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1、Enabling better health outcomesAssura plc Annual Report and Accounts 2024HighlightsESG:The Bigger PictureOperationalFinancial5%uplift in rent roll from activities completed5new development completions10.8 yrsWAULT maintained through portfolio activities8asset enhancement capital projects completedA-
2、investment grade credit rating reaffirmed by Fitch Ratings Ltd3.4pEPRA EPS3.2pdividends paid in the year2.3%average cost of debt13.2%EPRA Cost Ratio amongst the lowest in listed UK real estate49.3pdiluted EPRA NTA1.9mannual kWh saved from 45 energy efficient upgrade projects in our portfolio3.40/soc
3、ial value generated from community activities728volunteering hours,with 90%of employees participatingTop 10performer in FTSE 250 Women Leaders 2023 reviewAAMSCI ESG rating maintained,and EPRA Gold award received for sustainability disclosuresAssura plc Annual Report and Accounts 2024Strategic report
4、GovernanceFinancial statementsAdditional informationEnabling better health outcomesStrategic report1 Introduction2 Assuras role in the future of healthcare3 Enabling better health outcomes7 A balanced portfolio8 Chairs statement10 CEO statement13 Spotlight:The Bigger Picture14 Our market18 Investmen
5、t case19 Our strategy25 Spotlight:Private asset in Guilford26 Our business model28 Our key performance indicators35 CFO review39 Stakeholder engagement and impact52 Our environmental impact59 Principal risks and uncertainties67 Compliance statementsGovernance72 Chairs introduction to governance75 Ou
6、r governance framework76 Board of Directors80 Key Board activities82 Q&A with Louise Fowler83 Nominations Committee Report86 Audit Committee Report88 ESG Committee Report90 Directors Remuneration Report107 Directors Report109 Directors Responsibility StatementFinancial statements110 Independent Audi
7、tors Report118 Consolidated income statement118 Consolidated balance sheet119 Consolidated statement of changes in equity119 Consolidated cash flow statement120 Notes to the accounts133 Company financial statementsAdditional information136 Appendices139 Glossary142 Corporate informationAs the specia
8、list healthcare property investor and developer,Assura play a vital role in helping our customers deliver essential health services across the UK and Ireland.We leverage our unique understanding of the challenges facing the healthcare sector,and our two decades of experience,to deliver modern,high-q
9、uality spaces that support a healthy population.WE DO THIS THROUGH:Sharing our expertise and knowledgeREAD MORE ON PAGE 3Improving access to local health servicesREAD MORE ON PAGE 4Partnering to deliver innovative solutionsREAD MORE ON PAGE 5Focusing on social impact and sustainabilityREAD MORE ON P
10、AGE 6ContentsMore informationThis report forms part of our year-end reporting suite.Our website includes our year-end results presentation,sustainability disclosures and investor fact sheet.We have also published our Net Zero Carbon Pathway.Assura plc Annual Report and Accounts 2024Strategic reportG
11、overnanceFinancial statementsAdditional information1There is a critical need for investment in infrastructure in the healthcare system.As the largest developer of GP surgeries,healthcare,diagnostic and treatment buildings in a community setting,and a trusted partner in providing the right estate sol
12、utions for private healthcare providers,Assura has a vital role to ease the pressures faced by the system.READ MORE ABOUT HOW ASSURA ENABLES BETTER HEALTH OUTCOMES ON PAGES 14 TO 17Assuras role in the future of healthcareHow healthcare estates support better health outcomes03A lever to help reduce h
13、ealth inequalitiesAreas of greatest health deprivation have more patients per GPs,shorter appointment times and slower recovery times.Investment in the health estate in these areas can improve GP recruitment and allow a greater range of health practitioners to operate.04A net zero carbon futureInves
14、tment in energy efficient building upgrades can reduce operating costs for occupiers,as well as reducing the carbon footprint of operations.02Meeting the need for investmentA significant proportion of the NHS estate is not fit for purpose,and the maintenance backlog continues to grow.Significant inv
15、estment is needed now to facilitate better health services.01Demand for careWith an ageing population and increasingly complex health conditions,pressure on the health system and waiting lists is growing.Community healthcare buildings can enable a greater range of health providers and services,creat
16、ing extra capacity in the system.READ MORE ON PAGE 16READ MORE ON PAGE 17READ MORE ON PAGE 15READ MORE ON PAGE 15Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information2Enabling better health outcomesSharing our expertise and knowledgeOur market
17、 expertise,long-standing relationships and proven track record combined with our development and asset enhancement capabilities make us an attractive partner to the healthcare market.READ MORE ON PAGE 46Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditiona
18、l information3Enabling better health outcomesImproving access to local health servicesWe work together with customers to deliver bespoke health centres that meet the evolving needs of local communities.Assura is best placed to respond to these healthcare needs,taking the pressure off the healthcare
