and 
Corruption Policy, including the Gifts and Hospitality 
Policy, as part of their induction and thereafter with 
annual refresher training.
	
– No incidences of bribery or corruption have been 
identified (2023: 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. 
Any charitable donations are made with the prior approval of the 
Company Secretary.
	
– The Group did not make any political donations 
or incur any political expenditure during the year 
(2023: Nil).
Risk 9 – Regulatory
COMPLIANCE STATEMENTS CONTINUED
NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT CONTINUED
92
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

POLICIES AND DUE DILIGENCE
OUTCOMES OF POLICIES AND IMPACTS OF ACTIVITIES
RELATED PRINCIPAL RISKS 
(Pages 71 to 78)
DATA PRIVACY
	
– We take our obligations under the retained EU law version of the General 
Data Protection Regulation (UK GDPR), the Data Protection Act 2018 
and other applicable data privacy legislation very seriously. We monitor 
guidance and practice in this area and continue to embed data privacy 
into the heart of the business.
	
– We have a Data Protection Policy, as well as ancillary policies in specific 
areas (including security, data breaches, subject rights, appointment of data 
processors and data privacy impact assessments). We continue to monitor 
compliance with our policies and procedures and to review and update them 
where appropriate to reflect developing guidance and practice.
	
– The Board continues to place a high value on data 
privacy, and privacy is embedded throughout the 
organisation. Regular reports are provided to the 
Executive Committee and the Board.
	
– Staff are aware of their duties in relation to data 
privacy. Mandatory data protection training is 
provided to all staff at induction and on an annual 
basis. We also provide more tailored, role-specific 
training to staff where appropriate.
	
– Data privacy is a key consideration whenever new 
projects are contemplated or changes to existing 
arrangements are proposed.
Risk 9 – Regulatory
CONFLICTS 
OF INTEREST
	
– In accordance with HR policies and the Code of Conduct, employees are 
required to notify the Company of any conflicts of interest. The Board is also 
subject to these policies and is regularly reminded of their duty to notify 
us of any interest in an existing or proposed transaction with the Group.
	
– All conflicts are recorded on a central register and we have procedures 
in place for managing conflicts of interest.
	
– Should a Director become aware that they, or their 
connected parties, have an interest in an existing 
or proposed transaction with the Group, they are 
required to notify the Board in writing or verbally 
at the next Board meeting.
	
– During the year, no Director had any beneficial 
interest in any contract significant to the Group’s 
business, other than a contract of employment 
(2023: Nil).
Risk 9 – Regulatory
WHISTLEBLOWING
	
– We have a Whistleblowing Policy which provides employees with 
information on how they can report, anonymously if they wish, any concerns 
about impropriety or wrongdoing within the business.
	
– Employees have access to an independent telephone line for anonymous 
reporting of concerns.
	
– The Whistleblowing Policy is reviewed annually, and the Board 
receives updates from the Company Secretary on the operation 
of the whistleblowing system.
	
– During the year under review, we did not receive 
any whistleblowing messages to the independent 
telephone line (2023: Nil). An open and transparent 
culture means any concerns are raised directly to 
the HR team or members of the Executive 
Committee.
Risk 7 – Resourcing
Risk 9 – Regulatory
COMPLIANCE STATEMENTS CONTINUED
NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT CONTINUED
93
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

COMPLIANCE STATEMENTS CONTINUED
Workspace considers climate change as a 
principal risk and a material issue. In line with 
the ‘Task Force on Climate-Related Financial 
Disclosures’ (TCFD) recommendations, 
Workspace has provided information to 
stakeholders on its 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 commitment, 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 Listing Rules and section 
414CB of the Companies Act 2006, including 
details on climate change scenarios and 
how they may affect our business in the 
short and long term. As required by the 
Listing Rules (LR 9.8.6R), 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
2024/25 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 
established to oversee 
climate-related risks, 
opportunities and goal.
	
– Joint Audit and ESG meeting 
held in January 2024 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.
	
– Stretching carbon 
related goals to be 
included in everyone’s 
objectives, including 
senior management 
and linked to 
remuneration.
	
– 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 
(page 97). Disclosure on 
potential impact and 
resilience of strategy 
on page 98.
	
– Analysis on exposure 
to climate risk and 
resilience of business 
strategy to be 
re-assessed annually 
taking into account 
any new changes 
in drivers.
	
– 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 advise.
	
– 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 
periodic 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.
	
– Key metrics will be 
tracked on a monthly 
basis and presented 
to Board.
	
– Science-based carbon 
emissions reduction 
targets to be updated 
to reflect newly 
on-boarded 
properties.
	
– 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
94
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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, the Board 
is assisted by the ESG Committee comprising 
of five independent Non-Executive Directors, 
the Chief Executive Officer and the Chief 
Financial Officer. Ultimately, ensuring the 
long-term sustainable success of the business. 
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. The update from the Committee 
and any associated recommendations are then 
put forward to the Board for consideration. 
During the year, the Board received updates 
from the ESG Committee three times and 
considered the following climate-related 
issues: net zero pathway review, renewable 
procurement strategy compliance with 
changes to the Minimum Energy Efficiency 
Standard (MEES) and effectiveness of our 
climate-related policies. See page 181 for 
further details of climate-related topics 
considered by the Board and its Committees 
(including 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, renewable procurement 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. 
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-term (to 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 (1-2 years) 
and a medium-term development pipeline 
that extends out to 2030. We accordingly 
do our budgeting for short and medium 
term. We are also working on a rapid 
decarbonisation of the business over the 
medium term, as reflected in our net zero 
commitment. 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 sustainability and 
climate-related performance measures to the 
Executive Directors’ remuneration, accounting 
for 20% of their bonus weighting. These 
targets are also incorporated into wider team 
objectives. The Board received a monthly 
report tracking progress against these goals. 
See pages 190 to 192 for further details. 
Management responsibility
The Head of Portfolio Management is the 
Executive owner of our climate strategy and 
reports to the Board ESG committee on all 
climate-related issues. He is supported by the 
Head of Sustainability and members of the 
Sustainability Committee in the day-to-day 
management and delivery of climate-related 
initiatives. The Sustainability 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 
Sustainability Committee meets monthly and 
is responsible for setting and 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 
the 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
95
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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
	
– 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
WTW conducted an asset by asset exposure 
analysis for a range of climate risks (as shown 
in the table) at the present day, as well as for 
future years under the selected scenarios. 
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 179). This helped us narrow 
down the material risks and opportunities 
applicable to Workspace as shown on 
page 97, 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 1.5°C scenario. The impact 
level is deemed moderate under 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 probabilistics view and accounting 
for actual vulnerability of our locations have 
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
96
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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.
SHORT TERM (TO 2025)
MEDIUM TERM (2025-2030)
LONG TERM (TO 2050+)
1.5°C SCENARIO
Moderate transition risk resulting from:
	
– 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:
	
– Continued 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 4 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 
and eight properties become exposed to 
flood 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 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 4 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 4 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
97
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 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 MEES, 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 Group and the capital 
expenditure required. The Board have 
approved a comprehensive investment plan 
to transition our portfolio to net zero carbon 
and upgrade EPC to A and B (see page 54) 
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, we have 
also linked our financing 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 page 97). 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 49 and 50), ensures we 
are aligning our business to a 1.5°C warming 
scenario and mitigating any potential risks.
Our net zero carbon 
pathway ensures we are aligning 
our business to a 1.5°C warming 
scenario and mitigating any 
potential risks.
Enterprise risk management framework
Risk management continues to be an integral 
part of all our activities. Risks and opportunities, 
including climate-related risks and 
opportunities, are considered in every business 
decision we make. We specifically focus on 
key risks which could impact on the 
achievement of our strategic goals and 
therefore on the performance of our business. 
We have an established Risk Management 
Framework in place to help us capture, 
document and manage risks facing our 
business. The Audit Committee along with 
the full Board have overall responsibility for 
risk management. See our Risk Management 
Framework on page 179. Our processes for 
identifying, assessing and managing climate-
related risks are fully integrated into our 
overall risk management framework.
Our aim is to manage each of our risks and 
mitigate them so that they fall within the risk 
appetite level we are prepared to tolerate 
for each risk area. Risk appetite reflects the 
overall level of risk acceptable with regards 
to our principal business risks. The Board is 
responsible for deciding the amount of risk 
it is willing to take. High risk, after considering 
the controls we have in place to mitigate risks, 
is not generally tolerated. We work towards a 
moderate to low risk profile, ensuring that we 
have mitigating actions in place to bring each 
risk down to within the agreed risk appetite. 
Our Risk Management Framework is 
underpinned by close working relationships 
between the Executive Directors, senior 
management and other employees, which 
enhances our ability to efficiently capture, 
communicate and action any risk issues 
identified.
COMPLIANCE STATEMENTS CONTINUED
TCFD CONTINUED
3. RISK MANAGEMENT
98
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

IMPACT
Low
Severe
Almost certain
LIKELIHOOD
Unlikely
4
3
2
1
1
2
3
4
Identifying and assessing risk
Overall, we identify risks across two key 
areas: Principal Business (Strategic) risks and 
Operational risks. Climate-related risks have 
been factored in both these categories. 
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 (almost certain), 
considering the likelihood of the risk 
materialising within a five-year period. 
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 the right) 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. 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 100-101 along with 
current mitigation strategy for the two 
climate scenarios we have assessed.
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
COMPLIANCE STATEMENTS CONTINUED
TCFD CONTINUED
LIKELIHOOD SCALE 
The following criteria should be used, considering the 
likelihood of the risk materialising within a five-year period.
Likelihood
4 – ALMOST CERTAIN
>80%
3 – LIKELY
50-79%
2 – POSSIBLE
21-49%
1 – UNLIKELY 
<20%
Risk level:
 Low
 Moderate
 High
RISK SCORING MATRIX
99
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

RISK
EVALUATION OF RESIDUAL RISK
MITIGATION STRATEGY
TRANSITION RISKS AND OPPORTUNITIES IN THE SHORT AND MEDIUM TERM – 1.5°C WARMING SCENARIO
POLICY AND LEGAL – EPC 
RATING REQUIREMENTS
	
– 25% of the Workspace portfolio is rated C and 23% is rated D and E. 
Additional investment of £55–70m will be required to meet EPC A/B across 
the portfolio by 2030 (c.£9–12m 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. £5-6m.
	
– Opportunity: There will be an opportunity arising from higher operational 
savings due to upgraded environmental performance.
	
– Target set to upgrade a significant proportion portfolio to EPC A/B each year. 
We successfully upgraded 10.5% of 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 over 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, nearly 25% of our customers factor in 
sustainability as one of the top 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 is around 23,500 tonnes of CO2e. In line with our 
net zero pathway, we expect to reduce our emissions by 50% by 2030.
	
– Applying UCL projected cost of carbon at $100 per tonne* worst case 
scenario, this could cost us up to £200k annually from the point we 
achieve our net zero carbon target. 
	
– Continue to drive progress on our net zero pathway to eliminate 
scope 1 and 2 emissions.
	
– Continued efforts to explore new materials and technologies to reduce 
embodied carbon of our developments and hence limit offsetting needed 
for scope 3 emissions.
*Source: https://www.ucl.ac.uk/news/2021/jun/ten-fold-increase-carbon-offset-cost-predicted.
COMPLIANCE STATEMENTS CONTINUED
TCFD CONTINUED
100
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

RISK
EVALUATION OF RESIDUAL RISK
MITIGATION STRATEGY
PHYSICAL RISKS IN THE 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 facade 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 4 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*
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 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.
*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.
COMPLIANCE STATEMENTS CONTINUED
TCFD CONTINUED
101
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 103).
	
– Total electricity consumption, including 
proportion generated from renewables 
(page 103).
	
– Proportion of electricity sourced from 
renewable sources (page 106).
	
– Total fuel consumed on site (page 103).
	
– Building emissions intensity by floor area 
(page 103).
	
– Total emissions from water consumption 
(page 103).
	
– Total emissions from waste, waste recycled 
and diverted from landfill (page 103).
	
– EPC split of the portfolio by floor area 
(page 54).
	
– Number of buildings with sustainability 
certification (page 46).
	
– Number of energy efficiency projects 
implemented and associated capital 
expenditure (page 45).
	
– Number of buildings exposed to flooding 
(page 101).
	
– ESG metrics linked to remuneration 
and performance against these 
(pages 209 to 210).
	
– Internal carbon price (page 100).
Pages 44 to 54 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 49). 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. 
Refer to page 103 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 with both our site staff and customers.
Our main target is to deliver a net zero carbon 
business (see pages 49 to 50 for the scope 
of our commitment and underpinning targets). 
This is underpinned by the following emissions 
reduction targets: 
	
– Aim to reduce our total greenhouse 
gas emissions by 50% by 2030.
	
– Aim to fully decarbonise heating from 
our portfolio by 2030.
	
– Drive significant reduction in absolute scope 
3 emissions from capital goods and tenant 
consumption, such that we are able to 
reduce our overall emissions footprint 
by 50% by 2030. 
	
– Source 100% energy from renewable 
sources.
	
– Undertake whole life carbon assessment of 
all development and refurbishment projects.
	
– Note: we are revising our targets in line with 
the updated net zero standard from the 
Science Based Targets Initiative and aim to 
publish our long-term net zero goal of 90% 
reduction in emissions by next financial 
year. In addition, we also monitor our 
emissions from water and waste, and have 
set performance improvement targets 
(see pages 46 to 47). 
COMPLIANCE STATEMENTS CONTINUED
TCFD CONTINUED
4. METRICS AND TARGETS
50%
REDUCTION IN ABSOLUTE 
EMISSIONS BY 2030
102
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

GREENHOUSE GAS (‘GHG’) EMISSIONS AND ENERGY USE DATA FOR STREAMLINED ENERGY & CARBON REPORTING (SECR)*
Source of emissions
2019/20
2022/23
2023/24
2023/24 vs 2022/23
% change
2023/24 vs 2019/20
% change
Scope 1 (Direct)
3,451
 3,188 
 2,039 
-36%
-41%
Gas (tCO2e)
2,620
2,336
1,502
-36%
-43%
Fugitive Emissions (tCO2e)
828
852
537
-37%
-35%
Vehicle Emissions (tCO2e)
3
0
0
0%
-100%
Scope 2 (Energy Indirect)
7,144
6,482
 6,470 
-0.2%
-9%
Electricity (location based) (tCO2e)
7,021
6,300
6,304
0.07%
-10%
Electricity (market based) (tCO2e)
– 
0
0
0%
0%
Purchased Heat (location based) (tCO2e)
123
 182 
166
-9%
34%
Purchased Heat (market based) (tCO2e)
123
182
166
-9%
34%
Vehicle Emissions (tCO2e)
0
0
0.3
0%
+100%
Total Scope 1 & 2 (location based)
10,595
9,670
 8,509 
-12%
-20%
Energy consumption used to calculate above emissions (kWh)
42,429,912
46,441,779
39,579,452
-15%
-7%
Intensity Ratio: Net Lettable Area tCO2e/sq. ft.
0.00268
0.00182
0.00164
-10%
-39%
Intensity Ratio: Gross Internal Area tCO2e/sq. ft.
0.00191
0.00134
0.00120
-10%
-37%
Scope 3 (Other Indirect)
20,667
16,615
14,938
-10%
-28%
Purchased Electricity Transmission & Distribution (tCO2e)
596
576
545
-5%
-8%
Customer Direct Energy (tCO2e)
2,928
3,296
2,760
-16%
-6%
Water Supply (tCO2e)
91
34
44
32%
-51%
Water Treatment (tCO2e)
187
61
51
-18%
-73%
Waste Management (tCO2e)
82
64
56
-13%
-32%
Heat – Transmission & Distribution (tCO2e)
6.5
10.4
9
-16%
34%
Embodied carbon in development projects (tCO2e)
8,982
 5,744 
 4,495 
-22%
-50%
Purchased goods and services (tCO2e)
7,647
 6,511 
 6,574 
1%
-14%
Employee Commuting (tCO2e)
84
288
 374 
30%
346%
Business Travel (tCO2e)
74
31
29
-5%
-61%
Total Scope 1, 2 & 3 (tCO2e)
31,272
26,285
 23,447 
-11%
-25%
Total energy consumption – whole building (kWh)
55,120,583
63,677,033
53,089,368
-17%
-4%
Total gas use – whole building (kWh)
15,617,931
16,137,792
9,781,267
-39%
-37%
Total electricity use – whole building (kWh)
38,801,849
46,475,822
42,386,431
-9%
9%
Total purchased heat – whole building (kWh)
700,803
1,063,419
921,670
-13%
32%
Self-generated renewable electricity (kWh)
129,533
191,629
196,437
3%
52%
*	 Note: All figures reported relate to emissions and energy consumed in the United Kingdom.
COMPLIANCE STATEMENTS CONTINUED
TCFD CONTINUED
103
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Reporting period:
1 April 2023 – 31 March 2024
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 tenant consumption where we 
procure gas, electricity or heat on their 
behalf. Where electricity is directly purchased 
by our tenants (c.38% of NLA as at April 
2023), 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 106 to 107.
	
– Global Reporting Initiative (GRI) 2021 
Standard. Published in the sustainability 
performance section of our investor website.
Verification: 
Accenture were appointed for independent 
third-party verification of our carbon data. 
The verification has been performed to the 
international standard ISO 14064-3:2019 
Specification. Limited level of assurance, 
based upon a 5% materiality threshold. 
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 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
We achieved a 12% reduction in scope 1 and 
scope 2 emissions across the portfolio. This 
is underpinned by a reduction in Workspace 
procured energy consumption by 15%, of 
which significant savings of 36% was made 
in gas use. The overall impact in emissions 
reductions is lower due to a 7% increase in 
grid electricity emissions factor this year. 
The reduction in energy use was driven 
by investment in high efficiency heat pump 
installation across a number of properties and 
optimisation of system controls and setpoints. 
We also rolled out a number of energy 
efficiency upgrades across the portfolio such 
as LED lighting, presence detection sensors, 
smart BEMS and ran several energy awareness 
campaigns with customers. 
Granular energy data analysis, active 
management of energy use, controls 
optimisation and continued roll out of energy 
efficiency upgrades across the portfolio, have 
all contributed towards delivering such an 
impressive reduction.
As per Annex F of the Government’s SECR 
guidance, the carbon intensity metric 
recommended for the property sector is 
tCO2e/sq. ft. This year, we have delivered a 
savings of 10% in our emissions per sq. ft. NLA.
Our market-based electricity figure is zero 
because all of the electricity we purchase is 
now on a renewable energy contract backed 
by Renewable Energy Guarantees of Origin 
(REGOs). We also signed a long-term power 
purchase agreement with a new solar plan 
in Devon to procure over two-thirds of 
our electricity.
Energy efficiency actions taken 
during 2023/24
We have proactively identified and delivered 
a range of energy efficiency projects across 
our portfolio (invested £14m across 50 
properties), such as LED and PIR lighting 
upgrades, installation of secondary glazing 
and a rolling programme of high efficiency 
heat pumps. We have also benefitted from 
improved data management and customer 
engagement initiatives across a number 
of our buildings.
We have continued to roll out our Building 
Energy Management System (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 live 
at 46 sites and enables us to view and monitor 
our energy consumption profiles, down to 
the unit level.
COMPLIANCE STATEMENTS CONTINUED
TCFD CONTINUED
REPORTING FRAMEWORK
104
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Method for data collection
We collect utility data across our operational 
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 management 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. An in-house energy analyst 
role was created to review the accuracy of 
energy reporting and to analyse monthly 
performance trends and prioritise properties 
for energy efficiency improvements. 
We estimate electricity consumption data 
where tenants have their own utility supplier. 
Where this relates to units in a building 
where we otherwise have access to energy 
consumption, we estimate ‘tenant 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 
single-let building, energy consumption is 
estimated based on the average energy usage 
of the portfolio. Whilst our ‘tenant direct’ gas 
consumption is very low, we have included 
estimations for gas consumption where we 
have been made aware of tenants managed 
gas supplies, and added corresponding GHG 
emissions to previous year’s reported GHG 
figures as well. GHG emissions calculated from 
‘tenant direct’ electricity and gas consumption 
are included in our scope 3 reporting.
On page 51, 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 efficiency 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 buildings, 
embodied carbon factors advised by our 
consultant’s research team have allowed 
us to estimate embodied carbon emissions 
for projects carried out prior to 2021, 
representative of standard market practice 
(770 kgCO2e/m2 for office construction, 
480 kgCO2e/m2 for logistics construction, 
196 kgCO2e/m2 for office retrofits involving 
heat decarbonisation, 77kgCO2e/m2 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 spend-based method, 
applying carbon factors from the EPA 
database. We intend 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. Following our flexible 
working policy implementation, 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. 
With the exception of embodied carbon and 
purchased goods and services, GHG emissions 
were calculated using DEFRA (Department 
for Environment, Food & Rural Affairs) 
2023 factors. 
We are continually striving 
to improve our environmental 
and emissions data and are pleased 
with the high visibility of scope 1 
and scope 2 emissions across 
our business.
Sonal Jain
Head of Sustainability
COMPLIANCE STATEMENTS CONTINUED
TCFD CONTINUED
105
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

SASB SUSTAINABILITY ACCOUNTING STANDARD – REAL ESTATE METRIC
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 103, falling within our scope 1 and 2 emissions, 
covers 98% for our office portfolio and 59% of our industrial portfolio's total nettable floor area, 
as at 1 April 2023, 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 103. 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 103. 
(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 12 sites that are equipped with solar panels. Refer to page 184 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 energy reduction 
targets directly influence Executive remuneration. Refer to pages 44 to 55 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 92% of our portfolio. 
(2)	100% of our office properties and 59% of our logistics properties are located in areas classified 
as under high water stress according to the World Resource Institute’s (WRI) Water Risk Atlas 
tool. 41% of our logistics properties are located in a medium-high water stress zone.
(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 and 100% of our logistics properties are located in areas 
classified as under high water stress according to the World Resource Institute’s (WRI) Water 
Risk Atlas tool. 0% of our logistics properties are located in a medium-high water stress zone.
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 47). We are also rolling out metering to gain better coverage of our water data. 
COMPLIANCE STATEMENTS CONTINUED
106
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

TOPIC
ACCOUNTING METRIC
CODE
COMMENT
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 57% of our total sales volume in 2023/24.
(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)	 59% of tenant spaces are submetered for grid electricity consumption. 
(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, whereby we send quarterly sustainability newsletters to tenants of 
each of our properties, share building-level sustainability performance data, and guidance on 
how to operate buildings sustainably. This year we delivered 36 sustainability-themed customer 
events ranging from energy savings awareness to recycling and zero-waste 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. lettable area of offices and 65,418 sq. ft. of industrial spaces 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 94 to 102. 
ACTIVITY METRIC
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 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
IF-RE-000.D
82% average occupancy rate across offices
96% average occupancy rate across industrial properties
COMPLIANCE STATEMENTS CONTINUED
SASB SUSTAINABILITY ACCOUNTING STANDARD – REAL ESTATE METRICS CONTINUED
107
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

108
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
HOW GOOD 
GOVERNANCE  
ENSURES ‘IT ALL 
HAPPENS AT 
WORKSPACE’  
FOR THE  
LONG TERM
IN THIS SECTION
Workspace’s governance fosters 
environments where our employees and our 
customers can thrive and achieve their full 
potential.
Our culture promotes collaboration, 
innovation, and excellence. We are as driven, 
diverse and innovative as our customers.
OVERVIEW
109
Governance highlights in 2024
110
Chair’s introduction to Governance
114
UK Corporate Governance Code 2018
BOARD LEADERSHIP AND COMPANY PURPOSE
116
CEO introduction
117
Our Board
121
Board activities 2023/24
131
Section 172(1) statement
133
Key Board decisions in 2023/24
DIVISION OF RESPONSIBILITIES
135
Company Secretary introduction
136
Board roles and responsibilities
138
Our governance framework
139
How we govern
COMPOSITION, SUCCESSION AND EVALUATION
146
Chair of the Nominations Committee 
introduction
148
Nominations Committee Chair’s letter
149
The role of the Nominations Committee
150
Nominations Committee activities in 2023/24
AUDIT, RISK AND INTERNAL CONTROL
166
Chair of the Audit Committee introduction
168
Audit Committee Chair’s letter
170
The role of the Audit Committee
172
Significant matters considered by the 
Committee
174
Developing a robust Viability Statement
175
Fair, balanced and understandable reporting
175
External audit
178
Risk management and internal controls
ESG COMMITTEE REPORT
180
Chair of the ESG Committee introduction
182
ESG Committee Chair’s letter
185
ESG policies, procedures and related 
assurance
REMUNERATION
186
Chair of the Remuneration Committee 
introduction
188
Remuneration Committee Chair’s letter
191
Consideration of the experience of our 
stakeholders
193
Summary of Executive Directors’ Total 
Remuneration
195
Aligning our remuneration principles with our 
purpose and strategy and the experience
of all our stakeholders
198
Our Remuneration Policy
202 Annual report on remuneration
218
Report of the Directors
221
Statement of Directors’ responsibilities in 
respect of the annual report and the financial 
statements
How we embed our culture 
Pages 112 to 113
Diversity and inclusion
Pages 158 to 165

109
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
EMPLOYEE ENGAGEMENT
Further developed our employee engagement 
programme to amplify the employee voice in 
the boardroom.
An engaged workforce helps 
us deliver for our customers.
Duncan Owen
Non-Executive Chair
+8.5%
DIVIDEND GROWTH
73%
Read more about our employee engagement 
Pages 25 to 126
GOVERNANCE HIGHLIGHTS IN 2024
BOARD PERFORMANCE
NEW BOARD APPOINTMENTS
Appointed Lawrence Hutchings as CEO on 
a date to be confirmed and David Stevenson 
as a new Non-Executive Director from 
1 June 2024.
FAVOURABLE ENGAGEMENT SCORE  
FROM 2024 STAFF SURVEY
Read more about the external performance review  
Pages 155 to 156
DIVIDEND
28.0p
2024
28.0
25.8
21.5
2023
2022
EXECUTIVE LEADERSHIP ASSESSMENT
Focused on building a strong pipeline of talent 
by appointing Heidrick & Struggles to conduct 
a leadership assessment programme for 
members of the Executive Committee.
10-year
Solar energy deal
Read more about the deal
Page 133
Read more about the 
process we followed  
Pages 151 to 152
SOLAR ENERGY DEAL
Entered a 10-year Corporate Power Purchase 
Agreement to supply two-thirds of the Group’s 
electricity demand from renewable sources.
REDUCING OUR IMPACT
-20% 
REDUCTION IN SCOPE 1 AND 2 EMISSIONS 
2019/20 TO 2023/24
David Stevenson
Independent Non-Executive Director 

Duncan Owen
Non-Executive Chair
CHAIR’S INTRODUCTION TO GOVERNANCE
 
A strong foundation of 
corporate governance underpins 
our business and operations, 
ensuring accountability to 
all our stakeholders.
QUICK LINKS
Chair’s introduction to governance
Page 110
Board leadership and company purpose
Page 116
Division of responsibilities
Page 135
Composition, succession and evaluation
Page 146
Audit, risk and internal control
Page 166
ESG Committee report
Page 180
Remuneration
Page 186
Report of the Directors
Page 218
Statement of Directors’ responsibilities
Page 221
110
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

CHAIR’S INTRODUCTION TO GOVERNANCE CONTINUED
Dear shareholder, 
This is my first Chair’s governance letter, 
having assumed the role of Chair in July 
2023. I would like to thank the Board, the 
Executive Committee and all Workspace staff 
for all of their assistance during my first year 
as Chair. A strong foundation of corporate 
governance remains a priority for the Board 
as we seek to deliver the Company’s long-
term strategy. 
Board changes and succession planning
My predecessor, Stephen Hubbard, stepped 
down from the Board in July 2023 after nine 
years on the Board. I would like to thank 
Stephen for his significant contribution to 
the growth of the Company over his tenure.
A key focus this year has been the search for 
a new CEO. In January 2024, Graham Clemett 
announced his intention to retire as CEO 
during 2024, once a successor was found and 
once an appropriate handover is completed. 
After a rigorous selection process, I am 
delighted that Lawrence Hutchings has been 
appointed as CEO and will be joining us on a 
date to be confirmed. Read more about our 
CEO appointment process on page 151.
During the year we also appointed David 
Stevenson as a new Non-Executive Director, 
with effect from 1 June 2024. Read more 
about David and our NED appointment 
process on page 152.
Long-term succession planning remains 
a priority for the Board. This year, the 
Nominations Committee requested an 
executive leadership assessment for 
members of the Executive Committee. 
Read more about the executive leadership 
assessment on pages 120 and 152.
Sustainability
The Board remains focused on the 
long-term sustainability of the Company 
and its business. In December 2023, the 
Board approved the Company’s entry 
into a 10-year Corporate Power Purchase 
Agreement (‘CPPA’) with Statkraft, Europe’s 
largest generator of renewable energy, to 
supply around two-thirds of the Group’s 
expected electricity demand for the next 10 
years with effect from 1 February 2024. This 
agreement marks the first clean energy CPPA 
made by a London office provider to date, 
sourcing electricity directly from a renewable 
energy generator. This move further solidifies 
Workspace’s position as a market leader 
in providing sustainable work spaces and 
accelerating our transition to being net 
zero carbon. Read more about the CPPA 
on pages 28 and 184.
External Board performance review
This year the Board participated in an 
external Board performance review, 
facilitated by Fidelio Partners Board 
Development & Executive Search Ltd 
(‘Fidelio’). The external performance review 
included assessment of the effectiveness of 
the Board and its Committees as a whole as 
well as the effectiveness of the Chair and 
Non-Executive Directors. I am pleased to 
report that the Board and its Committees, as 
well as the Chair and Non-Executive Directors, 
were considered to be working effectively. 
Read more about the external Board 
performance review on page 155. 
Employee engagement
Having taken over the role of Non-Executive 
Director for employee engagement from 
Stephen Hubbard, I have enjoyed meeting 
more of our staff and hearing their feedback 
and ideas. We have continued the successful 
employee feedback sessions introduced by 
Stephen, and they continue to be a valuable 
forum for hearing the employee voice. 
I have also been particularly keen that other 
members of the Board have the opportunity 
to hear from staff directly and this year Rosie 
Shapland and Lesley-Ann Nash joined me at 
the sessions. Read more about the impact of 
our employee feedback sessions and our 
employee engagement more generally 
on pages 25 and 126 to 127.
Looking forward
The Board continues to believe in the 
importance of governance practices that 
support and align with our business and 
strategy. In particular, the Board is taking 
on board the new provisions of the UK 
Corporate Governance Code 2024, the 
majority of which will start to apply from 
next year. We remain focused on the 
continued evolution of our governance 
framework to maintain our high standards 
of business conduct. 
Duncan Owen
Non-Executive Chair
4 June 2024
111
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
A strong foundation of 
corporate governance remains 
a priority for the Board as we 
seek to deliver the Company’s 
long-term strategy.

BREAKFAST AND LUNCH SESSIONS
The Chair and Non-Executive Directors meet 
with staff a number of times a year over an 
informal breakfast or lunch.
Cultural insight
These informal sessions promote an 
environment where staff feel they can give 
their honest feedback directly to Board 
members. For example, this year staff 
commented that customers often seek 
our advice on furnishing their units.
Outcome and Actions
The Chair and Non-Executive Directors 
report back to the Board on topics and 
feedback discussed. This year we have 
taken forward a number of suggestions 
from these sessions, including how we can 
assist customers with furniture provision. 
‘TOWN HALL’ EVENTS
Our CEO, CFO and members of the Executive 
Committee lead ‘town hall’ events to provide 
business updates to employees. Staff have the 
opportunity to ask questions and make comments, 
via an anonymous facility if they wish.
Cultural insight
In ‘town hall’ sessions this year, staff 
commented that our reinstatements process 
could be confusing for customers, and 
sometimes resulted in good quality fit-outs 
being unnecessarily removed and replaced. 
Outcome and Actions
This year we streamlined our customer 
reinstatements process, including added 
flexibility for fit-outs to remain if they are 
good quality.
SITE VISITS
Members of the Board regularly visit our 
business centres and engage with our centre 
staff to gain insight into their day-to-day roles 
supporting our customers.
Cultural insight
This year, centre teams suggested that our site 
access systems could be modernised to make 
access control easier for customers and staff. 
Outcome and Actions
Any feedback received during site visits 
is passed on to the relevant Executive 
Committee member to consider. Following 
the feedback regarding access control, we 
have continued roll-out of our new access 
control app.
ANNUAL EMPLOYEE SURVEY
The annual staff survey seeks detailed 
feedback from staff in a wide range of areas. 
Cultural insight
Our survey results revealed that our staff care 
deeply about diversity & inclusion among our 
employee population, customers, suppliers 
and other stakeholders. 
Outcome and Actions
Over the last year we have developed an 
Equity, Diversity & Inclusion framework, 
informed by feedback from the staff survey 
and with input from a range of teams. See 
page 58 for more details.
CHAIR’S INTRODUCTION TO GOVERNANCE CONTINUED
THE BOARD 
ASSESSES 
CULTURE AND 
MONITORS HOW 
IT IS EMBEDDED
WHY WE DO IT
An engaged and motivated workforce 
helps us deliver for our customers.
HOW WE DO IT 
The Board continues to develop how it 
assesses and monitors our culture and how 
our culture is embedded through a variety of 
channels as described on the following pages.
112
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

STAFF SUGGESTION BOARD
We operate an online staff suggestion board, 
allowing our employees to share ideas and 
feedback for improvements to our business.
Cultural insight
Our online suggestion board allows our staff 
to share day-to-day feedback and comments. 
For example staff used the online Board to 
suggest that our process for onboarding 
suppliers could be time consuming.
Outcome and Actions
Suggestions are reviewed by the Executive 
Committee and passed on to department 
heads to consider. This year, a new supplier 
onboarding system was developed in 
response to feedback received via the 
suggestions board. 
DIVERSITY & INCLUSION
The Board and the Nominations Committee 
regularly monitor diversity at Workspace. 
Our employees are able to self-report a 
variety of characteristics via our HR system 
(around 98% of staff have self-reported), 
with aggregate data reviewed by our 
Executive Committee. 
Cultural insight
Our review of our diversity data this 
year revealed increases in the number 
of employees identifying as LGBTQIA+, 
those from nationalities other than British 
and those whose first language is not English.
Outcome and Actions
The Board and Executive Committee 
continue to further diversity and inclusion 
initiatives at Workspace. This year, we have 
implemented new recruitment software 
which can be used to implement initiatives 
such as anonymising CVs. Read more about 
our diversity initiatives on pages 163 to 164.
We have also set a target for ethnic diversity 
within our Executive Committee and Senior 
Managers of 16% by December 2027 (see 
page 162 for more details).
REMUNERATION
The Remuneration Committee reviews 
the Group’s employee pay structures and 
their alignment with our purpose, values 
and strategy.
Cultural insight
This year the Committee remained particularly 
mindful of the challenges faced by our staff in 
the current economic environment.
Outcome and Actions
It was agreed that for 2024/25, staff salaries 
would increase by 5%, as well as that payment 
being accelerated to April. Read more on 
page 191.
WHISTLEBLOWING REPORTS
Our Whistleblowing Policy, applicable to all 
staff, encourages openness in reporting 
misconduct.
Cultural insight
Staff feel able to report misconduct without 
fear of repercussions.
Outcome and Actions
Any whistleblowing reports made are 
treated seriously and immediately 
investigated, with appropriate remedial 
action taken where required.
INFORMAL FEEDBACK
Any significant informal staff feedback 
received is reported to the Board by the 
Executive Committee.
Cultural insight
A number of staff commented on how much 
they valued our employee health cash plan.
Outcome and Actions
When we decided to end our arrangement 
with our current cash plan provider, we made 
it a priority to implement an alternative. Our 
new cash plan with BUPA was launched in 
April 2024.
113
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
Our employees are our 
eyes and ears, dealing 
with our customers and 
other stakeholders daily.
87%
RESPONSE RATE TO 2024 
EMPLOYEE SURVEY
73%
FAVOURABLE ENGAGEMENT 
SCORE FROM 2024 SURVEY
3
EMPLOYEE SESSIONS WITH THE 
CHAIR AND NON-EXECUTIVE 
DIRECTORS
11
BOARD SITE VISITS
6
TOWN HALL EVENTS
CHAIR’S INTRODUCTION TO GOVERNANCE CONTINUED
THE BOARD ASSESSES CULTURE AND MONITORS HOW IT IS EMBEDDED CONTINUED

UK CORPORATE  
GOVERNANCE CODE 2018
Compliance statement
The Board confirms that, for the year ended 31 March 2024,  
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 two 
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 table overleaf shows 
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.
We are aware of the publication of the new UK Corporate 
Governance Code 2024, the majority of which will apply to us 
from 1 April 2025. The Board and its Committees have spent 
time reviewing the 2024 Code to assess our continuing 
compliance and we have already started a number of 
initiatives to address the applicable changes.
Principles of the UK Corporate  
Governance Code 2018
More 
information
Board leadership and company purpose
114
Division of responsibilities
114
Composition, succession and evaluation
115
Audit, risk and internal control
115
Remuneration 
115
BOARD LEADERSHIP AND COMPANY PURPOSE
Pages 116 to 134
Our focus as a Board is always on 
delivering the Company’s strategy for 
the benefit of all our stakeholders.
Graham Clemett 
Chief Executive Officer
Principal 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  
Page 117
CEO succession  
Page 151
Board performance 
review  
Page 156
Principal 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.
96%
OF EMPLOYEES BELIEVE OUR VALUES 
ALIGN PERFECTLY WITH OUR CULTURE
Our purpose  
Pages 18 and 123
Our strategy  
Page 35
Sustainability  
Page 39
Principal 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 business model  
Page 9
Our governance 
framework  
Page 138
Principal risks  
and uncertainties  
Page 71
Principal 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 18 to 25 and 
125 to 128
Section 172(1) statement 
Page 131
Principal 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.
Our purpose  
Page 18
Sustainability  
Page 39
Whistleblowing Policy  
Page 93
DIVISION OF RESPONSIBILITIES
Pages 135 to 145
A clear division between 
Board roles 
provides accountability.
Carmelina Carfora 
Company Secretary
Principal 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 136
Chair’s governance 
letter 
Page 111
Board performance 
review 
Pages 155 to 156
Principal 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 136
Non-Executive 
Directors 
Page 139
The relationship 
between the Board 
and the Executive 
Committee  
Page 141
Principal 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 136
Non-Executive 
Directors 
Page 141
Principal 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 138
Information flow 
to the Board 
Page 144
114
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
CHAIR’S INTRODUCTION TO GOVERNANCE CONTINUED

REMUNERATION
Pages 186 to 217
AUDIT, RISK AND INTERNAL CONTROL
Pages 166 to 179
COMPOSITION, SUCCESSION AND EVALUATION 
Pages 146 to 165
The Audit Committee plays a key role in 
promoting the maintenance of a strong 
and transparent control environment.
Rosie Shapland 
Chair of the Audit Committee
Principal 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 166
Principal 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 175
Principal 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 138
Audit Committee 
Report 
Page 166
Principal risks  
and uncertainties  
Page 71
Our focus is on a Remuneration 
approach that motivates our people and 
supports our strategic objectives.
Lesley-Ann Nash 
Chair of the Remuneration Committee
Principal 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 188
Remuneration  
at a glance 
Page 191
Our remuneration 
policy  
Page 198
Principal 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 188
Our remuneration 
policy 
Page 198
Principal 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 188
Our approach 
to fairness and 
wider workforce 
considerations  
Page 203
The right balance of experience and 
skills within our Board and senior 
management is vital.
Duncan Owen 
Chair of the Nominations Committee
Principal 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 succession  
Page 151
Appointment  
of new NED  
Page 152
Inclusion and 
diversity  
Page 158
Principal 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 154
Principal 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  
Page 155
115
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
CHAIR’S INTRODUCTION TO GOVERNANCE CONTINUED
UK CORPORATE GOVERNANCE CODE 2018 CONTINUED
£2.4bn
PROPERTY VALUATION
5%
PAY INCREASE  
FOR EMPLOYEES
16%
TARGET SET FOR ETHNIC MINORITY  
REPRESENTATION IN EXECUTIVE  
AND SENIOR MANAGEMENT BY 2027

Graham Clemett
Chief Executive Officer
BOARD LEADERSHIP AND COMPANY PURPOSE
 
Our focus as a Board is always 
on delivering the Group’s 
strategy for the benefit 
of all our stakeholders.
QUICK LINKS
Our Board
Page 117
Board and Committee meeting attendance
Page 120
116
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
OUR BOARD
Duncan Owen
Non-Executive Chair
Graham Clemett
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
117
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
Board meeting attendance
Page 120
Composition, skills and diversity  
of the Board
Pages 118 to 120 and 159
1
4
5
6
7
8
3
 
Our diverse and experienced  
Board supports the delivery  
of our strategy.
Duncan Owen
Non-Executive Chair
2

