ESG
Annual Report2023-2024

Contents
Introduction
Our 2024 Highlights.......................................................................... 4
Our Carbon Footprint........................................................................ 5
Our Net Zero Carbon Pathway......................................................... 6

Environmental

SocialGovernance

Embodied Carbon: Development Pipeline..................................... 8

Social Value Strategies......................................................................19

Governance.........................................................................................29

Embodied Carbon: Developments................................................... 9

Good Work & Opportunities...........................................................20

Climate Risk Management..............................................................30

Operational Carbon: Managed Assets..........................................10

Learning Disabilities & Employment.............................................21

ESG Reporting Methodology........................................................31

Energy Optimisation.........................................................................11

Inclusion & Diversity.........................................................................22

Assurance Report

Corporate Emissions & Offsetting.................................................12

Responsible Procurement Ethical Workforce Programme.....23

Independent Assurance Report.....................................................35

Renewable Energy Procurement....................................................13

Engagement in Development Stage..............................................24

Subject Matter Information............................................................ 37

Climate Resilience..............................................................................14

Engaging When in Use......................................................................25

Data

Biodiversity..........................................................................................15

Positive Outreach..............................................................................26

Data Tables (Developments)...........................................................39

Waste ..................................................................................................16

Stanhope Foundation....................................................................... 27

Data Tables (Managed Assets)...................................................... 40

Reuse & Circular Economy............................................................... 17

 Front Cover Picture: White City PlaceSUMMARY

ENVIRONMENTAL

SOCIAL

GOVERNANCE

METHODOLOGYASSUR ANCE

DATA

3

The world has to change.

We’re changing
everything we can.

		

Welcome to our 2024 ESG Annual Report
In the face of a climate emergency and social inequality, urgent
action is imperative. At Stanhope, we continue to take immediate
steps to play our part.
Fortunately, emissions reduction often aligns with positive
business outcomes. Sustainability propels innovative thinking
and efficiency on our projects. Collaboration with our partners
fosters vibrant communities. We empower passionate teams tobring to life scalable solutions that deliver maximum impact.
This 2024 report encapsulates our ongoing efforts inaddressing our environmental impact, promoting social equity,and upholding governance standards. Through transparent
disclosure and measurable goals, we aim to foster trust andaccountability among our value chain. Read on as we share ourprogress towards creating better places for a better future.

Nils Rage
Head of ESG

Alice Reid
ESG Executive

Alice Jardine
ESG Executive

Daniel Rafferty
ESG Manager

SUMMARY

ENVIRONMENTAL

SOCIAL

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METHODOLOGYASSUR ANCE

DATA

4

Our 2024 Highlights

41

Scope 3 carbon intensity
reduction against ourbaseline, on track towards
our 50% target

Apprenticeships initiatedduring the reporting year

48%

18

1,000

%

+

Hours of educational
outreach delivered across
our activities

31%
Biodiversity
net gain achieved
year-on-year at
White City Place

Local jobs created inconstruction on our sites

Reduction in energy
intensity year-on-year in

our like-for-like managed
office portfolio

603

kgCO₂/m²

831

Construction pipeline

embodied carbon
intensity, a 6% year-on-year
reduction

100%

110

Electricity within ourcontrol procured fromrenewable sources

Community engagement

260k

£

Donated to charity this year

activities carried-out

96%Construction waste
recycling rate against
our 95% by 2025 target

Hours of training &development delivered
across our activities

2,400

+

ENVIRONMENTAL

GOVERNANCE

SOCIAL

Our Carbon Footprint

790

OUR PROGRE SS

6,841

reduction

269 kgCO2/m2 GIA

48%
reductionin our carbon emissions
intensity against ourbaseline, towards our
50% 2030 target
Operational emissions frommanaged assets: Tenant(5% of total)

4,575
166 kgCO2/m2 GIA

managed assets: Landlord

1,995-12% year-on-year

18% of total)

6,502
3,898

2022

completed projects(10% of total)

4,116

33
22
2023
2023

Operational emissions from

7,596

27,922

32,731

40
42

2,092

26
15
2024
2024

Our first full scope 1-3 carbon footprint evaluation was conducted in 2022, and the baseline retrospectively calculated.

Stanhope Office Electricity

49,735

Operational emissions from

189 kgCO2/m2 GIA

Stanhope Office Gas

Total: 45,182 tCO2

Total: 62,022 tCO2

Total: 72,947 tCO2

8,947

Baseline
Baseline 2020
2020

5

NIL S R AGE , HE AD OF E SG

1,081

51
17

DATA

’’

321 kgCO2/m2 GIA

46,914

ASSUR ANCE

this, our mix of projects. Whilst we are this year within touching distance ofour 2030 carbon intensity reduction target, we expect emissions and ourintensity may increase in future years as more projects of diverse typologies
get to site; but our long-term goal remains steadfast.

Through our continued decarbonisation efforts,
we report a 12% reduction in our carbon
intensity from last year, making strong progress
towards our 2030 objectives. Our absolute carbon
emissions reduced by 8%, driven mainly by areduction in construction emissions.

15,936METHODOLOGY“ Our emissions are closely linked to our development activities; and with

Total: 41,767 tCO2

SUMMARY

Scopes 1&2
0.1% of total

Embodied carbon inconstruction(67% of total)

Scope 3
99.9% of total

SUMMARY

ENVIRONMENTAL

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SOCIALMETHODOLOGYASSUR ANCEDATA

Our Net Zero Carbon Pathway
Below, we present this year’s progress against the four key areas of our Net Zero Carbon Pathway.

What we’re doing
REDUCECONSTRUCTIONCARBON

2030 Target

Developments: 50% reduction in carbon
intensity against 2020 baseline

Developments: New buildings to operate at
net zero carbon threshold

REDUCE ENERGYCONSUMPTION

INCRE ASE
RENEWABLE ENERGYSUPPLYINVEST IN CARBONREMOVAL AND
STORAGEManaged portfolio: 50% reduction incarbon intensity against 2020 baseline

100% renewable electricity procurement
where we have operational control
Increase share of high-quality renewableelectricity

Offset construction emissions atcompletion to deliver net zero carbon inconstruction

2024 Update
Projects under construction continue to reduce their embodied carbon throughthe build phase
We achieved a 6% improvement over 2023; for a 38% reduction in embodied
carbon intensity of our construction pipeline against our 2020 baseline

All projects in development are all electric for their main operation, andwe are working towards net zero carbon energy intensity targets (where suchtargets exist)
Our energy optimisation programme in our managed assets showed strong
results, with a 35% reduction in operational carbon intensity of our like-forlike managed portfolio against 2020 baseline. That’s an 8% reduction from lastyear, achieved primarily through our energy optimisation programmes
100% of utilities under operational control now have renewable electricity
contracts in place
We have put in place a market-leading hourly granular electricity contract at
8 Bishopsgate, showing an hourly matching of consumption to renewablegeneration of 71% over the course of the year since completion

Our carbon removal implementation approach has been developed, mixing
durable credits and shorter-term nature-based solutions
Market engagement and contractual documentation has been developed for
procurement at scale for our construction projects targeting net zero carbon
in construction

6

Environmental

 White City PlaceSUMMARY

ENVIRONMENTAL

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SOCIALMETHODOLOGYASSUR ANCE

DATA

8

Embodied Carbon: Development Pipeline
Our live development pipeline covers projects of diverse typologies at various stages of design and construction, totalling over 10 million square feet.

603
kgCO2/m2

672
kgCO2/m2

Construction pipeline embodied
carbon intensity, down from
643 kgCO2/m2 in 2023

Forward-looking embodied
carbon intensity of our total
development pipeline, up from668 kgCO2/m2 in 2023

“ The upfront

embodied carbon
emissions from ourconstruction projects
represent over halfof Stanhope’s carbon
footprint. Consequently,
we need to carefully
scrutinise our decisions during
the development process to minimise these
impacts. Our analysis relies heavily on accurate
carbon accounting for both the materials andconstruction processes. Unfortunately, as
industry knowledge about carbon increases,
these carbon numbers tend to rise; meaning weneed to double our efforts.

”

ROB WAT TS , OPER ATIONS DIRECTOR

Embodiedcarbonintensityininconstruction
construction kgCO
(A1-A5)
Embodiedcarbonintensity
kgCO²/m²
GIA(A1-A5)²/m² GIAOUR PROGRE SS OUR PROGRE SS

RIBA/LETI
bands
offices
RIBA/LETI
bands
for forOfﬁces.

