Golden Valley SQ Final U+I

SELECTION QUESTIONNAIRE RESPONSE JULY 2020

Golden Valley

CONTENTS Introductory Statement Module 1: Supplier identity, key roles and contact information Module 2: Financial information Module 3: Business and professional standing Module 4: Health and safety - policy and capacity Module 5: Equal opportunity and diversity policy and capability Module 6: Additional questions inlcuding in respect of organisational, technical and/or professional capacity Appendix 1 Appendix 2 Appendix 3 Appendix 4 Appendix 5 Appendix 6 Appendix 7 Appendix 8 Appendix 9 Appendix 10 Appendix 11 Appendix 12 Appendix 13 Appendix 14 Appendix 15

Declaration Published accounts for 2019 Published accounts for 2018 U+I H&S Policy Accidents Log Book HA Occupational Health Therapist Faithful+Gould Certificates and CVs Return to Work Manual U+I CDM Report Thomas Reuters Compliance E-Learning Record Return to work H&S Surveys Faithful+Gould Questions Risk Assessment U+I CDM Policy Equal Opportunities and Dignity at Work Policy

INTRODUCTORY STATEMENT

Golden Valley

INTRODUCTORY STATEMENT We are delighted to submit our response to your Expression of Interest invitation, issued by Avison Young.

We have considered the skills and attributes the Council requires of a Partner; in relation to major Master Developer experience with Public Sector, Eco and Cyber related development, Homes and Mixed-Use development, Great Design and relationships with Institutional Funders. We have tracked the Golden Valley Development for many months now; carefully assembling a team of the UK’s most capable experts.

Your Golden Valley Development Community invitation has been assembled with care, clear ambition and an exceptional level of Government support. It deserves a response, which also carries and matches such a clear vision. We have considered each of your questions with a view to earning a seat at the final table; not just to clear the next hurdle. This Expression of Interest is intended as strong signal of intent.

We strongly believe that what your Brief demands of the market is what we do; it’s why our people get out of bed in the morning. Please enjoy our energy and the underlying strength of our commitment.

U+I Group Plc, have selected some of the most exciting schemes we are currently involved in, to reflect our relevant experience in projects and why we are well placed to work in partnership with Cheltenham Borough Council.

U+I are a specialist regeneration and property developer, listed on the London Stock Exchange. The company is the product of a merger between Development Securities Plc and Cathedral Group Plc in 2014 so many case studies formed their roots under either of the two merged companies. The Group’s portfolio of complex, mixed-use, community-focused regeneration projects, with a Gross Development Value (GDV) of £11.5bn, is anchored by largescale Public Private Partnership (PPP) projects.

Our ambition is to be the best property regeneration company in the UK, with a skill set that encompasses deal origination, planning, construction and development management, asset management, community engagement and sales. Like you, we will not compromise on ambition when creating the means to deliver a World class community through Cheltenham’s cyber campus and the homes which support it. We are recognised for the relish with which we approach the inherent challenges you face.

We focus our operations on London City Region, Manchester and Dublin. London City Region stretches to the West Country, Oxford and Cambridge where the scale of opportunity demands a major project focus, as is clear from our case studies.

Our company values – audacity, imagination and intelligence – are rare in the property industry; yet this Company lives by these values with integrity. It has the imagination to visualise a better, brighter future for the places in which it works. It has the audacity to make those transformations real. It has the intelligence to know what is worth striving for.

Our aim is simple – to deliver vibrant, mixed-use regeneration projects that create recurring, sustainable economic and social value for local stakeholders and for our partners and shareholders. We are passionate about cultural heritage, provenance and placemaking and the Golden Valley Development project has this in abundance.

Our vision is to create long-term socio-economic benefit for the communities in which we work, delivering quality of life and sustainable returns to our partners and shareholders.

We are experts in Public Private Partnership (PPP) projects where we partner with public bodies to unlock public land for development in a way that benefits the public purse, the local community and stakeholders. We are currently working in partnership with a number of public bodies including UKAEA, London & Continental Railways (LCR), Manchester City Council, Morden College, The University of Brighton, Brighton and Hove City Council, Lewisham Council, Bromley Council, Cambridge City Council and Transport for London. In each of these cases we are delivering a facility or a regeneration scheme for our public sector partner and working in an entirely open book manner In the past 20 years, we have delivered over 6 million sq. ft. of regeneration and development projects across the UK with a pipeline of projects totalling more than 6.5 million sq. ft. We have forged a reputation for a committed, systematic and highly professional approach to the development process.

Golden Valley

Our team are leaders of projects of this nature and will be supported by first-class professionals, to provide creative development solutions which meet the ambitions and objectives of Cheltenham Borough Council and all your stakeholders; including the local community. We have demonstrated through Harwell Campus (£250m raised), CNFE (£230m HIF funding), Mayfield (£35m of parkland funding) that we are able to raise equity and debt funding, under demanding circumstances. We are currently Master developers of Mayfield (£1.5bn) and CNFE (5200 homes).

We are leaders in technology & cyber space, delivering a 5m sqft master plan and 1.5m sqft of space at Harwell and Plus-X Central Research Laboratories in Brighton and Hayes. Design is of paramount importance to us and we have won placemaking awards for our work in London, Manchester, Hayes, Brighton and Harwell through a series of close relationships with world class designers.

It is worth noting, that although we haven’t listed them as ‘essential sub contractors’, we have exclusively secured Prior & Partners who are Master Planners on Google’s 7m sqft and 10,000 home Moffett Park campus development in Sunnyvale, Ca, USA. We have also secured Hydrock, who have been working for your team since mid 2019, advising on sustainability, engineering, environmental and planning issues, in order to give us a heads start in bidding and most importantly, should we become your Partner of choice. Our team have worked with both for many years and have always shares beliefs and values.

Our collaborative approach, specifically in working with the public sector, is readily transferrable to Cheltenham Borough Council’s challenge with Golden Valley Development. Our open book, transparent way of working with the public sector has been recently adopted on a number of Public Private Partnerships; most notably with Manchester City Council and LCR on a Mayfield regeneration scheme in Manchester. The model is well suited to Golden Valley Development, although of course the commercial and operational arrangements will evolve during the next stages of procurement. We respect the need to comply with strict corporate governance, combined with an ability to create and deliver a fantastic vision. Protecting the development’s legacy whilst the creating of a bespoke financial strategy or ‘joint venture’ structure to maximise financial returns for all stakeholders, is a subtly nuanced blend of ambition, human nature and contractual framework.

As set out in your brief, this development lends itself perfectly to being run in partnership. It is a complex scheme and requires a broad range of skills, all of which we believe make us ideally suited to being your development partner. We are excited about moving to the next stage, understanding more and investigating what is possible for Cheltenham.

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1.

Golden Valley

1.

SUPPLIER IDENTITY, KEY ROLES AND CONTACT INFORMATION

1.1

U and I Group Plc

1.2

1.3

Address U+I, 7a Howick Place, London, SW1P 1DZ Website uandiplc.com

1.4

1528784

1.5

N/A

1.6

429728419

1.7

N/A

1.8

U+I Group Plc is the ultimate parent company of the group.

1.9

PLC

1.10

YES

1.11

N/A

1.12

N/A

1.13

No

1.14

Tender to become Development Partner with Cheltenham Borough Council

Name Title Mobile Email Address

Jonathan Goring Director of Development +44 (0) 7919 281 191 jonathangoring@uandiplc.com U+I, 7a Howick Place, London, SW1P 1DZ

CGI OF NEW PEDESTRIAN FOCUSSED HIGH STREET, CNFE £3BN MIXED USE PROJECT INMASTER DEVELOPMENT AGREEMENT WITH CITY COUNCIL AND ANGLIAN WATER

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2.

Golden Valley

2.

FINANCIAL INFORMATION

2.1

2.1.4 Account for a medium to large incorporated company entity an dall other organisations that are required to prepare audited accounts

2.2

Please refer to Appendix I and Appendix II at the back of this document for published accounts for 2019 and 2018.

Insurance statement and certificates EMPLOYER’S LIABILITY INSURANCE Policy No.

PUBLIC LIABILITY INSURANCE

PROFESSIONAL LIABILITY INSURANCE

PRODUCT LIABILITY INSURANCE

74UKC19601

Limit of indemnity

£20m

Excess

nil

Limit for a single event

the sum insured

Expiry date

31st March 2021

Policy No.

74UKC19601

Limit of indemnity

£20m

Excess

£250m

Limit for a single event

the sum insured

Expiry date

31st March 2021

Policy No.

BO80110108P20

Limit of indemnity

£10m

Excess

£250,000

Expiry date

31st March 2021

Policy No.

N/A

Limit of indemnity

N/A

Excess

N/A

Expiry date

N/A

PUBLIC ART AT ST MARK’S SQUARE, BROMLEY £100M MIXED-USE SCHEME IN PARTNERSHIP WITH BROMLEY COUNCIL

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3.

Golden Valley

3.

BUSINESS AND PROFESSIONAL STANDING ESPD Option

3.1 No

Grounds for Mandatory Exclusion

3.2 No 3.3 No 3.4 No 3.5 No 3.6 No 3.7 No 3.8 No 3.9 No 3.10 N/A 3.11 N/A 3.12 N/A

Non-payment of tax and social secutiry contributions (mandatory and discretionary exclusion)

3.13 3.14 3.15.A 3.15.B 3.15.C 3.16

Yes N/A No No No N/A

Grounds for discretionary exclusion

3.17 3.18 3.19 3.20 3.21 3.22 3.23 3.24 3.25

No No No No No No No No N/A

CAMBOURNE BUSINESS PARK £150M GDV OF 750,000 SQ FT BUSINESS DEVELOPMENT SPACE

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4.

Golden Valley

4.

HEALTH AND SAFETY - POLICY AND CAPACITY

4.1.A 4.1.B 4.1.C

4.2

No No No

4.3

Yes. Instances of work-related incidents, ill-health and accidents can be found in Appendix 5, which are significantly below national averages. This is related to the robustness of the company’s policies and the training and familiarisation given to staff.

4.4

Yes. U and I Group plc have arrangements with several consultant and/ or specialist that provide advice on both a proactive and reactive basis.

Yes. U and I Group Plc have a general corporate policy that can be found in Appendix 4. The report is updated regularly and at least annually.

Such consultants include: Health Assured are our occupational therapist appointed to regularly train all staff in office posture and has on-on-one sessions with individuals with specific needs including pregnancy. Please refer to evidence in Appendix 6.

4.5

Faithful & Gould, part of The Atkins Group, provide advice and regular training on health and safety in the workplace and on construction sites both for employees and staff in the office and visiting building sites, supply chain capability and designing health and safety into property developments. A copy of their certificates and CVs can be found in Appedix 7.

Yes. In addition to the training noted in the response to Question 4.4 the company funds its staff to obtain Construction Skills Certification Scheme.

All design and construction work is outsourced to consultants and sub-contractors who manage and coordinate works on developments.

We also provide regular H&S information to our staff for the workplace, an example of this is our return to work manual following COVID-19 pandemic. This can be found in Appendix 8.

4.6

Yes. U and I Group plc checks and reviews its H&S performance at our monthly board meeting. Please see Appendix 9 for a copy of our latest report that is issued.

4.7

4.8

Same answer as above in 4.6

Staff are regularly provided with questionnaires and in addition task groups are established from a cross range of employees. Please refer to Appendix 11 for a copy of our questionnaires issued to directors and employees alike before the return to work manual was written.

4.9

Yes. Please refer to Appendix 5 for our accidents log book. Any outcomes from lessons learnt are inccorporated into company policies, processes and training.

4.10

F&G Capability questionnaires for all main contractors and designers. Please see example in Appendix 12.

4.11

Yes. Please refer to Appendix 13 for our latest risk assessment form.

All our staff have been trained in all company policies, by completing the Thomas Reuters compliance e-learning platform. A record of all employees and their data for H&S topic can be found in Appendix 10.

Golden Valley

4.12.A 4.12.B 4.12.C 4.12.D 4.13 4.14 4.15 4.16 4.17

No No No Yes N/A N/A N/A N/A N/A

4.18

No. Whilst U+I may undertake the Principle Designer role at a project’ early conceptual stages, U+I do not take on designer duties directly but would use Faithful & Gould to ensure that designers that we appoint have the required capability.

4.19 4.20

No. U+I do not undertake design duties directly but, as outlined above in 4.18, ensure that any external designer appointed was their performance monitored by Faithful & Gould.

All U+I Project and Development Managers are fully aware of the CDM 2015 regulations and adhere to them guided by the internal U+I CDM Policy and procedures document. A copy can be found in Appendix 14.

We also directly employ Faithful+Gould on most of our projects to act as Principal Designer under the regulations, be that through a Design and Build or Traditional project.

U+I PLC will commonly act themselves as the PD during the early RIBA stage of 0 and 1, but appoint further constructive expertise during the detailed design stages of RIBA stage 2 and beyond, when coordination of health and safety during the pre-construction stages are fundamental to reducing risk through the design, construction and in use phases of the project.

Faithful+Gould also act for U+I as CDM Health and Safety Advisors, assisting U+I as client with their duties under the regulation and regularly hold discussions with the Project / Development teams to ensure they are fully aware of their duties under the regulations in respect of each project RIBA phase. We often ask Faithful+Gould to undertake competency checks on our appointed designers so to satisfy we have the right team for the project along with during the construction period auditing the Principal Contractor to ensure they are undertaking their duties effectively.

When Faithful+Gould act for U+I as Principal Designer they are in control of the pre-construction design stages and will work effectively with the client core design team to prepare, communicate and coordinate design matter and information, and plan manage and monitor the H+S in design. Regular meetings are held and where the project dictates, checklists for key information requirements are created to ensure information is obtained and gathered in a timely fashion.

Design risk reviews workshops are coordinated by Faithful+Gould to ensure foreseeable high-level risks are identified, eliminated or controlled. These are recorded on a live design risk Register which is regularly updated and sahred with the client and design team.

During this process, the design team are overseen to ensure they are undertaking their duties also under CDM 2015 and undertaking risk mitigation and adhering to the principles of prevention and designing with buildability, maintainability and use in mind.

The Principal Designer also maintains contact with the Principal Contractor and notably during Design and Build contracts where there is ongoing contractor design. Design Risk Review workshops continue to be held and chaired by the Principal Designer and if this role has fallen to the Principal Contractor under a Design and Build contract, U+I ensure this role is being undertaken suitably and sufficiently by employing Faithful+Gould to review their activities and output.

The Principal Designer, Designers and Principal Contractor has an ongoing role of preparing and providing relevant information to all duty holder including the H+S file. On behalf of U+I, Faithful+Gould as Principal Designer and / or CDM Advisor lead on this role to ensure the right information is made available to the right people at the right time and in a timely fashion. With the H+S file, U+I with

Golden Valley

Faithful+Gould assistance always ensure this completed in line with the base CDM 2015 regulations guidance, but where appropriate additional information required is discussed early in the project to ensure captured in the final handover documents.

4.21

U+I Directors, Project and Development Managers and Directors are all CDM aware and Faithful+Gould ensure any additional industry best practice is shared with our team.

Faithful+Gould undertake the bulk of our CDM Principal Designer and CDM duties on projects. Their staff are all competent and suitably trained with a minimum Construction NEBOSH qualification and relevant industry knowledge skills and experience of the type and style of developments U+I undertake.

Faithful+Gould meet the SSIP 18001 standard covering health and safety services, are corporate members of the APS and are CHAS accredited to the requirements of the CDM Regulations 2015 and Principal Designer. They have also recently applied for Constructionline verification under the H+S /CDM category.

Please refer to evidence found in Appendix 7.

4.22

U+I with Faithful+Gould always undertake post project reviews and lessons learnt sessions to review what could be done better next time on similar schemes.

In terms of CDM 2015 compliance, U+I annually review and update their CDM Policy with Faithful+Gould to ensure it is still working as it should and invite Faithful+Gould to present any industry best practice or changes in specific and related regulation to our Project and Development Managers. Please refer to evidence found in Appendix 14.

THE LIBRARY BUILDING, SOUTH WEST LONDON £100M PUBLIC PRIVATE PARTNERHSIP WITH LONDON BOROUGH OF LAMBETH

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5.

Golden Valley

5.

EQUAL OPPORTUNITY AND DIVERSITY POLICY AND CAPACITY

5.1

Yes, as an organisation in the private sector, The Public Sector Equality Duty is not an appliable part of the Equality Act 2010. However, as set out in our Equal Opportunities and Dignity at Work Policy, we are committed to promoting equal opportunities in employment, to providing a working environment in which all individuals are able to make the best use of their skills, free from discrimination, harassment or bullying. We also do not discriminate against team members on the basis of their gender, sexual orientation, marital or civil partner status, gender reassignment, race, colour, nationality, ethnic or national origin, religion or belief, pregnancy or maternity, disability or age (the protected characteristics).

Our equality policy and subsequent organisational practices are currently under review and we intend to publish a new policy and code of conduct in the Autumn of 2020.

5.1.3

Please refer to our policy in Appendix 15.

5.2

Yes, see answer above and policy in Appendix

5.3

No

5.4

No

5.5

No

5.6

No

5.7

No

5.8

N/A

5.9

Yes, U+I have a policy that is published to all employees and all new and exisiting employees undertake an Equality e-learning course.

5.10.1 Yes, we provide our managers with training on how to recruit and select fairly, based on objective decision making and the HR team provide advice and guidance to managers when providing training or promoting employees.

5.10.2 Yes, available on the intranet for employees, consultants and temporary staff.

5.10.3 We use recruitment agencies to advertise for employees and we ensure our agency contacts are selecting based on a job description and person specification relevant for each vacancy.

THE DEPTFORD PROJECT, LEWISHAM £50M MIXED-USE, PUBLIC PRIVATE PARTNERSHIP

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6.

Golden Valley

6.

ADDITIONAL QUESTIONS INCLUDING IN RESPECT OF ORGANISATIONAL, TECHNICAL AND/OR PROFESSIONAL CAPACITY

6.1

Yes

Example 1 PROJECT: MAYFIELD, MANCHESTER A £1.5BN OF MIXED-USE PLACEMAKING IN JOINT VENTURE WITH LCR, MANCHESTER CITY COUNCIL AND TRANSPORT FOR GREATER MANCHESTER LOCATION

Manchester

POINT OF CONTACT

Richard Upton, Chief Developent Officer, U+I James Heather, Development Director, U+I

PROJECT DATES

2016 - 2032

SIZE

3,564,614 sq ft GIA

VALUE

£1.5bn GDV

ROLE

50% equity investor in the Mayfield Partnership and Development Manager

STRUCTURE OF TRANSACTION

Joint Venture

REFERENCE

Pat Bartoli, Head of City Regeneration Team, Strategic Development Directorate (MCC) p.bartoli@manchester.gov.uk Mike Mellor, Head of Commercial Marketing (TfGM) Mike.Mellor@tfgm.com Peter Hawthorne, Interim CEO (LCR) Peter.Hawthorne@lcrproperty.co.uk

Golden Valley

THE PROJECT The Mayfield regeneration scheme is a soulful transformation of a forgotten area of Manchester into a uniquely distinctive and characterful place that is world class and defiantly Mancunian. Building on Mayfield’s industrial past, Mayfield will become a new home for residents, workers and visitors and will be created to be unlike anywhere else in Manchester. A place that is inclusive, respected and loved.

The focus of the project is on the regeneration and re-development of the Mayfield Estate to include significant commercial focus on office development and provision of substantial public realm within the City of Manchester.

Mayfield’s industrial heritage is one of its greatest assets and the site’s history will guide the approach to development. The former Mayfield Station, with its cavernous depot and imposing red brick arches provides the opportunity to incorporate these historical gems into the wider scheme.

Thomas Hoyle established the Mayfield Print Works on a former country house estate on the edge of Manchester in 1782 as he needed ready access to the water provided by the River Medlock. Hoyle mastered methods of printing colours – particularly purple – onto calico cloth, pushing the boundaries of the day’s scientific knowledge.

Most recently the Depot has become the focus of the Worthwhile activity promoted by U+I as development manager, with activities ranging from Manchester Food and Drinks award winning ‘Grub’ street food and drink operator, Manchester Pride, with the Depot playing host to 38,000 visitors over the 2019 August bank holiday weekend, and most recently over the final part of 2019, activation of the Depot via Broadwick Venues and Warehouse Projects, delivering a series of world class electronic music events with capacities up to 10,000 per event.

MASTER DEVELOPER SPECIFICS The Mayfield regeneration scheme is being developed by way of a Private Public Partnership with U+I acting as the Master Developer. The Partnership was formed on 19 December 2016, when U+I and the Mayfield Partners signed Joint Venture (JV) documents for the formation of the Mayfield Development Partnership GP (the ‘Partnership’). The Mayfield Partners are Manchester City Council (MCC), Transport for Greater Manchester (TFGM) and London Continental Railways (LCR). The purpose of the ‘Partnership’ is to deliver a major mixed-use regeneration of the Mayfield site.

As Master Developer, U+I led on a comprehensive strategy of public engagement which was recognised as we won the RTPI North West Award for Excellence 2018 – Excellence in Planning to Create Economically Successful Places. It was important to the team to promote community involvement and inclusive planning. Research undertaken prior to the commencement of the consultation process identified over 150 organisations within Manchester who were invited to send representatives to attend the programme of consultation events and to provide feedback.

This culminated in six events hosted between late February and early March 2018, including four on-site at Mayfield, which were attended by 770 people with 284 people leaving comments (37%). A concerted effort was made to engage with ‘hard to reach’ groups – for example Age Friendly UK and the Manchester Youth Council. As part of this strategy the team also discussed the proposals with marginalised groups – including the city centre’s homeless community at a satellite event in Piccadilly Gardens and Manchester Action on Street Heath, a local sex workers’ support project. In addition the public a wide range of statutory and non-statutory stakeholders were consulted.

Golden Valley

Our work provides an outstanding example of positive planning and community engagement with much that can be translated into other projects. This success stemmed from a positive and comprehensive strategy that allowed for the team to reach a wider range of society than would have been possible through a more ‘traditional’ consultation event. This work has extended to the most recent planning applications.

As Master Developer, U+I created a Strategic Regeneration Framework (SRF). The SRF endorsed in May 2018 was developed in order to guide the future comprehensive regeneration of the Mayfield area of Manchester city centre. The 2018 Mayfield SRF ensured that strategic regeneration continued to be planned holistically, and the opportunities and linkages were maximised. The principles included items such as: • High quality workspaces: Delivery of 154,800 sq.m. of office space, meeting the growing demand for high quality commercial floorspace in the city centre, and strengthening the city’s inward investment offer.

• New Jobs: Creation of up to 10,000 jobs accommodated in the new commercial and business space.

• Functional Connectivity: Mayfield is in a pivotal location and will physically, socially, and economically connect key regeneration areas and transport hubs.

• Local Socio-Economic Impact: Mayfield will open up a range of economic, social and environmental benefits to residents in nearby wards.

• Economic growth from clustering of economic activity adjacent to transport infrastructure.

The Mayfield JV comprises a corporate Joint venture with an equity split which is 25% Manchester City Council, 25% London and Continental Railways and 50% U+I plc. U+I has committed to an underwritten cap of £20m, to fund initial planning activity and operational budget up to Phase 1, beyond which we have established a debt/ equity funding structure.

The development contains a significant commitment to public realm and infrastructure, with Mayfield Park, funded via public grant, being the City’s first new public park in over 100 years. It will be delivered as part of the enabling Phase 0 and forms 13 acres of commitment to infrastructure; thus creating ‘place’ at the very beginning of development. This combined with a thriving music venue, outdoor and under arch food space and regular events has already drawn hundreds of thousands of people back to Mayfield.

Golden Valley 6.1

Example 2

PROJECT: THE OLD VINYL FACTORY £250M REGENERATION PROJECT LOCATION

Hayes, London

POINT OF CONTACT

Richard Upton, Chief Developent Officer, U+I Louis Arron, Senior Development Manager, U+I

PROJECT DATES

April 2011 - ongoing

SIZE

17 acres

VALUE

£250m

ROLE

Master Developer

STRUCTURE OF TRANSACTION

Freehold ownership of U+I Group Plc

REFERENCE

Cllr Douglas Mills, London Borough of Hillingdon

THE PROJECT We acquired the 17-acre London Gate business park in Hayes, Middlesex in April 2011 with a clear vision to transform it into a radical £250m redevelopment that pays homage to its important history.

The Old Vinyl Factory is a special place with an incredible architectural, cultural, and industrial heritage spread out over nearly 17 acres in Hayes, West London and built originally as the headquarters of EMI and His Master’s Voice in 1907. Since acquiring the site in 2011, we submitted plans for a £250 million scheme that will get people flocking to Hayes once again. Our place-making activity began in 2012 when we opened a new café and temporary museum about the site’s industrial history as the home of EMI, when, at the peak of its operations, over 20,000 people worked on the site. We also brought in upcoming musicians to film The Old Vinyl Factory Sessions in the hallowed factory halls, literally ‘bringing music back’ to this important site. In April 2013 planning permission was granted for 643 homes, 750,000 sq ft of commercial space, 60,000 sq ft of creative office space housed in the ‘Record Store’ building, plus a cinema, landscaped streets and squares, cafes, and restaurants. Imminently, Crossrail services will run from Hayes and Harlington Station, bringing The Old Vinyl Factory within just 20 minutes of the West End. The estate is part of one of the most historic musical sites across London having been originally acquired at the turn of the 20th century by the Gramophone and Typewriter Company, which eventually became EMI, as a home for His Master’s Voice. Over the ensuing decades, the plant became the centre of the world’s vinyl record production, pressing records for everyone from The Beatles to the Beach Boys and Elvis Presley. At the height of its operations in the 1960s, 22,000 people worked on the 150-acre site. In the mid 1970’s, EMI moved its operations elsewhere leaving the proud buildings empty.

2011 AERIAL VIEW OF TOVF, HAYES

EMI HISTORIC ARCIVE PHOTOGRAPH

THE VINYL CANTEEN

EMI HISTORIC ARCIVE PHOTOGRAPH

NIPPER UNVEILING AT RECORD STORE LAUNCH

Golden Valley The site was predominantly vacant when we acquired it in 2011. Many of the empty and semi-derelict buildings were designed to be the home of EMI’s global manufacturing business by the famous British Art Deco architects Wallis, Gilbert and Partners who were responsible for the Hoover Building in Perivale, the Firestone Factory in Brentford and Victoria Coach Station. Our vision for The Old Vinyl Factory has been to create a truly remarkable place where businesses can thrive, fuelling new jobs, opportunity and economic investment in a creative environment by restoring the old factory buildings and creating a new mixed-use community around them. The masterplan is designed to uncover and celebrate the unique heritage of this place and deliver something different to the innovative international companies whose investment is critical to London’s economy.

We pioneered our own research and design hub, The Central Research Laboratory (CRL). Created in partnership with Brunel University, London, and Higher Education Funding Council for England, the CRL is the UK’s first fullservice incubator for manufacturing entrepreneurs. In September 2015 we launched the pilot phase of the CRL, welcoming the first 11 start-ups onto the Incubator Programme. After a successful first year, the second cohort of promising start-ups were welcomed and expanded the coworking space. In September 2016 we welcomed the first students to Global Academy, a University Technical College specialising in music and media studies for ages 14 -18.

When The Old Vinyl Factory is complete, it will have returned to a high level of employment, bringing much needed economic growth to Hayes Town Centre. The scheme is on target to create up to 4,000 jobs in the local community and will provide a total of £2bn GDV to the local economy.

BBC INTERVIEW FORMER EMPLOYEES

COMMUNITY EVENT , VINYL LOUNGE

LONDON BOROUGH HILLINGDON YOUTH FESTIVAL

MASTER DEVELOPER SPECIFICS The Old Vinyl Factory has been a rewarding labour of love since 2011. It is proof that no masterplan should be immune to change, should circumstances dictate. The 17-acre London Gate business park in Hayes, Middlesex was run down and largely derelict, but rich in history and dear to many local people who’s families have worked there for generations. As with Golden Valley, we have worked with the political leadership and officers of a local council who has a vision for the future. Hayes and Harlington station, the site of a new Crossrail station, borders The Old Vinyl Factory. As Master Developer, U+I has crafted a derelict site, to become one of London’s main centres for advanced manufacturing, creative commercial space and innovation. A Master Developer’s role is to promote a clear vision for the future and to convert this into commercial reality, via meanwhile activity, community engagement and real incentives.

Steeped in History – The Old Vinyl Factory has its roots in the music industry, just as Golden Valley will have it’s roots in the presence of GCHQ. The clear vision to transform it into a radical £250m redevelopment that pays homage to its important history, was clear from the beginning.

The Old Vinyl Factory is a special place with an incredible architectural, cultural, and industrial heritage and this is respected in every aspect of the regeneration.

THE RECORD STOR, COMPLETED 2017

Golden Valley A clear and present danger – The Old Vinyl Factory was under threat and just as Cheltenham needs to take decisive action to protect and promote local employment as GCHQ evolves, LB Hillingdon had the same challenge. Our place-making activity began in 2012 when we opened a new café and temporary museum about the site’s industrial history as the home of EMI, when, at the peak of its operations, over 20,000 people worked on the site. We also brought in upcoming musicians to film The Old Vinyl Factory Sessions in the hallowed factory halls, literally ‘bringing music back’ to this important site. We signalled our intent through our April 2013 planning permission for 643 homes, 750,000 sq ft of commercial space, 60,000 sq ft of creative office space housed in the ‘Record Store’ building, plus a cinema, landscaped streets and squares, cafes, and restaurants.

Major Infrastructure – Infrastructure does not get much more ‘major’ than Crossrail.

Imminently, Crossrail services will run from Hayes and Harlington Station, bringing The Old Vinyl Factory within just 20 m. LB Hillingdon, our tenants and our developer partners recognised this potential and joined us as Master Developer, to invest in The Old Vinyl Factory. U+I took the risk, but new tenants and developers mitigated that risk, by believing.

GATEFOLD BUILDING, COMPLETED IN JUNE 2017

A clear vision – As Master Developer, we created a vision based upon TOVF’s rich history, with manufacturing, creative commercial space and innovation being at the forefront. We pioneered our own research and design hub, The Central Research Laboratory (CRL). Created in partnership with Brunel University, London, and Higher Education Funding Council for England, the CRL is the UK’s first full-service incubator for manufacturing entrepreneurs. In September 2015 we launched the pilot phase of the CRL, welcoming the first 11 start-ups onto the Incubator Programme. After a successful first year, the second cohort of promising start-ups were welcomed and expanded the coworking space. In September 2016 we welcomed the first students to Global Academy, a University Technical College specialising in music and media studies for ages 14 -18. The robust yet flexible masterplan has allowed the place to continuously evolve with the changing economic context without eroding its strong identity. For example, an academy focusing on broadcasting and digital media on the previously allocated cinema plot was one of the first buildings to be constructed and occupied.

The importance of listening - To kick start the redevelopment we undertook a complete marketing re-brand of the estate as The Old Vinyl Factory. To help immediately reposition it a new canteen was opened in The Shipping Building, The Vinyl Canteen, for the staff who work there. An exhibition, Picture This, opened in a new gallery in The Shipping Building showing images of the development over the last 100 years. A number of other events such as dance shows, live music sessions and cooking fairs have taken place while development is underway. This has proved vital for gaining the support of local residents.

CGI OF THE POWERHOUSE

Golden Valley 6.2

Yes

Example 1 CASE STUDY: HARWELL A £1.3BN GDV OF SCIENCE CAMPUS IN THE SOUTH OF OXFORD LOCATION

Oxford

POINT OF CONTACT

Tom Edgerley, Development Director, U+I

PROJECT DATES

2014 - ongoing

SIZE

700 acres

VALUE

£1.3bn GDV

ROLE

Private sector development partner

STRUCTURE OF TRANSACTION

Public private partnership

REFERENCE

Mark Affonso Head of Finance, Science and Technology Facilities Council Mark.Affonso@ukri.org

THE PROJECT Harwell Oxford Developments, a joint venture between U+I and Harwell Oxford Partners was formed in 2015, in order to recapitalise the private sector Joint Venture with UKAEA (British Government) and introduce a long term partner to deliver the Campus’ next phase of growth. Harwell Campus (“Harwell”, or the “Campus”), a world leading Science and Innovation Campus spanning approximately 700 acres, represents the UK’s leading space, health and energy location. Harwell is home to numerous world firsts and over 6,000 people call the Campus home, collaborating and discovering with likeminded individuals. The Campus has recently been awarded Life Sciences Opportunity Zone status by HM Government and incorporates a large development pipeline of an extensive land bank available via a public/private joint venture with HM Government (the “HSIC JV”).The HSIC JV is the leasehold owner of over 35 acres of the Campus, on which sits approximately 430,000 sqft of commercial innovation real estate and sufficient land to deliver a further £4m sqft, along with 2500 homes.

AERIAL VIEW OF HARWELL CAMPUS

Golden Valley Through its arrangement with the Government freeholder, the HSIC JV has access to the entire 700 acres, at a price that is significantly below current market values. The UK innovation sector is widely supported both by HM Government and its many domestic and international partners; investing in scientific research that has a global impact is a resilient opportunity and represents the future of Britain. The Rt Hon Theresa May MP, Prime Minister, said in 2018 ‘Specialist hubs such as Harwell, which bring together Government funding, academic research and business interests, are central to the future of the economy. They concentrate resources and provide focal points for foreign investment. The Government’s industrial strategy is designed to ensure that Britain retains an edge and Harwell is designed to help make this happen. A Sunday Times article 14th July 2019 stated ‘Britain has firms and researchers leading in some of the most exciting fields of human discovery. We need to back them and facilities such as Harwell and turn research strengths into commercial success.

Harwell is now on an accelerated growth curve; will be the centre of the UK’s new VMIC centre to combat contagious diseases such as Covid-19 and will deliver the remaining 4 million sqft of commercial space by 2032.

The Campus is home to over 200 organisations in sectors adding technical advantage to the UK and global economies, including: Aerospace, Artificial Intelligence, Automotive, Big data, Biotech, Chemicals, Consumer products, Cryogenics, Electronics, Energy, Engineering, Environment, Food, Healthcare, Life sciences, Materials, Medical science, Molecular research, Nano and micro-science, Pharmaceuticals, Satellite applications, Sensors, Space, Supercomputing.

We recognise the startling similarities between Harwell and Golden Valley Development; scale, complexity, national significance are all huge factors, along with the need to create incubator space for rapidly growing organisations. One of the best example of this at Harwell is Oxford Nanopore Technologies. Oxford Nanopore is behind the world’s first and only portable DNA sequencer, the MinION. Used worldwide in thousands of labs, it takes biological analysis into the hands of scientists whether they are studying infectious diseases, crop science, human genetics or many other areas of biology. Oxford Nanopore Technologies works very closely with STFC’s micro-electronics group, on Campus. Oxford Nanopore started its life at Harwell with 20,000 sq ft, now has a requirement for a further 180,000 sq ft and has worked alongside our team to realise this ambition by collaborating with other tenants for shared space and involving us in their strategic plans. Gordon Sanghera, CEO of Nanopore said ‘Building on existing facilities at Harwell, we will continue to access world leading testing facilities, be part of a unique ecosystem of people dedicated to science and innovation and take advantage of the campus space and development capabilities to create a high-tech bespoke facility’.

QUAD 1

GYM

GENESIS BUILDING

Golden Valley Harwell is home to three key clusters that exploit the existing strengths of the Campus. These are the Space, Life Sciences and Energy clusters. Each cluster offers new ideas and opportunities for collaboration that enable the sharing of high quality common infrastructure, facilities and expertise as well as opening up new markets. Importantly, risks can also be shared through this model. Further clusters are also forming on Campus, including in Photonics, Quantum Computing and Agri-Tek, further emphasising the strength of shared resources, collaboration, and continued Government support. Harwell’s clusters push, assist and enrich each other, creating a powerful multidisciplinary environment that’s geared to problem solving, enabling the UK to lead the world in generating solutions to address global issues. The clusters at Harwell are a testament to co-locating industry, academia and the public sector alongside Government, investors and entrepreneurs.

Much like the Golden Valley opportunity, Harwell benefits from being adjacent to a UK Government employment cluster with Diamond Light Source (UK’s National Synchotron), VMIC, Central Laser Facility, The Faraday Institution, Emerald and Jasmin (Quantum computers), Rosalind Franklin Institute and Public Health England all close neighbours.

SECTOR LED EMPLOYMENT SPECIFICS Harwell provide a directly comparable development, with U+I forming a Joint Venture with the UK public sector, to deliver a science campus of an unprecedented scale. The key components, common the Golden Valley are as follows: The cluster effect – Harwell is the UK centre of excellence for research into life sciences, space and energy. The cluster effect of a well supported campus ensures the eco system flourishes and is nurtured by an exchange of skills and valuable intellect.

Public meets private – Diamond Light Source, UKAEA, VMIC are all Government owned and run centres of excellence, fed and supported by their private sector neighbours. Oxford Nanopore has and will work closely with VMIC on disease prevention, immunisation and eradication. The same public/private relationship will occur in Golden Valley, between GCHQ and the ultra secure private sector cyber business which supports UK national security.

Amenity – Harwell has invested in it’s own cricket club, chess club, 24/7 bistro, bike hire scheme and has plans for homes, schools and future infrastructure. It has evolved, as will Golden Valley, to meet the needs of the people who work there.

Flexible space – Harwell has developed along the principle of form follows function. All new buildings are large span, large volume, level slab structure. They can be retro-fitted by landlord or tenants with mezzanine office space, laboratory space up to Level 8 Clean Rooms. In a changing world, where cyber security and quality of space are critical, this experience seems critical.

Values – Commercial values at Harwell started at c£17/sq ft and are now pushing £42/sq ft, which is outperforming the nearby Milton Park by £8/sq ft. We cite the cluster effect and the value of the scientific and public sector eco system as the main driver of values.

Local Planning Authority – Vale of the White Horse District Council have been pivotal to our exponential growth. A deep understanding of the economic effect of growth at Harwell can be reflected in an approach to Cheltenham; with many of the comparables being remarkably similar. The effect of development on homes, schools, healthcare, infrastructure and Council resource will be critical to accelerated growth for Golden Valley.

Public Sector Partnership – Never underestimate the power of true partnership. Our Public Sector Partners at UKAEA and BEIS have been exemplary, in their drive for innovation and the way they have embraced and understood the need to create development value and recycle investment, in order to fund accelerated growth.

We truly believe Cheltenham Borough Council can and will succeed.

SPECTRUM BUILDING

Golden Valley 6.2

Example 2

PROJECT: PLUS X, BIGHTON LOCATION

Brighton

POINT OF CONTACT

Rob Sloper, Development Director, U+I Sarah Chitty, Senior Development Manager, U+I

PROJECT DATES

2014 - 2020

SIZE

50,000 sq ft

VALUE

£17m

ROLE

Developer

STRUCTURE OF TRANSACTION

Development Agreement with Brighton & Hove City Council and The University of Brighton

REFERENCE

Nick Hibberd, Executive Director Economy, Environment & Culture at Brighton & Hove City Debra Humphris, Vice Chancellor, University of Brighton

THE PROJECT In 2014 Brighton & Hove City Council (BHCC), the University of Brighton (UoB) and U+I entered into a Development Agreement to deliver a new mixed use masterplan for the City. BHCC were looking for an imaginative development partner who could secure an economic future for a site that has lain derelict for over two decades despite multiple attempts to unlock its development potential.

Located to the north of Brighton, Preston Barracks is an ambitious regeneration project located next to the University of Brighton’s Moulsecoomb campus. The Barracks is one of three sites making up the wider masterplan.

Together the University, U+I and Brighton & Hove City Council conceived a vision for the mixed use new quarter that would bring about economic change to a poorer part of the city.

Having secured a planning consent in December 2017, 550 student homes (operated by Scape Student Living) and a 50,000 sq ft Innovation Hub (operated by Plus X) were delivered in 2020. By 2022, 369 homes and a 10,000 sq ft primary care facility will also have been delivered.

The masterplan will deliver over 1,500 new jobs and contribute over £270m to the local economy.

AXO OF PRESTON BARACKS

Golden Valley SECTOR LED EMPLOYMENT SPECIFICS The first building to be delivered on the site was a 50,000 sq ft innovation hub, operated by Plus X. The Plus X building goes beyond the desk space model of mainstream co-working providers to offer state of the art workshops, biolabs and digital media studios with leading technology and equipment to enable residents to develop concepts and create prototypes. The hubs will cater for single entrepreneurs or teams of up to 100 people.

The Plus X building addresses the site’s original planning brief to provide jobs and productivity for an area that required economic stimulus.

With a unique formula combining world class architecture, healthy and inspiring work space, specialist facilities, business support programmes and academic knowledge exchange, Plus X innovation hubs helps business and communities to thrive.

According to a Realworth report, Plus X delivers 160 times more societal and economical value than a traditional office building. Plus X delivers societal and economic impact through job creation, education, training, health and wellbeing.

The unique Plus X blend of business growth support with positive local impact opens a range of commercial partner and government funding opportunities. In partnership with the University of Brighton, the programme delivers £10m worth of support, helping hundreds of ambitious local businesses scale, create new jobs and help retain local skills and talent.

With space to put to use during the planning phase, U+I got fully acquainted with the site by listening to local entrepreneurs and working closely with Brighton & Hove Council and the University of Brighton. From these conversations, we discovered a clear need for space and support for new businesses – particularly innovative makers who need the right kind of set up to test things and take risks.

Golden Valley

A derelict building was the ideal solution. U+I transformed it into a new home for creative inventors, makers and entrepreneurs and called it FIELD. For 27 months, 11 businesses including a botanical microbrewery, an electric engineering group, a leather goods maker and a large format camera manufacturer called it home.

FIELD proved to be a huge hit. When FIELD came to an end, the businesses stuck together to form their own coworking space in Brighton called‌ LEFTFIELD. Their ongoing success is something tat fills us with great pride.

FIELD gave us crucial insights, information, opinions and knowledge about start-up needs in terms of support, community and equipment. All of this fed into our plans for our dedicated space for manufacturing start-ups to be included in the ultimate regeneration project.

CGI OF PLUS X ROOFTOP

FIELD, MEANWHILE USE

FIELD MAKERS

Golden Valley 6.3

Yes

Example 1 PROJECT: BEESTON PARK LOCATION

Norwich, Norfolk

POINT OF CONTACT

Jonathan Goring, Director of Development, U+I

PROJECT DATES

2012 - 2020

SIZE

3,520 homes, 220 acres

VALUE

£1.2bn

ROLE

Master Developer

STRUCTURE OF TRANSACTION

Development Agreement

REFERENCE

Charles Birch, Norfolk County Council

THE PROJECT Beeston Park was acquired by Development Securities plc (no U+I plc) in 2010 and a planning application was submitted for 3,520 homes; 16,800 square metres of Employment Space (B1); 8,800 square metres of Space for Shops, Services, Cafes, Restaurants and Drinking Establishments (A1-A5); 1,000 square metres of hotel accommodation (C1); Two primary schools (up to 500 square metres); 2,000 square metres of community space including a health centre, library and community halls; and an energy centre (up to 1,500 square metres).

It is phased as follows: Phase 1: West 734 units Phase 2: East 2,248 units Phase 3: East 537 units Following the grant of outline planning permission, an application under s.73 of the Planning Act was submitted.

This sought to vary the phasing of the permitted scheme to render it more commercially responsive as well as to lighten the planning regulatory framework through the establishment of a Development Phasing & Infrastructure Improvements Strategy (DPIIS). The s.73 application was permitted in December 2017, accompanied by a revised s.106 agreement.

In addition, Carter Jonas was instructed to undertake a viability study of Phase 1 in order to agree the level of affordable housing provision across Phase 1. This has now been completed and agreed at an average of 20% with Broadland District Council.

We anticipate an accelerated version of this strategic land approach, with Golden Valley. The balance of viability, infrastructure investment, affordable homes provision and funding of long term land payment and development will be critical to viability. Golden Valley is also directly comparable in terms of scale and semi rural context.

Indicative approval has been given by Homes England for the drawdown of £9.2m in funding from its Home Building Fund for Phase 1 infrastructure. Tenders returned in Autumn 2019 for the Phase 1 strategic infrastructure fund indicated an infrastructure cost within this envelope. The infrastructure costs have also been independently reviewed on behalf of the landowners to establish their reasonableness.

In January 2019, Norfolk County Council invited the U+I to participate in a bid to Homes England’s Housing & Infrastructure Fund. £22m of funding has been sought under the Broadland Growth Triangle bid. This will enable the delivery of strategic infrastructure to service 1,150 homes in Phase 2a of Beeston Park. The funding will be repaid through a roof tax on serviced land sales prior to recycling into infrastructure to enable the remainder of Phases 2 & 3. The infrastructure cost budget has been set based on the Phase 1 verified rates, with adjustments for the lower surface water drainage costs expected on the freer-draining ground conditions within these phases.

Golden Valley In order to be able to fully cost the Phase 2 & 3 infrastructure and allow the scheme to be shovel-ready when HIF is awarded, a masterplanning and infrastructure design exercise has been undertaken. This will enable the development of an infrastructure Reserved Matters application in line with the approach on Phase 1. The masterplanning and infrastructure design has been jointly funded with Broadland District Council through its business rates retention scheme. Costs have been shared 50:50 to the agreed ceiling of £314,000 for each party.

This will enable the infrastructure Reserved Matters application to be prepared for submission – with the exception of further Site Investigations that will be required to confirm the provisions for surface water drainage.

DELIVERING RESIDENTIAL SCHEMES, DIRECTLY OR IN PARTNERSHIP, OF SERVICED LAND PARCELS SPECIFICS Beeston Park is set up to deliver serviced land parcels, on a scale directly comparable to Golden Valley, as follows: 3520 Homes – This is directly comparable to Golden Valley, in context of a hybrid application. The outline application was granted for the full 3520 homes, immediately followed by a detailed application for Phase 1.

Semi rural land – Again, like Golden Valley, Beeston Park lies on the outskirts of Norwich and would form a new urban extension to the city. We have been challenged by the same debates on green belt land, rural communities and density.

Infrastructure – Homes England have granted £9.2m of conditional direct funding and are considering a further £22m of loan funding, subject to evidence provided through a full technical assessment of infrastructure improvements and an open civils work tender.

Local Authority Partnership – Norfolk Property services have worked in partnership with U+I to promote the entire development, phase by phase. District and County Planning Authorities have collaborated to ensure Beeston Park informs and aligns with the AAP.

Golden Valley PROMOTION OF SERVICED LAND PARCELS The Beeston Park development has been phased and split into parcels by U+I and de-risked through outline consent, 278 Highways consent and Homes England Grant, to offer individual parcels at fair market value.

Amenity Provision - U+I ensured the provision and funding through 106 agreement, of two primary schools, community facilities, shops, restaurants and a community health centre. These are being delivered as part of the promotion of land parcels, to ensure homes and communities are well supported and land achieves an appropriate value.

Golden Valley 6.3

Example 2

PROJECT: 399, EDGEWARE ROAD LOCATION

London

POINT OF CONTACT

Jonathan Goring, Director of Development, U+I Mark Richardson, DIrector of Delivery, U+I

PROJECT DATES

2014 - 2020

SIZE

290,000 sq ft

VALUE

ÂŁ152m

ROLE

Developer

STRUCTURE OF TRANSACTION

50/50 Joint venture with London & Quadrant (L&Q)

REFERENCE

Darren Parker, L&Q

THE PROJECT 399 Edgware Road is a residential led mixed-use development, on a 7 acre site in North London. It comprises a 80,000 sq ft Morrisons supermarket, 50,000 sq ft of other retail and 183 apartments.

Morrisons was pre-let and forward funded with Aberdeen Asset Management and now forward sold to INVESTCO. Other retail offers were pre let and sold. The 183 apartments and town houses were forward funded with L&Q. They are now complete and we have 49 still to sell, at a sales rate of 5 homes per month, even through Covid-19.

U+I have also achieved consent for a special needs school for the Borough and are in the process of transferring the leasehold of the school site to Brent Borough Council. We have also established a ManCo for the entire Phase development, with an equitable split of service charge aligned with our ÂŁ3/sq ft cap to private home owners.

We have selected 399 Edgware road, as testimony to U+I resilience through recession and the advantages of quality over cost.

We were ultimately rewarded for the choice of a well considered Sheppard Robson design, with a sensitive choice of brick and cladding and excellent quality finishes. Our selling rate has been maintained at 5 homes per month, through Brexit driven uncertainty and Covid-19.

The Edgware area of London Borough of Brent was saturated with new apartments during 2018 and 2019, but we have out sold all of them, at a 10% premium to the competition.

We should also mention the excellent partnership with Stone RE, our agents, with whom we established a relationship over many schemes, resulting in extreme loyalty, both ways, during tough times. L&Q have also worked with us to vary sales values, I tune with a fast moving market.

Golden Valley DELIVERING RESIDENTIAL SCHEMES, DIRECTLY OR IN PARTNERSHIP, OF SERVICED LAND PARCELS SPECIFICS

The partnership with L&Q has endured the Grenfell disaster, Brexit, Covid 19 and now a severe housing value dip.

The factors relevant to Golden Valley are many and relevant: Recession and market fluctuation – The Golden Valley development will weather at least two full market cycles.

We have experienced similar fluctuation at Edgware Road. We parcelled up the supermarket and specialist retail land parcels and sold them as early phases, thus funding infrastructure for the development of the 183 homes. The funding and forward sales agreement with L&Q retained U+I as development manager and provided flexibility in the ‘lowest to agree’ selling price for homes. This has enabled us to maintain a sales rate of 5 homes per month, through Brexit and Covid-19.

Technical Complexity – The Grenfell disaster prompted a wholesale change in cladding and building fabric design. We foresaw this happening and video’d construction from early 2018, thus enabling us to demonstrate compliance with yet to be established building regulations, once they were confirmed in early 2019. This proactivity allowed us to obtain EWS1 forms and complete on residential sales.

Quality of Homes – The homes we have delivered at 399 Edgware Road, have been consistently sold at a value of c£600/sq ft, which is 10% higher than adjacent and directly competing schemes. The selection of Sheppard Robson Architects, choice of materials and finish has given the development a major advantage in a tough sales market.

Early completion – Early completion of retail and restaurant development created a ‘clean’ and attractive public realm and street scene from day 1 of residential sales. This certainly contributed to sales values and sales rate.

Partnership behaviour – 399 Edgware Road is one of the few new developments where L&Q have avoided fire certification related remedial costs, significant incentives and subsequent dispute over terms. U+I’s partnership with L&Q has endured during tough times.

All of these issues will be pertinent to U+I’s suitability as a partner to Cheltenham Borough Council and resilience in the face of recession and technical complexity should reassure the Council and stakeholders.

Golden Valley

Golden Valley 6.4

Yes

Example 1 CASE STUDY: THE DEPTFORD PROJECT £50M MIXED-USE, PUBLIC PRIVATE PARTNERSHIP LOCATION

Deptford, Lewisham, South East London

POINT OF CONTACT

Richard Upton, Chief Operating Officer, U+I Craig White, Director of Content, U+I

PROJECT DATES

2007 - 2016

SIZE

2 acres

VALUE

£55m

APPLICANTS ROLE

Developer

STRUCTURE OF TRANSACTION

Development Agreement with London Borough of Lewisham

REFERENCE

Cllr Alan Smith, Deputy Mayor of Lewisham

THE PROJECT • • • • • • •

Completed construction in November 2016 Ambitious partnership with Lewisham Council. Proven example of collaboration Overlooked, rundown site turned into thriving community hub Journey from a derelict site to a new public space Created a new commercial and residential heart in Deptford U+I retaining Deptford Market Yard as guardians to protect quality and legacy ‘Best Heritage Led Project’ and ‘Placemaking’ awards 2017

Located next door to Deptford train station, South East London the multi-award-winning Deptford Project has transformed a derelict 2-acre site into a new space for Deptford’s community. Winner of the ‘Best Heritage Led Project’ at the 2017 London Planning Awards and the ‘Placemaking Award’ at the 2017 Property Week Awards, the Deptford Project is now a bustling new public realm with the restored Grade II listed Carriage Ramp, new shops and 132 homes. The site had been contributing nothing to the sense of place in the town centre–in fact, detracting from it. The ambition from the start of the project was to change the community’s perception of the place and ultimately to deliver a regeneration project that would be cherished by the community and the local authority.

We completed the construction of The Deptford Project in November 2016 and have retained the commercial element of the scheme - The Deptford Market Yard - within our investment portfolio in order to curate and protect the vision and quality. This fantastic new destination has transformed a gateway location next to Deptford station.

The completion of the scheme is the product of an ambitious partnership with Lewisham Council to breathe new life into the historic railway arches, which over 100 years ago stored passengers’ carriages and horses.

The market yard itself has been transformed. In 2012, it was a pitied and run down backwater where market businesses plied their trade despite the semi-derelict conditions. The comprehensive repaving, new drainage and lighting is all done in robust materials. The more traditional elements are contrasted with ‘Corten’ Steel and subtle contemporary detailing and design. The final piece is the planted soft seating edge and the trees that have introduced just enough nature, seasonal change and summer shade to this edgy and exciting place. The new vibrancy has been almost immediate, yet the effect will be lasting.

The existing St Paul’s House was extended to the west, with a new rear extension, and the existing building was refurbished and a new roof extension added. The ground floor comprises two restaurant units with, in between them, the entrance to the residential development above, which consists of eight flats on three floors in the existing front building, and three 3-storey townhouses in the rear extension.

The RSHP design is the new build, residential-led building, which sits alongside the listed ramp structure. The building accommodates 121 apartments at the upper levels and seven commercial work units that are located immediately adjacent to the ramp accessed via link bridges. The new building interfaces with the carriage ramp on the east and with Octavius Street to the west.

Golden Valley Compulsory Purchase is not an acquisition structure that has ever been needed to supplement our projects and where the addition of third party land has been required to ensure a project is either deliverable, viable or fundable this has been achieved through third party negotiation or more usually designing a scheme which is capable of delivery without the need for further acquisitions. As with all projects, opportunities to acquire additional parcels of land are always considered where they may add value to the existing ownerships. In this instance, a small parcel of land which housed 26 car park spaces was likely to be beneficial to the project allowing the enhancement of public realm and providing improved access routes to the completed development. Whilst we had the full support of our partners, the London Borough of Lewisham to pursue a CPO if necessary, it transpired that an agreement was reached with the owners, the Cooperative Housing Group to acquire the land in a land swap structure which replaced the 26 car parking spaces as part of the wider project. The need for CPO was therefore negated by negotiation and resolved in a structure which suited all parties.

SILENT CINEMA, MEANWHILE USE

JAMIE OLIVER, MEANWHILE USE

THE ARCHES

THE ARCHES

Golden Valley PARTNERSHIP SPECIFICS U+I (in the form of Cathedral) were selected as the London Borough of Lewisham’s Development Partner following an OJEU competition. From our original plan in 2007, U+I and Lewisham haven’t just delivered more homes in Deptford–the team has overseen widespread public consultation and succeeded in helping local entrepreneurs graduate from pop-up traders to having a first permanent shop under the iconic Deptford arches.

When looking for a development partner, LB Lewisham had an ambition to bring new life to Deptford High Street and importantly for them at the time, improve the local economy whilst restoring a Grade II listed Carriage Ramp.

The role of U+I was to design, obtain planning, deliver the construction of the project, sell the new homes and let the commercial space. To deliver the project, U+I found third party finance following planning consent to fund the construction of the project. An overlooked, rundown site has been turned into a thriving community hub and created a new visitor destination for Deptford. We’re proud of how we have worked together to overcome difficult development constraints and believe we have created a truly unique community for the people of Deptford.

The Deptford Project is an excellent example of how well we consult with the project stakeholders and the local community. Following signature of the Development Agreement with Lewisham Council in May 2007, we started our public consultation on the eve of Valentine’s Day 2008 by delivering a 1960’s train carriage to site. This marked the beginning of the journey from a derelict site to a new public space for Deptford, with a fully restored carriage ramp and a more connected high street, train station and markets. The 1960’s carriage was transformed into a café and community event space and the railway arches were opened as artisan workshop units. They were occupied by talented designers and makers who collaborated on many of the events happening on the site. These included silent cinema screenings, markets and performances. This created a fantastic opportunity for our team to listen to local residents before designing anything and hear the many concerns that local residents had about a developer coming to Deptford. After five years, we waved goodbye to the train carriage so that construction could begin on the site, creating the new space for Deptford you see today.

The Development Agreement between Lewisham Council and Cathedral was signed in May 2007 and the project completed in November 2016. Negotiations with Network Rail as the adjacent landowner to the site have been required since the Development Agreement was signed in 2008. It was agreed with Network Rail that the piece of land connecting the train station to the high street would be signed over to Lewisham Council, and then to Cathedral to become part of the overall masterplan. It was crucial to the project as this connection has enabled us to not only connect the train station with the high street, but with Douglas Square, The Albany and New Cross.

Cathedral worked closely with Lewisham Council through the planning system to deliver a successful scheme and negotiated a Planning Performance Agreement (PPA) to ensure that the tight timescales for the project could be met. The PPA was important in establishing a framework to guide negotiation of the planning application and Cathedral alongside its partners worked positively to overcome issues that arose during the application process.

The Deptford Project successfully obtained planning consent with 0 letters of objection in March 2012 and the Section 106 was signed shortly after.

U+I and Lewisham Council were the winner of the ‘Collaboration Award’ at the 2017 EG Awards for The Deptford Project. Cllr Alan Smith the Deputy Mayor of Lewisham said “The creation of Deptford Market Yard has been collaborative work between Lewisham and U+I; a developer who understands community and regeneration.

Together, we have created a new commercial and residential heart in Deptford.