NON-EXECUTIVE CHAIR
EXECUTIVE DIRECTOR
EXECUTIVE DIRECTOR
DUNCAN OWEN
INDEPENDENT NON-EXECUTIVE DIRECTOR
GRAHAM CLEMETT
CHIEF EXECUTIVE OFFICER1
DAVE BENSON
CHIEF FINANCIAL OFFICER
Committee membership
•	REMUNERATION
•	NOMINATIONS (CHAIR)
•	ESG1
Committee membership
•	ESG 
•	EXECUTIVE (CHAIR)
•	INVESTMENT (CHAIR)
•	DISCLOSURE (CHAIR)
Committee membership
•	ESG
•	EXECUTIVE
•	INVESTMENT
•	DISCLOSURE
Appointed
Board: July 2021
Chair: July 2023
Appointed
Board: July 2007
CEO: September 2019
Appointed
April 2020
Current external appointments
Duncan is a Non-Executive Director and 
Chair-elect at Link PLC, Asia’s largest REIT, 
where he is a member of their Nomination, 
Sustainability and Finance and Investment 
Committees. He is also Chair of Sellar, the 
large-scale London developer and asset 
manager of large multiple-use schemes such 
as the Shard and Paddington Square, where 
he is Chair of their Investment Committee.
Current external appointments
Graham 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 30 years’ 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 IPOs 
and corporate acquisitions. He was previously 
a director of LaSalle Investment Management, 
on the board of Insight Investment, CEO of 
Invista Real Estate Investment Management 
plc, Global Head of Real Estate at Schroders 
PLC, and then the CEO of Immobel Capital 
Partners until 31 March 2023. He was also 
previously a Governor of the board of the 
Church Commissioners. 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. 
1.	 Duncan assumed the role of Chair of the Board in July 2023. 
2.	 Duncan stepped down as Chair of ESG Committee  
on 1 April 2024.
Relevant skills, business experience 
and contribution
Graham has detailed knowledge of the 
Company’s operations and extensive 
experience of the property sector gained 
through his seventeen years’ experience with 
the Group, having joined as CFO in 2007. Prior 
to joining the Group, he was Finance Director 
for UK Corporate Banking at RBS Group plc 
and before that spent eight years at Reuters 
Group plc, the majority as Group Financial 
Controller. He was a Non-Executive Director 
and Senior Independent Director at The 
Restaurant Group from 2016 until December 
2023. Graham has extensive experience in 
leadership and management, strong 
commercial, strategic and communication 
skills, extensive investor relations experience 
and strong financial skills with significant 
experience of financing and capital raising.  
He is a Chartered Accountant.
1.	 On 25 January 2024, Graham announced his intention 
to retire as CEO during 2024.
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.
Led by our Chair, Duncan Owen, the Board 
provides the leadership of the Company. 
The Board is collectively responsible and 
it is accountable to shareholders for the 
Company’s long-term success, strategy, 
values, culture, control and management. 
Details of individual attendance at Board 
meetings held during the year are set out 
on page 120. 
More information on the skills and the 
experience of the Board members can 
be found on page 159.
118
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
OUR BOARD CONTINUED
2
1
3

SENIOR INDEPENDENT NON-EXECUTIVE DIRECTOR
NON-EXECUTIVE DIRECTOR
NON-EXECUTIVE DIRECTOR
NON-EXECUTIVE DIRECTOR
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
Committee membership
•	REMUNERATION
•	NOMINATIONS
•	AUDIT (CHAIR)
•	ESG
Committee membership
•	REMUNERATION (CHAIR)
•	NOMINATIONS
•	AUDIT
•	ESG
Committee membership
•	NOMINATIONS
•	AUDIT
•	ESG (CHAIR)
Committee membership
•	NOMINATIONS
•	ESG 
Appointed
November 20201
Appointed
January 20211
Appointed
January 20221
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 and 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 of 
St. James’s Place plc, where she is a member 
of their Risk and Remuneration Committees. 
She is also 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 BusinessLDN, where she chairs 
their audit and remuneration committees. 
Current external appointments
Manju is a Non-Executive Director and 
Audit Committee Chair at abrdn UK 
Smaller Companies Growth Trust plc  
and 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 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 assumed 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, most 
recently as Managing Director of Midway 
Attractions, the largest division within the 
group, having started his career in pubs at 
Bass and Allied. 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 
has recently been appointed as Chair of 
British Beer & Pub Association and is also 
an advisory board member of WiHTL. 
5
6
7
119
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
OUR BOARD CONTINUED
4

A foundation of strong 
governance is essential for the 
Board to carry out its role.
Carmelina Carfora
Company Secretary
NON-EXECUTIVE DIRECTOR
DAVID STEVENSON
INDEPENDENT NON-EXECUTIVE DIRECTOR 
Committee membership
•	NOMINATIONS
•	ESG 
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 Owen1
7/7
–
4/4
3/3
4/43
Graham Clemett
7/7
–
–
–
4/43
Dave Benson
7/7
–
–
–
4/43
Rosie Shapland
7/7
5/53 
7/7
3/3
4/43
Lesley-Ann Nash
7/7
5/53
7/7
3/3
4/43
Manju Malhotra
7/7
5/53
–
3/3
4/43
Nick Mackenzie
7/7
–
–
3/3
4/43
Stephen Hubbard2
3/3
–
3/3
–
1/1
1.	 Duncan Owen was appointed as Chair of the Board on 6 July 2023.
2.	 Stephen Hubbard stepped down from the Board with effect from the close of the Company’s AGM on 6 July 2023.
3.	 The Audit Committee meeting in January 2024 was a joint meeting with the ESG Committee.
CARMELINA CARFORA
COMPANY SECRETARY
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 co-ordinates 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.
Diversity and Inclusion at Workspace
Pages 158 to 165
8
120
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
OUR BOARD CONTINUED

Page
STRATEGY
121
OPERATIONS
122
PURPOSE, VALUES AND CULTURE
123
STAKEHOLDERS
125
FINANCE
129
REPORTING
129
RISKS
129
SUCCESSION
130
GOVERNANCE
130
BOARD ACTIVITIES 
2023/24
STRATEGY
ANNUAL STRATEGIC 
REVIEW
 
Relevant stakeholders
•	CUSTOMERS
•	PEOPLE
•	INVESTORS
•	PARTNERS AND SUPPLIERS
•	COMMUNITIES
•	ENVIRONMENT
The Board held its annual 
strategic review in 
September 2023. External 
speakers and members of 
the Executive Committee 
joined the Board to stimulate 
discussion in a number of 
areas, including the Group’s 
sustainability ambitions, 
people and culture and 
operational priorities. 
Following the strategy day, 
several ideas and initiatives 
were developed, and further 
presentations were made 
by Executive Committee 
members at the Board 
meeting in January 2024, at 
which the five-year plan was 
approved. See page 17 for 
further details. 
STRATEGY  
DEVELOPMENT
 
Relevant stakeholders
•	CUSTOMERS
•	PEOPLE
•	INVESTORS
•	PARTNERS AND SUPPLIERS
•	COMMUNITIES
•	ENVIRONMENT
During 2023/24, members 
of the Executive Committee 
held workshops with senior 
managers to ascertain views 
on the Group’s vision and 
strategic direction. This 
engagement helped inform 
strategy presentations 
given to the Board and 
culminated in an externally 
facilitated strategy workshop 
in February 2024. During 
this, the Executive 
Committee and 18 senior 
managers discussed and 
challenged the Group’s 
vision and strategy. Outputs 
have been fed back to the 
Board and teams throughout 
the business.
7
BOARD MEETINGS
Our strategy
Pages 35 to 38
121
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED

SUSTAINABILITY AGENDA
Relevant stakeholders
•	CUSTOMERS
•	PEOPLE
•	INVESTORS
•	PARTNERS AND SUPPLIERS
•	COMMUNITIES
•	ENVIRONMENT
The Board ESG Committee 
provides a dedicated forum 
for discussion of ESG-related 
matters. During the year, 
discussions included ESG 
strategy and governance, 
monitoring progress against 
our science-based targets to 
transition to net zero carbon 
and approving a 10-year 
Corporate Power Purchase 
Agreement to supply 
two-thirds of the Group’s 
electricity demand for 
the next 10 years from 
renewable energy sources.
Throughout the year, the 
Board also received regular 
updates from the 
sustainability team on  
the Group’s sustainability 
activities and reviewed 
assurance plans for ESG 
policies and procedures. 
STRATEGY CONTINUED
Sustainability
Pages 39 to 65
ASSET MANAGEMENT
Relevant stakeholders
•	CUSTOMERS
•	INVESTORS
•	PARTNERS AND SUPPLIERS
The Board receives  
regular updates on asset 
management and leasing 
activities. This year, the focus 
has been on improving the 
overall portfolio offering and 
the customer experience, 
monitored through targeted 
customer surveys, the results 
of which are used to drive 
improvements in our 
customer processes. Read 
more about our engagement 
with customers on pages 18 
to 24 and 128.
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 2023 
respectively. 
PORTFOLIO MANAGEMENT
Relevant stakeholders
•	CUSTOMERS
•	PEOPLE
•	INVESTORS
•	PARTNERS AND SUPPLIERS
•	COMMUNITIES
•	ENVIRONMENT
The Board has been kept 
up to date on planned 
refurbishment and 
development projects. 
This year, key development 
projects have included 
The Chocolate Factory 
and Leroy House. Read 
more about these projects 
on pages 45 and 65.
During the year the Board 
also approved the disposals 
of a number of non-core 
assets for a total of 
£143 million.
OPERATIONS
122
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
BOARD ACTIVITIES 2023/24 CONTINUED

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 
our stakeholders through 
the lens of our purpose. 
The Board has continued to 
monitor how our purpose is 
articulated and understood 
by our stakeholders, and 
how our values are 
embedded throughout our 
business. This is achieved 
through regular engagement 
with all stakeholders, more 
information on which can 
be found on pages 18 to 28. 
The Board also approves 
the Group’s key policies 
and practices to ensure 
they support our purpose. 
The Executive Committee 
is responsible for 
communicating these policies 
throughout our 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 for 
the Group and especially 
in their dealings with 
each other and all our 
stakeholders. Graham 
Clemett, CEO, sits on the 
judgement panel for our 
employee recognition 
programme, Workspace 
Winners, where employees 
are given awards and prizes 
for demonstrating one or 
more of our values. 
We also hold shadowing 
days where employees 
from different teams are 
paired up and spend time 
shadowing each other to 
learn how we can all work 
together more effectively. 
This year, 116 people 
shadowed each other. 
CULTURE
Relevant stakeholders
•	CUSTOMERS
•	PEOPLE
•	INVESTORS
•	PARTNERS AND SUPPLIERS
•	COMMUNITIES
•	ENVIRONMENT
Our culture is one of 
integrity, transparency  
and openness, where 
independent thought  
and taking initiative are 
encouraged. The Board 
recognises the importance 
of our culture to the business 
of the Group and sets the 
‘tone from the top’ by 
demonstrating and 
encouraging values-driven 
behaviour. The Board 
monitors how our culture is 
embedded by the Executive 
Committee in a number of 
ways. Read more on pages 
112 and 113.
This is underpinned by our 
compliance policies and 
Code of Conduct, which 
are reviewed by the 
Board annually.
Our values
Page 23
123
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
BOARD ACTIVITIES 2023/24 CONTINUED
 
This year Carmelina, 
our Company Secretary, 
and I shadowed each other. 
It was interesting to learn 
more about how she 
supports our Board and to be 
able to show her how I deal 
with customer enquiries. 
I felt we both learnt a lot and 
came away understanding 
each other’s roles better and 
really appreciating how much 
we all contribute to the 
success of the Company.
Brittney Wallace
Enquiries Agent

PURPOSE, VALUES AND CULTURE CONTINUED
Q
What is our Workspace Way training?
A_ Our Workspace Way training helps us 
think about how we work together, live our 
values and, ultimately, support our 
customers. We talk about inter-departmental 
processes, learn and understand other teams’ 
challenges and discuss how we can further 
improve collaboration between teams. Our 
sessions this year have focused in particular 
on how we can all add value to our internal 
and external customers. This year, 258 people 
completed the training. As well as attending 
the training session, all staff make a promise 
to complete a shadowing day with a 
colleague during the year.
Q
How does the employee shadowing work?
A_ We pair up every employee with a 
colleague from a different team. Each person 
spends half a day shadowing the other, 
seeing the work they do and the challenges 
they face. After the shadowing, staff reflect 
on what they have learned and how aspects 
of their own role or working style might have 
an impact upon their colleague and what 
improvements could be made. 
Q
What’s next?
A_ We have just launched a new learning 
management system (LMS), which enables 
us to enhance our blended learning solution 
and ultimately create a great learning culture. 
The long-term goal for our LMS is to enable 
self-guided learning and clear career 
pathways. This year, we will be focusing 
on expanding our career pathways, 
developing content for the LMS, launching 
an apprenticeship programme and 
supporting Workspace employees with 
changes to finance and customer systems. 
Q
How does our training embed our culture?
A_ We offer a wide range of training to all 
employees every year; from upskilling and 
operational courses to training on key areas 
of our internal Code of Conduct, such as 
anti-bribery and data protection, to our 
Workspace Way training, which is focused 
on how we can build on our open and 
collaborative culture.
The aims of our training programme are 
to educate our staff on our culture of 
integrity, transparency and openness, 
while encouraging independent thought and 
taking initiative. We aim to ensure all training 
supports the business goals and ambitions 
but also drives active collaboration through 
our shared values and common sense 
of purpose. 
124
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
EMBEDDING 
OUR CULTURE
Adam Austin
Learning and Development Manager 
WHY WE DO IT
We want all our staff to live  
our culture and values.
HOW WE DO IT 
Training that promotes our culture.
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
BOARD ACTIVITIES 2023/24 CONTINUED

STAKEHOLDERS
INVESTOR RELATIONS CALENDAR OF EVENTS 2023/2024
Investor events
Investor meetings
Investor tours
April
– Q4 business update
3
May
– Global real estate conference
23
June
– Full-year results  
– Investor roadshow  
– Global real estate conference
29
July
– AGM & Q1 update
1
August
1
September
– Global real estate conference
1
October
– Q2 business update
November
– Half-year results  
– Investor roadshow
18
December
3
January
– Q3 business update
– Global real estate conference
6
February
March
– Q4 business update
– Global real estate conference
12
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, 
including formal 
announcements, the AGM, 
results presentations, results 
roadshows, ad hoc equity 
and debt investor meetings 
(including institutional, 
private client and retail 
investors), equity sales 
team meetings, conferences, 
financial analyst and investor 
site tours, capital markets 
days, business media 
outreach, industry events, 
as well as ad hoc contact 
with stakeholders to ensure 
our strategy and value 
creation are well understood 
by the market and wider 
stakeholder community. 
See page 27 for details of 
the topics raised by investors.
During 2023/24, we engaged 
with 165 institutional investors 
via one-to-one and group 
meetings; most 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:
	
– 97 investor meetings 
(in-person and virtual). 
	
– 19 site tours.
	
– 6 real estate conferences 
attended globally.
	
– Annual General Meeting.
Duncan Owen has engaged 
with shareholders following 
his appointment as Chair 
in July 2023 and after the 
announcement that Graham 
Clemett intends to retire 
as CEO during 2024. For 
further details, see page 151. 
All Committee Chairs are 
available to engage with 
shareholders as appropriate.
If shareholders have any 
concerns, which the normal 
channels of communication 
to the CEO, the CFO or the 
Chair have failed to resolve, 
or for which contact is 
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.
 2023 
 2024
125
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
BOARD ACTIVITIES 2023/24 CONTINUED
97
Investor meetings

STAKEHOLDERS CONTINUED
Annual Report and Website
Our Annual Report is 
available to all shareholders. 
Shareholders can opt to 
receive a hard copy in the 
post or PDF copies via 
email or from our website. 
Additionally, if a shareholder 
holds their shares via a 
nominee account and that 
shareholder encounters 
difficulty receiving our 
Annual Report via their 
nominee provider, they 
are welcome to 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 2023 AGM was held on 6 
July 2023 and all resolutions 
passed with over 95% of 
votes in favour. Our 2024 
AGM will be held at the 
Company’s Eventspace 
venue at 29 Finsbury Circus, 
London, EC2M 5SD on 
Thursday 25 July 2024 
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, which 
was a lower amount than we 
had sought in previous years. 
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 policy of 
the Company not to make 
political donations or to incur 
political expenditure within 
the ordinary meaning of 
those words 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 2024 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. 
Following a competitive 
audit tender in 2023, BDO 
LLP (BDO) have been 
identified as the proposed 
new External Auditor for the 
year ending 31 March 2025, 
subject to final shareholder 
approval at the next AGM on 
25 July 2024. More detailed 
information on the selection 
and appointment process 
can be found on page 177. 
EMPLOYEE ENGAGEMENT 
Relevant stakeholders
•	PEOPLE
The Board recognises the 
crucial importance of our 
employees to the success of 
the Group. Throughout the 
year the Board meets and 
receives feedback from a 
wide range of employees 
across the business, 
including reviewing results 
from 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.
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 breakfast or lunch 
sessions with employees. 
Duncan attends these 
sessions with one or more 
additional Non-Executive 
Director. See pages 25 and 
127 for further details of the 
Chair breakfast and 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 held its meetings 
across the Company’s 
portfolio. The Strategy Day 
in September was held at 
Salisbury House, and the 
Board meeting in March 
was held at the Barley Mow 
Centre, with Board members 
given a full site tour by the 
Centre Managers. In the 
current year, the first Board 
meeting scheduled took 
place at Centro Buildings.
Employee engagement
Pages 25 to 26
Investor engagement
Page 27
 
Our people are at the heart 
of our business, supporting 
our customers and other 
stakeholders every day.
Claire Dracup
Director of People & Culture
126
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
BOARD ACTIVITIES 2023/24 CONTINUED

This year, Non-Executive Directors Lesley-
Ann Nash and Rosie Shapland joined me at 
the October 2023 and March 2024 sessions. 
We have also added flexibility to the timings, 
introducing lunchtime sessions as well as 
breakfasts, so that our employees can attend 
at times convenient to them. As a Board we 
also receive regular updates from the 
Executive Committee on employee feedback, 
including formal feedback from our annual 
staff survey and informally via conversations 
between staff and members of the Executive 
Committee. I’ve really enjoyed seeing 
Workspace’s dynamic culture and values 
in action. 
Q
What were the themes raised this year?
A_ Our people shared the issues and ideas 
for improvement that they hear from our 
customers on a day-to-day basis. Topics 
discussed included furniture provision, 
improving our processes for customers 
moving within Workspace and more 
effectively communicating with all people 
who work in our centres, all of which are now 
being actively looked at, or have been 
addressed. Employees also reported that 
sustainability continues to be a key priority 
for our customers.
Q
What does the Board want to focus on  
in the next year?
A_ We are looking to further amplify 
the employee voice in the boardroom by 
continuing to invite other Directors to the 
employee engagement sessions. We will also 
continue to focus on diversity and inclusion, 
as we build on our existing initiatives in this 
space. I very much look forward to continuing 
my engagement with our people in the 
coming year.
Q
How have you found your first year as 
Non-Executive Director for employee 
engagement?
A_ I took over the role of Non-Executive 
Director for employee engagement when 
I became Chair in July 2023. I believe it 
is vital that the Board has the opportunity 
to regularly hear the perspective of 
employees. I have continued with the 
successful programme of employee sessions 
started by my predecessor Stephen Hubbard, 
which as always have included a mix of 
employees from different job roles, ensuring 
I hear a wide mix of views from across the 
business. I have found it invaluable to listen 
directly to our employees’ feedback and 
ideas particularly their views on our culture 
and their ideas on how to better serve our 
customers. 
Q
How do you ensure the employee voice 
is heard in the boardroom?
A_ I report back to the Board on the key 
themes raised after each session, but I am 
also keen that the other Non-Executive 
Directors have the opportunity to hear 
directly from our employees.
STAKEHOLDERS CONTINUED
127
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
MAKING SURE  
THE EMPLOYEE  
VOICE IS HEARD
Duncan Owen
Non-Executive Chair
WHY WE DO IT
Our people deal with our customers  
every day so it’s important the Board hears  
their perspective.
HOW WE DO IT 
Members of the Board hear directly from  
our employees at breakfast and lunch sessions.
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
BOARD ACTIVITIES 2023/24 CONTINUED

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.
This year we launched a 
new supplier onboarding 
portal in response to 
feedback from suppliers 
and employees that our 
previous process could 
be time consuming.
Business relationship 
engagement
Pages 19 to 24 and 27
Relevant stakeholders
•	COMMUNITIES
•	ENVIRONMENT
The Board remains 
committed to reaching our 
target of becoming a net 
zero carbon business. All 
new Board members receive 
an induction on the Group’s 
approach to sustainability. 
Our Board-level ESG 
Committee provides a forum 
for the Board to dedicate 
discussion to the progress 
with our sustainability 
objectives and to review 
updates from the 
sustainability team. The 
Board is also regularly 
updated on our wellbeing 
initiatives, community and 
social impact work and 
our fundraising activities for 
our charity partner, Single 
Homeless Project. This year 
the Board approved the 
Group’s entry into the 
10 year Corporate Power 
Purchase Agreement 
(see page 28 for details). 
Community engagement
Page 28
Employees on the Workspace 
Walk to raise money for Single 
Homeless Project.
128
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
BOARD ACTIVITIES 2023/24 CONTINUED
We support our local 
communities through our social 
impact work and fundraising 
for our charity partner.
Sonal Jain
Head of Sustainability

FINANCE
STRUCTURE, FORECASTS, 
BUDGETS 
DIVIDEND  
PAYMENTS 
Relevant stakeholders
•	INVESTORS
The Board regularly reviews 
the Group’s financial 
structure and rolling 
forecasts. The Board 
approved the Group’s 
2023/24 budget.
Relevant stakeholders
•	INVESTORS
The Board recommended 
the payment of the final 
dividend paid to 
shareholders in August 2023 
and it approved the payment 
of the interim dividend paid 
to shareholders in February 
2024.
FINANCING 
Relevant stakeholders
•	INVESTORS
The Board discussed 
arrangements relating to 
interest rate hedging and 
the extension of the Group’s 
RCF. See page 86 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 
which could impact the 
implementation of the 
Group’s strategy and 
requested updates from  
the Chair of the Audit 
Committee on the key 
areas of risk discussed 
during the year.
EMERGING RISKS 
Relevant stakeholders
•	CUSTOMERS
•	PEOPLE
•	INVESTORS
•	PARTNERS AND SUPPLIERS 
•	COMMUNITIES
•	ENVIRONMENT
The Board heard updates 
from the Chair of the Audit 
Committee on emerging 
risks which have been 
highlighted and debated 
during meetings of the 
Committee. 
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.
Relevant stakeholders
•	INVESTORS
The Board conducted a 
review of the Company’s 
viability over the next 
five-year period and it 
approved the viability 
statement and going 
concern statement.
Viability statement
Pages 88 to 89
Going concern statement
Page 88
129
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
BOARD ACTIVITIES 2023/24 CONTINUED

SUCCESSION
EXTERNAL PERFORMANCE 
REVIEW
Relevant stakeholders
•	CUSTOMERS
•	PEOPLE
•	INVESTORS
•	PARTNERS AND SUPPLIERS 
•	COMMUNITIES
•	ENVIRONMENT
The Board participated in an 
external Board performance 
review facilitated by Fidelio.
NED FEES
During the year, the 
Nominations Committee 
reviewed the fees payable to 
Non-Executive Directors. 
Having reviewed market 
practice, the Committee 
concluded that an increase in 
Non-Executive Director fees 
of 4% should be 
recommended (following a 
5% salary increase for 
employees). See page 215 for 
more information.
DIVERSITY & INCLUSION
Relevant stakeholders
•	PEOPLE
•	INVESTORS
The Board discussed and 
approved the Company’s 
gender pay gap report, 
which was published in 
March 2024 and can be 
found at https://www.
workspace.co.uk/investors/
about-us/governance/
our-policies/gender-pay-
gap-report-2023.
In line with the Parker 
Review, the Board approved 
the Company’s target of 16% 
ethnic diversity among the 
individuals within its 
Executive Committee and 
senior managers, by 
December 2027. See page 
162 for more detail. 
REGULATORY AND LEGAL 
UPDATES
Relevant stakeholders
•	INVESTORS
The Board discussed legal 
updates and advice from the 
Company’s legal advisers. 
The Board also heard regular 
legal and governance 
updates from the Company 
Secretary and Sustainability 
teams, including on the new 
amendments to the UK 
Listing Regime, the new UK 
Corporate Governance Code 
2024 and forthcoming 
ESG-related regulation.
COMMITTEE MEMBERSHIP 
AND TERMS OF REFERENCE
Relevant stakeholders
•	INVESTORS
During the year, the Board 
considered the structure 
of its Committees. 
The Board also considered 
the schedule of matters 
reserved to the Board (see 
page 138) and the terms of 
reference applicable to each 
Committee.
WORKFORCE POLICIES 
AND PRACTICES
Relevant stakeholders
•	PEOPLE
The Board approves all key 
policies and practices which 
could impact our employees 
and influence their 
behaviours. Policies are 
reviewed to check that they 
are aligned with the Group’s 
purpose, culture and values. 
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 
and in our Code of Conduct. 
Further information on the 
Group’s key compliance 
policies can be found on 
pages 90 to 93.
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 and 
data protection.
GOVERNANCE
APPOINTMENT 
OF NEW CEO
Relevant stakeholders
•	CUSTOMERS
•	PEOPLE
•	INVESTORS
•	PARTNERS AND SUPPLIERS 
•	COMMUNITIES
•	ENVIRONMENT
In May 2024, the Board 
approved the appointment 
of Lawrence Hutchings to 
succeed Graham Clemett 
as CEO, on a date to be 
confirmed.
APPOINTMENT OF 
NEW NON-EXECUTIVE 
DIRECTOR
Relevant stakeholders
•	CUSTOMERS
•	PEOPLE
•	INVESTORS
•	PARTNERS AND SUPPLIERS 
•	COMMUNITIES
•	ENVIRONMENT
In April 2024 the Board 
approved the appointment 
of David Stevenson as an 
Independent Non-Executive 
Director. David joined the 
Board on 1 June 2024.
Diversity and inclusion
Pages 158 to 165
130
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
BOARD ACTIVITIES 2023/24 CONTINUED

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, debt 
financiers and local communities. The Board 
also considers the impact of operations on  
the environment to be of key importance.
Key Board decisions
Pages 113 to 134
The likely consequences 
of any decision in the 
long term
The interests of the 
Company’s employees
The need to foster the 
Company’s business 
relationships with suppliers, 
customers and others
The impact of the 
Company’s operations  
on the community and  
the environment
The desirability of the 
Company maintaining  
a reputation for high 
standards of business 
conduct
The need to act fairly  
as between members  
of the Company
A.
B.
C.
D.
E.
F.
Supporting our communities
Pages 60 to 65
Sustainability
Pages 39 to 65
TCFD
Pages 94 to 107
Employee engagement
Pages 25 to 26 and 126 to 127
Looking after our people
Pages 55 to 59
Diversity and inclusion
Pages 158 to 165
Customer proposition
Page 11
Customer and supplier 
engagement
Pages 19 to 24, 27 and 128
Anti-bribery & corruption and 
modern slavery
Page 92
Our purpose
Page 18
Our business model
Pages 9 to 11
Our strategy
Pages 35 to 38
Dividend
Page 82
Compliance policies
Pages 90 to 93
Culture and values
Pages 26 and 112 to 113
Whistleblowing
Page 93
Internal controls
Pages 178 to 179
Shareholder engagement
Pages 27 and 125 to 126
AGM
Page 126
131
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED

	
– 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 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 
180 to 185).
	
– The Board directly 
engages with employees 
and investors, and it 
receives feedback from 
the CEO and CFO on 
meetings with investors, 
analysts and debt finance 
providers (see pages 
125 to 126).
	
– The Board receives 
regular reports from the 
Executive Committee and 
external advisers on 
engagement with other 
stakeholders such 
as customers, suppliers 
and the wider community  
(see page 128).
	
– 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 127).
	
– A stakeholder impact 
analysis, setting out the 
expected impacts of the 
proposed decision on 
different stakeholder 
groups and how any 
negative impacts 
might be mitigated, 
is conducted and that 
analysis feeds into the 
Board’s discussions when 
key strategic decisions 
are proposed.
	
– Decision making is 
informed by the 
information received by 
the Board, with 
consideration given to 
Section 172(1) factors 
relevant to the decision 
at hand.
	
– Sustainability matters 
are considered in each 
decision made by 
the Board.
	
– A Board strategy day 
is held each year where 
the Board discusses 
long-term strategy 
(see page 121).
	
– The Board regularly 
considers the Company’s 
purpose, values and 
policies related to 
business conduct 
(see page 123).
	
– 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 178 to 179).
	
– 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
BOARD INFORMATION
BOARD DISCUSSION AND DECISION MAKING
MONITORING
132
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
SECTION 172(1) STATEMENT CONTINUED

KEY BOARD DECISIONS 
IN 2023/24
CEO SUCCESSION 
NED APPOINTMENT
CORPORATE POWER 
PURCHASE AGREEMENT
RELEVANT 
SECTION 172(1) 
DECISION  
CRITERIA
A
F
E
D
C
B
A
F
E
D
C
B
A
F
E
D
C
B
RELEVANT 
STAKEHOLDERS
•	EMPLOYEES
•	CUSTOMERS
•	SUPPLIERS
•	INVESTORS
•	COMMUNITIES
•	DEBT FINANCE PROVIDERS
•	EMPLOYEES
•	CUSTOMERS
•	SUPPLIERS
•	INVESTORS
•	COMMUNITIES
•	CUSTOMERS
•	INVESTORS
•	COMMUNITIES
STAKEHOLDER 
IMPACTS
The appointment of a new 
CEO has an impact on all 
stakeholder groups, given 
their responsibility for 
leading the business and 
implementing strategy for 
the long-term success of the 
Company. The Board was 
conscious of this 
throughout the new CEO 
selection and appointment 
process.
The Non-Executive Directors 
perform an important role 
overseeing and 
constructively challenging 
the Executive Committee as 
the Company seeks to 
deliver long-term value to all 
stakeholders.
Sustainability continues to 
be of vital importance to 
our customers and the 
communities we serve. We 
also know that our business 
needs to be sustainable for 
the long term to build value 
for our investors. All Board 
decisions are made in the 
context of the Company’s 
commitment to 
sustainability and its net 
zero carbon pathway.
DECISION
The Board approved the 
appointment of Lawrence 
Hutchings as CEO, on a date 
yet to be confirmed. His 
deep real estate experience 
makes him the ideal person 
to lead the Company for the 
benefit of all stakeholders. 
Read more about the 
appointment on page 151.
The Board approved the 
appointment of David 
Stevenson as a Non-
Executive Director with 
effect from 1 June 2024. 
David brings a wealth of 
experience in capital 
markets and optimising 
digital strategies. Read more 
about the appointment on 
page 152.
After considering the 
positive impact a Corporate 
Power Purchase Agreement 
(CPPA) would have on our 
customers, investors and 
communities who all care 
deeply about sustainability, 
the Board approved the 
Company’s entry into the 
CPPA with Statkraft. Read 
more on page 28.
LINK TO 
STRATEGY
1.	 DRIVING CUSTOMER-LED 
GROWTH
2. 	DELIVERING OPERATIONAL 
EXCELLENCE
3. 	SUSTAINABLE FROM THE 
INSIDE OUT
1. 	 DRIVING CUSTOMER-LED 	
	
	 GROWTH
2. 	DELIVERING OPERATIONAL 
EXCELLENCE
3. 	SUSTAINABLE FROM 
THE INSIDE OUT
1. 	 DRIVING CUSTOMER-LED 
GROWTH
2. 	DELIVERING OPERATIONAL 
EXCELLENCE
3. 	SUSTAINABLE FROM THE 
INSIDE OUT
New Board appointments
Pages 151 to 152
Some of the key decisions considered  
by the Board in 2023/24, 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.
133
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
SECTION 172(1) STATEMENT CONTINUED

INTEREST RATE HEDGE
DISPOSALS
SUPPLIER PROCESSES
RELEVANT 
SECTION 172(1) 
DECISION  
CRITERIA
A
F
E
D
C
B
A
F
E
D
C
B
A
F
E
D
C
B
RELEVANT 
STAKEHOLDERS
•	INVESTORS
•	DEBT FINANCE PROVIDERS
•	EMPLOYEES
•	CUSTOMERS
•	SUPPLIERS
•	INVESTORS
•	COMMUNITIES
•	EMPLOYEES
•	SUPPLIERS
STAKEHOLDER 
IMPACTS
With interest rates remaining 
high, the Board is aware of 
the importance of prudent 
management of financing 
costs, particularly the 
Company’s £194m of 
floating-rate bank debt.
The right mix of buildings 
within our portfolio is 
essential for the interests of 
all our stakeholders, 
generating value for 
investors, quality work space 
for our customers and 
employment opportunities 
for local communities and 
our suppliers.
We received feedback from 
our employees and our 
suppliers that our previous, 
largely paper based, 
supplier onboarding 
process was outdated and 
inefficient. 
DECISION
The Board approved the 
entry into derivative 
arrangements to effectively 
fix the interest rate payable 
on £100m of our floating-
rate bank facilities, reducing 
finance costs for the next 
two years. Read more about 
the interest rate hedge on 
page 86.
During the year, the Board 
discussed and approved the 
disposals of a number of 
non-core assets for a total of 
£143m, balancing the impact 
on staff, customers and 
suppliers at those sites with 
the overall benefit to all 
stakeholder groups of 
maintaining the right mix of 
buildings in our portfolio. 
Read more on page 81.
Based on the feedback 
received, it was clear that 
both our staff and our 
suppliers would benefit 
from improvements to our 
onboarding processes and 
a project was initiated to 
make them faster and 
easier. Our new supplier 
portal was launched in 
March 2024, and the 
Board was kept updated 
on progress.
LINK TO 
STRATEGY
2. 	DELIVERING OPERATIONAL 
EXCELLENCE
1.	 DRIVING CUSTOMER-LED 
GROWTH
2. 	DELIVERING OPERATIONAL 
EXCELLENCE
3. 	SUSTAINABLE FROM THE 
INSIDE OUT
2. 	DELIVERING OPERATIONAL 
EXCELLENCE
  
During a year with such a 
challenging market backdrop, 
we have continued to make 
disposals of non-core assets to 
ensure Workspace continues 
to have the right portfolio to 
deliver our strategy and 
generate future value for 
all our stakeholders. 
Richard Swayne
Investment Director
134
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED
SECTION 172(1) STATEMENT CONTINUED

Carmelina Carfora
Company Secretary
DIVISION OF RESPONSIBILITIES
 
The strong mix of knowledge  
and skills amongst our highly 
experienced Board members  
and a clear division between 
executive and non-executive roles  
provides accountability and  
an outside perspective.
QUICK LINKS
Board roles and responsibilities
Page 136
Our governance framework
Page 138
How we govern 
Page 139
135
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 138.  
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
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 feeding 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
	
– Being available and 
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.
Board of Director’s biographies
Pages 118 to 120
DIVISION OF RESPONSIBILITIES CONTINUED
BOARD OF DIRECTORS
Duncan Owen
Non-Executive Chair
Graham Clemett
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 Stevenson1
Non-Executive Director
Carmelina Carfora
Company Secretary
1.	 David Stevenson joined the Company with effect on 1 June 2024.
136
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

EXECUTIVE
CHIEF EXECUTIVE OFFICER:
GRAHAM CLEMETT 
	
– 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.
	
– Regularly 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 co-ordinates 
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 142 to 143
DIVISION OF RESPONSIBILITIES CONTINUED
BOARD ROLES AND RESPONSIBILITIES CONTINUED
137
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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, Remuneration, 
Audit and ESG Committees. 
Further details of the work, 
composition, role and 
responsibilities of these 
Committees are provided in 
separate reports on pages 
146, 186, 166 and 180. 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 all 
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 
once a year and can be 
accessed 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 141.
OUR GOVERNANCE 
FRAMEWORK
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
Nominations Committee
Chaired by Duncan Owen
MEMBERSHIP
6
Independent  
Non-Executive 
Directors
KEY RESPONSIBILITIES:
– Reviews succession plans 
for the Board and its 
Committees and considers 
its structure, size, 
composition and diversity 
– Supports 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
Pages 146 to 165
Audit Committee
Chaired by Rosie Shapland
MEMBERSHIP
3
Independent  
Non-Executive 
Directors
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
Pages 166 to 179
ESG Committee
Chaired by Manju Malhotra1
MEMBERSHIP
8 Directors
KEY RESPONSIBILITIES:
– Oversees the Group’s 
ESG strategy 
– Monitors ESG risk and 
opportunities
– Sets ESG objectives and 
monitors progress against 
the objectives
– Ensures reporting of ESG 
issues is in line with market 
best practice
- Monitors the establishment 
and effectiveness of 
appropriate ESG-related 
policies and procedures
- Informs the workings of 
other Board Committees 
with ESG considerations
Pages 180 to 185
Remuneration Committee
Chaired by Lesley-Ann Nash
MEMBERSHIP
3
Independent  
Non-Executive 
Directors
KEY RESPONSIBILITIES:
– Determines the 
Remuneration Policy for 
Executive Board Directors 
and considers whether 
there is a clear link between 
performance and 
remuneration
– Considers senior 
management remuneration 
presented by the CEO
– Reviews workforce 
remuneration and related 
policies
– Reviews remuneration 
policies and practices to 
ensure they support clarity, 
simplicity, transparency 
and alignment with culture
Pages 186 to 217
Executive Committee
The Executive Committee is responsible for the  
execution of the Company’s strategy and the  
day-to-day management of the business.
Disclosure Committee
Identifies and controls inside information or information  
which 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 risk.
1.	 Manju Malhotra was appointed Chair of the Committee with effect from 1 April 2024. Duncan Owen was Committee Chair throughout the financial year ended 31 March 2024.
Board of Directors
The role of the Board is to promote the long-term success of Workspace by setting a clear purpose and the Group’s  
strategy for delivering long-term value to our shareholders and other stakeholders. 
The Board delegates certain matters to its four principal Committees:
138
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Page
NON-EXECUTIVE DIRECTORS
139
ELECTION AND RE-ELECTION OF DIRECTORS
140
RELATIONSHIP BETWEEN THE BOARD AND THE  
EXECUTIVE COMMITTEE
141
COMPOSITION OF THE EXECUTIVE COMMITTEE
142
INFORMATION AND SUPPORT TO THE BOARD
144
HOW WE GOVERN
NON-EXECUTIVE DIRECTORS
The Non-Executive Directors 
have a broad mix of business 
skills, knowledge and 
experience acquired across 
different business sectors. 
This combination enables 
them to provide independent 
and external perspectives to 
Board discussions.
The Non-Executive 
Directors provide 
constructive challenge 
to the Executives. The 
Non-Executive Directors also 
help to develop proposals on 
strategy and they monitor 
performance.
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 136 to 137. 
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 
can only be accepted 
following approval of 
the Board.
Board biographies
Pages 118 to 120
Board appointments
Pages 150 to 152
139
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
62.5%
Board independence 
as of the date of this Report 
DIVISION OF RESPONSIBILITIES CONTINUED

NON-EXECUTIVE DIRECTORS CONTINUED
When assessing additional 
directorships, the Board 
considers the number of 
public directorships held by 
the individual already and 
their expected time 
commitment for those roles 
(see biographies on pages 
118 to 120). 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.
Executive Directors may 
accept a non-executive role 
at another company with the 
approval of the Board.
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 
decisions to their respective 
Board and Committee duties 
(see the table on page 120 for 
Board meeting attendance). 
ELECTION AND RE-ELECTION OF DIRECTORS
In accordance with the Code, 
all of the Directors will 
submit themselves for 
election or re-election at the 
AGM on 25 July 2024. 
Following the Board 
performance review, detailed 
on pages 155 to 156, and 
taking into account the 
Directors’ skills and 
experience (set out on pages 
118 to 120), 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 states the reasons 
why the Board believes that 
the Directors proposed for 
election or re-election at the 
AGM should be reappointed.
Manju Malhotra was 
appointed as Chair of the 
Board ESG Committee in 
April 2024.
Mr Clemett and Mr Benson 
each have service contracts, 
details of which can be 
found on page 216. 
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 126
140
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
DIVISION OF RESPONSIBILITIES CONTINUED
HOW WE GOVERN CONTINUED
The Board is satisfied 
that the Non-Executive 
Directors can devote 
sufficient time to the 
Company’s business.
Duncan Owen
Chair

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 2024, the 
Board comprised the Chair, 
four Non-Executive Directors 
(all of whom are 
independent) and two 
Executive Directors. David 
Stevenson joined the Board 
on 1 June 2024 as an 
independent Non-Executive 
Director. 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 
The Executive Committee, 
which is chaired by Graham 
Clemett, supports the Board 
by providing executive 
management of Workspace 
within the strategy approved 
by the Board.
The Executive Committee 
is accountable to the Board 
for implementation of the 
agreed strategy. The 
Executive Committee 
monitors customer and 
market trends, assesses the 
implications and benefits of 
asset management initiatives 
and oversees the 
effectiveness of the 
governance framework. 
THE RELATIONSHIP BETWEEN 
THE BOARD AND THE  
EXECUTIVE COMMITTEE
DIVISION OF RESPONSIBILITIES CONTINUED
HOW WE GOVERN CONTINUED
Our strategy
Pages 35 to 38
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 Board delegates the delivery of the 
strategy to the Executive Committee.
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.
	