G

1100

F

1000
2

900

1

GLA WLC Ofﬁce
Benchmark(950 kgCO²/m²)

E

3

800

2

2022

700

2023

600

4

2024

5

1

2

6

3

D

7

4
53

1
2

3

500

9

GLA WLC
Aspirational
Ofﬁce Benchmark(600 kgCO²/m²)C

8Stanhope Pathway 2020-2030
B(987-475 kgCO²/m²)

1

400

Average Stanhope
pipeline upfront
carbon(672 kgCO²/m²)

2

1

2

300

A

1

200

A+
100

A++
0

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

Target Completion
Completion Date
TargetDate
Annual Average Intensity in Construction

Stanhope Pathway
RESIDENTIALCOMPLETEDHIGH-RISE

MID-RISERETROFIT

LIFE SCIENCE

1 Warwick Court

1 1 Undershaft

1 Royal Street E

1 76 Southbank

1 TVC Plot H

1 ON Phase 1

6 ON P2 remainder

2 Gateway Central

2 Ofﬁce

2 Royal Street F

2 Woolgate

2 TVC Plot E, G

2 ON Plot A

7 British Library

3 1 Victorial Street

3 Royal Street B

3 ON Plot B

8 Royal Street D, F

4 2 Ruskin

4 ON Plot C

9 Royal Street C

5 TVC Plot D

5 Royal Street A

3 8 Bishopsgate

SUMMARY

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9

Embodied Carbon: Developments
Designing our spaces efficiently to minimise embodied carbon, and demonstrating that our spaces
perform as intended, remains the highest priority for us. Despite challenges, carbon assessments forvarious schemes are progressing from design through to construction, resulting in demonstrable
embodied reductions and real-life progress.

WOOLGATEOXFORD NORTHPHASES 1&2

TELEVISION CENTRE
PHASE 2

8 BISHOPSGATEThe retention of 80% of theexisting building, reused structuralsteel elements and NABERS
5 star independently verified
rating, has set the scene forthis project’s sustainability
credentials. An ongoing as-built
carbon assessment is assisting us
through construction where data
is reviewed monthly for carbon
impacts to seize opportunities andmitigate risks as soon as possible.

Woolgate marks a significant
achievement for a major
refurbishment and is on track for
an independently verified 4.5 Stars
NABERS Rating. Our exemplary
retrofit project has preserved
98% of its structure, yet ongoingcarbon monitoring for all materials
and meticulous site management
remain crucial to deliver the
A-rated carbon target.

Designing low-carbon Life
Science lab-enabled buildings isa welcomed ambitious challenge.
Phase 1A achieved a 9% reductionin embodied carbon throughstrategic changes: shifting fromrafts to piles for the substructure,
adopting prefabricated twin wallcomponents, and enhancing
material specifications comparedto the initial scheme. These
improvements are now integrated
into the Phase 2 design.

We equipped our tradecontractors with package-specificcarbon targets and underlying
assumptions. This enabled them toconfirm deliverability and identify
opportunities for improvement.
By making carbon information
fully relevant to the trades, weavoided diluted responsibility. The
proposals that came back led to
a 14% upfront carbon reduction
against Stage 3 position.

A Stage 5 whole life carbon
assessment was completedwith 93% of the data being asbuilt, a testament to the solidityof the evaluation. This allowed
us to evaluate the real-world
impact of our scheme against
design stages and derivelessons for future projects.

“ By engaging with our supply chain early on

embodied carbon at tender stage and agreeing
targets transparently, we were able to get
the best out of our engaged partners andmeaningfully reduce carbon at TVC Phase 2.

’’

GARETH HE ALY, PROJECT DIRECTOROUR PROGRE SS

76 SOUTHBANK

6%
reduction

Year-on-year carbon intensity
reduction in our construction
pipeline, and 38% reduction
against baseline

SUMMARY

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SOCIALMETHODOLOGYASSUR ANCE

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10

We have made significant strides towards our 2030 operational
carbon intensity target, achieving an 8% year-on-year
reduction, and 35% against baseline.
This has been achieved through a specific focus on energy
optimisation programmes, which has reduced our energy
consumption to bring in line with CRREM pathways. We
have strengthened resource with Assistant ESG Managers
onboarded across all our assets. Our decarbonisation plans
are written into asset business plans, allowing for futureenergy and carbon reductions.

OUR PROGRE SS

Operational Carbon: Managed Assets

72,947

Chiswick Park Building 7: 17% reduction

35%

72,947
reductionin operational carbon
intensity against our
50% target by 2030

1,218

2023

1,106

2024

905

2023

847

2024

1,567

2023

1,188

2024

917

703

2023

1,068

558

2024

1,162

2023

889

2024

385
232

2 Television Centre: 2% reduction
332
369

10

LIKE-FOR-LIKE OFFICE ENERGY USE INTENSITY
The MediaWorks: 24% reduction

350

Energy Use Intensity (kWh/m² GIA)300
 18% Year-on-Year250

 30% from Baseline

10

The WestWorks: 0% reduction

200
150

-0%

2030 CRREM Target

100

70 Gracechurch Street: 24% reduction
50
0
2020

2022

2024

2026

2028

Chiswick Park Building 7

2 Television Centre

The MediaWorks

The WestWorks

70 Gracechurch

Total like-for-like office portfolio

2030

Carbon emissions (tCO2)

2000

1500
2000

1000
1500

200
1000

Tenant0200

Landlord

0-

SUMMARY

ENVIRONMENTAL

SOCIAL

GOVERNANCE

METHODOLOGYASSUR ANCEDATAEnergy Optimisation
Our energy optimisation programme at Chiswick Park Building 7 has reduced
energy consumption by over 20% across the year, resulting in operationalsavings in excess of £250,000.

The first step on our decarbonisation pathway is to
optimise the existing equipment and controls tomeet building demands efficiently.
At Building 7, we have delivered this using Building
Management System (BMS) analytics software toenable data-led identification of opportunities formore efficient operation of heating, ventilation andair-conditioning.

“Through our occupier engagement we establish

 Building systems are reviewed to identify opportunities
to optimise control settings’’

Through this, the engineering team have
implemented energy saving strategies including:varying heating and cooling outputs based on
weather, holding-off equipment when outdoor air
temperatures allow, and rationalisation of internal
temperature set points units to avoid simultaneous
heating and cooling.
We have engaged with occupiers to optimise timeschedules to align space conditioning to theiroperational requirements to avoid over heating/cooling. This has resulted in significant energy
savings whilst improving occupier comfort.

shared ESG goals. Our leadership on energy
optimisation has demonstrated ourcommitment to provide spaces
with low operational energy
usage, reducing utility costs
for our occupiers and enabling
the achievement of sharedenvironmental targets.

CL AIRE DAWE ,HE AD OF ASSET MANAGEMENT Updated control methodologies enables building
systems to meet demand more efficiently

 This reduces energy consumption in occupied areas,and helps to improve internal conditions

 Chiswick Park, Building 7

11

SUMMARY

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SOCIALMETHODOLOGYASSUR ANCE

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12

Corporate Emissions & Offsetting
We are continuing to focus on
procuring high-quality carbon
credits to balance our direct
corporate emissions. We haveworked to procure traceablecarbon removal credits fromlong-lived projects with a low
risk of reversal.
We invested in carbon removals
using a blended price per tonneof CO2 of £190 for a high climate
impact: 80% of our portfolio
comes from technology
solutions that remove carbon
dioxide from the atmosphereand lock it on geologicaltimescales; 20% from naturebased solutions.

Weighted Average

Climate Impact

OUR CARBON REMOVAL S

Climate Impact
100

75

50

25

Governance& Scalability

Integrity &Certification

Co-Benefits
Beyond Carbon

A

We are using this approach asa template for the offsetting of
construction emissions from ourdevelopments.

Operational carbon TCO2
Operational Carbon TCO2

OUR100CORPOR ATE OFFICE CARBON PERFORMANCE
80
80

60

C

D

Bio-Mineralisation – Andes Bio, USA (20%)

A

Biochar – Circular Carbon, Germany (33%)

B

Forestation – NicaForest and CommuniTree, Nicaragua (20%)

C

Enhanced Weathering – UNDO, UK (27%)

D“ We’re now moving to the next step withcarbon removals for our construction
projects; by developing a legal Carbon
Purchase Agreement to form the basisof our contractual engagement with thevoluntary carbon market.

40

20
20

0
0

B

Baseline 2020
Baseline
2020

Scope 1

2022
2022

Scope 2

2023
2023

2023
2024

’’

NICK JARMAN , PROJECT DIRECTOR

SUMMARY

ENVIRONMENTAL

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METHODOLOGYASSUR ANCE

DATA

13

Renewable Energy Procurement

We advanced our best-in-class renewable energy strategy this year
by executing the first known-of-kind electricity contract at ourrecently completed development 8 Bishopsgate, which includes
hourly time-matching of our consumption with renewable assets
generation. This works in the following way:1◊

Our contract enables us to pick specific renewable generation
assets screened against our selection criteria.