19、system and ensuring our customers can do what they do best deliver essential healthcare services.READ MORE ON PAGE 40Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information4Enabling better health outcomesPartnering to deliver innovative solution
20、sWe unlock the power of design and innovation to provide customers with state-of-the-art spaces to deliver diagnostic,specialist treatment and mental health services.We are continually evolving our offer,leveraging our expertise to meet changing healthcare needs and tackling the challenges of access
21、 to local services and health inequalities.READ MORE ON PAGE 25Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information5Enabling better health outcomesFocusing on social impact and sustainabilityOur goal is to become the number one listed propert
22、y business for long-term social impact and sustainability and to have a net zero carbon portfolio by 2040.Our ESG strategy The Bigger Picture sets out our ambition for a Healthy Environment,Healthy Communities and Healthy Business.READ MORE ON PAGE 52Assura plc Annual Report and Accounts 2024Strateg
23、ic reportGovernanceFinancial statementsAdditional information6A balanced portfolioRegional portfolio GO TO OUR WEBSITE FOR THE LATEST INFORMATION ABOUT ASSURAValue of properties by region10m510m15m750 hoursteam volunteering hours per year75%spend with suppliers signed up to our charterREAD MORE ON P
24、AGE 33Healthy BusinessA sound,ethical approach to how we engage and operate with all our stakeholders underpins our business model.TARGETS80%customer satisfaction survey75%employee engagement survey15%ethnically diverse workforce by 2030READ MORE ON PAGE 34Spotlight:The Bigger PictureAssura plc Annu
25、al Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information13The UKs healthcare system is under significant strain,with the need for critical infrastructure and substantial investment greater than ever.In this environment,community-based healthcare and the private
26、 sector have a significant role to play in delivering improved patient outcomes,by alleviating the resourcing and budgetary pressures faced by the NHS.Assuras market expertise,long-standing relationships and proven track record,mean it is well-placed to meet this diversified demand to tackle the hea
27、lthcare challenge.Our market Long waiting listsIncreasing health inequalitiesIncreasing calls for more services in a community settingGrowing demand for services from private providersGrowing demand for modern,net zero carbon facilitiesAssuras roleOur sustainable buildings increasecapacity in the co
28、mmunity that theyserve.This allows a greater number and range of health practitioners,including private providers to deliver services.All of which:Eases pressure on the local hospital and health system;delivers a better experience forpatients;and is more cost-effective for the NHSHealthcare system p
29、ressuresImplicationsAgeing populationUnder invested estateBudgetary pressuresWorkforce challengesAssura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information14A healthcare system under increasing pressureOUR MARKET(CONTINUED)Market trendAgeing popula
30、tion with increasing healthcare needsUnderinvested estate;high proportion of NHS estate not fit for purpose and growing maintenance backlogBudgetary pressures short-term focus does not support long-term investment decisionsAs people get older,they generally have an increasing frequency and complexit
31、y of healthcare requirements.As people live longer,this increases the pressure on the health system.Older,not fit-for-purpose buildings have higher running costs,maintenance costs and limit the type of treatment that can be offered.Capital budgets are allocated on an annual basis,but these are often
32、 used to plug gaps in operational budgets deemed more urgent.However,this lack of long-term investment simply exacerbates the short-term maintenance requirement.How this impacts the healthcare sector15%UK population of over-75s forecast to increase from 9%currently to over 15%by 2050“Around 2,000 pr
33、emises have been identified by GPs as not being fit for purpose,and there was strong feedback throughout the stocktake that we do not start thinking about estates early enough in our planning and frequently regret it”Next Steps for Integrating Primary Care,Fuller Stocktake Report May 2022.“The figur
34、e shows that the maintenance backlog has been growing for a number of years.This represents a failure to invest adequately in hospital infrastructure,as well as a tendency to use capital funding to cover shortfalls in day-to-day funding”NHS Funding Resources and Treatment Volumes,Institute for Fisca
35、l Studies,December 2022.How Assura is helpingBuildings that allow a greater range of services,or community engagement space,can reduce pressure on the local health system,allowing patients to see the most relevant health professional(not necessarily the GP).Replacement of existing buildings improves
36、 the clinical standards,allowing a greater range of services to be provided such as blood tests or minor operations and allows the latest energy efficient building technology to be incorporated to reduce the running costs.Greater healthcare capacity in a community setting reduces the overall cost fo