LAUNCH EVENT

THE TRAIN CARRIAGE CAFE

Golden Valley 6.4

Example 2

CASE STUDY: LANDMARK COURT A £240M MIXED-USE PUBLIC JOINT VENTURE WITH TFL LOCATION

SE1, London

POINT OF CONTACT

Richard Upton, Chief Development Officer, U+I Tom Edgerley, Development Director, U+I

PROJECT DATES

2019 - 2023

SIZE

1.7 acres

VALUE

£240m GDV

ROLE

Developer

STRUCTURE OF TRANSACTION

Joint Venture with TFL

THE PROJECT Landmark Court obtained resolution to grant planning consent from London Borough of Southwark on 15th June 2020, by ‘virtual’ planning committee. It had lain vacant, as a car park for over thirty years due to the huge challenges posed by historic remains and land ownership. The JV’s scheme, carefully designed to re-create the original street grain of Southwark, will bring the area back to life and Landmark Court will become the most significant mixed-use scheme since the Shard.

Landmark Court’s jointly submitted planning consent includes the following: • • • • • •

36 new homes (with 50% affordable housing), 143,500 sq.ft (NIA) of offices, 13,000 sq.ft of retail and restaurants, 18,500 sq.ft flexible ‘creative workspace’ including retail A nine-stall market and Enhancement of Crossbones historic graveyard.

VIEW OF ST MARGARET’S LANE

NEW PUBLIC SPACE BEHIND 15 SOUTHWARK STREET

ENTRANCE & COURTYARD FOR NEW RESIDENTS

NEW MARKET SPACE

Golden Valley The joint venture was formed following the establishment of a ‘Property Partners’ framework by TFL and in December 2017 U+I and TFL signed a Conditional Joint Venture Agreement to become their development partner for Landmark Court, a 1.7 acre site, moments away from historic Borough Market and the Shard and importantly in one of Central London’s most dynamic and undersupplied office submarkets.

U+I are transforming this under-utilised surface car park into a thriving new local office, cultural and social hub that will complement the fabric of the neighbourhood.

This commercial-led scheme will provide circa 180,000 sq ft of office, retail, and workspace, plus 36 new homes, as well as high quality new public realm and substantial investment in the adjoining Crossbones Graveyard.

The project secured resolution to grant planning permission in June 2020 and the site is now being primed for delivery, with important archaeological investigations anticipated for autumn 2020.

The proposed scheme designed by Allies and Morrison is primarily focused on the provision of commercial space on the majority of the site, to include office, retail and flexible creative workspace, with an element of residential (private and affordable housing).

PROPOSED NEW WORKSPACE BUILDINGS ON SOUTH WARK STREET

PARTNERSHIP SPECIFICS Landmark Court, owned 90% in area by Transport for London (TfL) and 10% by Network Rail Infrastructure Ltd (NR), comprises one of TfL’s most strategic development sites; locked in by Southwark Street and Union Street. It was considered far too complex a development to warrant an outright sale, with a pre planning use value of sub £10m, but a consented value of over £40m. Planning consent has been a rigorous and arduous process, with U+I and an incredibly dedicated design team, shaping an application which provides modern offices with flexible floor plates, affordable workspace, market style communal space and restaurants and affordable homes.

The Joint Venture has the following split between TfL and U+I: TfL % equity stake in JV Landowner (TfL) Planning Overage Landowner (TfL) Sales Overage

25% 75% 50%

The Primary Purpose of the Partnership is ‘to maximise the economic value of the site for the Contracting Authority and Joint Venture Partner and, subsequently, to maximise the economic value of the Joint Venture Vehicle for its shareholders/members/partners by enabling development of the site in accordance with the Planning Permission’.

I.e. for shareholders to act in the best interests of the JV at all times.

Golden Valley Key Objectives: • • • •

To maximise value for the JV; To create a high-quality development scheme that both U+I and TfL can be proud of; To deliver a policy compliant scheme with the relevant level of affordable homes; To secure all relevant planning permissions and other consents to progress the redevelopment of the site.

We recognise the key attributes of Landmark, when compared to Golden Valley: Public Sector Landowner: Creating an equitable balance between partners has been key and we have created an apportionment of land value, profit share and overage which represents risk and reward changing as we evolve; Purpose and Culture: It is critical that the private sector partner acts in the best interest of the JV and the business plan has evolved to reflect each parties’ risks and objectives as circumstances change; Great design: Public sector partners have the most to gain or lose here and although design can be objective, the public sector responsibility for local quality of life and enhancing local amenity has to be respected; Evolving business: Landmark Court responds to a dire need for commercial space, particularly in affordable/ incubator space in the borough. High quality, flexible workspace underpins the development; Neighbours: Landmark Court passed planning by a unanimous vote, with letters of support from neighbours; but most relevantly the Friends of Crossbones graveyard, which is being incorporated into the development and has huge historical significance; Recognising complexity: the development is incredibly complex, with historic remains, local people, archaeology, façade retention, flexible office requirements and major road infrastructure all playing a part. Joint Venture development seemed the only way to recognise and tackle inherent risks, while ensuring the public sector partner derives maximum value for the land. A land sale would have failed to provide critical office space to Southwark and undervalued the site.

EXISTING SITE AND VIEWS OF THE SHARD

Golden Valley 6.5

Yes

Example 1 CASE STUDY: THE FUTURE WORKS, SLOUGH

LOCATION

West London

POINT OF CONTACT

Jonathan Goring, Director of Development Matthew Sampson, Development Director

PROJECT DATES

2009 - ongoing

SIZE

3.5 acres (350,000 sq ft)

VALUE

£250m

APPLICANTS ROLE

Developer

STRUCTURE OF TRANSACTION

Development Agreement with Local Authority and Development Funding Agreement with Ashby Capital

REFERENCE

Peter Ferrari

THE PROJECT The Future Works is a landmark development that forms the centrepiece of a new commercial quarter for Slough.

The first phase of this £200 million investment in Slough launched in June 2018 and provides 100,000 sq ft of Grade A office space, as well as roof terraces, a café and improved public spaces in one of the UK’s most culturally diverse, commercially successful and best-connected towns.

Designed by award-winning architects Sheppard Robson, The Future Works acts as a gateway to the town centre, drastically improving first impressions for those entering the town via road, the nearby rail station or bus station.

The Future Works is a crucial component of the council-led Heart of Slough initiative, which brings together regeneration projects totalling over £1bn to transform the town centre. Working together with Slough Borough Council, U+I and AshbyCapital identified an opportunity to deliver a new vision for the site of the outdated Brunel Bus Station and U+I-owned Compair House. This consists of two elements: a new, modern bus station, and landmark commercial development.

THE FUTURE WORKS RECEPTION

Golden Valley The Future Works provides contemporary, high-quality office space to ensure Slough continues to be seen as a viable home for world-class businesses. Clear, open floorplates of 14,800 sq ft, with generous floor-to-ceiling heights of 2.9m, offer high levels of natural light, while an impressive, doubleheight reception creates a warm welcome for guests.

In April 2018, it was announced that Central Working, the provider of serviced offices and co-working space, would take 16,774 sq ft of space across the ground and first floors of The Future Works. As part of this letting, an entrance has been created between the ground-floor office space and the reception, enabling the Central Working co-working area to flow seamlessly into the building’s reception.

Understanding what modern occupiers want from an office, U+I and AshbyCapital ensured the building boasts unrivalled amenities and communal facilities. For example, the building provides an automatic dry-cleaning machine and smart ‘Bringme’ lockers, designed to receive deliveries, catering to the needs of busy workers, whilst a concierge-service reception delivers an active management programme that includes a full roof terrace events programme. The two extensive roof terraces - with Wi-Fi connectivity - offer an opportunity for tenants to relax, or take work or meetings outdoors. The communal roof terrace also functions as an event space, served by a dedicated bar, while a ground-floor café offers a further amenity.

THE FUTURE WORKS EXTERNAL

The building is ranked among the UK’s best for connectivity, achieving WiredCertified Platinum – the highest possible score.

The Future Works is leading the way with its approach to sustainability. Green roofs, rainwater harvesting, and photovoltaic cells support the target of a BREEAM environmental and sustainability rating of ‘Excellent’, while five electric-car charging spaces and facilities for cyclists, including 84 cycle-storage spaces, high-quality showers and luxury changing facilities, encourage environmentally friendly methods of transport.

The Future Works highlights the changes underway in Slough, which, with a £9bn economy, the sixth highest startup rate in the UK, and the arrival of Crossrail, is a vibrant place with exciting prospects.

THE FUTURE WORKS EXTERNAL

Golden Valley FUNDING SPECIFICS U+I partnered with Slough Borough Council after the 2008 recession in a difficult funding and leasing market, when Slough’s reputation was based on Ricky Gervais’ The Office and Segro’s large out of town industrial estate – rather than a quality town centre employment location. However, U+I believed in the long term fundamentals of the location – 15 minutes from Paddington with a new Cross Rail Station on the cards, and the greatest concentration of HQs outside of London.

We knew repositioning the entire town and office sub market would take time and we spent the first few years working wit the local authority to reposition and promote the town – coordinating a ‘Slough’s Connected’ campaign – organising multiple tours and events for office agents, speaking at and hosting numerous events in the wider Thames valley market and promotion the benefits of Cross Rail and a new 6 minute link to Heathrow. We also invested in a meanwhile use on-site where we had a board room and marketing suite with a f and b operation called the ‘Culture Café’ which a social enterprise ran and trained the long term unemployed in.

We negotiated a pragmatic deal with the local authority, where the lease was extended to 250 years and some of the land price was deferred to until practical completion – which gave us the most attractive funding proposition to try and attract the first a speculative funder to Sloughs CBD in over 15 years.

While the institutional funding market was too risk averse to pioneer in a new market Ashby Capital (backed by middle eastern money) took the time to do a deeper dive into the submarket and its potential and in 2015 we struck a forward funding deal based off of low £30s rents and a target profit on cost of 15%.

Ashby would acquire the land for the 100k sq ft first phase on day 1, to minimise the SDLT liability, and instruct U+I as development manager to deliver the building and lease the space. We also agreed a time limited option on the future 2 phases of 250k sq ft on pre-agreed terms – so we could also target the larger pre-let market.

Ashby funded the buildout via a monthly drawdown process and received a market notional interest on their money as well as a priority return in the profit waterfall. U+I appointed the design team and provided a construction cost guarantee to minimise the risk to the fund and received a DM fee and an increasing profit share in the tranches of the profit waterfall above Ashby’s priority. The profit shares are calculated at a leasing threshold and the yield is established by an independent valuation at this point.

U+I delivered the building on budget, and only 2 months late. Ashby were delighted by the result as midconstruction we had to replace the cladding (following the Grenfell tragedy and new legislation) and to achieve this at zero cost and with only 2 additional months on the build out was beyond expectation – and is a reflection of U+I’s in house project management team (the PM in this case being the President of the British Council for Offices).

The building won Office of the year 2019 at the Thames Valley Property awards and also a regional award at the International Property Awards.

We are currently in the leasing phase and recently achieved a record rent for slough of £38 psf on a deal with Bybox. We are also shortlisted for a 200k sq ft HQ requirement on phase 2 and are hopeful of agreeing a deal and beginning construction next year.

THE FUTURE WORKS RECEPTION

THE FUTURE WORKS BUS STATION

Golden Valley 6.5

Example 2

CASE STUDY: PADDINGTON

LOCATION

Central London

POINT OF CONTACT

Paul Patenall, Delivery Director, U+I

PROJECT DATES

2000 - 2015

SIZE

1.6m sq ft

VALUE

£1bn

ROLE

Developer

STRUCTURE OF TRANSACTION

Funding Agreement with Aviva

THE PROJECT In 2000, in partnership with Aviva Investors, we started work on a derelict 11 acre railway goods yard adjacent to Paddington Station. Over the years we transformed the area into a thriving mixed-use district in one of the largest urban enewal projects in the capital at the time. The scheme includes 1.6 million sq ft of prime office space, shops, restaurants, a 206-bed Novotel hotel and 211 residential apartments as well as extensive new public realm. U+I were successful in delivering on the business plan to create one of London’s most prestigious and established business locations within the West End. Paddington Central spearheaded the wider plans co-ordinated by the Paddington Waterside Partnership to develop the triangular area between Praed Street, Westbourne Terrace and the A40 Westway. The Independent described it as “the largest central London redevelopment scheme since the Second World War”.

The first phase included the creation of Sheldon Square, designed by Sidell Gibson Partnership. Featuring a landscaped amphitheatre at the centre, this public space is used for live music, film screenings and events. It’s surrounded by 95,000 sq ft of retail space including cafes, restaurants and leisure facilities, plus 211 apartments.

Sheldon Square has 340,000 sq ft of office space split over two buildings, which were let to major blue chip companies such as Prudential, Kingfisher and Visa.

The Novotel Hotel, designed by Dexter Moren Associates and Kohn Pedersen Fox, and One Kingdom Street both completed in 2008. One Kingdom Street is a 250,000 sq ft, twelve-storey office building designed by architects Sheppard Robson and let to tenants such as Vodaphone and Statoil. The construction was complex and included a transfer deck structure to facilitate future works for the construction of London’s Crossrail.

The second phase delivered 2 office buildings of 260k sq ft (1 Kingdom Street) and 250k sq ft (2 Kingdom Street) respectively and a 206 key Novotel. 2 Kingdom Street completed in 2010 with a 50k sq ft pre-let to Astra Zeneca and subsequent lettings to Nokia and Kaspersky. Designed by Sheppard Robson, the building was distinguishable by vertical blue glass fins projecting from the façade plane, which combine visually to create a strong presence and identity when seen from a distance. This was the UK’s first office development to incorporate carbon footprinting of the construction process throughout the supply chain. 97% of site waste was recycled and only 0.3% went to landfill which helped to minimise the carbon emissions.

We then secured planning permission for Four and Five Kingdom Street, by Westminster City Council, continuing the trend of achieving BREEAM Excellent, prior to the overall JV acquisition by British Land.

Golden Valley FUNDING SPECIFICS U+I established an initial funding structure with our joint venture partner Aviva Investors where we secured outline consent for the scheme, and funded up to a maximum of £5m per phase, in return for an interest payment, a profit share, and development management fees. Then for the delivery of each phase we introduced a separate funding partner to take a 50% stake in the JV and provide half of the funds for construction.

Sheldon Square, phase 1 of Paddington Central, was a Joint Venture between U+I, Equitable Life and Aviva Investors. Aviva and Equitable Life provided forward funding and debt for 330,000 of office space, 219 residential apartments, 95,000 sq ft of retail, leisure and restaurant facilities around an attractive terraced amphitheatre.

1 Kingdom Street was a joint venture with Aviva Investors and Union Investment. The building was fully let to Misys, StatoilHydro, Vodafone and MWB. These funding and leasing deals led to U+I being awarded ‘West End Deal of the Year” and “Property Developer of the Year” by the OAS and PW.

2 Kingdom Street was a joint venture with Aviva and Quinlan Private – and was the first fully speculatively funded phase of Paddington Central. We agreed a base funding appraisal with Quinlan and Aviva and an equitable profit waterfall – with Aviva and Quinlan taking a priority return for funding construction and taking the bulk of the letting risk. We also deferred our land payment to the end of the project to minimise the notional interest on finance costs. After securing Astra Zeneca during construction for 76k sq ft and letting the remaining space within 12 months – we exceeded expectations and our funding appraisal assumptions.

U+I progressed plans for the final 2 phases of 4 and 5 Kingdom Street, but after a £470m offer from British land to acquire the majority interest in the development we agreed to exit our investment and position as development manager – having already established the location and created the majority of value in the scheme through the planning process.

Golden Valley

Golden Valley 6.6

Yes

Example 1 CASE STUDY: 10/12 HAMMERSMITH GROVE

LOCATION

Hammersmith, West London

POINT OF CONTACT

Matthew Sampson, Development Director

PROJECT DATES

2011 - 2019

SIZE

1.5 acres (275k sq ft)

VALUE APPLICANTS ROLE

Developer

STRUCTURE OF TRANSACTION

Purhcase Agreement with TfL - Foward funding agreement with SWIP/Aberdeen Asset Management

REFERENCE

Peter Elliot, TfL

THE PROJECT U+I were chosen to partner Transport for London, following a competitive bidding process in 2008, to regenerate a 1.5 acre car park site in Hammersmith town centre opposite the Underground Station entrance. Having acquired the long leasehold on 17 November 2010, we successfully gained planning permission for the building of two Grade A office developments in September 2011.

Both buildings are located at the heart of the ‘TV Triangle’, a media cluster in West London spanning Hammersmith, Chiswick and White City. The area is an established commercial hub, acting as a magnet for media companies from global blue chips to new start-ups.

We exceeded market expectations at the time by securing institutional forward funding from Scottish Widows Investment Partnership (SWIPPT), part of Aberdeen Asset Management, to speculatively fund the first phase. This was the first significant speculative funded office scheme in the submarket for over 2 decades.

10 Hammersmith Grove reached practical completion in September 2013, on time and on budget, delivering 110,000 sq ft of offices on ground and eight upper floors, together with 5,500 sq ft of restaurant space and significant new public realm.

Deals with Bills and Byron restaurants were negotiated prior to completion to activate the building frontage and bring the enhanced public realm to life. Interest from office occupiers was strong and lettings to UKTV and Accor Hotels Ltd were announced within six months of PC at record rents for the Hammersmith market (20% above the underwrite rents).

The entire building is fully let with Phillip Morris and Fox International Channels taking the remaining space at rents 54% above prime rents for Hammersmith at project commencement. This resulted in 10HG producing a Net Investment Value at completion of £90.2m.

The success of the first phase resulted in U+I, TfL and SWIPPT partnering again to speculatively bring forward the 167,000 sq ft second phase, 12 Hammersmith Grove.

After building a good relationship with Wates on the first phase they were awarded the £41m contract to build the scheme. We provided the forward funder a construction cost guarantee and again brought the project in on time and under budget.

10/12 HAMMERSMITH GROVE, WEST LONDON

Golden Valley Due to the importance of Hammersmith Station and local transport networks for local people, we were able to maintain and facilitate 24/7 pedestrian and vehicular access across our construction site for LUL operations. We successfully worked adjacent to operational land including: • excavating adjacent to running tunnels and building adjacent to railway platform • successfully negotiating an operational railway oversailing agreement • negotiating and implementing the diversion of operational railway water and sewerage services • negotiating and implementing the re-location of operational bus stands and bus stops • The creation of significant new public realm over operational running tunnels • Implementation of new pedestrian road crossings and widening of pavements.

The project demonstrated effective collaborative working in partnership with TfL, LUL and our funder. 12HG completed in 2017 and was fully let and sold at a NIV of £112m in 2018.

Due to the quality of the collective partnership, and the high standards of the building, all three parties significantly exceeded the financial returns predicted at the outset.

CAT A FIT OUT

UKTV HQ FIT OUT

UKTV HQ FIT OUT

MARKETING SUITE

Golden Valley DESIGN AND SUSTAINABILITY SPECIFICS Both 10 and 12 HG achieved a BREEAM Excellent rating by incorporating green employee travel initiatives, green balconies, green walls, electric vehicle charging points, over provision of cycle storage PV panels, and adoption of green lease clauses. Hight levels of energy efficiency were achieved by the design team using triple glazed cladding system with ceramic fritting and 97% of construction waste was recycled.

The buildings brought ‘West End Standard’ quality to the Hammersmith market and included: state of the art 16k media walls in the double height reception, fully triple glazed façades, substantial green terraces, spacious changing facilities all of which led to 10HG winning the Office Agents Society “Best Development Outside Central London 2014” award and the British Council for Offices ‘Commercial Workplace of the year 2015 (London and South East).

Working with Architect Flanagan Lawrence, who are multiaward winning for delivering innovative architecture that is both creatively compelling and commercially effective, 12HG provided Grade A office space over ten floors, benefiting from exceptional views across London and outdoor space on every floor.

The building provided extensive high quality changing room and locker facilities, incorporating CIBSE/SLL LG7 lighting, and also had high efficiency mono crystalline with intelligent lighting control photovoltaic panels installed.

Part of the reason for the schemes success was due to the early focus on the media sector – providing design, facilities, and marketing campaign that appealed to employees in that sector. One specific focus was on connectivity, where we provided additional comms rooms, excess riser space, and a dedicated film studio space on the mezzanine floor – all of which enabled 12HG to become the first Platinum WiredScore rated building in West London.

Kimberley Schultz, of tenant UKTV said: “THIS IS SUCH A GREAT SPACE FOR US. I REALLY THINK UKTV HAS FOUND ITS HOME HERE.” The U+I and Aberdeen Vision for 12 Hammersmith Grove was a creative, modern and vibrant workplace. This is captured as soon as you enter the ground floor reception thanks to the work of contemporary stained-glass artist, Kate Maestri. She created a striking double height, full-wall installation, which brings a richness and warmth to the building.

To complement the contemporary building design, the public realm created by U+I for 10 and 12 Hammersmith Grove provides a natural extension to Lyric Square and has become a busy and much loved dining destination for the local area. The restaurants established at No.10 provide alfresco dining areas, surrounded by green walls and landscaped areas. These were supported by a leisure and wellbeing offer in Boom Cycle to the rear of the building.

RECEPTION

12 HAMMERSMITH ENTRANCE

Golden Valley 6.6

Example 2

CASE STUDY: CAMBRIDGE NORTHERN FRINGE EAST (CNFE) A £3BN MIXED-USE PUBLIC JOINT VENTURE LOCATION

North Cambridge

POINT OF CONTACT

Jonathan Goring, Director of Development Matthew Sampson - Development Director

PROJECT DATES

2018 - ongoing

SIZE

120 acres (5,600 homes - 1,000,000 sq ft commercial)

VALUE

£3bn

ROLE

Master Developer

STRUCTURE OF TRANSACTION

Master Development Agreement with City Council and Anglian Water

THE PROJECT U+I were appointed as Master Developer by Cambridge City Council and Anglian Water in 2018 to deliver the vision for the 120 acre, £3b GDV, Cambridge Northern Fringe East site. As master developers we are responsible for the design, planning and promotion of the site, the funding, and delivery of the hard and social infrastructure.

Much like the Golden Valley opportunity, CNFE benefits from being adjacent to a globally significant employment cluster (the Cambridge Science Parks) with a focus on tech and AI. We will be working closely with our neighbours to provide complementary employment space from incubators, to grow space, to bespoke dry and wet labs, to mid-tech space, right up to major HQ buildings. As an example of the local knowledge ecosystem, the UK’s first incubator building (St Johns Innovation Centre) is adjacent to CNFE and 8 years ago provided start-up space for a 2-man-band University spin out. That company is now a world leader in Artificial Intelligence and Cyber Security and now leases a 30k sq ft HQ building on the park to house their 300 staff.

We are currently working with the local authority to progress the Area Action Plan and to set the detailed vision and business plan for delivery. The site is 100% brownfield and will deliver one of the highest density mixeduse urban extensions, outside of London. We will deliver serviced plots for over 5,000 homes of a diverse mix of types and tenure, 40% affordable housing, 200k sq ft of retail and leisure space, 1m sq t of commercial space, 3 schools, and 3 new public parks. We will also undertake direct delivery of some of the more important placemaking buildings (incubators, gateway buildings, mobility hubs, etc).

MEANWHILE CONTAINER VILLAGE

NEW WALKABLE HIGH STREET

MEANWHILE CONTAINER VILLAGE

Golden Valley We achieved the first milestone of securing ÂŁ227m in HIF funding from Homes England in 2019, and the final GDA funding agreement was signed by Cambridgeshire and Peterborough Combined Authority in March this year.

80% of the site is currently occupied by Anglian Water as their regional waste water recycling centre. The HIF monies will fund planning, acquisition, delivery and decommissioning of a new relocated facility for Anglian Water via a Development Consent Order over the next 2 years. We are assisting Anglian Water with the consultation process which began at the start of the summer.

U+I are also assisting the Council in utilising their Compulsory Purchase Powers to acquire third party land around the core site and have already successfully acquired 15 acres via private treaty.

The masterplan includes 16 phases with 6 distinct character areas and neighbourhoods, starting with a substantial meanwhile container village (with support from the LEP). This will providing 90 containers around 3 courtyards – and host start-up businesses, social enterprises, our own marketing suite and consultation space, local amenities and f&b space.

We assembled a first-class team which includes a mix of local, national, and international talent including the marketing agency behind Here East, the progressive Dutch landscape architects behind the Adidas World Campus, and a local co-housing tenant to run our community engagement programme with prop-tech start up Build-ID. Both Homes England and the local authority are seeking delivery at pace, so we are already speaking to the Homes Building Fund and potential private partners about early infrastructure funding. We are planning for a significant element of build to rent, and a resi mix including co-housing, live-work, and bespoke key worker products to improve absorption rates. We are also speaking to various Modern Methods of Construction players about potential on-site and off-site facilities.

While we are not yet in the delivery phase of CNFE, the lessons and thinking around this project will be very transferable to the Golden Valley project. We believe the collaborations with Cambridge University, Colleges, and Science parks on real estate innovations will be particularly relevant and we are already having interesting conversations about centralised waste management and last mile deliveries utilising autonomous vehicles housed in the mobility hubs, for example.

NEIGHBOURHOOD MOBILITY HUBS

Golden Valley DESIGN AND SUSTAINABILITY SPECIFICS The CNFE project is an unprecedent opportunity and it will be one of the largest placemaking initiatives in the city’s history. Both South Cambridgeshire District and Cambridge City councils have declared a climate emergency and we want the new development to be a low carbon, innovative and exemplary development where people will want to live, work and play.

CNFE will be rooted in Cambridge, taking its cue from the best parts of the city to deliver a new place that helps Cambridge continue to thrive in the 21st century and beyond.

This new place will be open to all. With a culture of inclusiveness and diversity, its housing, public realm and amenities will be available to everyone in and around Cambridge. It will be a place to start and a place to stay, with well-designed housing across a wide mix of sizes, types to serve the needs of younger people, families and those in the later stages of their lives.

With a very low level of car ownership, CNFE will be built around low-carbon movement, it will be a great place to walk and cycle and will be served by excellent public transport linking it to the centre of Cambridge and beyond, including a guided bus system, and new CAM metro. We will be investing in green infrastructure through out the scheme including green cycle bridge, bespoke multifunctional neighbourhood mobility hubs, and EV charging infrastructure.

Made for street life, CNFE will prioritise people over cars, encouraging face-to-face contact and providing safe spaces for children to play. Traffic-free streets, parks and green corridors will help to encourage healthy and active lifestyles.

We aspire to achieve a 25% biodiversity et gain and ensure nature and greenery will be visible everywhere by enhancing wild areas, new tree planting and water management features that also serve as amenities.

Landscaping will help foster a rich local ecology, support people’s sense of wellbeing and help mitigate the impacts of climate change by providing shade for people and buildings.

CNFE will be a place of innovation, responding to pressing environmental challenges and adhering to global environmental challenges. Buildings will be designed and constructed to minimise their use of natural resources, and opportunities for on-site energy generation will be maximised. Modern technology will help to ensure that resources are conserved in operation. But just as importantly, CNFE will be a place that makes sustainable living attractive and easy and that enables its residents to live lifestyles fit for the 21st century.

Cambridge has also announced a water crisis, and so CNFE is aiming to positively contribute to solving this problem – we are planning a substantial grey water recycling system, stretching water targets, and also the potential of topping up the aquifer to improve the flow of the Cam River. Anglian Water have also won awards for the quality of their innovations and we are exploring some very interesting ideas around heat extraction from sewage pipes.

We have high ambitions for the site to be an exception place as well as specific targets to be transport neutral and net zero carbon by the completion of the project. To ensure we fully understand the extent of the issues, and the ways to achieve our goals, we have undertaken an extensive thematic workshop process with industry experts to establish what this means and how we achieve it. From targeting the EU sustainable Goals with the UK Green Building Council, to creating a world leading neighbourhood mobility hub – to promote sustainable travel through car clubs, micro-mobility, convenience, electric vehicles, etc. This extensive early ‘thinking’ process has been really well received by our design team and the land owners – and has galvanised the team around our vision.

NEW 4 ACRE PARK

MORDEN PERCY PLACE, WHARF, DUBLIN GREENWICH £845M MIXED-USE SCHEME IN JOINT VENTURE WITH MORDEN COLLEGE

APPENDIX 1

Declaration I declare that to the best of my knowledge the answers submitted to these questions are correct. I understand that the information will be used in the selection process to assess my organisation’s suitability to be invited to participate further in this procurement, and I am signing on behalf of

U and I Group Plc

I understand that the authority may reject my submission if there is a failure to answer all relevant questions fully or if I provide false/misleading information. I have provided a full list of any Appendices used to provide additional information in response to questions.

I also declare that there is no conflict of interest in relation to the Authority’s requirement.

PQQ COMPLETED BY Name: Jonathan Goring Role in organisation: Director of Development Date: 9 July 2020 Signature

THL.141993887.1

6

SBN.47856.13

APPENDIX 2

U and I Group PLC (“U+I” or “the Company” or “the Group”) Results for the 13-months ended 31 March 2019

Strengthened short and long-term pipeline, giving good future visibility Development and trading gains of £42.8 million; ongoing investment portfolio transition • £42.8 million of development and trading gains delivered (2018: £68.3 million) during prolonged political and economic uncertainty in the financial period • Further progress with investment portfolio strategy, with increasing focus on regeneration assets from our development portfolio to align with wider business strategy. Secured £27.4 million of acquisitions and £7.5 million of disposals; investment portfolio total return of -1% (2018: 10.1%), reflecting a significant decline in values in the retail sector Grew pipeline from >£7 billion to >£11 billion across core geographies • Won major new PPP scheme at Cambridge Northern Fringe East in London City Region*, strengthening our credentials in the Cambridge/Oxford corridor • Secured three new trading opportunities across London City Region and Dublin; targeting gains in FY2020 and in later years • Ongoing progress on two potential partnership projects with a Gross Development Value of c.£2.0 billion, with outcome expected in H1 2020 Board and operational changes to support delivery of financial performance • £2.5 million reduction in annualised net recurring overheads in FY2019 • Appointment of Professor Sadie Morgan as independent Non-executive Director to drive accountability for delivering on our PPP commitments and to oversee the establishment of a new workforce advisory panel • Richard Upton’s title changes from Deputy CEO to Chief Development Officer to more accurately reflect his role in the origination and delivery of major PPP projects Fifth successive supplemental dividend; positive outlook for sustainable shareholder returns • Total dividends of 10.0 pence per share (2018: 17.9 pence per share) • Includes interim dividend of 2.4 pence per share (2018: 2.4 pence per share), a final dividend of 3.5 pence per share (2018: 3.5 pence per share) and a supplemental dividend of 4.1 pence per share (2018: 12.0 pence per share) • FY2020 development and trading target prudently revised to £35-45 million from £45-55 million, in light of economic and political uncertainty delaying project timing. FY2021 target increased from £35-45 million to £45-55 million. Investment portfolio target total return retained at 10% per annum • Longer-term target of £50 million of development and trading gains per annum remains * Within one hour’s commute from London

Matthew Weiner, Chief Executive, said: “We delivered a resilient performance in the financial period, most notably £42.8 million of development and trading gains, against our £45-50 million target. We have strengthened our short and long-term pipeline, giving us good future visibility and a positive outlook for shareholder returns. We have a clear and focused strategy and the fundamentals that underpin it remain relevant, as we are aligned with political and social trends, where demand for homes, offices, and mixed-use spaces is growing and is a major priority for Government and local authorities.

Whilst the last thirteen months have seen economic and political uncertainty in the UK, which has affected decision-making and timing on some of our projects, these uncertainties have also opened up new opportunities to expand our portfolio. Being selected for Cambridge Northern Fringe East further strengthens our PPP pipeline and reinforces our significant credentials in partnership regeneration in the London City Region. Along with our

other core geographies of Dublin and Manchester, this market shares the characteristics we believe foster longterm growth and prosperity; talent, tourism, transport and tolerance. We have also strengthened our short-term pipeline with three new trading opportunities. We continue to make progress with our investment portfolio, with three acquisitions in the period and a further disposal of a non-core asset. Combined these will help to support improved medium-term performance.

A major focus over the coming year is on delivering our existing development and trading projects, as well as driving through the investment portfolio strategy. We believe that we have the right approach, pipeline and team to deliver sustainable returns for our shareholders and we are focused on doing just that.”

Financial summary: 31 Mar 2019 £42.8m £6.3m £360.1m 289p 4.2p

28 Feb 2018 £68.3m £48.2m £379.3m 303p 32.2p

Development and trading gains Profit before tax Basic net asset value (NAV) Basic NAV per share Basic earnings per share Total declared dividends per share including supplemental dividend 10.0p Net debt £139.0m Gearing 38.6%

17.9p £119.1m 31.4%

Change of year end Figures throughout the report and accounts represent thirteen months (1 March 2018 -31 March 2019) due to a change in year end from 28 February to align with our market peers. Our current financial period runs from 1 April 2019 -31 March 2020.

Conference call for analysts and investors The management team will present to equity analysts and investors today at 10.30am at U+I’s offices at 7A Howick Place, London, SW1P 1DZ. The live audio webcast and presentation materials can be accessed via the following link: http://webcasting.brrmedia.co.uk/broadcast/5c9ba46cec650d01c34f4b74 with conference call details as below. A recording of the conference call and archive version will be made available later today.

Conference Call details: United Kingdom All other locations

0330 336 9411 +44 (0)330 336 9411

Joining your call: Participant Password:

3313162

Forthcoming announcement dates The Company intends to hold its Annual General Meeting on 4 September 2019.

For further information, please contact: U and I Group PLC Matthew Weiner, CEO Richard Upton, Chief Development Officer Marcus Shepherd, CFO Nicola Krafft, Head of Investor Relations

Tel:

+44 20 7828 4777

E-mail:

ir@uandiplc.com

Tel:

+44 20 3757 4996

E-mail:

uandi@camarco.co.uk

Camarco (Financial PR adviser) Geoffrey Pelham-Lane / Hazel Stevenson / Tom Huddart

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

CEO statement U+I has delivered a robust performance in the financial period (to 31 March 2019), including £42.8 million of development and trading gains, against a very challenging backdrop. Our profit before tax was £6.3 million (2018: £48.2 million), and our basic net asset value is down 5.3% to 289 pence per share (2018: 303 pence per share), after the payment of £22.4 million of dividends (17.9 pence per share) during the period. Including joint venture assets, our investment portfolio delivered -1% total return (2018: 10.1%), as we suffered a 4.9% capital value decline. Post tax total return was 0.9% (2018: 12.2%), primarily reflecting the reduction in value of the investment portfolio.

These results show our resilience against an uncompromising market backdrop and a year marked by growing political, planning and economic uncertainty, without which we believe gains would have been in excess of our upper £50 million target. Over the last four years, we have delivered average gains of c.£50 million per annum, in line with our medium-term target.

Our markets The medium-term economic fundamentals in the UK remain sound, if unspectacular, with consumers’ real incomes increasing and companies having money to invest, albeit showing reluctance to do so. The real estate cycle has numerous long-term supportive forces at play, most notably in terms of the supply of new accommodation, which has been comparatively disciplined. Interest rates globally remain anchored at low levels and, with limited debt exposure, the market can stay relatively protected against a slowdown. At the same time, we are seeing the redefinition of space, in terms of usage and ownership. Increasingly property is seen as a service; a provision to be subscribed to rather than owned outright.

This has widespread consequences. In the retail environment, it has led to a much faster degree of obsolescence. In the office environment, businesses need to occupy inspiring spaces or else talent is not interested in working for them. In residential, people are searching for spaces where they can feel truly at home, but with pressure on disposable income, affordability and convenience are prioritised over postcode.

As an industry, we need to provide those places and we need to do this by creating multi-use spaces that suit an increasingly “co-everything” world. Political, economic and social demand for the type of mixed-use developments that we deliver will continue.

These are the challenges but they are also opportunities for U+I. Our opportunity We are a specialist developer and investor with a substantial pipeline of complex mixed-use regeneration schemes. We seek to transform overlooked parts of towns and cities, through a mix of commercial and residential real estate uses, revitalising communities. We unlock the potential of land and assets – mainly in the densely populated areas of London City Region, Manchester and Dublin – to create value.

Our blend of large Public Private Partnership (PPP) projects, shorter-term entrepreneurial trading activity and recurring revenue from our investment portfolio – all centred on mixed-use regeneration – give our portfolio a clear focus and generate multiple income streams to help to mitigate risk. Our deep relationships with local stakeholders help us to identify suitable sites and better understand potential risks so we can facilitate planning and delivery.

The scale of our projects, our vision to see the potential in complex sites where others don’t, our partnership approach with the public and private sector and our ability to secure funding for our PPP schemes create barriers to entry for others, and give us a competitive advantage.

Public Private Partnerships – strengthening our portfolio We are making further progress on our stated strategic objective to develop a pipeline of fewer, larger projects with public and private partners in our three core geographies.

In July 2018 Cambridge City Council and Anglian Water appointed us as master developer to deliver a major residential-led mixed-use scheme – named Cambridge Northern Fringe East (CNFE) – on an existing water recycling site, to help address the significant shortfall in homes and amenities in this region. The scheme secured £227 million in funding from Government’s Housing Infrastructure Fund in March 2019 to relocate Anglian Water’s existing water recycling centre and release the core 120-acre brownfield site. Having met this key milestone, the project is now progressing at pace. It will deliver c.£20-30 million of development and trading gains for U+I over its c.15 year lifespan, with our first profits expected in FY2023. These gains could increase should we bid for and be selected to deliver any elements of this project ourselves.

We remain in exclusive negotiations for a new PPP project in the London City Region and are also still on the shortlist for a major partnership opportunity in Dublin, and expect a decision on both in H1 2020. Combined they have a Gross Development Value of circa £2.0 billion.

In August 2018, we were also appointed to the Greater London Authority’s (GLA’s) London Development Panel which will bring forward up to £20 billion worth of development land over the next four years. This opens up new opportunities and supports our position on TfL’s Property Partnership Framework, a position we have held since 2016.

PPP is an integral part of our business and support for it was reinforced by Government in the November 2018 Budget. Yet it is often misunderstood as a mechanism for change and faces some reputational challenges. In the financial period we undertook an extensive research, consultation and listening programme with the public, private and civic sectors in an effort to understand these challenges, establish a blueprint to address them and drive new industry standards. We published our findings in our PPP – The Reset report in November 2018, whilst also making a number of specific commitments which will enhance and improve our approach to PPP. Most notably, we will establish a Community Challenge Panel which will be overseen by our recently appointed independent Non-executive Director, Professor Sadie Morgan, to hold ourselves to account on our commitments.

The process to appoint the Panel is underway.

Development and trading – steady progress in a difficult market Public Private Partnerships are an essential part of our business and these projects tend to be large, long-term and equity light as the public or private sector seeds the partnership with land. In contrast, and crucially as a counterbalance to these large, long-term projects, our trading portfolio is shorter-term in nature. We buy land and add value through enhanced planning consents and/or asset management, leveraging our experience in mixeduse regeneration and local authority relationships that we have nurtured and developed over the last 25+ years.

Having achieved development and trading gains of £12.8 million in the first half, we added another £30.0 million in the second half, totalling £42.8 million for the financial period and reflecting our typical second half weighting.

However, some projects were delayed – including Kensington Church Street and Rhoscrowther Wind Farm, both of which we now expect to monetise in FY2020. Some, like Hendy Wind Farm, we took a different approach to benefit shareholders, whilst others exceeded expectations. A full breakdown of the projects that underpinned this financial period’s gains is provided in the Portfolio Review. It demonstrates the diversity and flexibility we have within our portfolio.

Preston Barracks in Brighton has been a particular highlight for us this financial period as we achieved gains of £13.8 million, significantly ahead of our £2-3 million target. This was mainly achieved, through the sale of the residential component to Optivo, one of the largest housing providers in the UK, and some additional planning overage gains from our partnership with Scape Student Living. Optivo recognised the quality of the proposed scheme and, as experts in affordable housing, they are perfectly qualified to deliver this part of our wider £200 million GDV mixed-use development, that will provide over £280 million of economic benefit for the City of Brighton over the next ten years.

Harwell continues to evolve into a key project for us. This world-class, Government-backed science, technology and innovation campus, where we have worked since 2014, delivered £4.8 million of development and trading gains in the financial period. This follows the completion of two pre-let developments and the sale of a significant piece of land to an existing occupier. In the last five years we have delivered and leased 350,000 sq.ft. of space on the campus. In March 2019, our joint venture partnership secured £110 million of funding from Santander, committing further resources to the next stage of development, which in the next two years will deliver over 200,000 sq.ft. of high-tech industrial, laboratory and office accommodation.

With Harwell and CNFE, we now have two major PPP schemes in the Cambridge/Oxford corridor. In line with Government, which is investing heavily in these locations, we too see this growth corridor as a focus for innovation and talent, and we are committed to continuing to grow our presence here.

During the financial period we secured planning permission and commenced construction works at Hendy Wind Farm. We also entered discussions to sell the project at a level that would have delivered our forecast gain.

However, as we moved to close, we did not feel the terms and price reflected the ultimate quality of the scheme.

Therefore, as with Bryn Blaen last year, we felt it was prudent to delay as we believe we can get a better return for shareholders if we sell in FY2020 when the project works have been completed.

In the second half of the financial period we achieved practical completion at St Mark’s Square in Bromley. There is a good level of buyer interest in the completed residential units and the leisure element is open and trading well. However, due to construction delays in the second half of the year, we have incurred increased professional fees as well as higher interest charges as sale receipts were delayed, leading to a provision of £1.5 million. We are in the process of settling the final account with the contractor and expect to resolve the situation during FY2020.

During the financial period we have focused on building our shorter-term pipeline to support our larger, longerterm PPP projects. At the start of the financial period we revised the structure and focus of our acquisitions team towards trading and this has delivered three new trading opportunities. All in our core geographies, the Arts

Building in Finsbury Park, Newtown Works in Ashford and White Heather Industrial Estate in Dublin are a further demonstration of our ability to source exciting opportunities. We expect them to generate strong gains for the business over the next one to three years, giving us improved short-term pipeline visibility.

Investment portfolio – the regeneration opportunity At the year end, the investment portfolio was valued at £154.0 million (2018: £139.5 million). Over the 13-month period we made £27.4 million of acquisitions and £7.5 million of disposals. The core portfolio initial yield of 6.6% remained robust, confirming the work we have done on income sustainability. However, we suffered a capital value decline of 4.9% (including our share of joint ventures) as market sentiment outweighed asset fundamentals, especially for retail property outside London and the South East. Including joint venture assets, we delivered a total return of -1% which takes into account capital value movements and income return. Our activity levels were below the £50 million acquisitions and £25 million disposals targets we set ourselves for this financial period but we believe it is essential, particularly in the current environment, to remain disciplined and buy and sell the right assets at the right price.

We remain encouraged by the high levels of occupancy across our portfolio (>90%), largely unchanged rental values and low voids (7.3%), evidence that smart buying and active management can deliver income led results, even when the investment market is challenging overall. With such a strong convenience focus (38.1% of portfolio), no department stores and only 13.6% exposure to fashion/footwear, our portfolio has the fundamentals to deliver. Retail failures from CVAs and administrations continue to have only a small impact, representing 2.4% of rental income. Of this, the net impact to income was only £75,000 or 0.6% of rent roll. We also have limited exposure to any one single tenant, with our largest – Matalan – making up less than 5.0% of total income.

The UK property market is uncertain, with liquidity weakening, mainly due to the nervousness triggered by delays in decision-making at Government level. We believe that retail assets are being indiscriminately valued rather than being assessed on fundamentals. This creates clear challenges for us as vendors and asset managers but also provides opportunities as buyers.

To that end, we have remained cautiously active in recent months, using this market uncertainty to make three attractive acquisitions: St Peter’s Quarter in Bournemouth, Waterglade Retail Park in Clacton-on-Sea and a Pure Gym unit in Finchley. Each of these assets is well-suited to the local catchment, has the potential for us to add further value through asset management initiatives and should deliver the double-digit returns we look for.

Our portfolio is primarily in the retail sector, where shopper missions are polarising along the lines of destination/experience orientated visits or service/convenience. Our focus remains on convenience-led schemes which are aligned to their local catchment and play a vital role within the community. Here demand remains robust and there is a certain degree of insulation against the ongoing shift to internet shopping and changes in consumer behaviour.

Over time, we believe the industry will need to reconsider what ‘prime retail’ really means. Ultimately, the most attractive retail assets are those that provide a sustainable income by offering the right experience to the consumer and the right price for the occupier. These are the assets that we pursue, not ‘prime’ in the conventional sense but fit for purpose, resilient and delivering sustainable income and capital appreciation.

Having delivered our target return in FY2018, we have been disappointed by the performance of the investment portfolio over the 13-month period. We acknowledge that our approach has not delivered consistently over the last three years. We have previously spoken of the potential to retain elements of our development portfolio and benefit from the opportunity to realise further value as those schemes mature. As our development portfolio has grown in size, so this potential is now a reality and will allow us to benefit from the world-class schemes which we have created and of which we have a deep understanding. Most importantly, this reinforces the business’s focus on regeneration, whilst also driving higher returns to shareholders, such that over a three to five-year period we expect to see investment portfolio returns closer to our overall target return.

Initially we have identified potential assets worth up to £250 million from our development pipeline which would meet our investment portfolio criteria. This means that by 2024 the investment portfolio should primarily be comprised of assets created from our development portfolio or assets held for their longer-term development potential. We know that we can achieve our targets and recapture previous levels of performance.

Capital initiatives to enhance delivery In order to advance some of our bigger schemes, we have held a number of meetings with potential capital partners from around the world to invest, initially, in up to three of our major PPP projects. We have been encouraged by the level of engagement and interest in our projects from a range of private and institutional capital from across the globe, albeit UK political uncertainty has meant that progress has been slower than we would like, with capital showing some reticence to invest. However, empathy with the UK remains and potential capital partners have been attracted by both the quality of the projects and their locations within our gateway cities. We are in the process of shortlisting potential partners, whom we think are the best fit, see the potential of these assets and share our vision for our major projects. We are targeting concluding the process in 2020 and

will give a further update on progress at our interim results in November 2019. Securing funding allows us to advance our projects cost-efficiently, ensures timely delivery of our projects in conjunction with our public sector partners and means we can rotate capital into new schemes.

Efficiencies programme underway We remain focused on maintaining capital discipline and a strong balance sheet. As reported in our interim results, we have put in place an efficiencies programme to ensure that we continue to manage our recurring overheads as effectively as possible, given our prospective pipeline of projects. This is being led by a Chief Operating Officer who was appointed in January 2018 on an interim basis to undertake a review of all areas of the business and identify and implement cost savings. Annualised net recurring overheads in the financial period were £17.8 million (2018: £20.3 million).

Currently we employ certain specialist development related expertise internally, such as project management and marketing, rather than using external specialists. We do this as it gives us more immediate control over certain aspects of our projects. Historically we have viewed this as a central cost/overhead expense. In order to more closely align ourselves with and be more comparable to our peer group, we are now adopting the industry-wide practice of capitalising that expenditure where appropriate rather than treating it as a corporate overhead. This has led to capitalisation of £2.5 million in FY2019, which is expected to be the level for future years.

To further increase efficiencies, over the financial period, we have undertaken an internal review of each part of the business, which has led to us realigning teams and improving some of our processes so we now believe we have the right team size, structure and skillset, relevant to the scale, value and stage of each project. As we conclude our existing smaller and legacy projects and continue to focus on fewer, larger projects, productivity will increase and support more efficient delivery. Furthermore, as we move into the delivery phase of our pipeline, we will increase the opportunity to earn additional Development Management Fees to offset our overhead.

Development Management Fees generated in FY2019 were £2.5 million, a figure which we expect to increase annually over the next five years, with £3.0 million targeted in FY2020.

Dividend – aligning shareholders with our performance In line with our dividend policy we paid an ordinary dividend of 5.9 pence per share – comprising an interim dividend of 2.4 pence per share paid on 30 November 2018 and a recommended final dividend payment of 3.5 pence per share to be paid to shareholders on 6 September 2019.

As part of our dividend policy we also pay a supplemental dividend related to the net free cash flow generated during the financial period. Given the strength of our net cash position, we are pleased to recommend a supplemental dividend of 4.1 pence per share (2018: 12.0 pence per share).

This will be the fifth successive supplemental dividend paid to shareholders, evidence of our ability to generate strong and sustained surplus cash flows from our development and trading activities, as well as our commitment to aligning our shareholders with the success of the business.

We constantly monitor the method by which capital is returned to our investors and the Board will review this again over the course of the coming year.

Innovation to unlock potential and drive growth Mixed-use regeneration is about breathing new life into neglected or underestimated places and we believe that innovation is an integral part of that process.

Having re-established the Central Research Laboratory at The Old Vinyl Factory in Hayes as the UK’s first fullservice accelerator for hardware entrepreneurs, we have taken this proof of concept and committed £3 million to develop an innovation hub proposition we call Plus X. This brings together public and private sector capital to promote innovation, enhance job creation and give fledgling businesses and SMEs room to grow, while simultaneously driving demand for commercial space and delivering distinctive places. The first Plus X will open at Preston Barracks in Brighton in early 2020 and we have also submitted planning for a revised facility at The Old Vinyl Factory. This is just the start, as we plan to develop further Plus X holdings at other major regeneration projects. This concept delivers substantial wash over of value to our wider regeneration activity and we believe it is the first of its kind in our industry. In time, we expect Plus X to create additional value for U+I through securing further PPP opportunities such as Preston Barracks, whilst becoming a potentially valuable and scalable business in its own right.

During the financial period, we also made a deliberate move to explore innovation in property technology that has a direct benefit to delivering better outcomes for our projects. Having been early adopters of their product, in October 2018 we made a small investment into WiredScore, the market leader in certifying building technology.

As users, we believe there is tremendous growth potential for the technology, not just in commercial property, but increasingly in residential where connectivity and quality of infrastructure are of growing importance. Since the period end, we have also invested in Matterport, the 3D virtual reality modelling experts for the real estate sector.

In our role as strategic advisor to these two businesses, we can share expertise, whilst getting an opportunity to

see first-hand some of the new cutting-edge technologies that could inform our future approach to our schemes and help us to keep innovating. Given the speed at which the world is moving, we will continue to seek out relevant new innovations to invest in, where we can harness technology to get insights that will support our decisions and allow us to stay ahead of new trends, to deliver great places that meet people’s needs, not just now, but for the future.

Strengthening the team In recent years, U+I has evolved from a newly-formed business into a recognised brand with a portfolio of landmark regeneration assets across the London City Region, Manchester and Dublin.

That transition would not have been possible without our people, the backbone of our business and the inspiration for everything we do. Whilst our land bank can provide the raw material from which we can generate returns, it is our team that will realise this potential. In this vein, we need to do more and prove that we can execute, as well as originate. That involves ensuring that we have the right talent and structure to deliver on our KPIs and develop as a business.

To that end, from 22 May 2019, Richard Upton becomes Chief Development Officer. The Board has long felt that the Deputy CEO title did not fully reflect Richard’s role. His ability to develop and realise a compelling vision, to build the necessary trust and relationships across stakeholder groups, and find solutions that benefit everyone are essential to our business. His job content will not change but this new title better indicates his focus, where he has accountability and responsibility for the origination of new opportunities, exploiting the potential within our increased pipeline and execution of our major PPP projects, including Mayfield in Manchester and 8 Albert Embankment in London.

We are also pleased to announce that Professor Sadie Morgan, founding director of architects’ practice dRMM, has joined the Board as an independent Non-executive Director with effect from 3 April 2019. A Stirling prizewinner, a commissioner on the National Infrastructure Commission and chair of the Independent Design Panel for High Speed Two, Professor Morgan brings with her a wealth of knowledge and a genuine commitment to PPP as a source of long-term regeneration. As well as chairing our Community Challenge Panel to hold us to account on our PPP commitments set out in PPP – The Reset, Professor Morgan will oversee the establishment of a workforce advisory panel, acting as a conduit between the Board and our people to support employee engagement and ensure we are sustaining an inspiring culture relevant to our vision.

Outlook – delivering sustainable long-term returns for shareholders U+I sits at the heart of major trends. We are regeneration specialists with the experience, understanding and creative talent to turn underestimated and overlooked sites into vibrant, mixed-use places that enhance productivity, drive economic growth and contribute constructively to communities.

The raw material is there – neglected public sector land in our chosen geographies – with the public sector increasingly under pressure to deliver greater productivity from its real estate. The need has never been greater, people want to live in better homes, work in better places and lead better lives. We have the skillset and the relationships to enable and support central and local government to meet its targets, whilst addressing the shortfall in quality mixed-use spaces that will benefit local communities. That is our focus and we are confident that we can deliver over the long-term.

The short-term will be more challenging, as markets face political and economic uncertainty. The Brexit delay spells another six months of uncertainty and will keep investment and hiring decisions on hold. This has had a direct bearing on our FY2019 results and has meant that we have revised our development and trading gains target for FY2020 from £45-55 million to £35-45 million and our FY2021 target from £35-45 million to £45-55 million. We have reviewed our pipeline as a whole and, although we have moved Kensington Church Street, Hendy Wind Farm and Rhoscrowther Wind Farm into FY2020, this lowering of our target and retaining this larger guidance range reflects the market we currently operate in, where we expect wider factors – in particular the fallout from the political crisis at both central and local government levels – to delay decision-making and, in turn, the delivery of some of our gains.

Of course, within this increasingly complex political and planning environment there is opportunity for a business such as ours that treats community engagement as central to delivering schemes that can heal the divides that are blighting our cities. There is a need for knowledge and expertise to find opportunities amid the uncertainty.

We remain a total return business and are committed to our longer-term target of 12% average post tax total return and 10% average investment portfolio total return, and believe we have the right strategy and team to achieve these over time.

In the year ahead, we will focus on securing planning consents and delivering our development projects, while remaining alert to shorter-term trading or new investment opportunities where they align with our regeneration focus, as well as possible new PPP opportunities in our three core regions.

Our efficiencies programme enhances our ability to deliver value for shareholders for the long-term. Our funding partnerships are part of this programme, enabling us to drive returns, while delivering on our commitments.

I want to thank the team for their hard work and contribution over the last 13 months. Against an exceptionally difficult backdrop, our people have continued to demonstrate the curiosity, passion and commitment that helps us to secure flagship projects and deliver on our key purpose ‘to unlock long-term value for all through regeneration’.

Notwithstanding market conditions, we have strengthened our short and long-term pipeline, giving good future visibility. I am enthusiastic about our ability to deliver our projects and create a successful, motivated and inspirational company.

Matthew Weiner Chief Executive Officer 22 May 2019

Portfolio Review The U+I portfolio comprises a balance of longer-term PPP projects, shorter-term trading opportunities and investment assets. These three elements combine to maximise value creation, providing multiple routes to market, diversifying our earnings stream and mitigating risk through the economic cycle.

There is a strong connected theme running through our schemes. They are focused on regeneration; they are focused on our core geographies of London City Region, Manchester and Dublin; and they are expected to benefit from what we believe to be the four key drivers of economic growth – talent, tourism, transport and tolerance.

Importantly too, each element benefits from the others, to create a unified business, where the whole is greater than the sum of the parts.

Development and trading • Development: large-scale, mixed-use regeneration projects that are designed to deliver significant value over time. Often structured as Public Private Partnerships, these comprise 31% of gross assets and deliver multi-year profit flows.

• Trading: shorter-term trading opportunities where we buy land and add value through enhanced planning consents and/or asset management. These comprise 39% of gross assets and deliver profit flows over one to three years.

Investment: assets that provide recurring income, the proceeds of which support our development and trading activities. These assets also offer optionality for asset management or change of use to drive incremental value.

They comprise 30% of gross assets.

We use our values of imagination, intelligence and audacity to bring vision and verve to our business and our projects. We have always thought of the communities who will populate the places we create. With this in mind we have increasingly recognised that the generations of today are more interested in affordability and convenience than postcode. This understanding – combined with hard work and an increasingly talented team – have helped us to gain the trust of stakeholders in both the public and private sector, and thereby win landmark projects. These will become the core assets of the future and we intend to deliver them with our capital partners.

Development and trading During the financial period, we delivered £42.8 million of development and trading gains. A summary of our realised gains and losses in FY2019 can be found below: Previous Value trigger target Completed disposal of this retail-led, mixed-use scheme, conveniently located opposite Bicester Village, to Value Retail. £3-5m Completed disposal in March 2019. Gain is slightly below Bryn Blaen Wind Farm, our target due to increased costs in connecting the site to Wales* the grid. £6-8m Completed sale in H1 to Hyde Group. This was the final Charlton Riverside, disposal of the site we assembled in Charlton Riverside and London* was held in joint venture with Proprium Capital Partners. £2-4m Sale of a plot of land to facilitate an existing occupier’s expansion on site and completion of two pre-let Harwell, Oxford* developments totalling 65,000 sq.ft. £4-6m The scheme was approved by the Mayor of London in September 2018. However, in March 2019, the Secretary of State for Housing, Communities and Local Government called in the scheme leading to an inquiry in November 2019. This delay restricted our ability to deliver gains this financial period. We, alongside our joint venture partners, continue to seek a timely outcome and are targeting realising gains in FY2020 – either through development of the site or refinancing of the site post planning. However, this is dependent on the timing of the decision by Kensington Church Government post the inquiry. We have slightly reduced our Street, London* forecasts for FY2020 to reflect the delay. £5-7m This asset has been acquired by the Government as part of the HS2 project. The gain represents our share of the estimate of the fair value due to Curzon Park Limited of the land that was subject to a CPO during the financial period.

We remain in negotiations with HS2 to agree the final level Curzon Park, of settlement.

Birmingham* £4-7m Disposal of the residential element of the site to affordable housing provider, Optivo and further gains from planning overage from our partnership with Scape Student Living.