2◊

An online dashboard allows us to see how the energy we use
in our building matches that which is generated across thechosen assets at an hourly resolution. This proportion is
known as the ‘time-matched percentage’.

3◊

We can then use this data to improve our time-matchedpercentage through onsite generation, storage, and demand
management.

4◊

Procuring time-matched renewable contracts drives demandin the market for high quality renewables and storage but
also provides more options to improve time-matching
renewables in our assets.

8 Bishopsgate achieved a 71% time-matched score, meaning that for
71% of the year the building’s electricity consumption was matchedin real-time by renewables. 8 Bishopsgate represents 16% of ourmanaged portfolio electricity consumption. We have commenced
electricity procurement across our remaining managed assets fortime-matched contracts, delivered late 2024.

OUR TARGET

Following published guidance by the UK GBC defining criteria forhigh-quality electricity, we are progressing with buying 100% ofelectricity within our control through renewable contracts. To-date
this has been achieved through REGO certification, which matches
our electricity demand with renewable supply on an annual basis.

Procure100%

renewable electricity and increase
share of electricity procured fromhigh-quality renewable electricity to
100% by 2030

1

2

4

3

SUMMARY

ENVIRONMENTAL

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SOCIALMETHODOLOGYASSUR ANCE

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14

Climate Resilience
Building upon our commitment to TCFD and the in-depth climate scenario planning
process we started last year, this year we undertook climate-related physical risk
audits across our managed assets. This provides an understanding of our exposure
to climate-related risks with the granularity of detail at asset level, and mitigation
measures to ensure future climate resilience.

OUR APPROACH AND RISK ASSESSMENTESTABLISHING MITIGATION ME ASURES

Boundary: Direct risks within site redline boundary considered

We measured and reported each asset using the UKGBC Framework**. The
overall risk of the asset was calculated based on a future risk rating from theassessment, the interdependencies of risks, and the scale of cost impact.

Types of risk: All physical climate hazards from EU taxonomy reviewed for materiality
Timeframes: Short 2030s, medium 2050s, and long 2080s reviewed
Climate scenarios: SSP2-4.5 (middle of the road) and SSP5-8.5 (fossil fuelled development) adopted
Datasets : A range of datasets to support different hazards used*
Physical risks were calculated based on the probability and the consequence of the hazard fora baseline and a future climate. This identifies what climate hazards are most likely to affect each
asset now and in the future. An example for Television Centre is shown to the below.
High - Very HighLow Moderate - Moderate
Very Low - Low
Subsisdence
Subsidence
WildﬁreWildfire
Cold/Frost Cold/Frost
Snow/Ice Snow/Ice
Storms
StormsHeat StressHeat StressDrought
Drought
Extreme Rainfall
Extreme Rainfall
SurfaceFlooding
Surface Flooding

For moderate-high risks, we identified mitigation measures to manage and/ or
reduce the level of risk, and categorised the measures into immediate priority(1-2 years), and longer-term (5 years).
Example mitigation measures include; installation of flood barriers at Television
Centre to protect loading bay which is vulnerable to surface flooding;installation of nature-based flood protection system with bioswale at White City
Place; and maintenance of external brise soleil at Chiswick Park to ensure
louvres are programmed to protect from damage against high-winds.
The next steps are to integrate risk mitigation measures into ongoing asset
business planning and maintenance plans.

0

2

4

Baseline risk rating

Baseline Risk

6

8

10

Increase in risk rating

Increase in Risk Rating

 Television Centre*Shared Socioeconomic pathways (SSP) / MET Office / AON Climate Risk Monitor tool / Jupiter climate modelling software / Local Borough flood modelling**Each asset reported using the ‘UKGBC Framework for Measuring and Reporting of Climate-related Physical Risks to Built Assets’ White City Place Chiswick Park B7

SUMMARY

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15

Biodiversity
We strive to maximise biodiversity on our sites,
acknowledging its vital role in ecosystem services
and enhancing user experiences.

Our developments consistently incorporate carefully
integrated urban greening, supported by Biodiversity
Net Gain (BNG) and Urban Greening Factor (UGF)
calculations. However, effective management andmaintenance are paramount.

OUR TARGETOur managed assets undergo annual audits from
ecologists to quantify BNG achieved across theyear through implementation of biodiversity
improvement measures. This year, the landscapeteam at White City Place implemented increased
biodiverse planting, a bioswale, hedgerows, wildflower
meadows, and improved wildlife habitats. Through thiswe improved the biodiversity value of the site by 31%.

Maximise

1

2

3

5

8

9

 White City Place - 31% BNG year-on-year increase

1

2

3

7

9

2

 Woolgate- 921% BNG / 0.28 UGF

710 1 Undershaft- 961% BNG / 0.47 UGF

the biodiversity potential of ourdevelopment and operational sites
1

2

3

6

7

2

 76 Southbank - 226% BNG / 0.31 UGF

1. Shrub

2. Urban Tree

3. Habitat

4. Rain Garden

5. Bioswale

3

4

7

 1 Victoria Street - 10,970% BNG / 0.3 UGF

6. Green Wall

7. Living Roof

8. Meadow

9. Planter

10. Pond

SUMMARY

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METHODOLOGYASSUR ANCE

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16

Waste
The construction, demolition and operational waste our projects contribute to carbon andwider environmental impacts throughout the supply chain and waste processing industry. We
therefore maintain close monitoring of waste generation and collaborate with our teams
to reduce waste streams and enhance recycling rates. While our efforts are robust, further
progress is needed, particularly in residential projects.
HOW WE ARE IMPROVINGRECYCLING R ATE IN MANAGE DASSETSAt White City Place, one of our longstanding managed assets, we havebeen on a drive to improve recycling
performance.
We have introduced operatives tohelp improve segregation, conductedwaste audits for occupiers, provided
new signage and bins to occupiers,and driven friendly competition throughbuilding league tables. This has
increased our recycling rate at WhiteCity Place to 64% this year from59% last year, and put us in touching
distance of our 65% 2025 target.

 8 Bishopsgate’s Waste Room

57%

Construction waste
recycling rate against
our 95% by 2025 target.

Operational waste recycling
rate of like-for-like portfolio
against our 65% by 2025 target.

HOW WE ARE SET TING UP NEWASSETS FOR SUCCE SS

Establishing waste procedures andengaging with our occupiers early isessential in achieving exemplar waste
performance in operation.
At 8 Bishopsgate we have beenproactive, from sustainable fit out guiderequirements to waste audits of officespaces, right through to providing awaste segregation room that inspires
positive behaviours. Through this wehave achieved an exceptional 69%
recycling rate since June.

 WestWorks reception, White City Place96%

644 100%
tonnesOperational wastequantum generated on ourmanaged assets, against
581 tonnes last year.

Construction andoperational waste
diversion fromlandfill on target.

6.0

tonnes/100m2 GIAConstruction waste
intensity generation
against our 6.5 target forcommercial projects.

SUMMARY

ENVIRONMENTAL

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SOCIALMETHODOLOGYASSUR ANCE

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17

Wa ste & Circular Economy

Reuse & Circular Economy

Within our development projects, we are prioritising decisions guided which are guided by
HowCircular
it differsfrom usual.
Something
lifecycle considerations and adaptability. Incorporating
Economyprinciples
in designand delivery helps reduce reduce environmental impact
and safeguard
material
value.
is 'recycled'
rather thanlifting
the lidand really re-using

98% of s

tr“ The process on 1 Victoria Street so far has been a huge

re
tu
uc

Our Woolgate project preserved
98% of the existing structure andlearning curve for us as a team, working against a system
90% of materials were reused
which is not set up for reuse. It was challenging and requiredor recycled in the strip out, with
14% being directly re-used.
a massive effort which we aim to refine and develop on future
Second-hand steel is used in-98%of theexisting
structure preserved
projects; we are very proudof what
we’ve
accomplishedpermanent structure; 48,000-In total for the strip-out, 90% of the
carpettiles, 350 tonnes of timber
HELENA MORRIS , PROJECT DIRECTOR
materials were reused or recycled, andboard and 150 tonnes of iron andsteel were all repurposed.
14% directly re-used.

retained

’’

80

et
a

At 76 Southbank, 80% of
the existing structure wasretained and we are piloting the
installation of reclaimed steel
elements for 35 tonnes of steel –or 15% of the new structure.

Early engagement with the specialist stripout supply chain for our 1 Undershaft
project facilitated our exploration of reusepossibilities. A pre-demolition audit
provided details on retrievability, reuse
opportunities, quantity, and quality ofbuilding items. This information informed
the demolition contractors’ brief, tasking
them with maximising material value retention
during demolition.