37、r the NHS,as it is cheaper to deliver care here compared with in a hospital.1.Office for National Statistics(https:/www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationprojections/datasets/tablej11zeronetmigrationnaturalchangeonlyvariantuksummary)Assura plc Annual Report and
38、 Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information15OUR MARKET(CONTINUED)A healthcare system under increasing pressure(continued)Market trendWorkforce challengesLong waiting lists Increasing health inequalities The healthcare sector in the UK faces a skills shortage.M
39、any workers leave the sector each year,with a growing number of job vacancies.For patients,this may mean travelling further or waiting longer to see specialists.Record waiting lists are leading to frustrating patient experiences and a growing willingness to be seen privately.In addition,longer waiti
40、ng times mean peoples conditions get worse making them harder and more expensive to treat.Recent studies have highlighted the impact of health inequalities,with fewer GPs per person,shorter consultations,lower use of preventative screening services,and a higher number of avoidable deaths in areas of
41、 higher socioeconomic deprivation.How this impacts the healthcare sector-1.9%change in FTE GPs from 2019 to 202275%respondents to RCGP survey said limited space was limiting the number of trainees they can take on0.004.002.001.008.007.006.005.003.009.00Aug07Aug09Aug11Aug13Aug15Aug19Aug17Aug21Aug23To
42、tal waiting(mil)(source:NHS)“GP practices in the most deprived areas in England had 2,400 patients for each fully-qualified doctor,compared with 2,100 patients for each fully-qualified doctor in the least deprived areas”Care Quality Commission“In England in 2021,people in the ten most socioeconomica
43、lly deprived local authorities,as measured by the IMD,were over four times more likely to die from an avoidable cause than those in the ten least deprived local authorities”OxeraHow Assura is helpingLocal facilities that are modern and have the latest technology,allow health practitioners to deliver
44、 a greater range of services to help their patients,as well as being a nicer place to work all of which makes it easier to recruit staff.It also gives GPs the space to become training practices,improving pathways for the next generation of health professionals.Diagnostic and treatment centres in a c
45、ommunity setting(operated by the NHS or private providers)are easier for patients to access and relieve the strain on the local hospital.Assuras modern portfolio has a higher weighting to areas of greater health deprivation.0%2%6%4%12%10%8%16%14%18%12345678910IMD decile 1 is most deprived%value 10%e
46、xpected distribution2.https:/ifs.org.uk/publications/nhs-funding-resources-and-treatment-volumes 3.Economic cost of health inequalities in England,Oxera for Times Health Commission,October 2023 and State of Health Care and Adult Social Care in England,Care Quality Commission,October 20234.https:/www
47、.rcgp.org.uk/news/practice-premises-survey Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information16OUR MARKET(CONTINUED)A healthcare system under increasing pressure(continued)Market trendIncreasing calls for more services in a community settin
48、gGrowing demand for services from private providersGrowing demand for modern,net zero carbon facilitiesMoving services out of hospitals and with a greater range of health professionals delivering community-based healthcare.As well as being lower cost for the NHS,health treatment being delivered in a
49、 community setting is more accessible for patients.Private providers can ease waiting list pressures in a locality,as well as investing in technologies.Treatment using the latest technology and investment in efficient service delivery allows for swifter patient flow adding capacity to the local heal
50、th system.Net zero carbon improvements reduce environmental impact and can reduce running costs.How this impacts the healthcare sector42 average cost of a GP face-to-face appointment418starting cost for more complex investigation and treatment of patient at A&E“GP practices should be housed in build
51、ings that facilitate integration by acting as a physical hub where primary and community clinicians,together with other services,are co-located,sharing space for multi-disciplinary practice,planning,and training”Integrating Primary and Community Care,House of Lords Select Committee December 2023.060
52、04002001,0008001,200Apr18Oct18Apr19Oct19Apr20Apr21Oct20Oct21Apr22Apr23Oct22Oct23Monthly referrals from GPs to one Assura-owned private facility (Source:NHS)156 kWh/m average energy usage intensity(EUI)across Assuras portfolio55 kWh/m EUI on Assuras new development at Fareham66%cheaper to run on a/m
53、basisHow Assura is helpingAs well as GP appointment space,many of our facilities offer specialist rooms for additional procedures needed in that locality such as the audiologist room at Eagle Bridge,Crewe or the minor operations suite in Timperley.Without these additional rooms,the patient would be
54、required to visit the nearest hospital.The private market continues to grow presenting opportunities for Assura,utilising our unique skill set.Private providers treat patients through NHS referral,self-pay and private medical insurance models.All of these routes give patients greater choice and acce