– 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.
OUR STRATEGY
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
AS AT THE DATE OF THIS REPORT, 
THE BOARD COMPRISES EIGHT PEOPLE
The Chair, five Non-Executive Directors  
and two Executive Directors
Female
3
Male
5
141
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Graham Clemett
Chief Executive Officer
Dave Benson
Chief Financial Officer
Carmelina Carfora
Company Secretary
Will Abbott 
Chief Customer Officer
 
The Executive Committee 
is collectively responsible 
for day-to-day operations 
and performance and the 
successful implementation 
of the Group’s strategy. 
Graham Clemett
Chief Executive Officer
Claire Dracup
Director of People & Culture
Paul Hewlett
Director of Strategy  
& Corporate Development
Leo Shapland 
Head of Portfolio Management
Richard Swayne
Investment Director
1
2
4
6
5
7
8
43
COMPOSITION OF 
THE EXECUTIVE  
COMMITTEE
DIVISION OF RESPONSIBILITIES CONTINUED
HOW WE GOVERN CONTINUED
COMPOSITION OF 
THE EXECUTIVE  
COMMITTEE
DIVISION OF RESPONSIBILITIES CONTINUED
HOW WE GOVERN CONTINUED
Board skills and diversity
Page 159
Executive Committee skills and experience
Pages 143
142
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

DIVISION OF RESPONSIBILITIES CONTINUED
HOW WE GOVERN CONTINUED
EXECUTIVE DIRECTOR
GRAHAM CLEMETT
CHIEF EXECUTIVE OFFICER
EXECUTIVE DIRECTOR
DAVE BENSON
CHIEF FINANCIAL OFFICER
CARMELINA CARFORA
COMPANY SECRETARY
WILL ABBOTT
CHIEF CUSTOMER OFFICER
CLAIRE DRACUP
DIRECTOR OF PEOPLE & CULTURE
PAUL HEWLETT
DIRECTOR OF STRATEGY & 
CORPORATE DEVELOPMENT
LEO SHAPLAND 
HEAD OF PORTFOLIO 
MANAGEMENT
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:
Asset management, 
development and 
refurbishment, and 
operational performance of 
the portfolio including leasing 
and renewals, management 
of the centre and facilities 
teams and ESG matters.
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:
Leo joined Workspace in 
March 2022 from Aviva 
Investors, where he was 
Head of UK Real Estate Asset 
Management, responsible for 
the strategy and financial 
performance of a large, 
diversified national property 
portfolio. Prior to that, Leo 
spent ten years at Tishman 
Speyer, holding a number 
of roles in investment, 
development and asset 
management in the firm’s 
London, San Francisco and 
Seattle offices.
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. 
For full details of Graham, Dave 
and Carmelina’s responsibilities 
and experience, go to  
pages 118 to 120.
1
7
6
5
2
3
4
8
143
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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;
	
– 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. 
BOARD PRESENTATIONS
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 
report 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 25 to 26 and 126 to 127.
Feedback from these initiatives was 
then presented to the Board.
EMPLOYEE ENGAGEMENT
DIVISION OF RESPONSIBILITIES CONTINUED
HOW WE GOVERN CONTINUED
INFORMING THE BOARD OF HOW 
IT ALL HAPPENS AT WORKSPACE
Information and support 
to the Board 
The Board and its 
Committees are provided 
with comprehensive papers 
in a timely manner to enable 
members to be fully briefed 
on matters to be discussed 
at their formal Board 
meetings and at other 
appropriate times.
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, 
as well as meeting with 
relevant external advisers.
The Company Secretary and 
external advisers periodically 
update the Board on 
regulatory changes. This 
year, these have included the 
introduction of the new 2024 
UK Corporate Governance 
Code, amendments to the 
Listing Rules, and updates 
on forthcoming ESG laws, 
regulations and guidance.
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 the 
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 
by the Board.
The Directors have access to 
the advice of the Company 
Secretary, Carmelina 
Carfora. Her biography 
can be found on page 120. 
At the direction of the Chair, 
Carmelina is responsible for 
advising the Board on 
matters of corporate 
governance and compliance 
with Board procedures.
SCHEDULED BOARD INPUTS 2023/2024
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. 
SENIOR MANAGEMENT MEETINGS
AD HOC BOARD INPUTS IN 2023/24
Presentations from brokers | External speakers on market trends | Updates from legal advisers
7 Board meetings
11 Presentations
3 Staff breakfast and lunch sessions
144
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 
2024, the Board met formally 
on seven occasions, including 
a strategy day in September 
2023. Supplementary 
meetings or conference calls 
are held between formal 
Board meetings as required. 
The Board engaged with 
the Group’s advisers during 
the year and there was a 
presentation from the 
Group’s brokers Stifel in July 
and JP Morgan in September 
2023. The Group’s property 
valuer, CBRE, presented to 
the Board in May 2023 and 
November 2023. 
The CBRE presentation 
covered the valuation of the 
property portfolio and the 
wider market in which the 
Group operates. 
The Directors are expected 
to attend all meetings of the 
Board, the Committees on 
which they serve and the 
AGM, and to devote 
sufficient time to the Group’s 
affairs, to enable them to 
fulfil their duties 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 with other members of 
the management team.
If any Director has concerns 
about the running of the 
Group or proposed action 
which cannot be resolved, 
these concerns are recorded 
in the Board minutes. No 
such concerns arose 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.
This year, the Directors 
have received updates 
and presentations on the 
following areas:
	
– Governance and 
regulatory developments.
	
– ESG commitments and 
net zero carbon pathway.
	
– Data protection 
compliance.
	
– Executive remuneration 
trends and best practice, 
including ESG in 
remuneration.
	
– Diversity and inclusion.
	
– Conflicts of interest.
	
– Market updates and trends.
HOW THE BOARD DISCHARGES ITS RESPONSIBILITIES
TRAINING AND DEVELOPMENT
145
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
Our Board training and 
development programme 
builds Director expertise.
Carmelina Carfora
Company Secretary
13
BOARD TRAINING SESSIONS 
AND UPDATES IN 23/24

Duncan Owen
Chair of the Nominations Committee
COMPOSITION, SUCCESSION AND EVALUATION
 
The Nominations Committee 
knows that the right balance 
of knowledge, experience 
and skills within our Board, 
Committees and senior 
management is vital to deliver 
our strategy for the long-term 
benefit of our stakeholders.
QUICK LINKS
Membership and attendance at  
Nominations Committee meetings
Page 147
Chair’s letter
Page 148
Role of the Nominations Committee
Page 149
146
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
MEMBERSHIP AND ATTENDANCE  
AT NOMINATIONS COMMITTEE MEETINGS
MEMBER SINCE
MEETINGS ATTENDED
Duncan Owen (Chair)
2021
   3/3
Rosie Shapland
2020
   3/3
Lesley-Ann Nash
2021
   3/3
Manju Malhotra
2022
   3/3
Nick Mackenzie
2022
   3/3
More information on the skills and experience of all 
Committee members can be found on pages 118 to 120.
KEY TOPIC
ACTIVITY
OUTCOME
CEO SUCCESSION
Duncan Owen, supported by Heidrick & 
Struggles, led the rigorous process for the 
appointment of a successor to Graham 
Clemett, who will be stepping down from 
the Board during 2024.
On the recommendation of the Committee, 
Lawrence Hutchings has been appointed 
as CEO of the Company, the date of which 
is to be confirmed. Read more about the 
selection and appointment process on 
page 151.
APPOINTMENT OF A NEW 
NON-EXECUTIVE DIRECTOR
An external search consultancy was used 
to facilitate the appointment of a new 
Non-Executive Director and provide access 
to a strong and diverse candidate pool. 
On the recommendation of the Committee, 
the Board appointed David Stevenson as a 
new Non-Executive Director with effect 
from 1 June 2024. Read more about the 
selection and appointment process on 
page 152.
APPOINTMENT OF MANJU 
MALHOTRA AS CHAIR OF THE 
BOARD ESG COMMITTEE
Following Duncan Owen’s appointment 
as Chair of the Board, the Committee 
reviewed the chairship of the Board ESG 
Committee in line with guidance that the 
Chair of the Board should not also be the 
Chair of an ESG Committee. 
Manju Malhotra was appointed as Chair 
of the Board ESG Committee with effect 
from 1 April 2024. Read more about 
Manju’s appointment on page 183.
EXTERNAL BOARD 
PERFORMANCE REVIEW
As part of the three-year external Board 
performance review cycle, this year the 
Board and Committee performance review 
was facilitated externally. This year, for the 
first time, the performance review also 
assessed the individual Non-Executive 
Directors, and the Chair as well as the 
Board as a whole.
The Board, its Committees, the Non-
Executive Directors and the Chair were all 
considered to be working effectively, with 
a number of recommendations and actions 
identified to further develop the 
effectiveness of the Board in future. Read 
more about the performance review and 
recommendations on pages 155 to 156.
EXECUTIVE LEADERSHIP 
ASSESSMENT
The Committee maintained its focus on 
building a strong and diverse pipeline of 
talent, and in particular this year focused 
on members of the Executive Committee.
Heidrick & Struggles were appointed to 
conduct a thorough assessment of 
members of the Executive Committee, the 
results of which were reported back to, and 
discussed, by the Committee. Read more 
on page 154.
DIVERSITY AND INCLUSION
In line with the recommendations of the 
Parker Review, the Board discussed an 
appropriate target for ethnic diversity 
among the Company’s Executive 
Committee and senior management.
The Board set a target of 16% ethnic 
minority representation among its 
Executive Committee and senior 
managers by December 2027. 
Read more on page 162.
KEY TOPICS CONSIDERED BY THE COMMITTEE DURING THE YEAR
Board skills and diversity
Page 159
147
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
NOMINATIONS COMMITTEE 
CHAIR’S LETTER
The Committee has reviewed the composition 
of the Board and its Committees to ensure 
they continue to evolve and align with our 
strategic pillars (see page 154) and with the 
developing and ever changing external 
environment. With this in mind and with the 
continuing support in developing our Board 
from Fidelio Partners Board Development & 
Executive Search Ltd (‘Fidelio’), an independent 
external consultancy, we commenced the 
search for a new Non-Executive Director. 
Fidelio’s commitment to identifying the most 
qualified and inclusive candidates for the role 
resulted in a strong and diverse shortlist of 
candidates presented to the Board. We are 
pleased that David Stevenson was appointed 
with effect from 1 June 2024. David has a 
wealth of experience in capital markets and 
we are confident that he brings additional 
skills that complement an effective and 
experienced Board who are focused on 
delivering stakeholder value. 
We aim for our Board to have a wide range of 
backgrounds, skills and experience. We value 
a diversity of outlook, approach and style in 
our Board members. We believe that a 
balanced Board is stronger and better 
equipped to consider matters from a broader 
perspective. The appointment of the new 
CEO and Non-Executive Director reduces 
the proportion of women on our Board from 
the current 42.9% to 37.5%, thus below the 
recommendation of the FTSE Women Leaders 
Review and the target set out in the Listing 
Rules. The rigorous search process for both 
roles included a diverse mix of candidates and 
this will remain our approach in the future 
when considering Board appointments. 
A Board needs a range of skills which also 
includes an understanding of the business and 
the environment in which we operate. Our 
newly appointed Directors were appointed 
on merit, valuing the unique contribution that 
they will bring to the Board. Diversity & 
inclusion within the Board, Executive 
Committee and senior management remains 
a high priority for the Board. This year, we 
have continued to progress our diversity 
& inclusion initiatives. In line with the 
Parker Review, we have set a target of 
16% representation among the group 
comprising our Executive Committee and 
senior managers. Read more about diversity 
& inclusion, including our Parker Review 
target, on pages 158 to 165.
The Nominations Committee remains 
focused on the development of a diverse 
pipeline of senior management and long-term 
succession. In October 2023, Heidrick & 
Struggles were appointed to conduct a 
leadership assessment of all of the Company’s 
Executive Committee members. Read more 
about the assessment on page 154. 
As part of our three-year Board performance 
review cycle, this year an external Board 
performance review was conducted, 
facilitated by Fidelio. I am pleased to report 
that the Board and its Committees, as well as 
the Chair and Non-Executive Directors, were 
considered to be working effectively. Read 
more about the external Board performance 
review on pages 155 to 156.
Looking forward, the Committee will remain 
focused on succession planning at Board 
and senior leadership levels to ensure 
the continued strength and diversity of 
leadership at Workspace for the long term. 
Duncan Owen
Chair of the Nominations Committee
4 June 2024
Dear shareholder,
I am pleased to present this review of the 
activities of the Nominations Committee. This 
is my first report since taking over as Chair of 
the Committee in July 2023. 
As I reported in my Chair’s Statement, 
Graham Clemett informed the Board of his 
intention to retire as the Chief Executive 
Officer during 2024, once a successor had 
been found and an appropriate handover 
conducted. Graham has been on the Board 
since 2007, joining as the Chief Financial 
Officer and then assuming the role of Chief 
Executive Officer in 2019. 
The Committee commenced a rigorous and 
extensive search for his successor, assisted by 
the search firm Heidrick & Struggles. We are 
delighted that Lawrence Hutchings will be 
joining us in that capacity following 
completion of a notice period at his current 
role. Lawrence brings over 30 years’ deep 
experience in the real estate industry and 
significant expertise in customer-centric 
operating businesses. We thank Graham for 
his service to the Company and look forward 
to welcoming Lawrence as our new Chief 
Executive Officer shortly. The Board is 
confident that Lawrence’s wealth of 
knowledge and experience, alongside his 
values and leadership style, makes him the 
right person to lead the Company. 
Board skills and experience
Pages 118 to 120
Duncan Owen
Chair of the Nominations Committee
148
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
 
The Committee plays a vital 
role in promoting effective 
Board and leadership 
succession, making sure it is 
fully aligned to the Company 
strategy. This year the key 
focus has been the search 
and selection of a new CEO 
and appointment of a new 
Non-Executive Director. 

COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
The Nominations Committee is responsible for ensuring the 
Board, its Committees and Workspace’s senior management 
have a good balance of skills, knowledge, alignment to the 
needs of the business and experience, to lead Workspace 
effectively both now and in the long term.
THE ROLE OF THE  
NOMINATIONS COMMITTEE
This is achieved through 
succession planning and 
talent development, and an 
understanding of the 
changing competencies 
required to support the 
Group’s strategy, purpose, 
vision, culture and values. 
The way in which this is 
supported through the 
current Board composition 
is set out on page 154. 
The Committee also plays 
a key role in supporting 
inclusion and diversity at 
Workspace, which at Board 
level involves reviewing and 
monitoring processes and 
initiatives in the Group, with 
employee engagement 
playing an important role. 
The Committee is 
responsible for 
recommending candidates 
for the role of Non-Executive 
Director responsible for 
employee engagement. 
The Committee also oversees 
the development of Board 
members who are keen to 
expand their competency 
and knowledge.
How the Committee 
operates
The Committee held three 
meetings during the year, 
primarily to progress the 
appointment of our new CEO 
and Non-Executive Director 
and to review the results 
of the external Board 
performance review and 
the Executive leadership 
assessment.
	
– 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 meetings is, on 
occasion, extended to the 
Chief Executive Officer, in 
order that the Committee 
can 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 
considers the structure, size 
and composition of the 
Board, its Committees and 
the Executive Committee. 
The Nominations Committee 
receives oversight from the 
Chief Executive Officer on 
the Company’s leadership 
roles, which include the 
Executive Committee 
members and other 
individuals considered 
to form our senior 
management. 
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.
149
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
Page
CEO APPOINTMENT
151
APPOINTMENT OF A NEW NED
152
EXECUTIVE LEADERSHIP ASSESSMENT
154
PERFORMANCE OF THE NOMINATIONS COMMITTEE
154
BOARD COMPOSITION
154
BOARD PERFORMANCE REVIEW
155
DIVERSITY & INCLUSION
158
NOMINATIONS COMMITTEE 
ACTIVITIES IN 2023/2024
AT A GLANCE: THE PROCESS AND PRINCIPLES WE FOLLOW WHEN APPOINTING NEW DIRECTORS
We only engage experienced external 
search agencies which specialise in 
Board roles and are recognised for their 
commitment to diversity & inclusion. 
The Committee, assisted by our 
appointed search agency, discusses 
and compiles a specification of the skills, 
knowledge and experience required 
for the role.
The executive search agency conducts 
a search to identify a diverse pool 
of candidates, whether internal or 
external, with attributes that meet 
the role specification. 
The executive search agency conducts a 
detailed assessment of the available 
candidates and reviews an initial longlist 
with Board members, following which a 
shortlist is compiled.
The shortlisted candidates meet with the 
Committee for a series of interviews and, 
where appropriate, other forms of 
assessment.
The Committee reflects on the 
experience of all candidates, and makes 
a recommendation to the Board as to 
which candidate to appoint.
1. ENGAGE A SEARCH AGENCY
2. SPECIFICATION
4. ASSESSMENT
7. INDUCTION
5. INTERVIEW
6. SELECTION
3. SEARCH
All new Directors joining the Board 
undertake a formal and personalised 
induction programme, designed to 
provide an understanding of the 
Company’s business, strategy, culture, 
environmental and social matters, 
governance, management and 
stakeholders. 
This covers the operation and activities 
of the Company, such as site visits, 
meeting members of the senior 
management team across our key 
business areas and operations, the 
Company’s principal strategic risks, the 
role of the Board, the decision-making 
matters reserved to the Board, and the 
responsibilities of Board Committees. 
This is tailored to take into account 
a Director’s previous experience 
and responsibilities. The Company 
Secretary assists the Chair in designing 
and facilitating an induction 
programme for new Directors 
and ongoing training.
Directors are also briefed on their roles 
and responsibilities as a director of a 
listed company. Directors are offered 
follow-up sessions in any areas in which 
they want to increase their knowledge. 
We also offer ongoing bespoke 
development for Directors and 
Committee Chairs. Directors are 
encouraged to continue to meet 
with management after their induction 
on an ongoing basis to support them 
and pass on their experience.
Induction of new NED
Page 153 
150
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
NOMINATIONS COMMITTEE ACTIVITIES IN 2023/24 CONTINUED
Heidrick & Struggles 
facilitated discussions 
between the Chair and 
members of the Nominations 
Committee, including the 
specification for the role. 
The key skills and experience 
required for the role included 
excellent judgement, 
property expertise, 
understanding of investment 
markets, customer centricity, 
strong operational focus, 
ability to constructively 
challenge while maintaining a 
highly collaborative approach, 
successful leadership in a 
listed company with good 
familiarity of corporate 
governance requirements 
and a deep understanding 
of ESG, diversity & inclusion 
and stakeholder interests. 
Heidrick & Struggles 
identified potential internal 
candidates as well as 
conducting an extensive 
parallel search process to 
identify external candidates. 
Heidrick & Struggles’ 
commitment to identifying 
the most qualified and 
inclusive candidates for roles 
resulted in a strong and 
diverse shortlist for the CEO 
appointment.
Heidrick & Struggles 
conducted a detailed and 
rigorous assessment of the 
available candidates. An initial 
list of candidates was 
reviewed by Duncan Owen 
and Rosie Shapland against 
the specification agreed for 
the role. Following this, a 
shortlist of four candidates 
was compiled.
The four preferred candidates 
then met with all members of 
the Committee in February 
and March 2024 for a series of 
interviews and presentations. 
Following these, the 
Committee reflected on 
the experience and skills 
of all the candidates.
After careful deliberation, 
the Committee unanimously 
recommended the 
appointment of Lawrence 
Hutchings as Chief Executive 
Officer given his 30 years’ 
deep experience in the real 
estate industry and significant 
expertise in customer-centric 
operating businesses.
The Board agreed with 
the recommendation of 
the Committee. Lawrence 
is expected to join 
Workspace following 
completion of a notice 
period at his current role.
SPECIFICATION
ENGAGING A SEARCH 
AGENCY
SEARCH
ASSESSMENT
INTERVIEW
SELECTION
THE PROCESS WE FOLLOWED
Appointment of 
Heidrick & Struggles
Following Graham Clemett’s 
announcement that he would 
retire as CEO during 2024, 
the Nominations Committee 
considered three search 
agencies to assist them with 
the search and identification 
of a new CEO. Following this, 
Heidrick & Struggles were 
engaged by the Committee. 
Heidrick & Struggles is an 
external and independent 
board consultancy firm which 
specialises in building board 
capability. Heidrick & 
Struggles are signatories 
to the Voluntary Code of 
Conduct for executive search 
firms and are committed to 
ESG, diversity & inclusion. 
Heidrick & Struggles also 
supported with the Executive 
leadership assessment 
conducted this year (see page 
154), but has no other 
connection with the Company 
or the individual Directors.
Diversity & inclusion
Page 158 
RESPONSIBILITY
	
– Nominations Committee
RESPONSIBILITY
	
– Heidrick & Struggles
	
– Nominations Committee
RESPONSIBILITY
	
– Heidrick & Struggles
RESPONSIBILITY
	
– Heidrick & Struggles
	
– Chair
	
– Senior Independent 
Director
RESPONSIBILITY
	
– Nominations Committee
RESPONSIBILITY
	
– Nominations Committee
	
– Board
CEO APPOINTMENT
151
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
NOMINATIONS COMMITTEE ACTIVITIES IN 2023/24 CONTINUED
Fidelio were asked to draw up 
a detailed role specification. 
This was reviewed with the 
Chair who then engaged with 
the Nominations Committee. 
A final role specification was 
then approved. 
As identified in the external 
Board performance review, 
the key skills and experience 
required included capital 
markets expertise, experience 
in setting and delivering 
strategy, understanding 
of SMEs, understanding 
of technology and digital 
capabilities, familiarity with 
listed company requirement 
and awareness of ESG and 
stakeholder interests.
Fidelio conducted an 
extensive search process 
to identify a diverse range 
of possible candidates. 
Fidelio conducted a detailed 
and rigorous assessment 
of the available candidates. 
An initial list of six candidates 
was reviewed by Duncan 
Owen and Rosie Shapland 
against the specification 
agreed for the role. Following 
this review, a shortlist of four 
candidates was compiled.
The four shortlisted 
candidates were interviewed 
by Duncan Owen and Rosie 
Shapland. The two preferred 
candidates then met with all 
members of the Committee 
in March 2024 for a series 
of interviews. Following these 
interviews, the Committee 
reflected on the experience 
and skills of all the candidates.
After careful deliberation, 
the Committee unanimously 
recommended the 
appointment of David 
Stevenson as Non-Executive 
Director given his experience 
in capital markets and in 
optimising digital strategies.
The Board agreed with 
the recommendation of the 
Committee and David was 
appointed as Non-Executive 
Director with effect from 
1 June 2024.
Appointment of Fidelio
Following the Board 
performance review, which 
identified that the Board 
could be strengthened with 
additional knowledge of 
capital markets and digital 
capabilities, Fidelio were 
engaged to conduct the 
selection process for a new 
Non-Executive Director. 
Fidelio are accredited by 
the FTSE Women Leaders 
Review for its contribution 
to increasing and promoting 
gender diversity in the 
boardroom and are 
signatories of the Standard 
Voluntary Code of Conduct.
Fidelio were also engaged to 
facilitate this year’s external 
Board performance review, 
but has no other connection 
with the Company or the 
individual Directors.
THE PROCESS WE FOLLOWED
SPECIFICATION
ENGAGING A SEARCH 
AGENCY
SEARCH
ASSESSMENT
INTERVIEW
SELECTION
RESPONSIBILITY
	
– Nominations Committee
RESPONSIBILITY
	
– Fidelio
	
– Nominations Committee
RESPONSIBILITY
	
– Fidelio
RESPONSIBILITY
	
– Fidelio
	
– Chair
	
– Senior Independent 
Director
RESPONSIBILITY
	
– Chair
	
– Senior Independent 
Director
	
– Nominations Committee
RESPONSIBILITY
	
– Nominations Committee
	
– Board
APPOINTMENT OF A NEW NON-EXECUTIVE DIRECTOR
152
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
NOMINATIONS COMMITTEE ACTIVITIES IN 2023/24 CONTINUED
APPOINTMENT OF A NEW NON-EXECUTIVE DIRECTOR CONTINUED
153
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
Induction of David Stevenson
Each newly appointed Director receives a comprehensive induction programme, designed 
to give them an overview and understanding of the business, and their roles and responsibilities 
as a Director of the Company.
INDUCTION
The induction for David 
Stevenson began shortly 
after the announcement of 
his appointment on 25 April 
2024. For David, the 
induction programme is still 
ongoing, and includes the 
following elements: 
	
– One-to-one meetings with 
Executive Directors, the 
Chair and each of the 
Non-Executive Directors, 
covering strategy, 
operational and financial 
matters, people and more.
	
– Briefings from the 
Company Secretary and 
the Head of Corporate 
Communications on legal 
governance matters and 
shareholder relationships, 
to be followed up by 
sessions with the Company 
brokers and external 
advisers.
	
– Briefings from senior 
executives and managers 
across our key business 
areas and operations, 
including marketing, asset 
management, investment, 
brand development, ESG 
and technology.
	
– Access to reference 
materials including key 
information on our 
governance framework, 
recent financial data, 
investor relations and 
policies supporting our 
business practices, 
including our share dealing 
policies, conflicts of 
interest procedure 
and director’s duties.
	
– Tours of properties within 
the portfolio with the 
relevant asset 
management teams.
	
– Follow up sessions will 
be offered in all areas.

COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
NOMINATIONS COMMITTEE ACTIVITIES IN 2023/24 CONTINUED
PERFORMANCE OF THE NOMINATIONS COMMITTEE
BOARD COMPOSITION
The performance of the 
Nominations Committee 
was assessed during the 
year. This year, the 
Committee was subject to an 
external performance review, 
the outcomes of which are 
listed below. From the 
responses provided, it 
was concluded that the 
Nominations Committee 
was operating effectively. 
Outcomes
	
– Ensure that key points 
from this review regarding 
skill matrix and tenure are 
considered by the 
Nominations Committee.
	
– Keep under review the 
progress of the executive 
development programme.
	
– Ensure that the Committee 
provides comfort to 
shareholders that good 
process is being followed 
in terms of Board 
appointments.
Following the performance 
review, the Chair held 
one-to-one sessions with 
each Non-Executive Director 
separately to discuss the 
feedback and develop 
action points. 
See pages 155 to 156 for 
further details of the external 
Board performance review. 
Reviewing the Board and 
Committee composition
As part of the Board’s annual 
performance review, 
described on page 155, 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.
The Board and its 
Committees continue to have 
a strong mix of experienced 
individuals who are not only 
able to offer an external 
perspective on the business, 
but also provide constructive 
challenge to review the 
Group’s strategy. The 
Nominations Committee is 
satisfied that each Director 
continues to make an 
effective contribution to the 
Board and to fulfil their duty 
to promote the success of 
the Company. Furthermore, 
the respective skills of the 
Directors were found to 
complement one another, 
enhancing the overall 
operation 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 2024 AGM, no 
Non-Executive Directors 
will have been on the Board 
for more than six years. 
As at 31 March 2024, the 
Board comprised the Chair, 
two Executive Directors and 
four Non-Executive 
Directors. David Stevenson 
was appointed as a Non-
Executive Director with
effect from 1 June 2024. 
Further details on the 
independence of the 
Directors and their election 
and re-election can be 
found on pages 139 to 140 
and on pages 3 to 4 of the 
2024 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 2024 
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 118 to 120.
Manju Malhotra was 
appointed as Chair of the 
Board ESG Committee with 
effect from 1 April 2024. 
Duncan Owen was appointed 
as the Non-Executive 
Director for employee 
engagement in July 2023, 
and is joined at his employee 
engagement sessions by 
other Non-Executive 
Directors. Further details 
can be found on page 127.
EXECUTIVE LEADERSHIP 
ASSESSMENT
During the year, the 
Nominations Committee has 
continued to focus on the 
ongoing development of 
the Executive team and how 
the Board works with the 
Executive Committee.
In October 2023, the 
Committee engaged 
Heidrick & Struggles to 
conduct an assessment 
of all members of the 
Executive Committee in 
order to better understand 
the strengths and 
development needs for 
each member, both on an 
individual level and as a 
group. Detailed feedback 
was provided to members 
of the Executive Committee 
in early 2024.
154
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Key outcomes of the review
Page 156 
INTERNAL BOARD 
PERFORMANCE REVIEW
INTERNAL BOARD  
PERFORMANCE REVIEW
EXTERNAL BOARD 
PERFORMANCE REVIEW
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
NOMINATIONS COMMITTEE ACTIVITIES IN 2023/24 CONTINUED
BOARD COMPOSITION CONTINUED
BOARD PERFORMANCE REVIEW
As part of our three-year 
Board performance review 
cycle, Workspace 
conducted an external Board 
performance review for 2024 
in line with best practice 
corporate governance 
requirements. This followed 
internal reviews facilitated 
by Fidelio in 2023 and 2022, 
the outcomes of which are 
detailed on page 157. 
Having facilitated the 2023 
and 2022 internal reviews, 
and carrying out the 2021 
external performance review, 
Fidelio were appointed to 
conduct this year’s external 
performance review of the 
Board, its Committees and 
individual directors. 
The performance review 
focused on the overall 
effectiveness of the 
Workspace Board, building 
on the prior external 
performance review which 
enabled the Board to 
monitor progress on key 
aspects of governance, 
including the composition 
of the Board. In addition, the 
2024 performance review 
provided a deep dive into 
how effectively the Board 
is contributing to strategy 
and horizon scanning.
Fidelio were also engaged 
during the year to conduct 
the selection process for the 
new Non-Executive Director. 
They have no other 
connection with the 
Company or individual 
Directors.
AN ESTABLISHED TIMELINE WITH INCREMENTAL IMPROVEMENTS MADE EACH YEAR
Chair’s performance review 
for 2023/24
For the first time this year, 
the Chair performance 
review was carried out 
externally by Fidelio. The 
Senior Independent Director 
chaired a meeting of 
Non-Executive Directors 
in March 2024, without the 
Chair present, to discuss the 
outcomes of the review with 
Fidelio and to address any 
other matters which the 
Directors might wish to 
raise. The outcome of these 
discussions was conveyed 
by the Senior Independent 
Director to the Chair. It was 
concluded that the Chair is 
highly respected and is valued 
for his industry knowledge 
and experience. The Board 
is satisfied that the Chair 
continued to be effective 
and shows a high level of 
commitment in discharging 
his responsibilities.
Time commitments 
The Directors have 
demonstrated a strong 
commitment to their roles on 
our Board and Committees. 
The Directors attended 
meetings of the Board and 
Committees scheduled in 
2023/24 as well as additional 
ad hoc Board meetings. For 
further details of attendance 
at meetings see page 120. 
The Non-Executive Directors 
also meet with the Executive 
Directors and members of 
senior management during 
the year. 
The Directors gave careful 
consideration to their 
external time commitments 
to confirm that they are able 
to devote an appropriate 
amount of time to their roles. 
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 also 
recognises that there is 
value in the Non-Executive 
Directors being active on 
other Boards in an Executive 
or Non-Executive Director 
capacity. During the year, 
the Nominations Committee 
considered Duncan Owen’s 
proposed appointment as 
Non-Executive Director and 
Chair-elect of Link REIT, and 
concluded that this external 
role would not compromise 
his role as Chair of Workspace.
This process was developed 
with a clear focus on the 
‘high-performing Board‘ and 
how the Board adds value. 
This approach built on the 
prior Board performance 
review and the progress 
made and also contributed 
to the momentum and 
potential of a relatively 
new Board.
This internal performance 
review covered the 
effectiveness of the 
Workspace Board, and how 
this has 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.
The 2023/24 external 
performance review 
focused on leadership 
and strategy.
2021/2022
2022/2023
2023/2024
155
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

BOARD PERFORMANCE REVIEW PROCESS
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
NOMINATIONS COMMITTEE ACTIVITIES IN 2023/24 CONTINUED
TIMELINE: OCTOBER 2023
INTERVIEWS
OUTCOMES
FINDINGS PRESENTED
TIMELINE: OCTOBER–NOVEMBER 2023
TIMELINE: JANUARY 2024
TIMELINE: JANUARY 2024
Fidelio were engaged by the Committee 
to undertake the external Board 
performance review 
Interviews with Board and Executive 
Committee members  
Findings presented to the Board 
and implementation plan agreed 
Key outcomes agreed 
Having facilitated the 2023 and 2022 internal 
reviews, and carrying out the 2021 external 
performance review, Fidelio were well placed 
to track the progress that Workspace has 
made with regard to Board effectiveness 
and to conduct an assessment of individual 
Board members.
Fidelio met with Directors, the Company 
Secretary and members of the Executive 
Committee to discuss the performance 
of the Board. 
The report of Fidelio’s findings was 
presented to the Board at the January 2024 
Board meeting.  
 
The feedback of this year’s external Board 
performance review was positive and 
concluded that the Board and its Committees 
continued to work well, noting the highly 
relevant experience the members of the Board 
possess. In particular, it was noted that the 
Board is moving at pace, particularly with 
regard to strategy.
Process followed:
	
– Met with the Chair and Company Secretary 
to define the scope and objectives of the 
performance review.
	
– Held in-depth one-to-one interviews with 
each Board Director and the Company 
Secretary covering key aspects of 
governance and effectiveness. 
	
– Held discussions with each of the Executive 
Committee members.
	
– Observed Board and Committee meetings 
held during the year.
	
– Analysed and reviewed recent Board and 
Committee papers, governance documents 
and other relevant materials. 
	
– Reviewed the new Board portal. 
	
– Considered the governance arrangements 
of key peers. 
Interviews focused on the following 
key areas:
	
– Board composition and skills – including the 
appointments process for Board and senior 
roles, induction and development of Board 
members.
	
– Strategy and the Board’s contribution to its 
formulation.
	
– Board contribution to value.
	
– Employees and engagement. 
	
– Board materials and process. 
	
– Effectiveness of the respective Board 
Committees in contributing to the work of 
the Board. 
	
– Engagement with shareholders and other 
stakeholders.
	
– Board development and learning. 
Discussion focused on the following 
key areas:
	
– The Board discussed the points raised by 
the review as well as the recommendations 
for increasing the effectiveness of the 
Workspace Board.
	
– Individual feedback on the Directors was 
provided to the Chair who after 
consideration of the recommendations 
from the Board evaluation process, met 
with the Directors individually. 
	
– Feedback on the Chair was also provided 
in the report.
Specific development themes included: 
	
– Maintain the focus and pace of the strategy 
process. 
	
– Signal clear Board interest in the strength of 
the Executive bench and support the 
executive development programme.
	
– Increase Board focus on the People Agenda. 
	
– Continue to align Board composition to the 
needs of the business (see page 154 for 
details of the resulting appointment of David 
Stevenson as a Non-Executive Director).
	– Further develop Board papers and processes. 
	– Continue to enhance Committee effectiveness. 
	
– Ensure firm understanding of the 
shareholder perspective, and effective 
engagement. 
	
– Provide targeted ongoing Board learning.
EXTERNAL REVIEWER
156
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
NOMINATIONS COMMITTEE ACTIVITIES IN 2023/24 CONTINUED
PROGRESS AGAINST THE EXTERNAL BOARD EFFECTIVENESS REVIEW CONDUCTED IN 2023
ITEM DISCUSSED  
BY THE BOARD
FOCUS AREA
PROGRESS 
STRATEGY
Continue to develop 
its oversight of strategy 
and horizon scanning.
The Board continues to consider the Group strategy at each Board meeting. An annual strategy day was held in September 2023 
and this was attended by some 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. This culminated in a strategy workshop attended by the Executive Committee and senior management. This will remain 
a focus for the Board going forward.
EMPLOYEE ENGAGEMENT
Continue to 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 page 127.
The CEO provides the Board with oversight of the broader people agenda, succession planning, development and changes 
in staff across the business. This includes updates from town hall meetings.
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.
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.
DIVERSITY, INCLUSION 
AND ESG
Review progress on diversity 
and inclusion and ESG both 
at Board level and 
throughout the business.
For details of our progress with diversity and inclusion, see pages 158 to 165.
A commitment to acting sustainably is one of the three pillars to our strategy which demonstrates how deeply it is embedded 
and ensures we consider sustainability in all business decisions.
The ESG Committee continues to review our sustainability strategy, governance, and science-based targets to transition 
to net zero. This year, a particular focus was the entry into the 10-year Corporate Power Purchase Agreement with Statkraft. 
For more details, see page 28.
We have continued to progress our social impact through initiatives such as the InspiresMe programme and employee wellbeing 
activities. Read more on pages 60 to 65 and 210.
157
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 D&I initiatives 
on the following pages.
OVERVIEW
We value diversity in all its richness and 
work hard to create an environment where 
talented people can thrive, without regard 
to gender, gender reassignment, race, 
ethnicity, age, religious or spiritual beliefs, 
sexual orientation, marital and civil 
partnership status, disability, education or 
social background. A diverse organisation 
benefits from the different perspectives and 
inclusivity in these areas can bring, as well 
as from variety in skills, industry experience 
and personality. 
Our Equal Opportunities and Dignity 
at Work Policy applies both to the Board, 
its Committees and the wider business. 
Workspace’s purpose is to give businesses 
the freedom to grow. We know that a Board, 
Executive Committee and wider workforce 
made up of people with a wide range of 
backgrounds and experiences will contribute 
to our long-term success and help to achieve 
our strategy (see page 35 for further details 
on our strategy). We are committed to 
supporting diversity and to creating an 
inclusive culture that attracts the best 
individuals to our workforce. We also have 
a Board diversity and inclusion policy, 
detailed on page 160.
A Board, Executive Committee 
and wider workforce made up 
of people with a wide range of 
backgrounds and experiences 
enables us to consider matters 
from a broader perspective.
Achieving a diverse and inclusive pipeline  
Pages 163 to 165 
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
NOMINATIONS COMMITTEE ACTIVITIES IN 2023/24 CONTINUED
158
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY & INCLUSION AT WORKSPACE CONTINUED
BOARD DIVERSITY
BOARD AND COMMITTEE SKILLS AND EXPERIENCE 31 MARCH 2024
BOARD INDEPENDENCE
31 MARCH 2024
LENGTH OF TENURE FOR THE BOARD 31 MARCH 2024
 Men (including those self-identifying as men)
57.1%
 Women (including those self-identifying as women)
42.9%
 Non-Executive Chair
1
 Executive Directors
2
 Independent Non-Executive Directors
4
GENDER DIVERSITY OF THE BOARD1 
31 MARCH 2024
AGE DIVERSITY OF THE BOARD3 
31 MARCH 2024
ETHNIC DIVERSITY OF THE BOARD2 
31 MARCH 2024
 Identify as ethnic minority
28.6%
 Do not identify not as ethnic minority
71.4%
1
6
50-59
60-69
Workspace is committed to diversity at Board level in its 
widest sense. Diverse boards have been shown to lead to 
better corporate culture and performance. 
A wide range of backgrounds and experiences
Our Board comprises a mix of individuals with different 
backgrounds, skills and experiences. As at 31 March 2024, 
the Company met the targets set by the FTSE Women 
Leaders Review and Parker Review.
A stable and effective Board
There is a mix of tenures among our Board of Directors, 
bringing a balance of knowledge and experience of the 
Company and fresh perspectives. 
The right balance to drive growth
Our strong mix of experienced individuals with an appropriate 
balance of skills are able to offer an external perspective on the 
business alongside constructive challenge to our Executive 
Committee as they deliver our strategic objectives.
1.	 Following the appointment of David Stevenson as Non-Executive Director, 37.5% of the Board identify as women.
2.	 Following the appointment of David Stevenson as Non-Executive Director, 25% of the Board identify as an ethnic minority.
3.	 Following the appointment of David Stevenson as Non-Executive Director, seven directors are 50-59 and one is 60-69.
DIVERSITY OF THE BOARD
BOARD EVOLUTION
4.9 years
AVERAGE TENURE AS OF 31 MARCH 2024
Executive 
leadership
Property and 
Real Estate
Financial
Corporate 
governance
Customer and 
Marketing
People
ESG
2007
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Executive Directors
Graham Clemett
Dave Benson 
Non-Executive Directors
Duncan Owen
Rosie Shapland
Lesley-Ann Nash
Manju Malhotra
Nick Mackenzie
159
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

BOARD DIVERSITY, PRINCIPLES AND PROGRESS
At Board level, we recognise that a group that is diverse in nature, irrespective of characteristics such as gender, ethnicity, skills, experience and background, is able to provide differing 
perspectives and challenge to debates and decisions. When recruiting new Board members, the Nominations Committee makes all decisions in consideration of this policy and the principles 
below. The principles have been agreed with the aim of increasing diversity within our Board and its Committees, and developing a pipeline of high potential diverse leaders and senior managers.
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY & INCLUSION AT WORKSPACE CONTINUED
BOARD DIVERSITY CONTINUED
PROGRESS AGAINST OBJECTIVES
IMPLEMENTATION
PRINCIPLES
Ensure the Board comprises an appropriate balance of skills 
and brings a balance of diverse characteristics including in 
terms of gender, ethnicity, skills, experience and background 
in order to bring fresh perspectives and to enrich our 
business and contribute 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 a number of respects, is 
continually reviewed by the Nominations Committee and is 
considered annually by the wider Board as part of the Board 
performance review to ensure the Board is continuing to 
enrich the business and contribute to its long-term success. 
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 163 for further details) as well as 
delivering the new initiatives detailed on pages 163 to 164.
In January 2024, the Board discussed this year’s external 
Board performance review process. An important part of 
the discussion related to the value of diversity, including 
cognitive diversity. No concerns were raised in connection 
with the diversity of the Board. For more information on 
the outcomes of the Board performance review, please 
see pages 155 to 156.
42.9% female representation on our Board as at 31 March 
2024 (2023: 37.5%). 28.6% ethnic minority representation 
on our Board as at 31 March 2024 (2023: 25%). With the 
appointment of David Stevenson as a Non-Executive Director 
with effect from 1 June 2024, these figures have changed 
to 37.5% and 25% respectively.
In 2024, the Board has recruited a new CEO and a new 
Non-Executive Director. A thorough recruitment and 
selection process was undertaken for each. Candidate briefs 
were prepared and a diverse long and shortlist was presented 
for both the CEO and Non-Executive Director positions. In 
making these appointments, the Board considered its Diversity 
& Inclusion Policy, to actively seek diverse candidates.
During 2023/24, Heidrick & Struggles and Fidelio were 
each engaged by the Board as executive search firms. 
Both Heidrick & Struggles and Fidelio are signed up to the 
Standard Voluntary Code of Conduct in order to provide 
sufficient support to the Board in enhancing diversity.
During the year, we continued to introduce and progress 
a number of initiatives aimed at achieving a diverse and 
inclusive pipeline of talent. See pages 163 to 164 for more 
details on our diversity initiatives.
160
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

GENDER AND ETHNIC DIVERSITY OF THE BOARD AND THE EXECUTIVE COMMITTEE
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY & INCLUSION AT WORKSPACE CONTINUED
The Board is fully supportive of the recommendations of both 
the FTSE Women Leaders Review and the Parker Review, and 
of the targets set out in LR9.8.6R(9). We recognise that a 
group that is diverse in nature, irrespective of gender, ethnicity, 
skills, experience and background, is able to provide differing 
perspectives and challenge to debates and decisions. 
The tables to the right set out the numerical data required to 
be disclosed in accordance with LR 9.8.6R(9), as at 31 March 
2024. 
The data contained in the disclosures to the right was 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.
Footnotes 1 and 2 provide information on changes since 
31 March 2024 following the appointment of David Stevenson 
as Non-Executive Director.
Graham Clemett 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.
THE GROUP MET THE THREE 
LR 9.8.6R(9) TARGETS 
AS AT 31 MARCH 2024
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: Achieved1
42.9%
OF THE WORKSPACE 
BOARD ARE WOMEN1
 GENDER
Number of 
Board 
members
Percentage of 
the Board1
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)
4
57.1%
3
6
75%
Women (including those 
self-identifying as women)
3
42.9%
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 Board2
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)
5
71.4%
4
8
100%
Mixed/Multiple Ethnic Groups
0
0%
0
0
0%
Asian/Asian British
1
14.3%
0
0
0%
Black/African/Caribbean/
Black British
1
14.3%
0
0
0%
Other ethnic group, including 
Arab
0
0%
0
0
0%
Not specified/prefer not to say
0
0%
0
0
0%
 1.	 Between 31 March 2024 and the date of this Report, David Stevenson has been 
appointed to the Board as a Non-Executive Director, following which the Board 
comprises 37.5% women and 62.5% men.
 2.	Between 31 March 2024 and the date of this Report, David Stevenson has been 
appointed to the Board as a Non-Executive Director, following which the Board 
comprises 75% White British or other White members, 12.5% Asian/Asian British 
members and 12.5% Black/African/Caribbean/Black British members. 
Further information on the 
composition of the Board can be 
found on page 117 and on the 
composition of the Executive 
Committee on page 142.
BOARD AND EXECUTIVE COMMITTEE DIVERSITY
EXECUTIVE COMMITTEE EVOLUTION
5.2 years
AVERAGE TENURE
161
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY & 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, 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 2024
PARKER REVIEW TARGET
In line with the guidance published by the 
Parker Review, the Board has 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.
16%
THE BOARD HAS SET A TARGET OF 16%  
MINORITY ETHNIC REPRESENTATION WITHIN  
THE GROUP COMPRISING OUR EXECUTIVE 
COMMITTEE AND SENIOR MANAGERS
GENDER DIVERSITY OF ALL EMPLOYEES 
AS AT 31 MARCH 2024
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 159. 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 2024, calculated in 
accordance with sections 414C(9) and (10)(b) 
of the Companies Act 2006.
AGE DIVERSITY OF ALL EMPLOYEES  
AS AT 31 MARCH 2024
ETHNIC DIVERSITY OF ALL EMPLOYEES 
AS AT 31 MARCH 2024
EXECUTIVE COMMITTEE AND SENIOR MANAGER DIVERSITY
WIDER WORKFORCE DIVERSITY
ETHNIC DIVERSITY OF EXECUTIVE  
COMMITTEE AND SENIOR MANAGERS
AS AT 31 MARCH 2024
2024
 Female: 189
57.4%
 Male: 140
42.6%
2024
 18–29: 95
28.8%
 30–39: 126
38.3%
 40–49: 68
20.7%
 50–59: 26
7.9%
 60–69: 14
4.3%
 70–79: 0
0%
2024
 Female
37.5%
 Male
62.5%
2024
 Minority ethnic
12.5%
 White
87.5%
2024
 White: 229
69.6%
English/Welsh/Scottish/Northern Irish/British
153
White – Irish
8
White – Other 
68
 Black: 26
7.9%
Black/African/Caribbean/Black British – 
Caribbean
14
Black/African/Caribbean/Black British – African
10
Black/African/Caribbean/Black British – Other
2
 Asian: 40
12.16%
Asian/Asian British – Indian
15
Asian/Asian British – Bangladeshi
4
Asian/Asian British – Pakistani
3
Asian/Asian British – Chinese
4
Asian/Asian British – Other
14
 Mixed: 31
9.42%
Mixed – White and Black Caribbean
6
Mixed – White and Black African
6
Mixed – White and Asian
5
Mixed – Other
13
Mixed
1
 Other ethnic group: 3
0.91%
162
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

CULTURE
RECRUITMENT AND SELECTION
	
– 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.
	
