WHOEVER YOU ARE,WHATEVER YOU DO,WE HAVE A SPACE FOR YOU CONTENTS ADDITIONAL INFORMATION261 Our vision is to be the first choicein London for the brightest businesses,people and investors. STRATEGIC REPORT1 261Five-year performance262 EPRA performance measures263 Property portfolio265 Glossary of terms266 Investor information Our purpose is to give businesses thefreedom to grow. We achieve this by givingour customers working environments they canpersonalise and an experience tailored to theirbusiness. Free from constraint and compromise. We deliver our purpose by staying true to ourvalues: know your stuff, find a way, show wecare and make it fun. Our people are as driven,diverse and innovative as our customers andour culture ensures we stay close to ourcustomers and their needs. Portsoken House, Aldgate This is why around 4,000 of London’sbrightest businesses call Workspace home. As the leading flexible brand forSMEs across London, I am confidentthat Workspace has a clearcompetitive advantage. OUR GOVERNANCE108 Graham ClemettChief Executive Officer Canalot Studios, Ladbroke Grove FINANCIAL STATEMENTS222 222 Independent auditor’s report230 Consolidated income statement230 Consolidated statementof comprehensive income231Consolidated balance sheet232 Consolidated statement of changes in equity232 Consolidated statement of cash flows233 Notes to the financial statements257 Parent Company balance sheet258 Parent Company statement of changes in equity258 Notes to the Parent Company financial statements Front cover imageThe front cover image was created from a photo For London’s SMEs, flexibilitymeans choice and control. of Workspace people, customers and partnerscaptured at an event held at Kennington Park.The original drone image is shown here and wealso captured the event on film (watch it via theQR code on page 8). Cherry TianHead of Marketing Go to:www.workspace.co.uk/onlineannualreport2024 IT ALL HAPPENS AT WORKSPACE Throughout the year we have filmed stories that capture some of the makers,innovators and creators from our diverse customer base. We’ve also turnedthe camera on ourselves to show how our purpose, values and culture ensurewe stay close to the 4,000 businesses that call Workspace home. JUKEBOX STUDIOS, CUSTOMERRecords popular podcasts and online videos ALBION CYCLING, CUSTOMERCreates innovative, sustainable cycling clothing WILD FAWN, CUSTOMERTheir space in The Biscuit Factory is designed for at Pall Mall Deposit in Ladbroke Grove. hand-making and packaging their sustainable jewellery. in their work space at Fuel Tank in Deptford. JAMES AVERY, HEAD OF CENTRE MANAGEMENTManages our team of Centre Managers to make sureour buildings and our customer service are at their best. We bring together our customers, suppliers and people, as wellas the local community, at regular events across our portfolio. Our values in actionPage 26 Engaging with our customersPages 20 to 24 We love that we could adaptthe space, so that we can makeand pack our jewellery allin the same room.Emma BarnesFounder, Wild Fawn How we support makersAt Workspace, we offer a blank canvas that allows makers likeWild Fawn to customise and brand their space. Our flexible offer hasallowed them to organise their space into distinct zones for design,production, packaging, and customer consultations. With the hum of sewing machinesin the background, we feel veryclose to the sustainable garmentswe’re developing.Rupert HartleyCo-Founder, Albion Cycling CREATORS How we support creatorsCreative customers want to be creative with their space.For instance, Jukebox Studios has divided its space intoseveral sound studios and mixing rooms, each reflectingits unique brand personality. AT WORKSPACE, WE ARE ASDRIVEN AND INNOVATIVE AS OURCUSTOMERS – IT’S HOW WE STAYCLOSE TO THEM AND THEIR NEEDS. MANAGERS The most common feedback wereceive from customers highlightsour centre teams as heroes.James AveryHead of Centre Management We have created a new role, Head of Centre Management, andtwo new Regional Managers. With James Avery running the team,this additional level of oversight provides more support to our centreteams, ultimately continuing our focus on putting the customer first. From big strategic decisions tosmall choices, sustainability shapesall our actions. At Workspace, everyindividual is committed to drivingour sustainability agenda forward.Sonal JainHead of Sustainability Our edge is our sustainable business modelOur business model empowers us to boldly advance our sustainability goals and deliver impact for all our stakeholders. By prioritising refurbishment, we breathenew life into old buildings, creating high-quality, sustainable work spaces. Our investmentsacross London stimulate economic activity, enhance local amenities and ultimatelycreate a more equitable distribution of employment opportunities across the city. I love the sense of communityat Workspace – there’s alwayssomething fun going on.Vic