This project highlights the potential for successful PPP Preston Barracks, schemes. The gains exceeded expectations, largely Brighton reflecting the quality of the site. £2-3m Planning for Hendy was secured on 30 October 2018 but we made a strategic decision not to sell the project during the year in the strong belief that we could realise more value by delivering a built out site. We expect to exchange on a sale in H2 2020 which should deliver £4-6 million gains. As announced at our interim results, planning consent was delayed at Rhoscrowther, meaning we missed the subsidy window. We now expect to deliver lower than previously Wind Farm Projects – expected gains in FY2020 through delivery of a nonHendy and subsidised scheme. A planning application will be submitted Rhoscrowther shortly. £10-12m Various smaller projects, contributing less than £3.0 million apiece. These include completion of the final units at Ilford, delivering £1.6 million; development profit from the student accommodation at Circus Street, Brighton for £1.8 million, and the sale of the Assembly Buildings and Veneer Building at The Old Vinyl Factory, Hayes. It also includes a provision of £1.5 million at St Mark’s Square in Bromley where we incurred increased professional fees and interest charges as Other (8 projects) receipts were delayed due to construction delays. £9-12m Project name Bicester (Mixed-Use Scheme A), London City Region

* Held in joint venture

Realised gains

£4.0m

£4.7m

£3.3m

£4.8m

£0.0m

£9.3m

£13.8m

£0.0m

£2.9m

New trading opportunities We have continued to grow our trading pipeline with three new opportunities that are expected to generate strong gains for the business.

•

Arts Building, London City Region: in January 2019, we acquired the Arts Building in Finsbury Park, a c.50,000 sq.ft., five-floor warehouse-style building. The transaction was completed off-market, highlighting the strength of our network and our ability to move quickly when necessary. Located less than 10 minutes from Central London, we will refurbish the offices and convert the ground floor warehouse space into offices and re-let. It is our intention to revalue or sell, generating gains in FY2020.

•

Newtown Works, London City Region: in December 2018, we completed a funding deal with Quinn Estates to acquire Newtown Works, a 12-acre brownfield site in Ashford. This is our fourth transaction in the town, underlining the trusted relationship that we have developed with local stakeholders, including Ashford Borough Council. Work is already underway to transform the site into a dynamic mixed-use scheme, likely to begin generating profits from FY2020.

•

White Heather Industrial Estate, Dublin: in December 2018, we acquired the White Heather Industrial Estate in Dublin as a medium-term trading opportunity. This builds on our previous strategy of identifying industrial land with potential for residential-led mixed-use regeneration.

Outlook for FY2020 We have reviewed our portfolio for the coming financial period, including the addition of Kensington Church Street, Hendy Wind Farm and Rhoscrowther Wind Farm that have moved across from FY2019. Based on our current pipeline, we are targeting development and trading gains of £35-45 million in FY2020 (revised down from £45-55 million) and £45-55 million in FY2021 (revised up from £35-45 million). The projects listed below are expected to make up this target but, as always, these can change and we have the ability to flex this mix of projects where appropriate.

We have a strong pipeline of short and long-term projects and are focused in the year ahead on delivery across these. This includes securing planning consents at 8 Albert Embankment and Landmark Court – two of our major PPP projects in London City Region which we submitted for planning in March 2019 – whilst also securing planning for the first phase of our £1.1 billion mixed-use regeneration project at Mayfield, Manchester, for a 6.5 acre park, office and parking space.

As well as driving value from our existing portfolio, in line with our strategic aim of growing our portfolio with highquality projects, we will continue to seek out opportunities that meet our regeneration focus, where we can broaden our shorter-term trading pipeline and complement our longer-term PPP pipeline across London City Region, Manchester and Dublin.

Projects expected to deliver FY2020 gains: Project name

Value trigger

Targeted gains

Arts Building, London Newtown Works, Ashford Kensington Church Street, London* Hendy Wind Farm, Wales Rhoscrowther Wind Farm, Wales

Completion of works, letting and subsequent sale.

£8-10m

Securing planning and initial lettings/disposals.

Surplus arising from either development of the site or refinancing of the site post planning.

£5-7m

Completion of construction and sale.

£4-6m

Planning and sale.

£1-3m

Other

Various smaller projects individually contributing <£3.0 million.

£13-15m

* Held in joint venture

£4-6m

Investment portfolio During FY2019, we completed £27.4 million acquisitions, £7.5 million disposals and £4.6 million asset management initiatives, as outlined below. Our target for FY2020 is to deliver c.10% total return, albeit delivery of this could be challenging in current markets.

Project name Disposals Killingworth Centre, Newcastle

Acquisitions St Peter’s Quarter, Bournemouth

Overview

Valuation

In line with our focus on three core geographies, we identified Killingworth as a strategic disposal in 2018.

In FY2019, to reduce our risk, we sold off the Mall element where we felt income was not sustainable.

We have retained the long-term income from Matalan and Home Bargains units, yielding >8.5%.

Mall element sold for £7.5 million; yield of 9.4%

Bournemouth is largely populated by students and older, affluent retirees. St Peter’s Quarter, a 98,000 sq.ft. mixed-use scheme, fits neatly into this demographic. Comprising student accommodation, leisure and retail, the asset is generating a strong income return and there is significant potential for further growth/asset management. In recent months, we have let additional space in the basement and benefitted from break clauses not being exercised due to strong trade. We believe it will achieve a >10% total return, with 56% of the rent subject to fixed or RPI uplifts.

Waterglade Retail Park, A convenience site occupied by four tenants (B&M, Clacton on Sea Halfords, Iceland and Carpetright), this acquisition exemplifies our understanding of the retail market and the niche opportunities it presents. All four tenants are well-suited to the local catchment, the investment generates an initial yield of 9.3%, with the opportunity to deliver double-digit returns through asset management and lease re-structuring. Since financial period end, we have re-geared the B&M lease, extending the term by 8 years and generating a c.£600K capital uplift.

Pure Gym Unit, Finchley This leasehold asset was acquired off-market.

Located on an acre of land, the transaction builds on our relationship with the London Borough of Barnet and meets our investment criteria as an incomegenerating asset with longer-term regeneration potential. It offers a net initial yield of 5.9%, expected to rise to over 7.0% at rent review in 2021. The residual value with planning for residential uses and vacant possession would be materially higher than current investment value.

Transferred from our development portfolio into our Material Store and Boiler investment portfolio on practical completion, House, The Old Vinyl demonstrating how we can nurture quality assets Factory, Hayes where we see longer-term potential. Units were prelet.

Asset management initiatives Harwell, Oxford The campus environment is improving, as we build new accommodation and the campus continues to attract top talent. This will drive rental growth by the creation of new headline rents. During the financial period, we also restructured the lease at the adjacent Gemini building, increasing the value of the asset by £2.0 million. We also completed an outstanding rent review on the Element Six building, securing an uplift in value of £3.5 million; our share being £0.9 million.

Acquired for £11.3 million

Acquired for £11.3 million

Acquired for £4.8 million

Key statistics Portfolio value Valuation change Number of assets held Value of disposals Initial yield in the period Equivalent yield Contracted rental value Estimated rental value Voids

31 Mar 2019 £154.0m £(11.2)m 19 £(7.5)m 6.6% 7.9% £11.7m £13.1m 7.3%

28 Feb 2018 £139.5m £(2.4)m 16 £(53.2)m 6.2% 8.3% £8.9m £10.7m 7.9%

Specialist platforms Our specialist platforms, focused on office refurbishments and income-generating strategic land in the London City Region and Dublin, combine our skills and experience with the balance sheet strength of our joint venture partners, Colony Capital and Proprium Capital Partners. More details of our five projects across the two platforms can be found below.

Project Name Colony Capital

Overview

FY2020 target

Donnybrook House, Dublin

We completed the refurbishment of Donnybrook House, increasing the net lettable space by 37% and launched this landmark six-level office development in October 2018. Since the end of the financial period, we have let the gym in the basement and discussions are underway with the creative and technology sectors to let the office space.

Construction started in August 2018 to refurbish and extend The Hive building, providing much needed office space to the undersupplied Dublin market. It has already attracted considerable letting interest.

Secured planning permission at Carrisbrook House in October 2018, having acquired the building in August 2017 as a neglected property with significant upside potential.

Progressing fit out.

Targeting the building being fully let and a subsequent sale.

Vacant possession discussions underway.

Securing planning.

The Hive (formerly Ballymoss House), Dublin

Carrisbrook House, Dublin

The Record Store, Hayes Proprium Capital Partners Mecca Bingo, London

Targeting practical completion of construction in August 2019, preletting the building and a subsequent sale.

Revising planning consent to take advantage of new Dublin City Council planning guidance on heights.

Targeting fully letting building and sale.

Top five occupiers as at 31 March 2019 Annual Rent £'m

% of contracted rent

Matalan

0.5

4.7%

Sainsbury's Supermarket

0.5

4.2%

Ricardo-Aea

0.5

3.9%

B&M

0.4

3.2%

Carpetright

0.3

2.7%

Income generating properties - like for like rental income received Year ended 31 March 2019 Property owned throughout the year

Acquisitions

Disposals

Total net rental income

£'000

£'000

£'000

£'000

Investment

9,831

3,931

(37)

13,725

Development and trading

1,823

334

308

2,465

Joint ventures

3,204

-

58

3,262

14,858

4,265

329

19,452

Property owned throughout the year

Acquisitions

Disposals

Total net rental income

£'000

£'000

£'000

£'000

10,288

-

1,724

12,012

Development and trading

1,306

-

763

2,069

Joint ventures

2,404

-

358

2,762

13,998

-

2,845

16,843

Year ended 28 February 2018

Investment

Core investment portfolio – 31 March 2019 Gross rental income - tenant profile 1

PLC/Nationals

58.9%

2

Local Traders

29.1%

3

Regional Multiples

7.4%

4

FTSE 100

4.2%

5

Government

0.4%

Gross rental income – lease-term profile 1

0-5 years

54.4%

2

5-10 years

23.7%

3

10-15 years

14.3%

4

15-20 years

5.9%

5

20 years+

1.7%

Capital value – local profile 1

London

26.6%

2

South East

40.6%

3

Manchester

4

Rest of UK

2.2% 30.6%

Risk review Our business model is shaped by the risks the Directors consider significant to our strategy, size and capabilities.

Risk management structure The Group’s risk profile is maintained under continual review by its Audit and Risk Committee and by the Board. In addition, the Group has a Risk Management Committee, which oversees the Group’s risk register and risk control processes on behalf of the Audit and Risk Committee. The Risk Management Committee is comprised of senior employees from across the Group, covering all areas of the Group’s operations.

EXTERNAL RISKS Risk

Impact

Mitigation

Risk exposure change year-on-year

a. Market risk The real estate market is directly linked to the health of the local and national economies.

Lack of economic growth, recessionary conditions or economic uncertainty can translate into the negative sentiment towards, and performance of, real estate.

Lack of liquidity in market may delay the ability to realise planned disposals leading to significantly reduced cash inflows.

Higher occupier risk, leading to significantly reduced values.

Lack of occupier demand, resulting in inability to realise gains.

Risk-averse property development strategy, whereby projects are pre-funded, pre-let, or pre-sold where appropriate.

Long maturities of debt finance facilities.

Moderate level of gearing.

Regular meetings with economic forecasters to gauge economic trends.

 The UK economic fundamentals remain solid. However, continuing political uncertainty as to the timing and nature of Brexit, together with escalating geopolitical risks and continuing trade uncertainties, continue to overshadow the market. The six-month Brexit delay will keep investment and housing decisions on hold.

b. Scarcity of viable investment and development opportunities The Group’s business is predominantly transactional and requires a flow of PPP, trading and investment opportunities to generate consistent returns. The risk is that the flow of suitably priced opportunities either reduces or stops.

Inability to source new deals leads to decline in development and trading profits in future years.

Higher pricing of acquisition opportunities leads to reduced ability to add value.

Flexible approach to market opportunities, seeking out sectors where value can be generated and seeking funding partners with different return requirements.

Stringent deal underwriting procedures with minimum return hurdles.

Maintaining broad industry contacts for acquisitions rather than being dependent on a single source of opportunity.

Use of PPP model to secure regeneration opportunities in an innovative way.

→ Opportunities continue to be sourced for development, trading and investment, which satisfy Group underwriting criteria, albeit that the market is running late cycle with yield rents and house prices at historically high levels.

c. Counterparty risk Transaction counterparties, be they joint venture partners, purchasers under sale contracts or banks in respect of cash deposits or derivative arrangements, may suffer or fail financially.

Failure of sales transaction counterparties may lead to an inability to produce trading profits.

Failure of financial counterparties may impact effectiveness of hedging or recoverability of deposits.

Proof of funding required prior to agreeing sales contracts.

The Board regularly assesses the creditworthiness of financial counterparties prior to placing deposits and hedging transactions.

Substantial deposits are required for pre-sold residential developments prior to commencing construction.

→ The Group continues to have exposure to the private residential market through the development of pre-sold residential units both on and off-balance sheet. The risk of purchasers failing to complete has not reduced during the year as Bromley reached practical completion.

d. Bank funding risk The pressure on a large number of traditional real estate lending banks to reduce their exposure to real estate reduces the capacity and liquidity within the lending market and can impact upon the availability of debt to deliver business plans.

Inability to secure funding for new opportunities.

Inability to refinance existing facilities, leading to disposals at the wrong time in business plans and failure to maximise profits.

Unpredictability of cash flows.

The Group maintains relationships with a wide range of both bank and non-bank lenders, reducing over-reliance on any one partner.

The Group is constantly seeking to widen its range of funding sources and liaises regularly with new entrants into the real estate lending market.

 The lending market continues to see new entrants. Through the year there has been a gradual reduction in lenders’ appetite for development risk, particularly on a speculative basis, as Brexit uncertainly continues and given expected increases in interest rates.

Also, a gradual fall in house prices has impacted upon appetite for residential development.

BUSINESS RISKS Risk

Impact

Mitigation

Risk exposure change year-on-year

e. Construction risk There is a risk of being unable to secure a viable construction contract, post receipt of planning permission.

Reduced profitability or potential loss on individual projects and/or guarantees being called.

Construction work ceasing whilst a suitable replacement contractor is found, leading to delays in project completion and a reduction in profit.

The Group retains in-house experienced project managers throughout the life of individual projects, to ensure that costs are appropriately budgeted and timetables are adhered to, hence the impact of these risks is minimised.

The Group performs appropriate pre-contract due diligence on the capabilities and financial security of its material contractors and key subcontractors.

The Group continually monitors the financial position of key contractors to anticipate financial difficulties.

If issues arise with contractors, the Group uses its professional teams and in-house expertise to mitigate the impact.

The Group requires detailed design and specification throughout the tender process to enable it to maximise the risk transfer to contractors.

The Group requires that all construction contracts include provisions for liquidated ascertained damages in the case of performance failures by contractors and that contractors provide performance bonds, typically to a level of 10% of the contract sum.

ď&#x201A;­ There continues to be an increase in construction material prices. At the same time, uncertainty over the status of EU nationals working in the UK post any deal between the UK and the EU is leading to construction workforce shortages and increasing labour costs.

These are both impacting upon pricing and making the placement of construction contracts more difficult in terms of cost certainty and hence margin.

The Group retains a team with a strong track record of achieving planning consents and an extensive local knowledge, supplemented by advisors and sector specialist partners, to maximise the chance of success and reduce the risks and costs of failure.

An alternative exit strategy is always considered in case of planning failure.

The Groupâ&#x20AC;&#x2122;s PPP model seeks to build partnerships with local statutory and planning authorities as a way of mitigating risk.

ď&#x201A;­ The ability to obtain clear planning decisions is potentially compromised as key political events, such as elections, approach. Brexit focus has also weakened Central Government involvement in the planning process.

Real estate construction is subject to the risk of cost overruns, delay and the financial failure of an appointed contractor.

f. Planning risk Procuring appropriate and valuable planning consents is often a key element of value creation through property development.

Securing planning permission in a changing political and regulatory environment is a complex and uncertain process, with applications subject to objection from a wide range of potential stakeholders, and hence prone to delay, modification and rejection.

Failure to secure planning consent can either cause delay or render a project unviable/unprofitable and lead to the writeoff of considerable costs or reduced profit potential.

As a result, contractors are increasing pricing on new tenders so as to build in additional contingencies for the losses they have suffered in the last two to three years.

This can also lead to a lengthening of tender periods and the need for more detailed design before a viable construction contract can be agreed.

There has also been the failure of certain large-scale contractors which has both taken capacity out of the market and lead to other contractors reviewing their business models.

The complexity of our projects requires even greater rigour in delivery.

The political landscape and planning decisions are increasingly becoming the battleground on which disagreements over social issues play out. The financial strain on local authorities is also manifesting itself in under-resourcing of planning departments. Taken against a back-drop of ever-increasing complexity in both projects and planning regulations, especially in respect of mixed-use schemes with greater density, there is an urgent need to professionalise planning departments.

FINANCIAL REVIEW Results for the year During the year the Group focused on its aim of delivering development and trading gains whilst at the same time continuing to rationalise the number of smaller, inefficient projects it is involved in and restructuring its investment portfolio.

A summary of the Group’s financial results is shown below:

Development and trading gains Basic net asset value (NAV) Basic NAV per share Total declared dividends per share Profit before tax Total return Balance sheet gearing

13-month period ended 31 March 2019 £42.8m £360.1m 289p 10.0p £6.3m* 0.9% 38.6%

Year ended 28 February 2018 £68.3m £379.3m 303p 17.9p £48.2m 12.2% 31.4%

* 13-month period to 31 March 2019

The profit before tax for the 13-month period to 31 March 2019 was £6.3 million (28 February 2018: £48.2 million), after generating development and trading gains of £42.8 million, marginally lower than the range we were guiding for the year.

Development and trading gains During the year, we realised a total of £42.8 million of net development and trading gains. The key components of these gains are: − £13.8 million – Preston Barracks: disposal of residential accommodation scheme. − £9.3 million – Curzon Park: disposal of site via CPO*. − £4.8 million – Harwell: construction of two new buildings and disposal of surplus land*. − £4.7 million – Bryn Blaen: disposal of windfarm. − £4.0 million – Bicester: disposal of site. − £3.3 million – Charlton Riverside: disposal of site*. − £1.8 million – Circus Street: construction of student accommodation. * These gains represent U+I’s share of gains on assets held in joint venture arrangements with significant capital partners The single largest element of the development and trading gains was at Preston Barracks where the consented residential site in Brighton was sold to Optivo, one of the largest housing providers in the UK and experts in affordable housing. This generated a profit of £13.8 million.

The Group holds 50% of the share capital in a joint venture which previously owned a 10.5-acre site at Curzon Park in Birmingham. During the year, the site was acquired, via compulsory purchase order (CPO), by High Speed Rail Link 2 (HS2). As a result of this disposal, the Group has been able to recognise a joint venture asset and hence recover losses previously recognised when the Group was unsure as to the recoverable amounts associated with the site. The net benefit during the period to the Group as a result of this is £9.3 million.

In addition to the above, approximately £1.1 million of gains were realised from a number of smaller projects as we continued our policy of rationalising the number of projects.

At our retail project in Lichfield we have taken a £3.4 million write off as we were unable to deliver a viable project prior to the longstop date in the PPP agreement; we will not incur any other costs.

Development and trading gains can be analysed as follows.

Included in segmental analysis: Development and trading segment result Share of results of joint ventures Sale of investments Other income Adjustment re legacy corporate loan

13-month period ended 31 March 2019 £m

Year ended 28 February 2018 £m

19.3 17.1 3.9 – 2.5 42.8

48.4 13.0 6.8 0.1 – 68.3

Investment property portfolio During the period, the Group continued its policy of selectively disposing of non-core assets outside of our key geographies, in particular Killingworth Centre, Newcastle.

We have been cautious about acquisitions, especially in light of uncertainty in the UK property market mainly driven by inactivity and lack of governmental decision making. In spite of this, we have invested £29.2 million in three attractive investment opportunities: St Peter’s Quarter, Bournemouth, Waterglade Retail Park, Clacton-on-Sea and a Pure Gym unit in Finchley, where we will look to drive double-digit returns through asset management initiatives.

The Group’s historic portfolio does still have a retail bias and as such we have suffered an £11.2 million decline in values. Overall, including our share of joint venture assets, we have seen a 4.9% decline in capital values, as market sentiment outweighed asset fundamentals, especially for retail property outside London and the South East.

Working capital The nature of the Group’s business involves transactions in real estate, both purchase and disposal, where there is usually a period of up to four weeks between exchange, when the transaction is accounted for, and completion when the associated cash flows.

As a result, depending on the purchase and disposal activity around the period end, there are large differences between the level of receivables and payables from one Balance Sheet to the next. For example, as at 31 March 2019, there were receivables of £23.2 million relating to asset disposals immediately prior to the period end (28 February 2018: £84.8 million). This highlights the significant movement from one period to the next of receivables.

Overheads The overheads during the period comprised:

Group overheads LTIP charge (net) Income from specialist platforms Net recurring overheads Annualised net recurring overheads

13-month period ended 31 March 2019 £m 21.9 – 21.9 (2.5) 19.4

Year ended 28 February 2018 £m 24.2 (1.8) 22.4 (2.1) 20.3

17.8

20.3

We remain rigorously focused on maintaining capital discipline and a strong balance sheet. We have put in place an efficiencies programme to ensure that we continue to manage our recurring overheads as effectively as possible, whilst identifying further opportunities for efficiencies, both this financial period and in the longer-term. This is being led by a Chief Operating Officer who was appointed in January 2018 on an interim basis to undertake a review of all areas of the business and identify and implement cost savings. Annualised net recurring overheads in the financial period were £17.8 million (2018: £20.3 million).

Currently we employ certain specialist development related expertise internally, such as project management and marketing, rather than using external specialists. We do this as it gives us more immediate control over certain

aspects of our projects. Historically we viewed this as a central cost/overhead expense. In order to more closely align ourselves with and be more comparable to our peer group, we are now adopting the industry-wide practice of capitalising that expenditure where appropriate, rather than treating it as a corporate overhead. This has led to capitalisation of £2.5 million of staff costs in FY2019.This is expected to be at a similar level in future years.

We have also invested in launching and building a market leading brand, which has helped us to win projects like CNFE. Maintaining the U+I brand is essential to our continued success but we believe we can now reduce our corporate marketing spend, whilst continuing to maintain its awareness and understanding.

To further increase efficiencies, over the financial period, we have undertaken an internal review of each project, which has led to us realigning teams and improving some of our processes so we now believe we have the right team size, structure and skillset, relevant to the scale, value and stage of each project, whilst being more efficient in our day to day delivery. As we conclude our existing smaller and legacy projects and continue to shift to fewer, larger projects, productivity will increase and support more efficient delivery, whilst generating higher returns as we turn these projects from vision to reality. Furthermore, as we move into the delivery phase of our pipeline, we will increase the opportunity to earn additional Development Management Fees to offset our overhead. Fees generated in FY2019 were £2.5 million, a figure which we expect to increase annually over the next five years, with £3.0 million targeted in FY2020.

Net finance costs Net finance costs for the 13-month period of £5.8 million (2018: £9.7 million) include a foreign exchange gain of £0.2 million (2018: £1.4 million deficit) in respect of the retranslation of Euro-denominated loans and deposits.

For entities where the reporting currency is in Euros, retranslation differences are charged to reserves. The movement for 2019 was a gain of £0.2 million (2018: £0.3 million gain). The net impact of these movements on NAV during the year was £0.4 million gain (2018: £1.1 million loss).

Debt We use debt finance to leverage the use of our equity in property transactions. We continue to borrow from a wide range of financial institutions, including UK clearing banks, insurance company-backed lenders, debt funds and financial institutions. The availability of debt finance has not impacted our ability to transact new property deals.

Details of our debt facilities are shown in the table below:

GROUP’S BANK FACILITIES Principal financial highlights Utilised as at 31 March Total 2019 facility £’000

Interest rate

10,580 ~40,448 13,410 65,831 45,276 28,432 4,900 ~18,292 ~11,928 10,415 26,652 15,881 5,330 ~12,048 15,800 ~7,328 3,500 ~1,876 22,410 65,000

Facility type Notes Loans financing longer-term assets Term loan 3 £10,580 Loan notes 2 €47,000 Term loan £19,710 Term loan £66,667 Loans financing development and trading assets Term loan 3 £44,100 Term loan 3, 4 £26,000 Term loan 3 £4,900 Term loan 3 €22,045 Term loan 3 €20,125 Term loan 4 £9,500 Term loan 4 £26,000 Term loan 3 £31,000 Term loan 3 £5,610 Term loan 3 €14,000 Term loan £16,800 Term loan €8,515 Term loan 3 £16,674 Term loan €2,180 Term loan 3 £24,113 Term loan 3 £110,000

Maturity

Loan to value ratio

Interest1 Minimum1 cover net worth ratio £’000

Variable Cap Variable Fixed

10-Jan-20 24-Apr-21 25-Mar-22 5-Dec-32

73% – 50% 75%

160% – – – 175% Term loan 125% Term loan

Fixed Variable Fixed Fixed Fixed Variable Fixed Variable Cap Variable Fixed Fixed Variable Fixed Variable SWAP

31-Mar-19 30-Jun-19 16-Nov-19 18-Nov-19 06-Jan-20 31-Jan-20 31-Jan-20 24-Oct-21 31-Mar-21 08-Aug-21 15-Jan-22 13-Dec-22 31-Dec-22 28-Mar-23 31-Dec-22 16-Feb-26

– 60% – – – – – – 60% – – 75% – 75% – 65%

– 125% – – – – – – 175% – – – 120% – – 150%

1 Interest cover ratios are specific to the loan and the relevant property. Minimum net worth refers to the net asset value of the Group per its latest Balance Sheet (31 March or 30 September) 2 These unsecured, variable rate loan notes are denominated in Euros, with a nominal value of €47 million. An interest rate cap is in place to limit the Group’s exposure to movements in the EURIBOR rate.

3 Loans relating to joint ventures represent the total loan facility and not the Group’s share 4 This facility has the provision to allow interest to be rolled into the loan ~ Represents the amount of the Group’s liability in Sterling as at the balance sheet date

During the year, the major changes to our debt portfolio were as follows: − Refinancing the Barclays loan for a new £19.7 million, three-year facility. This also resulted in the repayment of the Santander loan. − Draw down of £15.8 million loan to finance the purchase of The Arts Building. − Two new Irish loan facilities secured on two industrial assets in Dublin. − To enable the build out of the Hendy wind farm, the joint venture entered into a £16.7 million loan facility with Close Brothers. − The Santander facility financing the development of Harwell was refinanced during the period. The new £110.0 million facility was signed by the joint venture in February 2019.

Our debt policy can be summarised as follows: − Longer-term fixed rate facilities are used to fund longer-term income-producing assets. Target loan to value (LTV): 60-65%. − Shorter-term asset-specific debt aligned to the business plan for shorter-term trading assets. Target LTV: 50-55%. − Medium-term Euro-denominated corporate debt to support our investment into Euro-denominated assets in Dublin. No LTV target as this is corporate-level debt. − The Group has no specific debt on non-income producing assets or investments into PPP schemes. − Joint venture arrangements are designed to leverage both our operational expertise and our Balance Sheet. When acting with third party capital we deploy asset-specific debt, which is often at a higher LTV (65-75%), reflecting the risk appetite and cost of capital of our partners.

– 100,000 – – – – – – – – – 200,000 – 200,000 – –

A summary of the Group’s gearing is shown below.

Group gearing

Gearing (excl. share of JVs) Gearing (incl. share of JVs)

Target 40–50% 50–60%

31 March 2019 38.6% 62.8%

22 May 2019 39.1% 64.3%

28 February 2018 31.4% 50.5%

The greatest fluctuation in gearing occurs where we utilise debt to fund the build-out of pre-sold residential developments on our own Balance Sheet.

Our overall gearing targets therefore act as a limit on the amount of development that we can undertake on our own Balance Sheet.

The Group maintains a mix of variable and fixed rate facilities to provide a degree of certainty whilst also benefiting from historically low interest rates. Longer-term facilities tend to be structured with fixed rates.

31 March 2019

28 February 2018

Group net debt and gearing: Gross debt Cash and cash equivalents Net debt Net assets Gearing Weighted average debt maturity Weighted average interest rate

£m £m £m £m % years %

(179.8) 40.8 (139.0) 360.1 38.6 6.2 4.6

(171.2) 52.1 (119.1) 379.3 31.4 7.0 4.7

Including joint ventures: Share of net debt in joint ventures Gearing Weighted average debt maturity Weighted average interest rate

£m % years %

(87.3) 62.8 4.5 5.1

(72.7) 50.5 5.4 5.2

Monies held in restrictive account and deposits As at 31 March 2019 the Group held £8.8 million of restricted cash deposits (28 February 2018: £11.5 million).

Restricted cash deposits primarily arise as a result of the operation of certain of the Group’s debt facilities where, on disposal of an asset charged to the facility, the lender temporarily retains the sale proceeds as security pending reinvestment. The restricted cash deposits are deemed to be directly attributable to associated debt facility and as such are reported under financing activities in the Group’s Consolidated Cash Flow Statement.

Joint venture arrangements The Group has a policy of working in joint venture arrangements as a way of: − Leveraging our equity so we can participate in projects that would otherwise be too large for our Balance Sheet; − Accessing deals with specialist partners who have secured positions on projects but require further equity and the planning and structuring skills, which are a key part of our business.

During the year, the Group has continued to create considerable value from one of its most important joint ventures: − At Harwell we are partnered with the UKAEA, STFC and Harwell Oxford Partners on the 700-acre Harwell Campus, an internationally renowned science campus. During the period we have successfully completed the letting and development of two buildings and let over 125,000 sq. ft. of space to, amongst others, Oxford Nanopore technologies and Agilent Technologies. During the period this has generated both £4.8 million of development and trading gains and net investment gains of £1.2 million in respect of the Group’s holding.

Taxation Our tax strategy is aligned with our overall business strategy and is principled, transparent and sustainable for the long- term. The key components of this strategy are: − A commitment to ensure full compliance with all statutory obligations, including full disclosure to all relevant tax authorities; − Any tax planning strategy entered into is only implemented after full consideration of the risks and if necessary after prior consultation with the relevant tax authority. Those findings are recorded in any relevant structuring document; − The maintenance of good relationships with tax authorities and a clear interaction between tax planning and the Group’s wider corporate reputation and responsibility; and − Management of tax affairs in a manner that seeks to maximise shareholder value whilst operating within the parameters of existing tax legislation.

For the financial period the underlying tax rate, including deferred taxes, was 16.5%. The Group’s tax rate is sensitive to both geographical location of profits and business activity from which the profits are derived. It is anticipated that future years will see an increase in the effective tax rate following legislative changes announced in the 2017 Budget and the possible impact of interest deductions in line with OECD’s Base Erosion Profit Shifting (BEPS) Action Point 4.

The suitability of our tax strategy is kept under constant review to ensure compliance with both the fiscal needs of the Group and the constant evolution of tax legislation.

Dividends Our dividend policy consists of two elements as follows: − An Ordinary dividend, comprising interim and final at 2.4 pence and 3.5 pence per share respectively; and − A supplemental dividend related to the net free level of cash flow generated from the financial year.

A final dividend of 3.5 pence per share was approved by the Board on 21 May 2019, to be paid on 6 September 2019 to shareholders on the register on 9 August 2019 (2018: 3.5 pence per share).

On 21 May 2019, the Board approved the payment of a supplemental dividend of 4.1 pence per share, to be paid on 12 July 2019 to shareholders on the register on 6 June 2019.

Foreign currency movements The Group’s operations are conducted primarily in the UK. However, as one of its three core regions is Dublin, the Group is exposed to movements in foreign exchange rates between Sterling and Euros.

The Group’s principal exposure to foreign currency movements is in respect of its €47.0 million Euro-denominated loan notes, Euro-denominated bank loans and property assets.

At 31 March 2019, the Group had net Euro-denominated liabilities of €30.9 million (2018: €38.7 million).

During the year, the value of Sterling against the Euro has fluctuated reflecting economic uncertainty relating to the UK’s decision to leave the EU. The impact on our NAV during the period was a gain of £0.4 million, which is the net result of a gain of £0.2 million recorded in finance income in the profit and loss account and a gain through reserves of £0.2 million. This demonstrates that the Group’s foreign currency hedging strategy has been effective during times of significant foreign currency volatility.

Marcus Shepherd Chief Financial Officer 22 May 2019

Five-year summary

Revenue Profit/(loss) before taxation Net assets

£m £m £m

31 March 2019 150.3 6.3 360.1

28 February 2018 173.7 48.2 379.3

28 February 2017 123.9 (1.7) 347.6

28 February 2016 242.3 25.8 363.3

28 February 201 203.7 34.8 346.4

Earnings/(loss) per share Net assets per share

Pence Pence

4.2 289

32.2 303

(2.4) 278

17.5 291

VIABILITY STATEMENT Introduction U+I’s business model is to deliver returns through regeneration, realising profits by successfully transforming undervalued land and assets into new places that deliver social and economic value to a wide range of stakeholders.

The key drivers in delivering the model are as follows: Ability to source a regular supply of new business opportunities which can deliver profits in future years.

• Sourcing debt finance to leverage new business opportunities and refinance existing facilities where • appropriate.

Access to a wide range of capital partners to co-invest in larger schemes and forward fund larger • speculative developments.

Successfully delivering new planning permissions.

• A high-yielding investment portfolio generating a sustainable cash yield to support business activities and • sustain corporate overheads.

Maintaining a diversified portfolio of projects so as to reduce property specific risk across the overall • portfolio.

Assessment period The Group’s business planning process consists of a five-year look forward. The rationale for this is that the main driver of success is the generation of development and trading gains from projects, with the exception of two outliers: • •

Short-term pure trading; and Long-term land strategies.

The majority of projects have a duration of between two and five years from acquisition to exit. Therefore, from any starting point, over a five-year period the vast majority of projects will have moved through to exit. To plan for a period longer than five years would lead to the construction of a purely theoretical model in years 5+, rather than one underpinned by specific existing projects in the initial five-year period.

Therefore, for the purposes of this review, the business has been considered and stress tested over a five-year period.

Consideration of principal risks The nature of the Group’s business and the industry in which it operates expose it to a variety of risks. The Board regularly reviews the principal risks and assesses the appropriate controls and mitigating actions required to manage the operations of the Group within an appropriate risk environment. The Board has further considered their impact within the context of the Group’s viability with particular emphasis on construction and planning risk.

Assumptions In assessing the long-term viability of the Group, the Board has made the following assumptions: Property investment valuations continue to be broadly stable with no prolonged significant downwards movements.

• • • • • • •

The Group continues to be able to deliver cash-backed development and trading gains from its existing portfolio of projects sufficient to meet its operational requirements, principally driven by securing new planning permissions.

The Group continues to be able to source new business opportunities capable of delivering both short-term trading gains and longer-term development gains to replace existing projects as they are exited.

The Group continues with its policy of having a mixture of long-term debt associated with its long-term investment portfolio and shorter-term stand-alone debt associated with its development and trading projects.

The Group continues, as it did throughout the previous recession, to be able to source both replacement and new debt facilities as they are required from both existing and new lenders.

The Group continues with its policy of maintaining a broad range of counterparties, including financial, contractor and purchaser, so as to mitigate the impact of potential counterparty failure.

The Group continues its policy of de-risking developments by obtaining forward-funding for larger schemes and only carrying out limited on-balance sheet development.

Construction contracts are entered into on a guaranteed maximum price basis where possible.

The Group maintains its current conservative gearing strategy.

26.8 276

In addition, the Group’s five-year business model was stress-tested to simulate either a deterioration in market conditions, which could be the result of a number of factors, including a disorderly Brexit outcome, or a flexing of these assumptions, as detailed below. In particular, consideration was given to the following: Persistent valuation falls of 2.5%, 5.0% and 10.0% per annum for each of the next five years and the • resultant impact upon NAV, gearing covenants and cash levels i.e. a fall of 25% in property values.

Inability to win any new business opportunities over the next five years – hence the only profits that can be • generated are from existing schemes.

Debt facilities were stress-tested to see how much property valuations would need to fall before loan • covenants would be breached and how much cash would be required to cure any loan covenant defaults.

Conclusion As a result of the work performed above, including the consideration of the key assumptions and the subsequent stress testing, the Board believes that the Group’s strategy of maintaining a broad portfolio of development and trading projects, a core investment portfolio and a diverse range of financial and operational counterparties provides the Group with a strong platform on which to continue its business.

The Directors therefore have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the five-year period to March 2024.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE 13-MONTH PERIOD ENDED 31 MARCH 2019

Revenue Direct costs Gross profit Operating costs (Loss)/gain on disposal of investment properties Loss on revaluation of property portfolio Operating (loss)/profit Other income Share of post-tax profits of joint ventures and associates Profit from sale of investments (Loss)/gain on sale of other plant and equipment Profit before interest and income tax Finance income Finance costs Profit before income tax Income tax Profit for the period/year

Notes 2 2 2 2 2 9

2 2

3(a) 3(b)

OTHER COMPREHENSIVE INCOME Profit for the period/year Items that may be subsequently reclassified to profit or loss: Currency translation differences Revaluation of operating property Total comprehensive income for the period/year Basic earnings per share attributable to the Parent* Diluted earnings per share attributable to the Parent* *

6 5 5

13-month period ended 31 March 2019 Total £’000 150,310 (123,449) 26,861 (21,859) (223) (11,165) (6,386) 2,547 12,128 3,888 (42) 12,135 617 (6,432) 6,320 (1,120) 5,200

Year ended 28 February 2018 Total £’000 173,684 (117,477) 56,207 (24,235) 3,324 (2,417) 32,879 2,089 16,175 6,713 5 57,861 94 (9,783) 48,172 (7,916) 40,256

5,200

40,256

163 40 5,403 4.2p 4.2p

292 35 40,583 32.2p 32.2p

Adjusted earnings per share from continuing activities is given in note 5.

All amounts in the Consolidated Statement of Comprehensive Income relate to continuing operations.

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2019 Notes NON-CURRENT ASSETS Direct real estate interests Investment properties Operating property Trade and other receivables

6

31 March 2019 £’000 £’000

28 February 2018 £’000 £’000

154,041 750 4,617

139,506 775 2,487 159,408

Indirect real estate interests Investments in associates Investments in joint ventures Intangible assets – goodwill Financial assets at amortised cost Financial assets at fair value through profit or loss Financial assets − available-for-sale Financial assets at fair value through other comprehensive income

7 7

142,768 – 92,806 2,328 − – 15,812 –

5,763 103,870 2,328 3,204 13,244 – 1,271 129,680

Other non-current assets Other plant and equipment Derivative financial instruments Deferred income tax assets Total non-current assets CURRENT ASSETS Inventory – development and trading properties Financial assets at amortised cost Financial assets available-for-sale Financial assets at fair value through profit or loss Trade and other receivables Current income tax asset Monies held in restricted accounts and deposits Cash and cash equivalents Total assets CURRENT LIABILITIES Trade and other payables Current income tax liabilities Borrowings Provisions

110,946

4,594 – 1,294

4,241 10 1,225 5,888 294,976

8

5,476 259,190

203,759 8,962 – 13,672 60,426 – 8,841 31,911

216,393 8,888 7,949 – 119,629 – 11,473 40,626 327,571 622,547

9

404,958 664,148

(77,286) (1,230) (37,394) (36)

(99,716) (7,748) (63,209) (2,513) (115,946)

NON-CURRENT LIABILITIES Borrowings Deferred income tax liabilities Provisions Total liabilities Net assets EQUITY Share capital Share premium Other reserves Retained earnings Total equity Basic/diluted net assets per share attributable to the owners of the Parent

9

(142,362) (3,448) (646)

(173,186) (107,975) (3,290) (416)

(146,456) (262,402) 360,145 62,716 104,590 54,457 138,382

5

(111,681) (284,867) 379,281 62,671 104,475 56,628 155,507

360,145

379,281

289p/289p

303p/303p

Approved and authorised for issue by the Board of Directors on 22 May 2019 and signed on its behalf by: M S Weiner, Director

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 13-MONTH PERIOD ENDED 31 MARCH 2019

Notes At 1 March 2017 Profit for the year ended 28 February 2018 Other comprehensive income: – Revaluation of operating property – Currency translation differences Total comprehensive income for the year ended 28 February 2018 Issue of Ordinary shares Share-based payments Final dividend 2017 Supplemental dividend 2017 Interim dividend 2018 Total contributions by and distributions to owners of the Company Balance at 28 February 2018 Profit for the 13-month period ended 31 March 2019 Other comprehensive income: – Revaluation of operating property – Currency translation differences Total comprehensive income for the period ended 31 March 2019 Issue of Ordinary shares Share-based payments (net movement) Treasury shares (net movement) Final dividend 2018 Supplemental dividend 2018 Interim dividend 2019 Total contributions by and distributions to owners of the Company Balance at 31 March 2019

4 4 4

4 4 4

Share capital £’000 62,613 –

Share premium £’000 104,325 –

Other reserves £’000 54,551 –

Retained earnings £’000 126,136 40,256

Total equity £’000 347,625 40,256

– –

– –

35 292

– –

35 292

– 58 – – – –

– 150 – – – –

327 – 1,750 – – –

40,256 – – (4,379) (3,503) (3,003)

40,583 208 1,750 (4,379) (3,503) (3,003)

58 62,671

150 104,475

1,750 56,628

(10,885) 155,507

(8,927) 379,281

–

–

–

5,200

5,200

– –

– –

40 163

– –

40 163

– 45 – – – – –

– 115 – – – – –

203 – (1,081) (1,293) – – –

5,200 – 109 – (4,390) (15,033) (3,011)

5,403 160 (972) (1,293) (4,390) (15,033) (3,011)

45 62,716

115 104,590

(2,374) 54,457

(22,325) 138,382

(24,539) 360,145

CONSOLIDATED CASH FLOW STATEMENT FOR THE 13-MONTH PERIOD ENDED 31 MARCH 2019 31 March 2019 £’000

28 February 2018 £’000

31,562 (7,189) (7,550) 16,823

(211) (9,140) (296) (9,647)

417 10 7,293 10,506 (1,225) (30,496) (31,351) – – 17,654 8,998 (3,784) 10,518 (11,460)

3,803 5 39,253 − (822) (2,432) (31,535) 4,000 6,482 − 972 (5,676) 10,455 24,505

(22,434) 160 (1,293) (38,233) 46,013 (923) 31,910 (29,278) (14,078) (8,715)

(10,885) 208 − (120,529) 118,110 (922) 27,434 (11,421) 1,995 16,853

Cash and cash equivalents at the beginning of the year Exchange loss on cash and cash equivalents Cash and cash equivalents at the end of the period/year

40,626 – 31,911

23,785 (12) 40,626

CASH AND CASH EQUIVALENTS COMPRISE: Cash at bank and in hand Bank overdrafts Cash and cash equivalents at the end of the period/year

31,911 – 31,911

40,626 – 40,626

8,841 31,911

11,473 40,626

(37,394) (142,362) (139,004)

(63,209) (107,975) (119,085)

Notes CASH GENERATED FROM/(USED IN) OPERATIONS Cash flows generated from/(used in) operating activities Interest paid Income tax paid Net cash generated from/(used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES Interest received Proceeds on disposal of other plant and equipment Proceeds on disposal of investment properties Proceeds from sale of investments Purchase of other plant and equipment Purchase of investment properties Investment in joint ventures Cash inflow from joint ventures and associates – disposals Cash inflow from joint ventures and associates – profit distribution Cash inflow from joint ventures and associates – dividends Cash inflow from joint ventures and associates – repayment of loan Cash outflow for financial asset loans Cash inflow from financial assets – loans repaid by other real estate businesses Net cash (used in)/generated from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid Issue of new shares Purchase of treasury shares Repayments of borrowings New bank loans raised Transaction costs associated with borrowings Cash released from restricted accounts Cash retained by restricted accounts Net cash (used in)/generated from financing activities Net (decrease)/increase in cash and cash equivalents

NET DEBT COMPRISES: Monies held in restricted accounts and deposits Cash and cash equivalents Financial liabilities: – Current borrowings – Non-current borrowings Net debt An analysis of the movement in net debt is provided in note 10.

10

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE 13-MONTH PERIOD ENDED 31 MARCH 2019 1 Basis of preparation and accounting policies a) (i) General information The Consolidated financial statements of the Group for the 13-month period ended 31 March 2019 comprise the results of U and I Group PLC and its subsidiaries and were authorised by the Board for issue on 21 May 2019.

The Company is a public limited company which is listed on the London Stock Exchange and is incorporated and domiciled in the UK. The address of its registered office is 7A Howick Place, London SW1P 1DZ. (ii) Going concern The Group meets its day to day working capital requirements through its cash reserves and bank facilities. The current economic conditions continue to create uncertainty. The Group produces regular forecasts and cash flow projections to confirm that it can continue to operate within the level of its existing banking facilities. The Group considers the risks and uncertainties highlighted in the Viability Statement when reviewing its projections. Following this review, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing its Consolidated financial statements. b) Basis of preparation The Groupâ&#x20AC;&#x2122;s financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and IFRS Interpretations Committee (IFRSIC) interpretation as adopted by the European Union and with the Companies Act 2006 applicable to companies reporting under IFRS. The accounting policies which follow set out those policies which were applied consistently in preparing the financial statements for the 13-month period ended 31 March 2019 and the year ended 28 February 2018.

The Consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, as modified by the revaluation of investment property, operating property, financial assets classified as fair value through profit or loss (FVPL) or fair value through other comprehensive income (FVOCI), financial liabilities and derivative instruments at fair value through profit and loss.

The financial information included in the preliminary announcement does not constitute statutory Consolidated financial statements of the Group for the periods ended 31 March 2019 and 28 February 2018 but is derived from those Consolidated financial statements. Statutory Consolidated financial statements for 2018 have been delivered to the registrar of companies and those for 31 March 2019 will be delivered in due course. The auditors have reported on those financial statements; their reports were (i) unmodified, (ii) did not include a reference to any matters which the auditors drew attention by way of emphasis without modifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006. c) Critical accounting judgements and estimates When preparing the Group financial statements, management are required to make judgements, assumptions and estimates concerning the future. These judgements and assumptions are made at the time the financial statements are prepared and adopted based on the best information available. Actual outcomes may be different from initial estimates and are reflected in the financial statements as soon as they become apparent. Management believe that the underlying assumptions are appropriate. Areas requiring judgements or estimates are discussed in the following section.

Judgements other than estimates 1.1 Classification of directly owned property assets The Group earns revenue from property development, trading and investment, and operating serviced offices.

Property development includes the entire development process from identification of an opportunity through to construction, letting and sale of a completed scheme. This activity is undertaken both on the Groupâ&#x20AC;&#x2122;s own Balance Sheet and in partnership with institutional investors, usually via a pre-sale of the completed development.

Property trading refers to participation in the development process, where the Group acquires an interest in land and enhances the potential development, for instance by procuring or changing planning permission, before selling on to a third party to complete the development.

Property investment represents the acquisition of income-generating real estate which is held for the purposes of income and capital gain, through active asset management.

In most cases the property interest is held directly by the Group and is classified either as investment property (refer note 6) or as inventory for development and trading properties (refer note 8).

The varied nature of the Groupâ&#x20AC;&#x2122;s properties is such that a number exhibit characteristics consistent with more than

one classification; also, the Directors’ strategy for an asset may change during its ownership. The Directors determine the status of each asset according to their intention on acquisition. A change in classification is made only in exceptional circumstances, where the strategy and use have demonstrably changed. Two assets have been reclassified from inventory to investment properties during the period (refer note 6).

1.2 Classification of projects in partnership In addition to its directly owned and managed activities, the Group participates in similar activities in partnership with others, typically to access expertise in different locations or market sectors. The Group’s financial participation may be by way of equity investment or loan. In each case a judgement is required as to the status of the Group’s interest, as an associate, a joint venture, a joint operation or a financial asset, typically focusing on the extent of control exercised by the Group.

The Group’s share of control is governed and achieved by a mixture of rights set out in agreements and participation in the management of each business. The exercise of control in practice does not always follow the legal structure. The Directors have considered the position in respect of each venture, taking account of the operation in practice, and have determined the status of each accordingly.

These investments are reported under the relevant balance sheet headings.

1.3 Acquisition of subsidiaries The Group sometimes acquires properties through the purchase of entities which own real estate. At the time of acquisition, the Group considers whether the transaction represents the acquisition of a business. In cases where the entity is capable of being operated as a business, or an integrated set of activities is acquired in addition to the property, the Group accounts for the acquisition as a business combination. When the acquisition does not represent a business, it is accounted for as the purchase of a group of assets and liabilities. In making this distinction, the Group considers the number of items of land and buildings owned by the entity, the extent of ancillary services provided by the entity, and whether the entity has its own staff to manage the property (over and above the maintenance and security of the premises).

Estimates 1.4 Valuation of property assets The key source of estimation uncertainty rests in the values of property assets, which affects several categories of assets in the Consolidated Balance Sheet.

The investment portfolio (and the operating property) are stated at fair value, which requires a number of judgements and estimates in assessing the qualities of the Group’s assets relative to market transactions.

The same uncertainties affect the determination of fair value of certain financial instruments, with the further complexity that the value of these assets requires estimates of future construction costs, tenant demand and market yields.

The Group’s development and trading properties are carried at the lower of cost and net realisable value. The determination of net realisable value relies upon similar estimates, with the added challenge, in some cases, of judgements about uncertain planning outcomes. These amounts are disclosed in note 8.

1.5 Impairment reviews During the period, the Curzon Park site was subject to a compulsory purchase order (CPO) and the Group received an initial payment of compensation. The Directors are continuing their negotiations with the Government regarding the final settlement due for the site. The timing and amount of future receipts remain uncertain, however, following consultations with CPO advisors as to the minimum amount expected to receive, the Directors have reversed £4,613,000 of the impairment previously booked against the Group’s joint venture holding.

1.6 Derivative financial instruments The Group is party to a number of interest rate swap agreements which are accounted for as derivatives and measured at fair value. The estimation of this figure is based upon market assumptions about future movements in interest and exchange rates.

1.7 Group Long-Term Incentive Plan (LTIP) During the period, the Group made awards to staff under the Group’s LTIP. The awards vest according to a number of performance criteria, the primary measure being net asset value growth over a three-year period. In calculating the provision to accrue, management are required to estimate net asset growth over the vesting period. The estimate is reassessed at each reporting date. Following assessment, the 2016 LTIP will not vest and previous provisions have been reversed.

1.8 Revenue The Group develops and sells properties. The development or sale contract will specify certain conditions which need to be satisfied and considered highly probable in order for revenue to be recognised. The Directors need to consider

the terms within each contract in order to determine the amount and when revenue is recognised. The Directors will also need to consider the certainty surrounding the payment of contingent or variable consideration.

2 Segmental analysis The segmental information presented consistently follows the information provided to the CODM and reflects the two sectors in which the Group operates. The CODM, which is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Leadership Team. Following the decision to scale down its serviced office business the Group has reassessed its operating divisions. From 1 March 2018, for management purposes, the Group is now organised into two operating divisions, whose principal activities are as follows: Investment – management of the Group’s investment portfolio, generating rental income and valuation • surpluses from property management; and Development and trading – managing the Group’s development and trading projects. Revenue is received • from project management fees, development profits and the disposal of inventory.

The remaining elements of the service office operation are now reported under the investment division.

Operating revenue for the year ended 28 February 2018 was received from serviced office operations and was principally received under short-term licence agreements. During the period, the operating segment would have reported a deficit of £196,000.

These divisions are the basis on which the Group reports its primary segmental information. All operations occur and all assets are located in the United Kingdom or the Republic of Ireland. All revenue arises from continuing operations.

Unallocated amounts relate to general corporate assets and liabilities which cannot be allocated to specific segments; an analysis is provided in the table on the following page.

These divisions are the basis on which the Group reports its primary segmental information. All operations occur and all assets are located in the United Kingdom, except assets of £47,575,000 (28 February 2018: £30,004,000) which are located in the Republic of Ireland. All revenue arises from continuing operations.

13-month period ended 31 March 2019 Segment revenue Direct costs Segment result Operating costs Unallocated overhead costs Loss on disposal of investment properties Loss on revaluation of property portfolio Operating (loss)/profit Other income Share of post-tax (losses)/profits of joint ventures and associates (Loss)/profit on sale of investment Unallocated loss on sale of other plant and equipment Profit before interest and income tax Finance income Finance costs Profit before income tax Income tax Profit for the period ASSETS AND LIABILITIES Segment assets Unallocated assets Total assets Segment liabilities Unallocated liabilities Total liabilities

Investment £’000 16,299 (8,719) 7,580 (1,322)

Development and trading £’000 134,011 (114,730) 19,281 (10,976)

(223) (11,165)

– –

481 (5,002) (42)

2,066 17,130 3,930

250 (3,725)

367 (2,707)

174,757

410,417

585,174 37,373 622,547

(74,834)

(181,178)

(256,012) (6,390) (262,402)

Total £’000 150,310 (123,449) 26,861 (12,298) (9,561) (223) (11,165) (6,386) 2,547 12,128 3,888 (42) 12,135 617 (6,432) 6,320 (1,120) 5,200

A summary of unallocated assets and liabilities is shown below.

13-month period ended 31 March 2019 OTHER SEGMENT INFORMATION Capital expenditure Unallocated capital expenditure Impairment of assets Depreciation Unallocated depreciation Development and trading expenditure REVENUE Rental income Serviced office income Project management fees Trading property sales Other property income Development proceeds Other

Investment £’000

Development and trading £’000

30,519

–

– 96

(9,137) –

–

103,832

30,519 1,202 (9,137) 96 789 103,832

13,725 2,408 – – – – 166 16,299

2,465 – 345 7,393 7,371 116,374 63 134,011

16,190 2,408 345 7,393 7,371 116,374 229 150,310

Total £’000

In the 13-month period ended 31 March 2019, three projects with turnover totalling £88,301,000 generated in excess of 10.0% of total revenue and fell within the development and trading segment.

Year ended 28 February 2018 Segment revenue Direct costs Segment result Operating costs Gain on disposal of investment properties Loss on revaluation of property portfolio Operating profit/(loss) Other income Share of post-tax profits of joint ventures and associates (Loss)/profit on sale of investment Unallocated gain on sale of other plant and equipment Profit before interest and income tax Finance income Finance costs Profit before income tax Income tax Profit for the year ASSETS AND LIABILITIES Segment assets Unallocated assets Total assets Segment liabilities Unallocated liabilities Total liabilities

Investment £’000 12,086 (3,656) 8,430 (3,579) 3,324 (2,417) 5,758 483 3,142 (99)

Development and trading £’000 157,481 (109,037) 48,444 (20,656) – – 27,788 1,606 13,033 6,812

Operating £’000 4,117 (4,784) (667) – – – (667) – – –

35 (4,942)

59 (4,841)

– –

175,388

444,763

2,402

622,553 41,595 664,148

(74,243)

(192,548)

(3,965)

(270,756) (14,111) (284,867)

Total £’000 173,684 (117,477) 56,207 (24,235) 3,324 (2,417) 32,879 2,089 16,175 6,713 5 57,861 94 (9,783) 48,172 (7,916) 40,256

Year ended 28 February 2018 OTHER SEGMENT INFORMATION Capital expenditure Unallocated capital expenditure Impairment of assets Depreciation Unallocated depreciation Development and trading expenditure REVENUE Rental income Serviced office income Project management fees Trading property sales Other property income Development proceeds Other

Investment £’000

Development and trading £’000

Operating £’000

3,038

–

22

– 173

(9,415) –

– 63

–

137,342

–

12,012 – – – – – 74 12,086

2,069 – 358 20,985 2,695 131,374 – 157,481

– 4,117 – – – – – 4,117

Total £’000 3,060 194 (9,415) 236 724 137,342

14,081 4,117 358 20,985 2,695 131,374 74 173,684

In the year ended 28 February 2018, project with turnover totalling £23,250,000 generated in excess of 10.0% of total revenue and fell within the development and trading segment.

UNALLOCATED ASSETS CAN BE ANALYSED AS FOLLOWS: Other plant and equipment Deferred income tax asset Derivative financial instruments Trade and other receivables Cash and cash equivalents

UNALLOCATED LIABILITIES CAN BE ANALYSED AS FOLLOWS: Current borrowings Trade and other payables Deferred income tax liability

31 March 2019 £’000

28 February 2018 £’000

4,448 1,294 – 8,773 22,858 37,373

4,087 1,225 10 5,596 30,677 41,595

(17) (2,925) (3,448) (6,390)

(17) (10,804) (3,290) (14,111)

3 Finance income and costs a) Finance income

Interest receivable on loans and deposits Net foreign currency differences arising on retranslation of cash and cash equivalents

13-month period ended 31 March 2019 £’000 463 154 617

Year ended 28 February 2018 £’000 94 – 94

b) Finance costs

Interest on bank loans and other borrowings Amortisation of transaction costs Provision: unwinding of discount Fair value loss on financial instruments – interest rate swaps, caps and collars Net foreign currency differences arising on retranslation of cash and cash equivalents Capitalised interest on development and trading properties Total finance costs Net finance costs Net finance costs before foreign currency differences

13-month Year ended period ended 28 February 31 March 2019 2018 £’000 £’000 (9,138) (8,488) (449) (1,405) (19) (7) (10) (247) – (1,376) (9,616) (11,523) 3,184 1,740 (6,432) (9,783) (5,815) (5,969)

(9,689) (8,313)

Interest was capitalised at an average rate of 6.21%. £2,701,000 of capitalised interest (28 February 2018: £nil) was written off in the period. The tax treatment of capitalised interest follows the accounting treatment.