– Our recruitment and 
selection, training and 
development, 
performance reviews and 
promotion processes are 
all based solely on 
individual merit and free 
from bias.
	
– We monitor and analyse 
the diversity of our 
employees so that we can 
track and progress our 
diversity initiatives. This 
year, we made changes to 
how we collect diversity 
information from our staff 
in order to improve the 
quantity and quality of 
data available to us.
	
– In 2022 we hired a 
Recruitment Manager into 
a new role to oversee our 
entire recruitment activity 
and procedures.
	
– The use of organisations 
such as the White Ensign 
and Sapphire Partners 
(see page 165 for more 
details) and the employee 
referral scheme allow us 
to promote social mobility. 
We have had 15 hires this 
year from the employee 
referral scheme.
	
– We have introduced new 
software to track the 
source of our candidate 
applications and CV 
anonymisation to 
eradicate unconscious 
bias.
	
– We review and change job 
titles where appropriate. 
This year we changed the 
role of Receptionist to 
Centre Co-ordinator to 
better reflect the role and 
to appeal to a wider pool 
of candidates.
	
– We review job 
specifications to ensure 
we consistently use 
inclusive language that 
encourages both male and 
female candidates.
	
– We provide unconscious 
bias and interview skills 
training for all hiring 
managers. In the coming 
	
– 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. 
In the coming year, we will 
factor any feedback from 
this network into our 
processes for supporting 
returners to work.
	
– We provide unconscious 
bias and harassment 
training for all employees.
year we intend to 
introduce further training 
for line managers.
	
– 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.
	
– Where we use recruitment 
agencies, we ensure they 
have a commitment and 
track record in diverse 
appointments.
	
– When a senior role 
becomes available, 
we seek to encourage 
diverse applications 
and to shortlist an equal 
number of men and 
women where possible.
We want to build a diverse pipeline of talented employees 
and senior managers to support us as we continue to grow 
and achieve our purpose. It is our policy to appoint the best 
person for the role and we are committed to ensuring that 
our processes and initiatives encourage a diverse group of 
potential candidates to be identified at both Board and 
Executive level. 
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 150.
45
INTERNAL PROMOTIONS 
IN 2023/24
ACHIEVING A DIVERSE 
AND INCLUSIVE PIPELINE
163
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY & INCLUSION AT WORKSPACE CONTINUED

COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY & INCLUSION AT WORKSPACE CONTINUED
TRAINING AND DEVELOPMENT
Diversity & inclusion remains 
high on the agenda of our 
Board and Executive 
Committee. In the coming 
year we will continue to 
advance all our initiatives to 
encourage gender diversity 
at all levels, and particularly 
in our more senior positions.
In particular, in the next year 
we plan to: 
	
– Continue to widen the 
pool of candidates from 
which we recruit by 
introducing apprenticeship 
schemes, encouraging use 
of the staff referral scheme 
and continuing to work 
with job centres, charities 
and universities to reach 
candidates that may not 
come through more 
traditional recruitment 
methods.
	
– 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.
	
– 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.
	
– Continue to improve 
awareness of diversity 
at all levels, by rolling out 
enhanced D&I training for 
the Executive Committee, 
hiring managers and all 
staff and increasing the 
use of external speakers 
to bring different 
perspectives.
	
– Introduce a D&I 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.
	
– Implementing 
recommended changes 
to our parental leave 
policies following 
completion of our 
benchmarking exercise 
this year.
We identify employees 
who have strong 
potential for 
development and put 
training plans in place 
for them.
	
– 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.
	
– We support staff with 
further studies by 
sponsoring external 
learning and development 
where appropriate. We 
have had 45 internal 
promotions this year.
	
– We have implemented 
‘career pathways’, for our 
centre team roles, to make 
it clearer to staff how they 
can progress their careers 
at Workspace.
OUR FUTURE PLANS
Our Sustainability approach 
to diversity & inclusion 
Pages 55 to 57
Deep Dive: Diversity & Inclusion
Page 58
164
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

www
Q
What recruitment initiatives have you 
introduced this year?
A 
 We have started working with Sapphire 
Recruitment, a charity that helps individuals 
from disadvantaged backgrounds. They have 
already assisted us in finding candidates for 
some of our roles. We have also partnered 
with the White Ensign Association, an 
organisation that helps military veterans in 
finding employment and are advertising roles 
with our local job centre. We’re really pleased 
with the interest that’s been generated so far. 
We have also recently launched our new 
recruitment system. This pushes out job 
vacancies to sites such as LinkedIn and Indeed 
and on our website, so that we are less reliant 
on using recruitment agencies and reach a 
wider range of candidates. The system will 
also enable us to anonymise CVs, reducing 
unconscious bias when reviewing candidates.
	
Q
Why did you decide to introduce 
these initiatives? 
A 
 We want to attract the best talent from 
all across London. We are aware that not 
everyone knows about or has access to the 
agencies we traditionally use. These initiatives 
allow us access to potential candidates who 
may not otherwise know about Workspace. 
This is the reason we have also started to 
partner with universities who run programmes 
relevant to jobs in our field, building 
awareness of Workspace among students who 
are about to start looking for their first job. 
Q
Why is having a diverse workforce important?
A 
 Workspace operates across all of London, 
and we want to be the best company we can 
be. Having a diverse workforce allows us to 
make decisions with input from those with 
different approaches and views. This will 
allow us to engage more with our customers 
and the communities we work in, as well as 
reflecting the society we live in. 
Q
What are your plans for the next year 
for further improving diversity? 
A 
 In the next year we are looking at 
apprenticeships targeted at 16–18 year olds 
who are just leaving school or college, and 
facilitating their training. We also hope to 
grow our presence on sites such as Glass Door 
and Indeed, to showcase Workspace as a 
business and reach a wider pool of candidates. 
We are also in the process of organising 
guest speakers, for example those with lived 
experience of disability or transitioning to 
a different gender identity to further raise 
awareness throughout our workforce.
GETTING THE 
RIGHT BALANCE 
FOR GROWTH
Ben Saunders	
Head of People
Hasti Patel 	
Recruitment Manager
WHY WE DO IT
We want to attract the widest range 
of candidates possible for our positions.
HOW WE DO IT 
Introducing new recruitment initiatives 
to widen our pool of talent.
165
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
COMPOSITION, SUCCESSION AND EVALUATION CONTINUED
DIVERSITY & INCLUSION AT WORKSPACE CONTINUED

Financial Statements
Rosie Shapland
Chair of the Audit Committee
AUDIT, RISK AND INTERNAL CONTROL
AUDIT COMMITTEE REPORT
The Audit Committee plays  
a key role in promoting the 
maintenance of a strong and 
transparent control environment 
at Workspace.
QUICK LINKS
Membership and attendance at Audit Committee meetings
Page 167
Key topics considered
Page 167
Chair’s letter
Page 168
Role of the Audit Committee
Page 170
Significant matters considered
Page 172
Developing a robust Viability Statement
Page 174
Fair, balanced and understandable
Page 175
External audit
Page 175
Risk management and internal controls
Page 178
166
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Additional Information

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.
	
– Considered use of valuers following 
McKay acquisition.
CBRE continued to value the entire portfolio, 
including the additional properties from the 
McKay acquisition.
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.
EXTERNAL AUDIT
	
– Reviewed and discussed reports from 
KPMG, summarising their findings arising 
from the 2022/23 audit and the half-year 
review of the results of the Group for the 
six months ended 30 September 2023. 
	
– Assessed the independence and 
objectivity of the external auditors.
	
– Carried out an audit tender process.
The Committee was satisfied that the audit 
remained effective and there were no matters 
impacting the auditor’s independence or 
objectivity.
The Committee carried out a robust audit tender 
process which resulted in the recommendation that 
BDO be appointed as our new external auditor.
CHANGES TO PRINCIPAL 
RISKS
	
– Reviewed and discussed the Group’s 
principal risks.
No changes to principal risks were made during 
the year.
INTERNAL CONTROLS  
AND RISK MANAGEMENT
	
– Reviewed and discussed an update from 
the Group’s Head of Technology on the 
Group’s business continuity plan and 
cyber security.
	
– Reviewed the effectiveness of the 
Company’s control environment and the 
Company’s process for self-certification 
of the operating effectiveness of controls.
Annual cyber threat exercises have been 
introduced to evaluate both technical and 
corporate internal processes.
Control owners certified the effectiveness 
of controls for which they are responsible. 
No significant issues were identified from 
these reviews.
The Group’s Head of Security and Risk 
Management commenced a programme of 
internal controls and assurance during the year.
GOVERNANCE
	
– Reviewed terms of reference.
	
– Discussed assessment of the 
effectiveness of the Audit Committee.
An external review of the Audit Committee’s 
performance was carried out during the year 
which concluded that the Committee continues 
to operate effectively.
KEY TOPICS CONSIDERED BY THE COMMITTEE DURING THE YEAR
MEMBER SINCE
MEETINGS ATTENDED
Rosie Shapland
2020
     5/5
Lesley-Ann Nash
2021
     5/5
Manju Malhotra
2022
     5/5
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 be made up 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 2023 to 
review the full and half-year results and the joint meeting of the Audit and ESG 
Committee meeting held in January 2024.
3.	 The Audit Committee meeting in January 2024 was a joint meeting with the 
ESG Committee.
The Committee is made up entirely of Non-Executive 
Directors and each Committee member has considerable 
commercial knowledge 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 118 to 120.
MEMBERSHIP AND ATTENDANCE  
AT AUDIT COMMITTEE MEETINGS
167
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

AUDIT, RISK AND INTERNAL CONTROL CONTINUED
A thorough and robust process was 
undertaken and BDO have attended meetings 
during the 31 March 2024 audit process for 
transitioning purposes before taking 
responsibility from the half year onwards.
Further details on the process we adopted 
can be found on page 177.
Review of material issues
The Audit 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 and 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 and 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 172.
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 167.
Climate change
As the Group is committed to being net 
zero carbon, it is important that our financial 
reporting reflects and supports this goal. 
The Board discussed the impact of climate 
change on the Group’s financial reporting 
and financial statements and it considered 
the requirement for companies to disclose, 
on a comply or explain basis, against the 
recommendations of the Task Force on 
Climate-related Financial Disclosures (TCFD). 
The Audit and ESG Committees held a joint 
meeting to discuss the Company’s progress 
against these requirements and the 
associated assurance we receive. More 
information can be found on page 185.
Cyber security
Cyber security remains a focus area for the 
Committee. The Head of Technology, Chris 
Boultwood, attended the November Audit 
Committee to give an assessment of cyber 
risk and update on progress made in 
protecting the Group against evolving 
threats. A further cyber update was 
provided by the CFO at the March meeting.
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 forecasts factoring in the Group’s 
principal risks and potential uncertainties, 
and 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 88 to 89.
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 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 2024. 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
In last year’s Audit Committee Report, we 
disclosed our intention to undertake a full 
tender process for the Company’s external 
audit contract. I chaired the selection 
Sub-Committee, and following the outcome 
of the process in January 2024, I am pleased 
to report that the Board approved the 
appointment of BDO LLP as the Company’s 
External Auditor for the coming financial 
year ending 31 March 2025.
This appointment remains subject to approval 
by shareholders at the AGM on 25 July 2024.
The role of the Audit Committee
Pages 170 to 171
Developing a robust Viability Statement
Page 174
The Audit 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 and establishing 
that the financial statements 
provide a true and fair view of 
the Group’s financial affairs.
AUDIT COMMITTEE  
CHAIR’S LETTER
Rosie Shapland
Chair of the Audit Committee
168
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Risk, control and assurance 
The Group has several processes in 
place to provide effective internal control, 
including self-certification of controls by 
risk owners, reviews of fraud, anti-bribery and 
whistleblowing policies and a risk management 
framework under which controls, and their 
effectiveness, are managed and evaluated. 
During the year we went live on our new 
finance and property management system. 
The Audit Committee received regular 
updates from the CFO and Group Financial 
Controller on progress through the year as 
the system was embedded in the business 
and commissioned a post-implementation 
controls review by Grant Thornton. 
As is common following a project of this 
nature, the review identified a number of 
opportunities to enhance our processes 
and control environment in relation to the 
new system. The Committee is satisfied that 
appropriate mitigating monitoring and review 
controls exist and a comprehensive action 
plan is in place to deliver these enhancements. 
Between the Audit Committee and the full 
Board, we have reviewed the effectiveness 
of the Group’s risk management and internal 
control systems. We have not identified any 
significant failings or weaknesses.
In January 2024, the Audit Committee held 
a joint meeting with the ESG Committee. 
At this meeting, the Audit and ESG 
Committees reviewed the Company’s 
policies and procedures that support 
the implementation of our ESG strategy, 
as well as the programme of assurance 
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 operate effectively, and that adequate 
assurance is undertaken.
We do not have a formal internal audit 
function, a matter which is kept under review 
by the Audit Committee. The Group has a 
Head of Security and Risk Management 
whose remit includes maintaining our risk 
management and control framework and 
conducting regular independent assurance.
During the year the Head of Security 
and Risk Management chaired monthly Risk 
Management meetings attended by senior 
management, conducted bi-annual self-
certification of controls across the Group, 
completed bi-annual principal risk reviews 
and mapped out our internal and external 
assurance activities. We also evolved our 
internal assurance programme with seven 
independent control reviews carried out 
during the year by the Head of Security 
and Risk Management.
Looking forward, we will consider the 
implications of the RICS mandatory 
requirement for the periodic rotation of UK 
external valuers which comes into force in 
May 2026 following a two year transition.
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 2024
2024 Annual Report
The External Auditor confirmed that they had 
found no unadjusted material misstatements 
in the course of their work.
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 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’s 
role in this assessment is covered on page 
170. For the year ended 31 March 2024, the 
Committee confirmed to the Board it was 
satisfied that the Annual Report and Accounts 
was fair, balanced and understandable.
Committee effectiveness
The performance of the Audit Committee 
was assessed this year through an external 
review. The recommendations and actions 
from this review are listed below. I am 
pleased that this concluded we operate 
effectively and that the Board takes 
assurance from the quality of our work. 
Recommendations
	
– Ensure a smooth transition in auditors.
	
– Encourage management to bring topics/
challenges/projects to the Committee 
at an earlier stage.
Continue to focus on climate change and 
its potential impact on the financial 
statements, review mitigation strategies 
whilst monitoring risk across business 
decisions including assurance from 
Accenture on our carbon emissions 
disclosures. See page 104 for more details.
Jointly, with the ESG Committee, review the 
programme of activity being undertaken to 
ensure the effectiveness of ESG policies and 
procedures.
Continue to focus on the Company’s 
protection against cyber threats.
Consider the changes to the UK  
Corporate Governance Code, particularly the 
new requirements with respect to material 
risk management and internal controls which 
will impact future reporting periods.
Monitor any issues highlighted by 
Grant Thornton as part of their post 
implementation review for our new 
systems, including the review of progress 
in resolving such issues.
Consider the mandatory requirement, 
introduced by RICS, for periodic rotations of 
UK external valuers which comes into effect 
in May 2026.
MONITORING FUTURE DEVELOPMENTS
Fair, balanced and understandable reporting
Page 175
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
AUDIT COMMITTEE CHAIR’S LETTER CONTINUED
169
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 their effectiveness 
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
	
– The Audit Committee 
is composed solely 
of independent Non-
Executive Directors, 
with a wide diversity 
of experience. Rosie 
Shapland, as a Chartered 
Accountant with many 
years of senior financial 
experience, 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 five 
occasions, in May, June 
and November 2023 and in 
January and March 2024.
	
– 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 2024 
where matters relating to 
the 2024 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, the Chief 
Financial Officer, 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 head 
External Audit partner, 
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.
HOW THE COMMITTEE OPERATES
FORWARD PLANNING 
Subjects include climate change, ESG effectiveness, 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
Ahead of Audit Committee 
meetings, I meet with the lead 
external audit partner to 
discuss relevant matters.
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
170
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

AUDIT, RISK AND INTERNAL CONTROL CONTINUED
THE ROLE OF THE AUDIT COMMITTEE CONTINUED
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 172.
	
– Review the 
appropriateness of 
accounting policies 
and practices.
	
– Reviewed 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 178 and 179.
	
– 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 88 to 89.
	
– 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 35 to 38 and 
9 to 11 respectively.
External audit
	
– Assess the work of the 
External Auditor in relation 
to significant financial 
judgements made by 
management. More 
information is available 
on pages 175 to 176.
	
– 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 
its policy governing the 
provision of non-audit 
services. Refer to page 176 
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.
Portfolio valuation 
	
– Consider the objectivity 
and independence of 
the external valuers.
	
– Review and challenge the 
methodology, assumptions 
and judgements used by 
the external valuers to 
ensure they are 
appropriate.
	
– Review the External 
Auditor’s assessment 
of the valuation, including 
an explanation as to how 
the valuation is audited.
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.
	
– Advise the Board on the 
Group’s overall risk 
appetite, tolerance and 
strategy, and the principal 
and emerging risks the 
Company is willing to take 
to achieve its long-term 
strategic objectives. See 
page 178 for details of 
how the Committee has 
considered risk appetite 
and strategy during the 
year.
	
– Advise the Board on the 
likelihood and impact of 
principal risks materialising, 
and the management and 
mitigation of principal risks 
to reduce the likelihood 
of their incidence or their 
impact. See pages 71 to 78 
for information on the 
Committee’s consideration 
of principal risks.
	
– 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 93 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 92 
for more information on 
our Anti-Bribery Policy.
	
– Consider whether the 
Group should have an 
internal audit function.
Governance, best practice 
and development
	
– Keeping up to date with 
changes to the Code, 
specifically regarding 
the internal control 
environment.
	
– Keeping up to date on 
investor, shareholder 
and market sentiment 
(with advice from the 
Company’s brokers).
	
– Keeping up to date with 
regulatory and legislative 
matters relevant to the 
Group including 
developments in 
accounting standards.
	
– Considering 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
More information on the Group’s 
internal controls and risk 
management process is available: 
Pages 178 to 179
AUDIT COMMITTEE RESPONSIBILITIES
171
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

AUDIT, RISK AND INTERNAL CONTROL CONTINUED
Page
VALUATION OF THE INVESTMENT PROPERTY PORTFOLIO
172
DEVELOPING A ROBUST VIABILITY STATEMENT
174
FAIR, BALANCED AND UNDERSTANDABLE REPORTING
175
SIGNIFICANT MATTERS 
CONSIDERED BY  
THE COMMITTEE
VALUATION OF THE INVESTMENT PROPERTY PORTFOLIO
The valuation of the 
investment property 
portfolio is inherently 
subjective, requiring 
significant judgement. 
The outcome is significant 
for the Group in terms of its 
investment decisions, results 
and remuneration, and is a 
major component of Total 
Property Return and Total 
Accounting Return, two of 
our KPIs.
Therefore, this matter is 
considered by both the 
Board and the Audit 
Committee. 
The valuation is conducted 
externally by independent 
valuers, CBRE, one of the 
world’s largest commercial 
real estate services firms. 
CBRE presented the year-
end and interim valuations 
to the Board and Committee, 
who reviewed the 
methodology and the 
outcomes of the valuation, 
challenging the key 
assumptions and 
judgements. The Audit 
Committee also considered 
the objectivity and 
independence of the valuers.
KPMG 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 
considered that they 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.
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 and it 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.
The Committee reviewed a 
number of other key matters 
which have been considered 
by management and 
discussed with KPMG, 
including the assets held for 
sale, the uncertainty relating 
to collection of trade 
receivables, accounting for 
disposals made during the 
year and the impairment in 
investments in subsidiary 
undertakings for the Parent 
Company. 
PORTFOLIO VALUATION
Our property portfolio, is 
independently valued twice 
annually by our external 
valuers, CBRE Limited.
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 significant part of both 
our Net Asset Value and 
Total Property Return, 
which are both key 
performance indicators.
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.
172
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

AUDIT, RISK AND INTERNAL CONTROL CONTINUED
SIGNIFICANT MATTERS CONSIDERED BY THE COMMITTEE CONTINUED
 
PORTFOLIO VALUATION CONTINUED
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.
£2.4bn
PROPERTY VALUATION
77
LOCATIONS
173
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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
Risk Management Group
Audit Committee
Executive Committee
Heads of Department
The Audit Committee considered the 
findings from this analysis and made their 
recommendations to the Board, which was 
given the opportunity to question the process 
and the findings
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
DEVELOPING A ROBUST 
VIABILITY STATEMENT
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
CONCLUSIONS
SCENARIO SENSITIVITY ANALYSIS
RISK IDENTIFICATION
STAGE 1
STAGE 2
STAGE 3
STAGE 4
174
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
THE PROCESS WE FOLLOWED

AUDIT, RISK AND INTERNAL CONTROL CONTINUED
Our strategy
Pages 35 to 38
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 Board 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.
AUDIT AND NON-AUDIT FEES
2023–2024 
£714k
Audit
Non-audit
£617k
£97k
AUDIT AND NON-AUDIT FEES
2022–2023
£440k
Audit
Non-audit
£370k
£70k
AUDIT AND NON-AUDIT FEES
2021–2022
£335k
Audit
Non-audit
£280k
£55k
Following a competitive tender 
process, KPMG were appointed 
by shareholders as the 
Workspace External Auditor 
for the financial year ended 
31 March 2018 and KPMG 
continue to be Workspace’s 
External Auditor for the year 
ended 31 March 2024. 
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 238. This year, the 
non-audit services performed 
by KPMG 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 and coverage 
of any risks (including 
how risks to audit quality 
have been addressed), 
scope and level of fees 
for the audit;
EXTERNAL AUDIT
	
– the quality, knowledge and 
expertise of the audit 
engagement team;
	
– insight around the key 
accounting and audit 
judgements;
	
– 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.
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 KPMG 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 Audit Committee 
applies the ‘Audit 
Committees and the External 
Audit: Minimum Standard’ 
and this Report sets out the 
extent to which we have 
complied during the year.
FAIR, BALANCED AND  
UNDERSTANDABLE REPORTING
175
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

AUDIT, RISK AND INTERNAL CONTROL CONTINUED
EXTERNAL AUDIT CONTINUED
As part of the effectiveness review following the March 2023 year end, a questionnaire was 
issued to Committee members, regular attendees of the Committee and those involved in the 
external audit process.
QUESTIONS WERE POSED AROUND THE FOLLOWING SUBJECTS:
SUBJECT
SCOPE
EFFECTIVENESS
Effectiveness and quality of the external audit process, the 
quality and scope of the audit plan, advising on a timely basis 
about any new developments regarding risk management, 
corporate governance, financial accounting and related risks.
DELIVERY
Delivery and execution of the agreed external audit process 
for the 2022/23 financial year.
EFFICIENCY
Efficiency and performance of the audit team as well as 
relevant and qualified specialists involved in the audit process 
and continuity of staff during the audit process.
COMMUNICATION
Communication and engagement between the senior 
management team, the finance team, KPMG and the 
Committee to assess whether it is based on a good 
understanding of the business and whether recommendations 
have been acted upon.
CONTACT
Quality and regularity of contact with the audit team outside 
of the audit.
Outcomes
From its discussions during 
the year, the challenges 
presented to the External 
Auditor and a review of the 
reporting received, including 
the FRC AQR findings, the 
Committee considers that 
the External Auditor 
provides appropriate 
professional challenge and 
reports its findings in an 
open and direct manner.
The Committee remains 
satisfied with the 
effectiveness of the external 
audit and the interaction 
between the External Auditor 
and the Committee and with 
the External Auditor’s 
qualifications, expertise and 
resources. The Committee 
discussed a summary of the 
key findings and results of its 
effectiveness review at its 
meeting in November 2023 
and no significant concerns 
were identified. The results 
of the review were discussed 
with the External Auditor to 
monitor the continuing 
quality of audit services. The 
External Auditor, the 
Committee and management 
agreed to continue the focus 
on improving communications. 
The Committee’s relationship 
with the External Auditor is 
one of openness and 
professionalism.
AUDITOR INDEPENDENCE AND OBJECTIVITY
In addition to the annual 
review of 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.
KPMG LLP 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 its 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 Order 2014 relating 
to audit tendering and the 
provision of non-audit 
services during the financial 
year ended 31 March 2024.
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.
An external audit tender was 
conducted in 2023 and BDO 
LLP (BDO) were identified as 
the proposed new External 
Auditor subject to 
shareholder approval. More 
information can be found 
on page 177. 
THE EFFECTIVENESS OF EXTERNAL AUDIT
176
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

AUDIT, RISK AND INTERNAL CONTROL CONTINUED
EXTERNAL AUDIT CONTINUED
EXTERNAL AUDIT TENDER
SELECTION CRITERIA
AUDIT TENDER 
PLANNING
SHORTLISTING FIRMS
PROPOSAL 
DOCUMENTS
MEETINGS & 
PRESENTATIONS
RECOMMENDATION
The selection Sub-Committee 
prepared a list of key 
selection criteria.
The key selection criteria 
included:
	
– audit quality; 
	
– audit approach and 
experience of the real 
estate sector;
	
– quality and approach of 
the lead partner and key 
members of their team;
	
– technical expertise and a 
pragmatic, commercial 
approach to resolving 
issues;
	
– approach to client service;
	
– independence of the audit 
firm; and
	
– proposed audit transition 
plans.
Meetings were held between 
management and Sub-
Committee members and 
audit firms to determine 
their capabilities and fit 
with the Company.
A number of firms were 
considered, including 
challenger firms and the 
incumbent, but after 
discussions it was mutually 
agreed with KPMG that they 
would not participate in the 
tender process.
Agreement of shortlist of two 
audit firms by the selection 
Sub-Committee. 
Confirmation of participation 
by audit firms.
Tender documents and 
supporting information were 
sent to the two participating 
firms. 
Both firms submitted a 
detailed proposal document 
which included:
	
– their approach to ensuring 
overall audit quality;
	
– background and 
experience of the firm, 
lead partner and team; and
	
– their approach to 
managing the audit 
including matters of 
judgement, new and arising 
audit topics and the 
transition to a new 
audit team.
As part of the tender process, 
the firms were invited to a 
series of meetings and 
interviews with senior 
managers of Workspace.
Presentations were made to 
the Sub-Committee by both 
of the prospective firms. 
Detailed reviews of the 
tender documents submitted 
by each of the audit firms 
took place which included 
the most recent FRC AQR 
findings. Their presentations 
were considered as well as 
taking into account views of 
colleagues who had met with 
members of the audit teams 
from each firm during the 
process.
References were followed 
up for key team members 
from both firms.
The selection Sub-
Committee identified 
BDO as the proposed 
new External Auditor.
Recommendation for the 
appointment of the new 
auditor at the next AGM 
was made to the Audit 
Committee.
The Audit Committee 
reviewed the proposal 
and recommended it to 
the Board for approval.
Induction period 
commenced with BDO 
attending key meetings 
with KPMG during the 
2024 audit year-end process.
KPMG has been Workspace’s 
auditor since 2018. In last 
year’s Annual Report the 
Company stated it would be 
placing the external audit 
out to tender, to make an 
appointment for the year 
ending 31 March 2025. 
The Audit Committee  
resolved to appoint a 
selection Sub-Committee, 
authorised to carry out the 
tender process and to make 
its recommendations to 
the Audit Committee. It 
consisted of Rosie Shapland, 
Chair of the Audit 
Committee, Lesley-Ann 
Nash, member of the Audit 
Committee, Dave Benson, 
Chief Financial Officer, Andy 
Dodson, Group Financial 
Controller and Carmelina 
Carfora, Company Secretary.
RESPONSIBILITY
	
– Board
	
– Audit Committee
	
– Sub-Committee	
RESPONSIBILITY
	
– Sub-Committee	
RESPONSIBILITY
	
– Sub-Committee
RESPONSIBILITY
	
– Sub-Committee
RESPONSIBILITY
	
– Sub-Committee
	
– Senior Managers
RESPONSIBILITY
	
– Board
	
– Audit Committee
	
– Sub-Committee
177
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

AUDIT, RISK AND INTERNAL CONTROL CONTINUED
EXTERNAL AUDIT CONTINUED
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. 
KPMG has discontinued the 
provision of all non-audit 
services (other than those 
closely related to the audit) 
to all FTSE 350 companies, 
meaning non-audit services 
are confined to a more 
limited scope of work than 
that defined by the Audit 
Committee’s terms of 
reference.
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
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 169, a 
post-implementation review 
of our new finance and 
property management 
system identified a number 
of opportunities to enhance 
our processes and control 
environment in relation to the 
new system. 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 2023/24 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; 
annual anti-bribery training 
is in place for all employees 
and there have been no 
reported instances of 
whistleblowing, 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 are approved by the 
CEO and distributed to 
the Board 
	
– in April 2022, the Board 
formed an ESG Committee 
which reviews the Group’s 
environmental and social 
related risks;
	
– the Audit and ESG 
Committee’s met jointly in 
January 2024 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. 
RISK MANAGEMENT AND 
INTERNAL CONTROLS
This assessment is further 
described in the Strategic 
Report 
Pages 71 to 78
178
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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.
AUDIT, RISK AND INTERNAL CONTROL CONTINUED
RISK MANAGEMENT AND INTERNAL CONTROLS CONTINUED
Due to its size, 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 
commenced a series of 
departmental control 
reviews across the business 
with seven 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 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 93
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.
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 Board and Audit Committee on the operation and 
effectiveness of controls.
Audit Committee 
	
– Oversees the Group’s risk management framework.
	
– Advises the Board on risk appetite, tolerance and strategy.
	
– Oversees all risks except risks related to property, valuation, 
development and real estate which are overseen 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.
179
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Duncan Owen
Chair of the ESG Committee
ESG COMMITTEE REPORT
 
The ESG Committee is  
dedicated to guiding the business 
toward sustainable success and 
responsible leadership. By fully 
integrating environmental, social, 
and governance principles  
into the business strategy and 
decision-making processes,  
our aim is to deliver value  
for all our stakeholders. 
QUICK LINKS
Membership and attendance at ESG Committee meetings
Page 181
Key topics considered by the Committee during the year
Page 181
Former Chair’s letter
Page 182
Governance of ESG matters at Workspace
Page 183
Spotlight on Renewable energy procurement
Page 184
ESG policies, procedures and related assurance
Page 185
180
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

ESG COMMITTEE REPORT CONTINUED
MEMBERSHIP AND ATTENDANCE  
AT ESG COMMITTEE MEETINGS
MEMBER SINCE
MEETINGS ATTENDED
Duncan Owen (Chair)
2022
    4/41
Rosie Shapland
2022
    4/41
Lesley-Ann Nash
2022
    4/41
Manju Malhotra
2022
    4/41
Nick Mackenzie
2022
    4/41
Graham Clemett
2022
    4/41
Dave Benson
2022
    4/41
Stephen Hubbard
2022
 1/12
1.	 There were two ESG Committees held in January 2024. One meeting was 
a joint meeting with the Audit Committee.
2.	 Stephen Hubbard stepped down from the Board with effect from the close 
of the Company’s AGM on 6 July 2023.
As at 31 March 2024, The Committee consisted of five 
independent Non-Executive Directors, the Chief Executive 
Officer and the Chief Financial Officer (biographies are 
available on pages 118 to 120). 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 2023, September 2023, 
January 2024 and a joint ESG and Audit committee meeting 
as well in January 2024. 
KEY TOPIC
ACTIVITY
OUTCOME
CLEAR AND CREDIBLE PATH 
TO NET ZERO CARBON 
	
– Evaluated Workspace’s progress on the 
net zero pathway. 
	
– Discussed the suitability of interim 
decarbonisation milestones and its 
inclusion in Executive Directors’ targets.
	
– Reviewed the action plan supporting 
near-term decarbonisation targets and 
the associated investment plan. 
	
– Reviewed the proposal for the renewable 
energy procurement strategy.
	
– Considered dependencies crucial for the 
successful delivery of the long-term net 
zero carbon commitment.
Ensured Workspace continues to have a 
credible path to net zero, supported by a 
robust investment plan. The Committee’s 
approval of Workspace’s renewable energy 
procurement strategy marks a significant 
achievement in advancing towards our net 
zero target. 
EVIDENCING LONG-TERM 
COMMITMENT TO SOCIAL 
WELFARE
	
– Assessed Workspace’s strategy for 
delivering positive impact across all 
stakeholders, aligned with the B Corp 
framework.
	
– Examined the methodology for 
measuring and reporting social impact.
	
– Deliberated on incorporating social value 
and Diversity & Inclusion KPIs into 
Executive Directors’ targets.
Reinforcement of the commitment to 
generate value for all stakeholders. Greater 
business buy in and accountability was 
achieved by adoption of social value and 
Diversity & Inclusion KPIs into Executive 
Director’s targets. 
ACTIVE MANAGEMENT OF ESG 
RISKS AND OPPORTUNITIES
	
– 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.
Ensured Workspace’s sustainability 
strategy is future proofed against evolving 
regulatory and market risks. The 
materiality review also helped identify key 
opportunity areas to prioritise. 
MAINTAINING HIGH STANDARDS  
OF 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 the information 
reported on sustainability.
Existence of a robust governance 
framework for sustainability matters, with 
business-wide accountability in delivering 
strategic priorities. Reaffirmed our 
commitment to transparent and effective 
sustainable practices, by championing 
adoption of best practice sustainability 
disclosure. 
KEY TOPICS CONSIDERED BY THE COMMITTEE DURING THE YEAR
181
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

ESG COMMITTEE REPORT CONTINUED
Duncan Owen
Chair of the ESG Committee
ESG COMMITTEE  
CHAIR’S LETTER
Workspace’s sustainability strategy is 
underpinned by the philosophy of stakeholder 
value. As a Committee, we have aimed to 
adopt a balanced score card to inform 
decision making, ensuring business is 
prioritising environmental and social impact, 
whilst delivering value for all its stakeholders. 
Throughout the year, the Committee has 
effectively delivered on several tasks we had 
set out: closely monitoring progress made on 
net zero carbon transition, setting new 
strategy for renewable energy procurement, 
reviewing social impact and customer 
engagement strategies and conducting  
a critical review of ESG policies and 
procedures. The Committee also conducted  
a detailed review of material ESG issues and 
sustainability disclosures. I detail on page 181 
an overview of the activities which we have 
carried out.
Net zero carbon transition
Climate action continues to be a key priority 
for the business, requiring business-wide 
transformation. In 2019, Workspace signed up 
to the Better Buildings Partnership (‘BBP’) 
Climate Commitment to deliver a net zero 
carbon real estate portfolio. Following a 
detailed analysis of the emissions across the 
business and the value chain, Workspace have 
also developed a set of science-based targets 
which are aligned to the goals of the Paris 
Agreement. These targets have been 
approved by the Science Based Targets 
Initiative (SBTi) and cover both our 
operational emissions (scope 1 and 2) and our 
embodied carbon emissions (scope 3).
During the year, the Committee conducted a 
deeper dive of the net zero pathway for the 
business to ensure it is on track to achieving 
decarbonisation of its portfolio. Whilst this will 
not be an easy undertaking, I am pleased with 
the progress the business has already made 
by reducing its like-for-like Scope 1 and 2 
emissions by 12% compared to last year and 
the landmark initiative to secure a renewable 
power purchase agreement, sourcing 
two-thirds of its electricity from a solar plant 
in Devon. 
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. Each year we 
hold a joint meeting with the Audit 
Committee to review the ESG policies and 
effectiveness of the assurance programme in 
place. ESG input is also informing discussions 
at the Nominations Committee regarding 
requisite expertise at Board level and with the 
Remuneration Committee regarding aligning 
compensation with ESG targets. 
Looking forward
Given the fast-evolving pace of the ESG 
agenda, the Committee recognises that it 
needs to be future-focused and evolve its 
priorities to maintain oversight of both 
existing flagship initiatives and capturing new 
opportunities. As such, we revisit the 
materiality assessment for the business each 
year to identify new frontiers to focus on. 
Undeniably, the urgency will remain on 
driving net zero carbon transition at pace and 
the Committee will continue to closely 
monitor the Company’s progress on its net 
zero pathway. However, we realise that nature 
and ecological crisis goes hand in hand with 
climate mitigation and warrants a robust 
business response.
This will form a key part of Committee 
activity in the coming year, in addition to 
continuing to further evolve our approach to 
social impact and its scalability. 
Dear shareholder,
I am pleased to present the report of the ESG 
Committee for the year ended 31 March 2024.
The ESG Committee was established in April 
2022 to bolster the Board’s oversight of 
environmental and social issues. Recognising 
the growing significance of ESG matters and 
the imperative to lead the business into a 
sustainable future, the Board deemed it 
prudent to create a dedicated forum for 
in-depth oversight of business sustainability 
strategy. 
From the beginning, the Committee agreed 
that there would be four key themes for it to 
focus on: 
(i) 	 having a clear and a credible path to net 
zero; 
(ii) 	 evidencing long-term commitment to 
social welfare;
(iii) 	active management of ESG risks and 
opportunities; and
(iv) 	maintaining high standards of corporate 
governance and reporting.
182
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
As the Chair of the ESG 
Committee, guiding the business 
towards a sustainable future 
has been my steadfast principle. 
I take immense pride in the 
heightened environmental and 
social impact we’ve achieved this 
year, creating value for all our 
stakeholders. Sustainability 
is now authentically embedded 
in our business culture, with the 
entire workforce mobilised, 
as it rightfully should be.