At 76 Southbank, 80%of the existing structure

Materialr
ion briefent
etThe project has utilised material
exchange platforms and outreachprogrammes resulting in ~16,000
raised access floor tiles being
salvaged, decorative lights donatedto Margate Art School, 50 lights
donated to Nightlife Outreach, kitchencabinets to Greenwich Music School andfridges, ceiling tiles and hand-dryers to
the local Abbey Centre. We also put in placea closed-loop recycling process for glass incollaboration with Saint-Gobain.

ined
reta
re
tu

Our 1 Victoria Street project has many positive
circularity outcomes, in addition to retaining
over half of the existing structure, thanks toa “re-use first” pre-refurbishment audit
and early contractor engagement.

%of structure r

ed
in

52%

- Based on the activities undertaken atof s has been
Woolgate, the projecttru The LCA
shortlisted for two awards:
c and theExcellence in Sustainability
Reuters Responsible Business award for
Circular Transition.

Ket
etc

Social Insight Day at Stanhope Offices

SUMMARY

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METHODOLOGYASSUR ANCE

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19

Social Value Strategies

COMMU

NITIES

IGN

AC

E

N
SIG

N

-DE

IO

CO

AT
ED

E

A

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Each individual area has its own specificrequirements; from elderly support to small
businesses engagement and adult education.
However, the common denominator across all of our
projects is a focus on employment and skills, as
demonstrated in the image opposite.

NIG

The first step in delivering a place-based social
value strategy is to recognise the importance of
local context. We clearly define social, economic andenvironmental outcomes to focus our efforts tomeet local needs.

L
PL CA
M D LOM

As well as projects having the power to betransformative and being a real opportunity forsocial mobility, we also know that having a strong
people-centred focus on our schemes empowers
local stakeholders to become stewards of place,allowing our projects to have lasting impact wellbeyond our involvement.

se 2
Pha
e
tr
en
ILLS ESHIPSCSK APPRENTICn&BoNT OF JOsi
MEATIONvi
YO ISSUMMARY

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20

Good Work & Opportunities

41

831

2,483

100%

Apprenticeships
initiated during
the reporting year

Local* jobs createdin construction

Training &development hours
delivered

Direct workforce paid
the Living Wage

Our focus is to create good
employment opportunities for
local people, and to support the
future workforce. Every one of
our projects has a social value
focus related to jobs, and even
our own Foundation’s main
theme is getting people into
employment.
We believe everyone should haveaccess to the training and experience
they need to get into meaningful
work.
This is why, across our activities, we are
creating new jobs and apprenticeships,
providing access to work experienceand learning, and promoting upskilling
and training to enable individuals toprogress in their careers.

*Local as defined by our Section 106 planningobligations in place.

THROUGH OUR
PROJECTS
Our teams deliver
Careers Days for young
peoplewhere they can visit
site, learn about therange of jobs involved
on site whilst improving
their communication skills
and getting help with job
applications. For example, at Oxford
North we hosted a group of all-female electricaland bricklaying students who gained an insight
into the trades involved and were supported with
their applications for apprenticeship roles on the
project.
Our influence goes beyond main contractor works:
we encourage our design teams to host work
experience in the earlier stages of development, andhave commissioned a registered social enterprise
dedicated to providing employment for individuals
who don’t have formal qualifications, to produce
furniture for our marketing suite at Oxford North.
 Oxford North’s site visit

THROUGH THE FOUNDATION
We partner with charities that have
employment-specific programmes in place
and take an active role in promoting andsupporting those initiatives. For example,
we have embarked on a work experience
programme with Mayors Fund for London;
held an Insight Day with Construction Youth
Trust for 20 young people pursuing highlevel apprenticeships in the built environment,
as well as volunteering at careers fairs andreviewing CVs through the Prince’s Trust.

THROUGH OUR ASSETS
Our assets offer diverse career pathways. Leveraging
strong community ties, we provide learning
opportunities like the White City Reveal event,where 120 primary school students engaged withoccupiers like L’Oreal, BBC, and Gravity Mediato explore science and technology careers. We
regularly facilitate career events, workshops, and site
work placements, offering valuable work experience foryoung people.
 Presenting to students at 8 Bishopsgate

 World of Work Day at Stanhope

SUMMARY

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Learning Disabilities & Employment
Less than 5% of adults with alearning disability are currently in
paid employment*. Yet research,commissioned by our charity partner
Mencap, has found that as manyas 86% of people with learning
disabilities, not currently in work,
would like a job.
Meanwhile, there are a broad rangeof roles across the built environment
which are well suited to the various
needs and skillsets of someone
with a learning disability.
Our aim is to help remove barriers
to employment for those withlearning disabilities by offeringsite visits, work experience andemployment at our sites, as well as tohelp overcome misconceptions about
learning disability in the workplace.

SITE TOURS AND WORKSHOPS
8 Bishopsgate and White City Place haveboth welcomed young people from learning
disability charity Mencap for site tours and an
employability workshop both when the asset wasin construction, but also in use.
Initiatives like this allow the young people tobetter understand the processes involved ona live building site, learn about the different
roles available and have a great insight into
one type of work environment. It enables us todemonstrate what the site provides in terms ofwork experience and employment opportunities
when the building is in use.
By also providing a space free of charge for the
charity annual meetings, the assets have beenable to assist the wider running of the charity,
further supporting the essential work they do.

ROUNDTABLES
We attended Mencap’s ‘Eradicating theexclusion of people with a Learning Disability’
event where the difficulties people with a learning
disability face when trying to transition into theworld of work were discussed. It highlighted theimportance of Stanhope Foundation’s support of
Mencap’s Headstart programme.
By sourcing and delivering work experienceplacements and other employer activity, theprogramme is supporting these young people as
they consider their futures.

* Source: NHS Digital

 Jack Tizard Student at White City Place Mencap Site Visit at 8 Bishopsgate

LONG TERM PARTNERSHIPWhite City Place continues to support local Special Educational Needs school
Jack Tizard as part of a long-term successful partnership. Students take partin weekly work experience with reception, landscaping, vertical cleaning, andsecurity teams, as well as with occupier Novartis Pharmaceuticals. This experience
not only provides students with useful skills and insight, but also helps build theirconfidence to achieve their full potential in life.
WORK PL ACEMENTS
Collaborating with WorkFit and the Down’s Syndrome Association, Television
Centre hosted its first SEN (Special Educational Needs) work placement in thefront of house team. After a successful placement, Zehra was offered a permanentrole as Meet & Greet Ambassador. Zehra says her new job suits her well, as she
enjoys interacting with and helping people. Zehra said that her favourite part of thejob was ‘everything!’

SUMMARY

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Inclusion & Diversity
Making places for people is at the heart of what we do, and wewant people to be able to enjoy the places we build regardless of
their accessibility needs. Having good accessibility plays a crucialrole in ensuring that users with disabilities interact with ourspaces without barriers.

“ Diversity and inclusion should be core principles at the heart ofour team mindset and project delivery. Whether that be throughlooking closely at our own policies and internal training, or via
developing a structured approach to work experience with the
Stanhope Foundation, we see the importance of supportingsocial mobility within our industry.

”

DAVID CAMP, CEOACCESSIBILIT Y AUDITS
We instructed an Accessibility Audit to evaluatethe ‘user friendliness’ of our buildings at WhiteCity Place from the point of view of disabled
employees and visitors, and to provide
feedback on ways we could improve theirexperience through the removal of physical or
non-physical barriers. This audit considered
access and disability from multiple
perspectives including mobility needs,
neurodiversity, sensory needs, hearing andvisual impairment.
White City Place now has a detailed Access
Guide for each building which can be foundonline and provides accessibility information
including photographs and routes which helps
to relieve potential stress and anxiety and allows
visitors with disabilities or additional needs to plan
their visits.
 Reception at The WestWorks in White City PlaceBESPOKE TR AINING
An inclusive working culture fosters an environment
where all employees feel valued, respected, andincluded. Following our employee diversity
and inclusion survey and an initial awarenesssession, we have invested in compulsory
bespoke training for Stanhope employees.
This first session was an introduction onbuilding inclusive organisations throughrecruitment and management and wascreated for anyone who recruits orinterviews candidates for Stanhope orbrings together & manages teams.
In the coming months, we’ll host sessions
on ensuring our buildings and activities areaccessible for all, exploring inclusive design,
and understanding the social context of diverse
neighbourhoods for valuable community engagement.
Stanhope Employees at 100 New Oxford Street 

22SUMMARY

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Responsible Procurement:
Ethical Workforce Programme“ We continue to take active steps to engage with

our delivery partners on the critical subject of
ethical labour. Complementing our policies withpractical steps on the ground is necessary
to manage the risks of complex labour tiers.
Fortunately, we work with like-minded partners
driven by best practices.
				