4 Dividends

DECLARED AND PAID DURING THE PERIOD/YEAR Equity dividends on Ordinary shares: Final dividend for 28 February 2018: 3.50 pence per share (28 February 2017: 3.50 pence per share) Interim dividend for 31 March 2019: 2.40 pence per share (28 February 2018: 2.40 pence per share) Supplemental dividend for 28 February 2018: 12.00 pence per share (28 February 2017: 2.80 pence per share)

13-month period ended 31 March 2019 £’000

Year ended 28 February 2018 £’000

4,390

4,379

3,011

3,003

15,033

3,503

22,434

10,885

DIVIDEND DECLARED BUT NOT PAID SINCE 31 MARCH 2019 Supplemental dividend for 31 March 2019: 4.1 pence per share (28 February 2018: 12.00 pence per share)

5,114

15,041

PROPOSED FOR APPROVAL BY SHAREHOLDERS AT THE ANNUAL GENERAL MEETING Final dividend for 31 March 2019: 3.50 pence per share (28 February 2018: 3.50 pence per share)

4,366

4,387

On 21 May 2019, the Board approved the payment of a supplemental dividend of 4.1 pence per share, which will be paid on 12 July 2019 to Ordinary shareholders on the register at the close of business on 6 June 2019 and will be recognised in the year ending 31 March 2020.

Subject to approval by shareholders, the final dividend of 3.50 pence was approved by the Board on 21 May 2019 and has not been included as a liability or deducted from retained earnings as at 31 March 2019. The final dividend is payable on 6 September 2019 to Ordinary shareholders on the register at the close of business on 9 August 2019 and will be recognised in the year ending 31 March 2020.

5 Earnings per share and net assets per share The calculation of basic and diluted earnings per share and EPRA profit per share is based on the following data: 13-month period ended 31 March 2019 £’000 PROFIT Profit for the purpose of basic and diluted earnings per share Revaluation deficit/(surplus) (including share of joint venture revaluation surplus) Loss/(gain) on disposal of investment properties Impairment of development and trading properties Impairment of financial assets Reversal of previous impairments Mark-to-market adjustment on interest rate swaps (including share of joint venture mark-to-market adjustment) EPRA adjusted profit from continuing activities attributable to owners of the Company

Year ended 28 February 2018 £’000

5,200 8,711 223 9,137 – (5,705)

40,256 (13,454) (3,324) 8,415 1,000 −

411 17,977

140 33,033

13-month period ended 31 March 2019 £’000

Year ended 28 February 2018 £’000

124,674

125,218

98 124,772 4.2p 4.2p 14.4p 14.4p

57 125,275 32.2p 32.2p 26.4p 26.4p

NUMBER OF SHARES Weighted average number of Ordinary shares for the purpose of earnings per share Effect of dilutive potential Ordinary shares: Share options Weighted average number of Ordinary shares for the purpose of diluted earnings per share Basic earnings per share (pence) Diluted earnings per share (pence) EPRA adjusted earnings per share (pence) EPRA adjusted diluted earnings per share (pence)

The Directors consider the acquisition and disposal of trading assets to be part of the core business of the Group and therefore have not adjusted profit for the gain on disposal when calculating EPRA adjusted earnings per share.

Net assets per share and diluted net assets per share have been calculated as follows:

Basic net assets per share attributable to the owners Cumulative mark-to-market adjustment on interest rate swaps EPRA adjusted net assets per share Cumulative mark-to-market adjustment on interest rate swaps Fair value of debt EPRA adjusted triple net assets per share Effect of dilutive potential Ordinary shares Diluted net assets per share EPRA diluted net assets per share EPRA diluted triple net assets per share

Net assets £’000

No. of shares ’000

360,145

124,741

(430) 359,715 430 (12,648) 347,497 521 360,666 360,236 348,018

124,741

124,741 294 125,035 125,035 125,035

31 March 2019 Net assets per share Net assets Pence £’000

No. of shares ’000

28 February 2018 Net assets per share Pence

289

379,281

125,343

303

288

(19) 379,262

125,343

303

19 (9,514) 369,767 625 379,906 379,887 370,392

125,343 447 125,790 125,790 125,790

295

280 289 288 280

303 303 295

6 Investment properties

At valuation 1 March 2017 Additions: – acquisitions – capital expenditure Transfer from development and trading assets Disposals Deficit on revaluation At valuation 28 February 2018 Additions: – acquisitions – capital expenditure Transfer from development and trading assets Disposals Deficit on revaluation At valuation 31 March 2019

Freehold £’000 136,873

Long leasehold £’000 42,326

Total £’000 179,199

– 528 13,000 (51,688) (1,322) 97,391

1,627 277 471 (1,491) (1,095) 42,115

1,627 805 13,471 (53,179) (2,417) 139,506

24,108 171 – – (6,873) 114,797

5,061 1,156 2,720 (7,516) (4,292) 39,244

29,169 1,327 2,720 (7,516) (11,165) 154,041

Direct costs of £6,115,000 (28 February 2018: £3,656,000) arose as a result of ownership of investment properties.

Two development and trading assets were transferred to investment properties during the period following a change in strategy and use of the assets. The Group intends to hold the properties for the foreseeable future for capital appreciation and rental income. a) Reconciliation of market value of investment properties to the net book amount The following table reconciles the market value of investment properties to their net book amount. The components of the reconciliation are included within their relevant balance sheet heading.

Market value as assessed by the independent valuers or Directors Amount included in prepayments and accrued income in respect of lease incentives Net book amount of Investment properties – non-current assets

31 March 28 February 2019 2018 £’000 £’000 157,328 142,092 (3,287) (2,586) 154,041 139,506

At 31 March and 30 September (previously 28 February and 31 August) each year, the Group engages professionally qualified valuers who hold a recognised professional qualification and who have recent experience in the locations and sectors of the investment portfolio. As at 31 March 2019, completed investment properties have been valued by CBRE Ltd at a value of £138,748,000 (28 February 2018: £124,329,000). The current value equates to the highest and best use value of the asset.

The valuers have consented to the use of their name in the financial statements.

Included within Investment properties are freehold land and buildings representing investment properties under development, amounting to £15,293,000 (28 February 2018: £15,177,000), which have been valued by the Directors. These properties comprise buildings and landholdings for current or future development as investment properties. This approach has been taken because the value of these properties is dependent on a detailed knowledge of the planning status, the competitive position of these assets and a range of complex project development appraisals.

Investment properties under development include £8,075,000 (28 February 2018: £8,075,000) of landholdings adjacent to retail properties within the Group’s portfolio, acquired for the purpose of extending the existing shopping centres. The fair value of these properties rests in the planned extensions, and is difficult to estimate pending confirmation of designs and planning permission, and hence has been estimated by the Directors at cost as an approximation to fair value. £138,593,000 (28 February 2018: £122,059,000) of total investment properties are charged as security against the Group’s borrowings.

7 Investments Investments in associates £’000 8,372 – 7 – – 7 (1,500) (2,500) (4,379) – – 5,777 (14) – – (14) – – 5,763

At 1 March 2017 Additions Share of profit/(loss) Share of revaluation surplus Share of mark-to-market adjustment on interest rate swaps Share of results Transfer to subsidiaries Disposal of associate Distributions under profit share arrangements Capital distributions – repayment of loans At 28 February 2018 Additions Share of (loss)/profit Share of revaluation surplus Share of mark-to-market adjustment on interest rate swaps Share of results Dividend distributions Capital distributions – repayment of loans At 31 March 2019

Investments in joint ventures £’000 46,089 31,535 (609) 16,670 107 16,168 – – (14) (972) 92,806 25,574 10,109 2,454 (421) 12,142 (17,654) (8,998) 103,870

8 Inventory

DEVELOPMENT AND TRADING PROPERTIES At 1 March 2017 Additions: – acquisitions – development expenditure Transfer to investment assets (refer note 6) Disposals Foreign currency differences Net write down of development properties to net realisable value At 28 February 2018 Additions: – acquisitions – development expenditure – capitalised staff costs Transfer to investment assets (refer note 6) Disposals Foreign currency differences Net write down of development properties to net realisable value At 31 March 2019

Development properties £’000

Trading properties £’000

Total £’000

165,588

42,754

208,342

3,131 132,101 (471) (90,428) – (7,356) 202,565

– 2,110 (13,000) (18,616) 580 – 13,828

3,131 134,211 (13,471) (109,044) 580 (7,356) 216,393

– 66,190 1,369 (2,720) (97,985) – (7,402) 162,017

35,912 361 – – (6,507) (117) (1,735) 41,742

35,912 66,551 1,369 (2,720) (104,492) (117) (9,137) 203,759

Included in the above amounts are projects stated at net realisable value of £88,266,000 (28 February 2018: £79,565,000).

Net realisable value has been estimated by the Directors, taking account of the plans for each project, the planning status and competitive position of each asset, and the anticipated market for the scheme. For material developments, the Directors have consulted with third-party chartered surveyors in setting their market assumptions.

Interest of £3,184,000 (28 February 2018: £1,740,000) was capitalised on development and trading properties during the period. Capitalised interest included within the carrying value of such properties on the Balance Sheet is £5,837,000 (28 February 2018: £5,354,000).

9 Financial liabilities Borrowings 31 March 2019 £’000 CURRENT Bank overdrafts Current instalments due on bank loans Current loans maturing Unamortised transaction costs

28 February 2018 £’000

– 804 37,084 (494) 37,394

31 March 2019 £’000 NON-CURRENT Bank loans and loan notes Unamortised transaction costs

– 1,034 62,550 (375) 63,209

28 February 2018 £’000

143,889 (1,527) 142,362

109,143 (1,168) 107,975

Bank loans are secured by way of mortgages and legal charges on certain properties and cash deposits held by the Group.

10 Note to the cash flow statement Reconciliation of profit before income tax to net cash inflow/(outflow) from operating activities:

Profit before income tax Adjustments for: Loss/(gain) on disposal of investment properties Loss on revaluation of property portfolio Other income Share of post-tax profits of joint ventures and associates Profit from sale of investment Loss/(profit) on sale of other plant and equipment Finance income Finance cost Depreciation of property, plant and equipment Operating cash flows before movements in working capital Decrease/(increase) in development and trading properties Decrease/(increase) in receivables (Decrease)/increase in payables (Decrease)/increase in provisions Cash flows generated from/(used in) operating activities

31 March 2019 £’000 6,320

28 February 2018 £’000 48,172

223 11,165 – (12,128) (3,888) 42 (617) 6,432 885 8,434 3,680 45,635 (23,940) (2,247) 31,562

(3,324) 2,417 (2,089) (16,175) (6,713) (5) (94) 9,783 960 32,932 (10,037) (57,042) 33,696 240 (211)

Analysis of movement in net debt 31 March 2019

At 1 March Cash flow Foreign currency exchange movements Non-cash movements At 31 March/28 February

Cash and deposits Borrowings £’000 £’000 52,099 (171,184) (11,347) (7,780) – 1,035 – (1,827) 40,752 (179,756)

Net debt £’000 (119,085) (19,127) 1,035 (1,827) (139,004)

28 February 2018 Cash and deposits £’000 51,271 840 (12) – 52,099

Borrowings £’000 (172,125) 2,419 (1,497) 19 (171,184)

Net debt £’000 (120,854) 3,259 (1,509) 19 (119,085)

11 Contingent liabilities In the normal course of its development activity, the Group is required to guarantee performance bonds provided by banks in respect of certain obligations of Group companies. As at 31 March 2019, such guarantees amounted to £5,607,000 (28 February 2018: £5,543,000).

The Group has provided guarantees for rent liabilities in respect of properties previously occupied by Group companies. In the event that the current tenants ceased to pay rent, the Group would be liable to cover any shortfall until the building could be re-let. The Group has made provision against crystallised liabilities in this regard. In respect of potential liabilities where no provision has been made, the annual rent-roll of the buildings benefiting from such guarantees is £7,000 (28 February 2018: £7,000) with an average unexpired lease period of 67 years (28 February 2018: 68 years).

The Group has guaranteed its share of interest up to a maximum of £575,000 in respect of the £26,000,000 loan in Notting Hill (Guernsey Holdco) Limited.

12 Post balance sheet events As at 31 March 2019, the Group had exchanged contracts on the sale of a number of assets held directly and in joint venture. These sales have since successfully completed.

Definitions Operating profit: stated after loss on disposal of investment properties, the revaluation of the investment portfolio and exceptional items and before the results of associates, jointly controlled entities and finance income and costs.

IPD Index and Total Portfolio Return: total return from the completed investment portfolio, comprising net rental income or expenditure, capital gains or losses from disposals and revaluation surpluses or deficits, divided by the average capital employed during the financial period, as defined and measured by Investment Property Databank Limited (IPD), a company that produces independent benchmarks of property returns.

Total shareholder return: movement in share price over the period plus dividends paid as a percentage of the opening share price.

Gearing: expressed as a percentage and measured as net debt divided by total shareholders’ funds.

Net debt: total debt less cash and short-term deposits, including cash held in restricted accounts.

Basic earnings per share: amounts are calculated by dividing profit or loss for the period attributable to owners of the Parent by the weighted average number of Ordinary shares outstanding during the period, excluding shares purchased by the Parent and held as treasury shares.

Diluted earnings per share: amounts are calculated by dividing the profit or loss attributable to owners of the Parent by the weighted average number of Ordinary shares outstanding during the period plus the weighted average number of Ordinary shares that would be issued on the conversion of all the dilutive potential Ordinary shares into Ordinary shares.

Basic net assets per share: amounts are calculated by dividing net assets by the number of Ordinary shares in issue at the balance sheet date excluding shares purchased by the Parent and held as treasury shares.

Diluted net assets per share: amounts are calculated by dividing net assets by the number of Ordinary shares in issue at the balance sheet date plus the number of Ordinary shares that would be issued on the conversion of all the dilutive potential Ordinary shares into Ordinary shares.

Management have chosen to disclose the European Public Real Estate (EPRA) adjusted net assets per share and earnings per share from continuing activities in order to provide an indication of the Group’s underlying business performance and to assist comparison between European property companies.

EPRA earnings: is the profit or loss after taxation excluding investment property revaluations (including valuations of joint venture investment properties), impairment of development and trading properties, exceptional items and mark-to-market movements of derivative financial instruments (including those of joint ventures) and intangible asset movements and their related taxation.

EPRA net assets (EPRA NAV): are the balance sheet net assets adjusted to reflect the fair value of development and trading assets, excluding mark-to-market adjustment on effective cash flow hedges and related debt adjustments and deferred taxation on revaluations and diluting for the effect of those shares potentially issuable under employee share schemes.

EPRA NAV per share: is EPRA NAV divided by the number of Ordinary shares in issue at the balance sheet date.

EPRA triple net assets (EPRA NNNAV): is EPRA NAV adjusted to reflect the fair value of debt and derivatives and to include deferred taxation on revaluations.

EPRA NNNAV per share: is EPRA NNNAV divided by the number of Ordinary shares in issue at the balance sheet date.

APPENDIX 3

U and I Group PLC (“U+I” or “the Company” or “the Group”) Results for the year ended 28 February 2018

Record financial performance; significant supplemental dividend; positive outlook Record year of profits and progress  £68.3 million of development and trading gains (2017: £35.0 million) delivered at top end of FY18 guidance  12.2% post tax total return driven by increase in basic net asset value (“NAV”) to 303 pence per share (2017: 278 pence per share)  Significant progress on repositioning investment portfolio; total return of 10.1% achieved: £53.2 million of assets sold at or above book value; £6.5 million of value created through asset management initiatives  £2.1 million in net management fees earned 106% increase in dividend as a result of strong cash flows  

Total dividends of 17.9 pence per share (2017: 8.7 pence per share) Includes interim dividend of 2.4 pence per share (2017: 2.4 pence per share), final dividend of 3.5 pence per share (2017: 3.5 pence per share) and supplemental dividend of 12.0 pence per share (2017: 2.8 pence per share)

Positive outlook for future growth and shareholder returns  Clear and focused strategy aligned with political and social trends in regions with strong growth potential – London City Region*, Manchester and Dublin  Continue to target 12% post tax total return per annum, including £125-150 million of development and trading gains to end of FY21, through existing pipeline; £15.0 million of added value from investment activity and enhanced operational efficiency  £7 billion+ gross development value pipeline and visibility on delivery of gains for next ten years  Targeting 10% per annum total return in investment portfolio, driven from asset management initiatives and reinvestment, including the retention of certain of our own development assets * Within one hour’s commute from London Matthew Weiner, Chief Executive, said: “These results are an endorsement of the ambition that we set ourselves when we established U+I: to create a strong business with a clear focus on regeneration and a commitment to delivering sustainable value for shareholders and the communities in which we operate. Financially, this is expressed in our ambition to consistently deliver total returns of 12% post tax and we are pleased to have met this target this financial year.

This strong performance has enabled us to declare a supplemental dividend of 12.0 pence per share, taking our total dividend to 17.9 pence per share, a 106% increase on the prior year.

Stepping back to look at our market, our strategy is such that we will continue to benefit from the long-term socio-political trends driving the need for mixed-use regeneration. The longstanding relationships we have nurtured have made us a public sector partner of choice, often giving us unique access to major Public Private Partnership opportunities. We are currently shortlisted for two major projects with a gross development value of more than £1.5 billion and expect the number of opportunities to increase as both the public and private

sectors face pressures to release value from their real estate assets. The trust we have built has enabled us to create a treasury of activity through the property cycle, where our existing pipeline alone provides our threeyear £125-150 million development and trading gains target. We have further visibility for the next ten years with a pipeline of existing projects with a gross development value in excess of £7 billion and we continue to identify new opportunities to build this pipeline further.”

Financial summary:

Development and trading gains Profit before tax Basic NAV Basic NAV per share Basic earnings/(loss) per share Total declared dividends per share including supplemental dividend Net debt Gearing

28 Feb 2018 £68.3m £48.2m £379.3m 303p 32.2p

28 Feb 2017 £35.0m £0.4m* £347.6m 278p (2.4)p

17.9p £119.1m 31.4%

8.7p £120.9m 34.8%

*Before exceptional items of £2.1 million relating to impairment of serviced office business

Conference call for analysts and investors The management team will present to equity analysts and investors today at 9.30am at U+I’s offices at 7A Howick Place, London, SW1P 1DZ. The live audio webcast and presentation materials can be accessed via the following link: http://www.investis-live.com/uandi/5aa7b37c80a67515002a61ab/bmnb with conference call details as below. A recording of the conference call and archive version will be made available later today.

Conference Call details: United Kingdom All other locations

020 3936 2999 + 44 20 3936 2999

Joining your call: Participant Password:

593540

Replay information: United Kingdom United States All other locations

020 3936 3001 + 1 845 709 8569 + 44 20 3936 3001

Joining the replay: Replay password:

230946

Forthcoming announcement dates The Company intends to hold its Annual General Meeting on 5 July 2018. The Company will change its year end from 28 February to 31 March to align with its market peers. It will report the next set of results for the six months ending 31 August 2018 in October 2018 and its full year results for the thirteen months to 31 March 2019 in May 2019.

For further information, please contact: U and I Group PLC Matthew Weiner, CEO

Tel:

+44 20 7828 4777

Richard Upton, Deputy CEO Email Marcus Shepherd, CFO Nicola Krafft, Financial and Investor Communications Manager

ir@uandiplc.com

Camarco (Financial PR adviser) Geoffrey Pelham-Lane / Hazel Stevenson

Tel:

+44 20 3757 4996

E-mail:

uandi@camarco.co.uk

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

LEI Number: 213800HTEQQEIOGR5A58

Chief Executive Officer’s Statement Delivering on our strategy We set out a clear financial objective when U+I was formed in 2015: to deliver, as consistently as possible, 12% post tax total returns per annum. We estimated that we would first achieve this objective by February 2018. So, it is particularly pleasing to report that this is the year in which we have produced record results – £68.3 million of development and trading gains, compared with £35.0 million in 2017. Our profit before tax is £48.2 million (2017: £0.4 million before exceptional items) and, most importantly, we have increased basic net asset value (NAV) by 9.1% to 303 pence per share (2017: 278 pence per share). We are also pleased with the progress being made to realign our investment portfolio. This delivered a 10.1% total return for the year, with £6.5 million of value added through asset management initiatives. This included the disposal of over £50 million of non-core assets, in line with our target.

Our focus on delivering fewer but larger profit-making projects is supporting our financial performance as just under £60 million of our gains came from seven projects, each delivering £5.0 million or more of gains.

These results endorse the ambition that we set ourselves from the start: to create a strong business with a unique culture, a clear focus on regeneration and – above all – a commitment to delivering consistent long-term value for shareholders and the communities in which we operate. These results provide us with strong foundations for growth as we continue this momentum into FY19.

Notable development gains Among our notable successes during the financial year, we achieved planning consent for a £130 million mixeduse regeneration project at the Equipment Works, Blackhorse Road in Walthamstow, London. This site was subsequently sold to a housebuilder in December 2017 crystallising a significant gain, with the entire project taking two and a half years from inception to exit.

At 12 Hammersmith Grove in West London, we leased up the entire building over the course of the year and, in December 2017, we passed the 90% letting profit trigger. The building was subsequently sold by our funding partner Aberdeen Standard Investments in January 2018 for £170 million.

We made significant progress and gains at Preston Barracks, Brighton in the year by securing planning for this major £200 million gross development value project. This consent set in motion one of the city’s biggest ever mixed-use regeneration schemes and we subsequently completed the sale of the student accommodation element in February 2018 allowing the scheme to commence onsite.

These three projects alone delivered more than £33.0 million in profit for U+I.

We were pleased to have delivered £68.3 million of development and trading gains for the year, notwithstanding the setting aside of a full £7.5 million provision in respect of our St Mark’s Square project in Bromley. This provision recognises the delays caused by the size and complexity of the basement and façade works and the inevitable extension to the construction programme.

The full breakdown of projects which underpin this year’s gains is provided within the Portfolio Review and demonstrates the range and depth of skills within the business and the optionality that we have in monetising projects as they progress.

We also continued to focus on our business efficiency and balance sheet management during the year, achieving £2.1 million of net management fee income as well as reducing complexity within our business.

Further progress across our investment portfolio and specialist platforms The alignment of our investment portfolio with our focus on regeneration, is moving apace. We made £53.2 million of disposals during the year, exceeding our target of £50 million non-core asset sales. These sales were ahead of valuation and are part of our progress as we achieved our target 10% per annum total return from the portfolio. Within this total return, we generated £6.5 million from asset management initiatives, including; change of use, sub-division of units, lettings and exploiting the arbitrage between long and short lease values.

For the first time, our investment in Harwell, held in joint venture, delivered a capital gain (£4.1 million) this year and has become a core element of our portfolio as capital invested has increased.

We will continue to progress with the disposal of non-core assets from the investment portfolio, targeting an initial tranche of £25.0 million in the coming financial year, optimising the value of the assets we are retaining and targeting reinvestment in new assets that maximise our regeneration expertise. We estimate that we are approximately a third of the way through the transformation of our investment portfolio.

Where we are involved in transformative regeneration projects, we are increasingly choosing to retain elements to transfer into our investment portfolio where we see further value in the longer-term. Following on from our success with Deptford Market Yard, we transferred Caxton Works in Canning Town (£2.1 million) into the portfolio during the year and agreed that the commercial elements of the residential projects at the Machine Store and Boiler House at The Old Vinyl Factory in Hayes will be returned to us by the housebuilders on completion. We also transferred Airport House in Croydon (£13.0 million) from trading assets to our investment portfolio, releasing a trading gain of £0.9 million. When we acquired Airport House for £7.8 million in 2010, it was at 54% occupancy. We have undertaken a comprehensive refurbishment over the last three years and occupancy was close to 95% at transfer. The asset produces an income return of 7.5% and targets the growing SME occupier base in Croydon.

In the same vein, we were particularly pleased that our joint venture with McArthurGlen at Mill Green, Cannock, near Birmingham, has now gone unconditional and that we have secured the option to retain a 12.5% stake in the development on completion, which we expect to become one of the top six outlet shopping sites in the UK. This structure is one that we will consider for other assets going forward as our unique access to high quality projects should allow us to drive further value through retaining a stake in our investment portfolio.

We are also making further progress across the specialist platforms we established last year with majority capital partners, Colony NorthStar and Proprium Capital Partners. These platforms now comprise six assets, as we made a further purchase of Carrisbrook House in Dublin through the joint venture with Colony NorthStar during the year. Our appointment of a director of joint ventures in February 2018 will enable us to accelerate the growth of our specialist platforms, allowing us to do more with our balance sheet capital and leveraging our intellectual capital.

Most notably, we have seen the first material results from our specialist platforms with the gain in the year of £7.5 million at Charlton Riverside, resulting from an operational gain and valuation uplift following the adoption of the Charlton Riverside Masterplan, which allocated the area as suitable for residential-led development. Post year-end we have exchanged contracts to sell the site to a Housing Association for £58 million, at the top end of FY19 guidance for the asset.

Increased supplemental dividend Our dividend policy comprises an ordinary dividend, including an interim and final dividend of 2.4 pence and 3.5 pence per share respectively, and a supplemental dividend related to the net free level of cash flow generated during the financial year. In line with this policy, the Company has already paid an interim dividend of 2.4 pence per share and is recommending a final dividend payment of 3.5 pence per share, bringing the ordinary dividend for the financial year to 5.9 pence per share. In addition, having delivered on our commitments and given the strength of our net cash position, we are pleased to recommend a significantly increased supplemental dividend of 12.0 pence per share (2017: 2.8 pence per share). This will be the fourth successive supplemental dividend paid to shareholders and underlines our confidence in our continued ability to generate strong surplus cash flows from our development and trading activities and our commitment to aligning shareholders with the success of the business.

We continue to review the method by which capital is returned to shareholders and, after consultation with our top twelve shareholders, the Board has concluded that a supplemental dividend currently remains the preferred option of return. This will be reviewed again by the Board over the course of the coming year.

Balanced business model to deliver across the property cycle The majority of our value creation comes from management-led initiatives. We acquire opportunities in unloved and overlooked areas, where prices fail to represent underlying potential. We add value through planning, development and asset management. We then realise that value through sale, development or, on occasion, by transferring a developed asset into our investment portfolio, allowing us to capture further value as the asset matures.

We mainly operate in the dynamic markets of the London City Region (within one hour’s commute from London), Manchester and Dublin. These places share certain characteristics. Demand is strong and growing; there is an urgent, unmet need for new homes and mixed-use spaces that will stimulate local economies; and supply is constrained by political impasse or a lack of expertise. We also feel these areas will be less impacted by the ultimate conclusion of the Brexit process.

These fast-moving times require agility, a hallmark of U+I. We benefit from optionality, both in the varied routes that we pursue to create value and in the schemes that we deliver. As mixed-use, regeneration specialists, we create assets where communities can live, work, play and study. This breadth allows us to flex the mix of our projects, in line with socio-economic trends.

Growing pipeline and market opportunity to deliver sustainable returns Over the past three years, we have put the foundations in place to deliver against a set of demanding financial targets – aiming for consistent, annual total returns of 12.0% post tax. Over the three-year period to the end of FY21, we aim to achieve this through targeting £125-150 million of development and trading gains from existing projects, £15.0 million of added value from investment activity and enhanced operational efficiency.

We have a rich treasury of activity to draw on and take forward: a pipeline of over thirty projects for the next ten years, with a gross development value of in excess of £7 billion that can generate returns in good times and in bad. We negotiate transaction structures that enable us to respond flexibly to market conditions: in the various routes that we pursue to create value, in the mix of uses that we deliver and in the timing of exit, through direct development or trading consented land. We will also extract further value from repositioning our investment portfolio, as we move towards our target to achieve a consistent 10% annual return (2018: 10.1%).

We believe the strong partnership network we have built with key public-sector partners over many years will create a barrier to entry to others and open up further Public Private Partnership opportunities. We are recognised for our success in providing quality mixed-use environments, incorporating new homes helping to solve the UK’s housing crisis and new workspaces to meet the changing needs of corporate occupiers. This was the case at Landmark Court, where we were selected from TfL’s Property Partnership Framework to bring forward what will be a major £200 million+ gross development value mixed-use scheme within walking distance of Borough Market.

Critically, our strategy is aligned with major political and social trends as both central and local government recognise the importance of regeneration. Against this background, the number of opportunities available to us

continues to grow. Looking ahead, we are on two shortlists for major partnership projects with a gross development value of more than £1.5 billion.

People have always been at the heart of what we do: the communities, partners and stakeholders with whom we work, and of course our employees. In recognition of this we have formalised ‘people first’ as one of the five key strategic drivers of our business. We are committed to nurturing our talent so we can retain the best people.

I want to thank everyone at U+I for their hard work and commitment over the last year, without which our record performance would not have been possible.

We have had a fantastic year and we are determined to keep on delivering, demonstrating that our business model, our brand and our superb team can continue to generate excellent returns for our shareholders and deliver positive, sustainable change in the areas in which we operate. Our commitment to purpose, which combines shareholder returns with the creation of long-term, sustainable, socio-economic benefit, inspires trust among our public-sector stakeholders, ultimately allowing us to nurture close, longstanding partnerships that give us our licence to operate. Our culture, our track record and our passion for change mean we are well positioned for the future.

Matthew Weiner Chief Executive Officer 26 April 2018

Risk review Risk management structure The Group’s risk profile is maintained under continual review by its Audit and Risk Committee and by the Board. In addition, the Group has a Risk Management Committee, which oversees the Group’s risk register and risk control processes on behalf of the Audit and Risk Committee. The Risk Management Committee is comprised of senior employees from across the Group, covering all areas of the Group’s operations.

Mapping our risks The Group categorises risks according to the likelihood of occurrence and the potential impact on the Group. The Directors consider the following to be the principal risks and uncertainties facing the Group.

These risks have been grouped as either:  External risks – whose occurrence is beyond the control of the Group; or  Business risks – which the Directors choose to manage as part of the Group’s operations.

External risks MITIGATION

RISK EXPOSURE CHANGE YEAR ON YEAR

RISK

IMPACT

a. Market risk The real estate market is directly linked to the health of the local and national economies. Lack of economic growth, recessionary conditions or economic uncertainty can translate into the negative sentiment towards, and performance of, real estate.

 Lack of liquidity in the market   Risk-averse property may delay the ability to development strategy, realise planned disposals or whereby projects are prereduce prices, leading to funded, pre-let, or pre-sold significantly reduced cash where appropriate. inflows.  Long maturities of debt  Higher occupier risk, leading finance facilities. to significantly reduced  Moderate level of gearing. values.  Regular meetings with  Lack of occupier demand, economic forecasters to resulting in inability to realise gauge economic trends. gains.

 The UK economy remains supportive of our activities. However, continuing political uncertainty as the formal Brexit date approaches, together with escalating geopolitical risks, continue to overshadow the market.

b. Scarcity of viable investment and development opportunities

 Inability to source new deals leads to decline in development and trading profits in future years.

 Opportunities continue to be sourced for development, trading and investment, which satisfy Group underwriting criteria, albeit that the

  Flexible approach to market opportunities, seeking out sectors where value can be generated and seeking funding partners with

The Group’s business is predominantly transactional and requires a flow of PPP, trading and investment opportunities to generate consistent returns. The risk is that the flow of suitably priced opportunities either reduces or stops.

 Higher pricing of acquisition opportunities leads to reduced ability to add value.

different return requirements.  Stringent deal underwriting procedures with minimum return hurdles.  Maintaining broad industry contacts for acquisitions rather than being dependent on a single source of opportunity.  Use of PPP model to secure regeneration opportunities in an innovative way.

market is running late cycle with yields and house prices at record levels.

c. Counterparty risk Transaction counterparties, be they joint venture partners, purchasers under sale contracts or banks in respect of cash deposits or derivative arrangements, may suffer or fail financially.

 Failure of sales transaction   Proof of funding required counterparties may lead to an prior to agreeing sales inability to produce trading contracts. profits.  The Board regularly assesses  Failure of financial the creditworthiness of counterparties may impact financial counterparties effectiveness of hedging or prior to placing deposits and recoverability of deposits. hedging transactions.  Substantial deposits are required for pre-sold residential developments.

 The Group continues to have exposure to the private residential market through the development of pre-sold residential units both on and off balance sheet. The risk of purchasers failing to complete has not changed to any material extent during the year.

d. Bank funding risk The pressure on a large number of traditional real estate lending banks to reduce their exposure to real estate reduces the capacity and liquidity within the lending market and can impact upon the availability of debt to deliver business plans.

 Inability to secure funding for   The Group maintains new opportunities. relationships with a wide range of both bank and non Inability to refinance existing bank lenders, reducing overfacilities, leading to disposals reliance on any one partner. at the wrong time in business plans and failure to maximise  The Group is constantly profits. seeking to widen its range of funding sources and liaises  Unpredictability of cash flows. regularly with new entrants into the real estate lending market.

 The lending market continues to see new entrants. Competitive pressures have led to a reduction in margins and an increase in maturities available.

Through the year there has been a gradual reduction in lenders’ appetite for development risk, particularly on a speculative basis, as the Brexit date approaches.



Business risks e. Construction risk There is a risk of being unable to secure a viable construction contract, post receipt of planning permission.

Real estate construction is subject to the risk of cost overruns, delay and the financial failure of an appointed contractor.

 Reduced profitability or  potential loss on individual projects and/or guarantees being called.  Construction work ceasing whilst a suitable replacement contractor is found, leading to delays in project completion and a reduction in profit. 

The Group retains in-house experienced project managers throughout the life of individual projects, to ensure that costs are appropriately budgeted, timetables are adhered to hence the impact of these risks is minimised.

The Group performs appropriate pre-contract due diligence on the capabilities and financial security of its material contractors and key subcontractors.  The Group continually monitors the financial position of key contractors to anticipate financial difficulties.  If issues arise with contractors, the Group uses its professional teams and in-house expertise to mitigate the impact.

 There continues to be an increase in construction material prices. At the same time, uncertainty over the status of EU nationals working in the UK post any deal between the UK and the EU is leading to the anticipation of construction workforce shortages and increasing labour costs. These are both impacting upon pricing and making the placement of construction contracts more difficult in terms of cost certainty and hence margin.

As a result, contractors are increasing pricing on new tenders so as to build in additional contingencies for the losses they have suffered in the last two to three years.

This can also lead to a lengthening of tender periods and the need for more detailed design before a viable construction contract can be agreed.

The complexity of our projects requires even greater rigour in delivery.



The Group requires detailed design and specification throughout the tender process to enable it to maximise the risk transfer to contractors.  The Group requires that all construction contracts include provisions for liquidated ascertained damages in the case of performance failures by contractors and that contractors provide performance bonds, typically to a level of 100% of the contract sum. f. Planning risk Procuring appropriate and valuable planning consents is often a key element of value creation through property development.

Securing planning permission in a changing political and regulatory environment is a complex and uncertain process, with applications subject to objection from a wide range of potential stakeholders, and hence prone to delay, modification and rejection.

 Failure to secure planning consent can either cause delay or render a project unviable/unprofitable and lead to the write-off of considerable costs or reduced profit potential.

 The Group retains a team with strong track record of achieving planning consents and extensive local knowledge, supplemented by advisors and sector specialist partners, to maximise the chance of success and reduce the risks and costs of failure.  An alternative exit strategy is always considered in case of planning failure.  The Group’s PPP model seeks to build partnerships with local statutory and planning authorities as a way of mitigating risk.

 The ability to obtain clear planning decisions is potentially compromised as key political events, such as elections, approach.

The May local elections could see the further fracturing of the political landscape and planning decisions could become the battleground on which these disagreements play out. The financial strain on local authorities is manifesting itself in under-resourcing of planning departments. Taken against a backdrop of ever increasing complexity in both projects and planning regulations, especially in respect of mixed-use schemes with greater density, there is an urgent need to professionalise planning departments.

This has been ignored by the 2017 White Paper.

Portfolio review A year of achievement We are on a journey that has taken us from merger, to integration, to delivery of the financial performance that we promised our shareholders.

Today’s results demonstrate the first fruits of that endeavour. Now we want to continue in the same vein – and we are confident that we will.

Matthew and I are intensely focused on building a great company for the long-term. That means a Company with purpose; a Company aware of its wider socio-economic responsibilities; and a Company that inspires confidence among its people and its stakeholders internally and externally. That is what gets me out of bed with a spring in my step every morning.

Trusted partnerships driving delivery Experience and track record provide the strongest of foundations for our future because they have enabled us to build close partnerships with Government, local authorities, landowners and the industry in which we operate. We have deep-rooted personal and corporate relationships everywhere we work.

Such partnerships are not born overnight. They are unique, they are developed over time and they rely on trust – a trust that is earned through the quality of our projects where we deliver positive change and long-term legacies for the communities we work with.

We are intelligent, we are imaginative and we can be audacious, when we need to be. These are our core values. They inform our approach and are ingrained within U+I’s culture. We want to be the best at what we do and we know that we can be. Our people are bound together in a shared purpose – to deliver great regeneration projects that generate excellent financial returns for our shareholders and strong societal benefits.

We are determined to keep improving, with consistency at our core – consistent 12% post tax total returns per annum, consistent delivery and consistent quality.

Operating in a growing market The opportunity is huge. More than 300,000 new homes are needed each year to repair the housing market’s gaping supply/demand deficit. Local authorities are under intense pressure to drive productivity from their land assets and U+I is starting to stand out in the industry as best in class. Bricks and mortar are not enough. The built environment needs to support and nurture communities and meet the rapidly evolving lifestyles of today’s world.

The need is particularly acute in urban areas, such as London City Region, Manchester and Dublin, our three core regions of focus. The developable land is there, as are the unused buildings, steeped in history and tradition.

But we need to unlock their potential through exciting, inspirational mixed-use spaces, created in partnerships and secured through trust, hard work, creativity and passion.

Preston Barracks in Brighton exemplifies the power of this approach. Originally owned by the Ministry of Defence, it lay dormant for over twenty years before we approached Brighton & Hove City Council with an idea.

Inspired by another of our projects – The Old Vinyl Factory in Hayes – we suggested the creation of an extensive live, work, play, and study environment, enhanced by a focus on entrepreneurs and start-ups.

After five years of negotiation, consultation and partnership, this incredible regeneration project started on site in March 2018 and will deliver hundreds of new homes, student accommodation and an innovation hub for young businesses. The architecture, public realm and landscaping will be astonishing. The project has and will deliver significant profits for the Group. The City Council wins; the community wins, as the site will drive huge socio-economic growth; and shareholders win, as U+I delivers its forecast gains. Everyone wins. That is our model; it is different and it works.

The team, passion, drive and pipeline to keep delivering

Our industry is too often associated with minimising social gain and maximising financial returns. That is not U+I’s approach. Our strategy has been forged in the belief that we need to deliver positive outcomes for everyone we touch, if we are to achieve our ambition – to be the best property regeneration developer and investor in the UK. We have an excellent and committed team and a network of great partners to help us achieve this.

Having secured some of the most exciting regeneration projects in our chosen areas, we have a strong pipeline ahead of us. The opportunities for our Company have never been better and I look forward to continuing to deliver them with the help of all our stakeholders.

Richard Upton Deputy Chief Executive Officer 26 April 2018

Our portfolio – everything is connected The U+I portfolio is strategically balanced between longer-term development projects, shorter-term trading opportunities and our investment portfolio. This three-pillar approach is one of U+I’s core strengths, providing multiple routes to creating value and a more diverse earnings stream, helping us to mitigate risk through the property cycle.

Our aim is simple but ambitious. We intend to be the best property regeneration developer and investor in the UK, delivering real socio-economic benefit to the communities in which we work and consistent returns for our shareholders.

Each part of the business reflects our core focus on regeneration.

Development and trading  Development: Long-term, large-scale mixed-use regeneration projects that are significant drivers of profit. Often structured as Public Private Partnerships (PPP), these comprise 19% of gross assets, delivering multi-year profit flows.  Trading: Short-term trading opportunities where we buy land and add value through enhanced planning consents and/or asset management. These comprise 49% of gross assets, delivering one to three-year profit flows.

Investment: Provides recurring income to anchor our development and trading activities and added value potential. This comprises 32% of gross assets.

Value creation is at the core of everything we do Importantly, the whole is greater than the sum of the parts. We harness our ability to buy land well and secure opportunities in areas with a regeneration need. We add value through obtaining planning consents, aligned with active asset management. We then realise value through land disposals and development, mainly for sale but, increasingly, with an element retained within our investment portfolio. This interlinked approach is designed to maximise risk-adjusted returns and deliver consistent, sustainable returns.

We adopt a creative attitude to regeneration, underpinned by our core values of intelligence, imagination and audacity. We concentrate on building a pipeline of fewer, larger projects, where our skills can have the most impact, and we focus on three core regions, where we see the greatest potential: London City Region (places within one hour’s commute of London), Manchester and Dublin. The demand is there, the undervalued sites are there and we have the vision, expertise and appetite to transform them into vibrant mixed-use places that will help local communities to thrive.

Development and trading portfolio – delivering a record year We made significant progress across our development and trading portfolio, achieving record gains of £68.3 million in 2018. This is towards the top end of our guidance of £65-70 million, underlining the year as a period of delivery and growth.

Within our development portfolio our efforts are yielding tangible results, as we realise value from some of our pipeline and advance more recent PPP project wins.

In Brighton, we are making a real contribution to the urban environment. In December 2017, we secured planning consent and in February 2018 completed the purchase of the Preston Barracks site, a crucial step for a project that will allow us to deliver one of the largest mixed-use regeneration schemes in the city. With £200 million of gross development value, our project will create 369 homes, 534 student beds and a 50,000 sq. ft. innovation hub for start-up businesses. The scheme will create over 1,500 new jobs and bring more than £280 million into Brighton & Hove’s economy over the next ten years. The sale of the student element of the scheme in February 2018 allowed the project to come forward and site preparation works are now well underway.

We have also begun construction at Circus Street in Brighton, having secured funding for this £130 million regeneration project, which will turn a derelict former market into an exciting new destination in the heart of the city. With 142 new homes, 450 student bedrooms, 30,000 sq. ft. of new office space and workshops for creative new businesses, the scheme will inject £200 million into the local economy over the next decade.

At 12 Hammersmith Grove, London, we delivered gains of £11.3 million, having successfully let 100% of this modern, flexible, 170,000 sq. ft. Grade A office space. Highlighting the appeal of this development, the building was sold by our partners, Aberdeen Standard Investments, in January 2018.

In Manchester, we are making encouraging progress with our plans at Mayfield, transforming this former rail depot into a new urban neighbourhood in the city, through an ambitious and extensive mixed-use regeneration scheme. The public consultation undertaken for the proposed amendments to the existing Strategic Regeneration Framework has demonstrated wide support for our plans and the scope of the project has increased, such that its gross development value has risen from £850 million at the outset to £1.1 billion now.

At Harwell, we realised £6.3 million of gains, as we delivered and let 160,000 sq. ft. of space on this internationally renowned science campus. Harwell exemplifies the benefits that can be gained when the public and private sectors work in true partnership. Spread over more than 700 acres, the site is a commercial and research cluster, grounded by more than £2 billion of world-leading scientific infrastructure.

Working with two Government-backed agencies, U+I is driving the next stage of development at Harwell, through the creation of new office space, laboratories and other state-of-the-art facilities. We also benefited from an investment gain of £4.1 million, as earlier phases of development were revalued to reflect the increased critical mass of the scheme. We expect Harwell to be a continued driver of gains as the next phases of development are brought forward.

Our industry is dynamic and timings can change, depending on a wide range of factors and the actions of key stakeholders. In recognition of this, our business model is to remain agile and flexible so that we can maximise opportunities as and when they arise. In 2018, for example, we realised a material gain from the sale of our investment in a regional, strategic land business, Barwood Development Securities Limited. Whilst the business could have produced a steady flow of gains over several years, we felt that an immediate sale of our holding, generating a £5.0 million gain, more than offset the potential gains over the longer term.

At St Mark’s Square in Bromley we set aside a full £7.5 million provision in the year due to delays resulting from the size and complexity of the basement and façade works, all of which inevitably extended the construction programme. Once completed later this year, St Mark’s Square will regenerate and transform a major part of Bromley town centre.

We remain committed to building our PPP pipeline, with a clear focus on substantial, high quality, valueenhancing projects. There is no shortage of opportunities. Both public and private-sector landowners are looking for ways to realise value by making their, often urban, real estate work harder. The resultant trend towards higher density mixed-use living plays to our core regeneration strengths.

We are currently pursuing a number of exciting prospects in Dublin and London City Region and are on two shortlists, with a combined gross development value of more than £1.5 billion.

This PPP approach has significant attractions. It is equity efficient as our partners typically seed projects with land, while we apply our planning and development expertise. This allows us to spread our risk across projects at various stages of the development, committing a maximum of £20 million to any one project. In a further evolution of our business, we are increasingly able to charge management fees on larger regeneration projects such as Mayfield. This helps to cover our overhead commitment to a project ahead of development activity taking place.

Trading pipeline provides shorter-term gains To balance our major regeneration opportunities, we maintain a shorter-term trading pipeline. This gives us a more tactical focus as we buy land well and add value through planning and/or asset management. In the year, we generated gains of more than £45 million in this area.

At Blackhorse Road in Walthamstow, London, we made a significant disposal, after securing planning permission, delivering £10.3 million in gains, using just £2.1 million of equity in two and a half years.

In Ashford, we have secured planning for a significant mixed-use development on a brownfield site. This will inject renewed life and vigour into this strategically located town and realise gains of £2.8 million on disposal of the site to a housebuilder.

As part of our focus and commitment to Ashford, in January 2018 we purchased the Kent Wool Growers site, and we will now seek planning for 250 homes, to further cement our reputation in this vibrant commuter location. This transaction underlines our ability to buy well in locations adjacent to our existing developments, capitalising on the trust and reputation earned in an area.

At The Old Vinyl Factory in Hayes, the sale of the residential plot at The Machine Store and the Group’s retained interest in The Cabinet Building realised a combined gain of £3.4 million.

In terms of other trading projects, our joint venture project at Kensington Church Street in the Royal Borough of Kensington and Chelsea did not obtain planning consent at a Planning Committee meeting in January 2018. This was notwithstanding an officer’s recommendation for approval and strong support from the GLA through a Stage 1 sign-off. The recent call-in of the scheme by the GLA underlines the quality of the project and the sizeable regeneration benefits it would bring. We look forward to the Mayor of London’s assessment of the scheme later this year.

Our exit from Bryn Blaen Wind Farm has progressed. We made a strategic decision not to sell the project during the year, in the strong belief that we could realise more value by extending our timeline, having built out the site during the year and submitted the requisite paperwork to secure valuable subsidies. We also expect to realise profits from this and our two other wind farms, Rhoscrowther and Hendy, in the coming financial year.

Although wind farms are not core to our future strategy, they leverage our planning and development experience and will enable us to make a significant margin on an equity efficient basis.

A summary of our realised gains and losses in 2018 can be found below:

Project Name

Value Trigger

Preston Barracks, Brighton (Makerfield)

Planning approved in December 2017. Completed sale of student accommodation element of £200 million gross development value regeneration scheme.

12 Hammersmith Grove, Secured 100% lettings, triggering profit.

Hammersmith Blackhorse Road, Walthamstow

Secured planning in October 2017 and subsequently sold for a £130 million mixed-use regeneration project in December.

Previous guidance

Realised gains

£8-10m

£11.5m

£9-11m

£11.3m

£7-10m

£10.3m

Charlton Riverside, Greenwich*

Operational gain and valuation uplift following planning re-designation.

Mill Green, Cannock

Joint venture with McArthurGlen consortium to fund the development of this £160 million 26,500 sq. m. designer outlet centre. Transaction includes the option for U+I to retain a 12.5% stake in the development on completion.

N/A for FY18

£7.5m

£5-6m

£7.4m

N/A for FY18

£6.3m

£4-5m

£5.0m

Harwell, Oxfordshire*

Development and letting of 160,000 sq. ft. of accommodation.

Barwood Development Securities Limited

Sold regional land promotion business.

The Old Vinyl Factory, Hayes

Sale of a retained interest in The Cabinet Building and sale of residential site at The Machine Store.

£2-3m

HCA, Ashford

Having already secured planning permission, site sold for major regeneration scheme in Ashford town centre.

£3-4m

£2.8m

£15m

£10.3m

N/A

(£7.5m)

£6-8m

N/A for FY18

£6-10m

N/A for FY18

Other (12 projects), various

Planned sale of smaller legacy projects <£2.5m each in value.

St Mark’s Square, Bromley

A full provision due to delays resulting from the size and complexity of the basement and façade works and the inevitable extension to the construction programme.

Wind Farm Projects*

Bryn Blaen project delayed. Expected to realise in FY19.

Planning consent not obtained. GLA has called in scheme for Mayor of London’s assessment.

Kensington Church Street, London*

£3.4m

* Held in joint venture

The major projects for FY19 supporting our targeted £45-50 million development and trading gains include those listed below. We have the agility in our portfolio to flex this mix of projects where appropriate.

Project Name

Value Trigger

Targeted gains

Bryn Blaen Wind Farm, Wales*

Trading: Surplus arising from disposal.

£6-8m

Charlton Riverside, London*

Trading: Completion of sale.

£2-4m

Curzon Park, Birmingham*

Trading: Vesting of land under CPO.

£4-7m

Harwell, Oxford*

PPP: Profits from further phases of development.

£4-6m

Kensington Church Street, London*

Trading: Surplus arising from either development of the site (post planning) or from sale of our interest.

£5-7m

Mixed-Use Scheme A, London City Region

Trading: Post planning consent being obtained, funding or sale of retail-led mixed-use scheme.

£3-5m

Preston Barracks (Makerfield), Brighton

PPP: Surplus arising from either development or disposal of the residential element of the site.

£2-3m

Wind Farm Projects

Trading: Post-planning consent being obtained, funding or sale of Rhoscrowther and Hendy wind farms.

£10-12m

Other (8 projects)

Various smaller projects individually contributing <£3.0 million.

£9-12m

* Held in joint venture

Investment portfolio – continuing to deliver transformation Regeneration is at the core of our business and, as we have previously stated, we are realigning our investment portfolio in accordance with that focus. At the beginning of the year, therefore, we set a target of £50 million from the disposal of non-core assets, which do not have a regeneration focus. We exceeded that target, achieving sales of £53.2 million and an average premium above book value of 6.3%. Our disposals were largely made up of legacy or mature assets, as we moved to create a more dynamic portfolio. At the year end, the investment portfolio was valued at £139.5 million (2017: £179.2m). We are targeting an initial further £25.0 million of non-core disposals in FY19.

During the year, we disposed of our holding in Kingsland Shopping Centre in Thatcham through two transactions: selling the Waitrose anchor store to long-term capital and the remaining retail units to a specialist retail asset manager. By splitting the asset, it allowed us to realise greater value, securing a combined sale price above book value at a blended yield of 5.9%.

We also sold the Waitrose anchor store at Ringwood but retained the associated units at this popular, convenience-led shopping centre. This will allow us to realise further value through future asset management potential, while continuing to benefit from the footfall from the Waitrose store.

As part of our core strategy, the proceeds from these disposals will be reinvested into assets with a regeneration focus, supporting our wider development and trading portfolio and maximising value creation.

Closer portfolio alignment – capturing further value from regeneration We are driving through the transition of our investment portfolio from a more passive, sector investment, which historically delivered 5-8% returns, towards alignment with our regeneration expertise and total returns targeted at 10% plus per annum. This has started with our investments at Caxton Works, Canning Town; Airport House, Croydon; as well as the option to retain a stake in the completed development at Mill Green, Cannock.

Mill Green in Cannock highlights the advantages of forging closer connections across our business. Our planning and regeneration expertise, combined with our collaboration with the local community, helped us to secure planning consent to develop a 35-acre greenfield site and deliver a 26,500 sq. m. designer outlet village. During the year, we entered into a joint venture funding agreement to partner this project with retail outlet expert, McArthurGlen.

The scheme is expected to be a top six UK asset in its class. Located in an underserved catchment close to Birmingham, it is expected to prove extremely popular as a local and destination attraction. As part of the transaction, we secured the option to retain a 12.5% stake in the development on completion within our investment portfolio – a unique opportunity, with material value-generation potential.

We have pursued a similar longer-term, value-enhancing model at Caxton Works in Canning Town, where we expect to see further gains as the scheme leases up over the course of the next twelve months. During the year, we also transferred our co-working office building at Airport House in Croydon into our investment portfolio.

We acquired this asset for £7.8 million in 2010 as a trading deal. Through refurbishment and further asset management initiatives, we have increased the occupancy from 54% at the time of acquisition to 95%, as well as driving up rents. The building was valued at £13.0 million on 28 February 2018. We have chosen to retain Airport House in our investment portfolio as we expect to see further value from this well-located asset, alongside a high running income yield (7.5%). These two assets equate to £15.1 million of value and Cannock would represent a further circa £6-8 million of investment which will be held at cost until practical completion.

Acquisitions and disposals – at the right time We continue to monitor suitable acquisition opportunities with a focus on regeneration, where we can add value through proactive asset management, refurbishment and development. This is an integral part of our investment strategy and is subject to disciplined investment criteria. In the current environment, we believe it is in shareholders’ interests to remain true to our underwriting criteria and delay further open market

investment acquisitions until pricing becomes more favourable. We are targeting £50.0 million of new assets in FY19, including retained assets from our development portfolio.

Our disposals and larger gains from asset management initiatives in FY18 are outlined below: Project Name

Overview

Valuation

Atlantic Village, Bideford

Outlet centre anchored by Nike, M&S Sold for £13.0 million, 2.4% above and Gap. valuation; yield of 8.25%

Denmark Street, Altrincham Sale of cinema and two restaurants.

Sold for £4.4 million, 9.0% above valuation; yield of 7.45%

Kingsland Shopping Centre, Sold Waitrose anchor retail outlet in Sold for combined £16.1 million, Thatcham two elements.

1.6% above valuation; blended yield of 5.86% Killingworth Centre, Newcastle

Sale of McDonald’s and KFC at auction.

Sold for £1.9 million, 18.8% above valuation; yield of 6.03%, generating £0.4 million of added value.

Sub-division of Matalan unit to create £2.3 million asset management gain from sub-division. space re-let to Home Bargains.

Furlong Shopping Centre, Ringwood

Sold Waitrose retail store.

Upsizing retailers and re-letting activity.

Sold for £17.3 million, 10.14% above valuation; yield of 4.99%, generating £1.6 million of added value. £0.3 million asset management gain

Harwell

Rent review at Element 6 and letting £1.7 million asset management at Genesis Building. gain

Vicus, Manchester

Removal of break clause in restaurant £0.3 million asset management lease. gain

Key statistics Portfolio value Valuation change Number of assets held Value of disposals Initial yield in the period Contracted rental value Estimated rental value Voids Equivalent yield

2018 £139.5m £(2.4)m 16 £(53.2)m 6.2% £8.9m £10.7m 7.9% 8.3%

2017 £179.2m £(9.5)m 18 £(18.0)m 6.6% £12.7m £13.7m 4.7% 7.5%

Specialist platforms Our specialist platforms are currently focused on two areas of the market, where we believe that we can add substantial value: office refurbishments in partnership with Colony NorthStar and strategic land in partnership with Proprium Capital Partners. There are six projects in total across the platforms: The Record Store (The Old Vinyl Factory, Hayes), Ballymoss House (Dublin), Carrisbrook House (Dublin) and Donnybrook House (Dublin)

with Colony NorthStar; and Charlton Riverside (Greenwich) and the Mecca Bingo unit in Wood Green with Proprium Capital Partners.

At Charlton Riverside, the value of our assets increased by £6.9 million following the adoption of the Charlton Riverside Masterplan, thereby allocating the area as suitable for residential-led development. Since the year end we have crystallised further gains at the top end of guidance through the sale of the site to a Housing Association.

We acquired Carrisbrook House in Ballsbridge, Dublin, in August 2017. Well located in the heart of Dublin 4, the property has been neglected in recent years and has significant upside potential. A planning application has been submitted and we intend to realise value through transformation of the building.

At Ballymoss House and Donnybrook House, work is underway to refurbish the buildings. We aim to complete Donnybrook House in June 2018, with Ballymoss House following in 2019. Combined, these three buildings will give us c.150,000 sq. ft. of refurbished office space coming to market over the next 12-18 months. Dublin remains an undersupplied market benefiting from both US and UK demand as well as its indigenous market.

Our appointment of Eoin Condren to lead our joint venture offering underlines our determination to realise value in this area. Having spent a decade in the real estate investment industry, Eoin will drive our joint venture partnerships, as we seek to source and execute acquisitions in our core geographies. He will look to expand our capital partner relationships, assessing where we might aggregate elements of our existing pipeline to further capitalise on our operational leverage and maximise funding efficiency.

Top five occupiers as at 28 February 2018 Annual rent £m 0.54 0.49 0.39 0.28 0.20

1. Matalan 2. J Sainsbury 3. Ricardo-Aea Limited 4. Wilkinson 5. Specsavers

Income-generating properties – Like-for-like rental income received Property owned throughout the year Year ended 28 February 2018 £'000 Investment 7,484 Development and trading 1,632 Joint ventures 2,473 11,589 Year ended 28 February 2017 Investment Development and trading Joint ventures

8,025 2,003 2,342 12,370

% of contracted rent 6.1 5.5 4.4 3.2 2.3

Acquisitions £'000 755 289 1,044

Disposals £'000 3,773 437 4,210

Total rental income £'000 12,012 2,069 2,762 16,843

17 139 156

4,711 1,341 403 6,455

12,736 3,361 2,884 18,981

Core investment portfolio – 28 February 2018 Gross rental income – tenant profile 1. PLC/nationals – 56.8% 2. Local traders – 28.7% 3. Regional multiples – 6.7% 4. FTSE 100 – 5.6% 5. Government – 2.2%

Gross rental income – lease term profile 1. 0 - <5 years – 56.9% 2. 5 - <10 years – 34.1% 3. 10 - <15 years – 4.4% 4. 15 - <20 years – 2.5% 5. 20 years+ – 2.1% Capital value – location profile 1. South East – 28.4% 2. South West – 25.3% 3. North – 20.9% 4. London – 9.1% 5. Wales – 6.3% 6. Northern Ireland – 6.4% 7. Midlands – 3.6%

Financial review Results for the year During the year the Group focused on its aim of delivering a record level of development and trading gains whilst at the same time continuing to rationalise the number of smaller, inefficient projects it is involved in and restructuring its investment portfolio.