ESG COMMITTEE REPORT CONTINUED
ESG COMMITTEE CHAIR’S LETTER CONTINUED
As we embark on the third year of our 
journey, I am delighted to share the news that, 
starting April 2024, Manju Malhotra will assume 
the role of Chair for the ESG Committee. 
With a wealth of experience in understanding 
business ESG drivers and a personal 
commitment to maximising stakeholder 
value, Manju is exceptionally well-suited to 
lead the Committee and guide its strategic 
direction. Her passion for sustainability and 
proven expertise will undoubtedly contribute 
to the continued success of the Committee 
in fostering a sustainable and responsible 
future for the business.  
Duncan Owen
Chair of the ESG Committee
4 June 2024
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 reporting  
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 Chief Executive Officer along with the 
Workspace Board have the highest level of 
responsibility on all ESG matters. 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 comprising five independent 
Non-Executive Directors, the Chief Executive 
Officer and the Chief Financial Officer is set up to 
assist the Board in incorporating ESG 
considerations in business strategy and decision 
making. 
The ESG Committee receives a detailed update on 
Workspace’s sustainability strategy and climate-
related goals three times a year, from members of 
the Executive Committee and the Head of 
Sustainability. The update from the Committee and 
any associated recommendations are then put 
forward to the Board for consideration. 
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 
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 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, which were created in 
September 2022 and 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 the Board effectiveness review 
undertaken this year, the ESG Committee’s 
performance was assessed through an external 
evaluation. The outcomes and actions of this 
evaluation are listed below. It was concluded that 
the ESG Committee was operating effectively.
Outcomes
	
– Consider how to shift Committee focus from 
learning to deliberation and decision making.
	
– Ensure that the ‘S’ of the ESG is well understood 
by the Committee and therefore the Board.
	
– Keep under review whether the Committee 
should continue to comprise the whole Board, 
and at which point a smaller Committee may be 
able to do heavy lifting or add greater value.
Actions
	
– Format of Committee meetings and supporting 
papers was reviewed to ensure the members are 
provided with comprehensive contextual 
information as pre-read, allowing for greater time 
deliberating key issues and implications.
	
– Allow for dedicated time in the Committee 
agenda to receive a detailed briefing on social 
strategy and set increasingly progressive social 
impact targets. 
183
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
I am thrilled to step into the role of 
Chair of the ESG Committee. With 
Workspace already built on robust 
sustainability foundations, I am 
looking forward to the opportunity 
to offer effective oversight and 
steer the Committee in setting 
a strategic course for the future.
Manju Malhotra
Non-Executive Director

ESG COMMITTEE REPORT CONTINUED
SPOTLIGHT  
ON RENEWABLE 
ENERGY 
PROCUREMENT
184
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
This year we achieved a major milestone in 
our net zero carbon transition by signing a 
long-term agreement to source two-thirds 
of our electricity from a newly constructed 
solar plant in Devon. Thereby also 
contributing to the UK’s clean energy 
capacity. This agreement marks the first 
clean energy power purchase agreement 
made by a London office provider to date. 
This move further solidifies Workspace’s 
position as a market leader in providing 
sustainable work spaces and will help our 
customers in achieving their own 
sustainability ambitions by significantly 
reducing their emissions. 
This agreement clearly 
demonstrates how our scale as 
an operator of five million sq. ft. 
of work space, our focus on 
sustainability and our strong 
financial position have allowed 
us to take an important 
leading step in our industry. 
The deal delivers significant 
value for our stakeholders and 
underpins the long-term 
energy security for the Group 
and our customers.
Dave Benson
Chief Financial Officer
2/3rd
OF ELECTRICITY DEMAND WILL BE MET BY SOLAR PLANT

ESG COMMITTEE REPORT CONTINUED
ENVIRONMENTAL
Climate change policy
Ensures that we conduct our business in a climate responsible way
Environmental policy
Ensures that we conduct our business in an environmentally 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 management
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
SOCIAL
Health and safety policy
Ensures that we deliver on our obligations under health and safety legislation. The policy aims to 
reduce accidents and it endeavours to control 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
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
Social impact framework
Sets out Workspace’s strategy for delivering positive stakeholder impact. The framework is published 
externally in the annual report
GOVERNANCE
ESG-linked remuneration
To ensure ESG is treated as a strategic priority for the business, with leadership accountability
Risk management framework
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. Ensures that 
staff will be protected from retribution
Inclusion and diversity policy
Ensures that we are committed to supporting diversity and to creating an inclusive culture
Once a year, Workspace holds a joint 
meeting of the Audit Committee and the 
ESG Committee. The primary objective 
of this meeting is to review and approve 
a comprehensive assurance programme 
designed to evaluate the effectiveness 
of policies and processes related to 
ESG matters.
The table on the right lists the policies and 
procedures that support the implementation 
of Workspace’s ESG strategy. These policies 
ensure that Workspace conducts its business 
in an environmentally and socially 
responsible manner. Additionally, the risk 
management framework has been applied 
to establish a robust process for assessing 
and managing all ESG risks.
The Committees’ detailed review of all 
ESG policies and the related assurance 
programme confirmed that all policies 
are being effectively implemented.
ESG POLICIES,  
PROCEDURES AND  
RELATED ASSURANCE
185
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
Workspace has a robust 
assurance programme, supported 
by internal and external checks to 
ensure compliance with policies.
Rosie Shapland
Senior Independent  
Non-Executive Director

Lesley-Ann Nash
Chair of the Remuneration Committee
 
Our focus is on maintaining 
a remuneration approach that 
motivates our people and supports 
our strategic objectives.
QUICK LINKS
Membership and attendance at Remuneration Committee 
meetings
Page 187
Chair’s letter
Page 188
Remuneration at a glance
Page 189
REMUNERATION
186
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
MEMBERSHIP AND ATTENDANCE AT  
REMUNERATION COMMITTEE MEETINGS
KEY TOPIC
ACTIVITY
OUTCOME
EXECUTIVE 
AND SENIOR 
MANAGEMENT 
REMUNERATION 
FRAMEWORK
The Committee reviewed annual bonus outcomes 
for 2022/23 and considered the outcome of the 
2020 LTIP grant, which vested at 50% of maximum 
in June 2023. Performance metrics and targets 
were determined in line with our remuneration 
structure. For the 2023/24 financial year, the 
Committee also reviewed the targets for the 
annual bonus and 2023 LTIP grant.
After careful consideration, the performance measures 
and targets for the 2023 LTIP were revised to better align 
with Workspace’s evolving strategy. Restricted Share 
Awards were introduced and awarded in June 2023 
(excluding Executive Directors), replacing the 
performance based LTIP structure. This ensures 
employees below Board level are rewarded appropriately 
for their continued contribution to the business. 
REFLECTING 
ESG TARGETS 
UNDER THE 
ANNUAL BONUS 
AND THE LTIP
Recognising sustainability is inherent to the 
values of the Company and is heavily reflected 
in remuneration. With this in mind and as part of 
our ongoing objectives, we had the opportunity 
to better align the 2023 LTIP with our strategic 
plan. The LTIP measures and weightings that were 
agreed are Total Shareholder Return (TSR) (25%), 
Earnings Per Share (EPS) (25%), Total Accounting 
Return (TAR) (25%) and Environmental Social and 
Governance (ESG) (25% – the first time we 
introduced this measure in our LTIP). 
The Committee identified precise ESG metrics and 
targets for inclusion in the Company’s variable pay as 
part of the 2023 Remuneration Policy Review. After 
careful consideration, ESG, as a performance measure, 
was introduced in the 2023 LTIP, with a 25% weighting. 
We have also retained our sustainability metric within the 
annual bonus. Meetings were held with investors where 
the Committee Chair and Company Secretary explained 
the rationale for the selected ESG performance metrics 
and targets, details of which were also disclosed in the 
2023 Annual Report.
GENDER 
PAY GAP
The Remuneration Committee continues to 
monitor the requirements under the Equality 
Act 2010. Any employer with more than 250 
employees on 5 April each year (the ‘Snapshot 
Date’) is required to publish a gender pay gap 
report. Having reached this threshold for the first 
time at the Snapshot Date of 5 April 2022, we 
published our first gender pay gap report in 
March 2023.
As of 5 April 2023, 283 employees were employed and 
therefore the Company was required to publish a further 
gender pay gap report in March 2024. The Committee 
evaluated the data presented by the HR team, illustrating 
that the Company does have a gender pay gap in hourly 
pay and bonus on both mean and median measures. 
The main reason for the gap continues to be that 
proportionally more men are employed at the upper 
quartile and actions being undertaken to address the 
gender pay gap were discussed by the Committee.
WIDER 
WORKFORCE 
REMUNERATION
The Committee reviewed wider workforce 
remuneration arrangements and took these 
into account when reviewing remuneration 
for the Executive Directors.
In response to ongoing cost of living pressures, the 
Committee agreed that employees would receive a 5% 
salary increase, effective from 1 April 2024. Most members 
of the Executive Committee were awarded a 4% increase.
COMMITTEE 
GOVERNANCE
The Committee considered key executive 
remuneration trends and market practice 
including updates on the current executive 
pay environment, shareholder guidelines and 
corporate governance revisions.
A review of the results of the external performance 
review of the Remuneration Committee was conducted 
as well as a review of the Committee terms of reference. 
During the year, the Committee approved the Directors’ 
Remuneration Report and Gender Pay Gap Report.
KEY TOPICS CONSIDERED BY THE COMMITTEE DURING THE YEAR
MEMBER SINCE
MEETINGS ATTENDED
Lesley-Ann Nash (Chair)
2021
 
 
 
 
 
  7/7
Duncan Owen1
2023
 
 
  4/4
Rosie Shapland
2020
 
 
 
 
 
  7/7
Stephen Hubbard2
2014
 
  3/3
1.	 Duncan Owen became a member of the Committee in July 2023 and 
he attended all meetings from this date. 
2. 	Stephen Hubbard retired as a Director of the Company in July 2023 and 
he attended 3/3 meetings up to this point.
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 pages 118 to 120. 
Support for the Remuneration Committee
During the year, we sought external support from PwC and 
internal support from the CEO and CFO, whose attendance 
at Committee meetings was by invitation from the Chair, to 
advise on specific questions raised by the Committee and on 
matters 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.
187
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
Lesley-Ann Nash
Chair of the Remuneration Committee
REMUNERATION COMMITTEE  
CHAIR’S LETTER
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 and reflect alignment with our 
different stakeholders. More information 
on this can be found on pages 191 to 192. 
I would like to take this opportunity to thank 
our shareholders for their support for our 
Directors’ Remuneration Policy which was 
overwhelmingly approved at the 2023 AGM 
by 99.8% of voting shares. Coupled with the 
99.9% support we received for our 2023 
Directors’ Remuneration Report, we believe 
this reflects shareholder confidence in our 
balanced approach to executive remuneration. 
The Committee remains focused on its role in 
promoting performance to develop long-term 
value for all stakeholders and continues to be 
guided by its key principles which are detailed 
on page 195.
Business performance
This year we have continued to see robust 
demand from businesses for the truly flexible 
offer we provide in our vibrant locations. 
This can be seen in our results with net rental 
income up 8.2%, driven by increased pricing 
and stable occupancy.
Throughout the year, we have continued 
to focus on operational excellence and have 
actively managed our portfolio to meet 
changing customer needs. We completed a 
large number of smaller unit refurbishments 
and subdivisions, which deliver strong 
immediate returns, as well as making good 
progress on our larger projects. As expected, 
our property valuations were down as a result 
of movement in market yields. However, 
we have maintained a conservative level 
of gearing, with the continuing disposal 
of non-core properties further 
strengthening our balance sheet.
The experience of our stakeholders
In reviewing the outcomes for 2023/24 
remuneration for our Executive Directors, 
the Committee actively considered the wider 
context, such as the experience of all the 
Company’s stakeholders during the year, 
including our shareholders, employees, 
customers and suppliers. 
Throughout the year, we have been 
mindful of the challenges that our employees 
continue to face in the current economic 
environment. In this context, the Company 
agreed that for 2024/25, staff salaries would 
increase by 5%, with the increase being 
accelerated to be paid from April 2024. 
This follows a 6% increase in 2023/24, with 
a minimum uplift of £3,000 for staff earning 
below £50,000. More information about 
other benefits and pay that are offered to 
employees can be found on page 197.
In addition, this year we have reviewed 
a number of our family-related policies. 
We have increased maternity and paternity 
pay, introduced total reward statements 
so that employees have greater visibility of 
their remuneration package and introduced 
charity giving so that employees can make 
use of salary sacrifice arrangements to 
donate to their chosen charities. We have 
also launched two new benefits to replace 
our previous employee health cash plan, 
giving staff access to annual health checks, 
consultations on mental health and nutrition 
and a cash plan enabling staff to claim 
reimbursements for certain health-related 
expenses, such as optical and dental services.
Last year, we published our inaugural gender 
pay gap report and this year’s report can 
be found on our website. The Board and the 
Committee continue to be fully committed to 
creating a diverse and inclusive culture that 
attracts the best individuals to our Company.
Dear shareholders,
As Chair of the Remuneration Committee 
and on behalf of the Board, I am pleased 
to present our 2024 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 
195 to 197.
	
– A summary of our current Directors’ 
Remuneration Policy for Executive 
Directors approved by shareholders 
at our 2023 AGM – pages 198 to 201.
	
– The Annual Report on Directors’ 
remuneration explaining the remuneration 
outcomes for 2023/24 and the 
implementation of pay for 2024/25 – 
pages 202 to 217.
In producing this year’s Remuneration 
Report, the Committee has sought to 
present a clear and concise statement of 
our key decisions in respect of reward and 
recognition at Workspace, including how 
our approach to pay cascades throughout 
the organisation. 
8.7%
INCREASE IN TRADING PROFIT  
AFTER INTEREST
8.5%
INCREASE IN DIVIDEND PER SHARE  
COMPARED TO PRIOR YEAR
86.1%
CUSTOMER SATISFACTION 
99.8%
2023 REMUNERATION POLICY VOTE
Gender pay gap report
Page 130
188
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
We have also relaunched our InspiresMe 
programme, providing work experience 
and careers advice for students and 
disadvantaged young people in our 
communities and contributed £66,199 to 
our charity partner, Single Homeless Project.
A more detailed summary of how the 
remuneration outcomes align with the 
experience of our other stakeholders 
is set on page 191.
Remuneration outcomes in 2023/24
The formulaic outcome under the bonus 
was 67.1% of maximum which equates to 
100.7% of salary for the CEO and 80.5% of 
salary for the CFO. This results in £538,500 
to the CEO and £296,300 to the CFO. 
This reflects strong performance across our 
annual bonus measures, in particular in profit, 
sustainability and customer satisfaction. 
With ESG so high up the Company’s agenda, 
we are pleased that this metric has paid out 
in full. Further details of the outcomes are 
set out on page 207. Of the bonus award, 
33% will be deferred in shares for three 
years under the Deferred Bonus Plan. 
Vesting of 2021 LTIP 
The LTIP awards granted to Graham Clemett 
and Dave Benson in 2021 were subject to 
performance conditions measured over the 
three financial years from 1 April 2021 to 
31 March 2024. 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, 
however, was ranked within the 25th 
percentile, meaning that this element 
did not pay out. Therefore, the overall 
formulaic outcome is 50%.
This equates to a total of £342,377 for 
Graham Clemett and £235,600 for Dave 
Benson (these figures include dividend 
equivalents). The net vested shares will 
be subject to a two-year holding period.
Following evaluation of the formulaic 
outcomes for both the annual bonus and 
LTIP, the Committee considered the results 
against the underlying performance of the 
Company in what continues to be challenging 
market conditions, as well as the experience 
of our stakeholders over the performance 
period, and determined no adjustments 
to outcomes were required.
Proposed implementation of policy  
for 2024/25
As I set out at the beginning of this 
statement, the renewal of our Directors’ 
Remuneration Policy received 
overwhelmingly strong support from our 
shareholders at the 2023 AGM. We believe 
this policy remains fit for purpose as it 
continues to align with our strategic priorities.
Base salary
The CEO will receive a base salary increase 
of 4%, which is below the level awarded to 
the wider workforce, and this took effect 
from 1 April 2024.
 
The CFO will receive an increase of 8.7%, 
taking his salary to £400,000. 
 
The CFO’s package has slipped below his 
peers over the last few years. The increase in 
salary will place his total compensation in line 
with the lower quartile of the industry peer 
group. The Committee remains conscious 
of ensuring that any salary increase that is 
awarded to Executive Directors is typically 
the same level, if not below that of the 
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 2024. The full tables can be found 
on pages 193 and 194.
Graham Clemett
Chief Executive Officer
2023/24 
£000
Fixed pay
 Base salary
535.0
 Pension1
53.5
 Benefits2
21.8
Total fixed
610.3
Variable pay
 Annual bonus3
538.5
 LTIP4,5
342.4
 Other (SAYE, SIP)
4.5
Total variable
885.4
Total
1,495.7
of which share price growth
0
Dave Benson
Chief Financial Officer
2023/24 
£000
Fixed pay
 Base salary
368.0
 Pension1
36.8
 Benefits2
0
Total fixed
404.8
Variable pay
 Annual bonus3
296.3
 LTIP4,5
235.6
 Other (SAYE, SIP)
4.5
Total variable
536.4
Total
941.2
of which share price growth
0
1.	 Pension: During 2023/24 each of Messrs 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.	 Annual bonus: This is the total bonus earned in respect of performance during the relevant year. For 2023/24, the 
Committee set a minimum deferral requirement of 33% of the bonus earned. For 2023/24, this deferral was equivalent 
to £177,705 for Mr Clemett and £97,779 for Mr Benson.
4.	 None of the LTIP single figure is attributable to share price growth.
5.	 The 2023/24 figure includes the estimated value of 50% of the 2021 LTIP shares that vested based on performance to 
31 March 2024. The share price used is the three-month average to 31 March 2024 of £5.11. 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 2021 LTIP award – this figure therefore includes the 
value of dividend equivalents accrued on the shares that are vesting over the relevant performance period.
189
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
wider workforce. However, this exception 
is important to the Committee, given that 
the CFO has been in role for the last four 
years and has made a strong contribution 
over this period, assisting the CEO in the 
succesful management of the Company 
through the challenges of COVID, securing of 
new finance facilities including the issue of a 
Green Bond and the recent implementation of 
a new finance and admin system. In addition, 
we remain mindful of his role as we transition 
our new CEO. For these reasons, the 
Committee concluded that this salary 
increase is appropriate. Executive Director 
salary increases took effect from 1 April 2024. 
 
Annual Bonus 2024/25
The Committee regularly reviews the 
targets and weightings of incentives to 
ensure that they continue to align to 
Workspace’s strategic priorities and support 
the Company’s culture and values. Following 
its review, the Committee determined that for 
the 2024/25 annual bonus, the performance 
measures would remain unchanged from 
2023/24 but a slight change to the weightings 
should apply to ensure there is a greater focus 
on our strategic financial objectives. 
In addition, the Committee reviewed how our 
sustainability strategy is reflected across our 
incentives, with ESG metrics representing 
20% of award within the annual bonus and 
25% within the LTIP. Given the shorter-term 
nature of the annual bonus, it was determined 
that going forward, the sustainability 
objective should represent 10% of award and 
would focus on the people and community 
support elements of our ESG strategy. The 
targets to be set for 2024/25 would 
encompass customer advocacy of our 
sustainability credentials, increasing our 
social value and championing diversity and 
inclusion. Further, in light of the headwinds 
on climate change and associated regulations, 
we believe that prioritising resilience and 
reducing energy intensity usage within our 
portfolio will be crucial to protecting long-
term shareholder value. As a consequence, 
ESG, as a performance measure within the 
LTIP, representing 25% of the award, would 
focus on increasing EPC A/B rated space 
and reducing scope 1 and 2 emissions. 
Therefore, for 2024/25 the annual bonus 
performance measures and weightings 
will be: Financial objectives (Trading profit 
after interest (50%), Strategic financial 
(20%, previously 10%)), Sustainability 
(10%, previously 20%), Operational efficiency 
(10%) and Customer satisfaction (10%). 
The Committee believes these measures 
appropriately incentivise the Directors to 
deliver in-year performance that is aligned 
to each of the three pillars of our strategy. 
We set out further evidence of this alignment 
on pages 195 to 197.
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 212 for further details.
2024 LTIP
Following a review last year, the Committee 
amended the measures for the LTIP in order 
to further improve alignment between the 
performance conditions and the Company’s 
strategy. This year, the Committee 
determined that these measures remain fit for 
purpose, therefore the measures for the 2024 
LTIP award, due to be granted in June, will 
remain unchanged from the previous year’s 
grant, with the exception of a small 
adjustment to the targets of the Total 
Accounting Return measure. The measures 
and weightings that will apply are as follows: 
Total Shareholder Return (TSR) relative to 
FTSE 350 Real Estate companies (excluding 
agencies) (25%), Total Accounting Return 
(TAR) (25%), Earnings Per Share Growth 
(EPS) (25%) and Environmental, Social and 
Governance (ESG) metrics (25%).
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. Further details of the 
LTIP that will be granted in June 2024 can 
be found on page 213.
Chief Executive Officer (CEO) Succession 
In January 2024, we announced Graham 
Clemett’s intention to retire from his role as 
Chief Executive Officer. As Graham serves his 
notice period, he will continue to receive his 
base salary, benefits and pension. In addition, 
he will remain eligible for a 2024/25 annual 
bonus, which will be pro-rated for time 
served, and a 2024 LTIP award, subject 
to performance and time proration. All 
remuneration received by Graham in relation 
to his retirement, including the treatment of 
his outstanding incentives, will be in 
accordance with our approved policy. In line 
with the policy, he will also be subject to 
post-cessation shareholding requirements.
A key focus of the Committee since Graham’s 
announcement has been the remuneration 
arrangements for our new Chief Executive 
Officer. Lawrence Hutchings was announced 
as the new CEO and he will take up the role 
on a date to be confirmed. The terms of the 
remuneration package for Lawrence comply 
fully with the Directors’ Remuneration Policy 
that was approved by shareholders at the 
2023 AGM. Further information in respect of 
Lawrence’s remuneration upon taking up the 
role of CEO is provided throughout the Report. 
Remuneration Committee Effectiveness
For the year ending 31 March 2024, the 
Company was required to undertake an 
external Board performance review, similar to 
that carried out in 2020/21 to identify 
opportunities to further strengthen Board 
performance and contribution. Fidelio 
Partners has carried out the Board 
performance review and presented their 
findings to the Board in January 2024.
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 
The Committee remains aware of the scrutiny 
on executive pay, and we continue to assess 
our current remuneration policy to ensure 
that it drives the right behaviours and 
continues to evolve in line with our strategy 
and wider stakeholders.
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 2024 AGM.
Lesley-Ann Nash
Chair of the Remuneration Committee
4 June 2024
190
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
Our people
Mindful of the challenging 
economic environment 
faced by our employees, 
the Committee oversaw the 
decision to award salary 
increases of 5% for all 
employees below the 
Executive Committee. The 
introduction of the restricted 
share awards for senior 
employees below Board 
level, in 2023, ensures these 
individuals can share directly 
in the success of Workspace 
and are fully aligned with 
shareholders’ experience.
Employee engagement 
and wellbeing are reflected 
in our sustainability objectives 
as part of our Executive 
Directors’ bonuses. The 
Committee also set 
objectives in order to increase 
our social value contribution. 
Our target during the year 
was to generate £700,000 of 
social value. We successfully 
delivered a series of 
enhanced employee 
wellbeing programmes 
and employment and skills 
initiatives for employees 
such as helplines for stress 
and wellbeing. 72% of 
respondents in our current 
staff survey confirmed that 
Workspace cares about 
employee wellbeing. 
Furthermore, we successfully 
launched our apprenticeship 
programme, supporting 
six apprentices this year. 
In addition, a number of 
initiatives were rolled out this 
year to drive greater diversity 
and inclusion within the 
business. This includes 
119 hours of diversity 
and inclusion training to 
employees. We also aim 
to achieve equal gender 
split across all professional 
training opportunities and 
internal promotions. 
Following on from the year 
end employee survey, 85.5% 
of employees agree that 
Workspace is an inclusive 
employer, up from 80% 
last year.
Our investors
We believe in an open 
dialogue with investors. 
As part of our Directors’ 
Remuneration Policy review, 
the Committee consulted 
with major shareholders and 
investor bodies, receiving 
constructive and positive 
feedback.
In 2023, the Committee 
reviewed the LTIP 
performance measures 
to ensure these continue 
to align to our strategic 
priorities. Subsequently, 
the Committee approved 
the introduction of an EPS 
growth measure for the 
2023 LTIP grant. EPS is an 
important headline measure 
of Workspace’s financial 
performance and profitability. 
The relative TSR condition 
remains an important 
measure in ensuring 
outcomes from the LTIP align 
with the experience of our 
shareholders. Participants 
are only rewarded if returns 
exceed that achieved 
elsewhere in the sector. 
Total Accounting Return as a 
measure, reflects the creation 
of value for shareholders in 
the form of dividends paid 
and growth in Asset Value. 
The use of an ESG measure 
strongly aligns to the 
sustainability pillar of 
our strategy.
CONSIDERATION OF THE EXPERIENCE 
OF OUR STAKEHOLDERS
OUR PURPOSE, STRATEGY AND STAKEHOLDERS
Stakeholder experiences in 2024
Pages 191 to 192
T
h
e 
e
n
vi
r
o
n
m
e
n
t
O
u
r 
c
u
st
o
m
e
r
s
O
u
r 
c
o
m
m
u
n
it
ie
s
O
u
r 
p
a
r
t
n
e
r
s
&
 
s
u
p
p
li
e
r
s
O
u
r 
p
e
o
p
l
e
O
u
r 
i
n
v
e
s
t
o
r
s
OUR PURPOSE
IS TO GIVE
BUSINESSES
THE FREEDOM
TO GROW
S
u
st
ai
n
a
b
le
 f
r
o
m
 t
h
e
 i
n
si
d
e
 
o
u
t
D
ri
vi
n
g 
c
u
st
o
m
e
r-
le
d
 
g
r
o
w
t
h
D
el
iv
e
ri
n
g
 
o
p
e
ra
ti
o
n
al
 e
x
c
el
le
n
c
e
191
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
CONSIDERATION OF THE EXPERIENCE OF OUR STAKEHOLDERS CONTINUED
Our partners and suppliers
We work with a broad range 
of long-term partners and 
these relationships are 
governed by stringent ethical 
and sustainability standards. 
As an accredited Living 
Wage employer ourselves, 
we are committed to paying 
the Real London Living Wage 
to 100% of our suppliers 
and partners working on 
Workspace premises. All 
of our suppliers are required 
to comply with our supplier 
code of conduct, setting 
minimum standards of 
sustainability performance 
and ethical conduct.
Our communities
Our buildings positively 
impact communities: by 
providing high-quality, 
affordable space, we bring 
employment into the local 
areas and help create 
community hubs. We 
strongly believe in giving 
something back to the 
communities where we have 
a presence, which is why we 
offer employment support 
to disadvantaged young 
people. This year, we 
partnered with 10 local 
schools to deliver skills and 
employability workshops, 
reaching over 300 
beneficiaries. We also 
worked with our customers 
to offer work placement 
opportunities to 25 students. 
As part of our annual bonus 
sustainability metrics, we 
focused on a number of 
social impact initiatives 
which include adopting 
responsible business 
practices to support our 
people to achieve their best, 
rolling out programmes 
focused on wellbeing, skills, 
employment and local 
community impact. During 
the year, our employees 
devoted 1,440 hours of time 
to volunteer work. The 
delivery of our social value 
objectives have generated a 
total of £847,000, versus our 
target of £700,000, this year. 
The environment
Sustainability is at the heart  
of our strategy and this is 
reflected in incentives for 
our Executive Directors. 
Whilst sustainability 
objectives were already part 
of our annual bonus, in 2023 
the Committee approved the 
introduction of ESG metrics 
for the LTIP from the 2023 
grant. During the year, we 
achieved an 11% reduction in 
energy use intensity across 
the like-for-like portfolio 
compared to last year. 
This is mainly driven by a 
35% reduction in gas use 
across the portfolio due in 
the main to electrification and 
operational improvements. 
In addition, 10.5% of the 
portfolio has been upgraded 
to an EPC A/B rating this 
year. The measures include 
key objectives which directly 
support our strategy 
in focusing on creating 
sustainable environments. 
We signed a long-term 
contract to procure two-
thirds of our electricity 
from a solar plant in Devon, 
contributing 21.1GW of 
additional renewable 
capacity to the UK grid. 
Our customers
Our customers are at the 
heart of our business and this 
is reflected in our strategy, 
with one of our three 
strategic pillars relating 
to customer-led growth. 
Customer satisfaction is a 
measure within our annual 
bonus for our Executive 
Directors and the Committee 
was satisfied that the bonus 
outcomes for the year 
accurately reflected the 
experience of our customers 
at Workspace. In addition, 
we held a number of 
engagement initiatives 
with our customers to drive 
sustainable behaviours and 
supported them with their 
own sustainability 
aspirations. Such 
sustainability initiatives 
were well received by our 
customers, with 79% of 
customers agreeing that 
Workspace is a socially and 
environmentally responsible 
business.
Sustainability underpins 
all that we do at Workspace. 
By introducing ESG performance 
measures within our annual bonus 
and LTIP, we directly support our 
strategy and focus on creating 
sustainable environments. 
192
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
GRAHAM CLEMETT
CHIEF EXECUTIVE OFFICER
Fixed components  
of executive pay
£000
Base salary
535.0
Pension
53.5
Benefits
21.8
Total fixed
610.3
Variable components  
of executive pay
£000
Annual bonus
538.5
LTIP
342.4
Other – SAYE, SIP
4.5
Total variable
885.4
Single figure for 2023/24
1,495.7
SUMMARY OF EXECUTIVE
DIRECTORS’ TOTAL  
REMUNERATION
ANNUAL BONUS
OUTCOMES UNDER THE 2023/24 ANNUAL BONUS
Measure:
Threshold
(0% Payable)
Maximum
(100% payable)
Outcome	
Weighting
(% of award)	
(% of award)
CEO actual
£000
Trading profit after interest
£64.9m
£68.6m
50%
21.9%
175.7
Actual: £66.3m1
Strategic financial objectives
0%
100%
10%
7.5%
60.2
Actual: 75%
Sustainability objectives
0%
100%
20%
20%
160.5
Actual: 100%
Operational efficiency
0%
100%
10%
7.7%
61.8
Actual: 77%
Customer satisfaction
80%
86%
10%
10%
80.3
Actual: 86.1%
Bonus outturn
67.1%
538.5
As a percentage of salary
100.7%
1.	 Adjusted by £0.3m due to exceptional costs in relation to CEO transition.
LTIP
OUTCOMES UNDER THE 2021 LTIP PERFORMANCE MEASURES OVER THE PERIOD 1 APRIL 2021 TO 31 MARCH 2024
Measure:
Threshold
(20% payable)
Maximum
(100% payable)
Formulaic outcome
(% of award)
CEO actual
£000
Total shareholder return (TSR)
Relative to FTSE 350 Real Estate companies 
(excluding agencies)
MEDIAN
UPPER QUARTILE
0%
50%
299.0
of which share price: 
£NIL
Actual: 25th percentile
Total property return (TPR)
versus IPD
MEDIAN
UPPER QUARTILE
50%
50%
43.4
Dividend equivalent: 
Actual: 95th percentile
Total
50%
100%
342.4
193
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
DAVE BENSON 
CHIEF FINANCIAL OFFICER
Fixed components  
of executive pay
£000
Base salary
368.0
Pension
36.8
Benefits
0
Total fixed
404.8
Variable components  
of executive pay
£000
Annual bonus
296.3
LTIP
235.6
Other – SAYE, SIP
4.5
Total variable
536.4
Single figure for 2023/24
941.2
SUMMARY OF EXECUTIVE
DIRECTORS’ TOTAL  
REMUNERATION
ANNUAL BONUS
OUTCOMES UNDER THE 2023/24 ANNUAL BONUS
Measure:
Threshold
(0% Payable)
Maximum
(100% payable)
Outcome	
Weighting
(% of award)	
(% of award)
CFO actual
£000
Trading profit after interest
£64.9m
£68.6m
50%
21.9%
96.7
Actual: £66.3m1
Strategic financial objectives
0%
100%
10%
7.5%
33.1
Actual: 75%
Sustainability objectives
0%
100%
20%
20%
88.3
Actual: 100%
Operational efficiency
0%
100%
10%
7.7%
34.0
Actual: 77%
Customer satisfaction
80%
86%
10%
10%
44.2
Actual: 86.1%
Bonus outturn
67.1%
296.3
As a percentage of salary
80.5% 
1.	 Adjusted by £0.3m due to exceptional costs in relation to CEO transition.
LTIP
OUTCOMES UNDER THE 2021 LTIP PERFORMANCE MEASURES OVER THE PERIOD 1 APRIL 2021 TO 31 MARCH 2024
Measure:
Threshold
(20% payable)
Maximum
(100% payable)
Formulaic outcome
(% of award)
CFO actual
£000
Total shareholder return (TSR)
Relative to FTSE 350 Real Estate companies 
(excluding agencies)
MEDIAN
UPPER QUARTILE
0%
50%
205.8
of which share price: 
£NIL
Actual: 25th percentile
Total property return (TPR)
versus IPD
MEDIAN
UPPER QUARTILE
50%
50%
29.8
Dividend equivalent: 
Actual: 95th percentile
Total
50%
100%
235.6
194
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ALIGNING OUR REMUNERATION PRINCIPLES WITH OUR PURPOSE AND STRATEGY AND THE EXPERIENCE 
OF ALL OUR STAKEHOLDERS
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 2024 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. 
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 the sustainability pillar of our strategy. 
Staying ahead of the sustainability curve 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 seeks to embed simplicity and transparency in 
the design and delivery of Executive reward. The remuneration 
structure is simple to understand for both participants and 
shareholders and is clearly aligned to the strategic priorities 
of the business. This aligns with the ‘clarity’, ‘simplicity’ and 
‘predictability’ principles under Provision 40 of the UK 
Corporate Governance Code. 
CONSISTENCY  
OF APPLICATION
Short and long-term incentive plans, operated across the 
organisation, explicitly reward the delivery of the business 
strategy. A high percentage of rewards are delivered in the form 
of equity, meaning that Executives are strongly aligned with 
shareholders. Executives are also required to build significant 
shareholdings in Workspace. This aligns with the ‘risk’ principle 
under Provision 40 of the UK Corporate Governance Code.
OUR PURPOSE, STRATEGY AND STAKEHOLDERS
Our remuneration approach is aligned to our purpose, values and  
strategy, thereby incentivising delivery for customers and the environment,  
and the creation of long-term value for all of our stakeholders.
Stakeholder experiences in 2024
Pages 191 to 192
195
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
T
h
e 
e
n
vi
r
o
n
m
e
n
t
O
u
r 
c
u
st
o
m
e
r
s
O
u
r 
c
o
m
m
u
n
it
ie
s
O
u
r 
p
a
r
t
n
e
r
s
&
 
s
u
p
p
li
e
r
s
O
u
r 
p
e
o
p
l
e
O
u
r 
i
n
v
e
s
t
o
r
s
OUR PURPOSE
IS TO GIVE
BUSINESSES
THE FREEDOM
TO GROW
S
u
st
ai
n
a
b
le
 f
r
o
m
 t
h
e
 i
n
si
d
e
 
o
u
t
D
ri
vi
n
g 
c
u
st
o
m
e
r-
le
d
 
g
r
o
w
t
h
D
el
iv
e
ri
n
g
 
o
p
e
ra
ti
o
n
al
 e
x
c
el
le
n
c
e

REMUNERATION CONTINUED
ALIGNING OUR PURPOSE AND STRATEGY WITH OUR REMUNERATION PRINCIPLES AND THE EXPERIENCE OF ALL OUR STAKEHOLDERS CONTINUED
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.
Sustainability
10%
Financial measures 
Trading profit  
after interest 
50%
Operational efficiency
10% 
Customer satisfaction 
10%
Strategic  
financial
20%
Total Shareholder Return 
(TSR) relative to FTSE 350 
Real Estate companies 
(excluding agencies)
25%
Total accounting return (TAR)
25%
Earnings per share (EPS)  
Growth
25%
Environmental, Social and 
Governance (ESG) measures 
25%
– Our investors
– Our partners & suppliers
– Our investors
– The environment
– Our communities
– Our people
– Our partners & suppliers
– Our investors
– Our customers
– Our people
– Our investors
– Our customers
– The environment
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.
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.
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.
Environmental, Social and Governance (ESG) measures
ESG measures demonstrate our commitment to long-term Company 
strategy focusing on creating sustainable environments.
ELEMENT OF 
REMUNERATION
WHY IT IS IMPORTANT TO DELIVER OUR STRATEGIC PRIORITIES  
AND SUPPORT OUR STAKEHOLDERS 
LINK TO DIFFERENT 
STAKEHOLDERS 
2024/25  
ANNUAL BONUS
LINK TO STRATEGIC  
PRIORITIES 
– Being sustainable 
from the inside out 
– Driving customer-led 
growth
– Driving customer-led 
growth
– Delivering operational 
excellence
– Delivering operational 
excellence
– Being sustainable 
from the inside out 
– Delivering operational 
excellence
– Driving customer-led 
growth
– Delivering operational 
excellence
– Driving customer-led 
growth
– Delivering operational 
excellence
– Being sustainable 
from the inside out 
2024 LTIP
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. 
Sustainability 
The sustainability objectives incentivise the Executive Directors 
to deliver progress against our three-pillar sustainability strategy.
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.
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.
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.
MEASURES (% of award)
196
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ALIGNING OUR PURPOSE AND STRATEGY WITH OUR REMUNERATION PRINCIPLES AND THE EXPERIENCE OF ALL OUR STAKEHOLDERS CONTINUED
WORKSPACE’S APPROACH TO REMUNERATION AND HOW WE INCENTIVISE AT ALL LEVELS WITHIN THE COMPANY
ALL EMPLOYEES
ALL EMPLOYEES
ALL EMPLOYEES
EXECUTIVE DIRECTORS ONLY
REST OF EMPLOYEES
ALL EMPLOYEES
EXECUTIVE DIRECTORS ONLY
REST OF EMPLOYEES
CERTAIN SENIOR STAFF AND OTHER STAFF MEMBERS
ALL EMPLOYEES
ALL EMPLOYEES
Salaries are set to reflect market value of the role and aid recruitment and retention. 
From April 2024, we awarded a 5% increase to all staff, below the Executive Committee. For more details on Executive Director and Executive Committee salary 
increases, see pages 187 and 190.
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 want to create an environment that promotes healthy behaviours and ensures that employees have access to advice and information to improve their health and wellbeing.
Employees at all levels are eligible for company-funded healthcare, an enhanced company sick pay scheme, and have access to a medical advice and information service. 
All colleagues have free 24/7 access to our employee assistance programme, which provides counselling and support to them and their households. We have delivered 
mental health awareness training to all employees, and we direct employees to relevant support services.
All colleagues have access to a variety of additional voluntary benefits to suit their lifestyle. We have introduced two new benefits to replace our previous employee cash 
plans, giving staff access to annual health checks, mental health and nutritional consultation. Colleagues can choose from a range of deals and discounts all year round, 
and can donate to their chosen charities directly from their pay.
All colleagues are eligible for the annual bonus programme. The bonus award is designed to reward the delivery of targets and objectives directly linked to the financial 
and strategic performance of the Group set each year. All employees are set objectives as part of our appraisal process and these are agreed with the relevant Head of 
Department to ensure alignment across the Company.
Deferral of part of bonus into shares aligns the interests of Executive Directors  
and shareholders.
Not applicable. 
Discretionary annual grant of shares that vest subject to continued 
employment and performance conditions measured over three years. 
Not applicable. Bonus deferral applies to Executive Directors only. 
Executive Directors do not receive RSAs as they participate in the LTIP. 
Any colleague can become a shareholder in our Company and share in our success by participating in our SAYE scheme. All colleagues have the option to buy shares 
in Workspace at a discounted price (after a three-year or five-year saving period elapses).
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.
REMUNERATION ELEMENT
ANNUAL
BONUS
SHARE
OWNERSHIP
BENEFITS
PENSION
ALL EMPLOYEES
EXECUTIVE DIRECTORS DO NOT RECEIVE AN RSA
Health and 
wellbeing 
benefits
Flexible 
benefits
Cash
Deferral
LTIP
Restricted 
Share Awards 
(RSAs)
Save As You 
Earn (SAYE)
Share Incentive 
Plan (SIP)
Rest of employees1
327
Executive Directors 
2
BASE SALARY
1.	 As at 31 March 2024.
197
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
In this section we provide a summary of the 
key elements of the Remuneration Policy for 
Executive Directors approved by 
shareholders at our 2023 AGM. In addition, 
we have set out how the Policy was operated 
in 2023/24 (which was as intended) and how 
it is intended to be operated in 2024/25.
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
To provide market
competitive
pensions.
To reflect market 
value of the role 
and an individual’s 
experience, 
performance and 
contribution.
To provide market
competitive 
benefits.
OPERATION
OPERATION IN THE YEAR 
ENDING 31 MARCH 2025
OPERATION IN THE YEAR 
ENDED 31 MARCH 2024
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: £556,400
CFO: £400,000
(effective from 1 April 2024)
For further details, see 
page 190.
When Lawrence Hutchings 
succeeds Graham Clemett 
as CEO (the date of which 
is to be confirmed), his 
annual salary as CEO 
will be £560,000.
Salary:
Graham Clemett 
(CEO): 
£535,000
Dave Benson 
(CFO): 
£368,000
CEO and CFO: 
In line with 2023/2024
When Lawrence Hutchings 
succeeds Graham Clemett 
as CEO (the date of which 
is to be confirmed), he will 
receive a cash allowance in 
lieu of pension of 6% of 
salary for the first year of 
employment and 10% of 
salary thereafter.
Graham Clemett 
(CEO):
10% of salary 
Dave Benson 
(CFO):
10% of salary
No change. 
When Lawrence Hutchings 
suceeds Graham Clemett 
as CEO (the date of which 
is to be confirmed) he will 
be eligible to receive 
benefits in line with 
the policy.
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.
Includes car 
allowance, private 
health insurance 
and other benefits.
BENEFITS
PENSION
BASE SALARY
2024–2025
2025–2026
2026–2027
2027–2028
2028–2029
FIXED COMPONENTS OF EXECUTIVE PAY
198
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
OUR REMUNERATION POLICY CONTINUED
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.
KEY ELEMENT
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:
Graham Clemett (CEO):  
Up to 150% of salary
Dave Benson (CFO):  
Up to 120% of salary
Performance conditions  
and weightings:
(As % of award)
	
