Communities

Context:

We have launched initiatives to assist our customers to strengthen their businesses through;

• providing networking opportunities
• community building within and across our sites
• flexible office strategies, and
• opportunities to get involved in London community programmes.

2010/11 Indicators:

Analysis of our Customer Satisfaction Survey 2010/11 responses highlighted customer confidence in the services offered:

• 84% of customers would recommend their site to a colleague or friend.
• 77% of customers agree that Workspace acts in a socially and environmentally responsible way
• 89% of customers agree that it is important to them and their business that their landlord behaves in a responsible manner
• 58% of customers agree that Workspace is working with them to address social and environmental responsibilities

Security - In 2010/11, we set out to strengthen security across a number of our sites. The following programmes were implemented:

• Improved remote monitoring service on 28 estates
• 15 estates supported by mobile patrol personnel
• Increased and improved remote fire alarm systems on 26 estates.

We aim to improve customer confidence in security on site by rolling out similar security measures across additional sites in the coming year.

Initiatives:

• E3 – Our E3 strategy provides our customers an opportunity to get involved in community programmes such as Inspires Me 2011.
• Business Centre Community Websites – Have been created at ten centres. These websites support the customers and extends to the local communities and wider centre network. In 2011/12 we will use these sites to communicate our responsibility agenda and engage customers.
• Club Workspace - We offer start-up and early-stage businesses the opportunity to work, network and collaborate with like-minded people across London. The Club Workspace community space are vibrant environments, tailored for collaboration with fellow members, enabling business start-ups to land and expand with Dreamstake.

Context:

Workspace Group aims to make the communities in which it operates better places to live and do business. Through the E3 Community Investment strategy we strive to achieve this.

E3 – education, employment, entrepreneurship:

• By partnering with organisations and opening channels between them and our customers we can engage and help a variety of age groups and educational levels.
• E3 is a focused, self‐financing community investment strategy. For every new letting Workspace Group donates £5 towards E3.  
• E3 also gives the following in kind: space, manpower, and nurtured alliances with appropriate organisations.

2010/11 Indicators:

Initiatives:

• £3,285 donated by Workspace Group to the E3 programme
• 15 presentations from London Southbank University across Workspace sites
• Workspace Urban 20 – A cricket competition for secondary school children involved in the Cricket Foundation’s Chance to Shine campaign. The Urban 20 is designed to engage teenagers in cricket activity and provide opportunities to learn vocational skills.
• Inspiresme – In collaboration with the GLA, entrepreneurs within Workspace centres are shadowed by year ten pupils from local schools.
• Three successful Knowledge Transfer Partnerships with London Southbank – Undergraduates and post graduates are placed in work whilst allowing the participating company taking part access to the university’s knowledge and expertise.

Context:

At Workspace we understand that our suppliers play a key role in our business sustainability performance:

• We want to assist our suppliers, and any potential suppliers, to start reviewing key sustainability risks.
• Like our customers, many of our suppliers are small businesses. We recognise the challenges they face in tackling major sustainability risks.

2010/11 Indicators:

• We continue to adhere to the Mayors Green Procurement Code
• We engaged one-to-one on sustainability themes with three of our key suppliers using The Signpost as a template for discussion

Initiatives:

Workspace aims to build long term relationships with our suppliers by being a responsible purchaser of goods and services. We are signatories to both The Mayors Green Procurement Code and London Better Together and encourage suppliers and customers to do so too.

We also created ‘The Signpost’ to assist our suppliers gain a competitive advantage and enhance their chance of securing opportunities when competing for business by directing them in two key ways:

• Highlighting key risks and opportunities linked to sustainability issues
• Identify a selection of expert organisations to approach for further guidance.

We continue to use ‘The Signpost’ to engage with key suppliers, if you would like to speak with us regarding the document please get in touch.
 

Context:

In line with our commitment to Corporate Responsibility and Governance we aim to:

• Achieve appropriate financial returns for our shareholders
• Comply with Combined Code requirements on Corporate Governance
• Publish quarterly accounts and an Annual Report and Accounts incorporating full disclosure of the Group’s activities
• Report openly on aspects of our non-financial performance, including social, environmental and ethical risks and opportunities

Workspace is a sustainable business, in the broadest sense of the word. We help new businesses succeed, creating employment opportunities and regenerating communities. At Workspace we have an important part to play in promoting growth of small businesses in London, while delivering good returns to our shareholders.