’’

DANIEL WARD, PROJECT DIRECTOR

We partnered this year with fellow B Corp Nutral to progress our EthicalWorkforce Programme, aiming to enhance transparency in our supply chain,
identify high-risk areas for worker exploitation, and collaborate with partners to
improve practices.
We initiated a supply chain risk mapping, contacting 55 key construction partners
to assess their workforce composition and practices across ten areas throughself-assessment. Results revealed that a significant portion of our supply chain
relies on temporary labour, increasing the risk of unfair pay as tiers between
employer and worker accumulate. We queried suppliers about labour practices,
particularly regarding the use of umbrella companies and compliance withtemporary worker legislation.
While sustainability practices were mostly robust, formal measurement
frameworks were lacking in places, prompting consideration of mandating thirdparty certifications like the Common Assessment Standard. Enhancing temporary
labour management involves specialised assessments for ethical engagement,alongside on-site compliance monitoring and audits to detect indicators of
exploitation. Opportunities for targeted education initiatives for workers, such as
toolbox talks were also noted.

 Construction team at 8 Bishopsgate

DATA

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Engagement in Development Stage110

OXFORD

Community engagement
activities carried-out

CAMDENCAMDEN

The British Library extension provides a realopportunity to generate long-term social value forthe local people of Somers Town. We establishedtargeted outcomes based on extensive engagementwith local communities, the Knowledge Quarter andwider Camden to ensure they are based on a real
understanding of local needs.
To drive and manage social value all the way throughoperation, we are also funding the role of a ‘Compact
Manager’ who will coordinate a social value steeringgroup and work with the Library’s Community
Engagement team.

Building on a series of positive engagement eventsand a public feedback report, our Oxford North
HACKNEY
project has established a Community Liaison
Group,
local councillors, groups andIS
L I N G TcomprisingONbusinesses, to improve communication with thelocal community. We also brought together a social
value steering group with members of government
and educational institutions to discuss how we canhelp improve and support the local workforce.

OXFOR DTOW E R
HAMLETSC ITY O F LO N D O N
CITY OFWESTMINSTERCIT Y OF LONDONSOUTHWAR K

WESTMINSTERKENSI N GTO N
At our 1 Victoria Street project,
we
CHELSEA
implemented an engagement&strategy
with political stakeholders, local residents,
businesses and community groups throughmeetings and site walks to gather feedback on
our proposals, which influenced our design.

L AMBETH
At our Royal Street project, we prioritised extensive community engagement to go
beyond best practices, seeking to foster positive community cohesion and social
connections among stakeholders and end users.

We are committed to maintaining a programmeof active engagement throughout the planning
process, with ongoing dialogue and delivering a
Just next door at 76 Southbank, we have engaged with South Bank Construction
WAN DSWORTH
programme of social impact continuing throughCo-ordination Group, overseen by the South Bank and Waterloo Partnership,
the subsequent build and operational phases.
bringing together developers and community representatives.

With four towers within a few
yards from each other, we havea unique opportunity within theCity of London context to delivercommunity benefits and create
long-lasting impact for the local
area. For our schemes, the local
socio-economic context has been
analysed to provide evidence about
the challenges and priorities forthe area and its local population.
Through stakeholder and community
engagement, key messages andfeedback have been used to informthe approach to social value oneach site.
LEWISHAMLAMBETHSUMMARY

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Engaging When in Use
As landlords we play a significant role inshaping ESG outcomes – however we aremost effective when collaborating with
our occupiers towards a shared goal.

SUSTAINABILIT Y FORUMSAt White City Place, our site teamhosts regular Sustainability Forums with
our occupiers to inspire and motivate.

We foster this collaborative approachthrough our Green Teams, which organise
regular engagement sessions, popup events, performance reviews, andcelebrate successes and innovation.
We encourage occupiers to join us in
supporting local charities and community
groups, and host events to raise awarenessof social issues in the area. Our building
teams promote initiatives supporting
small local businesses, wellbeing activities
and local art & culture.

We benchmark environmental
performance, encourage
recycling and energy
conservation through friendly
competitions, and invite
guest speakers from local
charities and community
groups.
 The WestWorks

POST-OCCUPANCYEVALUATIONThis year, we conducted
an extensive Post-Occupancy
Evaluation (POE) at Television
Centre and White City Place,to understand our occupiers’
opinions on various aspects
such as community belonging,building performance, design, andoverall satisfaction.

These forums
facilitate occupier
feedback, aiding
us in turn inbetter supporting
their ESG goals.

This POE involved over 400 questionnaires, 30
interviews and 18 focus groups, providing invaluable insights
into occupiers’ preferences, areas for improvement, and postCOVID workplace usage.
The findings were not only shared amongst our asset management
teams to make improvements onsite, but also fed back to design andleasing teams to inform future projects.
 Television Centre Masterplan

 Television Centre

SUMMARY

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Positive Outreach
We look to create a meaningful and positive impact in the communities in which
we work. Through our projects and assets, we provide support to people in needthrough charitable donations & investment.

2,327

At Woolgate the teamsponsors a nearby church
garden and attends fortnightly,
litter-picking, gardening andmaintenance activities to keep
the garden looking beautiful forthe local community.

Hours ofvolunteering£260k
Donated to charity
this year

1,088
Hours of educational
outreach

Victoria Street is supporting
the local Abbey Centre bysponsoring a year’s worth of hot
meals for refugees and thoseexperiencing homelessness, aswell as after-school clubs for
local children.

Our Television Centre Plot
H team have been working
with Ukrainian Open House,
preparing food, donating
clothes and supporting withtranslation between refugees
and the local authority.

 Woolgate team volunteering

Our Oxford North project is
promoting science throughsponsoring the educational‘Lightbulb Princess’ theatricalperformance at the local
Theatre, aiming to inspire young
children into STEM.

Volunteers from 76 Southbank
took part in an employability
workshop with the Prince’s
Trust, delivering mockinterviews for groups of young
jobseekers ahead of their reallife interviews with employers.

Television Centre residents
have donated over a tonneof clothing to White Rose
Recycled Fashion, preventing
waste going to landfill andpromoting sustainable solutions
to fast fashion.

White City Place regularly
hosts ‘The Purls’ knitting club in
the lobby which offers a unique
way for people to learn a newskill and combat loneliness
whilst knitting warm clothes forthe homeless and their pets.

Our teams at 8 Bishopsgate
and 70 Gracechurch
Street regularly volunteer at the
local soup kitchen and makeweekly food bank donations
thanks to collection points set
up in their lobbies.
 8BG team, food bank volunteering

SUMMARY

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Stanhope Foundation
The Foundation was established in 2021 with aclear mission: to partner with charities that focus
on employment-related programs, supporting
individuals in their journey to meaningful work
opportunities. Each of our charities have madesignificant strides in addressing employment
challenges within their respective communities
Since 2021, together with our industry partners wehave raised over £1.7 million, impacting thousandsof lives through employment opportunities andawareness initiatives.

YOUNG PEOPLE

THOSE EXPERIENCINGHOMELESSNESS

Construction Youth Trusteducates, trains and inspires young
people to help them build better
futures in the construction industry.

THOSE AFFECTED BY CANCER
Maggie’s provides free expert
care and support in centres
across the UK and online.

St Mungo’s are here to end
homelessness and rebuild
lives through a recoverycentred approach.

WHO WESUPPORTLONDON’S SCHOOLCHILDREN

YOUNG PEOPLE
The Prince’s Trust supports
young people to build confidence
and skills, helping them accessjobs, training & education.

 Insight Day at Stanhope’s Office

THOSE WITH LEARNINGDISABILITIES
Mencap values andsupports people with alearning disability, andtheir families and carers.

Mayor’s Fund for London
champions opportunities
for young Londoners from
low-income backgrounds.

Governance The WestWorks

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Governance
PERFORMANCE AND DISCLOSURE

INDUSTRY BODIESTOOLS & GUIDANCEINDUSTRY ENGAGEMENT &ADVOCACYCERTIFICATIONS— Tightened our lease provisions – aligningwith emerging best practice BBP Green
Lease Toolkit published in 2024.

— Continued our involvement with the UK
Net Zero Carbon Building Standard,
British Council for Offices and
NABERS UK.

— Celebrated our first year being a
Certified B Corp - placed at the centre of
our newly published Business Plan for the
coming four years.

— Supported the UK Green Building
Council Task Group on Renewable
Energy Procurement, seeing new
guidance published in support ofdecarbonising the UK’s energy sector.

— Pursued our commitment to the Living
Wage Foundation – 100% of direct andcontracted workforce is paid a Living
Wage.

— Developed our carbon removal
credits methodology for large-scaleprocurement.
— Improved our contractual
documentation for the evaluation ofembodied carbon during construction.
— Updated our fit-out requirements,
including providing our occupiers withguidance on the evaluation of embodied
carbon in their fit-out.