55、ss to faster treatment.Assura continually invests in improved sustainability standards in buildings both through new build developments(re-purposing buildings where appropriate)and retrofitting the existing estate.5.Kings Fund https:/www.kingsfund.org.uk/insight-and-analysis/data-and-charts/key-fact
56、s-figures-nhsAssura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information17Investment caseFive reasons to invest in AssuraPurposeExperienceInnovationLow riskPerformanceWere delivering our purpose to BUILD for health by deploying capital into schemes
57、which deliver financially and make a difference to the environment and societyWe use our extensive sector experience and creative skills to meet the unrelenting,critical need for investment in fit-for-purpose,healthcare buildingsWe use the power of design and innovation to create outstanding buildin
58、gs,ensuring we play our part in a sustainable future striving to create or upgrade energy efficient buildingsWe have a low risk,growing portfolio and scalable platform that provides a recurring and predictable revenue streamWe have a strong balance sheet that enables us to invest in our portfolio an
59、d provide a sustainable,covered and progressive dividend policy2.7bn portfolio at March 20246.4mpatients served from Assura buildings45 energy reduction projects delivered in year,estimated to save 1.9 million kWh per annum6%compound average EPRA EPS growth over last nine years7%compound average div
60、idend growth rate over last nine yearsAssura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information1801LEVERAGING OUR FINANCIAL STRENGTH02 QUALITY OF BUILDINGS03 QUALITY OF SERVICE04 PEOPLE05 LONG-TERM RELATIONSHIPSTHE BIGGER PICTURE is at the heart o
61、f our strategyTo respond to our market drivers,we focus on five strategic priorities,with our ESG strategy,The Bigger Picture,at the heart of everything we do.Strong market driversDemand for more capacity in a community setting is unrelenting:the challenges faced by the NHS have only been exacerbate
62、d by growing waiting list pressure,meaning there is growing demand for more services out of hospitals,closer to patients and a greater role for the private sector in meeting this demand.READ MORE IN OUR MARKET ON PAGES 14 TO 17We BUILD for health As a purpose-driven organisation,were generating long
63、-term value for our stakeholders and enabling better health outcomes through providing high-quality facilities for our customers,growing financial returns for our shareholders,reducing our environmental impact and delivering lasting social value with communities.READ MORE IN ASSURA AT A GLANCE ON PA
64、GE 7Strategic prioritiesOur strategyAssura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information1901To invest in our portfolio,making each pound invested work harder aiming to generate secure,growing returns for investors.Leveraging our financial str
65、ength2024 priorities Drive internal growth from asset enhancements and rent reviews Use asset enhancement pipeline to drive sustainability improvements and generate accretive returns Renew revolving credit facility(RCF),incorporating ESG linkage Maintain investment grade rating of A-from Fitch Ratin
66、gs Ltd2024 actions and progress Rental growth of 3.1 million achieved from rent reviews(8.9%uplift on rents reviewed)15 lease regears completed adding 5.3 million to total contracted rental income Upgrading sustainability performance on 45 completed capital projects A-investment grade rating and sta
67、ble outlook reiterated by Fitch Ratings Ltd RCF refinanced at reduced all-in-cost,as well as adding sustainability-linked KPIs EPRA Cost Ratio maintained at 13%Dividend increase for eleventh consecutive year2025 priorities Continue to drive internal growth from asset enhancements(generating accretiv
68、e returns from sustainability improvements)and rent reviews Recycle capital in the form of disposal or joint venture with appropriate long-term capital partner Maintain EPRA Cost Ratio at 13%KPIs Financial:EPRA EPS,EPRA NTA&EPRA Cost Ratio,Growing covered dividend,Total Property Return,Total Shareho
69、lder Return,Total Accounting Return Portfolio:Rental growth from rent reviews The Bigger Picture:Customer satisfactionSEE OUR KPIS ON PAGES 28 TO 34Risks Reduction in investor demand Failure to communicate strategy Reduction in availability and/or increase in cost of finance Failure to maintain capi
70、tal structure and gearing Occupier default Lack of rental growthSEE PRINCIPAL RISKS AND UNCERTAINTIES ON PAGES 62 TO 66OUR STRATEGY(CONTINUED)PRESTBURY MEDICAL PRACTICEAssura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information20OUR STRATEGY(CONTINU
71、ED)02To deliver the outstanding spaces our customers need,leading to a sustainable future and a net zero carbon NHS.Quality of buildings2024 priorities Deliver on site developments and asset enhancement projects EPC B across 65%of our portfolio by March 2024 Increase proportion of on site developmen
72、ts that use Net Zero Carbon Design Guide Roll out energy reduction initiatives into portfolio through occupier communications,LED lighting,PV panels and air source heat pumps2024 actions and progress Eight developments and six asset enhancement projects on site Completed developments at Kettering an