As can be seen below we have successfully achieved what we promised.

Development and trading gains Basic net asset value (NAV)

2018

2017

£68.3m

£35.0m

£379.3m

£347.6m

Basic NAV per share

303p

278p

Total declared dividends per share

17.9p

8.7p

£48.2m

£(1.7)m*

Profit/(loss) before tax Total return

12.2%

0.2%

Balance sheet gearing

31.4%

34.8%

* After exceptional loss of £2.1million

The profit before tax for the year to February 2018 was £48.2 million (2017: £1.7 million loss), after generating a record level of gains of £68.3 million, in line with our guidance.

In addition, we also achieved our target capital return on our investment portfolio of £5.0 million, as well as disposing of £53.2 million of non-core assets. We are now actively seeking opportunities to reinvest in assets which are focused on our expertise in regeneration and planning.

Development and trading gains During the year, we realised a total of £68.3 million of net development and trading gains. The key components of these gains are:            

£11.5 million – Preston Barracks: disposal of student accommodation scheme. £11.3 million – 12 Hammersmith Grove: profit share on letting of office building. £10.3 million – Blackhorse Road: sale of consented residential scheme. £7.5 million* – Charlton Riverside: operational gain and uplift in value reflecting designation of the site as a strategic regeneration area and agreement to dispose of the site in April 2018. £7.4 million – Cannock: sale of consented designer outlet village. £6.3 million* – Harwell: operational gain and uplift in values following the completion and letting of three buildings. £5.0 million – Barwood: profit on disposal of interest in regional land promotion business. £3.4 million – The Old Vinyl Factory: disposal of The Machine Store consented residential scheme and interest in the Cabinet Building. £2.8 million – Ashford: disposal of consented residential scheme. £2.2 million – Avid Building: disposal of consented residential scheme in Dublin. £1.9 million – Telegraph Works: disposal of ten townhouses. £1.8 million – Southwark: disposal of vacant office building and five flats.

* These gains represent U+I’s share of gains on assets held in joint venture arrangements with significant capital partners

In addition to the above, approximately £4.4 million of gains were realised from a number of smaller projects as we continued our policy of rationalising the number of projects we have.

In total the Group has delivered project gains of approximately £75.8 million during the year before provisions.

In respect of our project at Bromley, we set aside a full £7.5 million provision in the year due to delays resulting from the size and complexity of the basement and facade works all of which inevitably extended the construction programme. The provision comprises of the following components:  £3.1 million+ – allocated fair value uplift of the scheme as part of the acquisition of the Cathedral Group in 2014.  £4.4 million – anticipated irrecoverable costs.

Once completed later this year, St Mark’s Square will regenerate and transform a major part of Bromley. + The total fair value adjustment on acquisition of the Cathedral Group was allocated across all of the acquired schemes in 2014 based upon the anticipated profitability and risk of each scheme at that point in time. Other schemes acquired, such as Telegraph Works and Preston Barracks, have generated profits significantly in excess of those projected at the time of acquisition

Development and trading gains can be analysed as follows: 2018 £m

2017 £m

Development and trading segment result

48.4

28.5

Share of results of joint ventures

13.0

3.0

Sale of investments

6.8

0.6

Other income

0.1

0.7

Interest from financial asset

–

1.1

Other asset realisations

–

1.1

68.3

35.0

Included in segmental analysis:

Included in net finance costs:

Overheads During 2018 we succeeded in our aim of realising savings of £2.0 million in our net recurring overheads from a combination of cost efficiencies and the generation of management fees from specialist platforms.

During the year, fees from our specialist platforms with Colony NorthStar and Proprium Capital Partners were the major contributors to delivering the fee target and we continue to look at ways to drive efficiencies across the business, focusing particularly on simplifying our corporate structure, reducing the number of corporate entities and leveraging our intellectual capital.

The overheads during 2018 comprised: 2018 £m

Group overheads

24.2

LTIP charge (net)

(1.8)

Income from specialist platforms

(2.1)

Net recurring overheads

20.3

22.4

Net finance costs Net finance costs for the year of £9.7 million (2017: £10.8 million) include a foreign exchange deficit of £1.4 million (2017: £3.4 million deficit) in respect of the retranslation of Euro-denominated loans and deposits.

For entities where the reporting currency is in Euros, retranslation differences are charged to reserves. The movement for 2018 was a gain of £0.3 million (2017: £3.0 million gain). The net impact of these movements on NAV during the year was £1.1 million loss (2017: £0.4 million loss).

Debt We use debt finance to leverage the use of our equity in property transactions. We continue to borrow from a wide range of financial institutions, including UK clearing banks, insurance company-backed lenders, debt funds and financial institutions. The availability of debt finance has not impacted our ability to transact new property deals.

During the year, the major changes to our debt portfolio were as follows:  Successful restructure of our long-term investment facility with Aviva, delivering a more flexible facility and an annualised saving in finance costs of circa £1.0 million.

 Following disposal of Kingsland Shopping Centre from our investment portfolio we have repaid the £28.0 million Lloyds Bank facility.  Two Irish bank facilities were repaid following disposals of trading assets.  To enable the build out of the Bryn Blaen wind farm, we entered into a £24.0 million joint venture loan facility with Close Brothers.

Details of our debt facilities are shown in the table below: Group’s bank facilities Principal financial highlights

Facility type

Utilised as at 28 February 2018 Notes Total facility £’000

Interest rate

Maturity

Loan to value ratio

Minimum1 Interest1 net worth cover ratio £’000

Loans financing longer-term assets Term loan Term loan

3

Term loan Loan notes

2

Term loan

£12,000

6,276

Cap

05-Jan-19

50%

200%

–

£10,580

10,580

Variable

10-Jan-20

73%

160%

–

£2,795

2,105

Variable

22-May-20

–

–

–

Cap

24-Apr-21

–

–

–

75%

125%

–

€47,000

41,483 ~

£66,667

66,589

Fixed

5-Dec-32

Loans financing development and trading assets Term loan

3

Term loan

£4,900

4,900

Fixed

16-Nov-18

–

–

–

£30,750

20,398

Fixed

25-Nov-18

70%

–

–

–

–

Term loan

3

£24,113

22,901

Variable

13-Dec-18

–

Term loan

3

£26,000

25,250

Cap

31-Dec-18

60%

Term loan

4

£9,500

10,167

Variable

31-Jan-19

–

–

–

Term loan

4

£26,000

25,692

Fixed

31-Jan-19

–

–

–

Term loan

3

£44,100

41,043

Fixed

24-Feb-19

–

–

–

Term loan

3

€22,045

8,502 ~

Fixed

18-Nov-19

–

–

–

Term loan

3

€20,125

11,095 ~

Fixed

06-Jan-20

–

–

–

Term loan

3

£11,300

11,300

Variable

28-Oct-20

55%

150%

–

Term loan

3

£5,610

5,440

Cap

31-Mar-21

60%

175%

–

Term loan

3

€14,000

12,357 ~

Variable

08-Aug-21

–

–

–

Term loan

3

£40,025

31,917

SWAP

03-Apr-22

65%

175%

–

125% 100,000

1. Interest cover ratios are specific to the loan and the relevant property. Minimum net worth refers to the net asset value of the Group per its latest Balance Sheet (28 February or 31 August) 2. These unsecured, variable rate loan notes are denominated in Euros, with a nominal value of €47 million. An interest rate cap is in place to limit the Group’s exposure to movements in the EURIBOR rate 3. Loans relating to joint ventures represent the total loan facility and not the Group’s share 4. This facility has the provision to allow interest to be rolled into the loan ~ Represents the amount of the Group’s liability in Sterling as at the balance sheet date

Debt maturity profile Our debt policy can be summarised as follows:  Longer-term fixed rate facilities are used to fund longer-term income-producing assets. Target loan to value (LTV): 60-65%.  Shorter-term asset-specific debt aligned to the business plan for shorter-term trading assets. Target LTV: 50-55%.  Medium-term Euro-denominated corporate debt to support our investment into Euro-denominated assets in Dublin. No LTV target as this is corporate-level debt.  The Group has no specific debt on non-income producing assets or investments into PPP schemes.  Joint venture arrangements are designed to leverage both our operational expertise and our Balance Sheet.

When acting with third party capital we deploy asset-specific debt, which is often at a higher LTV (65-75%), reflecting the risk appetite and cost of capital of our partners.

A summary of the Group’s gearing is shown below:

Target

28 Feb 2018

26 Apr 2018

28 Feb 2017

Gearing (excl. share of JVs)

40-50%

31.4%

23.8%

34.8%

Gearing (incl. share of JVs)

50-60%

50.5%

43.8%

47.4%

The greatest fluctuation in gearing occurs where we utilise debt to fund the build-out of pre-sold residential developments on our own Balance Sheet. This peaked at 59.2% during FY17.

Our overall gearing targets therefore act as a limit on the amount of development that we can undertake on our own Balance Sheet.

The Group maintains a mix of variable and fixed rate facilities to provide a degree of certainty whilst also benefiting from historically low interest rates. Longer-term facilities tend to be structured with fixed rates. A summary of the Group’s interest rate exposure is shown below: 2018

2017

(172.1)

Group net debt and gearing: Gross debt

£m

(171.2)

Cash and cash equivalents

£m

52.1

51.3

Net debt

£m

(119.1)

(120.8)

Net assets

£m

379.3

347.6

%

31.4

34.8

years

7.0

4.8

%

4.7

4.6

£m

(72.7)

(44.0)

%

50.5

47.4

years

5.4

4.2

%

5.2

4.9

Gearing Weighted average debt maturity Weighted average interest rate Including joint ventures: Share of net debt in joint ventures Gearing Weighted average debt maturity Weighted average interest rate

Joint venture arrangements The Group has a policy of working in joint venture arrangements as a way of:  Leveraging our equity so we can participate in projects that would otherwise be too large for our Balance Sheet;  Accessing deals with specialist partners who have secured positions on projects but require further equity and the planning and structuring skills, which are a key part of our business.

During the year, the Group has created considerable value in two of its most important joint ventures:  At Harwell we are partnered with the STFC and Harwell Oxford Partners on the 700-acre Harwell Campus, an internationally renowned science campus. During the year we have successfully completed the letting and development of three buildings and let over 160,000 sq. ft. of space to, amongst others, the Nuclear Decommissioning Authority and Oxford Space Systems. During the year this has generated both £6.3 million of development and trading gains and an investment valuation uplift of £4.1 million in respect of the Group’s holding.  At Charlton Riverside, we are partnered with Proprium Capital Partners. The designation of the sites as a strategic regeneration area during the year has resulted in a third party, independent valuation at the yearend of £50.0 million, delivering a revaluation gain to the Group of £6.9 million.

Taxation Our tax strategy is aligned with our overall business strategy and is principled, transparent and sustainable for the long- term. The key components of this strategy are:  A commitment to ensure full compliance with all statutory obligations, including full disclosure to all relevant tax authorities;

 Any tax planning strategy entered into is only implemented after full consideration of the risks and if necessary after prior consultation with the relevant tax authority. Those findings are recorded in any relevant structuring document;  The maintenance of good relationships with tax authorities and a clear interaction between tax planning and the Group’s wider corporate reputation and responsibility; and  Management of tax affairs in a manner that seeks to maximise shareholder value whilst operating within the parameters of existing tax legislation.

For 2018 the underlying tax rate, including deferred taxes, was 16.51%. The Group’s tax rate is sensitive to both geographical location of profits and business activity from which the profits are derived. It is anticipated that future years will see an increase in the effective tax rate following legislative changes announced in the 2017 Budget and the possible impact of interest deductions in line with OECD’s Base Erosion Profit Shifting (BEPS) Action Point 4.

The Group has made a provision of £1.0 million relating to an open HMRC enquiry in to historic tax losses of the Group. The Group has not made any other provisions relating to prior-year events and will only do so when there is a high degree of certainty of an obligation to settle any liabilities.

The suitability of our tax strategy is kept under constant review to ensure compliance with both the fiscal needs of the Group and the constant evolution of tax legislation.

Dividends Our dividend policy consists of two elements as follows:  An Ordinary dividend, comprising interim and final at 2.4 pence and 3.5 pence per share respectively; and  A supplemental dividend related to the net free level of cash flow generated from the financial year.

A final dividend of 3.5 pence per share will be recommended to shareholders at the Annual General Meeting (AGM) on 5 July 2018, to be paid on 17 August 2018 to shareholders on the register on 20 July 2018 (2017: 3.5 pence per share).

On 25 April 2018, the Board approved the payment of a supplemental dividend of 12.0 pence per share, to be paid on 15 June 2018 to shareholders on the register on 11 May 2018.

Foreign currency movements The Group’s operations are conducted primarily in the UK. However, as one of its three core regions is Dublin, the Group is exposed to movements in foreign exchange rates between Sterling and Euros.

The Group’s principal exposure to foreign currency movements is in respect of its €47.0 million Euro-denominated loan notes, Euro-denominated bank loans and property assets.

At 28 February 2018, following the disposal of a number of Irish assets during the year, the Group had net Eurodenominated liabilities of €38.7 million (2017: €16.6 million).

During the year, the value of Sterling against the Euro has fluctuated reflecting economic uncertainty relating to the UK’s decision to leave the EU. The impact on our NAV during the period was a reduction of £1.1 million, which is the net result of a loss of £1.4 million recorded in finance costs in the profit and loss account and a gain through reserves of £0.3 million.

European Public Real Estate Association (EPRA) Unlike a traditional real estate investment business, a significant part of our regeneration business model seeks to optimise the use of our Balance Sheet by entering into either conditional purchase agreements, land option agreements or development management agreements where we incur the design costs and fees associated with obtaining a planning consent, without purchasing the land up front. These types of structures mean that for a significant part (57.1%) of our development portfolio, we are not able to produce a reliable fair value in accordance with EPRA guidelines until such time as planning consent is obtained and land becomes unconditionally owned.

We understand that EPRA NAV is the accepted valuation metric for real estate investment companies. However, U+I’s business model and our preference for developing assets using third-party capital rather than our own, mean that EPRA NAV does not deliver a complete picture of the potential value within both our portfolio of assets and

various contractual arrangements. We will continue to give guidance as to expected trading and development gains over the next three years as a more complete picture of the potential value within the Group’s projects.

Five-year summary 2018

2017

2016

2015

2014

Revenue

£m

173.7

123.9

242.3

203.7

79.3

Profit/(loss) before taxation

£m

48.2

(1.7)

25.8

34.8

19.5

Net assets

£m

379.3

347.6

363.3

346.4

320.3

Earnings/(loss) per share

Pence

32.2

(2.4)

17.5

26.8

14.9

Net assets per share

Pence

303

278

291

276

262

Marcus Shepherd Chief Financial Officer 26 April 2018

Viability statement Introduction U+I’s business model is to deliver returns through regeneration, realising profits by successfully transforming undervalued land and assets into new places that deliver social and economic value to a wide range of stakeholders.

The key drivers in delivering the model are as follows:  Ability to source a regular supply of new business opportunities which can deliver profits in future years.  Sourcing debt finance to leverage new business opportunities and refinance existing facilities where appropriate.  Access to a wide range of capital partners to co-invest in larger schemes and forward fund larger speculative developments.  Successfully delivering new planning permissions.  A high-yielding investment portfolio generating a sustainable cash yield to support business activities and sustain corporate overheads.  Maintaining a diversified portfolio of projects so as to reduce property specific risk across the overall portfolio.

Assessment period The Group’s business planning process consists of a five-year look forward. The rationale for this is that the main driver of success is the generation of development and trading gains from projects, with the exception of two outliers:  Short-term pure trading; and  Long-term land strategies.

The majority of projects have a duration of between two and five years from acquisition to exit. Therefore, from any starting point, over a five-year period the vast majority of projects will have moved through to exit. To plan for a period longer than five years would lead to the construction of a purely theoretical model in years 5+, rather than one underpinned by specific existing projects in the initial five-year period.

Therefore, for the purposes of this review, the business has been considered and stress tested over a five-year period.

Consideration of principal risks The nature of the Group’s business and the industry in which it operates expose it to a variety of risks. The principal risks and uncertainties facing the Group are detailed on pages [•] to [•]. The Board regularly reviews the principal risks and assesses the appropriate controls and mitigating actions required to manage the operations of the Group within an appropriate risk environment. The Board has further considered their impact within the context of the Group’s viability with particular emphasis on construction and planning risk.

Assumptions In assessing the long-term viability of the Group, the Board has made the following assumptions: Property investment valuations continue to be broadly stable with no prolonged significant downwards movements.  The Group continues to be able to deliver cash-backed development and trading gains from its existing portfolio of projects sufficient to meet its operational requirements, principally driven by securing new planning permissions.  The Group continues to be able to source new business opportunities capable of delivering both short-term trading gains and longer-term development gains to replace existing projects as they are exited.  The Group continues with its policy of having a mixture of long-term debt associated with its long-term investment portfolio and shorter-term stand-alone debt associated with its development and trading projects.  The Group continues, as it did throughout the previous recession, to be able to source both replacement and new debt facilities as they are required from both existing and new lenders.  The Group continues with its policy of maintaining a broad range of counterparties, including financial, contractor and purchaser, so as to mitigate the impact of potential counterparty failure.  The Group continues its policy of de-risking developments by obtaining forward-funding for larger schemes and only carrying out limited on-balance sheet development.

 Construction contracts are entered into on a guaranteed maximum price basis where possible.

The Group maintains its current conservative gearing strategy.

In addition, the Group’s five-year business model was stress-tested to simulate either a deterioration in market conditions or a flexing of these assumptions, as detailed below. In particular, consideration was given to the following:  Persistent valuation falls of 2.5%, 5.0% and 10.0% per annum for each of the next five years and the resultant impact upon NAV, gearing covenants and cash levels i.e. a fall of 25% in property values.  Inability to win any new business opportunities over the next five years - hence the only profits that can be generated are from existing schemes.  Debt facilities were stress-tested to see how much property valuations would need to fall before loan covenants would be breached and how much cash would be required to cure any loan covenant defaults.

Conclusion As a result of the work performed above, including the consideration of the key assumptions and the subsequent stress testing, the Board believes that the Group’s strategy of maintaining a broad portfolio of development and trading projects, a core investment portfolio and a diverse range of financial and operational counterparties provides the Group with a strong platform on which to continue its business.

The Directors therefore have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the five-year period to February 2023.

Consolidated Statement of Comprehensive Income For the year ended 28 February 2018 2018 Total £’000

2017 Total £’000

173,684 (117,477) 56,207 (24,235) 3,324 (2,417) 32,879 –

123,931 (86,863) 37,068 (22,061) (2,273) (9,506) 3,228 (2,150)

32,879 2,089 16,175

1,078 1,320 6,134

6,713 5

567 (25)

57,861 94 (9,783) 48,172 (7,916)

9,074 711 (11,495) (1,710) (1,293)

40,256

(3,003)

40,256

(3,003) 2,958 – 127 82 (2.4)p (2.4)p

Notes Revenue Direct costs Gross profit Operating costs Gain/(loss) on disposal of investment properties Loss on revaluation of property portfolio Operating profit before exceptional item Exceptional impairment of operating segment Operating profit after exceptional item Other income Share of post-tax profits of joint ventures and associates Profit from sale of investments Gain/(loss) on sale of other plant and equipment Profit before interest and income tax Finance income Finance costs Profit/(loss) before income tax Income tax

2 2 2 2 2 6

7 7(a)

3(a) 3(b)

Profit/(loss) for the year OTHER COMPREHENSIVE INCOME Profit/(loss) for the year Items that may be subsequently reclassified to profit or loss: Currency translation differences Revaluation of operating property Deferred income tax credit Total comprehensive income for the year Basic earnings/(loss) per share attributable to the Parent*

5

292 35 – 40,583 32.2p

Diluted earnings/(loss) per share attributable to the Parent*

5

32.2p

* Adjusted earnings per share from continuing activities is given in note 5 All amounts in the Consolidated Statement of Comprehensive Income relate to continuing operations.

Consolidated Balance Sheet As at 28 February 2018 NON-CURRENT ASSETS Direct real estate interests Investment properties Operating property Trade and other receivables

Notes

£’000

6

139,506 775 2,487

9(a)

2018 £’000

£’000

179,199 800 2,858 142,768

Indirect real estate interests Investments in associates Investments in joint ventures Intangible assets – goodwill Loans to other real estate businesses

7(a) 7(b) 11(a)

– 92,806 2,328 15,812

182,857 8,372 46,089 2,328 19,859

110,946 Other non-current assets Other plant and equipment Derivative financial instruments Deferred income tax assets Total non-current assets CURRENT ASSETS Inventory – development and trading properties Other financial assets Trade and other receivables Current income tax asset Monies held in restricted accounts and deposits Cash and cash equivalents Total assets CURRENT LIABILITIES Trade and other payables Current income tax liabilities Borrowings Provisions

4,241 10 1,225

76,648 5,770 257 1,359

5,476 259,190 8 11(a) 11(b)

10(b) 11(b) 10(c)

216,393 16,837 119,629 – 11,473 40,626

7,386 266,891 208,342 18,524 48,720 16 27,486 23,785

404,958

326,873

664,148

593,764

(99,716) (7,748) (63,209) (2,513)

(53,369) – (4,508) (1,394) (173,186)

NON-CURRENT LIABILITIES Trade and other payables Borrowings Deferred income tax liabilities Provisions

10(a) 11(b) 10(c)

– (107,975) (3,290) (416)

Total liabilities Net assets EQUITY Share capital Share premium Other reserves Retained earnings Total equity Basic/diluted net assets per share attributable to the owners of the Parent

(59,271) (14,395) (167,617) (3,568) (1,288)

(111,681) (284,867)

(186,868) (246,139)

379,281

347,625

62,671 104,475 56,628 155,507

5

62,613 104,325 54,551 126,136 379,281

347,625

303p/303p

278p/277p

Approved and authorised for issue by the Board of Directors on 26 April 2018 and signed on its behalf by: M S Weiner Director

2017 £’000

Consolidated Statement of Changes in Equity For the year ended 28 February 2018 Share capital £’000

Share premium £’000

Other reserves £’000

Retained earnings £’000

Total equity £’000

62,537

104,113

51,861

144,814

363,325

Loss for the year ended 28 February 2017 Other comprehensive (expense)/income:

–

–

–

(3,003)

(3,003)

– Revaluation of operating property

–

–

(1,073)

1,073

–

– Fair value adjustment realised

–

–

(630)

630

–

– Currency translation differences

–

–

2,958

–

2,958

– Deferred income tax credited directly to equity

–

–

127

–

127

Notes At 1 March 2016

Total comprehensive income/(expense) for the year ended 28 February 2017 Issue of Ordinary shares Share-based payments

–

–

1,382

(1,300)

82

76

212

–

–

288

–

–

1,308

–

1,308

Final dividend 2016 Supplemental dividend 2016

4

–

–

–

(4,378)

(4,378)

4

–

–

–

(9,997)

(9,997)

Interim dividend 2017

4

–

–

–

(3,003)

(3,003)

76

212

1,308

(17,378)

(15,782)

Total contributions by and distributions to owners of the Company Balance at 28 February 2017

62,613

104,325

54,551

126,136

347,625

Profit for the year ended 28 February 2018 Other comprehensive income:

–

–

–

40,256

40,256

– Revaluation of operating property

–

–

35

–

35

– Currency translation differences

–

–

292

–

292

–

–

327

40,256

40,583

Issue of Ordinary shares

58

150

–

–

208

Share-based payments

–

–

1,750

–

1,750

Total comprehensive income for the year ended February 2018

28

Final dividend 2017

4

–

–

–

(4,379)

(4,379)

Supplemental dividend 2017

4

–

–

–

(3,503)

(3,503)

Interim dividend 2018

4

–

–

–

(3,003)

(3,003)

Total contributions by and distributions to owners of the Company Balance at 28 February 2018

58

150

1,750

(10,885)

(8,927)

62,671

104,475

56,628

155,507

379,281

Consolidated Cash Flow Statement For the year ended 28 February 2018 Notes

2018 £’000

2017 £’000

12

(211)

56,859

(9,140)

(7,774)

(296)

(3,806)

(9,647)

45,279

3,803

443

5

11

39,253

16,250

(822)

(601)

CASH (USED IN)/ GENERATED FROM OPERATIONS Cash flows (used in)/generated from operating activities Interest paid Income tax paid Net cash (used in)/generated from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Interest received Proceeds on disposal of other plant and equipment Proceeds on disposal of investment properties Purchase of other plant and equipment

(2,432)

(3,051)

(31,535)

(19,197)

Cash inflow from joint ventures and associates - fees and distributions

11,454

24,245

Cash outflow for financial asset loans

(5,676)

(518)

Cash inflow from financial assets - loans repaid by other real estate businesses

10,455

1,816

Net cash generated from investing activities

24,505

19,398

(10,885)

(17,378)

208

288

(120,529)

(81,677)

118,110

33,194

Purchase of investment properties Investment in joint ventures

CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid Issue of new shares Repayments of borrowings New bank loans raised Transaction costs associated with borrowings Cash released from restricted accounts

(922)

(339)

27,434

2,661

Cash retained by restricted accounts

(22,051)

Net cash generated from/(used in) financing activities

(85,302)

Net increase/(decrease) in cash and cash equivalents

16,853

(20,625)

Cash and cash equivalents at the beginning of the year

23,785

43,752

Exchange (loss)/gain on cash and cash equivalents

(12)

658

Cash and cash equivalents at the end of the year

40,626

23,785

40,626

23,785

–

–

40,626

23,785

Monies held in restricted accounts and deposits

11,473

27,486

Cash and cash equivalents Financial liabilities:

40,626

23,785

CASH AND CASH EQUIVALENTS COMPRISE: Cash at bank and in hand Bank overdrafts

11(b)

Cash and cash equivalents at the end of the year NET DEBT COMPRISES:

– Current borrowings

11(b)

(63,209)

(4,508)

– Non-current borrowings

11(b)

(107,975)

(167,617)

(119,085)

(120,854)

Net debt

An analysis of the movement in net debt is provided in note 12.

Notes to the Consolidated financial statements For the year ended 28 February 2018 1 Basis of preparation and accounting policies a) (i) General information The Consolidated financial statements of the Group for the year ended 28 February 2018 comprise the results of U and I Group PLC and its subsidiaries and were authorised by the Board for issue on 25 April 2018.

The Company is a public limited company which is listed on the London Stock Exchange and is incorporated and domiciled in the UK. The address of its registered office is 7A Howick Place, London SW1P 1DZ. (ii) Going concern The Group meets its day to day working capital requirements through its cash reserves and bank facilities. The current economic conditions continue to create uncertainty. The Group produces regular forecasts and cash flow projections to confirm that it can continue to operate within the level of its existing banking facilities. The Group considers the risks and uncertainties highlighted in the Viability Statement when reviewing its projections.

Following this review, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing its Consolidated financial statements. b) Basis of preparation The Groupâ&#x20AC;&#x2122;s financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and IFRS Interpretations Committee (IFRSIC) interpretation as adopted by the European Union and with the Companies Act 2006 applicable to companies reporting under IFRS. The accounting policies which follow set out those policies which were applied consistently in preparing the financial statements for the years ended 28 February 2018 and 28 February 2017.

The Consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, as modified by the revaluation of investment property, operating property, available-for-sale financial assets, financial assets and liabilities and derivative instruments at fair value through profit and loss.

The financial information included in the preliminary announcement does not constitute statutory Consolidated financial statements of the Group for the years ended 28 February 2018 and 28 February 2017 but is derived from those Consolidated financial statements. Statutory Consolidated financial statements for 2017 have been delivered to the registrar of companies and those for 2018 will be delivered in due course. The auditors have reported on those financial statements; their reports were (i) unmodified, (ii) did not include a reference to any matters which the auditors drew attention by way of emphasis without modifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006. c) Critical accounting judgements and estimates When preparing the Group financial statements, management are required to make judgements, assumptions and estimates concerning the future. These judgements and assumptions are made at the time the financial statements are prepared and adopted based on the best information available. Actual outcomes may be different from initial estimates and are reflected in the financial statements as soon as they become apparent. Management believe that the underlying assumptions are appropriate. Areas requiring judgements or estimates are discussed in the following section.

Judgements other than estimates 1.1 Classification of directly owned property assets The Group earns revenue from property development, trading and investment, and operating serviced offices.

Property development includes the entire development process from identification of an opportunity through to construction, letting and sale of a completed scheme. This activity is undertaken both on the Groupâ&#x20AC;&#x2122;s own Balance Sheet and in partnership with institutional investors, usually via a pre-sale of the completed development.

Property trading refers to participation in the development process, where the Group acquires an interest in land and enhances the potential development, for instance by procuring or changing planning permission, before selling on to a third party to complete the development.

Property investment represents the acquisition of income-generating real estate which is held for the purposes of income and capital gain, through active asset management.

In most cases the property interest is held directly by the Group and is classified either as investment property (refer note 6) or as inventory for development and trading properties (refer note 8).

The varied nature of the Group’s properties is such that a number exhibit characteristics consistent with more than one classification; also, the Directors’ strategy for an asset may change during its ownership. The Directors determine the status of each asset according to their intention on acquisition. A change in classification is made only in exceptional circumstances, where the strategy and use have demonstrably changed.

During the year the Group has reclassified two trading and development assets to investment properties. This reclassification is as a result of a change in strategy and use in respect of these assets whereby they are now being held for income and capital appreciation.

1.2 Classification of projects in partnership In addition to its directly owned and managed activities, the Group participates in similar activities in partnership with others, typically to access expertise in different locations or market sectors. The Group’s financial participation may be by way of equity investment or loan. In each case a judgement is required as to the status of the Group’s interest, as an associate, a joint venture, a joint operation or a financial asset, typically focusing on the extent of control exercised by the Group.

The Group’s share of control is governed and achieved by a mixture of rights set out in agreements and participation in the management of each business. The exercise of control in practice does not always follow the legal structure. The Directors have considered the position in respect of each venture, taking account of the operation in practice, and have determined the status of each accordingly.

These investments are reported under the relevant balance sheet headings, with a summary in note 14.

1.3 Acquisition of subsidiaries The Group sometimes acquires properties through the purchase of entities which own real estate. At the time of acquisition, the Group considers whether the transaction represents the acquisition of a business. In cases where the entity is capable of being operated as a business, or an integrated set of activities is acquired in addition to the property, the Group accounts for the acquisition as a business combination. When the acquisition does not represent a business, it is accounted for as the purchase of a group of assets and liabilities. In making this distinction, the Group considers the number of items of land and buildings owned by the entity, the extent of ancillary services provided by the entity, and whether the entity has its own staff to manage the property (over and above the maintenance and security of the premises).

Estimates 1.4 Valuation of property assets The key source of estimation uncertainty rests in the values of property assets, which affects several categories of asset in the Balance Sheet.

The investment portfolio (and the operating property) are stated at fair value, which requires a number of judgements and estimates in assessing the qualities of the Group’s assets relative to market transactions.

The same uncertainties affect the determination of fair value of certain available-for-sale financial instruments with the further complexity that the value of these assets requires estimates of future construction costs, tenant demand and market yields.

The Group’s development and trading properties are carried at the lower of cost and net realisable value. The determination of net realisable value relies upon similar estimates, with the added challenge, in some cases, of judgements about uncertain planning outcomes.

1.5 Impairment reviews The Group’s Curzon Park Limited joint venture owns a development site in Birmingham known as Curzon Street.

The current proposal for the high speed train link between London and Birmingham (HS2) indicates that the planned route of HS2 passes through the site, including provision for part of the prospective station. In view of this, the ultimate value of the site is uncertain. It is not clear what impact HS2 will have on the development of the 10.5-

acre site. The Directors believe that the site will recover at least its carrying value in the books of the joint venture, although the interim and ultimate uses of the site and timing of its development remain unclear.

The Group continues to review the operations of its serviced office business as it looks to exit a number of the centres. Three will close during the year and the Group is looking at options of exiting two further centres. A further provision of £628,000 has been made during the year to cover closure costs.

1.6 Derivative financial instruments The Group is party to a number of interest rate swap agreements which are accounted for as derivatives and measured at fair value. The estimation of this figure is based upon market assumptions about future movements in interest and exchange rates.

1.7 Group Long-Term Incentive Plan (LTIP) During the year, the Group made awards to staff under the Group’s LTIP. The awards vest according to a number of performance criteria, the primary measure being net asset value growth over a three-year period. In calculating the provision to accrue, management are required to estimate net asset growth over the vesting period. The estimate is reassessed at each reporting date.

2 Segmental analysis a) The segmental information presented consistently follows the information provided to the Chief Operating Decision Maker (CODM) and reflects the three sectors in which the Group operates. The CODM, which is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee. The three operating divisions are:  Investment – management of the Group’s investment property portfolio, generating rental income and valuation movements from property management;  Development and trading – managing the Group’s development and trading projects. Revenue is received from project management fees, development profits and the disposal of inventory; and  Operating – serviced office operations. Revenue is principally received from short-term licence fee income.

Unallocated assets and liabilities comprise amounts that cannot be specifically allocated to operating segments; an analysis is provided below.

These divisions are the basis on which the Group reports its primary segmental information. All operations occur and all assets are located in the United Kingdom, except assets of £30,004,000 (2017: £30,193,000) which are located in the Republic of Ireland. All revenue arises from continuing operations.

2018

Investment £’000

Development and trading £’000

Operating £’000

Total £’000

Segment revenue

12,086

157,481

4,117

173,684

Direct costs

(3,656)

(109,037)

(4,784)

(117,477)

Segment result

8,430

48,444

(667)

56,207

Operating costs

(3,579)

(20,656)

–

(24,235)

Gain on disposal of investment properties Loss on revaluation of property portfolio Operating profit Other income Share of post-tax profits of joint ventures and associates (Loss)/profit on sale of investment

3,324

–

–

3,324

(2,417)

–

–

(2,417)

5,758

27,788

(667)

32,879

483

1,606

–

2,089

3,142

13,033

–

16,175

(99)

6,812

–

6,713 5

Unallocated gain on sale of other plant and equipment Profit before interest and income tax Finance income Finance costs

57,861 35

59

–

94

(4,942)

(4,841)

–

(9,783)

Profit before income tax

48,172

Income tax

(7,916)

40,256

Profit for the year ASSETS AND LIABILITIES Segment assets

175,388

444,763

2,402

622,553

Unallocated assets

41,595 664,148

Total assets Segment liabilities

(74,243)

(192,548)

(3,965)

(270,756) (14,111)

Unallocated liabilities Total liabilities

(284,867)

A summary of unallocated assets and liabilities is shown below.

2018

Investment £’000

Development and trading £’000

Operating £’000

Total £’000

3,038

–

22

3,060

–

(9,415)

–

(9,415)

173

–

63

236

OTHER SEGMENT INFORMATION Capital expenditure Unallocated capital expenditure Impairment of assets Depreciation

194

Unallocated depreciation

724

REVENUE Rental income

12,012

2,069

–

14,081

Serviced office income

–

–

4,117

4,117

Project management fees

–

358

–

358

Trading property sales

–

20,985

–

20,985

Other trading property income

–

2,695

–

2,695

Development proceeds Other

–

131,374

–

131,374

74

–

–

74

12,086

157,481

4,117

173,684

In the year ended 28 February 2018, one project with turnover totalling £23,250,000 generated in excess of 10.0% of total revenue and fell within the development and trading segment.

Investment £’000

Development and trading £’000

Operating £’000

Total £’000

Segment revenue

12,934

106,939

4,058

123,931

Direct costs

2017

(3,449)

(78,467)

(4,947)

(86,863)

Segment result

9,485

28,472

(889)

37,068

Operating costs

(5,031)

(17,030)

–

(22,061)

Loss on disposal of investment properties

(2,273)

–

–

(2,273)

Loss on revaluation of property portfolio

(9,506)

–

–

(9,506)

Operating (loss)/profit before exceptional item

(7,325)

11,442

(889)

3,228

Exceptional impairment of operating segment

–

–

(2,150)

(2,150)

Operating (loss)/profit after exceptional item

(7,325)

11,442

(3,039)

1,078

666

654

–

1,320

3,144

2,990

–

6,134

–

567

–

567

Other income Share of post-tax profits of joint ventures and associates Profit on sale of investment

(25)

Unallocated loss on sale of other plant and equipment Profit before interest and income tax Finance income Finance costs

9,074 532

179

–

711

(6,714)

(4,781)

–

(11,495)

Loss before income tax

(1,710)

Income tax

(1,293)

Loss for the year

(3,003)

ASSETS AND LIABILITIES Segment assets

226,016

334,609

2,361

30,778

Unallocated assets Total assets Segment liabilities

593,764 (104,059)

(132,358)

(3,796)

(240,213) (5,926)

Unallocated liabilities

(246,139)

Total liabilities

2017

562,986

Investment £’000

Development and trading £’000

Operating £’000

Total £’000

3,746

119

83

3,948

OTHER SEGMENT INFORMATION Capital expenditure

380

Unallocated capital expenditure Exceptional impairment of operating segment

–

–

(1,173)

(1,173)

Impairment of assets

–

(155)

–

(155)

(6)

–

(347)

(353)

Depreciation

(663)

Unallocated depreciation REVENUE 12,736

3,361

–

16,097

Serviced office income

–

–

4,058

4,058

Project management fees

–

1,052

–

1,052

Trading property sales

–

34,917

–

34,917

Other trading property income

–

2,834

–

2,834

Development proceeds

–

64,775

–

64,775

Rental income

Other

198

–

–

198

12,934

106,939

4,058

123,931

In the year ended 28 February 2017, two projects with turnover totalling £28,765,000 generated in excess of 10.0% of total revenue and fell within the development and trading segment.

2018 £’000

2017 £’000

Other plant and equipment

4,087

4,616

Deferred income tax asset

1,225

1,359

UNALLOCATED ASSETS CAN BE ANALYSED AS FOLLOWS:

Derivative financial instruments Trade and other receivables Cash and cash equivalents

10

257

5,596

5,014

30,677

19,532

41,595

30,778

UNALLOCATED LIABILITIES CAN BE ANALYSED AS FOLLOWS: Current borrowings Trade and other payables Deferred income tax liability

(17)

(17)

(10,804)

(2,344)

(3,290)

(3,568)

(14,111)

(5,929)

2018 £’000

2017 £’000

94

711

2018 £’000

2017 £’000

Interest on bank loans and other borrowings

(8,488)

(9,091)

Amortisation of transaction costs

(1,405)

(1,114)

Provision: unwinding of discount

(7)

(14)

3 Finance income and costs a) Finance income

Interest receivable on loans and deposits

b) Finance costs

Fair value loss on financial instruments – interest rate swaps, caps and collars Net foreign currency differences arising on retranslation of cash and cash equivalents

Capitalised interest on development and trading properties

(247)

(58)

(1,376)

(3,398)

(11,523)

(13,675)

1,740

2,180

Total finance costs

(9,783)

(11,495)

Net finance costs

(9,689)

(10,784)

Net finance costs before foreign currency differences

(8,313)

(7,386)

Interest was capitalised at an average rate of 5.84%. No capitalised interest (2017: £1,195,000) was written off in the year. The tax treatment of capitalised interest follows the accounting treatment.

4 Dividends 2018 £’000

2017 £’000

Final dividend for 2017: 3.50 pence per share (2016: 3.50 pence per share)

4,379

4,378

Interim dividend for 2018: 2.40 pence per share (2017: 2.40 pence per share)

3,003

3,003

DECLARED AND PAID DURING THE YEAR Equity dividends on Ordinary shares:

Supplemental dividend for 2017: 2.80 pence per share (2016: 8.0 pence per share)

3,503

9,997

10,885

17,378

15,041

3,506

4,387

4,379

DIVIDEND DECLARED BUT NOT PAID SINCE 28 FEBRUARY 2018 Supplemental dividend for 2018: 12.0 pence per share (2017: 2.80 pence per share) PROPOSED FOR APPROVAL BY SHAREHOLDERS AT THE ANNUAL GENERAL MEETING Final dividend for 2018: 3.5 pence per share (2017: 3.50 pence per share)

On 25 April 2018, the Board approved the payment of a supplemental dividend of 12.0 pence per share, which will be paid on 15 June 2018 to Ordinary shareholders on the register at the close of business on 11 May 2018 and will be recognised in the year ending 28 February 2019.

Subject to approval by shareholders, the final dividend of 3.50 pence was approved by the Board on 25 April 2018

and has not been included as a liability or deducted from retained earnings as at 28 February 2018. The final dividend is payable on 17 August 2018 to Ordinary shareholders on the register at the close of business on 20 July 2018 and will be recognised in the year ending 28 February 2019.

5 Earnings per share and net assets per share The calculation of basic and diluted earnings per share and EPRA profit per share is based on the following data: 2018 £’000

2017 £’000

40,256

(3,003)

(13,454)

6,812

(3,324)

2,273

Impairment of development and trading properties

8,415

155

Impairment of financial assets

1,000

–

PROFIT Profit/(loss) for the purpose of basic and diluted earnings per share Revaluation (surplus)/deficit (including share of joint venture revaluation surplus) (Gain)/loss on disposal of investment properties

Exceptional impairment of operating segment Mark-to-market adjustment on interest rate swaps (including share of joint venture mark-to-market adjustment) EPRA adjusted profit from continuing activities attributable to owners of the Company

–

2,150

140

(23)

33,033

8,364

2018 ’000

2017 ’000

125,218

125,072

NUMBER OF SHARES Weighted average number of Ordinary shares for the purpose of earnings per share Effect of dilutive potential Ordinary shares:

57

1

125,275

125,073

Basic earnings/(loss) per share (pence)

32.2p

(2.4)p

Diluted earnings/(loss) per share (pence)

32.2p

(2.4)p

EPRA adjusted earnings per share (pence)

26.4p

6.7p

EPRA adjusted diluted earnings per share (pence)

26.4p

6.7p

Share options Weighted average number of Ordinary shares for the purpose of diluted earnings per share

The Directors consider the acquisition and disposal of trading assets to be part of the core business of the Group and therefore have not adjusted profit for the gain on disposal when calculating EPRA adjusted earnings per share.

Net assets per share and diluted net assets per share have been calculated as follows:

Net assets No. of shares £’000 ’000 Basic net assets per share attributable to the owners Fair value of development and trading assets (see below) Fair value of joint venture assets (see below) Cumulative mark-to-market adjustment on interest rate swaps EPRA adjusted net assets per share Cumulative mark-to-market adjustment on interest rate swaps Fair value of debt EPRA adjusted triple net assets per share Effect of dilutive potential Ordinary shares Diluted net assets per share

379,281

125,343

2018 Net assets per share Pence 303

Net assets No. of shares £’000 ’000 347,625

–

15,486

–

(2,416)

(19)

126

379,262

125,343

303

19

125,227

278

125,227

288

125,227

277

(126)

(9,514) 369,767

360,821

2017 Net assets per share Pence

(14,345) 125,343

625

447

379,906

125,790

295

346,350 475

228

303

348,100

125,455

277

EPRA diluted net assets per share

379,887

125,790

303

361,296

125,455

288

EPRA diluted triple net assets per share

370,392

125,790

295

346,825

125,455

276

In 2017, the Group engaged CBRE Ltd to provide valuation services for the development and trading portfolio in order to report an EPRA triple NAV per share calculation. In carrying out this exercise, a large proportion of the property portfolio did not qualify for valuation, as it fell outside of the criteria for calculation. For example, the Group often has conditional land options in place to purchase land at a future point in time, rather than during the project assembly and planning phases. As a result, only 42.9% of the portfolio qualified to be measured at fair value.

The Board has debated whether to carry out a valuation for the 2018 financial year and has engaged key stakeholders’ opinion in reaching their conclusion. The Board has therefore concluded that there is no benefit to stakeholders to continue with the project and has not provided an EPRA adjusted NAV per share calculation for 2018.

6 Investment properties

At valuation 1 March 2016 Additions: – capital expenditure Disposals Deficit on revaluation At valuation 28 February 2017 Additions: – acquisitions – capital expenditure

Freehold £’000

Long leasehold £’000

Total £’000

159,285

44,033

203,318

2,607

803

3,410

(18,023)

–

(18,023)

(6,996)

(2,510)

(9,506)

136,873

42,326

179,199

–

1,627

1,627

528

277

805

13,000

471

13,471

(51,688)

(1,491)

(53,179)

Deficit on revaluation

(1,322)

(1,095)

(2,417)

At valuation 28 February 2018

97,391

42,115

139,506

Transfer from development and trading assets Disposals

Direct costs of £3,656,000 (2017: £3,449,000) arose as a result of ownership of investment properties.

Two development and trading assets were transferred to investment properties during the year following a change in strategy and use of the assets. The Group intends to hold the properties for the foreseeable future for capital appreciation and rental income. a) Reconciliation of market value of investment properties to the net book amount The following table reconciles the market value of investment properties to their net book amount. The components of the reconciliation are included within their relevant balance sheet heading.

Market value as assessed by the independent valuers or Directors Amount included in prepayments and accrued income in respect of lease incentives Net book amount of Investment properties – non-current assets

2018 £’000

2017 £’000

142,092

182,359

(2,586)

(3,160)

139,506

179,199

At 28 February and 31 August each year, the Group engages professionally qualified valuers who hold a recognised professional qualification and who have recent experience in the locations and sectors of the investment portfolio.

As at 28 February 2018, completed investment properties have been valued by CBRE Ltd at a value of £124,329,000 (2017: £164,106,000). The current value equates to the Highest and Best Use Value of the asset.

The valuers have consented to the use of their name in the financial statements.

Included within Investment properties are freehold land and buildings representing investment properties under development, amounting to £15,177,000 (2017: £15,093,000), which have been valued by the Directors. These properties comprise buildings and landholdings for current or future development as investment properties. This approach has been taken because the value of these properties is dependent on a detailed knowledge of the planning status, the competitive position of these assets and a range of complex project development appraisals.

Investment properties under development include £8,075,000 (2017: £8,075,000) of landholdings adjacent to retail properties within the Group’s portfolio, acquired for the purpose of extending the existing shopping centres. The fair value of these properties rests in the planned extensions, and is difficult to estimate pending confirmation of designs and planning permission, and hence has been estimated by the Directors at cost as an approximation to fair value. £122,059,000 (2017: £167,205,000) of total investment properties are charged as security against the Group’s borrowings.

7 Investments Investments in Investments in associates joint ventures £’000 £’000 At 1 March 2016

4,309

46,782

114

19,267

4,340

(935)

Share of revaluation surplus

–

2,694

Share of mark-to-market adjustment on interest rate swaps

–

35

4,340

1,794

–

(48)

Capital distributions

(391)

(21,706)

At 28 February 2017

8,372

46,089

Additions

–

31,535

Share of profit/(loss)

7

(609)

Share of revaluation surplus

–

16,670

Share of mark-to-market adjustment on interest rate swaps

–

107

Share of results

7

16,168

Transfer to subsidiaries

(1,500)

–

Disposal of associate/joint venture

(2,500)

–

Capital distributions

(4,379)

(986)

At 28 February 2018

–

92,806

Additions Share of profit/(loss)

Share of results Disposal of joint venture

A summary of the Group’s projects in partnership and the balance sheet classification of its interests are set out in note 14. a) Investment in associates The Group has the following interest in associates:

Cannock Designer Outlet Limited Partnership

CDSR Burlington House Developments Limited

Northpoint Developments Limited

1.

% of holding

Country of incorporation

12.5

United Kingdom

20

42

Principal activity Reporting segment Property

Development

development

and trading

Ireland

Acquisition date December 2017

Property

Development

July

development

and trading

2014

United

Property

Development

November

Kingdom

development

and trading

2007

The investment in the associate has been fully provided against

Note

1

In October 2017, the Group disposed of its 40.0% holding in Barwood Development Securities Limited realising a gain of ÂŁ4,982,000.

In December 2017, the Group acquired a 12.5% holding in Cannock Designer Outlet Limited Partnership. The partnership is registered and incorporated in the United Kingdom.

In December 2017, the Wessex Property Fund was terminated.

On 18 January 2018, the Group acquired the additional 75.0% of Barwood Land and Estates Limited. Accordingly, the company is now accounted for as a subsidiary.

Any contingent liabilities in relation to our associate investment partners are disclosed in note 13. b) Investment in joint ventures As at 28 February 2018, the Group has the following interests in joint ventures:

% of holding

Country of incorporation Principal activity Reporting segment

Becket House Unit Trust

15

Jersey

Bryn Blaen Wind Farm Limited

50

Circus Street Developments Limited

Investment property

Accounting Acquisition date reference date

Investment

March 2014

31 December

United Kingdom

Property Development and development trading

May 2011

28 February

49

United Kingdom

Property Development and development trading

August 2017

28 February

Curzon Park Limited

50

United Kingdom

Property Development and development trading

November 2006

28 February

Development Equity Partners Limited

50

Jersey

Property Development and development trading

December 2011

28 February

DSP Piano Investments BV

34

Netherlands

Investment property

Investment

July 2015

31 December

DSP Tirol Limited

50

United Kingdom

Investment property

Investment

January 2015

28 February

DS Renewables LLP*

50

United Kingdom

Property Development and development trading

May 2012

28 February

Harwell Oxford Developments Limited

50

United Kingdom

Property Development and development trading

December 2013

28 February

Kensington & Edinburgh Estates (South Woodham Ferrers) Limited

50

United Kingdom

Property Development and development trading

July 2013

28 February

Luxembourg Investment Company 112 Sarl

50

Luxembourg

Property Development and development trading

November 2016

31 December

Manchester Arena Complex LP

30

United Kingdom

Investment

June 2010

28 February

Mayfield Development (General Partner) Limited

50

United Kingdom

Property Development and development trading

December 2016

31 May

Notting Hill (Guernsey Holdco) Limited

24

Guernsey

Investment Development and property trading

June 2011

31 December

Opportunities for Sittingbourne Limited

50

United Kingdom

Property Development and development trading

January 2015

28 February

OSB (Holdco 1) Limited

50

United Kingdom

Property Development and development trading

February 2014

28 February

Triangle London Developments LLP

50

United Kingdom

Property Development and development trading

May 2016

31 May

UAI(G) Limited

50

United Kingdom

Property Development and development trading

June 2016

28 February

UAIP(Drum) BV

20

Netherlands

Investment

August 2016

28 February

UAIH Yorkshire Limited

50

United Kingdom

Property Development and development trading

April 2016

28 February

Winnebago Holdings Sarl

35

Luxembourg

April 2012

31 December

Investment property

Investment property

Investment property

Investment

* The company is dormant and therefore no balance sheet or income statement is presented In December 2016, the Group acquired 50% of the share capital in Mayfield Development (General Partner) Limited with its partner, Mayfield Partnership LP, holding the remaining 50%. The Company is registered and incorporated in the United Kingdom.

In August 2017, the Group acquired 50% of the share capital in Circus Street Developments Limited with its partner, GCP, holding the remaining 50%. The Company is registered and incorporated in the United Kingdom.

Triangle London Developments LLP was incorporated in May 2016 with the designated members being U and I Group PLC and Notting Hill Home Ownership Limited. The partnership is registered and incorporated in Jersey.

Bryn Blaen Wind Farm Ltd was incorporated in May 2011. The Group holds 50% of the share capital with its partner, Mr Steven Radford, holding the remaining 50%. The Company is registered and incorporated in the United Kingdom.

Accrue Student Housing GP Limited was dissolved on 20 February 2018 and Development Equity Partners Limited is in the process of being dissolved as at 28 February 2018.

Investments under joint arrangements are not always represented by an equal percentage holding by each partner.

In a number of joint ventures, the Group holds a minority shareholding but has joint control and therefore the arrangement is accounted for as a joint venture. £21,325,000 of cash balances are included within current net asset balances of joint ventures. These include £7,039,000 in Luxembourg Investment Company 112 Sarl and £9,429,000 in the accounts of Harwell Oxford Developments Limited.

8 Inventory Development properties £’000

Trading properties £’000

Total £’000

147,927

51,852

199,779

6,448

11,316

17,764

DEVELOPMENT AND TRADING PROPERTIES At 1 March 2016 Additions: – acquisitions – development expenditure Disposals Foreign currency differences Net write down of development properties to net realisable value At 28 February 2017 Additions: – acquisitions – development expenditure Transfer to investment assets (refer note 9) Disposals Foreign currency differences Net write down of development properties to net realisable value At 28 February 2018

65,346

1,318

66,664

(54,884)

(23,619)

(78,503)

906

1,887

2,793

(155)

–

(155)

165,588

42,754

208,342

3,131

–

3,131

132,101

2,110

134,211

(471)

(13,000)

(13,471)

(90,428)

(18,616)

(109,044)

–

580

580

(7,356)

–

(7,356)

202,565

13,828

216,393

Included in the above amounts are projects stated at net realisable value of £79,565,000 (2017: £5,486,000).

Net realisable value has been estimated by the Directors, taking account of the plans for each project, the planning status and competitive position of each asset, and the anticipated market for the scheme. For material developments, the Directors have consulted with third party chartered surveyors in setting their market assumptions.

Interest of £1,740,000 (2017: £2,180,000) was capitalised on development and trading properties during the year.

Capitalised interest included within the carrying value of such properties on the Balance Sheet is £5,354,000 (2017: £3,614,000).

In 2017, the Group engaged CBRE Ltd to provide valuations in respect of its development and trading assets. A large proportion (57.1%) of the Group’s development and trading portfolio fell outside of the criteria for a reliable fair value exercise. The Board has therefore decided, in consultation with its stakeholders, not to fair value the development and trading assets in 2018.

Further information in respect of EPRA can be found in the Finance review.

9 Trade and other receivables a) Non-current

2018 £’000

2017 £’000

Prepayments

2,487

2,858

b) Current

2018 £’000

2017 £’000

Trade receivables

45,216

7,278

Other receivables

23,556

34,996

1,556

1,738

Other tax and social security Prepayments Accrued income

3,339

2,132

45,962

2,576

119,629

48,720

The Group has provided £1,092,000 (2017: £1,318,000) for outstanding balances where recovery is considered doubtful. Apart from the receivables that have been provided for at the year end, there are no other material receivables, past due but not impaired. The maximum exposure to credit risk at the reporting date is the carrying value of the receivable.

10 Trade and other payables a) Non-current

2018 £’000

2017 £’000

Trade payables

–

14,395

2018 £’000

2017 £’000

Trade payables

27,286

7,088

Other payables

14,521

10,889

Other tax and social security

12,198

3,604

Accruals

36,326

28,716

9,385

3,072

99,716

53,369

Onerous leases £’000

Other provisions £’000

Total £’000

426

2,256

2,682

b) Current

Deferred income

c) Provisions At 1 March 2017

–

1,068

1,068

(17)

(162)

(179)

Provisions released

–

(649)

(649)

Unwind of discount

7

–

7

Charged to the income statement Utilised during the year

At 28 February 2018

Analysis of total provisions Non-current Current

416

2,513

2,929

2018 £’000

2017 £’000

416

1,288

2,513

1,394

2,929

2,682

Two provisions of £172,000 (2017: £183,000) and £244,000 (2017: £243,000) relate to onerous lease obligations entered into in 2009 and 1974 respectively.

11 Financial assets and financial liabilities The following table is a summary of the financial assets and financial liabilities included in the Consolidated Balance Sheet: 2018 £’000

2017 £’000

15,812

19,859

10

257

15,822

20,116

Loan notes at amortised cost less impairment

8,888

8,813

Loans and receivables

7,949

9,711

114,734

44,850

11,473

27,486

NON-CURRENT ASSETS Available-for-sale financial assets Derivative financial instruments not used for hedging at fair value through profit or loss CURRENT ASSETS

Trade and other receivables at amortised cost less impairment Monies held in restricted accounts and deposits Cash and cash equivalents

Total financial assets

40,626

23,785

183,670

114,645

199,492

134,761

(78,133)

(46,693)

CURRENT LIABILITIES Trade and other payables at amortised cost Borrowings at amortised cost

(63,209)

(4,508)

(141,342)

(51,201)

NON-CURRENT LIABILITIES Trade and other payables at amortised cost

–

(14,395)

(107,975)

(167,617)

(107,975)

(182,012)

Total financial liabilities

(249,317)

(233,213)

a) Other financial assets

2018 £’000

2017 £’000

14,527

19,859

Borrowings at amortised cost

NON-CURRENT Available-for-sale financial assets - development loans Available-for-sale financial assets - LaSalle investment

1,285

–

15,812

19,859

The Group provided a loan of £10,505,000 (2017: £10,505,000) to the Curzon Park Limited joint venture in order to repay a share of its bank debt. The joint venture partner provided the equivalent amount. The bank loan, originally secured against the 10.5-acre site in Birmingham, has since been fully repaid.

The Group has two funding agreements totalling £3,678,000 (2017: £8,727,000), in respect of projects in partnership. The loans attract fixed coupon rates of 6.0% and 8.5%. Funding of £344,000 (2017: £627,000) has been provided to Henry Davidson Developments Limited in respect of one project. Interest of 12.5% is charged in respect of this funding.

During the year the Group acquired a 5.0% holding in LaSalle Land Limited Partnership which has been classified as an available-for-sale financial asset.

2018 £’000

2017 £’000

Loan notes at amortised cost less impairment

8,888

8,813

Loans and receivables – Northpoint Developments Limited

7,949

8,211

CURRENT

Loans and receivables – Property Alliance Group

–

1,500

16,837

18,524

The Group holds loan notes with a carrying value of £8,888,000 (2017: £8,813,000), issued by Northpoint Developments Limited, with a fixed coupon rate of 4.25%. These loan notes are repayable on a rolling one-year basis and are currently being restructured. As at 28 February 2018, the Group has made a provision of £1,363,000 (2017: £973,000) against interest receivable in respect of these loan notes and a £1,000,000 provision against the recoverability of the loans.