2010/11 Indicators

Trading

• 960 – Good levels of enquiries (averaging 960 per month) and lettings (averaging 88 per month) through the year.

• 86.2% - Like-for-like occupancy 86.2%, up from 83% at March 2010
• 3.9% - Like-for-like cash rent roll, up 3.9% in the year to £40.1m

Property Portfolio

• 4.7% - Underlying property valuation up 4.7% (£32m) in the year
• 7.8% - Like-for-like income yield 7.8% (7.9% at March 2010)
• 29.5p – EPRA Net asset value per share 29.5p, up 10% from 26.7p at March 2010

Financial Results

• £14.1m – Trading profit after interest up 31% to £14.1m
• £53m – Profit before tax £53m, up from £26m last year
• 10% - Total dividend up 10% to 0.825p per share, 1.5 times covered by underlying earnings

Our performance in this area is reported in the Investors section of this website. To view please click here.

Initiatives

The 2010/11 AR&A incorporates sustainability as a running theme throughout. This approach demonstrates the way in which our fundamental business activities are based upon sustainability principles.

This was a year of good progress for Workspace Group across a number of fronts.

• We delivered a strong operational performance
• Added value to the estate through active asset management
• Built on our brand strength,
• Refinanced much of our debt and
• Created a new joint venture with BlackRock to add further growth potential.

This success was reflected in the reported growth in profit and net asset value per share and lower gearing.
 

Context:

Workspace Group as an organisation consists of:

• Enthusiastic, committed and well-trained people, whose diversity reflects that of London itself.
• Our management team, and our people as a group, have real strength and depth.
• Our culture is centred on customer service and supporting the entrepreneur.
• Everyone who works for us is rewarded partly on trading performance and partly on the service quality we deliver.
• The majority of our people participate in the Save as You Earn Share Scheme

2010/11 Indicators:

We monitor our performance in relation to our employees and report on this. Equal opportunity within our workplace remains a top priority for Workspace Group, with females continuing to represent over 50% of our Managerial positions. Whilst the proportion of employees from ethnic minorities has reduced, the Company will continue to ensure that individuals are selected, promoted and treated on the basis of their relevant aptitudes, skills and abilities.

Initiatives:

A key ambition for 2011/12 is to involve a greater cross-section of staff in our sustainability efforts and to engage with employees on a more personal level, seeking to extend the sustainable practices from the workplace into their homes and families with a heightened sense of awareness and responsibility.

The Community Mark Performance Targets relate to activities between April 2010 and March 2012.

Activity: Promoting KTPs & KTCs
Partner: London South Bank University

Complete	Produce 2 company-wide communications per year (poster campaigns in June and October) Deadline: End of FY 2011/12
100% achieved	Perform 12 KT events in 12 months Deadline: End of December 2011
100% achieved	Produce bespoke communications for each event Deadline: End of December 2011
100% achieved	Publish existing Leathermarket KTPs on Workspace blog and relevant microsites Deadline: End of December 2011
In progress	Set up additional KTPs where appropriate N/A
In progress	Host VIP event at Workspace location to attract larger companies Deadline: End of FY 2011/12
In progress	Start 2 new KTCs by the end of December Deadline: End of December 2011

Activity: Work Inspiration
Partner: The GLA

100% achieved	Provide 50 Work Inspirations each year during Global Entrepreneurship Week Deadline: End of FY 2011/12
100% achieved	Create and nurture three strong links with educational establishments Deadline: End of December 2011
66% achieved	Generate three strong pieces of positive press coverage in target publications Deadline: End of FY 2011/12
100% achieved	Receive a 75% satisfaction score from businesses and students taking part. Deadline: End of December 2011
100% achieved	Generate increased positivity towards WSG amongst participating businesses Deadline: End of December 2011

Activity: The Workspace Urban 20
Partner: The Cricket Foundation

100% achieved	Carry out 2 Workspace Urban 20 cricket tournaments annually Deadline: End of FY 2011/12
100% achieved	Throughout process engage with 8 schools in WSG localities Deadline: End of FY 2011/12
100% achieved	200+ children involved in cricket and learning vocational skills Deadline: End of FY 2011/12
75% achieved	Achieve 4 strong pieces of press coverage Deadline: End of December 2011
100% achieved	Increase awareness and positivity towards WSG by neighbouring schools Deadline: End of FY 2011/12