73、d Guildford allowing private operator occupiers to deliver cutting-edge treatments 38%of on site developments having used Net Zero Carbon Design Guide 1.9 million annual kWh saving for occupiers following asset enhancement capital projects or planned EPC upgrades 66%of portfolio now at EPC B or bett
74、er2025 priorities Deliver on site developments and asset enhancement projects Increase proportion of on site developments that use Net Zero Carbon Design Guide Leverage asset enhancement capital projects and lease regears to deliver reduction in portfolio EUIKPIs Portfolio:Rental growth from rent re
75、views,WAULT,occupier covenant The Bigger Picture:net zero carbon developments,Portfolio EUI,EPC ratings SEE OUR KPIS ON PAGES 28 TO 34Risks Changes to government policy Development programmes Building obsolescence digital risks&sustainabilitySEE PRINCIPAL RISKS AND UNCERTAINTIES ON PAGES 62 TO 66BOR
76、OUGH ROAD AND NUNTHORPE MEDICAL GROUP Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information21OUR STRATEGY(CONTINUED)03To deliver on the promises we make to the customers and communities our buildings serve,unlocking the power of design and inn
77、ovation to tackle their challenges.Quality of service2024 priorities Continue to maximise the asset enhancement opportunities throughout the portfolio,delivering sustainability improvements Share learnings from energy data collected across portfolio with customers,helping to generate savings in ener
78、gy consumed Explore PV panel offering for customers under Power Purchase Agreements(PPA)Roll out facilities management offering for customers through partnership with sector-leading technology specialist Macro2024 actions and progress Five developments completed during the year Eight asset enhanceme
79、nt capital projects completed and a further six underway 15 lease regears completed 45 buildings with improved energy efficiency following EPC upgrades Creation of new customer focused Group Operations Director role targeting enhanced customer experience&overseeing facilities management delivery Spe
80、cialist customer service training delivered to client-facing team2025 priorities Continue to strive to maximise the asset enhancement opportunities throughout the portfolio,delivering sustainability improvements Targeting faster issue resolution and further improvement in availability and resilience
81、 of customer response As part of plans to enhance customer engagement,share learnings from energy data collected across portfolio with customers,helping to generate savings in energy consumed Begin implementation of PV panel offering for customers under Power Purchase Agreements(PPA)KPIs Portfolio:G
82、rowth in rent roll,WAULT,customer covenant The Bigger Picture:EPC ratings,portfolio EUI,customer satisfaction surveys,social value generatedSEE OUR KPIS ON PAGES 28 TO 34Risks Changes to government policy Competitor threat Staff dependencySEE PRINCIPAL RISKS AND UNCERTAINTIES ON PAGES 62 TO 66Assura
83、 plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information22OUR STRATEGY(CONTINUED)04To attract,retain and develop our high-quality,specialist team,investing in skills and new ways of working.People2024 priorities Finalise and roll out people-related met
84、rics focused on improving inclusivity and driving high performance Realign the company culture to support a continually flexible workforce as we transition to our new net zero carbon headquarters Build on successful implementation of volunteering programme to embed as a team-wide responsibility Supp
85、ort our team members through the cost-of-living crisis2024 actions and progress EDI strategy approved for implementation Leadership Development Programme delivered to senior managers across the business ESG and cyber training delivered to all employees Top 10 performer in FTSE 250 Women Leaders 2023
86、 review Volunteering participation at 90%with 728 hours delivered 32 hours of training delivered per employee2025 priorities Deliver EDI awareness training to all employees Build on Leadership Development Programme with equivalent for managers Continue to foster a working environment that is inclusi
87、ve and flexible Enhance our wellbeing programme of eventsKPIs The Bigger Picture:employee engagement survey,staff volunteering,EDI plan implementationSEE OUR KPIS ON PAGES 28 TO 34Risks Staff dependencySEE PRINCIPAL RISKS AND UNCERTAINTIES ON PAGES 62 TO 66Assura plc Annual Report and Accounts 2024S
88、trategic reportGovernanceFinancial statementsAdditional information23OUR STRATEGY(CONTINUED)05To build better futures for people and places through our enduring partnerships with them,and delivering lasting social value with communities.Long-term relationships2024 priorities Demonstrate value of inv
89、estment in sustainable buildings to GPs and the NHS,generating savings in terms of energy use and minimising environmental impact Roll out social impact and sustainability metrics as criteria across all supplier selection exercises Continue to evolve offering for NHS Trusts,mental health services an