Development loans include a number of working capital and project-specific loans of £7,949,000 (2017: £8,211,000) to Northpoint Developments Limited. The loans attract fixed coupon rates of between 5.0% and 13.0%.

Included in the above amount are two interest-free loans of £408,000 (2017: £408,000). As at 28 February 2018, the Group has made a provision of £1,609,000 (2017: £1,223,000) against interest receivable in respect of these loans.

The short-term, non-interest bearing loan of £1,500,000 to Property Alliance Group was repaid in December 2017.

b) Borrowings

2018 £’000

2017 £’000

CURRENT Bank overdrafts Current instalments due on bank loans Current loans maturing Unamortised transaction costs

–

–

1,034

2,630

62,550

2,579

(375)

(701)

63,209

4,508

2018 £’000

2017 £’000

109,143

168,940

NON-CURRENT Bank loans and loan notes Unamortised transaction costs

(1,168)

(1,323)

107,975

167,617

Bank loans are secured by way of mortgages and legal charges on certain properties and cash deposits held by the Group.

c) Derivative financial instruments Assets

2018 £’000

2017 £’000

10

36

–

221

10

257

Derivative financial instruments at fair value through profit or loss: Interest rate swaps, caps and collars Foreign exchange contracts Derivative financial assets

At 28 February 2018, the Group held interest rate swaps, caps and collars designated as economic hedges and not qualifying as effective hedges under IAS 39. The derivatives are used to mitigate the Group’s interest rate exposure to variable rate loans of £47,759,000 (2017: £51,972,000). The fair value of the derivatives amounting to £10,000 (2017: £36,000) are recorded as financial assets at 28 February 2018.

12 Note to the cash flow statement Reconciliation of profit/(loss) before income tax to net cash outflow from operating activities: 2018 £’000

2017 £’000

Profit/(loss) before income tax Adjustments for:

48,172

(1,710)

(Gain)/loss on disposal of investment properties

(3,324)

2,273

2,417

9,506

Loss on revaluation of property portfolio Other income Share of post-tax profits of joint ventures and associates Profit from sale of investment (Profit)/loss on sale of other plant and equipment Exceptional impairment of operating segment Finance income Finance cost Depreciation of property, plant and equipment Operating cash flows before movements in working capital

(2,089)

(1,320)

(16,175)

(6,134)

(6,713)

(567)

(5)

25

–

2,150

(94)

(711)

9,783

11,495

960

1,016

32,932

16,023

Increase in development and trading properties

(10,037)

(3,590)

(Increase)/decrease in receivables

(57,042)

36,991

33,696

7,490

240

(55)

(211)

56,859

Increase in payables Increase/(decrease) in provisions Cash flows (used in)/generated from operating activities

Analysis of movement in net debt 2018

At 1 March

2017

Cash and deposits £’000

Borrowings £’000

Net debt £’000

Cash and deposits £’000

Borrowings £’000

Net debt £’000

51,271

(172,125)

(120,854)

51,848

(213,289)

(161,441)

Cash flow

840

2,419

3,259

(1,235)

48,483

47,248

Foreign currency exchange movements

(12)

(1,497)

(1,509)

658

(5,130)

(4,472)

Non-cash movements At 28 February

–

19

19

–

(2,189)

(2,189)

52,099

(171,184)

(119,085)

51,271

(172,125)

(120,854)

13 Contingent liabilities In the normal course of its development activity, the Group is required to guarantee performance bonds provided by banks in respect of certain obligations of Group companies. As at 28 February 2018, such guarantees amounted

to £5,543,000 (2017: £6,917,000).

The Group has provided guarantees for rent liabilities in respect of properties previously occupied by Group companies. In the event that the current tenants ceased to pay rent, the Group would be liable to cover any shortfall until the building could be re-let. The Group has made provision against crystallised liabilities in this regard.

In respect of potential liabilities where no provision has been made, the annual rent-roll of the buildings benefiting from such guarantees is £7,000 (2017: £7,000) with an average unexpired lease period of 68 years (2017: 70 years).

The Group has guaranteed its share of interest up to a maximum of £575,000 in respect of the £26,000,000 loan in Notting Hill (Guernsey Holdco) Limited.

14 Projects in partnership The following is a summary of the Group’s projects in partnership and the Balance Sheet classification of its financial interests:

Project/partner

Project activity

Accounting classification

2018 £’000

2017 £’000

Barwood Development Securities Limited

Strategic land investment

Investment in associates

–

2,500

Barwood Land and Estates Limited

Strategic land investment

Investment in associates

–

1,500

CDSR Burlington House Developments Limited

Property development

Investment in associates

–

4,372

Cathedral (Movement, Greenwich) LLP

Property development

Financial assets

100

127

Northpoint Developments Limited

Property development

Financial assets

16,837

17,024

Curzon Park Limited

Property development

Investment in joint ventures

260

–

Curzon Park Limited

Property development

Financial assets

10,505

10,505

Deeley Freed Limited

Property development

Financial assets

–

8,600

LaSalle Land LP

Strategic land investment

Financial assets

1,285

–

Henry Davidson Developments Limited

Property development

Financial assets

344

627

Property Alliance Group

Property development

Financial assets

–

1,500

Quinn Estates Brokehill Limited

Property development

Financial assets

3,578

–

Accrue Student Housing GP Limited

Student accommodation

Investment in joint ventures

–

–

Becket House Unit Trust

Investment property

Investment in joint ventures

–

–

Circus Street Developments Limited

Property development

Investment in joint ventures

5,106

–

Development Equity Partners Limited

Property development

Investment in joint ventures

269

269

DSP Piano Investments BV

Investment property

Investment in joint ventures

14,276

6,772

DSP Tirol Limited

Investment property

Investment in joint ventures

4,212

4,535

DS Renewables LLP

Property development

Investment in joint ventures

11,537

–

Harwell Oxford Developments Limited Kensington & Edinburgh Estates (South Woodham Ferrers) Limited

Property development

Investment in joint ventures

24,356

12,881

Property development

Investment in joint ventures

311

929

Luxembourg Investment Company 112 Sarl

Property development

Investment in joint ventures

15,330

11,520

Manchester Arena Complex LP

Investment property

Investment in joint ventures

156

169

Mayfield Development (General Partner) Limited

Property development

Investment in joint ventures

6,269

–

Notting Hill (Guernsey Holdco) Limited

Property development

Investment in joint ventures

8,321

7,486

Opportunities for Sittingbourne Limited

Property development

Investment in joint ventures

128

128

OSB (Holdco 1) Limited

Property development

Investment in joint ventures

–

–

Triangle London Developments LLP

Property development

Investment in joint ventures

306

–

504

141

UAI(G) Limited

Property development

Investment in joint ventures

UAIH Yorkshire Limited

Property development

Investment in joint ventures

124

15

UAIP (Drum) BV

Property development

Investment in joint ventures

1,263

1,201

Winnebago Holdings Sarl

Investment property

Investment in joint ventures

78

43

125,455

92,844

The aggregate amounts included within each relevant balance sheet account are as follows: 2018 £’000

2017 £’000

–

8,372

Investment in joint ventures

92,806

46,089

Financial assets – current

16,837

18,524

Financial assets – non-current

15,812

19,859

125,455

92,844

Investment in associates

15 Post balance sheet events As at 28 February 2018, the Group had exchanged contracts on the sale of a number of assets held directly and in joint venture. These sales have since successfully completed.

In April, the Group exchanged contracts to sell land held in joint venture. This sale will be recognised in the year ending 28 February 2019.

16 Definitions Operating profit: stated after loss on disposal of investment properties, the revaluation of the investment property portfolio and exceptional items and before the results of associates, jointly controlled entities and finance income and costs.

IPD Index and Total Portfolio Return: total return from the completed investment property portfolio, comprising net rental income or expenditure, capital gains or losses from disposals and revaluation surpluses or deficits, divided by the average capital employed during the financial year, as defined and measured by Investment Property Databank Limited (IPD), a company that produces independent benchmarks of property returns.

Total shareholder return: movement in share price over the year plus dividends paid as a percentage of the opening share price.

Gearing: expressed as a percentage, and measured as net debt divided by total shareholders’ funds.

Loan to value gearing: expressed as a percentage of net debt as a proportion of total property assets, including shares of properties and net debt in all projects in partnership (refer note 14).

Net debt: total debt less cash and short-term deposits, including cash held in restricted accounts.

Basic earnings per share: amounts are calculated by dividing profit or loss for the year attributable to owners of the Parent by the weighted average number of Ordinary shares outstanding during the year, excluding shares purchased by the Parent and held as treasury shares.

Diluted earnings per share: amounts are calculated by dividing the profit or loss attributable to owners of the Parent by the weighted average number of Ordinary shares outstanding during the year plus the weighted average number of Ordinary shares that would be issued on the conversion of all the dilutive potential Ordinary shares into Ordinary shares.

Basic net assets per share: amounts are calculated by dividing net assets by the number of Ordinary shares in issue at the balance sheet date excluding shares purchased by the Parent and held as treasury shares.

Diluted net assets per share: amounts are calculated by dividing net assets by the number of Ordinary shares in issue at the balance sheet date plus the number of Ordinary shares that would be issued on the conversion of all the dilutive potential Ordinary shares into Ordinary shares.

Management have chosen to disclose the European Public Real Estate (EPRA) adjusted net assets per share and earnings per share from continuing activities in order to provide an indication of the Group’s underlying business

performance and to assist comparison between European property companies.

EPRA earnings: is the profit or loss after taxation excluding investment property revaluations (including valuations of joint venture investment properties), impairment of development and trading properties, exceptional items and mark-to-market movements of derivative financial instruments (including those of joint ventures) and intangible asset movements and their related taxation.

EPRA net assets (EPRA NAV): are the Balance Sheet net assets adjusted to reflect the fair value of development and trading assets, excluding mark-to-market adjustment on effective cash flow hedges and related debt adjustments and deferred taxation on revaluations and diluting for the effect of those shares potentially issuable under employee share schemes.

EPRA NAV per share: is EPRA NAV divided by the number of Ordinary shares in issue at the balance sheet date.

EPRA triple net assets (EPRA NNNAV): is EPRA NAV adjusted to reflect the fair value of debt and derivatives and to include deferred taxation on revaluations.

EPRA NNNAV per share: is EPRA NNNAV divided by the number of Ordinary shares in issue at the balance sheet date.

APPENDIX 4

Our purpose is to unlock long-term value for all through regeneration. We do this by providing a healthy and safe environment for our employees, service partners, contractors, occupiers and visitors to our properties so that they can thrive.

We take the health and safety of all our stakeholders very seriously and have a detailed Health and Safety Policy in place. We are constantly looking at processes and procedures to ensure best practice, as we focus on: + + + + +

Preventing work-related injury or ill-health Reducing hazards and occupational health and safety risks Encouraging health, wellbeing, collaboration and social benefits across our offices and our sites Creating long-term sustainable buildings that promote health, safety, environmental and social benefits Providing training and development opportunities to support our talented workforce

It is the Companyâ&#x20AC;&#x2122;s intention that work will be carried out in accordance with the relevant Statutory Provisions and all reasonably practicable measures taken to avoid risk to its employees or others who may be affected. The Company will strive for continual improvement in all areas of Health, Safety & Welfare and works with NEBOSH certified external parties who manage Health and Safety across our sites.

We are committed to complying with the Health and Safety at Work Act 1974 and its associated regulations and codes of practice. In terms of our buildings, our commitment starts right from the outset when we will speak to local communities and a range of stakeholders to understand their needs and ensure we are delivering quality design, construction and maintenance throughout our schemes. For our employees, we provide ongoing advice and supervision on health and safety matters and assess internal and external processes.

We recognise the need to maintain and continue to improve our health, safety and welfare management and performance. With this in mind, the Board appointed Chief Development Officer, Richard Upton, as having overall responsibility for this important area and, as such, an agenda item at every Board meeting, to track progress and performance. Management and supervisory staff also have responsibility for implementing U+Iâ&#x20AC;&#x2122;s Policy throughout the Company and ensuring that Health & Safety considerations are always given priority in the planning and dayto-day supervision of work. It is an agenda item in project meetings to ensure we maintain our high standards.

Additionally third parties undertake health and safety audits across our assets, managed in conjunction with the managing agents we work with. We also work with an independent external consultant in a CDM (Construction, Design and Management) advisory capacity across our construction portfolio. They advise on best practice health and safety application, risk mitigation and current legislation, ensuring we comply with statutory requirements including the 2015 CDM Regulations. They regularly visit our sites to give advice on the requirements of the relevant statutory provisions and safety matters generally; to record U+Iâ&#x20AC;&#x2122;s performance; and they do additional random spot checks to ensure compliance. One of the metrics they track is accidents and / or incidents. U+I monitors this important area closely and targets 0.1% lost time to accidents / incidents across its sites. Any accidents or incidents are reported at Board level, investigated and logged, to understand causes, report findings and address learnings.

There have been no reported fatalities across our sites since U+I was formed.

Internally, all employees undertake an e-learning course and are guided towards our detailed Health & Safety Policy on our intranet when they join U+I. They and our sub-contractors are expected to co-operate with the Company in carrying out this Policy and must ensure that their own work, so far as is reasonably practicable, is carried out without risk to themselves or others. All employees, service partners, occupiers and visitors have legal duties and responsibilities for their own health and safety and that of others and are required to commit to co-operate with U+I in the implementation of our full Health and Safety Policy.

We encourage and require the co-operation and support across all our stakeholders to allow us to deliver sustainable, safe schemes that bring social and economic benefits to the communities we work with.

Richard Upton Chief Development Officer 16 January 2020 01

August 2018

Date 01 August 2018

1.0 Company Policies ......................................................................................................................... 5 1.1 Company Policy for Health, Safety & Welfare ............................................................... 6 1.2 Company Environmental Policy ..................................................................................... 6 2.0 Business Objectives ..................................................................................................................... 9 2.1 The Work Place .............................................................................................................. 9 2.2 Our People ..................................................................................................................... 9 2.3 Monitoring, Control and Improvement .......................................................................... 9 3.0 Health & Safety Organisation Structure & Individual Responsibilities .......................................... 11 3.1 Company Health & Safety Organograms .................................................................... 12 3.2 Chief Executive Officer ................................................................................................ 13 3.3 Directors....................................................................................................................... 13 3.4 Director Responsible For Safety .................................................................................. 13 3.5 Company Health & Safety Representative .................................................................. 13 3.6 Company Managers .................................................................................................... 14 3.7 Office Staff .................................................................................................................. 14 3.8 Events Organisers ........................................................................................................ 15 3.9 Vehicles Used in the Course of Company Business .................................................... 15 3.10 Contractors ................................................................................................................ 16 4.0 Health & Safety Organisational Arrangements ............................................................................ 19 4.1 Risk Assessments ......................................................................................................... 19 4.2 Monitoring & Measuring H&S Performance ............................................................... 19 4.3 Health& Safety Communication Protocol .................................................................... 21 4.4 Health & Safety Induction Training .............................................................................. 22 4.5 Health & Safety Training .............................................................................................. 22

02

4.6 Health & Safety Promotion Procedure ......................................................................... 23 4.7 General Safety Rules .................................................................................................... 24 4.8 Staff Welfare ................................................................................................................ 25 4.9 Working Away From Base – Or “On Site” ................................................................... 25 4.10 Risk Assessment Procedure ....................................................................................... 27 4.11 Control of Substance Hazardous To Health (COSHH) ............................................. 29 4.12 Manual Handling Risk Assessment ............................................................................ 31 4.13 Safety Inspections ..................................................................................................... 32 4.14 Electrical PAT Testing Procedure (Portable Appliance Testing) ................................. 33 4.15 Accident Investigation Procedure .............................................................................. 34 4.16 Reporting of Injuries, Diseases & Dangerous Occurances Regulations (RIDDOR)1995 ........................................................................................................................................... 36 4.17 Statutory Notices & Visits from the HSE .................................................................... 38 4.18 Display Screen Equipment and Workstation Assessments ........................................ 39 4.19 Personal Protective Equipment ................................................................................. 40 4.20 Emergency Evacuation Procedures – Howick Place ................................................. 41 4.21 Events ........................................................................................................................ 45

03

04

1.0 Company Policies

Company Statements of Commitment

People Responsibilities

Methods of Working, Practices and Procedures

05

1.1 Company Policy for Health, Safety & Welfare It is the Company’s intention that work will be carried out in accordance with the relevant Statutory Provisions and all reasonably practicable measures taken to avoid risk to its employees or others who may be affected. The Company will strive for continual improvement in all areas of Health, Safety & Welfare.

U+I will set and maintain Health, Safety & Welfare objectives and targets which will be monitored and reviewed.

Management and supervisory staff have the responsibility for implementing this Policy throughout the Company and must ensure that Health & Safety considerations are always given priority in planning and day-to-day supervision of work.

All Employees and Sub-contractors are expected to co-operate with the Company in carrying out this Policy and must ensure that their own work, so far as is reasonably practicable, is carried out without risk to themselves or others.

The Board of Directors have appointed a Director, Mr R Upton, as having particular responsibility for Health, Safety and Welfare and to whom reference should be made in the event of any difficulty arising in the implementation of this Policy.

The operation of this Policy will be monitored by the management and staff of the Company. To assist them in this respect, the Company have a Health & Safety Representative to visit sites and workplaces and give advice on the requirements of the relevant statutory provisions and safety matters generally.

The Statement of Company Policy will be displayed prominently within all our workplaces.

The organisation and arrangements for implementing the Policy will also be available at each workplace for reference by any employees as required.

Richard Upton Deputy CEO July 2018 1.2 Company Environmental Policy It is the policy of U+I to undertake our operations and actions within an environmentally sound framework.

Our policy is to: – – –

Ensure that our staff and contractors act in accordance with this policy and in compliance with our Sustainability requirements Continually strive to improve our environmental performance.

Set environmental objectives and targets and review our performance.

06

– – – – – – – –

Maintain systems to detect deviations from our policy, management systems, objectives and targets and to respond with the appropriate corrective actions.

Ensure we maintain management systems to detect and prevent pollution in co-operation with the appropriate public authorities.

Assess, monitor and where possible reduce the impact of our activities on the local and general environment.

Reduce the environmental effects of material sourcing by evaluating the materials and the environmental performance by Consultants and Contractors engaged by the company.

Reduce waste and the consumption of resources (materials, fuel and energy) and ensure all unavoidable waste is, where possible, reused, recycled or disposed of responsibly.

Foster a sense of responsibility for the environment amongst our staff.

Advise our customers, where appropriate, on the best environmental practices associated with building and maintenance.

Comply with relevant legislation and regulations.

Richard Upton Deputy CEO July 2018

07

08

09

2.0 Business Objectives 2.1 The Work Place – To provide a safe place to work is a fundamental objective of the company so that the business can help protect the wellbeing of its people.

– It will create an environment in which accidents and incidents are minimised as part of the overall effort to eliminate all accidents.

– Effective risk assessment will be carried out to limit hazards in the workplace.

– The focus on a healthy and hygienic environment ensures that risks to the health of all people from normal operations are effectively managed ad minimised.

– No one will, knowingly, be expose to any substance or asked to work in any environment, which is likely to affect their health.

– Controlling any potential environmental issues will be a fundamental part of the way in which the business operates.

2.2 Our People – Selecting the right people with the right skills is very important, and U+I makes every effort to recruit high quality individuals into the business.

– U+I also recognises the need to further enhance people’s skills through our ongoing performance management process and in line with learning and development strategy.

– Proper training is an essential feature of all effective Health & Safety Programmes. It starts with Induction, where, upon joining the business, everyone is made aware of the U+I commitment to Health and Safety.

– Continuing systematic training ensures all of our people have the relevant and updated skills to be fully competent to do their jobs.

– Our people are expected to participate in health and safety matters at all times and in all tasks, while improving health and safety performance is encouraged at every level throughout U+I operations.

2.3 Monitoring, Control and Improvement – Monitoring health and safety performance is an essential management tool which will reinforce the proactive stance taken throughout U+I. – People are encouraged to discuss their own H&S concerns. They will be consulted when and where changes are to be made as part of the process of continuous improvement.

– Audits will be conducted on a regular basis and reviewed by the Board to monitor and to assess the relevance of current policy in line with changes in legislation, to ensure effectiveness and compliance.

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3.0 Health & safety organisation structure & individual responsibilities

The Chief Executive Officer is accountable for all matters relating to health and safety. In fulfilling this role, the Chief Executive Officer may delegate activities to other people employed in U+I. In such instances the Chief Executive Officer retains fully responsible for health and safety and this approach is understood by everyone.

Those who are directly responsible for supporting the Chief Executive Officer include: – – – – –

Director Responsible for Safety Directors Company Managers i.e. People who manage or supervise other people All U+I Employees Company Health & Safety Representative

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3.1 Company Health & Safety Organograms U+I HSE Management Chart

Matthew Weiner Chief Executive Officer

Richard Upton Deputy CEO Director (Responsible for H&S)

Bernie Spears Health & Safety Representative Leadership Team Directors

Directors, Managers & Staff

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3.2 Chief Executive Officer – Initiate the Company Policy for Health, Safety, Welfare and the Environment to prevent injury, ill health, damage and wastage.

– Ensure that the Company Directors are aware of their responsibilities and that each administers and promotes with enthusiasm the requirements of this Policy throughout the entire company.

– Administer the policy throughout the company by appointing an individual Director responsible for Health & Safety.

– Encourage training for all levels of employees.

– Ensure training for all levels of employees.

– Ensure that safety directives (new legislation etc.) are conveyed throughout all management levels.

– Sanction the necessary funding for adequate welfare facilities and equipment, training and all matters of Health and Safety to meet the requirements of the company policy.

– Set a personal example by actively promoting and complying with company Health & Safety objectives and policy.

3.3 Directors – Know the appropriate statutory requirements affecting the company’s operations.

– Know and promote the Company Policy for Health, Safety, Welfare and Environment and ensure that it is brought to the notice of all employees. Ensure that appropriate training is given to all staff as necessary.

– Insist that sound working practices are observed throughout the company as laid down by Codes of Practice and that work is planned and carried out in accordance with statutory provisions.

– Promote the liaison on Health and Safety matters between the company and others in which we engage.

– Reprimand any member of staff failing to discharge satisfactorily their responsibilities for Health and Safety.

– Support arrangements for funds and facilities to meet requirements of the company policy.

– Set a personal example by actively promoting and complying with company Health & Safety objectives and policy.

3.4 Director Responsible for Safety – Monitor the effectiveness of the Company Policy for Health, Safety, Welfare and the Environment against the safety performance of the Company. Initiate any changes, developments and amendments to the policy as and when necessary.

– Promote an interest and enthusiasm for health and safety matters throughout the company.

– Ensure that Company Directors, Managers and employees are aware of their responsibilities and that each administers the requirement of this policy within their department and with due regard to all other departments.

– Report to the Board on all matters relating to safety and training, new safety directives and legislation and seek to establish the Company’s response. As a result, instigate the necessary changes throughout the Company.

– Ensure that all contractors employed by the Company are considered to be “competent” prior to being appointed and agree to conform to this company’s policy and Codes of Practice whilst on company sites.

– Arrange for regular meetings with the appropriate personnel to discuss company accident prevention, performance, possible improvements etc.

– Set a personal example by actively promoting and complying with company Health & Safety objectives and policy.

3.5 Company Health & Safety Representative Assist Directors & Senior Management with implementation of this Policy by:

–

Obtaining copies of the legislation and any codes of practice for issue to Senior Management.

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– – – – – – – – –

Ensure that regular inspections are carried out to see that only safe and healthy methods of work are in operation and that all regulations are being observed.

Programme Safety Inspections.

Supervise the recording and analysis of information on injuries and ill health, assess accident trends and review overall safety performance, making recommendations for continual improvement.

Ensure the HSE are notified of all reportable incidents. Ensure that all reportable incidents are investigated and recommend means of preventing reoccurrence.

Ensure that safety training requirements for all employees are identified and necessary training course programmed. Ensure that a record of all safety training given to employees is maintained.

Ensure that competency assessments on contractors wishing to be employed by the Company are carried out.

Encourage, within the company, an understanding that injury prevention and occupational hygiene are an integral part of business and operational efficiency.

Attend meetings as required to ensure any health and safety/environment issues are raised and actioned accordingly.

Set a personal example by actively promoting and complying with company Health & Safety objectives and policy.

3.6 Company Managers – Read and understand the Company Policy for Health, Safety, Welfare and the Environment and ensure that it is brought to the notice of all employees under your control.

– Ensure that the requirements of the Health and Safety at Work Act 1974, and any other relevant statutory requirements are complied with.

– Ensure that all office machinery is safe, fitted with the necessary guards or safety devices and is serviced and maintained as recommended by the manufacturer.

– Ensure that a risk assessment has been carried out of any substance or work activity hazardous to employee’s health and safety and that appropriate control measures, training, instruction, protective clothing etc. have been provided.

– Ensure that an assessment has been carried out of any noisy process or plant hazardous to health and that appropriate control measures, training, instruction, protective clothing etc. have been provided.

– Ensure that staff required to use office machinery are trained in its use and are not permitted to carry out any repairs unless authorised.

– Ensure that offices are laid out and maintained to ensure safety of staff and visitors.

– Ensure that all accidents are reported to the Company Health & Safety Representative.

– Ensure that staff work safely and do not take unnecessary risks.

– Ensure all necessary welfare provisions are provided and maintained.

– Set a personal example by actively promoting and complying with company Health & Safety objectives and policy.

3.7 Office Staff – Read and understand the Company Policy for Health, Safety, Welfare and the Environment and carry out your work in accordance with its requirements.

– Attend all health and safety training courses organised in respect of your work activity – Ensure that the clothing and footwear you wear at work are suitable from a safety viewpoint.

– Do not try to use, repair or maintain any office equipment or machinery, or carry out any work activity that may be hazardous to your health and safety, for which you have not received full instructions or training.

– Report any defects in office equipment or machinery immediately to your Manager.

– Ensure that you know the position of the first aid box and location of all First Aiders.

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– – – – – – – – –

Ensure that you know the procedure in the event of a fire.

Report any accident or damage, however minor, to your Manager.

Ensure that corridors, office floors, doorways etc. are kept clear and free from obstruction.

Do not attempt to lift or move, on your own, articles or materials so heavy as likely to cause injury.

Do not attempt to reach items on high shelves unless using steps or a properly designated hop-up, do not improvise or climb.

Suggest ways of eliminating hazards and improving working methods to your manager.

Warn new employees, particularly young people and agency workers of known hazards.

Do not wedge open fire doors within the building.

Set a personal example by actively promoting and complying with company Health & Safety objectives and policy.

3.8 Events Organisers – Read and understand the Company Policy for Health, Safety, Welfare and the Environment and ensure that it is brought to the notice of all employees under your control.

– Ensure that the requirements of the Health and Safety at Work Act 1974, and any other relevant statutory requirements are complied with.

– Ensure that a risk assessment has been carried out of any substance or activity hazardous to employee’s; subcontractors and members of the public specific to each event.

– Ensure that an assessment has been carried out of any noisy process or plant hazardous to health and that appropriate control measures, training, instruction, protective clothing etc. have been provided.

– Ensure that staff or contractors required to use machinery/plant/equipment for events are trained in its use and are not permitted to carry out any repairs unless authorised.

– Ensure that all accidents are reported to the Company Health & Safety Representative.

– Ensure that staff work safely and do not take unnecessary risks.

– Ensure all necessary welfare provisions are provided and maintained during events.

– Meet and deliver the requirements of Section 4.21 – Set a personal example by actively promoting and complying with company Health & Safety objectives and policy.

3.9 Vehicles Used in the Course of Company Business The company policy statement in relation to all vehicles and driving is as follows: “The Company recognises that driving is both necessary for working and also represents a hazardous activity, and accordingly will take steps to reduce the identifiable risks as far as possible.”

Employees are reminded that, despite familiarity, driving on the roads is by far the most hazardous activity most of them ever undertake.

The precautions below, and those listed in the risk assessment, should be taken to minimise risk: – – – – –

Plan work to minimise driving requirements.

Ensure that the vehicle is maintained in accordance with the manufacturer’s instructions, including specific winter and summer precautions.

Take sensible breaks and seek to avoid over-long days of work and driving.

Follow the personal safety precautions outlined in the risk assessment.

Report the development of any health problems that may limit or prevent driving.

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All employees and family members will produce their driving licence for inspection to the Company Health & Safety Representative annually prior to being allowed to drive any company vehicles.

It is the responsibility of all employees when authorising occasional use of a company vehicle to ensure that such persons has a valid UK Driving Licence.

3.10 Contractors – All Contractors will be expected to comply with U+I Company Policy for Health, Safety, Welfare and the Environment, which will made available.

– All work must be carried out in accordance with the relevant statutory provisions, Codes of Practice, H.S.E. Guidance or other recognised standards, and Contractors must take into account the safety not only of its own workforce but that of other workers, visitors to the site and members of the public.

– If a Health & Safety Plan has been produced for a particular site it will be issued to Contractors. Contractors should understand the requirements of the Plan and fully comply with them. They must also forward a copy of the Plan to any third party (e.g. contractors material delivery companies) in order that they too can comply with the requirements.

– For work on property under the control of U+I, Safety method statements including, where applicable, risk assessments and COSHH assessments will be provided to the Property Manager at least 7 days prior to any work commencing on site. Any amendments required by the Company must be complied with prior to work commencing.

– Contractors will be expected to ensure that their operatives are aware of the contents of the safety method statement prior to them attending site. Any operative not aware of their safety method statement will not be allowed access to the site.

– Contractors must provide suitable welfare facilities and first aid equipment in accordance with the Regulations for their employees unless arrangements have been made for the Contractor’s employees to have the use of this Company’s facilities.

– All plant and equipment brought onto site by Contractors must be safe and in good working condition, fitted with any necessary guards and safety devices including all round vision mirrors on items of plant.

– No power tools or electrical equipment of greater voltage than 110 volts may be brought onto site. All electrical equipment must be tested and suitably tagged in accordance with the HSE Guidance.

– Any electrical equipment including tools, transformers, generators, leads, plugs and sockets must remain in good condition whilst on site and any damaged equipment must be repaired by a competent person or replaced.

– Operatives will be required to demonstrate that they have received adequate training before using certain pieces of plant/equipment (e.g. forklift trucks, scissor lifts, dumpers etc.). Evidence of such training will be required to be produced. Regulations require that persons using any work equipment are competent to use that equipment. Evidence of training does not in itself prove competence and any operative who is considered not to be "competent" when using a piece of work equipment will be stopped from using such equipment irrespective of whether they have evidence of training or not.

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– – –

–

All scaffolding used by Contractors employees must be erected in accordance with current regulations and standards and must be inspected and reported upon as required by those regulations by a competent person appointed by the Contractor and such reports handed to the Site Manager when completed.

Contractors are particularly asked to note that workplaces must be kept tidy and all debris, waste materials etc. cleared as work proceeds.

All operatives, Contractors, visitors etc. on the Company’s sites will wear safety helmets and footwear at all times other than in areas specifically designated as "no risk" areas by Site Management.

Each contractor will be supplied with a copy of the Pre-Construction Information plan (if applicable) prepared in accordance with the C.D.M. Regulations. In such cases the Contractor must provide a Construction Phase plan within two weeks of commencement.

This list is not intended to be exhaustive and Contractors must appreciate that site specific rules will be compiled for individual sites according to requirements.

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4.0 Health & Safety Organisational Arrangements 4.1 Risk Assessments U+I is proactive in all areas concerning the health and wellbeing of its people. It will actively promote the highest standards of Health and Safety as part of its core activity.

The company Health & Safety representative will ensure a programme of risk assessments is undertaken which are designed to highlight circumstances and situations which have the potential to result in loss.

Risk assessments will ensure adequate controls are put in place to minimise potential accidents, incidents and property damage, as well as preventing environmental damage.

All risk assessments will be reviewed and monitored on a regular basis.

Formal Assessments will be made to the following areas: – – – – – –

General Operations & Activities Equipment and/or associated machinery Chemicals and Substances (COSHH) Ione working, people working away from base, homeworkers Manual handling Operations Display Screen Equipment and Workstation Assessment

General Risk Assessments There will be an ongoing programme of general risk assessments in which all work at U+I will be examined and these assessments will be used to further enhance the overall Health and Safety Management System.

Assessments will be fully recorded and used in the training of new and existing people.

4.2 Monitoring & Measuring H & S Performance The Health & Safety representatives from each office will monitor the number of accidents and incidents as a part of their duties and will report on a regular basis to the Company Health & Safety Representative who will collate data on behalf of the board.

They will also keep a check on the level of compliance with the standards for the key activities that underpin the company objectives.

These include: – – – –

Workplace Inspections Induction & other training Risk Assessments DSE Assessments etc.

The Health & Safety representatives from each office will make regular reports, within an agreed format, to the Company Health & Safety Representative to monitor each office’s performance and compliance.

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At the end of each quarter, the board will review reports based on the returns made from each office.

Where accidents or incidents occur, records will be kept showing frequency rates that will enable U+I to benchmark with other industries and business sectors.

The frequency rate, based on 100,000 hour periods, is usually calculated on a monthly basis over the year with results being represented in graphical form.

It is also common to compute figures for the year to date, and sometimes to use a “twelve month moving average to smooth the peaks in the graph and show underlying trends. Therefore, the formula used for calculation will be: Monthly Frequency Rate Frequency Rate =

№ of events x 100,000 1

№ of hours worked in the month

2

In this case the number of events is either the number of accidents or the number of incidents, depending on which frequency rate is being calculated. Similarly, if one wanted to calculate quarterly or yearly rates, then the no of events must be counted in the that same period and the hours worked must also be based on the same time period used.

1

The actual hours worked can sometimes take time to obtain and require a lot of work to count. An easier way is to use a notional figure calculated using the following formula: 2

Hours worked = № of working days in month x 8 hours (or 7 ½) x Total № of people employed in the month

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4.3 Health & Safety Communication Protocol Team and Office Meetings Every U+I office will conduct regular meetings (i.e. quarterly) and will include Health & Safety on the agenda to provide all employees with an opportunity to participate in all Health and Safety issues.

This recognises their statutory rights, provides a framework for consultation and an opportunity for employees to contribute to U+I safety objectives.

Issues that cannot be resolved locally or have implications across the whole practice should be recorded by the Company Health & Safety Representative and forwarded to the board for consideration and potential action.

Typical H & S Agenda Items: – Review H & S performance within the office – Provide employees with a communication and consultation process – Discuss and review any local H & S issues or problems – Be proactive in developing practices and procedures – Contribute to action plans to support the overall programme – Develop their own knowledge and expertise in health and safety on behalf of the office – Support the local Health & Safety Officer and any initiatives, promotions or campaigns Records & Minutes – Action points will be contained within the minutes and copied to the Richard Upton, The Director Responsible for Health & Safety.

– All action points will only be closed out once completed – Minutes will contain a record of all closed out action points and/or follow up Escalation Protocol – In the event that actions are not addressed adequately and/or in a timely manner, the Company Health & Safety representative should raise the issues with Richard Upton, The Director Responsible for Health & Safety who will investigate and establish the most appropriate course of action.

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4.4 Health & Safety Induction Training The induction and orientation of everyone into the business is an essential part of ensuring that new employees become familiar with U+I systems and procedures. All new people will undergo formal induction training to become integrated into the business as quickly as possible.

Health and Safety awareness is a part of both induction and ongoing Health & Safety training and includes key information everyone needs to know, forming part of the basic requirements of U+I Health and Safety objectives.

This remains consistent with U+I practice of recruiting skilled staff at all levels in the business. The Health and Safety element of the Induction is managed by Human Resources.

Every new starter will also be asked to complete a Display Screen Equipment and Workstation Self-Assessment and be provided guidance notes on good posture.

4.5 Health & Safety Training Training is an integral and essential part of developing competency and ensuring people have the knowledge and appropriate skills to do their jobs effectively and is one of the best ways of reducing hazards and risks in the workplace.

In addition to vocational training, employees may need to undertake additional Health & Safety training to ensure the company Health 7 Safety Objectives are being met.

For example: – First Aid Training – Fire extinguisher, fire prevention training – Machinery and/or plant operation Dependant on the roles undertaken more specialised professional skills training may include: – CDM Regs – Health & Safety Awareness – Project Management As with all other training, training records are retained which include: – The name of the trainee – The course attended – Date(s) that the training took place – Who conducted the training – Results of assessments, exam, tests etc – Certificates of qualification/attendance The outputs from risk assessments can be extremely useful to help develop in house and on the job training programmes and can be used in many of the areas above.

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4.6 Health & Safety Promotion Procedure Health and Safety is actively promoted in all offices demonstrating U+I commitment to safe working at all levels.

Furthermore, good promotion techniques highlight the importance of Health & Safety and reinforce responsible actions and behaviour.

Finally, it also provides clients and the general public with a favourable impression of U+I and may provide them with a competitive advantage if their Health & Safety reputation matches or exceeds their professional reputation.

General Promotion There is a statutory duty to display certain health and safety information, so it makes sense to do so in a way that creates a good impression to visitors and clients.

Copies of the signed Company Polices will be displayed in a prominent and appropriate location where member of staff have access.

As a minimum the following items will be displayed in the office areas prominently and tidily: – – – – –

HSE Statutory Poster with all boxes completed correctly A copy of the U+I Safety Policy Statement Emergency Evacuation Procedure Names of Fire Marshals – with contact details Names of First Aiders – with contact details

Ongoing Promotion Campaigns Office Health & Safety Representatives will work with people in their office to organise appropriate and relevant Health & Safety initiatives as agreed with the Company Health & Safety Representative.

These will be planned in advance and the subjects selected from a list of items that either supports U+I general health and safety objectives or from critical issues which are seen as potentially risky or important to the business.

These promotional activities could involve a wide range of activities including: – – – – –

Articles in newsletters Feedback from Risk Assessments Briefings, short presentations, CPD Training Training or awareness sessions Suggestion schemes & Improvement plans etc

Typical topics for promotion campaigns may include: – – – – – – –

Safety in the Office Driver and road safety Safe use of Electrical Equipment Safety for Homeworkers Safety on Construction Sites Slips, trips and falls Manual handling – avoiding injuries from lifting

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– – – –

Winter Safety Ergonomics Lone Working Basic Resuscitation & CPR

4.7 General Safety Rules Furniture and equipment Faulty office equipment and furniture must be reported immediately to the office manager.

Electrically operated machines must be switch operated and controlled in accordance with the manufacturer’s guidelines and U+I office procedures. Note: Employees must never attempt to repair electrical appliances or other

equipment and furniture unless qualified and authorised to do so.

General Good housekeeping is an essential feature of our health and safety objectives and everyone should: – – – – – –

not obstruct passageways or trail cables across a passageway always mop up spilt liquids immediately always place waste and discarded materials into the appropriate receptacles provided keep their immediate working areas clean and tidy and clear of obstructions pay proper attention to hygiene not engage in irresponsible behaviour

Also, care should be taken when walking around the building and in particular: – – –

people should not run or hurry, particularly on the stairways people should not read when walking people should not use mobile phones or Blackberry devices when walking

Finally, everyone should use common sense: – – – – – – – – –

Follow instructions - if you don’t understand ask Report all hazards or dangers immediately Put everything you use in its proper place Only use the right equipment for the job, use it safely Get first aid promptly Report all accidents.

Take care when lifting & handling, get help if necessary Avoid distracting others Obey all local rules and signs - If in doubt ask

The above rules may appear to state the obvious, but they are designed for the safety of everyone. Failure to observe these rules may result in disciplinary action being taken.

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4.8 Staff Welfare It is important that all employees are encouraged to disclose to HR details of any condition or illness which may affect their ability to perform their duties.

With the express permission of the individual concerned, details of this may be discussed with their line manager in order to ensure the safety and wellbeing of the individual and their colleagues.

Where a member of staff's ability or alertness is seriously impaired by fatigue or any other cause, to the extent that they constitute a risk to themselves or others, that person must be sent home.

A member of staff should not work whilst under the influence of alcohol or drugs.

Any Director or member of staff who is aware a member of staff under the influence of alcohol or drugs should ensure that person is sent home.

A member of staff is not permitted to bring into or use alcohol or illegal drugs on the premises.

4.9 Working Away From Base – Or “On Site” It is the responsibility of all Directors and Line Managers, to bring this procedure to the notice of their team members and to insist that they use it when working away from their home or base site.

Site Visits No employee should visit any site without fully understanding the risks associated with that site. Information may be provided in the following formats.

– – –

Pre-Construction Information (prepared by the CDM Coordinator) Construction Phase Plan (prepared by the Principal Contractor) Risk Assessments and or Method Statements (prepared by another responsible person)

On first arrival at a site, you must notify your presence to the managing agent, principal contractor's site manager agent or the foreman so that you can be properly inducted.

When visiting sites, you must ascertain what safety regulations are in force and must obey them at all times.

On sites where there are no formal regulations, you must take all reasonable precautions. You must wear protective clothing and headgear whenever required.

U+I will reimburse the cost of PPE, PPE may also be available from the contractor on the site, but do not take this for granted.

Site Visit Checklist When leaving the office all staff are required to advise their manager or secretarial support where they are going, how long they will be there and when will you be returning to the office, going on to another place or going home.

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Planning the Trip – Make sure you know where you are going and when you need to be there – What will you be doing when you get there, is it safe for you to undertake the tasks – What PPE will be needed – Have the name and telephone number of a contact – When will you arrive and approximately how long do you plan to be there – Carry a mobile phone, share the number so people can contact you in an emergency

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Making the Trip – Go where you said you were going, don’t go anywhere else – stick to the plan – Do not pick up hitch hikers – If there is a change of plan, tell the office/base of the revised itinerary – If on arrival, things are different, reassess the risks; don’t just try to get by – Maintain contact with base, tell them of any changes to plans, the job etc – Do nothing to put yourself at risk and nothing which may be unsafe – If in doubt, contact base and/or a line manager for further advice before proceeding – Make sure your PPE is fit for the purpose – do not proceed if it is not Completion – Confirm presence in the office in accordance with local arrangements Lone Working Procedure There are many examples throughout U+I when people work alone, sometimes on derelict land or vacant properties or even in our offices after hours or at weekends. Working alone is permitted, but health and safety law reinforces the need to take some simple precautions beforehand. The HSE have issued a free leaflet, INDG 73 Working Alone in Safety (refer to Section 4.23 Additional Resources) which gives simple practical advice.

Whilst Directors and Line Managers will do everything they can to ensure no one in U+I is exposed to unacceptable levels of risk, people need to do everything they can to protect themselves. In these situations, there is a need to exercise common sense and to follow the guidelines set out here.

Personal Safety – Some Simple Tips & Suggestions In addition to the preparation for going on manned sites, one should consider these additional points: – – – – – – –

Can the work be done alone without risk or hazard?

Is the job clear, does it say exactly what needs to be done?

Is the workplace isolated, i.e. vacant or empty?

Where is it situated – what’s the likelihood of encountering intruders?

Is there a risk of violence or similar dangers?

Is there a chance of personal injury, if so how would I get help?

Is there anything else I need to consider?

Mobile phones are not allowed into certain premises such as oil refineries, terminals etc. There may not be a good signal where you are going so have a contingency plan.

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It is important to be realistic about working alone or working away from base. Do not overreact to the situation and exaggerate any potential risks and hazards but do remain vigilant to any real and/or existing dangers.

4.10 Risk Assessment Procedure Introduction The Health & Safety at Work Regulations 1999 defines the statutory requirement to conduct risk assessments of the work that is performed in the business.

The following procedure has been developed to match the needs of U+I business. The process is quantifiable and measurable, enabling benchmarking to be established against which continuous improvement or elimination of the hazard or risk that can be achieved.

U+I Risk Assessment U+I Risk Assessment Process is a simple system of assessment for low risk environments such as offices. It provides a framework to examine all of the tasks and jobs, common throughout the business, and enhances the day to day assessment of risks that are the focus of the monthly Workplace Inspections. The main purpose is to use the outputs from the Monthly Workplace Inspections in the most effective way and to reduce wasted duplication.

The overall programme of risk assessments will take this into consideration and make sure offices establish a targeted number of assessments to complete. From the final outputs, each office can adapt and customise outputs and controls to suit their own needs.

U+I Risk Assessments will include common jobs/tasks such as: – – – – – – – – – – –

Routine office work, administrative tasks etc Operation and/or maintenance of machinery Computers (DSE Self-Assessment) Photocopiers Printers Guillotines and paper cutters Moving equipment and/or furniture Manual Handling Operations Equipment/rubbish disposal Archiving records Any other regular work of significance

The outputs from Risk Assessments can be used to develop training programmes and other work procedures, such as Safe Operating Procedures.

Conducting a U+I Risk Assessment Risk assessments are conducted by the Company and Office Health & Safety Representatives, who are familiar with the job or task in question.

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They will use U+I Risk Assessment Work Sheet to record the steps involved in the job/task as it is performed. If there are any potential risks or hazards involved, they are to be recorded on the worksheet and rated 0-3 using the criteria provided.

The first step must be to try to eliminate them. comments/control section.

If this is possible, a suitable note can be made in the

Where risks cannot be eliminated, the next step is to make a realistic assessment of the likelihood that the event will happen and rate each one 0-3, again using the criteria provided.

The Final Risk Rating is calculated by multiplying the severity rating by the likelihood of occurrence.

Further action will be based on the following: Final Risk Rating Score: 0-1 No formal controls required 2-4

Minimal controls required, additional rules or PPE will control the risk

4-6

Formal procedures and/or Safe Operating procedure needed

6-9

Must Control and must conduct a Detailed Risk Assessment

Use of Risk Assessment data Following the completion of the baseline audits in each office by Company and Office Health & Safety Representatives they will consider hazards and risks that have been identified in several offices and plan future risk assessments and health & safety promotional campaigns to eliminate or reduce risk through staff awareness.

A complete guide to conducting a U+I Risk Assessment can be found within the Guidance Safety Work Document â&#x20AC;&#x201C; Risk Assessment.

Detailed Risk Assessment Where a risk assessment details a hazard or task with a risk rating between 6-9, then it is considered to be significant or considered to be unusual or a one-off issue, and there is a more detailed process that needs to be applied.

Dependant on its complexity, the job may be broken down into its component parts or individual tasks so that it can be presented as a step by step operating method.

It is important to take care and give sufficient attention to detail to ensure that the assessment is made of the actual method of working that is used.

It may be necessary to observe or walk the job a number of times to be sure that it is an accurate job breakdown.

Each of the steps or tasks that make up the job are then examined to see what potential risks or hazards exist at each stage and whether there are suitable controls in place.

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If there is a risk, it will be quantified using the risk assessment scoring process, so that priorities can be established, and major hazards or risks can be eliminated or significantly reduced.

Controls Once the analysis is complete and any major Risks and Hazards have been identified, suitable controls will be put into place.

It may also identify the need to revise and improve existing controls.

It may also show that controls for other unidentified minor risks and hazards are needed or those where sufficient precautions do not exist at the present.

It is not the intent of this procedure to go into detail about the types of controls that may be necessary; these will be specific to the job in hand.

A complete guide to conducting a U+I Risk Assessment can be found within the Guidance Safety Work Document – Risk Assessment.

4.11 Control of Substance Hazardous To Health (COSHH) The COSHH regulations state that all employers must make an assessment of their premises to identify all of the substances used.

U+I premises will contain very few substances and most of those will be very low risk, however it is essential to make an assessment to confirm your findings and to identify any items that may require proper safe disposal.

C.O.S.H.H Assessment In most situations, it is expected that U+I premises will contain few substances, and of those, most will be very low risk. However, it is essential to make the assessment to confirm this and to identify any items that may need to be sent for proper safe disposal.

The most common items for assessment within U+I offices will be: – – – –

Cleaning Materials – Information on products, storage and disposal should be obtained from the cleaning contractors Toners Cartridges – Information on products, storage and disposal should be obtained from the suppliers Air Conditioning agents – Information on products, storage and disposal should be obtained from the maintenance contractors Lamps and tubes - Information on products, storage and disposal should be obtained from the maintenance contractors

Conducting a C.O.S.H.H Assessment Produce an Inventory of all of the substances that are used on the site.

Know what the substances are used for, the processes in which they are used and who uses them.

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Include office cleaning materials, even though cleaning may be a contracted service.

If the items used are proprietary or domestic items, note them but keep a sense of proportion in any subsequent actions.

If there are any biological hazards present, you should seek advice from the H.S.E. There are special arrangements for notification etc. This is unlikely to affect companies other than those in the Pharmaceutical or Chemical Industries etc.

If an office has wet cooling towers as a part of conditioning plant and you experience problems with the agents that cause Legionnaire’s disease you may need to take specialised advice from the maintenance contractor.

Obtain a Manufacturer's Safety Data Sheet (M.S.D.S.) for every substance or product on the Inventory. It is a legal requirement for sub-contractors to supply this information to you.

Use the Data Sheets to assess each substance or product to see if it is hazardous in any way or if it presents any form of risk to health or the environment when used correctly.

Where possible replace any hazardous substances that are identified with a safer alternative or a less hazardous product.

It is not always possible to find materials that are completely “safe” or totally hazard free. Where hazardous substances are used there must be proper controls.

Controls may include some or all of the following, depending on the risks and or hazards of the substance: – – – – –

Local exhaust ventilation -this must be checked for efficiency every 14 months.

Changes in the plant process so as to reduce risks and hazards Changes in the way the plant is operated so as to reduce risks and hazards Introduction of Safe Working Practices The use of suitable P.P.E. - this should be the final consideration and only after making any material changes or introducing other forms of control.

Pay attention to the correct use of substances and also focus on: – – – –

The proper methods of handling Safe methods of storage What action to take in the event of an emergency Safe methods of handling or cleaning up any spillages

In some cases, certain hazardous substances may present a risk to health unless there are proper controls in place.

It may be necessary to set up a monitoring programme to ensure that any controls in place are effective. It may be appropriate to introduce:

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Monitoring the Workplace This may be appropriate to check that any fumes, dust or airborne contaminates do not exceed any safe limits or recommended concentrations. The H.S.E. publishes a book each year, Occupational Exposure Limits (EH40) that gives information on acceptable limits for many hazardous substances and chemicals.

Personal Monitoring This is usually only appropriate if people are working with substances that can cause known risks to health or where it is appropriate to use specific forms of P.P.E. such as respirators.

It is often carried out in addition to workplace monitoring to ensure that any controls are effective and to identify any early symptoms of ill health.

It may also be either a legislative or Industry Standard requirement e.g. people who work with lead receive regular medical checks that include taking blood samples to check for possible lead poisoning.

All monitoring must be carried out by a competent person using a sound protocol, recording both the results and any remedial action taken. It must also be conducted in such a way as to maintain patient confidentiality. However, any doctors employed must not confuse this with their responsibility to report none compliance or a decline in standard of health.

4.12 Manual Handling Risk Assessment Manual handling is the biggest single cause of accidents and injuries to people, irrespective of the work they do, or the industry that they are in. It is essential to understand that working in an office environment presents potential risk of injury from incorrect lifting and handling in just the same way as manual labour.

The risks may be less obvious, they will certainly be different, but they exist, hence the legislative requirement to make a proper assessment of all manual handling tasks. The majority of office-based people may be assessed using the U+I risk assessment procedures; however, there may be some people who are regularly required to manually handle archive boxes, furniture, computer equipment and these tasks may require the a Detailed Manual Handling Assessment.

Detailed Manual Handling Risk Assessment Any manual handling situation that receives a risk rating of 6 or above during the Office Risk Assessment will require a detailed manual handling assessment.

This means that the risk is significant enough to warrant additional investigation to determine what additional precautions and controls should be put into place to ensure that its level is reduced. The Detailed Manual Handling Assessment form is used to break down any situation, activity or task containing the hazard, into individual elements so that each part can be assessed separately for risk.

Once all the information is at hand, continue with the assessment: – – – –

Eliminate all the handling and lifting operations you can Provide mechanical handling equipment and or lifting aids where possible Reduce overall weights, set maximum weights/sizes etc Change layout to reduce distances, look at the heights of work benches etc

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– – – –

Avoid lifting and twisting - don’t lift and turn to face the other direction - layout Emphasise the need to rotate jobs to avoid fatigue Emphasise the need to assess things before lifting - get help if necessary Train people in the correct lifting and handling procedures

Redefine the work method based upon the risk assessment and monitor it to see that people are actually following it. It is not possible or practical to totally eliminate manual handling and lifting, but there are many elements in all jobs where a combination of several of the points mentioned above can reduce risks to acceptable limits. Consider carefully if what you are asking people to do is reasonable and realistic.

A complete guide to conducting a U+I Risk, and Detailed Manual Handling Assessment can be found in the Manual Handling Safety Work Document.

4.13 Safety Inspections Quarterly Workplace Inspections The Quarterly Workplace Inspections, focusing on key issues, help us to control risks and hazards in the workplace.

Inspections must not be a list of defects; they must be action centred and show all corrective actions. The main purpose of the inspection is to: – –

Identify any substandard acts or conditions Identify what has been or needs to be done to correct them

Responsibility Responsibility for conducting the Quarterly Inspections will be assigned to the Local Health & Safety Representatives.

Duration The inspections are designed to be quick checks and should not be an onerous task. To help in this, simple checklists will be used that reflect the common hazards and risks present in the areas to be inspected. If the checklist is used properly, each inspection should take no more than 20 to 30 minutes.

Process Using the Inspection Checklist, Health & Safety Representatives. will go around the workplace, observing people’s behaviour and looking at physical conditions and equipment. Whenever they see something wrong it should be noted on the form.

To record any substandard items, simply write a short, brief description in the column marked Hazard Observed, e.g. trailing cable or poorly stacked boxes. If the same things are being recorded time after time, or something that should have been put right after the previous inspection, has not been corrected, it must be highlighted on the form.

When the inspection has been completed corrective actions will be agreed while at the same time, Health & Safety Representatives should refer to the previous month’s inspection and check that all the previous action points have been addressed.

This is an effective way of monitoring improvements, simplifies follow up and prevents important items from being overlooked.

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Outstanding Items from Last Inspection Look at the last inspection form and see that everything that was due to be corrected has been completed. Enter any outstanding items not completed, in the appropriate box and identify who is responsible for putting them right and set a target date for completion. This provides a useful record of how effective any remedial action has been.

If any items are still not completed, responsibility should be agreed and names and target dates for completion should also be added.

Analysis Examine all the completed inspection forms from time to time to identify any repetitive items, which may identify an underlying problem. If something keeps appearing on the form on a fairly regular basis there must be an explanation.

Either remedial action is not being taken or it is ineffective. Do something about it, recording both what you found from the analysis and what action you have taken to correct it.

Once or twice a year is a suitable frequency for the analysis of inspection results.

Actions & Monitoring When the inspection is finished, and the form completed, all of the remedial actions should either have been implemented or responsibility assigned for further attention. The form should then be given to the Manager so that he/she can add their own comments or discuss it with the originators.

Copies of all forms should be sent to the Director for Safety for review.

The Director for Safety will monitor the following items: â&#x20AC;&#x201C; â&#x20AC;&#x201C; â&#x20AC;&#x201C;

The number of inspections completed versus those scheduled The corrective actions scheduled versus those actually completed on time Any repetitive items and or adverse trends in behaviour

4.14 Electrical Pat Testing Procedure (Portable Appliance Testing) There is a statutory duty to maintain all electrical systems so that they do not become dangerous. Portable appliance testing will form part of a maintenance programme for electrical safety.

The majority of portable equipment within U+I is modern and conforms to current standards with a moulded plug pre-fitted which means that a visual inspection on a periodic basis may be acceptable.

All portable electrical equipment should be Pat tested within a 3-year period, with visual inspections carried out annually.

Portable appliance testing should form a part of the maintenance regime carried out at each U+I office.

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4.15 Accident Investigation Procedure Statutory Requirements It is a statutory obligation to keep a record of all accidents that occur at work. In addition, certain types of accident, illnesses and diseases must be reported to the local branch of the HSE. This must be done immediately, for any Notifiable Accident, or in the case of a Reportable Accident, within 10 days of occurrence.

Accident Book(s) All offices will have their own Accident Book and the Local Office Manager will be responsible for its safe keeping.

The Accident Book must be secure and accessible to all of them. First Aiders will also need to know where it kept.

Care must be taken to ensure that all relevant records are monitored and stored correctly as they will be required for analysis and internal performance measurement.

Recording Accidents Any employee who has an accident at work, no matter how insignificant, must report it to either a First Aider or the Health & Safety Officer to arrange for it to be recorded.

All accidents that occur at work must be recorded in the Accident Book, no matter how trivial they may seem.

Internal Reporting of Accidents The appropriate Director or Line Manger must be informed immediately if any employee is off work as the result of an accident at work. They will then initiate, with the assistance of the Local Health & Safety Representative, the investigation process and report their findings to the Richard Upton, The Director Responsible for Health & Safety, as soon as possible.

In the event of a serious accident occurring which is, or likely to become, Notifiable or Reportable, Richard Upton, The Director Responsible for Health & Safety will be notified immediately.

They may wish to join the Line Manager and the investigating team. Richard Upton, The Director Responsible for Health & Safety will contact the Chief Executive Officer and keep him informed of progress and outcome of the investigation.

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Investigating Accidents All accidents that result in injury or lost time, will be investigated by the Line Manager responsible. The Line Manager will complete the HSE Accident Report form, held with the Company Health & Safety Representative.

Line Managers will forward details of any accident resulting in injury or lost time to the Director for Safety, within 24hrs of its occurrence.

If the investigation has not been completed, a preliminary report must be forwarded within 24hrs, further details to follow as and when known.