— Progressed our carbon reduction inline with our Science Based Target– reporting this year a 40% absolute
reduction for our scope 1&2 emissions
against 2020 baseline and on track
towards 50%.

— Applied our published renewable energy
procurement guidelines.

— Scored 90% on the GRESB Management
module (27/30) for our 2023 submission.

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Climate Risk Management

Last year, we undertook an in-depth climate
scenario planning process following our formal
support of the Taskforce on Climate related
Financial Disclosures (TCFD) (Steps 1-2)
Following on from the climate exposures identified,
this year we focused on defining tangible actions to
be taken within our business to address our shortterm exposures (Step 3).

1+

CLIMATE RE L ATE D
E XPOSURE S
Identify Stanhope’s potential
Climate Related Exposures(CREs) for each climate
scenario, and timeframes inwhich they are likely to emerge.

GOVERNANCE

2+

CLIMATE RE L ATE D
VULNE R ABILIT Y
For each CRE, define
Stanhope’s degree ofvulnerability if action isn’t
taken within the appropriate
timeframe.

3=

CLIMATE RE L ATE D
ADAP TATION
In instances where Stanhope
is highly vulnerable to a CRE,
identify the actions that should
be taken to minimise risk or
maximise opportunity.

4
CLIMATE RE L ATE D RISKS& OPPORTUNITIE S
Assess both inherent risk
(pre-adaptation) and residual
risk (post-adaptation) using
Stanhope’s risk framework.

We continue to update our Board in relation to our carbon pathway and wider
ESG progress.
Quarterly ESG Committee with senior leadership and ongoing internal sessions
around ESG and climate risks.

CHANGING
FINANCIAL
E XPECTATIONSINCRE ASING
E XPECTATIONSFOR LE ADERSHIPIN E SGINCRE ASING
L ABOUR &
MATERIAL
SCARCIT Y

INCRE ASING
SOCIAL LICENSE
TO OPER ATE
DE MANDS

INCRE ASINGREGUL ATION &GOVERNMENT
INTERVENTIONCHANGING
CULTURE &CAPABILIT Y
DE MANDSSTR ATEGYOur ESG Strategy remains ongoing.
We included our science-based carbon reduction target as part of our
Corporate Mission, itself at the core of our Business Plan.
RISKMANAGEMENT

INCRE ASING
REFURBISHMENT& REUSE

INCRE ASING NE E D
FOR PRODUCTINNOVATION

Actioning

TARGETS
Monitoring

Tangible actions defined for short-term exposures. From devising altered
milestones arrangements for our DM contracts recognising environmental
performance; to establishing an internal working group to accelerate theadoption of low-carbon materials in our construction projects.
We also undertook physical climate risk assessments at our White City
campus, with major insurer AON (see page 14).

INCRE ASING
COST OFDE VELOPMENTMETRICS AND
Our short term exposures

We established future climate scenarios against which we’ve assessed theorganisation’s long-term resilience (disclosed in our 2023 ESG Annual Report).

We continue to disclose our Scope 1, 2 and 3 emissions transparently, withindustry-leading transparency on embodied emissions from our development
activities.
In the year ahead we will develop additional metrics tailored to the climate
exposures identified, where relevant.

ESG
Reporting
Methodology

 8 Bishopsgate

SUMMARY

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Reporting period
Performance data within this report relates to Stanhope’s
activities between 1st April 2023 and 31st March 2024.
Standards and guidance
Our methodology for the reporting of greenhouse gas (GHG)
emissions has been developed using the following guidance andstandards:– GHG Protocol standards and guidance, including the
Corporate Accounting and Reporting Standard, Corporate
Value Chain Accounting and Reporting Standard, Scope 2
Guidance and Scope 3 Calculation Guidance; and– CDP guidance including the 2019 Climate Change Responders
Pack and the Technical Note on Accounting of Scope 2
Emissions. Our methodology for the reporting of wider ESG
relevant metrics is in line with EPRA ‘Sustainability Best
Practice Recommendations’ (sBPR).
Data collation
Our assured ESG reporting for the year includes carbon, energy,
waste, water, and social value from our construction, asset
management, and corporate activities. The assurance reportdetailing the assured metrics is available in the next section. For
our development projects and managed assets, we collect data
through our ESG Reporting Tool and ESG Action Plan.
Reporting boundaries
For the purposes of reporting and performance review we split
our activities into portfolios, which have similar functions. For
2024, these are:
— Total Stanhope portfolio— Development portfolio— Managed portfolio— Like-for-like Managed portfolio
Total Stanhope portfolio
This covers all of Stanhope activities including: Development

GOVERNANCE

METHODOLOGYASSUR ANCE

portfolio, Asset-managed portfolio, single-let FRI properties,
and residential.
We do not currently report data from single-let, FRI, or
residential properties as we do not have management control
or influence over these properties. Along with our corporate
emissions, this is the portfolio we use to calculate our total
carbon footprint.
Development portfolio
This includes all properties within our property development
pipeline that are in construction or in enabling works that
include permanent structure. We exclude strip-out projects
where the main construction has not yet debuted. Properties
which have reached practical completion but are not part of ourmanaged portfolio are held within this portfolio for four years
following completion to report on operational carbon.
Managed portfolio
This includes all properties for which we have direct asset
management responsibility. We exclude properties which aresingle-let or FRI-leased as we do not have management control
over these properties. We include common parts and amenity
areas of residential properties.
Like-for-like Managed portfolio
This includes all properties that have been within our Managed
portfolio for the entirety of the previous financial year and thisyear, thus having two full financial years within the managed
portfolio. This provides us a consistent, robust dataset to review
year on year performance trends.
Carbon reporting
As a development and asset manager, the vast majority of ourenvironmental impact is indirect through our value chain.
Recognising the great level of influence we have over the outcomesdelivered by our projects, our scope for our corporate footprintorganisational boundary considers all business activities carriedout by Stanhope plc following the operational control approach.
This includes property development and asset management
activities where we can implement operational changes andinfluence decisions across the design and construction process; as

DATA

32

well as other corporate office activities under our direct financial
control where we also have operational influence.
Scope 1
Direct emissions, this comprises emissions from consumption ofnatural gas within our corporate office. We do not measure andreport on Stanhope Plc fuel consumption for car travel.
Scope 2
Indirect emissions, this comprises emissions from purchased
electricity from our corporate office. Refrigerants emissions arede minimis and data availability is poor so are omitted from ourreporting scope.
Scope 3
Indirect emissions arising from our value chain, both upstream
in our construction supply chain and downstream in the use of
our buildings. Based on screening against the GHG Protocol
Corporate Value Chain (Scope 3) Accounting and ReportingStandard we have determined 8 of the 15 categories to be
relevant to our business, and 3 to be material (covering 98%
of emissions). Therefore, we measure and report on these 3
categories, listed below, and exclude the remaining.
Scope 3, Category 02: Capital Goods
These are upfront embodied emissions from our construction
activities. To calculate these, we use construction embodied
carbon emissions (A1-A5) for our development projects;
assessed for each project through design and construction
following the RICS guide Whole Life Carbon Assessment for the
Built Environment. We apportion total emissions to a reporting
year based on the duration of the construction project, to whichan average construction cost S-shaped curve has been applied.
For our baseline year, we used industry benchmarks consistent
with RIBA, LETI and the GLA.
In scope: projects in construction or in enabling works that
include permanent structure, and fit-out projects where we haveembodied carbon data.
For the projects having reached Practical Completion this FY, wereconcile the carbon for the current FY as the difference between

SUMMARY

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SOCIALthe carbon reported to date and the total for the project. For
the projects still on site but where programme and/or carbon
intensity have changed compared to the previous years, wereconcile the carbon for the current FY and apportion some tothe following year, proportional to the programme duration left.

METHODOLOGYASSUR ANCE

emissions for conservative estimates.

Excluded: strip-out projects where the permanent main
construction has not yet debuted.

Excluded: we do not currently collect or report on emissions
from tenant procured energy as we do not have access to theconsumption data and limited influence over the energy usage.
We exclude emissions related to refrigerants in our assets undermanagement as they have been estimated to be <1% of our total
footprint and the availability of data is poor.

Scope 3, Category 11: Use of Sold Products

Carbon conversion factors

In line with our expected involvement through the NABERS
scheme post-completion, we include in our reporting operationalemissions from the energy usage of the buildings we developed
but have no operational management responsibility of.

Conversion factors are required to convert energy consumption
to carbon. For this, we use the UK Government GHG Conversion
Factors for Company Reporting, which are released annually.