90、d private providers Strengthen relationships in Ireland to develop further pipeline of opportunities2024 actions and progress Broader healthcare markets:Completed buildings for private providers in Kettering and Guildford,with several other projects on site Strong progress in Ireland with our first
91、completed development,one acquisition and three on site projects 3.40 per pound of social value generated for every grant awarded or project supported during the year Social impact programmes rolled out for on site developments,curating bespoke funding packages for local health improving community g
92、roups 25%of discretionary non-development spend with suppliers that support the Assura Community Fund or have ESG KPIs in their contract2025 priorities Demonstrate value of investment in sustainable buildings to GPs and the NHS,generating savings in terms of energy use and minimising environmental i
93、mpact Increase proportion of suppliers adopting Supplier Framework and aligned ESG principles Continue to evolve offering for NHS Trusts,mental health services and private providers Strengthen relationships in Ireland to develop further pipeline of opportunitiesKPIs Portfolio:Growth in rent roll The
94、 Bigger Picture:portfolio EUI,customer satisfaction survey,social value generated,sustainable supply chain,staff volunteeringSEE OUR KPIS ON PAGES 28 TO 34Risks Changes in government policy Competitor threat Building obsolescence digital risks&sustainability Development programmesSEE PRINCIPAL RISKS
95、 AND UNCERTAINTIES ON PAGES 62 TO 66Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information24Spotlight:Private asset in GuildfordBroader healthcare markets provide long-term growth avenuesOur recently completed development of a cancer care centr
96、e in Guildford highlights how the private sector can create extra capacity in a locality and invest in the latest technology.As highlighted in our market on pages 14 to 17,growing pressures on the health system in our country has led to longer NHS waiting lists and increasingly complex medical condi
97、tions.It also leads to an increased number of patients seeking private healthcare either through NHS-referral where available,private medical insurance(PMI)or self-pay,all three of which are seeing higher demand over recent years.At our capital markets event in February 2024,we highlighted some of t
98、hese trends and showcased our recently completed development in Guildford.The state-of-the-art cancer care centre,will give local patients access to the latest treatment options.These include highly targeted radiotherapy using a Magnetic Resonance Image Linear Accelerator(MR Linac),and theranostics,
99、an innovative and personalised treatment that combines diagnostic imaging and radionuclide therapy to seek and destroy advanced cancers without damaging healthy tissue.These treatment options are generally not available to NHS patients,but through a partnership with the Royal Surrey NHS Foundation T
100、rust,the site will host some NHS-referred patients.The building is expected to achieve a BREEAM rating of Very Good,with Excellent for the Energy component,and an EPC of A.The building includes PV panels,LED lighting throughout and EV charging points.The site also benefits from the creation of a sen
101、sory garden for patient and staff wellbeing and we have introduced an education and skills bursary through the University of Surrey,as part of our overall funding approach(read more on page 43).The building offers Assura shareholders an attractive return through a long-term rental income stream,as w
102、ell as hitting sustainability and social impact goals,underpinned by a crucial need for these services in the local community to deliver better patient outcomes.Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information25Our business model Who we a
103、reWhat we doWe are a listed UK real estate investment trust(REIT)specialising in the development of,investment in and management of a portfolio of healthcare buildings across the UK.Our purpose is that we BUILD for health.Our goal is to become the UKs number one listed property business for long-ter
104、m social impact and to have a net zero carbon portfolio by 2040.Our values Passion Authenticity Innovation Collaboration ExpertiseOur property management team looks after the needs of the customers in our existing buildings.This covers a range of offerings:lease renewals,extensions or refurbishments
105、,improving environmental performance,managing building costs or simply sharing their experience with a customer that wants assistance fixing a problem.Enhancing the building through extension or refurbishment benefits our customers and their patients through higher quality buildings.This allows more
106、 services to be delivered,reduces the environmental impact and lowers running costs for occupiers through energy efficient upgrades and provides our investors with a value-enhancing lease regear.The portfolio management team also liaise with the District Valuer in settling rent reviews,making sure t
107、he rents on our leases are at the latest open market rates.Our team of development directors work with existing and prospective customers to design and deliver bespoke new healthcare buildings that meet the evolving needs of the communities they serve.The customers and patients benefit from our stro