– – – – – – – – –

The person conducting the investigation should ensure that they: Check that the accident was properly recorded Make a sketch plan of the area in which the accident occurred Make an accurate record of how the accident happened Interview any witnesses and record any statements or facts that arise Identify any underlying causes or factors for the accident Make suggestions to prevent a recurrence Take remedial action Follow up all remedial actions and or suggested improvements

Incident Reporting An Incident is defined as either: – –

An event such as a “Near Miss”, where someone was not, but could have been injured An event which did or could have resulted in property/equipment damage.

If and when such events do occur, they must be properly investigated, and a written report made and passed to Richard Upton, The Director Responsible for Health & Safety.

It is important to report incidents and to take appropriate action to prevent recurrence and as a means of preventing accidents resulting in injury or other loss.

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4.16 Reporting of Injuries, Diseases & Dangerous Occurrences Regulations (RIDDOR) 1995 Incidents occurring at work which result in an employee suffering certain types of injury or where he/she contracts certain diseases have to be reported to the HSE. The same principle applies to events that are referred to as “Dangerous Occurrences”. In most cases this will be to one of the HSE or local Environmental Health Officers - If in doubt, check the name and address of the authority displayed on the statutory H & S poster.

This enables the H.S.E. to monitor such events, but more importantly it allows the local Enforcing Officers an opportunity to investigate the more serious accidents and occurrences. In addition, it gives them a chance to investigate similar or repetitive events and/or those employers who seem to have more than the average number of accidents or incidents.

The Regulations can be divided up into three main sections: – – –

Reporting of Accidents Reporting of Diseases Reporting of Dangerous Occurrences

Death or Major Injuries A Major Accident must be reported to the HSE, immediately using the quickest means available, usually by telephone. This gives the HSE the opportunity to visit the site to conduct an investigation. They may request that the scene is left undisturbed until they arrive unless this incurs additional risks /dangers.

Major Injuries include: – – – – – – – –

All fatalities All fractures except those to fingers, thumbs and toes Dislocations of shoulders, hips, knees or spine Loss of sight either temporary or permanent Electric shock resulting in burns, unconsciousness/hospitalisation for 24 hrs or more Unconsciousness or asphyxia that results in admittance to hospital for 24 hrs or more Acute illnesses requiring medical treatment, including those from biological hazards Any other injury that results in admittance to hospital for 24 hrs. or more

Over Seven Day Injuries This relates to those accidents that result in more than Seven days incapacity from work. This include if someone is incapacitated from any work that he or she could be reasonably expected to do, The day on which the accident occurred does not count in the calculation, but, days that are not normally working days (such as Saturday and Sunday) are counted.

Reporting of Diseases Certain diseases and conditions must be reported to the HSE should they affect any employee as a result of their work.

They include conditions that:

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Result from exposure to physical agents or from working conditions e.g.: – – – –

Certain skin diseases, ulcers etc.

Cataracts Decompression Illness Carpal Tunnel Syndrome (R.S.I.)

Infections due to biological agents e.g.: – – –

Anthrax Legionella Hepatitis

Conditions due to substances e.g.: – – –

Various forms of "poisoning”, e.g. beryllium, benzene Cancer in various forms Occupational Dermatitis

Dangerous Occurrences Certain dangerous occurrences must be reported to the appropriate Enforcing Authority as quickly as possible and followed up in writing within ten days. There is a comprehensive list defining a dangerous occurrence contained in Schedule 2 of the Regulations. If in doubt consult the schedule or contact the local HSE for advice.

Dangerous Occurrences contained in the Schedule include the following examples: – – – – – – – – –

Failure, collapse or overturning of lifting machines, cranes hoists etc.

Failure of any Pressurised System, boiler etc.

Fires or explosions from electrical short faults, when plant is shut down for 24 hrs.

Other fires or explosions, where plant is shut down for 24 hrs.

Failure of any lifting equipment or lifting tackle.

Release of any biological agents.

Incidents that result in partial or total collapse of scaffolding.

Uncontrolled release of 100Kgs or more of flammable liquid.

Accidental discharge/escape of a substance in quantities to cause death or injury.

Note: This list is only includes some of the more common dangerous occurrences - it is not an exhaustive list.

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Internal Reporting Responsibilities The Health & Safety Representative at each office is responsible for making the following reports: Accidents & Incidents – Notifiable Accidents - must be reported to Richard Upton, The Director Responsible for Health & Safety and the Chief Executive Officer immediately - this is in addition to the statutory duty to report notifiable accidents to the HSE. – Reportable Accidents and any Lost Time Accidents - must be reported to Richard Upton, The Director Responsible for Health & Safety, as soon as the Local Health & Safety Representative knows of their existence.

– Richard Upton, The Director Responsible for Health & Safety, will ensure the Chief Executive Officer is informed within 24 hours, as set out in the Accident Investigation Procedure.

– Other Accidents - which means all minor accidents and any first aid treatments recorded in the accident book, will be reported to Richard Upton, The Director Responsible for Health & Safety every quarter.

Health Related Issues – Any Notifiable Diseases or Significant Issues involving Ill Health - must be reported to Richard Upton, The Director Responsible for Health & Safety, as soon as the Local Health & Safety Representative knows of their existence.

– Richard Upton, The Director Responsible for Health & Safety will ensure the Chief Executive Officer is informed as and when appropriate.

4.17 Statutory Notices & Visits from the HSE Any Statutory Notice issued To be reported to Richard Upton, The Director Responsible for Health & Safety and the Chief Executive Officer immediately.

All Visits from an Enforcing Officer (HSE, EHO, EA, Fire Officer) To be reported to the most senior member of staff within the office at time of the visit.

The Local Health & Safety representative will ensure for that Richard Upton, The Director Responsible for Health & Safety and the Chief Executive Officer, is aware of the outcome of the visit.

Accident/Incident Analysis The Company Health & Safety representative will analyse all accidents and incidents annually to determine if there are any underlying causes or repetitive reasons for their occurrence. They will forward their findings to the Director Responsible for Safety who may present the information to the board.

For the purpose of analysis, the following criteria will be used to make comparisons with: – – –

Accidents resulting in any form of injury Incidents resulting in damage to property resulting in any other form of loss Incidents which involved no injury or damage, but which could have (Near Misses)

Analysis Criteria Details of the People Injured – Job/task engaged on at time of accident – Age

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– –

Length of time employed Time of day

Part of the Body Injured – Head/neck – Hands/arms – Body – Feet/legs Details of Injury – Burn – Cut/laceration – Bruise/abrasion – Sprain/strain – Foreign body in eye – Fractures – Other The main purpose of conducting the analysis is to: – Examine the data for common trends and make recommendations – Identify repetitive events and ways of preventing recurrence – Identifying underlying causes and failures to control – Establish any potential failures in the safety management system

4.18 Display Screen Equipment And Workstation Assessments Statutory Requirement & Definitions Conducting risk assessments of the workstations for all identified Users of Display Screen Equipment (DSE) is a statutory duty.

This Policy applies to all U+I employees for whom the use of the display screen equipment forms a significant and habitual part of his or her normal work, and where the following criteria apply: – – –

Work often requires the use of DSE for a period of two hours or longer The display screen is used most days, or every day The job could not be done without the use of display screen equipment

DSE and Workstation Self-Assessment of DSE In the first instance, all DSE Users in U+I will make a self-assessment of their own work station using the DSE and Work Station Assessment Self-Assessment form.

Should this indicate that corrective action is necessary; the User should discuss this with Human Resources so that they can agree what needs to be done, or if any additional equipment is required.

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Exception Assessments of DSE/Workstations In certain circumstances it may not be possible to agree a course of remedial action, which means that it will be necessary to carry out an exception assessment.

Reasons could include: – – – –

Neither party knows how to correct the deficiency in the workstation They cannot agree on a suitable corrective action The individual has some special personal needs There is a need to provide specialised equipment

In all such cases a formal workstation assessment will be commissioned with a qualified physiotherapist or occupational health professional.

U+I Eye Care Scheme Refer to the U+I - DSE Safety Document for details of the Company’s eye care scheme.

4.19 Personal Protective Equipment Provision of Personal Protective Equipment (PPE) is a legal requirement. All Employers are required to make an assessment of work/operations and where PPE is needed, it must be supplied.

It is not acceptable to expect third parties to supply PPE and employers cannot avoid the responsibility to supply proper PPE, even if this is written into contracts with the parties involved.

The Personal Protective Equipment Regulations 1992 The key points of the Regulations can be summarised as: – – – – – – –

Assess any risk and provide suitable P.P.E. to all employees who may be at risk Provide necessary arrangements to ensure it is maintained in a serviceable condition Individuals must take care of their P.P.E. Provide proper clean and hygienic storage facilities Train people in the correct way of fitting as well as in the use of P.P.E. Ensure P.P.E. is used both properly and when required Replace it when necessary or if it becomes unfit for purpose

PPE Rules Any U+I employees who regularly work away from their base or who are frequently on site will be reimbursed to provide their own issue of the following PPE items as a minimum: – – – – –

Safety helmet High Visibility jacket/vest Safety footwear Eye protection In addition, if there are any special needs, individuals will be issued with additional items, suitable for the risks identified.

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All employees will carry their PPE with them when they go to site and will wear it all times in accordance with U+I safety rules and procedures. They will also look after it and report any loss, damage or defects that may occur, so as to obtain suitable replacements.

4.20 Emergency Evacuation Procedures – Howick Place Building Occupancy The building is mainly used as offices; however, risk areas do exist such as plant rooms. The building design is such that these areas are structurally designed to withstand a fire in its early and subsequent stages and therefore, generally, the building occupancy is mainly an office environment with relatively low risk.

The building manager maintains a list of building occupants; fire wardens have been appointed and, in the event of evacuation, should report to the Building Manager’s representative to advise that their search area is clear. Once all fire wardens have reported in the same way, this information will be past (passed) on to the first fire officer attending the incident.

Building occupancy information should be updated on a regular basis.

Health & Safety Representative Fire safety for U+I PLC is managed on a day to day basis by Bernie Spears who can be contacted on 0207 7802 9924. All fire safety issues must be reported to Bernie as a matter of urgency; Building Manager The Landlord is responsible for all common parts of the building e.g. staircases, entrance lobbies, plant room and roof spaces; The Landlord has appointed a Building Manager who is responsible for day to management.

Escape Routes: The means of escape from upper floors is via two protected 1100mm wide staircases known as East and West staircases, both escape routes lead directly to open air. At ground floor level there are four routes that lead to final exits which are all clearly indicated with fire exit signs.

The maximum numbers of persons at any one time on the upper floors will not exceed the staircase capacity of 150 and is therefore regarded as suitable and sufficient, providing a relative place of safety during a fire elsewhere in the building. For the staircases to be usable at all times: there must be no storage of combustible materials or obstructions and doors must be maintained in is a good condition and not wedged open. All fire rated doors are inspected monthly.

Should a member of staff, at any time, believe that they may have difficulty evacuating unaided; they must report this immediately to the Local Health & Safety Representative so that assistance can be arranged.

Fire Hazards (include): – Solid combustible materials i.e. wood, paper cardboard etc – Clothing – Plastic, foam, rubber etc. including furniture and fixtures and fittings – Flammable aerosol cans stored in cleaners’ cupboards – Loose packaging materials – Flammable waste

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Ignition Sources (include): – Electrical installation – Portable electrical equipment – Electrical extension leads (mechanical damage) Other ignition sources exist within the plant rooms next to the reprographics area though these are fully enclosed in fire resisting construction.

The main building plant room is under the control of the landlord and their fire risk assessment and relevant control measures.

Evacuation Procedures: The building fire evacuation is controlled by the building manager, fire wardens and the landlord security staff. On activation of any device e.g. smoke detector or break glass call point, the fire alarm will sound, and all areas will evacuate to the designated fire assembly point outside CAFFÉ NERO. +

Action on Hearing the Alarm – – – – – – –

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Action upon discovering a fire – – – – –

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Close all doors behind you as you leave Immediately leave by the nearest fire escape staircase or final exit door Do not stop to collect personal belongings Do not use the lifts Be guided by instructions given by your fire warden Report to the fire assembly point Do not re-enter the building until instructed to do so

Immediately raise the alarm by operating the nearest fire alarm call point Only tackle the fire if you have been trained to do so (fire wardens) without taking undue risk. Where any doubt exists, evacuate immediately Leave by the nearest fire escape route Report to the nearest assembly point Notify your fire warden where the fire started and what materials are involved

Fire wardens Duties – – – – – –

Proceed to your designated search area Search all rooms, corridors, toilets within your area Encourage persons to evacuate by the nearest exit Once your area is clear – leave by your nearest available escape route Report to the building co-ordinator that your area is clear Where the fire is in your area, tackle the fire, without undue risk, or note what is involved and inform the building coordinator

Fire Assembly Point The fire assembly point is outside “CAFFÉ NERO” Fire – fighting equipment Firefighting equipment is provided and can be easily located on all escape routes; fire wardens are provided with specific training in their use, the types of appliances available are:

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– –

Water for general hazards such as wood, paper cardboard etc Carbon Dioxide (CO2) for electrical risks

Should you discover a fire your first action MUST be to raise the alarm (operate the fire alarm call point), only then should a fire extinguisher be used and only if suitable training has been provided. Fire extinguishers are regularly inspected and maintained to ensure, as far as reasonably practicable, that they are fit for use at all times. Should any member of staff notice that an appliance has been tampered with, this should be reported immediately. Under no circumstances should fire extinguishers be used to wedge open doors or be removed from their fire point.

Other Fire safety equipment Fire telephones have been installed inside both staircase lobbies, these can be used by fire wardens or staff that require further assistance during evacuation. Inside the lobby is a refuge area which can be used by disabled persons awaiting assistance during evacuation.

General Fire Safety All staff must comply with the following control measures: – – – – – – – – – – – – – –

Keep your workplace tidy to reduce the risk of fire spread Never store any combustible material in the staircase or lobby Never wedge open fire doors Inform you manager should you foresee any difficulty that may slow your evacuation Never tamper with fire extinguishers Do not use electrical equipment from home without permission (will require testing) Do not overload electric sockets Only use extension leads as a temporary measure and never join two or more extension leads together Never leave toasters (tea point room) unattended when in use, empty out toaster at regular intervals. Under no circumstances are toasters to be used in anywhere other than the designated tea point room Never place paper shredders close to your room exit Keep areas around photocopiers free from excess paper Start evacuation immediately when the fire alarm sounds During a fire evacuation follow any instructions given by your fire warden

The full fire emergency plan document with evacuation plan drawings can be requested from Bernie Spears +44 (0)20 7802 9924.

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NON-FIRE EMERGENCY EVACUATION BRIEFING INSTRUCTIONS – 7a Howick Place The following should be used as guidance in the event of an emergency evacuation not caused by fire. There are the obvious, bomb, terrorist, riots but there is also the possibility of vehicle, weapon and blade attack.

Please note: It is likely that in an emergency situation we would not know the full facts of what is happening, and therefore the below is not exhaustive.

If the danger is within the building, the fire evacuation procedure above should be used. As we do not have a protected space within the building, invacuation is not an option.

Everyone should be familiar with the location of all exits: – – –

The fire escape door via the pink walls will take you to the first floor of No 7, from where you take stairs down to their ground floor (from where you can either access Howick Place or the loading bay) All the other fire exits in Howick Place come out onto either to the residents’ block attached to this building (from where you exit onto Francis Street) or the loading bay.

The loading bay has emergency exits at both ends; if you take the exit on your left you will end up in Francis Street, if you take the exit on your right you will end up on Howick Place.

In the event of an emergency evacuation, there is no safe assembly point, so staff should get as far away from the building as possible.

Every employee must: – – –

Take responsibility; individual safety is paramount Not panic Call 999 and make the emergency services aware of the situation and report the following, the mnemonic ETHANE is used for the information needed: 1.

2.

3.

4.

5.

6.

–

Exact - location Type - the nature of the incident Hazards – both present and potential Access – best route for emergency services to access the site Numbers – of casualties, etc Emergency services – which services are required

Make sure you have the mobile numbers of everyone in your team and your line manager so that you can let each other know that you are safe. Line managers will report to their Leadership Team Director, who in turn will report in to an Exec Director.

If there is a threat reported outside the building, but we don’t know the scale of it, we will not force employees and visitors either to stay or leave. Each individual is encouraged to carefully consider their options and make a decision accordingly. Everyone should have a plan in mind in advance of an incident occurring.

In the case of such an event, the front doors will be locked but individuals will still be permitted to leave the building via a fire exit if they decide you want to.

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Two crisis management packs (also known as Grab Bags) containing recommended basic standard emergency kit; one is located in the coat cupboard next to kitchen and the other is in the cupboard behind reception. You never know how they might come in useful; they’re not kitted out to save lives, but they would certainly help deal with shock, emergency communication, etc.

Be vigilant.

The Concierges based at Howick Place are able to act as security but will not be at their post all day. For this reason, it is important that everyone is proactive in playing their part in the security of the building as follows: – – – –

Maintain situational awareness and report unusual behaviour.

Employees will escort guests in and out of the building All guests and contractors will be required to wear a Visitor or Contractor Pass (or expect them to be challenged if they’re not).

Let the Office Services team know if you are leaving guests to make use of any of our facilities

In the event of an emergency, either in or outside the building, the Panic Button will be activated by the receptionists if possible. If an individual deems it safe to approach, they will be encouraged to do so. Should it be determined appropriate, the police will be alerted.

For further guidance, please contact Mark Richardson, chair of the Disaster committee.

4.21 Events Security Security personnel must be present at all times prior, during and after events. Security personnel must hold SIA security training ID. After an event a full sweep of the property should be conducted; doors and windows must be locked, and no lone working will be permitted after events.

Fire Smoking or E-Cigarettes are not permitted at events, in accordance Section 4.20, and any performers using pyrotechnic or any effects that generate heat/sparks must be Fire Risk Assessed before event. After each event Security must undertake a fire sweep.

First Aid First Aid provision must be identified in the Specific Event Risk Assessment.

Alcohol & Food The consumption of Alcohol is permitted at events but must not be sold; persons who excessively drink and prove to be a danger to themselves or others will be escorted off the premises.

Food will be provided by outside catering; the cooking of food is not permitted on the premises however the warming of food is allowed. Food warmers must be electric and not solid fuel type. Power requirements for food warmers must be discussed prior to event and included in Event Risk Assessment. Power outlets in Howick Place have been labelled with power loads Illegal Substances Any person deemed to be under the influence of or seen to be using illegal substances or ‘legal Highs’ will be escorted of the premises.

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The Deputy CEO must be informed as soon as reasonably possible to determine what further action is required.

Times All events will cease by 23.00hr.

Performers Performers must provide a full description of their act, including any potential risks to audience/staff in advance of the event. The internal events organiser will include control measure within Event Risk Assessment.

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APPENDIX 5

APPENDIX 6

APPENDIX 7

Paul Whitney

Associate Director Health and Safety Services

Profile Paul is an experienced Consultant with extensive CDM, Health and Safety and Site Auditor experience.

Paul has been involved with many projects within the public and private sectors which range from simple refurbishments / fit outs to large scale demolition and new build projects such as a new prison under the Ministry of Justice framework, many rail and recently pharmaceutical and commercial property.

Paul’s experience of managing complex projects has helped him to develop the skills and tools which enable him to apply the CDM regulations with a flexible and methodical approach that best fits the client’s and project’s needs.

Key experience

Profession Associate Director

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CDM 2015 expert

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CDM Principal Designer / Principal Designer Support

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Client CDM Advisor

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Health and Safety Advisor

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Construction / workplace inspection and monitoring

Nationality / Languages British / English

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Development of health and safety policies and procedures

Qualifications NEBOSH Diploma

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IOSH and APS health and safety training

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Incident/accident investigation

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Consultancy advice and bespoke solutions

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Client account management

Paul is actively involved in organising and delivering Accredited CDM training to APS and IOSH standards.

Health and Safety Consultant Joined F+G December 2004

NEBOSH Construction Certificate NEBOSH General Certificate Professional associations Graduate Member of the Institute of Occupational Safety and Health – Grad IOSH Incorporated Member of the Association for Project Safety - IMaPS

Experience with F+G (Dec 2004 - Present) U+I Group / Development Securities: CDMC, Principal Designer and CDM Advisor for new build development projects at various sites across London and the South East including for Landmark Court,12 Hammersmith Grove, Circus Street and Preston Barracks in Brighton. Value: £250m+ Westminster City Council: CDMC, Principal Designer and CDM Advisor for full strip out and refurbishment of the councils 20 Storey offices located on a tight footprint in Victoria. Value £70m University College London, University of the Arts London, London Metropolitan University and School of African Studies (SOAS): Various new build, refurbishment and fit out projects including for a new student centre, meetings rooms, offices and teaching areas, theatre production areas and library works taking account of tight footprints, live working campus areas. Value: Various CV | Full Name | March 2018

1

International Media Group: Building 6, Chiswick Park and Stockley Park: Principal Designer for the Cat A fit out of new media office space within a multi tenanted building which also formed IMG’s corporate UK head office and CAT B fit out of new office space and media rooms. Value: £10m Flanagan Lawrence Architects: Principal Designer Support on NW07/08 and W03 new build residential projects in Wembley and Greengate Building Manchester. Value: £175m GlaxoSmithKline/ Stevenage Bioscience Catalyst: New Augmentin Manufacturing plant and associated manufacturing upgrades. Installation of combined heating power plants, general refurbishments and construction of new bioscience park catalyst buildings. Value: £215m Wokingham Borough Council: Demolition and new build of Waingels College buildings in a live environment with existing parent and child reception and waiting areas. Value: £30m Principal Designer and CDM Advisor on New Build Secondary School on former Arborfield Military Garrison site and refurbishment of Sports Hall and Library Buildings. Value: £35m Embrook New Maths Block and St Crispin’s New 6th Form Block / other refurbishments. Value: £3m Matthews Green Primary School – Principal Designer – 2 FE Expansion works and the construction of a new community centre. Value: £8.7m Royal Borough of Windsor & Maidenhead: Dedworth School – Principal Designer for 2FE expansion including provision for new double height sports hall and teaching facilities. Value: £4.2m Charters School – Principal Designer 1FE expansion works – Create a STEM centre for the school and demolish/replace a temporary maths block. Value: £4.7m Cox Green School – Principal Designer.1FE expansion works and remodel of spaces. Value: £4.2m Furze Platt Senior School – Principal Designer – 2FE expansion works including the provision of a new hall with stage area. Value: £4.8m Wellington Management: High specification fit out of client offices and various alteration and upgrade projects. Value: Confidential Mapeley Ltd: Various government office refurbishments including secure offices, airport premises and high-profile buildings. Value: £10m Ministry of Defence: IT installations throughout the estate including Germany. Value: £250m Heathrow Sheraton Hotel: Phased refurbishment of 365 guest room hotel including reconfiguration of ground floor of house areas and remodelling of atrium. Value: Confidential Marks and Spencer: Various store wide and office projects throughout their estate including restaurants, cafes and hospitality areas. Value: £90m East Coast Rail Company: Edinburgh Rail Depot: alterations/ upgrades for Project Eureka. Leeds station staff accommodation refurbishment project. Value: £2m Gatwick Airport Ltd: Runway outflow redesign, new staff café, refurbishment of multi faith room, south terminal immigration toilets, internal flooring works and associated projects. Value: £100m Barco Investments: Conversion of the old Café Royal into a new 5-star hotel. Value: £70m Ministry of Justice: New build and refurbishment projects. Value: £140m Experience with Lewisham Borough Council (Nov 2003 - December 2004) Construction Safety Advisor: CDM Planning Supervisor and Construction Safety Advisor for housing projects throuought the council’s estate, along with providing training to internal operatives.

Experience with Above Net / Metromedia (January 2001 – July 2003) Network Operations Centre (NOC) Engineer: Manning of NOC on 24/7shift work basis, attending to world wide client requests and issues to ensure faultless running of the Internet services.

Experience with Ministry of Defence (March 1990 – January 2001) Administration Officer / First Line Maintainer: General administration duties followed by hardware maintainer for a specialised operational computer system based in London buildings.

CV | Full Name | March 2018

2

Test Test Test Test

Faithful+Gould Ltd has demonstrated compliance with the CHAS standards in line with SSIP Core Criteria and UK H&S Legislation and has been awarded accreditation to the requirements of the CDM Regulations 2015

Principal Designer Designer

30 APRIL

2021

Current issue date: Expiry date: Certificate identity number:

1 May 2020 30 April 2023 10264279

Original approval(s): ISO 14001 - 5 June 2003 ISO 9001 - 3 April 1991 OHSAS 18001 - 13 January 2006 SSiP - 13 January 2006

Certificate of Approval This is to certify that the Management System of:

Faithful+Gould Part of SNC-Lavalin’s Engineering Design and Project Management Business Operating in UK & Europe Nova North, 11 Bressenden Place, Westminster, London, SW1E 5BY, United Kingdom has been approved by Lloyd's Register to the following standards:

ISO 14001:2015, ISO 9001:2015, OHSAS 18001:2007, SSiP (Safety Schemes in Procurement) Approval number(s): ISO 14001 – 0002814-006 , ISO 9001 – 0002815-006 , OHSAS 18001 – 0002813-006 , SSiP - 0016203 – 006 This certificate forms part of the approval identified by approval number: 0002814/ 0002815/ 0002813/ 0016203 This certificate is valid only in association with the certificate schedule bearing the same number on which the locations applicable to this approval are listed.

The scope of this approval is applicable to: Multi-disciplinary planning, building surveying, cost management, consultancy, project management, health and safety services and construction services.

David Derrick Area Operations Manager UK & Ireland Issued by: Lloyd's Register Quality Assurance Limited

Lloyd's Register Group Limited, its affiliates and subsidiaries, including Lloyd's Register Quality Assurance Limited (LRQA), and their respective officers, employees or agents are, individually and collectively, referred to in this clause as 'Lloyd's Register'. Lloyd's Register assumes no responsibility and shall not be liable to any person for any loss, damage or expense caused by reliance on the information or advice in this document or howsoever provided, unless that person has signed a contract with the relevant Lloyd's Register entity for the provision of this information or advice and in that case any responsibility or liability is exclusively on the terms and conditions set out in that contract.

Issued by: Lloyd's Register Quality Assurance Limited, 1 Trinity Park, Bickenhill Lane, Birmingham B37 7ES, United Kingdom Page 1 of 2

Certificate identity number: 10264279

Certificate Schedule UK & Europe Head Office

Trading as

Nova North, 11 Bressenden Place, Westminster, London SW1 5BY United Kingdom

Faithful+Gould Ltd Faitful+Gould

UK & Europe Locations Kirkgate House, Upperkirkgate, Aberdeen, AB10 1HW, United Kingdom Montgomery House, 29-33 Montgomery Street, Belfast, Northern Ireland, BT1 4NX, United Kingdom The Axis, 10 Holliday Street, Birmingham, B1 1TF, West Midlands The Hub, 500 Park Avenue, Aztec West, Almondsbury, Bristol, BS32 4RZ, United Kingdom Wellbrook Court, Girton Road, Cambridge, Cambridgeshire, CB3 0NA, United Kingdom 2 Capital Quarter, Floor 2, Tyndall Street, Cardiff, CF10 4BZ, United Kingdom SNC-Lavalin House, 2 Roundhouse Road, Pride Park, Derby, DE24 8JE Canning Exchange, 10 Canning Street, Edinburgh, EH3 8EG, United Kingdom Woodcote Grove, Ashley Road, Epsom, Surrey, KT18 5BW, United Kingdom The Octagon, 2nd Floor, Pynes Hill Court, Rydon Lane, Exeter, Devon, EX2 5AZ, United Kingdom 200 Broomielaw, Glasgow, G1 4RU, United Kingdom 3100 Century Way, Thorpe Park, Leeds, West Yorkshire, LS15 8ZB, United Kingdom Monarch Road, Newcastle Business Park, Newcastle-upon-Tyne, NE4 7YB, United Kingdom Broadgate House, Broadgate, Beeston, Nottinghamshire, NG9 2HF, United Kingdom Chilbrook, Oasis Business Park, Eynsham, Oxford, Oxfordshire, OX29 4AH, United Kingdom First Floor, 2 Charlotte Place, Southampton, Hampshire, SO14 0TB, United Kingdom Dunedin House, Columbia Drive, Stockton-on-Tees, Cleveland, TS17 6BJ, United Kingdom Unit 2 Canal Arm, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5UR, United Kingdom West Glamorgan House, 12 Orchard Street, Swansea, SA1 5AD, United Kingdom Wellington Gate, 7-9 Church Road, Tunbridge Wells, Kent, TN1 1HT, United Kingdom Chadwick House, Birchwood Park, Warrington, WA3 6AE, United Kingdom

Lloyd's Register Group Limited, its affiliates and subsidiaries, including Lloyd's Register Quality Assurance Limited (LRQA), and their respective officers, employees or agents are, individually and collectively, referred to in this clause as 'Lloyd's Register'. Lloyd's Register assumes no responsibility and shall not be liable to any person for any loss, damage or expense caused by reliance on the information or advice in this document or howsoever provided, unless that person has signed a contract with the relevant Lloyd's Register entity for the provision of this information or advice and in that case any responsibility or liability is exclusively on the terms and conditions set out in that contract.

Issued by: Lloyd's Register Quality Assurance Limited, 1 Trinity Park, Bickenhill Lane, Birmingham B37 7ES, United Kingdom Page 2 of 2

APPENDIX 8

Return to the office health and safety Drawing advice from an extensive range of sources and taking into account all of your opinions and suggestions, the company has put together a health and safety plan for eventual return to the office.

Please note that although we have started early with our planning, no-one will be asked to return to work before we or they feel it is safe, or before the government announce it is safe, to do so. Our priority is your health and wellbeing and no decisions on the return to the office will be rushed or taken lightly.

In order for us to make the office a safe environment as possible and set an operational plan for a phased return, we need time to get it right for all of you. In any event, we are very unlikely to open the office for the first week or two after release of lockdown – until there is greater clarity on the safe use of public transport and until the physical measures in the Guide below are fully in place.

If you feel we have missed anything, or you have any suggestions that would make you feel more comfortable returning to work, then please let Sophie know.

Let’s get this as right as we can, Matthew __________________________________________________________________________________ OFFICE RE-OPENING GUIDE Whilst it is clear that there is no ‘risk free’ regime, the first priority is that all both feel safe and are as safe as can be to work in the office. Individuals are responsible for their own safety and for the safety of colleagues – personal accountability is key.

Social Distancing • • • • • • • •

The government guidance of 2 metre distance from one another will be upheld throughout the building We will limit the number of people allowed in the building at one time to 33. This will be arranged and monitored via the shift app where you can book your slot If you are not booked in to come into the office you must not enter the building Only alternate (identified) desks will be in use to maintain the two-metre distance rule whilst seated Lockers will be allocated, and mobile storage units will be provided to move your possessions from your desks A strict tidy desk policy will be implemented, and you will be required to store all your possessions at night to enable all equipment and surfaces to be cleaned appropriately We will have set one-way routes around the office marked out clearly to help us maintain our distance and avoid proximity with one another We will limit the number of people allowed in the meeting rooms, each with a specific limit based on its measurements (please see table below)

Office environment • • •

Prior to re-opening, full deep clean of office and carpets Full daily evening clean of whole office, desks, bathroom, touch points and kitchen Cleaning of kitchen, bathrooms, desks and common “touch points” to be completed every 90 minutes

• • • • • •

Housekeeper hours extended to ensure we maintain a clean office throughout the day; all cleaning fluid used has antiviral and disinfectant ingredients Touch free sanitiser dispensers placed throughout the office, including in kitchen, outside the bathrooms, on the front door and by receptions Sanitising wipes available for all to clean desks whenever they like Gloves to be worn in the kitchen at all times No preparation of food to be permitted in the kitchen PPE provided when requested

Meetings and calls • • • •

External meetings and guests will be put on hold until it is safer to do so (this will also apply to Realstar) Meetings will be encouraged to take place on Teams or Zoom from your desks to ensure distancing and facilitate ongoing homeworking Noise cancelling headphone sets will be provided to enable you to make calls without disturbance at your desk Audio visual facilities to be installed in The Boardroom and Tuition as well as Spire

Communal areas • • •

•

• •

Communal areas will be repurposed to enable people to work more freely away from their desks if they choose to do so Furniture will be rearranged to encourage social distancing There will be a capacity limit of max 3 people in the kitchen at one time, with a requirement to maintain social distancing; all touch points in the kitchen will be cleaned regularly throughout the day At the front door, we will have a sanitising unit so people can sanitise their hands on entering and before leaving the building; the door will be sanitised regularly through the day and put on automatic, so it opens more easily The front door will be manned to ensure we are all keeping safe before entering the building Throughout the building we will have signage and visual aids to help us maintain our social distance

Phased return •

•

• •

•

To enable us to implement our two-metre distancing rule we will have a phased return to work so there is a limited number of people in at each time. This will be monitored via the Teamshift app where you will be able to book your shifts This will be based on your decision as to whether:  Your need to come to work to do your role  You feel comfortable returning to the office and your own personal choices  You have childcare or dependants at home that prevent you from coming in  You feel you are able to travel safely into work There will be people who wish to work alternate days and/or who wish to work reduced office hours, travelling outside of peak travel times, balanced with homeworking We understand that every household has different circumstances so we understand the need for short/medium term flexibility consistent with everyone completing contracted hours and the necessary workstreams Increased communication levels between staff will be essential through this period

Personal hygiene and responsibility • • • • •

PPE of facemask and clothing will be provided where requested It is likely that facemasks should be used when using public Washing your hands at minimum two-hourly intervals for the recommended min 20 seconds with soap and warm water Please respect others health and wellbeing by maintain social distance throughout the day If you are feeling unwell in any way or are showing even mild symptoms of Covid-19, do not come into the office; if feeling unwell while at work, you will be sent home

Please behave at all times as if you are yourself potentially carrying the virus in order to maximise protection for your colleagues; they will do the same for you…

APPENDIX 9

= RIDDOR reportable incident

= Dangerous Occurrences certain, specified near-miss events. (non- RIDDOR reportable incident. For information only)

Key

= Not yet onsite = Project Completed

HEALTH & SAFETY STATUS REPORT Report Date: May 2020

PROJECT DETAILS

Project Name

399 Edgware Road, Phase 2 8 Albert Embankment Bromley South Central (St Mark's Square)

Cambourne

INCIDENTS

F&G Input?

N n/a Y

n/a

PM

Principal Designer/ CDM Advisor 'appointed'

MR

Rise

YES

KMb

Pilbrow & Partners / Stace

NO

JC

McLaren / Faithful+Gould

YES

SLS

TBC/ TBC

NO

Issue Initial F10

Previous Month (2) March 2020 Previous Month April December 19 2020

0

0 n/a

0 n/a

0

n/a

0 n/a

n/a

0 n/a

0

0

Current Month May 2020

n/a

n/a

0

n/a

2

0 n/a

0

Historical Reportable Total

n/a

0 3

0

n/a

0

Circus Street - Main Works

Y

SLS

Faithful+Gould

YES

0

0

0

0

0

0

1

Luneside, Lancaster

N

MR

Just H Architects/Vextrix Management

YES

0

0

0

0

0

0

0

N

GI

Turner and Townsend

Not required

0

n/a

GI

Turner and Townsend

Not required

Mayfield - MAYBE, Manchester Mayfield, Manchester

Faithful+Gould / Faithful+Gould

0 n/a

0 n/a

0 n/a

0 n/a

0

0 n/a

n/a

0

New Garden Square

n/a

PP

NO

n/a

n/a

n/a

n/a

n/a

n/a

0

New Garden Square - Stage 2

n/a

PP

Faithful+Gould / Faithful+Gould

NO

n/a

n/a

n/a

n/a

n/a

n/a

0

KMb

Faithful+Gould / Faithful+Gould

YES

Preston Barracks, Site Wide

Y

0 0

0

0

0

0

0

Preston Barracks, Highways S278

Y

KMb

Faithful+Gould / Faithful+Gould

YES

0

0

0

0

0

0

1

Preston Barracks, CRL

Y

KMb

Faithful+Gould / Faithful+Gould

YES

0

0

0

0

0

0

0

N

PP

Henry Construction (PD) Gleeds (CDMC)

YES

0

n/a

PP

Gleeds (PD & CDMC)

South Woodham Ferrers Southwark (Landmark Court) Spirit of Sittingbourne - Highways S278

0

n/a

0

n/a

0

n/a

0

n/a

0

0

n/a

n/a

0 0

Y

SLS

Connect / Faithful+Gould

YES

Spirit of Sittingbourne - Leisure

n/a

SLS

Harris Partnership

YES

n/a

n/a

n/a

n/a

n/a

n/a

Spirit of Sittingbourne - Residential

n/a

SLS

Corstorphine & Wright

NO

n/a

n/a

n/a

n/a

n/a

n/a

The Old Vinyl Factory, Powerhouse

N

JC

Faithful & Gould

YES

0

The Old Vinyl Factory, Landscaping P2B

Y

JC

Faithful & Gould

YES

0

The Old Vinyl Factory, Landscaping P3

Y

JC

Marrons

YES

n/a

n/a

n/a

n/a

n/a

n/a

0

The Old Vinyl Factory, The Needle Building

Y

JC

Armfield

YES

n/a

n/a

n/a

n/a

n/a

n/a

0

SLS

TBC/ TBC

NO

n/a

n/a

n/a

n/a

n/a

n/a

0

Westminster Industrial Estate

n/a

0

0

0

0

0

0

0

0

0

0

0

0

0

0 1

0

0

0

0

0

PROJECTS BEING MANAGED BY JOINT VENTURE PARTNERS AND U AND I GROUP PLC ARE MONITORING NOT MANAGING

Ballymoss House, Dublin (Planning)

N

RMC

OLM Consultancy

NO

n/a

n/a

n/a

n/a

n/a

n/a

0

Carrisbrook House, Dublin - (Planning)

N

RMC

TBC/ TBC

TBA

n/a

n/a

n/a

n/a

n/a

n/a

0

Shepherds Bush Market

Y

JC

TBC/ TBC

NO

n/a

n/a

n/a

n/a

n/a

n/a

0

APPENDIX 10

Employee Name A AA AB AC AD AE AF AG AH AI AJ AK AL AM AN AO AP AQ AR AS AT AU AV AW AX AY AZ B BA BB BC BD BE BF BG BH BI BJ BK BL BM BN BO BP BQ BR BS BT BU BV BW BX BY BZ C CA CB CC CD CE CF CG CH CI CJ CK CL CM CN CO CP CQ CR CS CT CU CV CW CX CY CZ D E F G H I J K L M N O P Q R S T U V W X Y Z

Course Series Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2018/19 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18 Market Ready 2017/18

Course Name Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK) Health and Safety (UK)

Deadline 31/08/2018 20/09/2018 31/08/2018 31/08/2018 31/08/2018 24/11/2018 31/08/2018 31/08/2018 31/08/2018 14/07/2019 31/08/2018 18/04/2019 06/09/2018 31/08/2018 31/08/2018 24/10/2018 31/05/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 27/09/2019 30/09/2018 31/08/2018 31/08/2018 09/09/2019 06/03/2019 10/01/2019 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 13/03/2019 31/08/2018 31/08/2018 28/10/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 09/02/2019 31/08/2018 31/08/2018 28/06/2019 31/08/2018 31/08/2018 11/11/2019 17/07/2019 31/08/2018 31/08/2018 31/08/2018 31/08/2018 07/02/2019 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/05/2018 31/08/2018 31/08/2018 20/12/2019 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 04/10/2018 09/12/2018 02/10/2019 31/08/2018 31/08/2018 31/08/2018 31/08/2018 14/07/2019 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018 31/08/2018

Date Assigned on 01/08/2018 22/06/2018 01/08/2018 01/08/2018 01/08/2018 24/10/2018 01/08/2018 01/08/2018 01/08/2018 06/06/2019 01/08/2018 15/03/2019 06/08/2018 01/08/2018 01/08/2018 24/09/2018 04/04/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 27/08/2019 29/08/2018 01/08/2018 01/08/2018 09/08/2019 06/02/2019 05/12/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 13/02/2019 01/08/2018 01/08/2018 28/09/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 19/12/2018 01/08/2018 01/08/2018 21/05/2019 01/08/2018 01/08/2018 08/10/2019 17/06/2019 01/08/2018 01/08/2018 01/08/2018 01/08/2018 19/12/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 04/04/2018 01/08/2018 01/08/2018 20/11/2019 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 03/09/2018 09/11/2018 23/08/2019 01/08/2018 01/08/2018 01/08/2018 01/08/2018 06/06/2019 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018 01/08/2018

Date Completed on 08/08/2018 16/08/2018 19/09/2018 17/08/2018 31/08/2018 06/12/2018 13/08/2018 17/08/2018 14/08/2018 09/07/2019 22/08/2018 22/04/2019 02/10/2018 10/08/2018 17/08/2018 01/10/2018 27/04/2018 30/08/2018 03/08/2018 09/08/2018 10/08/2018 28/09/2018 28/08/2019 25/09/2018 30/08/2018 21/09/2018 22/08/2019 07/02/2019 03/01/2019 17/08/2018 31/08/2018 24/08/2018 24/09/2018 04/09/2018 12/03/2019 03/08/2018 23/08/2018 29/10/2018 17/09/2018 21/09/2018 15/08/2018 20/08/2018 13/08/2018 02/08/2018 09/08/2018 30/08/2018 28/08/2018 03/08/2018 15/08/2018 07/08/2018 03/08/2018 17/08/2018 02/08/2018 16/01/2019 03/08/2018 30/08/2018 09/07/2019 21/09/2018 30/08/2018 11/11/2019 15/07/2019 09/08/2018 06/08/2018 30/08/2018 14/08/2018 07/01/2019 01/08/2018 20/08/2018 01/08/2018 19/09/2018 03/08/2018 04/09/2018 30/08/2018 01/08/2018 12/12/2019 17/09/2018 01/08/2018 23/08/2018 21/08/2018 06/09/2018 04/09/2018 30/11/2018 31/10/2019 03/09/2018 20/08/2018 10/08/2018 03/08/2018 29/07/2019 15/08/2018 17/08/2018 02/08/2018 02/08/2018 17/09/2018 24/08/2018 01/08/2018 01/08/2018 03/09/2018 03/08/2018 21/09/2018 01/08/2018 10/08/2018 02/08/2018 10/10/2018 17/08/2018

Course Status Course Deadline Status COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED

Percentage complete 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

Chapters complete Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9 Completed 9 of 9

Score 100 100 100 100 80 90 90 80 80 90 100 100 100 80 100 100 90 100 80 90 90 90 100 90 100 100 100 100 90 90 100 100 80 90 80 90 100 90 80 90 90 100 90 100 100 80 90 100 100 80 100 80 90 100 80 80 100 100 100 90 100 90 90 100 100 100 90 90 100 100 90 100 90 100 80 100 100 100 90 80 100 80 100 90 90 100 100 90 100 90 80 100 80 90 100 80 90 80 90 90 100 90 90 90

APPENDIX 11

Return to work Health and Safety Survey June 1) Whilst working from home, do you feel you have been more or less productive or the same?

Much more More Neutral Less Much less 2) Having read the draft risk assessment and knowing that clear rules will be established for social distancing, enhanced cleaning, no external visitors, etc., would you feel comfortable returning to work in the office from 15th July? a. Yes b. Yes but part time c. Not yet 3) If so and as from 15th July, do you currently intend to work in the office for all or part of the week?

Yes full time Yes 2-3 days per week Yes very occasionally 4) On the basis of the last three months, do you think now that you might be keen to work from home on a more regular basis in the longer term and once we are back close to “normal”?

Yes 2-3 days per week Yes very occasionally No 5) As some people are having difficulty with Teams/Zoom meetings, we wish to get a general view on home connectivity; using the normal location from which you have been undertaking homeworking, could you please check and report your download and upload speeds (accessed by typing ‘speed test’ in your normal search function and running the test mid-morning – average of three consecutive runs over 15 mins, please)?

Download: X.X Mbps Upload: X.X Mbps 6) Do you feel you are properly supported with your homeworking set up?

Yes No Comments box: 7) Do you have any further suggestions that would make you feel more comfortable returning to the office?

Comments box:

Return to Work Survey May 1. Is there any reason, including medical status, pregnancy, living situations (for example, living with a vulnerable person or pregnant woman), dependants at home (for example childcare), public transport concerns, etc., that would prevent you coming back to the office? YES/NO

2. What would have to change for you to be able to come into the office. PLEASE SPECIFY:

3. Is there any reason, including living situations, that would mean you would find it better to work in the office? PLEASE SPECIFY/ N/A

4. In principle, providing government restrictions are lifted, the office is deep cleaned and disinfected regularly and social distancing rules are followed, would you feel comfortable returning to the office? YES/NO/ N/A

5. Would you be open to working part time in the office and part time at home? YES/NO/ N/A

6. If in the office part time, would you prefer to work alternate days or part days avoiding peak travel e.g., 08.00 to 15.30 or 10.00 to 18.30. PLEASE SPECIFY

7. On a scale of 1 to 5, how important do you see the role of the office in your work productivity and mental wellbeing? 1 being not important and 5 being extremely important.

WORK PRODUCTIVITY: MENTAL WELLBEING:

8. Including social distancing rules and provision of PPE, what other suggestions could we implement to make your transition back to work more comfortable? PLEASE COMMENT

APPENDIX 12

CDM + HEALTH & SAFETY SERVICES NATIONAL SKILLS MATRIX WEST REGION

NAME (Surname A- Z)

LOCATION

Clark, Martyn Andrew Flaherty Duncan Roberts Gary Adams

Cardiff Cardiff Cardiff Swansea

Stu MacKenzie Cath Bone Ella Barter Fay Dobson Kat Perry Andy Purchase Alun Davies Aissam Nehari

Bristol Bristol Bristol Bristol Bristol Bristol Bristol Bristol Bristol

      



Chris Spells Martin Emery

Birmingham Birmingham Birmingham

 

 

Simon Meddings Louise Tomkinson

Nottingham Nottingham Nottingham Nottingham





KEY

3= Much experience 2= Medium experience 1= A Little experience 0= No experience  Achieved

P F

Current Study Fellow

   

   

   

   





NVQ L5

 

Exp 







P

  



  





 



P

 

Incorporated Engineer

Chartered Engineer

FIRE: Fire Manager Certificate / NEBOSH Diploma / IFE

Lead Auditor: ISO9001, ISO14001, OHSAS 18001

Personal Track Side (PTS)

HNC/ HND/ OND/ BTEC

MSc (H&S)

BSc (Hons) Env

BSc/BA (H&S) (Hons)

BSc/BA (Hons) Construction etc

BSc/BA (Hons) Degree level education

NEBOSH/BSC/NCRQ/ IOSH Diploma L6

IOSH MS IOSH WS

NEBOSH Construction L3

CDM 2015 Training

NEBOSH General L3

QUALIFICATIONS





 







AaPS

AaPS AaPS





AaPS

   

 



 

T  





 

P



Tech

 



P 

  

0 0 2 0

0 0 1 1 3

0 1 0



0



2





2

P  

3 2





Workplace Risk Assessment

Noise Assessment

OH&S Advice

Faithful+Gould Health & Safety Skills Matrix - April 2016 Environmental Management Systems Mananagement/ Audit

PgC Occ H&S Management

Fire Specialism

Fire Risk Assessment [FRA]

IFE Asbestos Management P405 Asbestos Surveying P402

CIEH

RICS

AIEMA

MCIOB

ICIOB

MEMBERSHIP AFFILIATION

ACIOB

MIIRSM

CFIOSH / CMIOSH

TechIOSH [T] GRADIOSH (G)

CMAPS

IMAPS

MICE

26/04/2016 Revision No. 16 1 of 1 H&S SKILLS



   

1 3 3



3 0 2 1 3 1 3 1 3 1

0

0 0 0 0 2 3 1 1 2 2

0 1 0 0 0 0 0 0 0 0 2 0

     

3 3 1 2: Exp 1

 

1

3 0 0 0

3 3 1 1 0

3 2 1 0 1 1       

   

Government

2 1 2 1 3 1 0 1 1 0 1 3 1 1 1 3 2 2 2 3 1 3 1 3 2 1 2 3 2 2 1 3 2 2 3 3 2 2 3

3 2 0 0 2 2 0 0 2 1 1 0 2 0 0 0 3 3 2 1 3 1 0 0 3 3 2 1 3 3 2 1 3 3 3 1 3 2 2 1

0 0 0 0 0 1 0 0 0 1 1 1 1 1 0 0 2 1 3 1

Building Information Modelling(BIM)

Marine Ports Rivers

Buildings: Refurbishment



Buildings: Historic



Buildings: New Build



Civil Engineering

 

Demolition

P

Pipeline Services



Roads and Infrastructure

Training the Trainer {Presentation Skills}

CLIENT H&S Training

INDUSTRY CARDS

IOSH MS/WS

NEBOSH H&S

CSCS Card

EUSR

Petroleum Safety Passport

QA Auditing

Temporary Works

Scaffold Inspection

Site Safety Audit/ Inspection

0 1

Additional skills, including providing training

TRAINING DELIVERY



2 3

P F

SECTOR EXPERIENCE

0

   3 0 0 0 3 0 0 0 1 0 0 1 3 0 0 1 3 0 1 2 3 2 2 3 3 1 2

0 0  

0 0 0 0 2 0 0 0 2 0 0 0 0 0 0 0 3 2 2 1 3 2 2 0 3 2 1 1

Telecommunications

Local Authority

Housing Assoc/ Housing Trust

Education

Health

Manufacturing: Heavy

Manufacturing: Medium

Manufacturing: Light

Charity

Specialist: Clean Rooms

Specialist: Laboratory

Specialist: Chemicals

Rail Engineering

Achieved

: Current study Fellow

3 3 2 3 3 3 2 1 3 3 1 3 3 3 0 3 3 3 1 3 3 3 1 1 3 2 1 1 3 3 1 1 2 3 1 1 2 3 1 0 3 2 0 0 3 2 0 0 2 2 1 0 0 2 0 0 2 0 0 0

3 3 3 1 2 1 0 0 3 3 2 1 3 3 2 1 3 3 2 1 3 3

1 2 1 0 0 2 0 0 1 2 2 1 0 1 0 0 0 3 2 1 0 3 2 1 1 3 2 1 0 2 0 0 0 1 1 0 0

2 1 0 0 0 1 0 0 0 1 0 1 3 0 3 0 3 0 0 1 0 0 0 0 2 0 0 0 0 0

1 3 0 0 0 3 0 3 2 3 1 1 0 0 0 3 0 3 0 0 0 1 0 2 0 0 0 0 0 2

3 2 1 0 3 2 3 1 3 2 2 1 3 0 3 0 3 0 1 0 0 0 0 0 0 0 0 0 0 0

ď ?