– Trading Profit (50%)
	
– Strategic Financial (10%)
	
– Sustainability (20%)
	
– Operational efficiency 
(10%)
	
– Customer satisfaction 
(10%)
Executive Directors  
awarded bonuses of:
Graham Clemett (CEO): 
100.7% of salary
Dave Benson (CFO): 
80.5% of salary
Deferral of 33% of bonus 
earned.
See page 207 for further 
details on bonus outcomes.
Maximum Opportunity:
Graham Clemett (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%)
	
– Sustainability (10%)
	
– Operational efficiency (10%)
	
– Customer satisfaction (10%)
See page 212 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. 
The annual bonus opportunity for Graham Clemett 
will proceed on the usual timetable and will be 
pro-rated to reflect the proportion of FY25 that was 
spent in employment.
When Lawrence Hutchings succeeds Graham Clemett 
as CEO (the date of which is to be confirmed), his 
eligibility to participate in the Company’s Annual 
Bonus Plan, at the discretion of the Committee, will 
be subject to the attainment of applicable 
performance conditions. The bonus opportunity for 
Lawrence, for the financial year of the Company in 
which he commences his employment will be time 
pro-rated to reflect the proportion of the relevant 
financial year in which he is employed.
ANNUAL BONUS
OPERATION
OPERATION IN YEAR 
ENDING 31 MARCH 2025
OPERATION IN THE YEAR  
ENDED 31 MARCH 2024
PERFORMANCE METRICS
2024–2025
2025–2026
2026–2027
2027–2028
2028–2029
VARIABLE COMPONENTS OF EXECUTIVE PAY
199
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
OUR REMUNERATION POLICY CONTINUED
REMUNERATION POLICY TABLE CONTINUED
VARIABLE COMPONENTS OF EXECUTIVE PAY CONTINUED
KEY ELEMENT
2024–2025
2025–2026
2026–2027
2027–2028
2028–2029
OPERATION 
CURRENT SHAREHOLDINGS1
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.
SHAREHOLDING
REQUIREMENT
Graham Clemett (CEO): 209% of salary
Dave Benson (CFO): 123% of salary
Graham Clemett’s post-cessation shareholding requirement will apply 
in line with the policy.
Lawrence Hutchings will be expected to build up and maintain a shareholding 
in the Company with shares equivalent to 200% of basic salary.
1. 	 Based on a share price of £5.0332 being the average share price over the year to 31 March 2024 
and salaries of £535,000 and £368,000 for Graham Clemett and Dave Benson respectively.
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.
LONG TERM 
INCENTIVE 
PLAN (LTIP)
Maximum Opportunity:
Graham Clemett (CEO):
200% of salary
Dave Benson (CFO):
200% of salary
Performance conditions and 
weightings for the 2023 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 2020 LTIP vested in the 
year at 50% of the award. 
See page 211 for further 
details on outcomes.
Grant sizes for:
Graham Clemett (CEO): 200% of salary
Dave Benson (CFO): 200% of salary
No change to maximum LTIP opportunities 
or the performance conditions.
Graham Clemett will be granted a 2024 LTIP award 
which will be pro-rated for time served at the point 
of vesting in June 2027.
When Lawrence Hutchings succeeds Graham 
Clemett as CEO (the date of which is to be 
confirmed), his first ordinary course grant of an 
award under the Company’s LTIP is expected to 
take place in June 2025. The normal maximum 
award is equal to 200% of salary.
On joining the Company, a buyout award of shares 
will be awarded to Lawrence Hutchings. This will be 
granted as soon as practicable after the 
commencement of employment. Further details can 
be found on page 213.
OPERATION 
IMPLEMENTATION 
FOR 2024/25
OPERATION  
FOR 2023/24
PERFORMANCE METRICS
OPPORTUNITY
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.
200
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
OUR REMUNERATION POLICY CONTINUED
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
Graham Clemett, CEO
Dave Benson, CFO
Salary as at 1 April 2024.
Salary as at 1 April 2024.
Current contribution rate of 10% of 
salary.
Current contribution rate of 10% of 
salary.
As provided in the single figure table 
on page 193.
As provided in the single figure 
table on page 194.
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
Fixed pay
On-target
Maximum
Maximum with  
50% share price  
appreciation
0
3,500
3,000
2,500
2,000
1,500
1,000
500
£000
Fixed pay
On-target
Maximum
Maximum with  
50% share price  
appreciation
0
3,500
3,000
2,500
2,000
1,500
1,000
500
£000
201
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
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 188 to 
190 will be put forward at the 2024 AGM of 
the Company on 25 July 2024.
ANNUAL REPORT  
ON REMUNERATION
WHAT WE PAID OUR DIRECTORS IN 2023/24
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. When we set 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. The Committee is pleased to report that 
in the context of delivering strong performance, above on-target 
remuneration has been achieved over recent years.
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
CHART A (I) — GRAHAM CLEMETT
CHIEF EXECUTIVE OFFICER
 Positioning of total remuneration of the 
Company relative to market benchmarks.
CHART A (II) — DAVE BENSON
CHIEF FINANCIAL OFFICER
 Positioning of total remuneration of the 
Company relative to market benchmarks.
OUR SHAREHOLDING REQUIREMENTS
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, in the year, the CEO met his minimum 
shareholding requirements. The CFO joined in April 2020 and is 
building his shareholding.
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 £5.0332 being the average share price over the 
year to 31 March 2024 and salaries of £535,000 and £368,000 for Graham Clemett 
and Dave Benson respectively.
CHART B
OUR SHAREHOLDING  
REQUIREMENT HAS BEEN MET
 Owned outright or vested.
 Unvested and not subject to performance.
 Subject to performance.
CEO
CFO
% of salary
0
400%
300%
200%
100%
MINIMUM SHAREHOLDING 
REQUIREMENT
OVERALL LINK TO REMUNERATION AND EQUITY OF THE 
EXECUTIVE DIRECTORS 
Table A below sets out the single figure for 2023/24, 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
Graham Clemett
Dave Benson
2023/24 single figure (£000)
1,495.7
941.2
Shares held at start of year
141,930
39,765
Shares held at end of year
189,322
64,988
Value of shares at start of year (£000)1
620.2
173.8
Value of shares at end of year (£000)2
971.2
333.3
Difference (£000)
(351.0)
(159.5)
1.	 Based on a closing share price on 31 March 2023 of £4.37.
2.	 Based on a closing share price on 31 March 2024 of £5.13. 
202
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
OUR APPROACH TO FAIRNESS AND WIDER WORKFORCE CONSIDERATIONS
When making remuneration decisions for the 
Executive Board Directors, the Committee 
considers pay, policies and practices 
elsewhere in the Group. 
We receive regular updates from the 
Executive Board Directors, and we monitor 
bonus payout and share award data. 
In this section, we provide context to our 
Executive Board Director remuneration by 
explaining our employee policies and our 
approach to fairness, as well as the ratio 
of CEO pay to that of the wider workforce. 
Communication and engagement 
with employees 
The Board is committed to an open dialogue 
with our employees over various decisions.  
Our Chair, Duncan Owen, is our designated 
Non-Executive Director responsible for 
overseeing employee engagement. During  
the last financial year, employees have been 
informed about activities, performance and 
the Company’s response to the increased 
cost of living through staff briefings held by 
the CEO and other members of the Executive 
team. Mr Hubbard, our previous Chair, 
held one meeting in the financial year and 
Mr Owen, who took over as Chair in July 2023, 
held three meetings since his appointment. 
Lesley-Ann Nash and Rosie Shapland also 
joined Duncan in these meetings. Employees 
are kept informed about activities and 
performance not only through these 
briefings but also by the circulation of 
corporate announcements and other 
relevant information to all staff, 
supplemented by updates on the intranet. 
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 
Savings Related Share Option Scheme 
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 use everyone’s talents and abilities, 
and we value diversity. The Company aims 
to make our promotion and recruitment 
practices fair and objective. We encourage 
continuous development and training, as well 
as the provision of equal opportunities and 
career development for employees. Further 
details of this are shown on pages 163 to 164. 
Retirement benefits 
The Company provides pension benefits for 
the majority of its employees. The Company’s 
commitment to pension contributions, 
consistent with last year, ranges from 6% 
to 10% of an employee’s salary. The pension 
scheme is open to every employee in 
accordance with the Government 
auto-enrolment rules.
203
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

THE YEAR ON YEAR CHANGE IN OUR DIRECTORS’ REMUNERATION
TABLE B
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
Executive Directors
Graham Clemett
3%
-3%
20%
3%
4%
-11%
2%
1%
157%
9%
-15%
-54%
Dave Benson
3%
n/a
-22%
3%
n/a
10%
2%
n/a
157%
n/a
n/a
n/a
Non-Executive Directors
Duncan Owen1
172%
n/a
–
73%
n/a
–
n/a
n/a
–
n/a
n/a
–
Stephen Hubbard2
-67%
n/a
–
6%
n/a
–
10%
n/a
–
198%
n/a
–
Rosie Shapland
0%
n/a
–
31%
n/a
–
194%
n/a
–
n/a
n/a
–
Lesley-Ann Nash
0%
n/a
–
15%
n/a
–
345%
n/a
–
n/a
n/a
–
Nick Mackenzie3
0%
n/a
–
491%
n/a
–
n/a
n/a
–
n/a
n/a
–
Manju Malhotra3
0%
n/a
–
491%
n/a
–
n/a
n/a
–
n/a
n/a
–
All other employees4 
-7%
-20%
-6%
19%
-4%
-11%
5%
-24%
58%
5%
-5%
-5%
1.	 Duncan Owen joined the Board in July 2021 and assumed the role of Chair in July 2023.
2.	 Stephen Hubbard stepped down from the Board on 6 July 2023 and therefore the above information reflects his time in role.
3. 	Nick Mackenzie and Manju Malhotra joined the Board in January 2022, and therefore were paid a partial fee in the prior year.
4. 	The 2024 and 2023 figures have been impacted by the acquisition of McKay. The majority of employees received a minimum of 6% payrise in April 2023 and 5% payrise in April 2024.
The table to the right sets out the changes 
year on year between our Director pay and 
average employee pay. As per our Policy, 
salary increases applied to Executive 
Directors will typically be in line with 
those of the wider workforce.
Table B to the right 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 311 (2023: 291). All employees are 
eligible for consideration for an annual bonus.
REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
204
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
PAY COMPARISONS
Chart C shows the single figure of 
remuneration for our CEO over time, and 
the pay of our average employee, each 
rebased to 2013. 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
Graham Clemett1
–
–
–
–
–
1,349.9
764.4
1,080.0
1,440.3
1,495.7
Jamie Hopkins2
3,533.1
2,262.7
2,205.6
1,674.2
1,728.2
490.9
–
–
–
–
Annual bonus payout
Graham Clemett (% of maximum opportunity)
–
–
–
–
–
–
33%
83%
72%
67.1%
Jamie Hopkins (% of maximum opportunity)
97.2%
95.3%
100%
100%
95.8%
–
–
–
–
–
LTIP vesting 
Graham Clemett (% of maximum opportunity)
–
–
–
–
–
87.24%
0%
0%
50%
50%
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
to employee lower quartile3
–
–
–
–
53x
47x
23x
32x
43x
40x
to employee median
128x
79x
72x
48x
33x
43x
15x
23x
29x
29x
to employee upper quartile3
–
–
–
–
23x
23x
11x
15x
20x
18x
1.	 Mr Clemett assumed the role of Interim CEO on 1 June 2019 and was appointed CEO on 24 September 2019.
2.	 Mr Hopkins was appointed as an Executive Director on 12 March 2012 and stepped down from the Board on 31 May 2019.
3.	 See next page for details on calculation.
CHART C
0
100
200
300
400
500
205
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
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 205), this is the second 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
2024
2023
Option A
Option A
40:1
43:1
29:1
29:1
18:1
20:1
Option A, as set out under the reporting 
regulations, was used to calculate remuneration 
for 2024, as well as 2023 and 2022.
The UK employees included are those 
employed on 31 March 2024 and remuneration 
figures are determined with reference to the 
financial year ended on 31 March 2024.
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 
2023/24 financial year.
25th 
percentile
50th 
percentile
75th 
percentile
Salary
£33,750
£48,000 £40,000
Total pay 
and benefits
£37,750
£51,498
£82,463
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 2024 and the prior year.
Graham Clemett, CEO
Dave Benson, CFO
2023/24
£000
2022/23 
£000
2023/24 
£000
2022/23 
£000
Fixed pay
Base salary
535.0
519.2
368.0
357.3
Pension1
53.5
51.9
36.8
35.5
Benefits2
21.8
22.5
0
0
Total fixed
610.3
593.6
404.8
392.8
Variable pay
Annual bonus3
538.5
448.6
296.3
380.2
LTIP4,5
342.4
398.1
235.6
274.0
Other – SAYE, SIP6
4.5
0
4.5
0
Total variable
885.4
846.7
536.4
654.2
Total
1,495.7
1,440.3
941.2
1,047.0
Of which share price growth
0
0
0
0
1.	 Pension: During 2023/24 each of Messrs Clemett and Benson received a cash allowance in lieu of pension contribution. 
Due to an administrative error, Mr Benson’s pension in 2022/23 has been restated to reflect an underpayment of £321.25.
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.	 Annual bonus: This is the total bonus earned in respect of performance during the relevant year. For 2022/23 and 2023/24, 
the Committee set a minimum deferral requirement of 33% of the bonus earned. For 2023/24, this deferral was equivalent 
to £177,705 for Mr Clemett and £97,779 for Mr Benson. Deferred shares are subject to continued service only.
4.	 The 2023/24 figure includes the estimated value of 50% of the 2021 LTIP shares that vested based on performance to 
31 March 2024. The share price used is the three-month average to 31 March 2024 of £5.11. 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 2021 LTIP award – this figure includes 
accrued dividends on vested shares.
5. 	With regards to the 2020 LTIP which vested in June 2023, the 2022/2023 figures have been updated to reflect the share 
price on the date of vesting on 19 June 2023 of £4.981.
6.	 An SAYE award was granted in 2023 to both Mr Clemett and Mr Benson, exercisable after three years.
206
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
For 2023/24 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. Both 
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 2023/24 (AUDITED)
ANNUAL BONUS PAYOUT IN RESPECT OF 2023/24
ANNUAL BONUS
OUTCOMES UNDER THE 2023/24 ANNUAL BONUS
Measure:
Threshold
(0% payable)
Maximum
(100% payable)
Formulaic outcome and 
opportunity as a % of award
Trading profit after interest
£64.9m
£68.6m
21.9%
50%
Actual: £66.3m1
Strategic financial objectives 
0%
100%
7.5%
10%
Actual: 75%
Sustainability objectives 
0%
100%
20%
20%
Actual: 100%
Operational efficiency 
0%
100%
7.7%
10%
Actual: 77%
Customer satisfaction 
80%
86%
10%
10%
Actual: 86.1% of this element
Total
67.1%/100%
Outcome (£000)
Graham Clemett, CEO
Bonus outturn
£538.5
£177.7
of which is deferred bonus
Outcome (£000)
Dave Benson, CFO
Bonus outturn
£296.3
£97.8
of which is deferred bonus
1.	 Adjusted by £0.3m due to exceptional costs in relation to CEO transition.
207
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
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 208 and 210. 
STRATEGIC FINANCIAL, OPERATIONAL EFFICIENCY 
AND SUSTAINABILITY OBJECTIVES 2023/24
1
2
3
STRATEGIC FINANCIAL, OPERATIONAL EFFICIENCY, SUSTAINABILITY OBJECTIVES (AUDITED)
Reduction in the large voids in our like-for-like portfolio
Capital recycling (excluding £82m already exchanged)
Raise spontaneous brand awareness
Agreement and implementation of Centro business 
development plan
Yavica (finance and property management) implementation
Centre and asset management reorganisation
Rollout of new dilapidations process
Improve the cleaning and facilities provision at centres
Reduce operational energy intensity
Improve customer advocacy of our sustainability credentials
Increase our social value contribution
Champion diversity and inclusion
Strategic financial 
objectives
Operational efficiency 
objectives
Sustainability 
objectives
ACTIVITY
OPPORTUNITY
OUTCOME
10%
10%
20%
7.5%
7.7%
20%
Page 209
Page 209
Page 210
208
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
STRATEGIC FINANCIAL OBJECTIVES – OUTCOME 7.5%/10%
1
Target
Achievement
Reduction in the large voids 
in our like-for-like portfolio 
	
– 25% to 50% reduction in 
large voids
	
– An overall reduction of 59% in the large voids in the like-for-like portfolio was achieved during the year.
Capital recycling (excluding 
£82m already exchanged)
	
– £20m to £50m exchanged or sold
	
– During the year, the total value of exchanged or sold was £61.1m (excluding the £82m portfolio sold in June 2023). 
Since the year end, we also exchanged on the sale of the former McKay head office in Reading for £4m. 
Raise spontaneous 
brand awareness
	
– Overall brand awareness score 
between 14% to 17%
	
– The overall brand awareness score was 13% in FY24, versus 14% in FY23. The score for this financial year saw a small 
drop relative to last year. However, Workspace continues to lead competitors on prompted brand awareness, with 
60% of the survey sample aware of Workspace.
Implementation of Centro 
business development plan
	
– Plan to be agreed and in progress
	
– Centro, which consists of 212,000 square foot, was acquired in two tranches in 2017 and 2018. Since acquisition, 
a number of projects, including upgrades to common parts and meeting rooms in some parts of the campus have 
been completed. We have now obtained vacant possession of Atelier House at the north end of this site and are 
progressing with the roll-out of our business centre model in this building.
OPERATIONAL EFFICIENCY OBJECTIVES – OUTCOME 7.7%/10%
Target
Achievement
Yavica (finance and property 
management) implementation
	
– Successfully implemented
	
– Overall, we fully achieved six of the ten objectives set at the start of the year, with three having been partially 
achieved and one remaining a work in progress. Consequently, we therefore achieved 75% of the objectives 
set for the year.
Centre and asset management 
reorganisation
	
– Implemented and operating 
effectively
	
– We have now successfully completed a major reorganisation of our centre management teams who now report 
into a Head of Centre Management to improve our focus on customer service.
Rollout of new 
dilapidations process
	
– Implement a new dilapidations 
process, across the business
	
– A new dilapidations process has been successfully rolled out across the business. A series of process improvements 
have been made in order to significantly enhance the experience of customers when they leave or move within the 
portfolio. This includes offering customers the option of allowing the Workspace team to manage the reinstatement 
works. This, together with the other process improvements, has received a positive response from our customers.
Improve cleaning and facilities 
provision at centres
	
– Following the customer survey, 
overall satisfaction ranging from 
78% to 81% or above
	
– Customer surveys are conducted annually, by an independent third party. The overall facilities satisfaction score 
was 79%, an increase in satisfaction based on ‘agree’ and ‘strongly agree’ responses received, versus 78.3% in FY23.
2
209
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
SUSTAINABILITY OBJECTIVES – OUTCOME: 20%/20%
3
Target
Achievement
Reduce operational 
energy intensity
	
– 4% to 7% reduction
	
– An 11% reduction in the like-for-like energy use intensity has been achieved across the portfolio, compared to the 
previous year. This was mainly driven by a 36% reduction in gas use across the portfolio as a result of electrification 
and operational improvements.
	
– There has also been a 7% reduction in landlord procured electricity consumption.
Improve customer advocacy 
of our sustainability 
credentials
	
– 71% to 74%
	
– The year-end customer survey revealed that 79% of customers agree that Workspace is a socially and 
environmentally responsible business, and this score is up from 71% last year.
	
– An enhanced customer engagement and communications workstream, centre staff training on ESG and ongoing 
operational improvements across the portfolio have all contributed towards this improved target. In December 2023, 
the Company entered into a Corporate Power Purchase Agreement with Statkraft, Europe’s largest generator of 
renewable energy, to supply around two-thirds of the Group’s expected electricity demand for 10 years, from 
February 2024. This, together with a portfolio-wide energy savings campaign in February 2024, have been 
positively received. 
Increase our social 
value contribution
	
– £600,000 to £700,000
	
– A number of social impact initiatives were rolled out during the year. This included enhanced customer and 
employee wellbeing programmes, employment and skills initiatives, charity support and inclusive business practices.
	
– The delivery of the social value objectives has generated a total of £827,000, with a significant contribution coming 
from lettings in kind, wellbeing initiatives and diversity and inclusion programmes. 
	
– The successful launch of our apprenticeship programme, supporting six apprentices during the year.
	
– Our community skills and employment programme InspiresMe, has now been successfully delivered across 
ten of our key centres.
Champion diversity 
and inclusion
	
– Maintain at 80% or greater
	
– The year-end employee survey revealed an inclusivity score of 85.5%, up from 80.0% last year.
	
– Diversity and inclusion initiatives rolled out during the year include 119 hours of diversity and inclusion training 
for employees. We have launched a new recruitment policy and software to enable a bias free recruitment process.
210
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
LTIP AWARD VESTING IN RESPECT OF 2023/24 (AUDITED)
LTIP AWARDS MADE DURING THE 2023/24 FINANCIAL YEAR (AUDITED)
The 2021 LTIP awards measured performance over the period 1 April 2021 to 31 March 2024. 
Details of the performance targets and achievement against them are set out below.
On this basis, 50% of the 2021 LTIP will vest.
The 2022 LTIP awards are based on the same targets and weightings as the 2021 LTIP award 
shown below, measured over the period 1 April 2022 to 31 March 2025.
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
25th
Percentile
0%/50%
Total property return 
(TPR) versus IPD
MEDIAN
UPPER QUARTILE
95th
Percentile
50%/50%
LTIP (% maximum) 
vesting
50%/100%
CEO
CFO
Number of shares vesting 
(audited)
58,521
40,270
Under the current Policy, conditional share awards under the LTIP are granted to a maximum of 
200% of salary. Awards under the 2023 LTIP are subject to the performance conditions detailed 
in Table E below measured over the period 1 April 2023 to 31 March 2026.
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.
4.5% p.a.
See below
Maximum (100% vesting)
Upper 
Quartile
10% p.a.
10% 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
Reduction in Scope 1 gas emissions
15%
20%
50%
Increase in percentage of EPC A or B 
rated space
20%
27%
50%
The following awards were granted during the year under the 2023 LTIP:
Performance share award
Director
Date of grant
Market price at  
date of award1
Number  
of shares
Face value
£
% of salary
Graham Clemett
22 June 2023
£4.9347
216,750
1,069,600
200%
Dave Benson
22 June 2023
£4.9347
149,188
736,200
200%
1.	 The share price for calculating the levels of awards was £4.9347, the average mid-market closing price over the three dealing 
days 19, 20 and 21 June 2023, in accordance with the LTIP rules.
Deferred shares were granted (as conditional share awards) under the 2022/23 bonus of 31,995 
shares to Mr Clemett and 27,115 shares to Mr Benson (33% of bonus awarded) on 26 June 2023. 
The share price on the date of grant was £4.59 which represented the average mid-market 
closing price.
211
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
HOW WE WILL APPLY THE POLICY IN 2024/25
BASE SALARY
The CEO will receive a base salary increase of 4%, which is 
below the level awarded to the wider workforce, and this took 
effect from 1 April 2024. The CFO will receive an increase of 
8.7%, taking his salary to £400,000. 
 
The CFO’s package has slipped below his peers over the 
last few years. The increase in salary will place his total 
compensation in line with the lower quartile of the industry 
peer group. The Committee remains conscious of ensuring 
that any salary increase that is awarded to Executive 
Directors is typically the same level, if not below that of 
the wider workforce. However, this exception is important 
to the Committee, given that the CFO has been in role for 
the last four years and has made a strong contribution over 
this period, assisting the CEO in the successful management 
of the Company through the challenges of COVID, securing of 
new finance facilities including the issue of a Green Bond and 
the recent implementation of a new finance and property 
system. In addition, we remain mindful of his role as we 
transition our new CEO. For these reasons, the Committee 
concluded that this salary increase is appropriate. Executive 
Director salary increases took effect from 1 April 2024.
Salaries will be as follows:
CEO	
CFO	
CEO designate
£556,400	
£400,000	
£560,000
The salary for the CEO designate is in line with that of the 
outgoing CEO. 
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 
10% of salary thereafter.
ANNUAL BONUS
There is no change to the annual bonus 
maximum potential in 2024/25, 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 centre and asset 
management and improved customer 
facilities and employee engagement. 
Strategic financial targets will cover 
key drivers of our commercial success 
including capital management and 
brand awareness. ESG metrics will align 
to our core sustainability focus including 
increasing our social value impact and 
championing diversity and inclusion.
Lawrence Hutchings will be eligible to 
participate in the Company’s Annual 
Bonus Plan, at the discretion of the 
Committee, subject to the attainment 
of applicable performance conditions. 
The bonus opportunity will be time 
pro-rated to reflect the proportion 
of the relevant financial year in which 
he is employed.
Full disclosure on the targets, 
performance achieved and resulting 
bonus payouts for 2024/25 will be 
provided in next year’s report.
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
2024/25 ANNUAL BONUS AND LINK TO STRATEGY
Link to strategy
Measure:
Financial objectives (Trading 
profit after interest (50%), 
Strategic financial (20%))
Measure:
Sustainability (10%)
Measure:
Operational efficiency 
(10%)
Measure:
Customer satisfaction 
(10%)
BONUS 
WEIGHTING:
10%
BONUS 
WEIGHTING:
10%
BONUS 
WEIGHTING:
70%
BONUS 
WEIGHTING:
10%
212
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
HOW WE WILL APPLY THE POLICY IN 2024/25 CONTINUED
LONG-TERM INCENTIVE PLAN (LTIP)
Following careful consideration, the performance measures of the 2024 LTIP remain 
unchanged from 2023.
Maximum award 200% of salary. The performance measures and targets for the four elements 
are as follows:
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
Due to market conditions, targets under the TAR measure have been amended following 
careful consideration by the Committee. 
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%
Graham Clemett will be granted a 2024 LTIP award which will be pro-rated for time served at 
the point of vesting in June 2027.
When Lawrence Hutchings succeeds Graham Clemett as CEO (the date of which is to be 
confirmed), his first ordinary course grant of an award under the Company’s LTIP is expected 
to take place in June 2025. The normal maximum award is equal to 200% of salary.
CEO SUCCESSION – BUYOUT AWARD
On leaving his current employer, Lawrence Hutchings will forfeit various incentive awards. 
As a consequence, the Company will, in accordance with the Director’s Remuneration Policy, 
make a ‘buy-out’ award to compensate Lawrence for the loss of his awards. The buy-out award 
is to be structured as follows:
A)	An award over shares with a value at grant date of £250,000. The award would be subject 
to a vesting period of three years from the date of commencement of employment and 
would not be subject to vesting conditions other than a requirement to remain in 
employment throughout the vesting period.
B)	 An award over shares with a value as at the date of grant of £250,000. The award would be 
subject to a vesting period of three years from the date of commencement of employment. 
Vesting would be subject to a requirement to remain in employment throughout the vesting 
period 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 in 
which Lawrence commences employment with the Company. 
WEIGHTING:
25%
WEIGHTING:
25%
WEIGHTING:
25%
2024 PERFORMANCE MEASURES AND LINK TO STRATEGY
Measure:
Total Shareholder 
Return (TSR) relative  
to FTSE 350 Real 
Estate companies  
(excluding agencies)
Measure:
Earnings Per Share 
(EPS) Growth
Measure:
Total Accounting 
Return (TAR)
Measure:
Environmental, 
Social and 
Governance 
(ESG) metrics
LINK TO STRATEGY
 Driving customer-led growth
 Delivering operational excellence
 Sustainable from the inside out
WEIGHTING:
25%
213
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 2024 and the prior year:
TABLE F
Duncan Owen
Stephen Hubbard
Nick Mackenzie
Rosie Shapland
Lesley-Ann Nash
Manju Malhotra
Damon Russell 
Non-Executive Director
2023/24
£000
2022/23
£000
2023/24
£000
2022/23
£000
2023/24
£000
2022/23
£000
2023/24
£000
2022/23
£000
2023/24
£000
2022/23
£000
2023/24
£000
2022/23
£000
2023/24
£000
2022/23
£000
Base fee
163.8
55.0
66.7
200.0
55.0
55.0
55.0
55.0
55.0
55.0
55.0
55.0
–
19.2
Additional fees
2.8
6.3
–
–
–
–
21.6
21.6
10.8
10.8
–
–
–
2.7
Total
166.6
61.3
66.7
200.0
55.0
55.0
76.6
76.6
65.8
65.8
55.0
55.0
–
21.9
1.	 Expenses incurred by Non-Executive Directors represent the cost to the Group, being gross of taxation. In 2023/24 Nick Mackenzie, Manju Malhotra, Lesley-Ann Nash and Duncan Owen were reimbursed for out of pocket expenses incurred in attending 
meetings, in connection with the discharge of their duties of £90.15, £429.40, £18.60 and £44.80 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. 
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 
2024 and 4 June 2024.
TABLE G
31 March  
2024
31 March 
2023
Chair
Duncan Owen
20,010
9,410
Executive Directors
Graham Clemett
189,322
141,930
Dave Benson
64,988
39,765
Non-Executive Directors
Rosie Shapland
Nil
Nil
Lesley-Ann Nash
Nil
Nil
Nick Mackenzie
12,400
12,400
Manju Malhotra
Nil
Nil
Past Directors
Stephen Hubbard1
See note
41,500 
1.	 Stephen Hubbard stepped down for the Board on 6 July 2023. As at date of leaving, Stephen Hubbard held 41,500 shares. 
Dave Benson, who joined the Company on 1 April 2020, acquired 19,850 shares in September 
2020. Mr Benson was subsequently awarded 235 ordinary shares under the Workspace Group 
PLC Share Incentive Plan and acquired a further 19,680 shares on 1 September 2022. On 19 June 
2023, Mr Benson acquired a further 48,044 shares following the vesting of the 2020 LTIP.
Table H below shows the Executive Directors’ interest in shares.
TABLE H
Executive Director
Type
Owned 
outright 
or vested2
Unvested and 
not subject to 
performance3
Subject to
performance4
Total
Graham Clemett
Shares
189,322
123,525
382,100
694,947
Market value options1
Nil
4,556
Nil
4,556
Dave Benson
Shares
64,988
90,098
262,977
418,063
Market value options1
Nil
4,556
Nil
4,556
1.	 Market value options include SAYE options outstanding and not yet matured as at 31 March 2024. 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. See page 
217 for further details.
2.	 The total shares owned outright or vested.
3.	 This figure includes the deferred bonus shares awarded in 2021, 2022 and 2023 for Mr Clemett and the deferred bonus 
shares awarded in 2021, 2022 and 2023 for Mr Benson and the number of shares vesting, (gross), pursuant to the 2021 
LTIP award. 50% of the 2021 LTIP will vest.
4.	 The interest in shares of 382,100 for Mr Clemett consists of LTIP awards made in 2022 and 2023. The interest in shares 
of 262,977 for Mr Benson consists of LTIP awards made in 2022 and 2023, details of which can be found on page 217 
in this report.
Graham’s post cessation shareholding requirement will apply in line with the policy.
214
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
The fees for Non-Executive Directors are reviewed and agreed annually. The fees, which 
are effective from 1 April 2024, are set out in the table below. The increase in Chair and 
Non-Executive Director fees are in line with the increase awarded to the CEO and below 
that of the wider workforce.
2024/25 fee
2023/24 fee
% change
Chair
£208,000
£200,000
4%
NED base fee
£57,200
£55,000
4%
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%
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. Mr Clemett was a Non-Executive 
Director of The Restaurant Group PLC. Mr Clemett stepped down as a director on 21 December 
2023 and was paid an annual fee of £67,720 up to and including that date.
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 2023 and 31 March 2024.
CHART D 
EMPLOYEE REMUNERATION
2024
2023
DISTRIBUTION TO SHAREHOLDERS
2024
2023
£34.0m
£53.8m
£29.5m
£49.4m
+15%
+9%
The estimated total dividend as reported in the financial statements for the year to 31 March 
2024 was £36.5m.
Payments for loss of office (audited)
None. 
Payments to past Directors (audited)
None.
NON-EXECUTIVE DIRECTOR FEES
215
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
ADDITIONAL INFORMATION 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 £107,490 (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 
and the advisory vote on the 2022/23 Annual Report on Remuneration at the 2023 AGM on 
6 July 2023. 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
Withheld1
Policy Report (2023 AGM)
99.77%
0.23%
168,571,004
396,722
2,506
Annual Report on 
Remuneration (2023 AGM)
99.88%
0.12%
159,849,863
186,978
8,933,391
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.
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
Graham Clemett
Chief Executive Officer
31 July 2007
12 months
12 months
Dave Benson
Chief Financial Officer
1 April 2020
12 months
12 months
Graham Clemett joined the Company as CFO in July 2007 and was appointed as CEO on 
24 September 2019. Mr Clemett served as Interim CEO and CFO from 31 May 2019 until 
September 2019.
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 (27 February 2023)
2023
6 months
Rosie Shapland
6 November 2020 (6 November 
2023) 
2023
3 months
Lesley-Ann Nash
1 January 2021 (1 January 2024)
2023
3 months
Manju Malhotra
26 January 2022 (n/a)
2023
3 months
Nick Mackenzie
26 January 2022 (n/a)
2023
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 Hubbard retired from the Company on 6 July 2023.
Mr Owen, as Chair designate, signed a new letter of appointment dated 27 February 2023 which 
became effective at the conclusion of the AGM on 6 July 2023. Reappointment letters for each 
of Rosie Shapland and Lesley-Ann Nash were both dated 21 September 2023 and took effect 
from 6 November 2023 and 1 January 2024 respectively.
David Stevenson was appointed as a Director with effect from 1 June 2024. David will 
be subject to election by shareholders at the forthcoming AGM being held on 25 July 2024. 
216
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

REMUNERATION CONTINUED
ANNUAL REPORT ON REMUNERATION CONTINUED
ADDITIONAL INFORMATION CONTINUED
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 
01/04/2023
Granted 
during  
the year
Lapsed 
during  
the year
Vested  
in year
At 
31/03/2024
Exercise 
price
Normal exercise date
From
To
Graham Clemett
107
–
–
–
107
18.09.18
228
–
–
–
228
30.08.2]
233
–
–
–
233
05.09.22
235
–
–
235
29.09.24
3,389
–
3,389
–
–
£5.31
01.09.23
01.03.24
–
4,556
–
–
4,556
£3.95
01.09.26
01.03.27
Dave Benson
5,649
–
5,649
–
–
£5.31
01.09.25
01.03.26
–
4,556
–
–
4,556
£3.95
01.09.26
01.03.27
235
–
–
–
235
29.09.24
1.	 Mr Clemett was granted awards under the Share Incentive Plan on 18 September 2015 (107); 30 August 2017 (228); 
5 September 2019 (233) and 29 September 2021 (235). 
2.	 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 2024.
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 2024
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) and Executive share plans (5% in any rolling ten-year 
period) as at 31 March 2024 is detailed below. 
As of 31 March 2024, around 2.2% and 1.8% 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%
1.8%
2.2%
Outstanding LTIP awards 
Details of current awards outstanding to Graham Clemett and Dave Benson are detailed below. 
Executive Director
At 1 April 2023
Performance2
Lapsed during 
the year
Performance
Vested during 
the year
Performance
At 31 March 2024
Performance
Graham Clemett
18/06/2020
139,638
69,819
69,819
–
24/06/2021
117,043
–
–
117,043
24/06/2022
165,350
–
–
165,350
22/06/2023 
–
–
–
216,750
Dave Benson
18/06/2020
96,089
48,045
48,044
–
24/06/2021
80,541
–
–
80,541
24/06/2022
113,789
–
–
113,789
22/06/2023
–
–
–
149,188
1.	 Awards will vest subject to the satisfaction of performance conditions detailed on page 211 over the three-year performance 
period.
2.	 LTIP awards made to the Executive Directors. In June 2020, 2021, 2022 and 2023 awards were in respect of 200% of salary 
based on a share price at date of award of £7.0767, £8.6117, £6.2800 and £4.9347 respectively. The 2021 LTIP awards vested 
at 50%.
3. 	On the 22 June 2023, LTIP awards of 216,750 and 149,188 were granted to Mr Clemett and Mr Benson respectively.
217
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 2024. 
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 
set out on page 256.
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 9.0 pence was paid 
in February 2024 (2023: 8.4 pence) and the 
Board is recommending the payment of a 
final dividend of 19.0 pence (2023: 17.4 pence) 
per share to be paid on 2 August 2024 to 
shareholders whose names are on the Register 
of Members at the close of business on 5 July 
2024. This makes a total dividend of 
28.0 pence (2023: 25.8 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 55 to 59 and 163 to 164.
Details of how we reward our employees can 
be found on pages 188 and 197 and in notes 23 
and 24 to the financial statements.
Share capital 
As at 31 March 2024, the Company’s issued 
share capital comprised a single class of 
191,910,392 ordinary shares of £1.00 each. 
Details of the Company’s issued share capital 
are set out on page 252. 
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 2024 and 24 May 2024, the following interests in voting rights over the issued 
share capital of the Company had been notified: 
Shareholder
31 March 2024
24 May 2024
Number of shares
Percentage held
Number of shares
Percentage held
The London & Amsterdam 
Trust Company Limited
53,749,281
28.01%
53,749,281
28.01%
BlackRock, Inc.
27,218,988
14.18%
27,426,363
14.29%
Ameriprise/Threadneedle
10,860,812
5.66%
11,014,211
5.74%
Janus Henderson Investors
10,723,660
5.59%
10,524,674
5.48%
The Vanguard Group Inc
7,438,163
3.88%
7,541,475
3.93%
Man Group
4,077,973
2.12%
6,768,591
3.53%
218
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 Code and the Company’s 
current practice, all continuing Directors will 
offer themselves for election or re-election 
(as applicable) at the AGM on 25 July 2024.
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 2023 Annual General Meeting to make 
market purchases of its own ordinary shares. 
This authority will expire at the conclusion of 
the 2024 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 
2023 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 2023. This 
authority will expire at the conclusion of the 
2024 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 ringfenced 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 a 
ringfenced 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 LR9.8.4R
Interest capitalised
Note 10 to the financial statements
Details of long-term incentive schemes
Remuneration Report, pages 193, 194, 196 
and 211.
There is no further information required to be disclosed under LR9.8.4R.
REPORT OF THE DIRECTORS CONTINUED
219
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 108 to 217 
Principal risks and uncertainties, pages 71 to 78
Culture, purpose, values and strategy
Strategic Report, pages 10, 26 and 35 to 38
Corporate Governance Report, pages 112 to 113 and 123
Directors
Directors’ biographies, pages 118 to 120
Our Board, pages 117 to 120
Directors’ training and development
Corporate Governance Report, page 145
Diversity & inclusion
Corporate Governance Report, pages 158 to 165
Employee share schemes
Note 23 to the financial statements
Engagement with employees
Strategic Report, pages 25 to 26
Stakeholder engagement, pages 126 to 127
Section 172(1) Statement, pages 131 to 134
Engagement with suppliers, customers and others
Strategic Report, pages 19 to 24 and 27 to 28
Our stakeholders, page 128
Section 172(1) Statement, pages 131 to 134
Financial risk management
Note 18 to the financial statements
Principal risks and uncertainties, pages 71 to 78
Future developments
Chair’s Statement, page 14
CEO’s Statement, page 16
Our business model, pages 9 to 11
Our strategy, pages 35 to 38
Greenhouse gas emissions and energy consumption
GHG/SECR Emissions, page 103
Political donations and expenditure
Compliance Statements, page 92
Post balance sheet events
Note 29 to the financial statements
Principal risks and uncertainties
Principal risks and uncertainties, pages 71 to 78
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 2024
REPORT OF THE DIRECTORS CONTINUED
220
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 Company 
and the undertakings included in the 
consolidation taken as a whole; and
	
– the strategic report includes a fair review 
of the development and performance of the 
business and the position of the issuer and 
the undertakings included in 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 2024 
by:
Graham Clemett
Chief Executive Officer
Dave Benson
Chief Financial Officer
221
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC
1. OUR OPINION IS UNMODIFIED
We have audited the financial statements of Workspace Group PLC (“the Company”) for the 
year ended 31 March 2024 which comprise the Consolidated Income Statement, the Consolidated 
Statement of Comprehensive Income, the Consolidated and Parent Company Balance Sheet, 
the Consolidated and Parent Company Statement of Changes in Equity, the Consolidated 
Statement of Cash Flows, and the related notes, including the accounting policies on 
pages 234 to pages 237 for the Group and Note A on pages 258 to 259, for the Parent 
Company 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 2024 and of the Group’s loss 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 UK accounting standards, including FRS 101 Reduced Disclosure Framework; and 
	