108、ng relationships with our expert healthcare partners,who we work with to incorporate the latest sustainability and design innovations,in line with our Net Zero Carbon Design Guide,targeting net zero carbon development both for carbon in operation and carbon embodied through construction.A developmen
109、t only moves on site when everyone is agreed that the project is the highest quality and value for money;the rent is agreed,the customers sign an agreement for lease and our third-party building contractor partners sign fixed price contracts.Following the 1420 month build period,we get a long,secure
110、 income stream at a return on cost and development margin that reflects the relatively low development risk we take on,and a building that showcases our ability to deliver sustainable solutions that benefit all stakeholders.Our investment team identify opportunities to add existing buildings to our
111、portfolio,whether through a competitive bidding process or an off-market opportunity benefitting from our long-standing reputation as a landlord that owns and operates buildings as a long-term partner to our customers.Our knowledge of the sector,bespoke database covering all primary healthcare prope
112、rties in the country,our reputation as a landlord seeking a positive social impact and our long-standing relationships give us strong credentials when sourcing opportunities and speaking to prospective customers,who are often the same people that are selling their building.The investment process con
113、siders numerous criteria including the quality of the building,environmental impact and physical climate change risk,asset enhancement opportunities and returns.If a potential opportunity doesnt meet our environmental standards,then the price is adjusted accordingly for the cost of making the requir
114、ed improvements.The key factor for every investment is the importance of the building to its local health economy i.e.is this building the right solution for that community in the long term.Managing our portfolioMaintaining and enhancing our propertiesDevelopmentGrowing our portfolio through new dev
115、elopmentsInvestmentGrowing our portfolio through acquisition of existing propertiesAssura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information26OUR BUSINESS MODEL(CONTINUED)How we do itValue created for our stakeholdersOur customersOur communitiesOu
116、r peopleOur suppliersOur investors and lendersOur environmentSatisfied customersGO TO PAGE 40 Positive social value and enhanced community healthcare provisionGO TO PAGE 42 Engaged employeesGO TO PAGE 46 Healthy supply chainGO TO PAGE 48 Strong financial returns for investors and debt providersGO TO
117、 PAGE 50 Reduced environmental impactGO TO PAGE 52 Reputation for being innovative,sector expertsWe have a responsibility not just to meet current NHS specifications for buildings,but also to ensure buildings are fit for future health needs,including for advancing net zero carbon performance.We inno
118、vate to incorporate the latest advances in the delivery of care,looking at use of space,technological change and sustainability.We have a highly knowledgeable and experienced in-house team of surveyors and external expert partners in architecture,sustainability and construction.Our team across devel
119、opment,investment,management and external experts work closely with each other and our customers.A unique offeringWe are unique in offering our customers(GPs,the NHS,the HSE,and other healthcare providers)a full property service;we develop new buildings,invest in high-quality existing buildings,look
120、 after and enhance our portfolio(manage),and ultimately,own them for the long term.Our internally managed structure provides a highly scalable model and gives us direct relationships with our customers.This enables us to be responsive to their evolving needs;listening to the problems they face befor
121、e working with them to provide innovative,sustainable solutions;building better futures for people and places.Carefully managed balance sheetThe continued support of our shareholders and lenders is crucial to funding future growth in our portfolio.Our balance sheet ratios,unsecured borrowing structu
122、re and strong ESG credentials give us access to a wide range of funding options,operating our loan-to-value ratio in and around 40%with a policy that allows us to reach the range 4050%should the need arise.As we grow,so the benefits of scale will accrue to shareholders and drive our progressive divi
123、dend policy.Leading for a sustainable future,delivering lasting impact with communities Our ESG strategy is at the heart of our operations and long-term approach for each building.Minimising the environmental impact and maximising the positive social impact of each building in our portfolio through
124、our ESG targets is fundamental to our offering for all stakeholders.Secure,stable occupier baseWe have a secure,long-term rental income stream from our stable customer base made up mainly of GPs,NHS bodies and the HSE who benefit from government reimbursement of their rent,or independent health prov
125、iders who support the NHS in reducing waiting lists.Our typical leases are 21+years in length,giving us clear visibility of future income.Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information27Assura is one of the UKs leading healthcare REITs.