In scope: operational emissions for completed projects where
we do not have asset management responsibility for four years
from completion date. For our baseline year, we used industry
benchmarks from CIBSE and REEB to evaluate these emissions.
For projects completed in the past two financial years, actual
operational energy data is used to evaluate these emissions.
Excluded: emissions from long-term residential properties
where we don’t have access to consumption data.
Scope 3, Category 13: Downstream Leased Assets
These are the operational emissions from assets under
our management, from consumption of electricity and gas.
Emissions in this category have been derived from actual energy
data from our properties under management, collected via
manual and automatic meter readings. Due to the nature of ourbusiness as asset managers, even landlord-controlled emissions
from energy usage are part of our Scope 3. For clarity, we report
separately on landlord and tenant emissions in this category.
In scope: Tenant-controlled emissions and Landlord-controlled
emissions. Emissions from tenant demises, using sub-metereddata for electricity and heat. Where heat metering is sufficient
to calculate coefficient of performance of the heating/ coolingsystem, we use this factor to calculate the primary energy(electricity or gas) from the heat metered data at risers.
Emissions from common areas of the building and central plant
where this can’t be allocated to tenants (e.g. gas consumption
from boilers). Where we do not have any or sufficient submetering for tenants, this consumption is added to landlord

We follow the location-based method from the GHG Protocol in
our reporting, whereby average carbon intensity from UK gridis used. This means we calculate our emissions based on the
average emissions intensity of electricity grids on which energy
consumption occurs i.e. the average carbon emissions output inthe UK per kWh consumed.
Waste
Construction waste data is provided by site teams, recordedmonthly from start on site, and reviewed quarterly with project
teams until completion.
Waste from managed assets is collected monthly and reviewed
quarterly. Waste categories are measured by the waste
contractor and a breakdown of waste types and weights
provided monthly.
Intensity metrics and areas
We report carbon, energy, waste, water and other KPIs usingarea-based intensities.
We report floor areas for each property, used to calculate total
floor area for our intensities. Areas are based off calculated
or measured floor surveys. Where measured surveys are notavailable or incomplete, areas are estimated from scaled
drawings.
Our total carbon footprint intensity uses total gross internal
floor areas for developments and assets under management of
which carbon emissions have been included.

DATA

33

Social value
Community engagement
We report on our community engagement hours undertaken
during the financial year. This includes time spent with local
stakeholder groups or within the local community. For example,
public exhibitions on the detailed proposals for the site, online
webinars to discuss design and scale, amenity and partnership
opportunities in the area, and community drop-in days or site
visits.
Volunteering & pro-bono
We report on the volunteering and pro-bono hours completed
during the financial year. These hours include the time spentby Stanhope staff corporately, projects teams hours whenvolunteering on initiatives directly related to our projects, andon-site property management teams hours when volunteering
on an initiative directly related to our assets under management.

Assurance
Report White City PlaceSUMMARY

ENVIRONMENTAL

SOCIAL

GOVERNANCE

METHODOLOGYASSUR ANCE

DATA

35

Independent Assurance Report
Independent practitioner's limited assurance report to theBoard of Stanhope plc on selected ESG information
Grant Thornton UK LLP (‘Grant Thornton’ or ‘we’) were engaged
by Stanhope plc (‘Stanhope’) to provide limited assurance over
the Subject Matter Information described below.
Limited assurance conclusion
Based on the work we have performed and the evidence wehave obtained, nothing has come to our attention that causes
us to believe that the Subject Matter Information has not been
prepared, in all material respects, in accordance with theReporting Criteria.
This conclusion is to be read in the context of what we say in theremainder of this report.
Subject Matter Information
The scope of our work was limited to assurance over selected
aspects of the Stanhope plc’s ESG Annual Report (‘the Report’)for the year ended 31 March 2024 listed in the table at the end of
this report (‘the Subject Matter Information’).
Our assurance does not extend to any other information that
may be included in the Report for the current year or for previous
periods unless otherwise indicated.
Reporting Criteria
The Reporting Criteria used for the measurement or evaluationof the Subject Matter Information and to form our judgements
is Stanhope’s methodology that is set out in the ESG Reporting
methodology section of the Report (‘the Reporting Criteria’).

methodological and assumption-based limitations Stanhope
have disclosed in the Reporting Criteria.
Directors’ responsibilities
The Directors of Stanhope are responsible for:— the design, implementation and maintenance of internal
control relevant to the preparation and presentation of
Subject Matter Information that is free from material
misstatement, whether due to fraud or error;— selecting and/or establishing suitable Reporting Criteria;— measuring or evaluating and presenting the Subject Matter
Information in accordance with the Reporting Criteria; and— the preparation of the Report and the Reporting Criteria
and their contents.
Our responsibilities
We are responsible for:— planning and performing the engagement to obtain limited
assurance about whether the Subject Matter Information
has been prepared in accordance with the Reporting
Criteria;— forming an independent limited assurance conclusion,
based on the work we have performed and the evidence wehave obtained; and— reporting our limited assurance conclusion to Stanhope.

Inherent limitations

Our independence, professional standards and quality
control

The absence of a significant body of established practiseon which to draw to measure or evaluate the Subject Matter
information allows for different, but acceptable, measurement
or evaluation techniques, and can affect comparability between
entities and over time. In particular, we draw attention to theWe have complied with the independence and otherethical requirements of the Code of Ethics for Professional
Accountants issued by the International Ethics Standards
Board for Accountants which includes independence andother requirements founded on fundamental principles ofintegrity, objectivity, professional competence and due care,confidentiality and professional behaviour.
We apply International Standard on Quality Management (IQSM)
1, ‘Quality Management for Firms that Perform Audits or Reviewsof Financial Statements, or Other Assurance or Related Services
Engagements’ and accordingly we maintain a comprehensive
system of quality management including documented
policies and procedures regarding compliance with ethicalrequirements, professional standards and applicable legal andregulatory requirements.
Assurance standards and level of assurance
We performed a limited assurance engagement in accordancewith International Standard on Assurance Engagements
3000 (Revised) ‘Assurance Engagements other than Audits
and Reviews of Historical Financial Information’ (‘ISAE 3000
(Revised)’), and in respect of the greenhouse gas emissions
information included within the Subject Matter Information,in accordance with International Standard on Assurance
Engagements 3410 – ‘Assurance Engagements on Greenhouse
Gas Statements’ (‘ISAE 3410’) issued by the International
Auditing and Assurance Standards Board (IAASB). Thesestandards require that we plan and perform this engagement
to obtain limited assurance about whether the Subject Matter
Information is free from material misstatement.
A limited assurance engagement is substantially less in scopethan a reasonable assurance engagement in relation to both
the risk assessment procedures, including an understandingof internal control, and the procedures performed in responseto the assessed risks which vary in nature from, and are less inextent than for, a reasonable assurance engagement.
Consequently, the level of assurance obtained in a limited
assurance engagement is substantially lower than the assurance
that would have been obtained had a reasonable assurance
engagement been performed. Accordingly, we do not report areasonable assurance conclusion.

SUMMARY

ENVIRONMENTAL

SOCIAL

Work performed
Considering the circumstances of the engagement our work
included, but was not restricted to:

GOVERNANCE

METHODOLOGYASSUR ANCETo the fullest extent permitted by law, we do not accept orassume responsibility and deny any liability to any party
other than Stanhope for our work or this report, including ourconclusion.

— assessing the suitability of the Reporting Criteria as thebasis of preparation for the Subject Matter Information;— assessing the risk of material misstatement of the Subject
Matter Information, whether due to fraud or error, andresponding to the assessed risk as necessary in thecircumstances;— conducting interviews with relevant Stanhope management
and examining selected documents to obtain anunderstanding of the processes, systems and controls in use
for measuring or evaluating, recording, managing, collating
and reporting the Subject Matter Information;— performing selected limited substantive testing including
agreeing a selection of the Subject Matter Information tocorresponding supporting information;— considering the appropriateness of a selection of selectedcarbon conversion factor calculations, other unit conversion
factor calculations and other calculations used by Stanhope
to prepare the Subject Matter Information including byreference to widely recognised and established conversion
factors;— evaluating the overall presentation of the Subject Matter
Information; and— reading the Report and narrative accompanying the
Subject Matter Information in the Report with regard to theReporting Criteria, and for consistency with our findings.
Intended use of this report
This limited assurance report, including our conclusion, ismade solely to Stanhope in accordance with the terms of theagreement between us. Our work has been undertaken so that
we might state to Stanhope those matters we are required tostate to them in an independent limited assurance report andfor no other purpose. We have not considered the interest of any
other party in the Subject Matter Information.

Grant Thornton UK LLP
Chartered Accountants
Cambridge
25th June 2024

The maintenance and integrity of Stanhope’s website is the
responsibility of the Directors; the work carried out by us does not
involve consideration of these matters and, accordingly, we accept
no responsibility for any changes that may have occurred to thereported Subject Matter Information, the Report or the Reporting
Criteria presented on Stanhope’s website since the date of ourlimited assurance report.