Nuclear

Commercial

:

CDM + HEALTH & SAFETY SERVICES NATIONAL SKILLS MATRIX NORTH REGION

LOCATION

IMAPS

Lead Auditor: ISO9001, ISO14001, OHSAS 18001

Personal Track Side (PTS)

HNC/ HND/ OND/ BTEC

MSc (H&S)

BSc (Hons) Env

 

BSc/BA (H&S) (Hons)

BSc/BA (Hons) Degree level education



BSc/BA (Hons) Construction etc

NEBOSH/BSC IOSH Diploma L6

IOSH MS IOSH WS

NEBOSH Construction L3

NEBOSH General L3

QUALIFICATIONS CDM 2015 Training

NAME (Surname A- Z)

Stockton Stockton Stockton Sam Grieveson

Stephen Waite

Newcastle Newcastle



 

Derek Ramage Elsa Bisset

Glasgow Glasgow Glasgow

 

 

 

Mike Sturgeon Alasdair Guthrie

Edinburgh Glasgow/Edinburg Edinburgh Edinburgh

 





Ciaran Mullan Nicola McCracken

Belfast Belfast

KEY

3= Much experience 2= Medium experience 1= A Little experience 0= No experience  Achieved

P F

Current Study Fellow



 

 



 



 

 





 

 

 



3 2



3



2 3 2

3



2 2

Workplace Risk Assessment

Noise Assessment

MEMBERSHIP AFFILIATION

OH&S Advice

Faithful+Gould Health & Safety Skills Matrix - April 2016 Environmental Management Systems Mananagement/ Audit

PgC Occ H&S Management

FRA Course

Fire Risk Assessment [FRA]

CIEH Asbestos Management P405 Asbestos Surveying P402

RICS

AIEMA

MCIOB

ICIOB

ACIOB

MIIRSM

CFIOSH / CMIOSH

TechIOSH [T] GRADIOSH (G)

CMAPS

26/04/2016 Revision No. 16 1 of 1 H&S SKILLS

1 3 1 1 1

1 2 2 2

2 2 2 3 2 1 3 3



3 3 3 1 2 3

1 2 1

3 1 2   

0 0 0 0 2 0 0 0

3 3 3 2 1 1  

0 0 0 1 1 2 0 0 2 3 1 2 1 1

3 3 2 2 3 3 0

 

 

2 1 3

3 1 2 3 1

1 0 3 3 3 2

3 2 3

Government

1 3

Buildings: Refurbishment

3

Buildings: Historic

Buildings: New Build

1

Civil Engineering

Pipeline Services

Building Information Modelling(BIM)

Marine Ports Rivers

Roads and Infrastructure

Training the Trainer {Presentation Skills}

TRAINING DELIVERY

Demolition

1

CLIENT H&S Training

INDUSTRY CARDS

IOSH MS/WS

NEBOSH H&S

CSCS Card

Petroleum Safety Passport

Scaffold Inspection

Site Safety Audit/ Inspection

2 3

0 

1 P F

Additional skills, including providing training SECTOR EXPERIENCE

3 1 3 1 3

1 3 1 2

3 2 3 2 3 3 3 3

3 0 2 3

Specialist: Laboratory

Specialist: Chemicals

Rail Engineering

Current study Fellow

1 3 3 1 3 1 3 1 1 1 1 2 1 1 1

3 1 3 3 1 1 1 1 0 1 1 0 1 0

2 1 3 3 2 3 3 1 3 3 2 2 2 2 2 2 2 2 2 1 2 2 2 1 1 1

0 1 2 0 0 0 1 0 0 0 0 0 1

Oil & Gas

Specialist: Clean Rooms

:

Renewables

Charity

Achieved

Nuclear

Manufacturing: Light

2 Manufacturing: Medium

3 3 Manufacturing: Heavy

1 Health

3 Education

3 Housing Assoc/ Housing Trust

Telecommunications

1 3 Local Authority

Commercial

:

0 2 2

0 0 2 0

0 3 1

LONDON & SOUTH EAST REGION

NAME (Surname A- Z)

LOCATION

Mike Weston Jackson D

London London London London London

   

Tunbridge Wells Tunbridge Wells Tunbridge Wells Tunbridge Wells

   

   





Gillian Ashwell

Epsom Epsom Epsom





Rachel Lambert

Cambridge







Kevin Slaney

Cambridge Cambridge Cambridge







S Fisher Paul Whitney Priya Patel

Richard Glazzard Steve LeLievre

Jenny Wagg Joe Purslow

David Holmes Victoria Keable

KEY

3= Much experience 2= Medium experience 1= A Little experience 0= No experience  Achieved

P F

Current Study Fellow

   

   

Lead Auditor: ISO9001, ISO14001, OHSAS 18001

Personal Track Side (PTS)

HNC/ HND/ OND/ BTEC

MSc (H&S)

BSc (Hons) Env

BSc/BA (H&S) (Hons)

BSc/BA (Hons) Construction etc 







 







P

 





 

BSc/BA (Hons) Degree level education

NEBOSH/BSC/NVQ L5 IOSH Diploma L6

IOSH MS IOSH WS

NEBOSH Fire L3

NEBOSH Construction L3

CDM 2015 Training

NEBOSH General L3

QUALIFICATIONS NEBOSH Safety in Process Management

NATIONAL SKILLS MATRIX

 P



 

   







 



  

















T

T  



  PIEMA 



0

2 UKATA Asbestos Awareness Type A

1

   

1 0 1 0 0

0 0 0

1 3



0

1 0 2 

0 0 0 0 0 1

0 1 1 0 0 2 0 0 1 1

2 2

MEMBERSHIP AFFILIATION

Faithful+Gould Health & Safety Skills Matrix - April 2016

0

Environmental Management Systems Mananagement/ Audit

PgC Occ H&S Management

FRA Course

Fire Risk Assessment [FRA]

Asbestos Management P405 Asbestos Surveying P402

CIEH

APM

RICS

AIEMA

MCIOB

ICIOB

ACIOB

MIIRSM

CFIOSH / CMIOSH

TechIOSH [T] GRADIOSH (G)

CMAPS

IMAPS

FIRE: Fire Manager Certificate / NEBOSH Diploma / IFE

Site Management Safety Training Scheme (SMSTS)

IRCA-Certificated Auditor (SSiP)

Revision No. 16 1 of 1

H&S S

  0

1

0

1

3

2

3 2 0 1 0 3 2 3 1 2

2 0 0 1 0 0 1

2 2 2

2

1 3 3 3

3

2 2 Lapsed 0 1 0

3 3 3 P 3 3 2 2 0 1

1 0 1 2 2 2 3 3 3 2 1 2

1 2 3 0

3 3 1 No

0 0

 

0

No

   Yes 

P





1 1

0 0



2 3 3 

2

1

 

1 0 1 0 0 1  0 0 1

 Yes 

0 0 0 0 0 0 0 0 0

1 1 1

0 0 0

0 0 0

2 2 3 1

1

0

2 0 0

1 1 0 1 0 0 0 1 1 1 2 1 1 1 1 1 2 3 3 2 3 2 2 3 3 3 3 3 1 2 3 2 3 3 3 3

1 0 3 0 0 1 0 0 2 2 2 2 2 1 3 3 1 1 1 2 3 3 3

2 0 1 0 1 1 3 2 2

1 1 3 1

1

Buildings: Historic

Buildings: Refurbishment

TRAINING DELIVERY

3 2 2 1 2 3 3 2 2 3 3 2 3 3 2

3 2 3 2 3

0

2 2 2 0 0 1 0 1 0 1

1

Pipeline Services

Buildings: New Build

2

Civil Engineering

2 2 2

Demolition

Building Information Modelling(BIM)

Marine Ports Rivers

Roads and Infrastructure

Training the Trainer {Presentation Skills}

WS 0 0

CLIENT H&S Training

INDUSTRY CARDS

IOSH MS/WS

NEBOSH H&S

CSCS Card

SKILLS

Petroleum Safety Passport

Scaffold Inspection

Site Safety Audit/ Inspection

Workplace Risk Assessment

2 3 3 Noise Assessment

OH&S Advice

1

2 3

Additional skills, including providing training SECTOR EXPERIENCE

0 3

0 Health

3 2 1 3 3 2 3 2 2

3 3 3 3 3 3 2

0 0 1 1 0 1

3 0 1 1 3 3 3 3 3 1 3 1 3 3 3 2 3 3 3 3

2 1 2 3 2 3 2 3 3 2

0 1 1

1 0 2 2 1 0 0 3 2 2 0 0 2 3 1 0 0 3 2 1 3 2 1

2 2

1

1 1 1 0 0 0

3 3 3 2 3 1 2 2 1 1 2 1 1 1 1 2 1 1 1 2 2 0 0 1

0 2 2 3 3 3 3 0 0 3 0 2 0 0

3 2 3 2 0 1

3 3 3 1 0 1

2 0 0 0 2 0 0 0 1 0 1 0 0 1 0 2 0 0 0 0

0 0 1 0 0 0 2 0 0 1 0 0

2 2 1 2 0 0 0

2 2 0 2 2 0 0

Oil & Gas

1 2 1 0 0

Renewables

0

2 2 1 0 0

Nuclear

Rail Engineering

Specialist: Chemicals

Specialist: Laboratory

Education

3 2 3

Specialist: Clean Rooms

Housing Assoc/ Housing Trust

3 2 3 Charity

Local Authority

3 3 2 Manufacturing: Light

Telecommunications

3 3 3 Manufacturing: Medium

Commercial

:

Manufacturing: Heavy

Government

P F Current study Fellow

0 0 3 1 0 2 0 0 0 1

0 0

0

CDM + HEALTH & SAFETY SERVICES NATIONAL SKILLS MATRIX CENTRAL REGION

NAME (Surname A- Z)

LOCATION

Lian Alker Jim Barron

Warrington Leeds Leeds

 

Peter Brown Sarah Cosgrove

Leeds Leeds

 

 

Tommy Eltringham

Leeds Leeds

  

  

   

    

Ian Godbert Graeme Littlewood

Bill McKee Keith Richardson Leanne Richardson Richard Scholefield John Dyas Rachel Steadman

Jamie Turnbull Kim Turnbull Michael Watson

Stuart Willox

Jack Stoddart Mark Spotswood KEY

3= Much experience 2= Medium experience 1= A Little experience 0= No experience 

Achieved

P F

Current Study Fellow

Leeds

Leeds Leeds Leeds Leeds Leeds Leeds Leeds Leeds Leeds Leeds Leeds Leeds









   

   





TechIOSH [T] GRADIOSH (G)

CMAPS

T G

 

 

IMAPS

Lead Auditor: ISO9001, ISO14001, OHSAS 18001

Personal Track Side (PTS)

HNC/ HND/ OND/ BTEC



MSc (H&S)



BSc (Hons) Env

BSc/BA (Hons) Construction etc



BSc/BA (H&S) (Hons)

BSc/BA (Hons) Degree level education

IOSH MS IOSH WS

NEBOSH Construction L3   

NEBOSH/BSC IOSH Diploma L6

 



T



AAPS

P

 

 NV QL 5

Marie Barnard

Exam 21/05/2 018

CDM 2015 Training

NEBOSH General L3

QUALIFICATIONS



  





 



 



P P 







 T

 



 

     

T



  

 





T



HNC (in progress)

G





 

 

T T T T

26/04/2016 Revision No. 16 1 of 1 Faithful+Gould Health & Safety Skills Matrix - April 2016

2 0

P405 March 2014 / 2

0 2 2 3 1 1

  

P  

  

(IOSH)2 0

2

2 3 2 3 1 3

2 2 2 2 2

1 1 1 2 1 2

2 2

3 3

1 0

2 0

2

0

0

0

1

0 1







1 NEBOSH

0

0 2 3

3

0 1 1 1

2 1 2 2 3

NEBOSH



0 0

IFSM

0

NEBOSH

3 0

3

2 3 2 3 1 3

NEBOSH

0

2 0 1

0 2 0

3

Scaffold Inspection

Environmental Management Systems Mananagement/ Audit

PgC Occ H&S Management

0

1

 

FRA Course

Fire Risk Assessment [FRA]

1 1

0 2

CSCS Card





2 3

NEBOSH

Petroleum Safety Passport



Site Safety Audit/ Inspection



On now

2 2

Workplace Risk Assessment



2 3

INDUSTRY CARDS Noise Assessment



H&S SKILLS

OH&S Advice



Asbestos Management P405 Asbestos Surveying P402

CIEH

RICS

AIEMA

MCIOB

ICIOB

ACIOB

MIIRSM

CFIOSH / CMIOSH

MEMBERSHIP AFFILIATION

2 3 Exp 14/09/19 0

 Expired

 

0

  Expired

  

 

    

3

1 3

2 3 3 3 2 3

3 3 3 3 2 3

2 2 2 3 1 2

2 1 2 2 1

3 2 2 2 2 2 3

3 2 3 3 3 3 3

3 1 1 1 1 2 2



 

0 3 1   



    

0



:

Achieved

1

P F

:

Current study Fellow

2 3 Additional skills, including providing training

Marine Ports Rivers

Pipeline Services

Demolition

Civil Engineering

Buildings: New Build

Buildings: Historic

Buildings: Refurbishment

Government

Commercial

Telecommunications

Local Authority

Housing Assoc/ Housing Trust

Education

Health

1 0

2 3

1 1

1 1

0

1 0

2 3

0 3

3 1

1 0

3 2

1 2

2 1

0 1

0 2

2 1

2 2

0 0

0 0

2 0

0 0

2 0

1 0

1

1 0

2 1

2 0

3 1

1 1

3 1

1 0

2 1

1 0

2 0

1 1

3 1

2 0

IOSH MS/WS

0 0

0



2 0

0

0

3 2 2 3 1 3



0 

0

1 0 1 2 1

1

0

Building Information Modelling(BIM)

Roads and Infrastructure

1 0

NEBOSH H&S

Training the Trainer {Presentation Skills}

SECTOR EXPERIENCE

CLIENT H&S Training

TRAINING DELIVERY

0

1 2 3 1 0 3

1 1 1 2 0 3

1 0 1 3 0 0

2

1

Rail 2

0 0 0

3 0 2 0

3 0 1 2

0

0 0 0 0 2

0 0

0

1 1 0 1 0 2

2 0 1 2

1

3 2 1 3 0 3

3 1 3 2 1

1

2

0

2

0

2 2 1 3 0 3

3 3 1 3 2 3

2 3 0 2 0 3

3 3 2 3 2 3

0 2 0 2 0 2

1 1 3 1 3 2

2 1 3 2 3 3 2

1 1 2 1 3 2

1 1 3 3 3 3

2 2 0 2 1

0

2

3 3 2 2 2 3

1 3 2 3 1

3 1 3 0 0 1

1 1 3 1

1

2

2

2 3 0 3 2 2

2 3 0 2 2 3

0 3 0 3 0 2 2

1 1 1 3 3 3

3 1 3 2 2 3 2

0 3 2 3 1

0

1 1 0 3 1 2

1 0 2 2 1

Manufacturing: Medium

Manufacturing: Light

Charity

Specialist: Clean Rooms

Specialist: Laboratory

Specialist: Chemicals

Rail Engineering

0 3 1 3 1 1 0 0 1 0 1 0 0 0

2 0 2 0 2 0 1 0 2 0 2 0 0 0 0

2

1 2 2 0 0 2

3 1 3 1 2

1 3 2 2 0 2

2 1 3 1 1 2

2 2 2 2 0 2

1 1 3 2 1 0

1 1 2

2 2 0 0 0 0 1 0 1 2 0 0 2 0 1 1 0 0 2 0 0 1 0 0 2

0 0 0 0 1 1 0 2 2 1 1 2 2 0 1 0 1

Nuclear

Manufacturing: Heavy

0 3

0

0 0

0 2 0

0 1 0

0 0

0 0

APPENDIX 13

Covid-19 Risk Assessment Company name: U+I Group plc

Assessment carried out by: Sophie Streeting

Date of next review: on-going

Date assessment was carried out: 25/06/2020

Social Distancing

Who might be harmed and how?

What are you What further action do already doing to you need to take to control the risks? control the risks?

Who needs to carry out the action?

When is the action needed by?

Government regulations state that you must keep two metres part to avoid catching Covid – 19

Home working

Office management to prepare signage and allocate timetable for those who need to come in

15th July

• •

• • •

Use every other desk Limit staff in the office to those who need to come in and can not work from home Limit number in office at one time to 33 Use Shifts app to monitor office numbers Clear physical markings for social distancing rules

Done

Who might be harmed and how?

What are you What further action do already doing to you need to take to control the risks? control the risks?

• • •

•

•

•

Marked circulation routes within the office Max cap for each room (signage) No meetings larger than 4 people. Only in designated rooms which can hold this capacity whilst adhering to social distancing rules (please see below for details) Conferencing calls encourage instead of face to face meetings Rearrange furniture in shared spaces to encourage social distancing Carriers provided so people can easily

Who needs to carry out the action?

When is the action needed by?

Done

Who might be harmed and how?

What are you What further action do already doing to you need to take to control the risks? control the risks?

• •

Touch Points

Staff and contractors occupying the building

Standard daily cleaning

•

Who needs to carry out the action?

When is the action needed by?

Cleaners and general staff responsibility

15th July and daily

move their possessions from desk to desk Headsets provided for conference calls at people’s desks Where possible employees are encouraged to sit in their teams forming a “bubble” this means that if one person is suspected of contracting Covid, only the “bubble” will need to self-isolate rather than the whole office Increase cleaning to 3 times a day focussing on regular

Done

Who might be harmed and how?

What are you What further action do already doing to you need to take to control the risks? control the risks?

• • •

•

Bathroom hygiene

Staff and contractors using the bathrooms.

Bathrooms are used by all so are high risk areas to catch Covid – 19

Sinks and soap for washing hands in each cubicle and outside of the bathrooms

• •

Who needs to carry out the action?

When is the action needed by?

disinfection of touch points Gloves available for use Hands free sanitising dispensers Remove handles where possible and prop open doors to reduce touch points Disinfectant wipes for each person to use in their allocated area (desk) Antiviral disinfectant soap Hands free sanitiser dispensers (automatic) outside bathrooms

Office 15th July and daily management and cleaners

Done

Who might be harmed and how?

What are you What further action do already doing to you need to take to control the risks? control the risks?

• •

Desks

Desks are a particularly highrisk point for Covid

Nightly cleaning of desks

• •

• • •

Who needs to carry out the action?

When is the action needed by?

Cleaners and staff who occupy each desk

15th July and daily

Doors to main bathrooms propped open Increased cleaning in bathroom area every 90 minutes throughout the day Twice daily cleaning of desk and computer equipment Disinfectant wipes available for each person to use throughout the day Social distancing through use of alternate desk Strict clear desk policy at the end of each day White pedestals for storage to be

Done

Who might be harmed and how?

What are you What further action do already doing to you need to take to control the risks? control the risks?

Who needs to carry out the action?

When is the action needed by?

Increased 3 times daily cleaning of communal areas Furniture rearranged to facilitate social distancing Hands free sanitiser dispensers and disinfectant wipes available for each area Limit numbers allowed at one time

Cleaning and staff

15th July and daily

Limit use of shared equipment to a minimum (printers etc) Wipes and hand sanitiser provided at

Cleaners and all staff

15th July and daily

labelled and moved to people desks when needed Communal areas

Commual areas are high risk for contracting Covid due to the number of people using them

Daily cleaning

• • •

• Shared equipment

Shared equipment faces a risk to each person who uses it due to the risk of contracting Covid-19

Regular cleaning of IT equipment

•

•

Done

Who might be harmed and how?

What are you What further action do already doing to you need to take to control the risks? control the risks?

•

•

• Reception

Reception is a high risk areas due to the amount of traffic going through, guests, incoming and outgoing post and deliveries and

Daily cleaning

•

•

Who needs to carry out the action?

When is the action needed by?

communal touch points When they must be used, consider wearing gloves and sanitising hands before and after No shared stationery to be used while Covid is still a risk (pens etc from the stationery room) Increased cleaning of equipment Shifts for reception team to enable social distancing (2 days/ 3 days) PPE equipment provided for reception staff to be used especially

Office 15th July management and cleaning staff

Done

Who might be harmed and how? proximity to colleagues

What are you What further action do already doing to you need to take to control the risks? control the risks?

•

• •

•

• •

when handling post and deliveries If PPE not worn then a screen will be put up to protect reception No external guests permitted Reception furniture arrange to encourage social distancing 2 metre distancing tape to keep social distancing measures and prevent people from coming too near reception All deliveries will be wiped down with antibacterial wipes Hands free sanitising unit

Who needs to carry out the action?

When is the action needed by?

Done

Who might be harmed and how?

Front door

The front door is a high-risk area for contracting Covid for all who pass through it

What are you What further action do already doing to you need to take to control the risks? control the risks?

Daily cleaning

•

Door set on automatic Concierge to regulate number of people coming through Increased cleaning of front door Hands free sanitising unit upon entry and exit Staff encouraged not to hold door open for colleagues for their own safety

Cleaning staff, concierge and all staff

Staff who have no other means of getting into the office are

All staff, cleaning 15th July and daily staff and office management and HR

•

•

None

15th July and daily

Increased cleaning to every 90 minutes

•

All staff having to travel on public transport into work face an increased

When is the action needed by?

•

•

Travel

Who needs to carry out the action?

•

Done

Who might be harmed and how? risk of contracting Covid

What are you What further action do already doing to you need to take to control the risks? control the risks?

• •

• • •

encouraged to work from home If using public transport, the use of PPE is mandatory Bike store capacity increased to accommodate larger number of cycling commuters (pop up storage in the Auditorium) Increased regular cleaning of showers Cycle to work scheme circulated If staff need to be in work but can not take public transport for one off meetings, pre- approved taxis will be provided

Who needs to carry out the action?

When is the action needed by?

Done

Lift

Who might be harmed and how?

What are you What further action do already doing to you need to take to control the risks? control the risks?

Who needs to carry out the action?

Lifts are a highrisk area due to touch points and the inability to social distance inside

None

Lift access limited to only essential use If the lift must be used only one person is permitted at once Regularly cleaning of lift

Office 15th July and daily management and cleaning staff

Increased cleaning Limit to number of people permitted in the kitchen at one time to 3 people No food preparation permitted in the Kitchen area Signage to promote social distancing and personal hygiene Hands free sanitising dispenser

Cleaning staff and office management

• •

• Kitchen

The kitchen is high risk as a communal area due to the amount of touch points and inability to social distance

Twice daily cleaning

• •

• •

•

When is the action needed by?

15th July and daily

Done

Who might be harmed and how?

What are you What further action do already doing to you need to take to control the risks? control the risks?

•

• External Guest

External guest faces a risk as we don’t know their possible contact with the virus

None

•

•

•

•

Who needs to carry out the action?

When is the action needed by?

Reception team

15th July

Antiviral wipes near coffee machines for people to wipe down after use Antiviral soap for washing hands No external guests permitted in the office including from our subtenants Realstar Essential building contractors allowed in the building by appointment only once they have submitted a RAMS Deliveries to follow strict social distancing rules in reception Signage to promote social distancing

Done

Who might be harmed and how?

What are you What further action do already doing to you need to take to control the risks? control the risks?

Who needs to carry out the action?

When is the action needed by?

and personal hygiene Mental Health and Wellbeing

During this testing time people may feel anxious about returning to work and being in the office and may need to support in adjusting back to office working

New situation not addressed before

•

•

•

• •

Circulate mental health support available through HR and external Focus on communication channels making sure that people are regularly and accurately informed Do not put any pressure on staff to return before they are ready and feel comfortable Flexible working hours and schedule Train management in mental health first aid, specifically

Senior management and Hr

15th July

Done

Who might be harmed and how?

What are you What further action do already doing to you need to take to control the risks? control the risks?

â&#x20AC;˘

â&#x20AC;˘

around the subject of Covid Take regular feedback surveys to assess any issues people may be having or need to be addressed and report back Show that we are prioritising mental health and wellbeing

More information on managing risk: www.hse.gov.uk/simple-health-safety/risk/ Published by the Health and Safety Executive 10/19

Who needs to carry out the action?

When is the action needed by?

Done

APPENDIX 14

Construction (Design Management) Regulations 2015

Internal procedures Document

Document Status Revision 01

Date 09/06/16

02

11/07/16

03

18/02/2020

Status or Comment First Issue following comments and review Second issue following client comments, review and update Review

Prepared by Richard Glazzard

Authorised by Mike Weston

Jenny Wagg

Checked by Paul Whitney / Jenny Wagg Paul Whitney

Richard Glazzard

Paul Whitney

Mike Weston

Mike Weston

DISCLAIMER This document and its contents have been prepared and are intended solely for use by U+I.

1

Definitions and Abbreviations CDM CDM Advisor

Construction (Design and Management) Individual or organisation who supports and assists the client with their statutory duties under the CDM 2015 regulations.

Client – as defined by CDM 2015

U+I as an organisation or individual for whom a construction project is carried out.

Construction Phase Plan

Details the arrangements to plan, manage and co-ordinate the health and safety aspects of the work during the construction phase.

Construction Work – as defined by CDM 2015

Any work that in its very nature is deemed to be construction including, civil engineering or construction engineering. This will include maintenance activities to a fixed structure. For further guidance see CDM 2015 L153.

Contractor – as defined by CDM 2015

Any person, who in the course or furtherance of a business, carries out, manages or controls construction work on behalf of U+I.

Design – as defined by CDM 2015

Includes drawings, design details, specifications and bills of quantities (including specification of articles or substances) relating to a structure, and calculations prepared for the purpose of a design.

Designer – as defined by CDM 2015

Contractor or other person who in the course or furtherance of business prepares or modifies a design; or arranges for, or instructs, any person under their control to do so.

Design Review

Formally managed and documented multi-disciplinary process to review aspects of a design where hazards are associated with the construction, use, cleaning, and maintenance and decommissioning of the structure.

Design Risk Management

The process of reviewing design in order to eliminate or reduce risk to as low a level as possible.

F10 Notification

Declaration to the Health and Safety Executive detailing the project particulars and that the Client is aware of his duties under CDM 2015.

Health and Safety File

Information regarding residual risks applying to any subsequent cleaning, maintenance, use, alterations, refurbishment and decommissioning of the facility.

Principal Contractor – as defined by CDM 2015

The main or managing contractor appointed by the U+I to plan, manage and monitor health and safety during the construction phase.

Principal Designer – as defined by CDM 2015

Individual or organisation responsible for coordinating the H&S aspects of the pre-construction stage of a project and the project handover.

Principal Designer Support

Individual or organisation responsible for supporting the Principal Designer in coordinating the H&S aspects of the pre-construction stage of a project and the project handover.

Pre-Construction

Prior to something being built or constructed. This period can extend through RIBA stage 5 whilst on site as elements of the project are designed and constructed.

Pre-construction Information

Details of reasonably obtainable health and safety information in the possession of the Client relating to the site and the construction works.

2

CONTENTS

PAGE

1.0 1.1 1.2 1.3 1.4

U+I CDM COMPLIANCE - INTRODUCTION INTRODUCTION APPLICATION OF THESE STANDARDS F10 NOTIFICATION SKILLS, KNOWLEDGE, EXPERIENCE AND RESOURCE

4 4 5 6 6

2.0 2.1 2.2 2.3 2.4 2.5 2.6

DUTY HOLDER APPOINTMENTS CLIENT APPOINTMENT CLIENT CDM ADVISOR APPOINTMENT DESIGNERS APPOINTMENT PRINCIPAL DESIGNER APPOINTMENT PROCUREMENT AND THE PRINCIPAL DESIGNER APPOINTMENT OF THE PRINCIPAL CONTRACTOR

8 8 8 9 9 11 11

3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 3.11 3.12

DUTIES PRE CONSTRUCTION INFORMATION CLIENT BRIEF TIME AND RESOURCE DESIGNERS PRINCIPAL CONTRACTORS CONSTRUCTION PHASE PLAN PROJECT PROGRESS MEETINGS COMMUNICATION COORDINATION HANDOVER REQUIREMENTS WELFARE PROJECT PROGRESS HEALTH AND SAFETY FILE

12 12 12 12 13 13 13 13 13 13 14 14 14

Appendix A Appendix B Appendix C Appendix D

CDM PROCESS FLOW DIAGRAM CDM RIBA STAGE PROJECT CHECKLIST CDM REGS 2015 MADE SIMPLE U+I HEALTH AND SAFETY STATUS REPORT FORM

.

3

1.0 U+I CDM COMPLIANCE - INTRODUCTION 1.1

Introduction This document has been developed to ensure that all persons undertaking the role of Client as defined by the CDM Regulations 2015 (CDM 2015) for or on behalf of U+I adhere to established standards. The objective of this document is to detail U+I arrangements for ensuring compliance with CDM 2015. It will also provide guidance on how persons acting as Client for, or on behalf of U+I can achieve compliance.

These Standards have been developed in line with the Construction (Design Management) Regulations 2015 and the associated Guidance - L153. U+I accept their responsibilities under CDM 2015, as follows; •

•

• • • • • • • •

The client has overall responsibility for the successful managements of the project and is supported by the principal designer and principal contractor in different phases of the project. For the successful delivery of a project, good working relationships between the duty holders are essential from the start The client ensures that the construction project is set up so that it is carried out from start to finish in a way that adequately controls the risks to the health and safety of those who may be affected Ensure suitable arrangements for managing the project Select the project team and formally appoint duty holders Provide information to help with the design and construction planning Notify the project to the enforcing authorities, where required Check that the principal designer is carrying out their duties Ensure the construction phase plan is in place Ensure welfare facilities are in place Ensure the management arrangements are working

Handover • • •

Check completion and handover arrangements Check that the health and safety file has been prepared Maintain and make available the health and safety file

This document has been designed to use in conjunction with The CDM Process Flow Diagram at Appendix A and the simple RIBA Stage Project Checklist at Appendix B.

Faithful+Gould Faithful+Gould are the U+I dedicated resource for CDM and Health and Safety advice. At the outset of projects please contact Paul Whitney – paul.whitney@fgould.com / 020 7121 2805 / 07713 644727 – to obtain advice on the most appropriate way to meet the requirements of the CDM Regulations for your project. Faithful+Gould will provide advice from the outset of projects to project completion.

4

1.2

Application of these standards Does CDM 2015 apply to your project?

Please see Appendix C for simple guidance on applying the CDM 2015 regulations.

Construction Work Construction is defined by the CDM 2015 Regulations as •

•

•

•

•

The construction, alteration, conversion, fitting out, commissioning, renovation, repair, upkeep, redecoration or other maintenance (including cleaning involving the use of water or an abrasive at high pressure or the use of corrosive or toxic substances), decommissioning, demolition or dismantling of a structure The preparation for an intended structure, including site clearance, exploration, investigation (but not site survey) and excavation, and the clearance or preparation of the site or structure for the use or occupation at its inclusion The assembly of prefabricated elements to form a structure or the disassembly on site of prefabricated elements which, immediately before such disassembly, formed a structure The removal of a structure or of any product or waste resulting from demolition or dismantling of a structure or from disassembly of prefabricated elements which immediately before such disassembly formed such a structure The installation, commissioning, maintenance, repair or removal of mechanical, electrical, gas, compressed air, hydraulic, telecommunications, computer or similar services which are normally fixed within or to a structure

If only one contractor is required on the project (i.e. no subcontractors appointed), the U+I Project Manager (PM) is to ensure the appointed Contractor undertakes his regulatory duties under CDM 2015.

All Contractors engaged with CDM 2015 projects must: • •

• • • • •

make sure the Client is aware of the client duties under CDM 2015 before any work starts plan, manage and monitor all work carried out by themselves and their workers, taking into account the risks to anyone who might be affected by it (including members of the public) and the measures needed to protect them draw up a construction phase plan, or make arrangements for a construction phase plan to be drawn up, as soon as is practicable prior to setting up a construction site check that all workers they employ or appoint have the skills, knowledge, training and experience to carry out the work, or are in the process of obtaining them make sure that all workers under their control have a suitable, site-specific induction provide appropriate supervision, information and instructions to workers under their control ensure they do not start work on site unless reasonable steps have been taken to prevent unauthorised access

Advice in regards to this type of project under the regulations can still be sought from Faithful+Gould – see section 1.1 for contact details.

5

1.3

F10 Notification If your project is over 30 days and has more than 20 people engaged on site simultaneously at any point; or exceeds 500 person days, the U+I (Client) Project Manager or their allocated Client CDM Advisor must notify the HSE via the Form 10 notification (F10). https://extranet.hse.gov.uk/lfserver/external/f10

30 Construction Days • • • • •

30 days of construction refers to all days that are actually worked and not the overall duration of a project Days that are not worked do not count as construction days. This may include weekends and bank holidays where no works take place Two shifts undertaken in one 24 hour day will be counted as 2 construction days with a shift being a maximum 8 hour duration Where a project is 29 days or near to 29 days the project will not be notifiable If there is a belief that the project duration will over run by more than 5 construction days, then the project should be notified to the HSE

500 Person Days • • • •

Where a project will be of a short and intense nature there may be a requirement to use a high volume of labour in a short space of time which may be less than 30 days Where the labour count will exceed 500 person days worked within this short duration, the project should be notified This equates to 50 persons working for 10 days Double shifts undertaken in one 24 hour day will be counted as 2 working days

In both instances, if a project is not intended to overrun but due to reasons that may have transpired throughout the construction period over runs by more than 5 days, the project should be notified to the HSE.

Periods of Stand Down or Mothballing Where there is a planned period of stand down on site and the overall amount of construction days still remains below 30, the project will not be notifiable.

If the project incurs a period of stand down and the remaining works to be undertaken take the total of construction days to more than 30, the project will be notifiable.

1.4

Skills, Knowledge, Experience and Resource U+I will take reasonable steps to ensure the skills, knowledge and experience of their contractors, designers, principal designers and any other appointments through the tender process. The following questions are to be issued to tendering contractors and designers in the tender questionnaire.

Tender questions for Principal Contractors and Designers • • • •

Please supply a copy of your latest H&S Policy that has been signed within the last year by a Director or other suitably authorised person within the company Please supply the CVs of persons that will be responsible for the management of health and safety on the project or for ensuring safety in design Please supply examples of, as a minimum, two projects that are similar in nature to the project being tendered Please supply details of the tendering companies health and safety training records for its employees

6

Tender questions for Principal Designers Where designers or contractors are being appointed as Principal Designers they will ensure the person supporting that role has the following; • • • •

Details of experience on projects similar in nature to the project being tendered Details of qualifications relating to Health & Safety. These must be as a minimum NEBOSH Construction Certificate or a recognised equivalent qualification Details of membership to relevant industry bodies Organisations tendering for the role of Principal Designer will provide the CV of the person appointed to support the role of Principal Designer

Tender questions for Contractors Only • •

Please supply details of any Improvement Notices or Prohibition Notices issued by the HSE in the last 2 years Please supply details of accident statistics for the last two years

U+I will ensure a competent person is appointed in order to review the answers provided by the tendering parties and provide feedback.

7

2.0 DUTY HOLDER APPOINTMENTS 2.1

Client Appointment This document will be used by any person deemed competent by U+I in order to act as the Client for, or on their behalf. Joint ventures will adopt the standards outlined below in order to ensure compliance with the CDM Regulations 2015.

Joint Ventures At the outset of the project, U+I will establish the responsible party to undertake the role of Client as defined by the CDM Regulations 2015. The test to establish the responsible duty holder should take into account; • • • • •

Who ultimately decides what is to be constructed, where, when and by whom Who commissions the design and construction work Who initiates the work Who is at the head of the procurement chain Who engages the contractors

In summary, the party with greatest financial interest is usually deemed to be Client as they have the greatest influence with regards to the project.

2.2

Client CDM Advisor Appointment U+I understand that under CDM 2015 it holds duties as the Client. Where required, the U+I Project Manager will appoint a Client CDM Advisor to assist them in undertaking their duties.

The Client CDM Advisor where appointed will be responsible for the following deliverables; • • • • • • • • • • • • • • • • • • • •

Advise the client of their duties under CDM 2015 Provide advice on the proposed management arrangements for the project Advise on the pre-construction information Ensure that pre-construction information is issued to those that need it Assist in preparation of a ‘Clients brief’ Assist in the selection of the project team Assist in ensuring a competent Principal Designer is appointed Where appropriate, notify the project to the enforcing authorities via the HSE form F10 Participated in Design Risk Workshops Monitor the Principal Designer to ensure they are carrying out their duties Participate in design review & co-ordination meetings Assist the client in appointing a competent Principal Contractor Confirm that a suitable Construction Phase Plan has been drawn up Advise on the suitability of welfare facilities Check that the arrangements for managing a project are being maintained Conduct regular site audits and inspections to an agreed number / frequency Check that the Principal Contractor is carrying out his duties Advise on arrangements for completion and handover Check the Principal Designer has prepared the Health & Safety file Provide advice on the suitability of the Health & Safety file

As per section 1.1, Faithful+Gould should be contacted in the first instance to undertake this role.

Client CDM Advisor - Monthly Report Client CDM Advisors appointed to undertake works on behalf of U+I will be required to undertake a Health and Safety Inspection of the site during construction and provide a report to the U+I Project Manager at agreed intervals. It is recommended that these intervals do not exceed one month.

8

Client CDM Advisor - Project Accident Statistics Client CDM Advisors are also tasked with the collation of their projects accident statistics for the U+I Board Meetings. These will be asked for approximately one week before each board meeting via email at which point the Client CDM Advisor should collate and make their return on the U+I Health and Safety Status Report form as noted at Appendix D. The current requirements for reporting are –

2.3

•

Deaths: Any death of a worker or non-worker

•

Specified Injuries: An injury as listed in the ‘Specified injuries in RIDDOR 2013’. (U+I do not need details of the injury that will be reported to the HSE)

•

Accidents: Any accident if it results in an injury and the person is taken directly from the scene of the accident to hospital for treatment to that injury. Examinations and diagnostic tests do not constitute “treatment” in such circumstances. (Brief details should also be supplied)

•

Dangerous Occurrences: Dangerous occurrences are certain, specified near misses - There are 27 categories of dangerous occurrences

Designers Appointment Appointment The Designer(s) will be appointed by the Client. The tender documentation will contain the following statement; “As Designer you will discharge your duties as required by the CDM Regulations 2015 in that you will seek to eliminate all hazards and reduce risk during the design. You will also ensure that where you are designing a place of work it will be designed in compliance with the Workplace (Health, Safety and Welfare) Regulations 1992.”

2.4

Principal Designer Appointment Appointment The Principal Designer will be appointed by the Client within or by the end of RIBA Stage 1 with formal appointment by letter or by issue of a Purchase Order.

Means of Appointment The appointment of a Principal Designer is a legal requirement under CDM 2015 where there will be more than one contractor appointed on the project. U+I have identified the following ways in which the Principal Designer can be appointed under the regulations – • •

Designer as Principal Designer Principal Contractor as Principal Designer

However, U+I’s preferred route from project conception through to commencement of the construction phase is to appoint •

Faithful+Gould as an independent Principal Designer – See section 2.5

WARNING: - Failure to appoint any Principal Designer will result in U+I undertaking the Principal Designer role by default.

9

Designer as Principal Designer U+I can appoint a designer who is part of the project team as the Principal Designer providing: • •

He meets the requirements of section 1.4 He is able to take control of the pre-construction phase of the design with regards to health and safety

If the Designer (as Principal Designer) cannot meet the requirements of section 1.4, he can appoint an external advisor with the suitable skills, knowledge, experience to support him with his duties – this will be known as Principal Designer Support.

Note: The statutory role of Principal Designer remains with the appointed designer at all times.

Principal Contractor as Principal Designer The Principal Contractor may be best placed to adopt the role of Principal Designer on a Design and Build Contract. This can be discussed and agreed locally on a project by project basis.

U+I can appoint a Principal Contractor as a Principal Designer providing: • •

He meets the requirements of section 1.4 He is able to take control of the pre-construction phase of the design with regards to health and safety

If the Principal Contractor (as Principal Designer) cannot meet the requirements of section 1.4, he can appoint an external advisor with the suitable skills, knowledge, and experience to support him with his duties – this will be known as Principal Designer Support.

Note: The statutory role of Principal Designer remains with the appointed Principal Contractor at all times.

10

2.5

Procurement and the Principal Designer U+I reserve the right to change the Principal Designer depending upon who is best placed to deliver the role at the time.

On Design and Build projects, the Principal Contractor’s increased involvement during construction may make them best placed to adopt the role of Principal Designer. This is subject to section 1.4. In this instance they could possibly adopt the role of Principal Designer at the beginning of RIBA stage 4 or from the start of their agreed appointment at Stage 5.

On a design and build project, Faithful+Gould can act as Principal Designer until the appointment of a Principal Contractor. The Principal Designer role would then be transferred to the Principal Contractor (subject to section 1.4) with Faithful+Gould retaining a role as Client CDM Advisor to assist in ensuring the Clients duties are discharged.

Traditional Build projects may require the Designer to remain present throughout construction in a concept guardian role. In this instance they may be suitable to undertake the role of Principal Designer, subject to section 1.4 and providing they can take control of the preconstruction design with regards to health and safety. In traditional build projects, the role of Principal Designer can also be undertaken by the Principal Contractor (subject to section 1.4).

If the role is to change from designer to contractor, U+I will decide the best point in the programme at which to do this before tendering for the role of Principal Designer.

Faithful+Gould on a traditional build project would retain the role of Principal Designer until the start of construction. At this point any significant design should be completed and the Principal Contractor or package designers would be the best placed party to undertake the role - subject to section 1.4.

Faithful+Gould will retain a role throughout the project ensuring that the Client’s duties are discharged and if requested can continue to act as Principal Designer until project completion.

The Principal Designer will be required to handover all information relevant to design health and safety risks in an agreed format upon completion of their role on the project as soon as possible so as not to delay further design.

Note If the intention is to pass the duty of Principal Designer to the Principal Contractor at a later stage in design or in the project, this must be either discussed with the Principal Contractor so he can tender the works with this knowledge. This is not a duty that can be imposed.

2.6

Appointment of the Principal Contractor The Principal Contractor will be appointed by the Client. U+I will need to ensure the Principal Contractor has the skills, knowledge and experience required to undertake the works, see section 1.4. The tender documentation to be issued to the prospective Principal Contractor should contain the following statement; “As Principal Contractor you will discharge your duties as required by the CDM Regulations 2015. Where you are undertaking design and/or the role of Principal Designer you will also discharge duties as required by the respective regulations under CDM Regulations 2015”.

Site Boundaries Only one Principal Contractor will be responsible for a project site area as defined by the project brief. Should there be an instance where the site boundaries overlap; the Client will request the advice of the Client CDM Advisor and/or Principal Designer.

11

3.0 DUTIES 3.1

Pre-Construction Information Before tender, the Principal Designer will assist the Client in obtaining all Pre Construction Information required to undertake the works and issue this to the tendering parties. This will allow tendering parties to identify risk associated with the information during the tender. The following information is to be included in the tender documentation where applicable or, the tendering parties are to be provided with access to this information; • • • • • • • • • •

Existing Health and Safety File for the property Asbestos Management Plan and any associated asbestos surveys that may have been undertaken relating to the intended works area Operation and Maintenance Manuals and Manufacturers Literature that may be relevant to the works As Built drawings or As Installed drawings that may be relevant to the works Location of service isolation points Emergency Plan for the building Details of any hazardous substances stored within the building or hazardous procedures that are undertaken Details of any significant risks relevant to the works Structural details of the building that may be relevant to the works, and; Any further information deemed relevant to the project

When the above project applicable information is not available for tender, the Client must ensure it is provided as soon as possible following the tender.

Surveys Surveys that may inform the project design or provide information about health and safety impacts on the project should be undertaken. Where intrusive survey works are specified as enabling works packages or specified in order to inform early design, the U+I project manager should ensure suitable asbestos information is available and all risks likely to affect early survey works have been identified.

3.2

Client Brief The Client CDM Advisor, where appointed, can assist the Client in the preparation of a Client Brief. The Client Brief should set out the following; • • • •

3.3

The main function and operational requirements of the finished product How the project is to be managed including its health and safety risks Realistic time frame and budget Management structure of the project team

Time and Resource The Client will allow sufficient time for planning and preparation at all stages of the project. All parties must ensure they have adequate resource available for the role in which they have been appointed.

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3.4

Designers Designers will be expected to use the principles of prevention to eliminate and reduce risk when reviewing design risk. Designers will be expected to communicate residual design risk via a Design Risk Register and using Safety Health Environment (SHE) boxes on drawings as a minimum. U+I welcome any further initiatives that designers may use. Design risk information is to be communicated to the Principal Designer. Designers will be required to provide details of any remaining residual risks that have not been able to be designed out as these may have health, safety and cost implications for the future use of the premises/asset. These may include (but are not limited to); • Access to maintainable assets on roofs • Access to maintainable plant or design features in difficult positions within the building • Cleaning strategy for aspects of the building • Construction of design requiring sequencing or phasing • Construction involving specialist design knowledge • Construction requiring temporary works

3.5

Principal Contractors Construction Phase Plan The Client CDM Advisor or U+I Project Manager will ensure that the Principal Contractor has a plan of how they intend to manage their works safely. This should take into consideration all significant risks identified during the planning stages. The Principal Designer will be expected to assist the Principal Contractor in the development of the Construction Phase Plan. Once the Client CDM Advisor is satisfied that the Construction Phase Plan contains the necessary arrangements to ensure the project can be undertaken safely, he will formally confirm this fact to the Client.

The Construction Phase Plan is a working document and the Principal Contractor will be expected to review this document regularly and whenever there are any significant changes.

Note –

It is a legal requirement for the Client to ensure that the Construction Phase Plan is in place before initial works commence. Should works commence before this, then the client is legally deemed to have approved the plan for commencement of the works.

3.6

Project Progress Meetings The Client will facilitate Project Progress Meetings as frequently as the project requires. Within this meeting, the Contractor will be expected to provide a report of their H&S Performance to date. The Client CDM Advisor will be expected to attend site at agreed intervals and report on the health and safety performance of the Principal Contractor.

3.7

Communication The Client will ensure the responsible party (deemed within contract) facilitates meetings in order for all project participants to communicate regarding ongoing design and construction work. These should be agreed with the project team according to the requirements of the project. The Client will also ensure they facilitate good communication with all stakeholders involved with the project.

3.8

Coordination The Client will ensure they coordinate their works and activities with the project team. For example: if the site is part of an occupied building, the construction works and activities of the building occupants will need to be coordinated.

3.9

Handover Requirements The Principal Designer will agree with the Client and when applicable the Principal Contractor, the format of the Health and Safety File along with any additional information that may be required for the handover.

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3.10 Welfare The Client will ensure there is suitable welfare available for the Principal Contractor prior to the commencement of works. Welfare can either be from existing facilities or if this is not possible then the contract must make provision for welfare facilities to be provided to site. The Principal Contractor will assist the Client in establishing the requirements for the welfare which should consist of the following; • • • • • • •

Washing Facilities with clean hot and cold running water, soap and a means of drying An adequate supply of drinking water, marked as water suitable for drinking, and a supply of cups from which to drink Rest facilities with an adequate number of tables and chairs with backs (not stools) Suitable storage facilities Suitable facilities to prepare and eat food Facilities to make warm beverages including a means of boiling water Facilities must be suitably illuminated and maintained at an appropriate temperature

If operatives are required to wear special work clothing and cannot be expected to change elsewhere for health and safety reasons e.g. dirty, works with hazardous dusts and contaminates etc. they will also require the following; • •

Changing rooms with suitable seating Storage on site for special clothing so that it is not removed from site

Note –

All welfare should be arranged and be recorded within the Principal Contractors Construction Phase Plan prior to the commencement of works.

3.11 Project Progress The Client will ensure they attend regular Project Progress meetings which may be chaired by either themselves, the Design Team or Principal Contractor. An Employers Agent may also be appointed to act for the Client in this role.

In the instance that the project team has reason to be concerned with the health and safety performance of the Principal Contractor or following a significant incident, the Client will appoint the Client CDM Advisor or another qualified and competent party to undertake a Health and Safety Audit of the Principal Contractor’s performance.

3.12 Health and Safety File The Principal Designer will establish arrangements for the completion and handover of the Health and Safety File. The arrangements will be confirmed and noted in the Pre Start Meeting Minutes and the development of the Health and Safety File will be ongoing throughout the project. The Client will accept the Health and Safety File from the Principal Designer following the Client CDM Advisors confirmation that it is suitably developed.

The Client will also engage any existing or anticipated maintenance departments to establish any requirements they may have with regards to ongoing maintenance.

Within 2 weeks of a projects practical completion the Contractors will provide the following information relating to the works in addition to the information agreed amongst the project team; • • • • •

Manufacturers Literature and Operation and Maintenance Manuals As Built and/or As Installed drawings (marked As Built/As Installed / Record status) Results of surveys commissioned in connection with these works Details of any residual hazards and controls that are required in order to manage them Testing and Commissioning certificates and any associated test plans for maintenance

14

APPENDIX A

CDM Process Flow Diagram Design Phase / Pre Construction RIBA Stage 0

More tha n one contra ctor re qui red?

No U+I PM to e ns ure that the contra ctor compl ies wi th hi s Duties unde r CDM 2015 (s e e s e cti on 1.2)

U+I PM to e ns ure s ki lls, knowledge a nd Expe ri ence of de s igners (see s e cti on 1.4 & 2.3)

Cl i e nt CDM Advi sor to e ns ure that where s urve ys are re quired the Cl i e nt commissions them.

The s e include Asbestos Surve ys to e nsure safety of i ni tial intrusive surveys (s e e s ection 3.1)

U+I PM to ma ke a vailable to a l l i nvolved the fol lowing i nformation; - Exi s ti ng Health and Sa fe ty File - As be stos re gister for the bui lding - De ta ils of a ny s ignificant ri s ks that exist in the bui lding - As bui lts, as installed dra wi ngs - Any othe r pre cons truction i nformation tha t ma y be relevant or ha s been re quested (See Se cti on 3.1)

U+I to Forma lly a ppoint Pri ncipal De s igner (see s e cti on 2.4)

U+ I to produce Cl i e nt Brief in col l aboration with Cl i e nt CDM Advi sor (s e e s ection 3.2)

U+ I to forma lly e ngage Cl i e nt CDM Advi sor i f re qui red (see section 2.2)

RIBA Stage 4

RIBA Stage 5

Handover RIBA Stage 6

U+I Appoint a Pri ncipal Contractor wi th ne cessary s kills, knowledge a nd e xpe rience (see section 1.4 & 2.6)

Pri nci pal Designer to e s tablish form for re vi e wing and re cording de s ign risk a nd communicate this to the proje ct te am

Proje ct I nce ption

Ye s

RIBA Stage 1-3

Construction

Cl i e nt a nd/or Cl ient CDM Advi s or a ttends design te a m me eting to e nsure the de sign H&S risk i s be i ng considered as part of de sign te am me etings (s e e s ection 3.4)

U+I a nd Client CDM Advi s or e nsures s uitable a mount of time is allowed for the va rious design and cons truction (see s ection 3.3)

U+I to de ci de best placed a ppointment for Pri ncipal De s igner going forward ba s ed on tra ditional build or de s ign and build procure ment route (see s e cti on 2.5)

Cl i e nt CDM Advi sor e ns ures Pri ncipal De s igner has deve loped pre cons truction i nformation and collate s urve ys for contractor te nde r issue alongside mos t re ce nt design ri sk re gi ster (See s ection 3.1)

Cl i e nt CDM Advi sor to a gre e H&S File re qui rements a nd the a rra ngements for ha ndover wi th Pri nci pal Designer (See s e cti on 3.9)

Cl i e nt CDM Advi sor / Cl i e nt to e nsure Pri nci pal Designer conti nues to develop de s ign risk i nformation and work to de s ign out risk (s e ction 3.4)

Cl i e nt CDM Advi sor to e ns ure the Pri ncipal De s igner is assisting the Pri ncipal Contra ctor i n de ve loping the Cons truction Phase Pl a n (see section 3.5)

Cl i e nt CDM Advi sor or Cl ient to i s sue the F10 to the HSE with Pri nci pal Contractors details once Pri nci pal Contractor has been a ppointed (See section 1.3) Ens ure Pri ncipal Contra ctor has Cons truction Phase Plan in pl a ce (see section 3.5)

Ens ure contractor has s ui table management a rra ngements a nd welfare a rra ngements a re in place pri or to works (see s e cti on 3.4 & 3.10)

Cl i e nt CDM Advi sor / Cl ient to re vi e w the Construction Phase Pl a n and e nsure i t contains s ui table details of a rrangements for the construction project (see s e cti on 3.5)

Monitoring - Cl i e nt CDM Advi sor to a ttend s i te on a monthly basis and provi de a re port to the project me e ting - Cl i e nt to i nstruct the CDM Advi s or to undertake H&S Audits i f the re is cause for concern - Acti ons and close outs a re to be re corded using the Health a nd Safety Audit Proforma

Cl i e nt / Cl ient CDM Advi sor to unde rtake ongoing re view of H&S Fi l e to e nsure development by the Pri nci pal Designer

All actions to be completed during the respective stages.

Failure to appoint a Principal Designer or Principal Contractor by U+I will result in U+I being liable for those roles by default.

Cl i e nt to maintain a nd update H&S fi l e as a nd when the re a re changes

Cl i e nt CDM Advi sor / Cl i e nt to confirm the H&S Fi le is s ui tably developed for ha ndover

Cl i e nt CDM Advi sor / Cl i e nt to Ensure He a lth a nd Safety Fi l e and all a s sociated ha ndover i nformation provi ded upon compl etion

APPENDIX B

CDM RIBA Stage Project Checklist Project Title DUTY HOLDER Principal Designer â&#x20AC;&#x201C; Pre-Construction Principal Designer â&#x20AC;&#x201C; Construction to Completion Principal Contractor Project Manager

COMPANY

RIBA STAGE 0-1 Confirmation of all appointed parties skills, knowledge and experience in relation to the project

APPOINTED PERSON

Responsibility Client

Initials

Date

Initials

Date

Initials

Date

Initials

Date

Initials

Date

Project Manager to confirm completion of RIBA STAGE Signed

Print Name

Date

RIBA STAGE 1-3 Client Brief produced in collaboration with Client CDM Advisor Formally appoint Principal Designer Obtain from client Pre Construction Information and necessary surveys identified and planned Design Risk Register produced, reviewed and latest version available and up to date Principal Designer established for RIBA Stage 4 or Stage 5 depending upon procurement strategy

Responsibility Client Client Client / Principal Designer Principal Designer Client

Project Manager to confirm completion of RIBA STAGE Signed

Print Name

RIBA Stage 4 Design Risk Register maintained and design risk reviews being undertaken and recorded Ensure Pre Construction Information is available at tender stage to the tendering Principal Contractors

Date Responsibility Principal Designer Client / Principal Designer

Project Manager to confirm completion of RIBA STAGE Signed

Print Name

RIBA Stage 5 Confirmation of Construction Phase Plan to Client F10 issued to the HSE where applicable Attend site on a monthly basis to monitor Principal Contractor H&S performance Health & Safety File Format and arrangements established

Date Responsibility Client CDM Advisor Client CDM Advisor Client CDM Advisor Principal Designer

Project Manager to confirm completion of RIBA STAGE Signed

Print Name

RIBA Stage 6 Confirm suitability of Health and Safety File

Date Responsibility Client CDM Advisor

Project Manager to confirm completion of RIBA STAGE Signed

Print Name

Date

APPENDIX C

APPENDIX D

KEY

= The Death of any person = Specified injuries to Workers. = Accidents = Dangerous Occurrences.

HEALTH & SAFETY STATUS REPORT Report Date:

Month:

PROJECT DETAILS Project Name

CDM Advisor

Issue Initial F10

Previous Month (2)

Previous Month (1)

Current Month

Historical Total

APPENDIX 15

Purpose and scope U+I is committed to promoting equal opportunities in employment. It is U+I’s policy to provide a working environment in which all individuals are able to make the best use of their skills, free from discrimination, harassment or bullying.

U+I does not discriminate against team members on the basis of their gender, sexual orientation, marital or civil partner status, gender reassignment, race, colour, nationality, ethnic or national origin, religion or belief, pregnancy or maternity, disability or age (the protected characteristics).

This policy applies to all aspects of our relationship with team members and to relations between team members at all levels. This includes job advertisements and applications, recruitment and selection, training and development, opportunities for promotion, conditions of service, pay and benefits, conduct at work, disciplinary and grievance procedures and termination of employment.

Who is covered by the policy?

This policy covers all individuals working at all levels, including senior managers, directors, employees, consultants, contractors, trainees, part-time and fixed-term employees, volunteers, interns, casual workers and agency staff (collectively referred to as team members in this policy).

Responsibility Everyone’s cooperation is essential for the success of this policy. All team members have a responsibility to ensure that the policy is properly observed and fully complied with. All team members must take reasonable steps to ensure that discrimination and harassment does not occur. Team members are encouraged to discuss any questions or concerns they may have with a member of the HR team.

In addition, all managers should:       

embrace the principle and spirit of equal employment opportunity in all decisions to do with their team members; fully consider individuals who have protected characteristics when making hiring, promotion or transfer decisions; inform team members periodically about U+I’s policy; be aware of potential situations where improper discrimination or harassment (including sexual harassment) may occur, and take appropriate preventive and / or corrective steps; notify the HR team of any possible breach of U+I’s policy; upon becoming aware of a policy breach, take appropriate remedial or disciplinary action, in consultation with the HR team; and ensure that they attend or undertake appropriate training sessions which may be arranged to increase their awareness of issues involved in harassment or discrimination.

Forms of discrimination Discrimination by or against an individual is generally against U+I’s policy unless there is a specific legal exemption. Discrimination may be direct or indirect and it may occur intentionally or unintentionally.

The following are examples of discrimination, which are against U+I’s policy; please note these are examples and are not a full list:

Last updated: 19.12.17

Direct discrimination This occurs where someone is treated less favourably because of one or more protected characteristics. For example, rejecting an applicant on the grounds of their race because they would not "fit in" would be direct discrimination. Direct discrimination or harassment can also occur when: 



an individual is directly discriminated against or harassed because of association with another individual who has a protected characteristic (“Associative Discrimination”). An example of Associative Discrimination is where a woman with a disabled child fails to obtain a job because of her disabled child’s disability; or an individual is directly discriminated against or harassed on a perception that he or she has a particular protected characteristic when he or she does not, in fact, have that protected characteristic. An example of Perception Discrimination is where an employee is believed to be younger than they are and, as a result of this, are denied opportunities.

Indirect discrimination This occurs where someone is disadvantaged by a provision, criterion or practice that also puts other people with the same protected characteristic at a particular disadvantage when compared with people who do not have that characteristic and cannot be justified as a proportionate means to achieving a legitimate aim. For example, a requirement to work full-time puts women at a particular disadvantage because they generally have greater childcare commitments than men. Such a requirement will need to be objectively justified.

Victimisation This is also prohibited. This is less favourable treatment of someone who has complained of or given information about discrimination or harassment, or supported someone else's complaint.

Disability discrimination This includes direct and indirect discrimination; any unjustified less favourable treatment because of the effects of a disability and failure to make reasonable adjustments to accommodate disadvantages caused by a disability.

Harassment Harassment related to any protected characteristic is against U+I policy. Harassment may be related to age, disability, gender reassignment, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, sex or sexual orientation. Harassment is unacceptable even if it does not fall within any of these categories.

Harassment is any unwanted physical, verbal or non-verbal conduct that has the purpose or effect of violating a person’s dignity or creating an intimidating, hostile, degrading, humiliating or offensive environment for them.

Harassment can occur regardless of the medium used, whether physical, verbal or non-verbal and includes written, voicemail, e-mail, graphics, downloaded materials or websites. A single incident can amount to harassment.

Harassment may include, for example:     

inappropriate jokes, inappropriate nicknames and comments or behaviours which show a lack of respect for a class of individuals with a protected characteristic; unwanted physical conduct or “horseplay”, including touching, pinching, pushing and grabbing; unwelcome sexual advances or suggestive behaviour (which the harasser may perceive as harmless); offensive e-mails, text messages or social media content; mocking, mimicking or belittling a person’s disability.

Unlawful harassment may involve conduct of a sexual nature (sexual harassment). Sexual harassment refers to unwelcome sexual advances, requests for sexual favours and other verbal or physical conduct of a sexual nature.

Last updated: 11.01.18

02

A person may be harassed even if they were not the intended “target”. For example, a person may be harassed by racist jokes about a different ethnic group if the jokes create an offensive environment. It also includes treating someone less favourably because they have submitted or refused to submit to such behaviour in the past.

Bullying Bullying is against U+I’s policy. Bullying is offensive, intimidating, malicious or insulting behaviour towards another individual involving the misuse of power that is intended to or that can make a person feel intimidated, vulnerable, upset, humiliated, undermined or threatened. Power does not always mean being in a position of authority, but can include both personal strength and the power to coerce through fear or intimidation.

Bullying can take the form of physical, verbal and non-verbal conduct. Bullying may include, by way of example:      

physical or psychological threats; overbearing and intimidating levels of supervision; inappropriate derogatory remarks about someone’s performance; persistent taunting; physical violence or gestures; public humiliation of an employee.

Legitimate, reasonable and constructive criticism of an individual’s performance or behaviour, or reasonable instructions given to individuals in the course of their employment, will not amount to bullying on their own.

Recruitment and selection We aim to ensure that no job applicant suffers discrimination because of any of the protected characteristics above. Our recruitment procedures are reviewed regularly to ensure that individuals are treated on the basis of their relevant merits and abilities.

Job selection criteria are regularly reviewed to ensure that they are relevant to the job and are not disproportionate. We will ensure that there are equal opportunities at all stages of the recruitment process.

To ensure that this policy is operating effectively, and to identify groups that may be under-represented or disadvantaged in our organisation, we may monitor applicants' ethnic group, gender, disability, sexual orientation, religion and age as part of the recruitment procedure. Provision of this information is voluntary and it will not adversely affect an individual's chances of recruitment or any other decision related to their employment.

If such information is collected it will be removed from applications before shortlisting, and kept in an anonymised format solely for the purposes stated in this policy. The aim is to help us take appropriate steps to avoid discrimination and improve equality and diversity.

Terms and conditions of employment U+I will not discriminate on the basis of protected characteristics and, where practicable, on the basis of disability in respect of the general terms and conditions of employment, employee facilities and benefits.

Employee training and promotion and conditions of service Training needs will be identified through regular performance reviews. All employees will be given appropriate access to training to enable them to progress within the organisation and all promotion decisions will be made on the basis of merit.

Disabilities If you are disabled or become disabled, we encourage you to tell us about your condition so that we can consider what reasonable adjustments or support may be appropriate.

Last updated: 11.01.18

03

Part-time and fixed-term work Part-time and fixed-term employees should be treated the same as comparable full-time or permanent employees and enjoy no less favourable terms and conditions (on a pro-rata basis where appropriate), unless different treatment is justified.

Breaches of this policy We take a strict approach to breaches of this policy, which will be dealt with in accordance with our Disciplinary Procedure. Serious cases of discrimination, harassment or bullying may amount to gross misconduct resulting in dismissal.

If you are being harassed, bullied or discriminated against, consider whether you feel able to raise the problem informally with the person responsible.

You should explain clearly to them that their behaviour is not welcome or makes you uncomfortable. If this is too difficult or embarrassing, you should speak to your line manager, who can provide confidential advice and assistance in resolving the issue formally or informally. If informal steps are not appropriate, or have not been successful, you should raise the matter formally under our Grievance Procedure.

We will investigate complaints in a timely and confidential manner. The investigation will be conducted by someone with appropriate experience and no prior involvement in the complaint, where possible. Details of the investigation and the names of the person making the complaint and the person accused must only be disclosed on a “need to know” basis. We will consider whether any steps are necessary to manage any ongoing relationship between you and the person accused during the investigation.

Once the investigation is complete, we will inform you of our decision. If we consider you have been harassed or bullied by an employee the matter will be dealt with under our Disciplinary Procedure as a case of possible misconduct or gross misconduct. If the harasser, bully or individual responsible for the discrimination is a third party such as a customer or other visitor, we will consider what action would be appropriate to deal with the problem. Whether or not your complaint is upheld, we will consider how best to manage any ongoing working relationship between you and the person concerned.

Staff who make complaints or who participate in good faith in any investigation must not suffer any form of retaliation or victimisation as a result. Anyone found to have retaliated against or victimised someone in this way will be subject to disciplinary action under our Disciplinary Procedure. Similarly, making a false allegation deliberately and in bad faith will be treated as misconduct and dealt with under our Disciplinary Procedure.

Record-keeping Information about a complaint by or about an individual may be placed on their employee file, along with a record of the outcome and of any notes or other documents compiled during the process.

Monitoring and review of the policy The HR team will be responsible for the operation of this policy and will periodically review and monitor this policy to ensure its effectiveness.

In order to ensure the policy is operating effectively U+I may retain records of individuals’ and applicants’ protected characteristics. Where necessary, team members will be able to correct / check their own records of these details. Otherwise access to this information will be strictly restricted.

This policy is not contractual and U+I reserves the right to amend the policy at any time.

Last updated: 11.01.18

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