– the financial statements have been prepared in accordance with the requirements of the 
Companies Act 2006.
Basis for opinion 
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs 
(UK)”) and applicable law. Our responsibilities are described below. We believe that the audit 
evidence we have obtained is a sufficient and appropriate basis for our opinion. Our audit 
opinion is consistent with our report to the audit committee. 
We were first appointed as auditor by the shareholders on 14 July 2017. The period of total 
uninterrupted engagement is for the seven financial years ended 31 March 2024. We have 
fulfilled our ethical responsibilities under, and we remain independent of the Group in 
accordance with, UK ethical requirements including the FRC Ethical Standard as applied to 
listed public interest entities. No non-audit services prohibited by that standard were provided. 
Overview
Materiality: 
Group financial statements as a whole
£26.0m (2023:£28.0m)
1.03% (2023: 0.99%) of Total Group assets
Coverage
100% (2023:100%) of Total Group assets
Key audit matters
vs 2023
Recurring risks
Group: Valuation of Investment Property
Parent Company: Recoverability of 
Investments in subsidiaries
2. KEY AUDIT MATTERS: OUR ASSESSMENT OF RISKS OF MATERIAL MISSTATEMENT
Key audit matters are those matters that, in our professional judgement, were of most 
significance in the audit of the financial statements and include the most significant assessed 
risks of material misstatement (whether or not due to fraud) identified by us, 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. We summarise below the key audit 
matters (unchanged from 2023), in decreasing order of audit significance, in arriving at our audit 
opinion above, together with our key audit procedures to address those matters and, as required 
for public interest entities, our results from those procedures. These matters were addressed, 
and our results are based on procedures undertaken, in the context of, and solely for the 
purpose of, our audit of the financial statements as a whole, and in forming our opinion thereon, 
and consequently are incidental to that opinion, and we do not provide a separate opinion on 
these matters. 
222
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
2. KEY AUDIT MATTERS: OUR ASSESSMENT OF RISKS OF MATERIAL MISSTATEMENT CONTINUED
The risk
Our response
Valuation of investment 
property (Group)
Investment properties: 
(£2,408.5 million; 2023: 
£2,643.3 million)
Assets Held for Sale: 
(£65.7 million; 2023: 
£123.0 million)
Refer to page 166 
(Audit Committee 
Report), page 235 
(accounting policy) and 
page 242 (financial 
disclosures).
Subjective valuation
Investment properties (incorporating Assets held for sale) is the 
largest balance in the financial statements and is held at fair value 
in the Group’s financial statements.
The portfolio is independently valued by a qualified external valuer.
Each property is unique and determining fair value requires significant 
judgement and estimation, in particular over the key assumptions of 
the estimated rental value and the yield. The key assumptions will be 
impacted by a number of factors including location, quality and 
condition of the building and occupancy. Whilst comparable market 
transactions can provide valuation evidence, the flexible office sector 
is still maturing and the unique nature of each property means that 
a key factor in the property valuations are the assumptions made by 
the external valuer. 
Furthermore, each property valuation includes source data provided 
by management, primarily the database of tenancy contracts, which is 
reviewed by the external valuer alongside their own analysis, factoring 
in various elements such as occupancy and letting trends, and 
consideration for expected voids based on available market evidence, 
experience and market sentiment. For some properties, the relatively 
short average lease length in the Workspace portfolio and reduced 
market comparable information for such flexible office space means 
the external valuer is more reliant on tenancy data to support their 
market rent assumptions than may be the case in other property 
sectors. Therefore the valuation is sensitive to the accuracy of source 
data and how it is interpreted and used for other assumptions in 
the valuation.
The effect of these matters is that, as part of our risk assessment, 
we determined that the valuation of investment property has a high 
degree of estimation uncertainty, with a potential range of reasonable 
outcomes greater than our materiality for the financial statements as a 
whole, and possibly many times that amount. The financial statements 
(note 10) disclose the sensitivity estimated by the Group.
We performed the tests below rather than seeking to rely on any of the Group’s controls 
because the nature of the balance meant that detailed testing is inherently the most effective 
means of obtaining audit evidence.
Our procedures, assisted by our own property valuation specialist, included:
Assessing valuer’s credentials: We assessed the external valuer’s objectivity, independence, 
professional qualifications and experience through research, assessing terms of engagement, 
discussions with them and reading their valuation report.
Methodology choice: We critically assessed the methodology used by the external valuer by 
using our own property valuation specialist to assist us in assessing whether the valuation 
report is in accordance with the Royal Institution of Chartered Surveyors Valuation – Global 
Standards and accounting standards, and that the valuation methodology adopted is 
appropriate by reference to acceptable valuation practice.
Benchmarking assumptions: We held discussions with the external valuer and challenged their 
assumptions used in valuing the investment properties including the market evidence used by 
them to support their assumptions. 
For a sample of properties selected using various criteria including analysis of the value of a 
property as well as correlation with movements in market rent and yields, we evaluated and 
challenged the appropriateness of the key assumptions upon which these valuations were 
based, including those relating to estimated rental value and yields, by making a comparison 
to our own understanding of the market and to industry benchmarks.
We assessed the appropriateness of adjustments made by the external valuer to the tenancy 
data provided by management. 
Retrospective review: We performed a retrospective review by comparing disposals during 
the year to the latest valuation performed and investigated material differences. 
Test of detail: We compared a sample of key inputs used in the valuations, such as rental 
income and lease length, to lease contracts.
Our results
We found the resulting estimate of valuation of investment properties to be acceptable 
(2023: acceptable). 
223
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
The risk
Our response
Recoverability of Parent 
Company’s investments 
in subsidiaries
(£1,189.6 million; 2023: 
£1,313.2 million)
Refer to page 
166(Audit Committee 
Report), page 258 
(accounting policy and 
financial disclosures).
Low risk, high value:
The carrying amount of the Parent Company’s investments in 
subsidiaries represents 74.4% (2023: 70.8%) of the Company’s 
total assets. Their recoverability is not at a high risk of significant 
misstatement or subject to significant judgement. However, due 
to their materiality in the context of the Parent Company financial 
statements, this is considered to be the area that had the greatest 
effect on our overall Parent Company audit.
We performed the tests below rather than seeking to rely on any of the Company’s controls 
because the nature of the balance is such that we would expect to obtain audit evidence 
primarily through the detailed procedures described. 
Our procedures included: 
Test of detail: We compared the carrying amount of 100% of investments with the relevant 
subsidiaries’ prior year financial statements and the current year balance sheet within the group 
consolidation, to identify whether their net assets, being an approximation of their minimum 
recoverable amount, were in excess of their carrying amount and if not, we challenged 
management on potential impairment indicators and their assessment thereof. 
Methodology choice: For those investments in subsidiaries where an indicator of impairment 
was identified, we evaluated whether the methodology used to determine the recoverable 
amount of investments was acceptable under the relevant accounting standards. 
Our results
We found the investments in subsidiaries balance, and the related impairment charge, 
to be acceptable (2023: We found the Company’s conclusion that there is no impairment 
of investments in subsidiaries to be acceptable).
224
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
3. OUR APPLICATION OF MATERIALITY AND AN OVERVIEW OF THE SCOPE OF OUR AUDIT 
Materiality for the Group financial statements as a whole was set at £26.0 million 
(2023: £28.0 million), determined with reference to a benchmark of total Group assets, 
of which it represents 1.03% (2023: 0.99%). 
Materiality for the Parent Company financial statements as a whole was set at £17.2 million 
(2023: £18.5 million), determined with reference to a benchmark of Company total assets, 
of which it represents 1.08% (2023: 1%). 
In addition, we applied materiality of £3.0 million (2023: £2.9 million) to certain components of 
adjusted trading profit after interest which comprises net rental income, administrative expenses 
and net finance costs for which we believe misstatements of lesser amounts than materiality for 
the financial statements as a whole could be reasonably expected to influence the Company’s 
members’ assessment of the financial performance of the Group.
In line with our audit methodology, our procedures on individual account balances and disclosures 
were performed to a lower threshold, performance materiality, so as to reduce to an acceptable 
level the risk that individually immaterial misstatements in individual account balances add up to 
a material amount across the financial statements as a whole. 
Performance materiality was set at 75% (2023: 75%) of materiality for the financial statements 
as a whole, which equates to £19.5 million (2023: £21.0 million) for the Group and £12.9 million 
(2023: £13.8 million) for the Parent Company. We applied this percentage in our determination 
of performance materiality because we did not identify any factors indicating an elevated level 
of risk.
We agreed to report to the audit committee any corrected or uncorrected identified 
misstatements exceeding £1.3 million (2023: £1.4 million) for the Group and exceeding 
£0.86 million (2023: £0.93 million) for the Parent Company; or £0.15 million (2023: £0.15 million) 
for misstatements relating to accounts to which the lower materiality was applied, in addition to 
other identified misstatements that warranted reporting on qualitative grounds. 
The Group team performed the audit of the Group as if it was a single aggregated set of financial 
information. The Group team performed the Parent Company audit. The audit was performed 
using the materiality levels set out above.
The scope of the audit work performed was fully substantive as we did not rely upon the Group’s 
internal control over financial reporting.
TOTAL GROUP ASSETS AND MATERIALITY
TOTAL GROUP ASSETS
£2,531.4m (2023: £2,839.1m)
GROUP MATERIALITY
£26.0m (2023: £28.0m)
£26.0m
Whole financial statements 
materiality (2023: £28.0m)
Total Group assets
£19.5m
Whole financial statements 
performance materiality 
(2023: £21.0m)
£3.0m
Materiality applied to Group
components of adjusted trading 
profit after interest. (2023: £2.9m)
£1.3m
Misstatements reported to the 
audit committee (2023: £1.4m)
Group materiality
225
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
4. THE IMPACT OF CLIMATE CHANGE ON OUR AUDIT
In planning our audit we have considered the potential impacts of climate change on the Group’s 
business and its financial statements. Climate change impacts the Group in a number of ways: 
	
– through its own operations (including potential reputational risk associated with the Group’s 
delivery of its climate related initiatives), 
	
– through its portfolio of investment properties and the greater emphasis on climate related 
narrative and disclosure in the Annual Report. 
The Group’s main potential exposure to climate change in the financial statements is primarily 
through its investment properties as the key valuation assumptions and estimates may be impacted 
by climate risks. As part of our audit we have made enquiries of Directors and the Group’s 
Corporate Sustainability team to understand the extent of the potential impact of climate 
change risk on the Group’s financial statements and the Group’s preparedness for this. We have 
performed a risk assessment of how the impact of climate change may affect the financial 
statements and our audit, in particular with respect to the valuation of investment properties. 
Given that these valuations are largely based on comparable market evidence we assessed that 
the impact of climate change was not a significant risk for our audit nor does it constitute a key 
audit matter. We held discussions with our own climate change professionals to challenge our 
risk assessment. We have also read the Group’s disclosure of climate related information in the 
front half of the Annual Report as set out on pages 94 to 107, and considered consistency with 
the financial statements and our audit knowledge.
5. GOING CONCERN
The directors have prepared the financial statements on the going concern basis as they do 
not intend to liquidate the Group or the Company or to cease their operations, and as they have 
concluded that the Group’s and the Company’s financial position means that this is realistic. 
They have also concluded that there are no material uncertainties that could have cast 
significant doubt over their ability to continue as a going concern for at least a year from 
the date of approval of the financial statements (“the going concern period”). 
We used our knowledge of the Group, its industry, and the general economic environment to 
identify the inherent risks to its business model and analysed how those risks might affect the 
Group’s and Company’s financial resources or ability to continue operations over the going 
concern period. The risks that we considered most likely to adversely affect the Group’s and 
Company’s available financial resources, liquidity and covenant compliance over this period were: 
	
– 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 historic levels;
	
– Continued elevated levels of cost inflation;
	
– SONIA rates remaining elevated, impacting the cost of variable rate borrowings; and 
	
– 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.
We considered whether these risks could plausibly affect the liquidity, covenant compliance 
or availability of borrowings and debt refinancing in the going concern period by assessing the 
degree of downside assumption that, individually and collectively, could result in a liquidity issue, 
taking into account the Group’s current and projected cash and facilities (a reverse stress test).
We assessed the completeness of the going concern disclosure.
Our conclusions based on this work:
	
– we consider that the directors’ use of the going concern basis of accounting in the preparation 
of the financial statements is appropriate;
	
– we have not identified, and concur with the directors’ assessment that there is not, a 
material uncertainty related to events or conditions that, individually or collectively, may 
cast significant doubt on the Group’s or Company’s ability to continue as a going concern 
for the going concern period;
	
– we have nothing material to add or draw attention to in relation to the directors’ statement in 
the basis of preparation note to the financial statements on the use of the going concern basis 
of accounting with no material uncertainties that may cast significant doubt over the Group 
and Company’s use of that basis for the going concern period, and we found the going 
concern disclosure in the basis of preparation note to be acceptable; and
	
– the related statement under the Listing Rules set out on page 88 is materially consistent 
with the financial statements and our audit knowledge.
However, as we cannot predict all future events or conditions and as subsequent events may 
result in outcomes that are inconsistent with judgements that were reasonable at the time they 
were made, the above conclusions are not a guarantee that the Group or the Company will 
continue in operation. 
226
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
6. FRAUD AND BREACHES OF LAWS AND REGULATIONS – ABILITY TO DETECT
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or 
conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity 
to commit fraud. Our risk assessment procedures included:
	
– Enquiring of directors and inspection of policy documentation as to the Group’s high-level 
policies and procedures to prevent and detect fraud, including the Group’s channel for 
“whistleblowing”, as well as whether they have knowledge of any actual, suspected or 
alleged fraud.
	
– Reading Board minutes, Executive Committee minutes and attending Group audit 
committee meetings.
	
– Considering remuneration incentive schemes and performance targets for management, 
including total shareholder return, total property return compared to IPD and growth in 
trading profit after interest targets for management remuneration.
We communicated identified fraud risks throughout the audit team and remained alert to any 
indications of fraud throughout the audit.
As required by auditing standards, and taking into account possible pressures to meet profit 
targets and our overall knowledge of the control environment, we perform procedures to 
address the risk of management override of controls, in particular the risk that Group 
management may be in a position to make inappropriate accounting entries and the risk of bias 
in accounting estimates and judgements. On this audit we do not believe there is a fraud risk 
related to revenue recognition because of the relative simplicity of revenue streams. We did not 
identify any additional fraud risks.
We performed procedures including:
	
– Identifying journal entries and other adjustments to test based on risk criteria and comparing 
the identified entries to supporting documentation. These included those with unusual 
account combinations.
	
– Assessing whether the judgements made in making accounting estimates are indicative 
of a potential bias.
Identifying and responding to risks of material misstatement due to non-compliance 
with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a 
material effect on the financial statements from our general commercial and sector experience, 
through discussion with the directors and other management (as required by auditing standards), 
and discussed with the directors the policies and procedures regarding compliance with laws 
and regulations. As the Group is regulated, our assessment of risks involved gaining an 
understanding of the control environment including the entity’s procedures for complying 
with regulatory requirements.
We communicated identified laws and regulations throughout our team and remained alert 
to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements 
including financial reporting legislation (including related companies legislation), distributable 
profits legislation and taxation legislation (including conditions to maintain UK Real Estate 
Investment Trust (“REIT”) status in accordance with the REIT regime) and we assessed the 
extent of compliance with these laws and regulations as part of our procedures on the related 
financial statement items. 
Secondly, the Group is subject to many other laws and regulations where the consequences of 
non-compliance could have a material effect on amounts or disclosures in the financial statements, 
for instance through the imposition of fines or litigation. We identified the following areas as 
those most likely to have such an effect: landlord and tenant legislation, property laws and 
building legislation, environmental and sustainability legislation and certain aspects of Company 
legislation recognising the financial nature of the Group’s activities and its legal form. 
Auditing standards limit the required audit procedures to identify non-compliance with these 
laws and regulations to enquiry of the directors and other management and inspection of 
regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is 
not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. 
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not 
have detected some material misstatements in the financial statements, even though we have 
properly planned and performed our audit in accordance with auditing standards. For example, 
the further removed non-compliance with laws and regulations is from the events and 
transactions reflected in the financial statements, the less likely the inherently limited 
procedures required by auditing standards would identify it. 
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these 
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of 
internal controls. Our audit procedures are designed to detect material misstatement. We are 
not responsible for preventing non-compliance or fraud and cannot be expected to detect 
non-compliance with all laws and regulations.
227
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
7. WE HAVE NOTHING TO REPORT ON THE OTHER INFORMATION IN THE ANNUAL REPORT 
AND ACCOUNTS
The directors are responsible for the other information presented in the Annual Report together 
with the financial statements. Our opinion on the financial statements does not cover the other 
information and, accordingly, we do not express an audit opinion or, except as explicitly stated 
below, any form of assurance conclusion thereon. 
Our responsibility is to read the other information and, in doing so, consider whether, based on 
our financial statements audit work, the information therein is materially misstated or inconsistent 
with the financial statements or our audit knowledge. Based solely on that work we have not 
identified material misstatements in the other information.
Strategic report and directors’ report 
Based solely on our work on the other information: 
	
– we have not identified material misstatements in the strategic report and the directors’ report; 
	
– in our opinion the information given in those reports for the financial year is consistent with 
the financial statements; and 
	
– in our opinion those reports have been prepared in accordance with the Companies Act 2006. 
Directors’ remuneration report 
In our opinion the part of the Directors’ Remuneration Report to be audited has been properly 
prepared in accordance with the Companies Act 2006. 
Disclosures of emerging and principal risks and longer-term viability 
We are required to perform procedures to identify whether there is a material inconsistency 
between the directors’ disclosures in respect of emerging and principal risks and the viability 
statement, and the financial statements and our audit knowledge. 
Based on those procedures, we have nothing material to add or draw attention to in relation to: 
	
– the directors’ confirmation within Risk Management and Internal Controls on page 178 that 
they have carried out a robust assessment of the emerging and principal risks facing the 
Group, including those that would threaten its business model, future performance, solvency 
and liquidity; 
	
– the Principal Risks and Uncertainties disclosures describing these risks and how emerging risks 
are identified, and explaining how they are being managed and mitigated; and
	
– the directors’ explanation in the viability statement of how they have assessed the prospects 
of the Group, over what period they have done so and why they considered that period to be 
appropriate, and their statement as to whether they have a reasonable expectation that the 
Group will be able to continue in operation and meet its liabilities as they fall due over the 
period of their assessment, including any related disclosures drawing attention to any 
necessary qualifications or assumptions. 
We are also required to review the viability statement, set out on page 88 under the Listing 
Rules. Based on the above procedures, we have concluded that the above disclosures are 
materially consistent with the financial statements and our audit knowledge.
Our work is limited to assessing these matters in the context of only the knowledge acquired 
during our financial statements audit. As we cannot predict all future events or conditions and 
as subsequent events may result in outcomes that are inconsistent with judgements that were 
reasonable at the time they were made, the absence of anything to report on these statements 
is not a guarantee as to the Group’s and Company’s longer-term viability.
Corporate governance disclosures 
We are required to perform procedures to identify whether there is a material inconsistency 
between the directors’ corporate governance disclosures and the financial statements and 
our audit knowledge.
Based on those procedures, we have concluded that each of the following is materially 
consistent with the financial statements and our audit knowledge: 
	
– the directors’ statement that they consider that the annual report and financial statements 
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; 
	
– the section of the annual report describing the work of the Audit Committee, including the 
significant issues that the audit committee considered in relation to the financial statements, 
and how these issues were addressed; and
	
– the section of the annual report that describes the review of the effectiveness of the Group’s 
risk management and internal control systems.
We are required to review the part of the Corporate Governance Statement relating to the 
Group’s compliance with the provisions of the UK Corporate Governance Code specified by 
the Listing Rules for our review. We have nothing to report in this respect. 
228
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC CONTINUED
8. WE HAVE NOTHING TO REPORT ON THE OTHER MATTERS ON WHICH WE ARE REQUIRED 
TO REPORT BY EXCEPTION 
Under the Companies Act 2006, we are required 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. 
We have nothing to report in these respects. 
9. RESPECTIVE RESPONSIBILITIES 
Directors’ responsibilities 
As explained more fully in their statement set out on page 221, the directors are responsible for: 
the preparation of the financial statements including being satisfied that they give a true and fair 
view; 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; assessing 
the Group and 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 they 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 
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 our 
opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 
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 aggregate, they could reasonably be expected to influence the 
economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at 
www.frc.org.uk/auditorsresponsibilities.
The Company is required to include these financial statements in an annual financial report 
prepared under Disclosure Guidance and Transparency Rule 4.1.17R and 4.1.18R. This auditor’s 
report provides no assurance over whether the annual financial report has been prepared in 
accordance with those requirements. 
10. THE PURPOSE OF OUR AUDIT WORK AND TO WHOM WE OWE OUR RESPONSIBILITIES 
This report is made solely to the 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 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 Company and the Company’s members, as 
a body, for our audit work, for this report, or for the opinions we have formed. 
Bano Sheikh (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
15 Canada Square
London, E14 5GL
4 June 2024 
229
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
Notes
2024 
£m
2023 
£m
Revenue
1
184.3
174.2
Direct costs1
1
(58.1)
(57.6)
Net rental income
1
126.2
116.6
Administrative expenses
2
(25.3)
(21.5)
Trading profit
100.9
95.1
Loss on disposal of investment properties
3(a)
(2.3)
(0.7)
Other expenses
3(b)
(1.2)
(3.8)
Change in fair value of investment properties
10
(251.2)
(88.0)
Impairment of assets held for sale
(4.1)
(5.1)
Operating loss
(157.9)
(2.5)
Finance costs
4
(34.9)
(34.4)
Exceptional finance costs
4
–
(0.6)
Loss before tax
(192.8)
(37.5)
Taxation
6
0.3
(0.3)
Loss for the financial year after tax
(192.5)
(37.8)
Basic loss per share
8
(100.4p)
(19.9p)
Diluted loss per share
8
(100.4p)
(19.9p)
1.	 Direct costs in 2024 includes impairment of receivables of £0.8m (2023: £1.1m). See note 1 for additional information.
Notes
2024 
£m
2023 
£m
Loss for the financial year
(192.5)
(37.8)
Other comprehensive income:
Items that may be reclassified subsequently  
to profit or loss:
Change in fair value of other investments
1.1
0.4
Fair value of derivative
0.2
–
Items that will not be reclassified subsequently  
to profit or loss:
Pension fund movement
24
–
0.9
Other comprehensive income in the year
1.3
1.3
Total comprehensive loss for the year
(191.2)
(36.5)
The notes on pages 233 to 256 form part of these financial statements.
230
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024
Notes
2024 
£m
2023 
£m
Non-current assets
Investment properties
10
2,408.5
2,643.3
Intangible assets
2.2
2.0
Property, plant and equipment
11
3.0
4.4
Other investments
12
3.2
2.1
Derivative financial instruments
0.2
–
Deferred tax
0.3
–
2,417.4
2,651.8
Current assets
Trade and other receivables
13
36.7
45.8
Assets held for sale
65.7
123.0
Cash and cash equivalents
14
11.6
18.5
114.0
187.3
Total assets
2,531.4
2,839.1
Current liabilities
Trade and other payables
15
(93.0)
(107.8)
Borrowings
16(a)
–
(49.8)
(93.0)
(157.6)
Non-current liabilities
Borrowings
16(a)
(854.8)
(859.1)
Lease obligations
17
(34.7)
(34.7)
(889.5)
(893.8)
Total liabilities
(982.5)
(1,051.4)
Net assets
1,548.9
1,787.7
Notes
2024 
£m
2023 
£m
Shareholders’ equity
Share capital
20
191.9
191.6
Share premium
20
296.6
295.5
Investment in own shares
22
(9.9)
(9.9)
Other reserves
21
93.0
91.0
Retained earnings
977.3
1,219.5
Total shareholders’ equity
1,548.9
1,787.7
The notes on pages 233 to 256 form part of these financial statements.
The financial statements on pages 230 to 256 were approved and authorised for issue by the 
Board of Directors on 4 June 2024 and signed on its behalf by:
	
Graham Clemett	
Dave Benson
Director	
Director
Company registration number: 02041612
231
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
Attributable to owners of the Parent
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 2022
181.1
295.5
(9.9)
32.6
1,300.3
1,799.6
Loss for the financial year
–
–
–
–
(37.8)
(37.8)
Other comprehensive 
income for the year
–
–
–
0.4
0.9
1.3
Total comprehensive 
income/(loss)
–
–
–
0.4
(36.9)
(36.5)
Transactions with owners:
Shares issued
20
10.5
–
–
56.6
–
67.1
Dividends paid
7
–
–
–
–
(43.9)
(43.9)
Share based payments
23
–
–
–
1.4
–
1.4
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)
Transactions with owners:
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
The notes on pages 233 to 256 form part of these financial statements.
Notes
2024 
£m
2023 
£m
Cash flows from operating activities
Cash generated from operations
19
87.7
110.5
Interest paid
(33.8)
(31.7)
Net cash inflow from operating activities
53.9
78.8
Cash flows from investing activities
Purchase of investment properties
–
(184.4)
Capital expenditure on investment properties
(71.7)
(56.2)
Proceeds from government grant
1.5
–
Proceeds from disposal of investment properties 
(net of sale costs)
22.3
7.1
Proceeds from disposal of assets held for sale  
(net of sale costs)
96.2
41.4
Purchase of intangible assets
(0.8)
(0.8)
Purchase of property, plant and equipment
(0.4)
(3.1)
Other expenses
(1.2)
(2.9)
Settlement of defined benefit pension scheme
–
(1.3)
Net cash inflow/(outflow) from investing activities
45.9
(200.2)
Cash flows from financing activities
Finance costs for new/amended borrowing facilities
(0.8)
(1.6)
Repayment of bank borrowings and Private 
Placement Notes
16(h)
(211.0)
(150.0)
Draw down of bank borrowings
16(h)
156.0
286.0
Settlement of share schemes
(0.2)
–
Dividends paid
7
(50.7)
(43.5)
Net cash (outflow)/inflow from financing activities
(106.7)
90.9
Net decrease in cash and cash equivalents
(6.9)
(30.5)
Cash and cash equivalents at start of year
14
18.5
49.0
Cash and cash equivalents at end of year
14
11.6
18.5
The notes on pages 233 to 256 form part of these financial statements.
232
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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 which is listed on the London Stock Exchange and 
is incorporated and domiciled in the UK.
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 presentational currency, and have been prepared and approved by the Directors 
on a going concern basis, in accordance with United Kingdom adopted international accounting 
standards. The Company has elected to prepare its Parent Company financial statements in 
accordance with FRS101; these are presented on pages 257 to 260.
The Directors are required to assess the appropriateness of applying the going concern basis in 
the preparation of the financial statements. The current macroeconomic issues, have heightened 
concerns around the UK economy and increase the risk of an economic downturn. In this context, 
the Directors have fully considered the business activities and principal risks of the Company 
and Group. Further details of the principal risks can be found on pages 71 to 78.
In preparing the assessment of going concern, the Directors have 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 historic levels.
–	 Continued elevated levels of cost inflation.
–	 SONIA rates remaining elevated, 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 47% compared to the 
March 2024 Net Rental Income and a fall in the asset valuation of 41% compared to 31 March 
2024 before these covenants are breached, assuming no mitigating actions are taken.
As at 31 March 2024, the Group had significant headroom with £145m 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, and a £65m secured loan facility. 
Shorter-term liquidity and flexibility is provided by floating rate sustainability-linked revolving 
credit facilities (RCFs) totalling £335m, with £135m due in April 2026 and £200m due in 
December 2026. The £200m RCF also has the option to increase the facility amount by 
up to £100m, subject to lender consent. 
For the full period of assessment under the scenarios 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 adequate resources to continue in operational existence for a period of at least 12 months 
from the date of signing of these financial statements and therefore the Directors continue 
to adopt the Going Concern basis in their preparation.
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 94 to 105 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.
233
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

NEW ACCOUNTING STANDARDS, AMENDMENTS AND GUIDANCE
a)	During the year to 31 March 2024 the Group adopted the following accounting standards 
and guidance:
IAS 12 (amended)
Deferred Tax related to Assets and Liabilities arising 
from a Single Transaction
IAS 12 (amended)
International Tax Reform (Pillar Two Model Rules)
IAS 8 (amended)
Accounting Policies, Changes in Accounting Estimates 
and Errors: Definition
IAS 1 (amended) and IFRS Practice 
Statement 2
Presentation of Financial Statements and IFRS Practice 
Statement 2 Making Materiality Judgements
IFRS 17
Insurance Contracts
IFRS 9
Comparative Information
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 1 (amended)
Classification of Liabilities as Current or Non-Current; 
Non-Current Liabilities with Covenants; Deferral of 
Effective Date Amendment
IAS 7 and IFRS 7 (amended)
Supplier Finance Arrangements
IAS 21 (amended)
Lack of Exchangeability
IFRS 16 (amended)
Lease Liability in a Sale and Leaseback
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 significant 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 assumptions of estimated rental 
values and market-based yields. 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 significant 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 2024. 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.
234
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

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. 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 significant risks and returns have 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 using the residual method 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.
235
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

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.
236
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

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 2024, 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 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 Black-Scholes and Binomial Option Pricing 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.
As part of the McKay Securities PLC acquisition in May 2022 the Group assumed all responsibilities 
in relation to the existing McKay defined benefit pension scheme. Subsequent to this, the Group 
entered into a pension buy-out transaction whereby an insurance company has taken on all 
current and future liabilities of this defined benefit pension scheme, along with related assets.
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.
237
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

1. ANALYSIS OF NET RENTAL INCOME AND SEGMENTAL INFORMATION
2024
2023
Revenue 
£m
Direct
costs1
£m
Net rental 
income 
£m
Revenue 
£m
Direct
costs1 
£m
Net rental 
income 
£m
Rental income
145.0
(4.9)
140.1
136.7
(4.2)
132.5
Service charges
32.6
(37.5)
(4.9)
30.0
(35.7)
(5.7)
Empty rates and other 
non-recoverable costs
–
(10.2)
(10.2)
–
(10.6)
(10.6)
Services, fees, commissions 
and sundry income
6.7
(5.5)
1.2
7.5
(7.1)
0.4
184.3
(58.1)
126.2
174.2
(57.6)
116.6
1.	 There are two properties within the current period (prior period: none) that are non-rent producing.
Included within direct costs for rental income is a charge of £0.8m (2023: £1.0m) and within 
direct costs for service charges is a charge of £nil (2023: £0.1m) 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 2024, management have determined that the Group operates a single operating 
segment providing business accommodation for rent in and around London.
2. OPERATING LOSS
The following items have been charged in arriving at operating loss:
2024 
£m
2023 
£m
Depreciation1 (note 11)
1.7
1.6
Staff costs (including share based costs)1 (note 5)
30.5
25.3
Repairs and maintenance expenditure on investment properties
3.7
5.4
Trade receivables impairment (note 13)
0.8
1.1
Amortisation of intangibles
0.6
0.7
Audit fees payable to the Company’s Auditor
0.8
0.4
1.	 Charged to direct costs and administrative expenses based on the underlying nature of the expenses.
Auditor’s remuneration: services provided by the Company’s Auditor and its 
associates
2024 
£000
2023 
£000
Audit fees:
Audit of Parent Company and consolidated financial statements
507
330
Audit of subsidiary financial statements
110
40
617
370
Fees for other services:
Audit-related assurance services1
97
70
Total fees payable to Auditor
714
440
1.	 Audit-related assurance services consist of £97k for half year review (2023: £56k); and £nil for Green Bond use of Proceeds 
Assurance (2023: £14k).
2024 
£m
2023 
£m
Total administrative expenses are analysed below:
Staff costs
14.8
13.4
Equity-settled share based payments
3.1
1.4
Cash-settled share based payments
0.2
–
Other
7.2
6.7
Total administrative expenses
25.3
21.5
3(a). LOSS ON DISPOSAL OF INVESTMENT PROPERTIES AND ASSETS HELD FOR SALE
2024 
£m
2023 
£m
Proceeds from sale of investment properties (net of sale costs)
12.3
7.0
Proceeds from sale of assets held for sale (net of sale costs)
96.2
52.1
Book value at time of sale
(110.8)
(59.8)
Loss on disposal
(2.3)
(0.7)
238
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

3(b). OTHER EXPENSES
2024 
£m
2023 
£m
Change in fair value of deferred consideration
–
(0.1)
Other expenses
(1.2)
(3.7)
(1.2)
(3.8)
The value of deferred consideration (cash and overage) from the sale of investment properties has 
been revalued by CBRE Limited at 31 March 2024 and 31 March 2023. This resulted in a reduction 
in the fair value of deferred consideration of £nil at 31 March 2024 (31 March 2023: £0.1m). 
The amounts receivable are included in the consolidated balance sheet under current trade 
and other receivables (note 13).
Other expenses include exceptional one-off costs relating to the implementation and 
replacement of our finance and property management system of £1.2m (2023: £1.8m). In 
addition, other expenses in the prior year also include exceptional one-off costs relating to the 
acquisition and integration of McKay Securities Limited (£1.9m), including the cost of buying out 
the McKay Securities Limited defined benefit pension scheme (see note 24). These costs are 
outside the Group’s normal trading activities.
4. FINANCE COSTS
2024 
£m
2023 
£m
Interest payable on bank loans and overdrafts
(15.0)
(11.9)
Interest payable on other borrowings
(19.3)
(19.0)
Amortisation of issue costs of borrowings
(1.7)
(2.0)
Interest payable on leases
(2.1)
(1.9)
Interest capitalised on property refurbishments (note 10)
3.0
0.2
Interest receivable
0.2
0.2
Finance costs
(34.9)
(34.4)
Exceptional finance costs
–
(0.6)
Total finance costs
(34.9)
(35.0)
The exceptional finance costs in the prior year related to unamortised finance costs for 
McKay Securities Limited’s previous bank loan which were written off when this was refinanced 
in September 2022.
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.
5. EMPLOYEES AND DIRECTORS
Staff costs for the Group during the year were:
2024 
£m
2023 
£m
Wages and salaries
26.2
23.3
Social security costs
3.4
3.8
Other pension costs (note 24)
1.3
1.0
Equity-settled share based costs (note 23)
3.1
1.4
34.0
29.5
Less costs capitalised
(3.5)
(4.2)
30.5
25.3
The monthly average number of people employed during the year was:
2024 
Number
2023 
Number
Head office staff (including Directors)
166
154
Estates and property management staff
152
137
318
291
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 186 to 217. 
Total Directors’ emoluments for the financial year were £2.9m (2023: £3.0m), comprising 
of £2.2m (2023: £2.2m) of Directors’ remuneration, £0.6m (2023: £0.7m) gain on exercise 
of share options and £0.1m (2023: £0.1m) of cash contributions in lieu of pension in respect 
of two Directors (2023: two).
239
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

6. TAXATION
2024 
£m
2023 
£m
Current tax:
UK corporation tax
–
–
Adjustments to tax in respect of previous periods
–
–
–
–
Deferred tax:
On origination and reversal of temporary differences
(0.3)
0.3
(0.3)
0.3
Total taxation (credit)/charge
(0.3)
0.3
Taxation chargeable in the year relates to income from non-REIT activities such as overage, 
meeting room income and utilities recharges.
The tax on the Group’s loss for the year differs from the standard applicable corporation 
tax rate in the UK of 25% (2023: 19%). The differences are explained below:
2024 
£m
2023 
£m
Loss before taxation
(192.8)
(37.5)
Tax at standard rate of corporation tax in the UK of 25%  
(2023: 19%)
(48.2)
(7.1)
Effects of:
REIT exempt income
(19.2)
(12.1)
Changes in fair value not subject to tax as a REIT
63.8
17.7
Share based payment adjustments
0.5
(0.3)
Unrecognised losses carried forward
2.7
1.8
Other non-taxable expenses
0.1
0.3
Total taxation (credit)/charge
(0.3)
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 (increased from 19% in the previous period).
The Group currently has an unrecognised asset in relation to tax losses from the non-REIT 
business carried forward of £8.9m (2023: £6.2m) calculated at a corporation tax rate of 25% 
(2023: 25%).
7. DIVIDENDS
Payment date
Per share
2024 
£m
2023 
£m
For the year ended 31 March 2022:
Final dividend
August 2022
14.5p
–
27.8
For the year ended 31 March 2023:
Interim dividend
February 2023
8.4p
–
16.1
Final dividend
August 2023
17.4p
33.3
–
For the year ended 31 March 2024:
Interim dividend
February 2024
9.0p
17.3
–
Dividends for the year
50.6
43.9
Timing difference on payment of withholding tax
0.1
(0.4)
Dividends cash paid
50.7
43.5
The Directors are proposing a final dividend in respect of the financial year ended 31 March 2024 
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 2 August 2024 to 
shareholders who are on the register of members on 5 July 2024. The dividend will be paid as a 
REIT Property Income Distribution (‘PID’) net of withholding tax where appropriate.
240
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

8. EARNINGS PER SHARE
Earnings used for calculating earnings per share:
2024 
£m
2023 
£m
Basic and diluted earnings
(192.5)
(37.8)
Decrease in fair value of investment properties
251.2
88.0
Impairment of assets held for sale
4.1
5.1
Loss on disposal of investment properties
2.3
0.7
EPRA earnings
65.1
56.0
Adjustment for non-trading items:
Other expenses
1.2
3.8
Exceptional finance costs
–
0.6
Taxation
(0.3)
0.3
Trading profit after interest
66.0
60.7
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 of shares used for calculating earnings per share:
2024 
Number
2023 
Number
Weighted average number of shares  
(excluding own shares held in trust)
191,676,994
190,470,363
Dilution due to share option schemes
1,537,856
1,129,310
Weighted average number of shares  
for diluted earnings per share
193,214,850
191,599,673
In pence:
2024
2023
Basic loss per share
(100.4p)
(19.9p)
Diluted loss per share
(100.4p)
(19.9p)
EPRA earnings per share
34.0p
29.4p
Adjusted underlying earnings per share1
34.1p
31.7p
1.	 Adjusted underlying earnings per share is calculated by dividing trading profit after interest by the diluted weighted average 
number of shares of 193,214,850 (2023: 191,599,673).
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.
9. NET ASSETS PER SHARE AND TOTAL ACCOUNTING RETURN
Number of shares used for calculating net assets per share:
2024 
Number
2023 
Number
Shares in issue at year end
191,910,392
191,638,357
Less own shares held in trust at year end
(139,649)
(152,550)
Dilution due to share option schemes
1,637,759
1,201,277
Number of shares for calculating diluted  
adjusted net assets per share
193,408,502
192,687,084
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 2024
March 2023
EPRA  
NRV 
£m
EPRA  
NTA 
£m
EPRA  
NDV 
£m
EPRA  
NRV 
£m
EPRA  
NTA 
£m
EPRA  
NDV 
£m
IFRS Equity attributable 
to shareholders
1,548.9
1,548.9
1,548.9
1,787.7
1,787.7
1,787.7
Fair value of derivative 
financial instruments
(0.2)
(0.2)
–
Intangibles per IFRS balance sheet
–
(2.2)
–
–
(2.0)
–
Excess of book value of debt 
over fair value
–
–
59.3
–
–
86.6
Purchasers’ costs
166.4
–
–
186.4
–
–
EPRA measure
1,715.1
1,546.5
1,608.2
1,974.1
1,785.7
1,874.3
EPRA measure per share
£8.87
£8.00
£8.32
£10.24
£9.27
£9.73
Total accounting return
Total Accounting Return
2024 
£
2023 
£
Opening EPRA net tangible assets per share (A) 
9.27
9.88
Closing EPRA net tangible assets per share
8.00
9.27
Decrease in EPRA net tangible assets per share
(1.27)
(0.61)
Ordinary dividends paid in the year 
0.26
0.23
Total return (B)
(1.01)
(0.38)
Total accounting return (B/A) 
(10.9%)
(3.8%)
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 2024 was -10.9% 
(31 March 2023: -3.8%).
241
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

10. INVESTMENT PROPERTIES
2024 
£m
2023 
£m
Balance at 1 April
2,643.3
2,366.7
Purchase of investment properties
–
426.6
Capital expenditure
68.4
55.8
Change in value of lease obligations
–
3.7
Capitalised interest on refurbishments (note 4)
3.0
0.2
Disposals during the year
(12.5)
(5.5)
Change in fair value of investment properties
(251.2)
(88.0)
Disposed properties tenant incentives recognised  
in advance under IFRS 16
1.4
–
Less: Classified as assets held for sale
(43.9)
(116.2)
Balance at 31 March
2,408.5
2,643.3
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 £317.2m (2023: £321.9m) 
for which there are lease obligations of £34.7m (2023: £34.7m). Investment property lease 
commitment details are shown in note 17.
During the prior period, the Group acquired McKay Securities Limited (formerly McKay 
Securities PLC) adding 32 properties in and around London to the portfolio.
Three of the properties classified as held for sale at the end of the prior year were not sold 
during the year. These are retained within current assets as they are still expected to sell within 
the next 12 months to 31 March 2025 and have been subject to an impairment charge of £2.6m 
following the valuation carried out at 31 March 2024. One of them exchanged during the year.
Six (2023: Ten) additional properties were reclassified as held for sale at year-end. Four of 
these properties have exchanged for sale and are likely to complete within the next 12 months. 
The transfer value is their year-end valuation per CBRE. 
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 6.8% (2023: 3.9%). The total amount 
of capitalised interest included in investment properties is £18.1m (2023: £15.1m). 
The change in fair value of investment properties is recognised in the consolidated income statement.
Valuation
The Group’s investment properties are held at fair value and were revalued at 31 March 2024 
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 each 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. 
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.
242
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

10. INVESTMENT PROPERTIES CONTINUED
Valuation continued
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 valuers are 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:
2024 
£m
2023 
£m
Total per CBRE valuation report
2,446.5
2,741.1
Deferred consideration on sale of property
(0.6)
(0.5)
Head leases treated as leases under IFRS 16
34.7
34.7
Tenant incentives recognised under IFRS 16
(6.4)
(8.8)
Less: Reclassified as assets held for sale
(65.7)
(123.2)
Total investment properties per balance sheet
2,408.5
2,643.3
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 involves 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.
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
Property category
Valuation 
£m
Valuation 
technique
Range
Weighted 
average
Range
Weighted 
average
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.
243
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

10. INVESTMENT PROPERTIES CONTINUED
Valuation continued
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
The following table summarises the valuation techniques and inputs used in the determination 
of the property valuation at 31 March 2023.
Key unobservable inputs:
ERVs – per sq. ft.
Equivalent yields
Property category
Valuation 
£m
Valuation 
technique
Range
Weighted 
average
Range
Weighted 
average
Like-for-like
1,886.9
A
£21–£79
£48
5.0%–7.7%
6.2%
Completed projects
264.8
A
£24–£51
£34
5.8%–6.8%
6.5%
Refurbishments
171.9
A/B
£21–£53
£35
4.5%–6.7%
5.8%
Redevelopments
25.4
A/B
£16–£35
£28
4.8%–6.9%
5.5%
Acquisitions
268.4
A
£13–£70
£34
5.2%–10.8%
7.4%
Tenant incentives
(8.8)
N/A
–
–
–
–
Head leases
34.7
N/A
–
–
–
–
Total
2,643.3
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%–16% with a weighted average of 13%.
Costs to complete is a key unobservable input for redevelopments at planning stage 
with a range of £262–£448 per sq. ft. and a weighted average of £356 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
+189/-189
-76/+83
Completed projects
+27/-27
-10/+11
Refurbishments
+23/-23
-10/+11
Redevelopments
+6/-6
-3/+3
Acquisitions
+27-27
-9/+9
244
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