DATA

36

SUMMARY

ENVIRONMENTAL

SOCIAL

GOVERNANCE

METHODOLOGY

Subject Matter Information
UNDERLYING SUBJECT MAT TERUNITSSUBJECT MAT TERINFORMATION 31
MARCH 2024

CARBONSCOPE 1 CARBON E MISSIONStCO2e

SCOPE 2 CARBON E MISSIONS

27,922SCOPE 3 CARBON E MISSIONS (GHGP CAT 02)
SCOPE 3 CARBON E MISSIONS (GHGP CAT 11)

tCO2e

RECYCLING R ATE

kgCO2e/m2GIA
Construction
Operation

4,116
9,688

SCOPE 3 CARBON E MISSIONS (GHGP CAT 13)
SCOPE 3 INTENSIT Y
WASTE

15
26

%

166
96
57

QUANTUM , OPER ATION

tonnes644

INTENSIT Y, CONSTRUCTION

t/100 m2 GIA

6.0

DIVERSION FROM L ANDFILL

Construction
Operation

%

100
100

WATER INTENSIT Y, OPER ATIONINTENSIT Y, OPER ATION

litres/ m2 NIA

534

SOCIAL VALUECHARITABLE GIVING£

260,815

DIRECT WORKFORCE PAID LIVING WAGE%

100

COMMUNIT Y ENGAGE MENT ACTIVITIE S

Number110

LOCAL JOBS CRE ATE D IN
CONSTRUCTION

Number

831

E DUCATIONAL OUTRE ACH

Hours

1,088

VOLUNTE ERING & PRO -BONO

Hours

2,327

TR AINING & DE VELOPMENT

Hours

2,483

APPRENTICE SHIPS , CONSTRUCTION

Number41

ASSUR ANCE

DATA

37

Data

 Gateway Central

SUMMARY

ENVIRONMENTAL

GOVERNANCE

SOCIALMETHODOLOGYASSUR ANCE

DATA

Data Tables (Developments)
PROJ ECTARE A GIA
(SQ F T )T YPET YPOLOGYE MBODIE D CARBON INTE NSIT Y(KGCO 2 /M 2 GIA) FOR ANNUAL CARBON
FOOTPRINT

2 RUSKIN SQUARE

460,000

New build

Office640

8 BISHOPSGATE

930,000

New build

Office808

76 SOUTHBANK

420,000

Retrofit

Office414

OXFORD NORTH - PHASE 1A , BUILDINGS 1&2

142,000

New buildLife Sciences

699

OXFORD NORTH - PHASE 1A , RE D HALL

62,000

New buildLife Sciences

673

TELE VISION CENTRE PLOT H

152,000

New build

Residential

545

WOOLGATE

500,000

Retrofit

Office327

WCP GROW-ON L ABS FIT- OUT

40,000Fit-out

Life Sciences

102

1 UNDERSHAF T

2,000,000

New build

OfficeBRITISH LIBR ARY

970,000

New buildLife Sciences, Office, Cultural

1 VICTORIA STRE ET

506,000

Retrofit

Office70 GR ACECHURCH STRE ET

835,000

New build

OfficeOXFORD NORTH - RE MAINING PHASE S

750,000

New buildLife Sciences

ROYAL STRE ET

2,000,000

New build

Office, Life Science

TELE VISION CENTRE PLOT E

280,000

New build

Residential

TELE VISION CENTRE PLOT G

182,000

New build

Residential

COMPLETE D

IN CONSTRUCTION

PRE-DE VELOPMENT

39

SUMMARY

ENVIRONMENTAL

GOVERNANCE

SOCIAL

Data Tables (Managed Assets)

ASSET

ASSET

T YPE

LIKE-FOR-LIKE
P ORTFOLIOCHISWICK PARK BUILDING 7

Office2 TE LE VIS ION C E NTRE

ARE A - G IA (M 2 )ARE A - NIA (M 2 )Y36,76230,721

Office, Hotel, Leisure & RetailY43,91632,206

TE LE VIS ION C E NTRE PLOT B (HE LIOS)

Residential

Y

7,055

-

TE LE VIS ION C E NTRE PLOT C (CRE SC E NT )ResidentialY

17,236-WHITE CIT Y PL AC E : THE ME DIAWORKS

Office & RetailY40,24523,004

WHITE CIT Y PL AC E : THE W E S T WORKS

Office & RetailY

50,03929,443

WHITE CIT Y PL AC E : G ATE WAY C E NTR AL

Office & RetailN

35,51327,012

WHITE CIT Y PL AC E : G ATE WAY W E S T

Office

N

3 348

,

2,371

70 GR ACECHURCH S TRE E T

Office & RetailY21,94818,656

8 BISHOPSG ATE

OfficeN86,66453,061

OPE R ATIONAL WA S TE : LIKE-FOR-LIKE OFFIC E P ORTFOLIO

ASSET

2024

DATA

40

2024

2023
Consumption

Intensity(m3)(litres/m2 NIA/yr)

33%

16,699

544

639

7%

17,592

683

5,016

231

47%

9,477

434

WHITE CIT Y PL ACE : THE W E S T WORKS

19,527724

41%

33,163

1,229

70 GR ACHURCH S TRE E T

13,869

743

-

-

-

LIKE-FOR-LIKE OFFIC E P ORTFOLIO

66,082534

27%

76,901

731

Consumption

Intensity(m3)(litres/m2 NIA/yr)

CHISWICK PARK BUILDING 7

11,226365

2 TE LE VIS ION C E NTRE (OFFIC E)

16,444

WHITE CIT Y PL ACE : THE ME DIAWORKS

Latest % Change

OPE R ATIONAL E NE RGY: LIKE-FOR-LIKE OFFICE P ORTFOLIO

ASSET

2024

2023

BA S E LINE (2020)

Consumption

Intensity

Intensity

Intensity(kWh)(kWh/m2/yr)

Latest %ChangeConsumption(kWh/m2/yr)

Latest %ChangeConsumption

(kWh)

(kWh)

(kWh/m2/yr)

CHISWICK PARK BUILDING 7

6,729,233

183

21%

8,493,095

231

31%

9,756,904

265

2 TE LE VIS ION C E NTRE (OFFIC E)

5,729,617

158

18%

6,975,291

193

53%

12,151,051

335

WHITE CIT Y PL AC E : THE ME DIAWORKS

6,475,016

166

32%

9,576,814

246

37%

10,237,485

263

WHITE CIT Y PL AC E : THE W E S T WORKS

8,132,266

173

5%

8,543,315

182

12%

7,290,803

155

70 GR ACECHURCH S TRE E T

4,414,313

201

27%

-

-

-

-

-

31,480,445

174

18%

33,588,515

211

30%

39,436,243

248

2023

Quantum(tonnes)

Recycled %Latest % Change
in recycled %Quantum(tonnes)

Recycled %CHISWICK PARK BUILDING 7

86

49%

8%

62

57%

2 TE LE VIS ION C E NTRE (OFFIC E)

227

45%

12%

201

33%

WHITE CIT Y PL ACE : THE ME DIAWORKS& THE W E S T WORKS

268

64%

5%

318

59%

63

84%

10%

-

644

57%

7%

581

LIKE-FOR-LIKE OFFIC E P ORTFOLIOASSUR ANCEOPE R ATIONAL WATE R: LIKE-FOR-LIKE OFFIC E P ORTFOLIOA S S E T D E TAIL S

70 GR ACECHURCH S TRE E T

METHODOLOGY

LIKE-FOR-LIKE OFFIC E P ORTFOLIOOPE R ATIONAL CARBON: LIKE-FOR-LIKE OFFICE P ORTFOLIO

ASSET

2024

2023

BA S E LINE (2020)

Consumption

Intensity

Intensity

Intensity(tCO2e)(kgCO2e/m2/yr)

Latest %ChangeConsumption(kgCO2e/m2/yr)

Latest %ChangeConsumption(tCO2e)(tCO2e)(kgCO2e/m2/yr)

CHISWICK PARK BUILDING 7

1,338

36

17%

1,603

44

39%

2,177

59

2 TE LE VIS ION C E NTRE (OFFIC E)

1,216

31

10%

1,237

34

52%

2,545

70

WHITE CIT Y PL AC E : THE ME DIAWORKS

1,188

30

25%

1,567

40

45%

2,166

56

WHITE CIT Y PL AC E : THE W E S T WORKS

1,626

35

-0%

1,619

35

-0%

1,632

35

889

41

24%

-

-

-

-

6,256

34

9%

6,027

38

35%

8,520

50

70 GR ACECHURCH S TRE E T

LIKE-FOR-LIKE OFFIC E P ORTFOLIO

54

41

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