11. PROPERTY, PLANT AND EQUIPMENT
Cost or valuation
Equipment  
and fixtures 
£m
1 April 2022
9.5
Additions during the year
3.3
Disposals during the year
(0.3)
Balance at 31 March 2023
12.5
Additions during the year
0.5
Disposals during the year
(4.8)
Balance at 31 March 2024
8.2
Accumulated depreciation
1 April 2022
6.6
Charge for the year
1.6
Disposals during the year
(0.1)
Balance at 31 March 2023
8.1
Charge for the year
1.7
Disposals during the year
(4.6)
Balance at 31 March 2024
5.2
Net book amount at 31 March 2024
3.0
Net book amount at 31 March 2023
4.4
12. OTHER INVESTMENTS
The Group holds the following investments:
2024 
£m
2023 
£m
2.0% of share capital of Wavenet Limited
3.2
2.1
3.2
2.1
In accordance with IFRS 9 the shares in Wavenet Limited have been valued at fair value, resulting 
in £1.1m movement in the financial year (2023: £0.4m), recognised in the consolidated statement 
of comprehensive income.
13. TRADE AND OTHER RECEIVABLES
Current trade and other receivables
2024 
£m
2023 
£m
Trade receivables
22.6
16.9
Less provision for impairment of receivables
(3.9)
(4.6)
Trade receivables – net
18.7
12.3
Prepayments, other receivables and accrued income
16.9
22.3
Deferred consideration on sale of investment properties
1.1
11.2
36.7
45.8
Receivables at fair value
Included within deferred consideration on sale of investment properties is £0.6m (2023: £0.5m) 
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 2023: £0.1m decrease) (note 3(b)).
2024 
£m
2023 
£m
Deferred consideration on sale of investment properties:
Balance at 1 April
11.2
0.6
Cash received
(10.1)
–
Additions
–
10.7
Change in fair value
–
(0.1)
Balance at 31 March
1.1
11.2
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.
245
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

13. TRADE AND OTHER RECEIVABLES CONTINUED
Movements on the provision for impairment of trade receivables are shown below:
2024 
£m
2023 
£m
Balance at 1 April
4.6
5.2
Increase in provision for impairment of trade receivables
0.8
1.1
Receivables written off during the year
(1.5)
(1.7)
Balance at 31 March
3.9
4.6
14. CASH AND CASH EQUIVALENTS
2024 
£m
2023 
£m
Cash at bank and in hand
4.1
12.0
Restricted cash
7.5
6.5
11.6
18.5
£6.7m (2023: £6.5m) 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
2024 
£m
2023 
£m
Trade payables
7.4
15.4
Other tax and social security payable
4.8
15.9
Tenants’ deposit deeds 
8.2
6.5
Tenants’ deposits
32.0
30.5
Accrued expenses
28.5
26.1
Deferred income – rent and service charges
12.1
13.4
93.0
107.8
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
2024 
£m
2023 
£m
Current
Bank loans (unsecured)
–
49.8
Non-current
Bank loans (unsecured)
192.3
197.2
Other loans (secured)
64.1
63.9
3.07% Senior Notes (unsecured)
79.9
79.9
3.19% Senior Notes (unsecured)
119.9
119.8
3.6% Senior Notes (unsecured)
99.9
99.9
Green Bond (unsecured)
298.7
298.4
854.8
859.1
Total borrowings
854.8
908.9
(b) Net debt
2024 
£m
2023 
£m
Borrowings per (a) above
854.8
908.9
Adjust for:
Cost of raising finance
4.2
5.1
859.0
914.0
Cash at bank and in hand (note 14)
(4.1)
(12.0)
Net debt
854.9
902.0
At 31 March 2024, the Group had £141.0m (2023: £136.0m) of undrawn bank facilities, a £2.0m 
overdraft facility (2023: £2.0m) and £4.1m of unrestricted cash (2023: £12.0m).
246
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

16. BORROWINGS CONTINUED
(c) Maturity
2024 
£m
2023 
£m
Repayable within one year
–
50.0
Repayable between one and two years
80.0
–
Repayable between two and three years
194.0
279.0
Repayable between three years and four years
420.0
–
Repayable between four years and five years
100.0
420.0
Repayable in five years or more
65.0
165.0
859.0
914.0
Cost of raising finance
(4.2)
(5.1)
Total
854.8
908.9
(d) Interest rate and repayment profile
Principal at  
period end 
£m
Interest rate
Interest payable
Repayable
Current
Bank overdraft due within 
one year or on demand
–
Base + 2.25%
Variable
On demand
Non-current
Private Placement Notes:
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
125.0
SONIA + 1.77%1
Monthly
December 2026
Bank Loan
69.0
SONIA + 1.77%1
Monthly
April 2026
Other Loan (Secured)
65.0
4.02%
Quarterly
May 2030
Green Bond
300.0
2.25%
Yearly
March 2028
859.0
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:
2024
Carrying amount of derivative
0.2
Change in fair value of designated hedging instrument
0.2
Notional amount £m
100
Rate payable (%)
4.285
Maturity
31 January 2026
Hedge ratio
1:1
247
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

16. BORROWINGS CONTINUED
(f) Financial instruments and fair values
2024 
Book value 
£m
2024 
Fair value 
£m
2023 
Book value 
£m
2023 
Fair value 
£m
Financial liabilities held at amortised cost
Bank loans
192.3
192.3
247.0
247.0
Other loans
64.1
61.6
63.9
63.5
Private Placement Notes
299.6
285.4
299.6
287.8
Lease obligations
34.7
34.7
34.7
34.7
Green Bond 
298.7
256.1
298.4
224.0
889.4
830.1
943.6
857.0
Financial assets at fair value through other 
comprehensive income
Financial derivative
0.2
0.2
–
–
Other investments
3.2
3.2
2.1
2.1
3.4
3.4
2.1
2.1
Financial assets at fair value through profit or loss
Deferred consideration (including overage)
1.1
1.1
11.2
11.2
1.1
1.1
11.2
11.2
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. 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
Assets
2024 
£m
2023 
£m
a) Assets at fair value through profit or loss
Deferred consideration (overage)
0.6
0.5
0.6
0.5
b) Loans and receivables
Cash and cash equivalents
11.6
18.5
Trade and other receivables excluding prepayments1
27.4
31.7
39.0
50.2
c) Assets at value through other comprehensive income
Financial derivative
0.2
–
Other investments
3.2
2.1
3.4
2.1
Total
43.0
52.8
Liabilities
2024 
£m
2023 
£m
Other financial liabilities at amortised cost
Borrowings
854.8
908.9
Lease liabilities
34.7
34.7
Trade and other payables excluding non-financial liabilities2
76.1
78.5
965.6
1,022.1
1.	 Trade and other receivables exclude prepayments of £5.0m (2023: £13.6m), accrued income of £3.7m (2023: £nil) and 
non-cash deferred consideration of £0.6m (2023: £0.5m).
2.	 Trade and other payables exclude other tax and social security of £4.8m (2023: £15.9m) and deferred income of £12.1m 
(2023: £13.4m).
248
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

16. BORROWINGS CONTINUED
(h) Changes in liabilities from financing activities
Bank loans and 
borrowings 
£m
Lease liabilities 
£m
Balance at 1 April 2023
908.9
34.7
Changes from financing cash flows:
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
Bank loans and 
borrowings 
£m
Lease liabilities 
£m
Balance at 1 April 2022
595.5
31.0
Changes from financing cash flows:
Proceeds from bank borrowings
286.0
–
Repayment of bank borrowings
(150.0)
–
Finance costs for new/amended borrowing facilities
(1.6)
–
Finance costs assumed on asset acquisition
(1.6)
–
Total changes from cash flows
132.8
–
Exceptional finance costs
0.6
–
Amortisation of issue costs of borrowing
2.0
–
Debt assumed on asset acquisition
178.0
–
Changes in leases
–
3.7
Total other changes
180.6
3.7
Balance at 31 March 2023
908.9
34.7
17. LEASE OBLIGATIONS
Lease liabilities are in respect of leased investment property.
Minimum lease payments under leases fall due as follows:
2024 
£m
2023
£m
Within one year
2.1
2.1
Between one and five years
8.4
8.4
Between five and fifteen years
17.2
19.0
Beyond fifteen years
180.5
180.8
208.2
210.3
Future finance charges on leases
(173.5)
(175.6)
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 (2023: £2.1m) is offset by future finance charges on leases of £2.1m (2023: £2.1m). 
All lease obligations are long leaseholds, therefore, the majority of the obligations fall beyond 
fifteen years.
249
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

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 2024, 89% (2023: 73%) 
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 £0.9m (2023: £2.5m).
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 2024 interest cover was 3.7x. Interest cover 
is calculated as net rental income divided by finance costs (excluding exceptional finance costs).
(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 risk principally 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 4,678 lettable units at 77 properties with overall occupancy of 83%. The largest 10 single 
tenants generate around 10.2% of net rent roll. As such, the credit risk attributable to individual 
tenants is 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 £40.2m (2023: £37.0m). 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. The Group’s debt recovery is 
consistently high and as such is deemed a low risk area.
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:
2024 
£m
2023 
£m
Cash and cash equivalents (note 14)
11.6
18.5
Trade receivables – current (note 13)
18.7
12.3
Deferred consideration – current (note 13)
1.1
11.2
31.4
42.0
The Group’s assessment of expected credit losses involves estimation given its forward-looking 
nature. Assumptions used in the forward-looking assessment are continually reviewed to take 
into account likely rent deferrals.
(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.
250
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

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 (2023: £2.0m), 
two revolving loan facilities totalling £335.0m (2023: £335.0m). At 31 March 2024 headroom 
excluding overdraft and cash was £141.0m (31 March 2023: £136.0m).
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.
31 March 2024
Carrying2 
amount 
£m
Due  
within 
1 year 
£m
Due 
between 
1 and 2 
years 
£m
Due 
between 
2 and 3 
years 
£m
Due  
3 years  
and 
beyond 
£m
Total 
contracted 
cash flows 
£m
Financial liabilities
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 payables1
76.1
76.1
–
–
–
76.1
969.8
106.7
109.0
219.2
808.2
1,243.1
31 March 2023
Carrying2 
amount 
£m
Due  
within 
1 year 
£m
Due 
between 
1 and 2 
years 
£m
Due 
between 
2 and 3 
years 
£m
Due  
3 years  
and 
beyond 
£m
Total 
contracted 
cash flows 
£m
Financial liabilities
Private Placement Notes
300.0
9.9
9.9
88.3
234.5
342.6
Bank loan
123.0
7.3
7.3
128.2
–
142.8
Bank loan
76.0
4.7
4.7
76.2
–
85.6
Bank loan
50.0
51.5
–
–
–
51.5
Green Bond
300.0
6.8
6.8
6.8
312.9
333.3
Other loans
65.0
2.6
2.6
2.6
75.4
83.2
Lease liabilities
34.7
2.1
2.1
2.1
204.0
210.3
Trade and other payables1
78.5
78.5
–
–
–
78.5
1,027.2
163.4
33.4
304.2
826.8
1,327.8
1.	 Trade and other payables exclude other tax and social security of £4.8m (2023: £15.9m) and deferred income of £12.1m 
(2023: £13.4m).
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, 
two Revolving Credit Facilities from banks and Private Placement Notes less cash at bank and 
in hand.
At 31 March 2024, Group equity was £1,548.9m (2023: £1,787.7m) and Group net debt 
(debt less cash at bank and in hand) was £854.9m (2023: £902.0m). Group gearing at 
31 March 2024 was 55% (2023: 50%).
The Group’s borrowings are all unsecured apart from £65.0m. The loan to value covenant 
applicable to these borrowings is 60% and compliance is being met comfortably. Loan to value 
at 31 March 2024 was 35%. This 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%.
19. NOTES TO CASH FLOW STATEMENT
Reconciliation of loss for the year to cash generated from operations:
2024 
£m
2023 
£m
Loss before tax
(192.8)
(37.5)
Depreciation
1.7
1.6
Amortisation of intangibles
0.6
0.7
Letting fees amortisation
0.3
0.5
Loss on disposal of investment properties
2.3
0.7
Other expenses (note 3b)
1.2
3.8
Net loss from change in fair value of investment property
251.2
88.0
Impairment of assets held for sale
4.1
5.1
Equity-settled share based payments
3.3
1.4
Finance costs
34.9
34.4
Exceptional finance costs
–
0.6
Changes in working capital:
Increase in trade and other receivables
(2.9)
(6.4)
(Decrease)/Increase in trade and other payables
(16.2)
17.6
Cash generated from operations
87.7
110.5
For the purposes of the cash flow statement, cash and cash equivalents include restricted cash 
– tenants’ deposit deeds (note 14).
251
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

20. SHARE CAPITAL AND SHARE PREMIUM
2024 
£m
2023 
£m
Issued: Fully paid ordinary shares of £1 each
191.9
191.6
Movements in share capital were as follows:
2024 
Number
2023 
Number
Number of shares at 1 April
191,638,357
181,125,259
Issue of shares
272,035
10,513,098
Number of shares at 31 March
191,910,392
191,638,357
In the year, the Group issued 272,035 options in relation to share schemes with net proceeds 
£nil (31 March 2023: no share scheme options issued). In the prior year, the Group issued 
10,513,098 shares as part of the consideration for the acquisition of McKay Securities Limited. 
The average share price on issue was £6.38 leading to an increase in the merger reserve of 
£56.6m in the period.
Share capital
Share premium
2024 
£m
2023 
£m
2024 
£m
2023 
£m
Balance at 1 April
191.6
181.1
295.5
295.5
Issue of shares
0.3
10.5
1.1
–
Balance at 31 March
191.9
191.6
296.6
295.5
21. OTHER RESERVES
Other 
investment 
reserve 
£m
Hedging 
Reserve  
£m
Equity-
settled share 
based 
payments 
£m
Merger 
reserve 
£m
Total 
£m
Balance at 1 April 2022
–
–
23.9
8.7
32.6
Share based payments
–
–
1.4
–
1.4
Issue of shares (note 20)
–
–
–
56.6
56.6
Change in fair value 
0.4
–
–
–
0.4
Balance at 31 March 2023
0.4
–
25.3
65.3
91.0
Share based payments
–
–
0.7
–
0.7
Change in fair value of other investment 
(note 12)
1.1
–
–
–
1.1
Change in fair value of derivative 
financial instruments (cash flow hedge)
–
0.2
–
–
0.2
Balance at 31 March 2024
1.5
0.2
26.0
65.3
93.0
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 2024, the number of shares held by the ESOT totalled 84,466 (2023: 75,226).
The SIP is governed by HMRC rules (note 23). At 31 March 2024, the number of shares held 
for the SIP totalled 50,290 (2023: 77,324).
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024
252
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 2021 and 2022 schemes are:
–	 Relative TSR
–	 Total Property Return compared to the IPD benchmark
The performance measures for the 2023 scheme are:
–	 Relative TSR
–	 Relative EPS growth
–	 Relative ESG metrics
–	 Relative TAR
The shares are issued at nil cost to the individuals provided the performance conditions are met.
Under the 2023 LTIP scheme, 365,938 performance shares and 430,962 restricted shares were 
awarded in June 2023 to Directors and Senior Management (2022 LTIP scheme: 848,199 
performance shares were awarded in June 2022). 
Details of the movements for the LTIP scheme during the year were as follows:
LTIP
Number
At 1 April 2022
1,386,866
Granted
848,199
Lapsed
(470,877)
At 31 March 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
For the 2020 LTIP scheme, which vested in June 2023, the average closing share price at 
the date of exercise of shares exercised during the year was £5.30 (2019 LTIP scheme: £nil).
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:
2023 LTIP
2022 LTIP
November 
2021 LTIP
June 2021 
LTIP
2020 LTIP
Share price at grant
470p
642p
841p
842p
706p
Exercise price
Nil
Nil
Nil
Nil
Nil
Average expected life (years)
3
3
3
3
3
Risk-free rate
4.95%
1.96%
0.49%
0.16%
0.61%
Average share price volatility
33.9%
41.5%
42.6%
39.5%
35%
Correlation
52%
46%
47%
45%
46%
TSR starting factor
0.96
0.85
1.14
1.11
0.65
Fair value per option – Relative TSR element
294p
333p
446p
475p
207p
The fair value of the 2023 RSA Scheme and the additional three new measures (EPS growth, 
ESG metrics and TAR) for the 2023 LTIP Scheme are all measured at the grant 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 
2023 LTIP scheme, but the assessment at year end for the LTIP 2022 was that 50% of the 
Total Property Return element will vest (LTIP 2021: 100%).
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.
253
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

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:
SAYE
Options outstanding
Number
Weighted exercise 
price
At 1 April 2022
327,381
£5.65
Options granted
132,890
£5.59
Options lapsed
(173,364)
£5.75
At 31 March 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
The average closing share price at the date of exercise for the SAYE options exercised (for the 
three-year 2020 and the five-year 2018 schemes) during the year was £5.31 (2023: not applicable 
because no shares were exercised).
The fair value has been calculated using the Black-Scholes model. Inputs to the model are 
summarised as follows:
2024 
SAYE 
3 year
2024
SAYE 
5 year
2023 
SAYE 
3 year
2023 
SAYE 
5 year
Weighted average share price at grant
479p
479p
559p
559p
Exercise price
395p
395p
508p
508p
Expected volatility
34%
36%
41%
34%
Average expected life (years)
3
5
3
5
Risk free rate
5%
4%
2%
2%
Expected dividend yield
5%
5%
4%
4%
Possibility of ceasing employment before vesting
25%
25%
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:
2024
2023
Grant date
Fair value of award
Grant date
Fair value of award
SAYE – three year
18 July 2023
125p
27 July 2022
144p
SAYE – five year
18 July 2023
133p
27 July 2022
136p
(c) Share Incentive Plan (‘SIP’)
All staff were granted £1,000 worth of shares in September 2015, £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 (2023: nil), 5,400 (2023: 15,259) shares were exercised in the year and 
3,290 (2023: 9,619) shares lapsed.
(d) Year-end summary
At 31 March 2024, in total there were 2,498,583 (2023: 2,111,777) share awards/options 
exercisable on the Company’s ordinary share capital. These are analysed below:
Date of grant
Exercise 
price
Ordinary 
shares 
Number
Vested and 
exercisable
Exercisable between
LTIP
18 June 2021
–
465,922
–
18.06.2024
–
24 June 2022
–
768,327
–
24.06.2025
–
22 June 2023 (LTIP)
–
365,938
–
22.06.2026
–
22 June 2023 (RSA)
–
424,706
–
22.06.2026
–
SAYE
25 July 2019 – five year
£7.02
–
–
01.09.2024
01.03.2025
27 July 2020 – five year
£5.31
7,116
–
01.09.2025
01.03.2026
23 July 2021 – three year
£6.70
13,500
–
01.09.2024
01.03.2025
23 July 2021 – five year
£6.70
447
–
01.09.2026
01.03.2027
27 July 2022 – three year
£5.59
45,150
–
01.09.2025
01.03.2026
27 July 2022 – five year
£5.59
472
–
01.09.2027
01.03.2028
18 July 2023 – three year
£4.79
331,812
–
01.09.2026
01.03.2027
18 July 2023 – five year
£4.79
39,943
–
01.09.2028
01.03.2029
SIP
29 September 20211
–
35,250
–
29.09.2024
–
Total
2,498,583
–
1.	 The number of ordinary shares in the SIP scheme does not include 15,040 unallocated shares.
The share awards/options outstanding at 31 March 2024 had a weighted average remaining 
contractual life of: LTIP – 1.4 years (2023: 1.4 years), SAYE – 2.4 years (2023: 1.5 years), 
SIP – 0.2 year (2023: 1.0 year). The weighted average for the SIP scheme includes the 
unallocated and exercisable shares from previous awards.
254
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

23. SHARE BASED PAYMENTS CONTINUED
(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 estimates 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:
2024 
£m
2023 
£m
Equity-settled share based payments
3.1
1.4
Cash-settled share based payments
0.2
–
3.3
1.4
The total liability at the end of the year in respect of cash-settled share based schemes was 
£0.5m (2023: £0.3m).
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 £1.3m (2023: £1.0m) 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% 
(2023: 6.0% to 16.5%) of an employee’s salary. The pension scheme is open to every employee 
in accordance with the Government auto-enrolment rules. The number of employees, including 
Directors, in the scheme at the year end was 291 (2023: 261).
In the prior year, as part of the McKay Securities Limited (formerly McKay Securities PLC) 
acquisition in May 2022 the Group became liable for the existing McKay defined benefit pension 
scheme. Subsequent to this, on 12 October 2022, the Group entered into a pension buy-out 
transaction whereby an insurance company took on all current and future liabilities of the 
scheme in exchange for the assets of the scheme, valued at £5.4m at that date, and a cash 
contribution from the Company of £1.3m. The scheme had a deficit of £0.3m at the prior half 
year with the excess settlement charge of £0.9m included in the consolidated statement 
of comprehensive income. The scheme has now been wound up as at 31 March 2024.
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:
Key management compensation:
2024 
£m
2023 
£m
Short-term employee benefits
4.5
4.5
Post-employment benefits
0.2
0.2
Other long-term benefits
–
–
Termination benefits
–
–
Share based payment benefits
1.0
1.0
Total
5.7
5.7
26. CAPITAL COMMITMENTS
At the year end the estimated amounts of contractual commitments for future capital 
expenditure not provided for were:
2024 
£m
2023
£m
Investment property construction
18.8
34.4
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.
255
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

27. SUBSIDIARY AND OTHER RELATED UNDERTAKINGS
The Company’s subsidiary and other related undertakings at 31 March 2024, 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 Limited1,2
01444827
Non-trading
United Workspace Limited1,2
01749661
Non-trading
Workspace Holdings Limited2
03729646
Non-trading
Busworks Limited1,2
04108036
Holding Company
LI Property Services Limited2
02134039
Insurance Agents
Workspace Management Limited
02841232
Property Management
Workspace 1 Limited
03726272
Dormant
Workspace 10 Limited
02985018
Dormant
McKay Securities Limited
00421479
Property Investment
Baldwin House Limited1,2
00692181
Non-trading
Workspace Projects (KP) Limited
14186009
Property Investment
Workspace Glebe Limited3
05834811
Dissolved
Glebe Three Limited3
05830231
Dissolved
Workspace 11 Limited3
05764848
Dissolved
Workspace 15 Limited3
05834840
Dissolved
Anyspacedirect.co.uk Limited3
07117982
Dissolved
Workspace Newco 1 Limited3
10195676
Dissolved
Workspace Newco 2 Limited3
10195681
Dissolved
1.	 100% of the ordinary share capital of this subsidiary is held by other Group companies.
2.	 The 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.	 The following subsidiary companies have been dissolved in the year to 31 March 2024.
Non-UK subsidiaries
Name
Country of 
incorporation
Registered address
Nature of business
Workspace 17 (Jersey) Limited
Jersey
44 Esplanade, St Helier, 
Jersey JE4 9WQ
Holding  
Company
Workspace Salisbury Limited1
Jersey
44 Esplanade, St Helier, 
Jersey JE4 9WQ
Property  
Investment
Centro Property Limited1
Guernsey
Martello Court, Admiral Park, 
St Peter Port, Guernsey GY1 3HB
Non-trading
Stamfordham Road (IOM) 
Limited1
Isle of Man
33-37 Athol Street, Douglas, 
Isle of Man, IM1 1LB
Non-trading
Workspace 16 (Jersey) Limited2
Jersey
Gaspé House,
66-72 The Esplanade, St Helier,
Jersey JE2 3QT
Dissolved
1.	 100% of the ordinary share capital of these subsidiaries is held by other Group companies.
2.	 The following subsidiary company has been dissolved in the year to 31 March 2024.
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.
Land and buildings:
2024 
£m
2023 
£m
Within one year
86.7
85.0
Between one and two years
21.0
28.4
Between two and three years
12.6
16.3
Between three and four years
9.8
9.5
Between four and five years
5.5
8.0
Beyond five years
12.2
18.4
147.8
165.6
29. POST BALANCE SHEET EVENTS
The group completed the sales of Mallard Court in April 2024 and Poplar Business Park in May 2024 
for a total consideration of £25.8m, the sales price for both are in line with the 31 March 2024 
valuation. In addition, Cygnet House and 20-30 Greyfriars Road have exchanged for sale in 
April 2024, with completion set for June 2024 and January 2025 respectively.
256
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

Notes
2024 
£m
2023 
£m
Fixed assets
Investments
C
1,189.6
1,313.2
1,189.6
1,313.2
Current assets
Debtors: amounts falling due within one year
D
407.6
534.1
Cash and cash equivalents
2.5
7.0
410.1
541.1
Total assets
1,599.7
1,854.3
Current liabilities
Creditors: amounts falling due within one year
E
(149.1)
(255.2)
Borrowings
F
–
(50.0)
(149.1)
(305.2)
Creditors: amounts falling due after more than one 
year
Borrowings
F
(722.2)
(719.4)
Total liabilities
(871.3)
(1,024.6)
Net assets
728.4
829.7
Capital and reserves
Share capital
191.9
191.6
Share premium
296.6
295.6
Investment in own shares
(9.9)
(9.9)
Other reserves
G
91.3
90.6
Retained earnings1
158.5
261.8
Total shareholders’ equity
728.4
829.7
1.	 Retained earnings for the Company include loss for the year of £53.6m (2023: £166.3m profit).
The notes on pages 258 to 260 form part of these financial statements.
The financial statements on pages 257 to 260 were approved by the Board of Directors 
on 4 June 2024 and signed on its behalf by:
	
Graham Clemett	
Dave Benson
Director	
Director
Workspace Group PLC
Registered number: 02041612
PARENT COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
257
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 2024, the Directors performed an impairment assessment and 
recognised an impairment of £121.4m in the value of its investment in subsidiaries. The Directors 
also identified that when the same impairment assessment was carried out for the prior year, 
an impairment of £70.1m should have been recognised. The Directors have considered ‘IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors’ and reached a conclusion 
that there was no material prior period error.
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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 2022
181.1
295.6
(9.9)
32.6
139.4
638.8
Profit for the year
–
–
–
–
166.3
166.3
Total comprehensive income
–
–
–
–
166.3
166.3
Transactions with owners:
Shares issued
10.5
–
–
56.6
–
67.1
Dividends paid
–
–
–
–
(43.9)
(43.9)
Share based payments
–
–
–
1.4
–
1.4
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
The notes on pages 258 to 260 form part of these financial statements.
PARENT COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
258
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

B. (LOSS)/PROFIT 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 loss attributable 
to shareholders, before dividend payments, is £53.6m (2023: £166.3m profit). £89.5m of 
dividends were received in the year from subsidiary undertakings (2023: £179.5m).
Dividend payments are disclosed in note 7 to the consolidated financial statements.
C. INVESTMENTS
Investment in 
subsidiary 
undertakings 
£m
Cost
Balance at 31 March 2023
1,447.5
Additions in the year
0.7
Disposals in the year
(137.2)
Balance at 31 March 2024
1,311.0
Impairment
Balance at 31 March 2023
134.3
Impairment in the year
(121.4)
Disposals in the year
(134.3)
Balance at 31 March 2024
121.4
Net book value at 31 March 2024
1,189.6
Net book value at 31 March 2023
1,313.2
An Impairment test has been performed at the year end by comparing the carrying amount of 
100% investments with each individual subsidiaries financial information to identify whether their 
net assets, being an approximation of their recoverable amount, are in excess of their fair value 
less cost of disposal, as measured under level 3 of the fair value hierarchy detailed in note 10 of 
the group financial statements. This has resulted in an impairment in the year of £121.4m, reflecting 
the reduction in the valuation of the investment properties in three separate subsidiary entities.
D. DEBTORS
Amounts falling due within one year
2024 
£m
2023 
£m
Amounts owed by Group undertakings
406.1
533.5
Corporation tax asset
1.5
0.6
407.6
534.1
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.
259
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

E. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 
£m
2023 
£m
Amounts owed to Group undertakings
145.2
250.8
Withholding tax
1.8
1.9
Accruals and deferred income
2.1
2.5
149.1
255.2
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
2024 
£m
2023 
£m
Creditors: amounts falling due 
within one year
Bank overdraft due within one year  
or on demand
Base + 2.25%
On demand
–
–
Bank Loan
SONIA + 1.75%1
September 2023
–
50.0
Creditors: amounts falling due after 
more than one year
3.07% Senior Notes
3.07%
August 2025
80.0
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%2
December 2025
125.0
123.0
Green Bond
2.25%
March 2028
300.0
300.0
Total borrowings
725.0
773.0
Less cost of raising finance
(2.8)
(3.6)
Net borrowings
722.2
769.4
1.	 This is an average over the life of the debt. The margin increases from 1.5% to 2.0% over the facility availability period.
2.	 The base margin is dependent upon the LTV as reported in the client certificate, which is submitted twice a year. 
The maximum margin is 2.15%. 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:
2024 
£m
2023 
£m
Repayable within one year
–
50.0
Repayable between one and two years
80.0
–
Repayable between two and three years
125.0
203.0
Repayable between three and four years
420.0
–
Repayable between four and five years
100.0
420.0
Repayable in five years or more
–
100.0
725.0
773.0
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 252 to 255 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 2022
23.9
8.7
32.6
Share based payments
1.4
–
1.4
Issue of shares
–
56.6
56.6
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
260
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024

31 March 
2024 
£m
31 March 
2023 
£m
31 March 
2022 
£m
31 March 
2021 
£m
31 March 
2020 
£m
Rents receivable
145.0
136.7
104.3
118.0
132.7
Service charges and other income
39.3
37.5
28.6
24.3
28.7
Revenue
184.3
174.2
132.9
142.3
161.4
Trading profit before interest
100.9
95.1
67.4
62.5
104.3
Net interest payable1
(34.9)
(34.4)
(20.5)
(23.8)
(23.3)
Trading profit after interest
66.0
60.7
46.9
38.7
81.0
(Loss)/profit before taxation
(192.8)
(37.5)
124.0
(235.7)
72.5
(Loss)/profit after taxation
(192.5)
(37.8)
123.9
(235.7)
72.1
Basic (loss)/earnings per share
(100.4)p
(19.9)p
68.2p
(130.3)p
40.0p
Dividends per share
28.0p
25.8p
21.5p
17.75p
36.16p
Dividends (total)
53.8
49.4
40.6
32.1
65.4
Investment properties
2,408.5
2,643.3
2,366.7
2,349.9
2,586.3
Other assets less liabilities
(4.7)
46.4
(9.4)
(65.5)
(47.1)
Net debt
(854.9)
(902.0)
(557.7)
(564.9)
(541.2)
Net assets
1,548.9
1,787.7
1,799.6
1,719.5
1,998.0
Gearing
55%
50%
31%
33%
27%
Loan to value
35%
33%
23%
24%
21%
EPRA Net Tangible Assets (NTA)
£8.00
£9.27
£9.88
£9.38
£10.88
1.	 Excludes exceptional items.
31 March 
2024 
£m
31 March 
2023 
£m
31 March 
2022 
£m
31 March 
2021 
£m
31 March 
2020 
£m
Workspace Group:
Number of estates
77
86
57
58
59
Lettable floorspace (million sq. ft.)
4.5
5.2
4.0
3.9
3.9
Number of lettable units
4,678
4,910
4,482
4,196
4,009
Average unit size (sq. ft.)
946
1,065
844
942
922
Rent roll of occupied units
£143.4m
£140.1m
£111.0m
£103.9m
£132.8m
Overall rent per sq. ft.
£38.21
£32.86
£33.26
£33.90
£39.18
Overall occupancy
83.0%
81.5%
84.3%
77.8%
87.0%
Enquiries (number)
9,458
10,563
11,007
8,870
13,041
Lettings (number)
1,238
1,312
1,520
1,146
1,454
EPRA Measures
EPRA Earnings per share
34.0p
29.4p
26.2p
21.3p
44.5p
EPRA Net Tangible Asset per share
£8.00
£9.27
£9.88
£9.38
£10.88
FIVE-YEAR PERFORMANCE (UNAUDITED)
2020–2024
PERFORMANCE METRICS (UNAUDITED)
261
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

EPRA PERFORMANCE MEASURES (UNAUDITED)
Note
2024
2023
EPRA earnings (£m)
8
66.0 
60.7 
EPRA earnings per share (diluted)
8
34.1 
31.7 
EPRA reinstatement value 
9
1,715.1 
1,974.1 
EPRA net reinstatement value per share
9
8.87 
10.25 
EPRA net tangible assets (£m)
9
1,546.5 
1,785.7 
EPRA net tangible assets per share
9
8.00 
9.27 
EPRA net disposal value 
9
 1,608.2 
1,874.3 
EPRA net disposal value per share
9
8.32 
9.73 
EPRA LTV (see below) 
(below)
36.9%
34.9%
EPRA Vacancy Rate
(below)
13.8%
13.6% 
EPRA Capital Expenditure 
(below)
71.4 
482.6
Definitions for these metrics can be found on pages 265.
EPRA LTV 
Note
2024 
£m
2023 
£m
Loan borrowings
16a
859.0
 914.0 
Net payable
49.6
 55.5 
Cash and cash equivalents
14
 (4.1)
(12.0)
Net Debt
904.5
 957.5 
Investment properties at fair value 
10
2,446.5 
 2,741.1 
Intangibles
2.2
2.0
Total Property Value 
2,448.7 
2,743.1
LTV%
 
36.9%
34.9%
EPRA Vacancy Rate
2024 
£m
2023 
£m
Estimated rental value of vacant space excluding 
major refurbishments and redevelopments1
A
25.3
25.2
Estimated rental value of the total portfolio1
194.6
194.6
Less: Major refurbishments and redevelopments
11.4
9.3
Total
B
183.2
185.3
EPRA Vacancy Rate
A/B
13.8%
13.6%
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
 2024 
£m
2023 
£m
Acquisitions
–
426.6
Major refurbishments & developments
38.3 
9.9
Capitalised interest
3.0
0.2
Investment properties: 
Incremental letting space
–
–
No incremental letting space
30.1
45.9
Tenant incentives
–
–
Total capital expenditure 
71.4
482.6
Conversion from accrual to cash basis
(2.1)
(241.7)
Total capital expenditure on cash basis
69.3
240.9
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. 
2024 
£m
2023 
£m
Growth 
£m
Growth 
%
Net rental Income
EPRA like-for-like portfolio1
97.3
88.2
9.1
10.3%
Refurbishments & 
Redevelopments
12.9
11.8
Underlying Net Rental Income
110.2
100.0
10.2
10.2%
Acquisitions & Disposals
16.0
16.6
Net Rental Income Total
126.2
116.6
9.6
8.2%
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 
£1,810m. As per Note 1 of the financial statements, management have determined that the Group operates a single operating 
segment.
262
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

PROPERTY PORTFOLIO 2024 (UNAUDITED)
Property name
Postcode
Lettable floor area 
sq. ft.
Net rent roll of 
occupied units £
LIKE-FOR-LIKE
Archer Street Studios
W1D 7AZ
14,984
893,607
Brickfields
E2 8HD
56,441
2,744,018
Canalot Studios
W10 5BN
47,786
1,362,129
Cannon Wharf
SE8 5EN
32,619
575,892
Cargo Works
SE1 9PG
71,459
3,911,941
Castle Lane
SW1E 6DR
14,254
864,504
Centro Buildings
NW1 0DU
183,436
7,459,847
China Works
SE1 7SJ
68,809
2,735,358
Chiswick Studios
W4 5PY
5,482
142,540
Clerkenwell Workshops
EC1R 0AT
48,633
2,235,304
E1 Studios
E1 1DU
40,430
1,016,836
East London Works
E1 1DU
38,333
1,171,269
Edinburgh House
SE11 5DP
63,145
2,674,773
Exmouth House
EC1R 0JH
57,249
3,375,743
Fuel Tank
SE8 3DX
35,189
693,713
338 Goswell Road
EC1V 7LQ
41,490
1,587,718
Grand Union Studios
W10 5AD
62,958
2,075,204
60 Gray’s Inn Road
WC1X 8LU
36,139
1,836,280
Ink Rooms
WC1X 0DS
22,235
1,119,140
Kennington Park
SW9 6DE
350,574
10,733,180
Lock Studios
E3 3YD
54,237
1,270,185
Property name
Postcode
Lettable floor area 
sq. ft.
Net rent roll of 
occupied units £
Mare Street Studios
E8 3JS
54,863
1,821,336
Metal Box Factory
SE1 0HS
106,316
7,363,790
Mirror Works
E15 2NH
39,965
816,195
Morie Street
SW18 1SL
21,707
379,074
Peer House
WC1X 8LZ
9,739
378,326
Pill Box
E2 6GG
50,409
1,255,760
Rainbow Industrial Estate (part)
SW20 0JK
21,180
507,743
Salisbury House
EC2M 5QQ
214,355
11,494,376
ScreenWorks
N5 2EF
63,994
1,949,732
The Biscuit Factory (Cocoa Studios)
SE16 4DG
39,298
1,043,948
The Biscuit Factory (part)
SE16 4DG
122,724
2,256,702
The Frames
EC2A 4PS
51,864
3,068,832
The Leather Market
SE1 3ER
147,145
6,473,403
The Light Box
W4 5PY
78,489
2,066,920
The Light Bulb (part)
SW18 4GQ
52,699
1,201,534
The Print Rooms
SE1 0LH
45,368
2,496,279
The Record Hall
EC1N 7RJ
57,015
3,306,884
The Shaftesbury Centre
W10 6BN
12,627
309,778
The Shepherds Building
W14 0EE
138,851
5,444,997
Vox Studios
SE11 5JH
106,944
4,579,871
Westbourne Studios
W10 5JJ
56,756
2,009,465
66 Wilson Street
EC2A 2BT
11,893
461,472
263
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

Property name
Postcode
Lettable floor area 
sq. ft.
Net rent roll of 
occupied units £
REFURBISHMENTS
Barley Mow Centre
W4 4PH
81,143
2,009,155
Busworks
N7 9DP
104,427
1,403,596
Centro Buildings (Atelier House)
NW1 0DU
28,089
19,500
Corinthian House
CR0 2BX
37,190
899,753
Evergreen Studios
TW9 1QE
17,322
384,835
Fleet Street
EC4A 2DQ
39,111
1,658,700
Riverside (Commercial)
SW18 4LZ
–
–
Havelock Terrace
SW8 4AS
58,164
1,268,548
Leroy House
N1 3QP
–
–
Old Dairy
EC2A 4HT
56,983
2,604,246
Pall Mall Deposit
W10 6BL
59,826
1,582,751
Parkhall Business Centre
SE21 8EN
116,229
2,095,993
Portsoken House
EC3N 1LJ
47,084
1,672,929
Swan Court
SW19 4JS
57,543
1,679,746
The Biscuit Factory (J Block)
SE16 4DG
83,811
1,075,073
The Chocolate Factory (part)
N22 6XJ
21,892
406,265
The Light Bulb (Phase 2)
SW18 4GQ
17,226
305,522
The Mille
TW8 9DW
93,006
1,881,787
Wenlock Studios
N1 7EU
27,220
706,627
REDEVELOPMENTS
Q West
TW8 0GP
54,960
706,736
Rainbow Industrial Estate (Phase 2)
SW20 0JK
89,934
257,478
Thurston Road
SE13 7SH
7,133
112,933
Property name
Postcode
Lettable floor area 
sq. ft.
Net rent roll of 
occupied units £
SOUTH EAST OFFICE
Ashcombe House
KT22 8LQ
17,522
155,115
Building 329
RG12 8PE
33,608
501,925
Crown Square
GU21 6HR
47,365
737,316
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
RH10 9AY
50,544
1,128,060
Rivergate House
RG14 2PZ
60,817
1,079,445
The Switchback
SL6 7RJ
36,817
637,339
NON-CORE
20-30 Greyfriars Road
RG1 1NL
33,344
586,000
Cygnet House
TW18 4RH
2,860
77,227
Five Acre Site
CT19 5DR
60,536
330,895
Mallard Court
TW18 4RH
22,176
435,885
Parma House/The Chocolate Factory
N22 6XF
34,989
151,481
Poplar Business Park
E14 9RL
65,418
1,148,889
The Planets
GU21 6HR
98,255
–
PROPERTY PORTFOLIO 2024 (UNAUDITED) CONTINUED
264
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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 
and fair value movements.
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 finance costs (excluding exceptional 
finance costs).
UN SDGs is UN Sustainable Development Goals 
which are addressed in the Green Finance 
Framework.
GLOSSARY OF TERMS
265
Workspace Group PLC
Annual Report and Accounts 2024
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 
KPMG LLP 
15 Canada Square 
London E14 5GL 
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
266
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

FSC® certified paper
Printed to the EMAS standard and its Environmental 
Management System certified to ISO 14001.
This publication has been manufactured using 100% offshore 
wind electricity sourced from UK wind.
100% of the inks used are HP Indigo ElectroInk which 
complies with RoHS legislation and meets the chemical 
requirements of the Nordic Ecolabel (Nordic Swan) for 
printing companies, 95% of press chemicals are recycled for 
further use and, on average 99% of any waste associated with 
this production will be recycled and the remaining 1% used to 
generate energy. This document is printed on paper made of 
material from well-managed, FSC®-certified forests and other 
controlled sources.
Designed and produced by Gather
www.gather.london
Workspace Group PLC
Annual Report and Accounts 2024
Strategic Report
Our Governance
Financial Statements
Additional Information

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