126、In order to sustain this position,we need to demonstrate that we can consistently outperform over time.To measure ourselves against this objective we have a wide range of key performance indicators(KPIs).Our financial KPIs track the performance of the business in terms of the returns we generate for
127、 shareholders.Our portfolio metrics measure the quality of our portfolio and our development activities.Our Bigger Picture metrics measure performance against our key targets for our pillars of Healthy Environment,Healthy Communities and Healthy Business.All of these then link back to our strategic
128、priorities and factor into how the executive management team is judged and rewarded.These KPIs are reflected in both the short-term(annual bonus details on page 100)and long-term management incentive schemes(linked to TSR,growth in EPRA EPS and performance against ESG targets over a three-year perio
129、d,further details on page 101).Certain of these measures are considered Alternative Performance Measures(calculations or references provided where appropriate)which,as explained in the CFO review on pages 35 to 38,are provided to help provide relevant information to understand how our business is pe
130、rforming.Our key performance indicatorsESG:The Bigger Picture metricsFinancial metricsPortfolio metrics3.4pEPRA EPS49.3pdiluted EPRA NTA13.2%EPRA Cost Ratio3.24pgrowing,covered dividend0.4%Total Property Return(2.0)%Total Accounting Return(6.3)%Total Shareholder Return7.2mgrowth in rent roll10.8 yrs
131、WAULT79%of customer covenant NHS/GPs3.9%rental growth from rent reviews156 kWh/mEnergy Usage Intensity38%net zero carbon developments66%EPC ratings728 hoursstaff volunteering3.40/social value ratio25%sustainable supply chain70%customer satisfaction76%employee engagement2024ethnic diversity target se
132、tAssura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information28FinancialEPRA EPS(p)Diluted EPRA NTA(p)EPRA Cost Ratio(%)Growing,covered dividend(p)Performance202020212022202320243.43.33.12.72.8Performance2020202120222023202449.353.660.757.253.9Perfor
133、mance2020202120222023202413.213.513.113.412.6Performance202020212022202320243.243.082.932.822.75Strategicpriority1.Leveraging our financial strengthStrategicpriority1.Leveraging our financial strengthStrategicpriority1.Leveraging our financial strengthStrategicpriority1.Leveraging our financial stre
134、ngthDefinitionSee Note 6 to the accounts.Definition See Note 7 to the accounts.DefinitionSee page 137.DefinitionDividend per share paid out during the financial year.CommentaryEPRA EPS provides an indication of the recurring profits of the Group.EPRA EPS has increased to 3.4 pence despite the challe
135、nging macro environment in the year.Growth has come from rent reviews settled and portfolio additions,alongside close cost control.CommentaryEPRA NTA shows the net accounting value of our assets and liabilities,adjusted in accordance with the widely used EPRA guidelines for the real estate industry.
136、As a REIT with a high dividend payout ratio,movements in our EPRA NTA primarily are attributed to asset revaluations,which were negative in the current year following the outward movement in valuation yields.CommentaryEPRA Cost Ratio is the operating efficiency of our model,being the costs incurred
137、as a proportion of rental income.The EPRA Cost Ratio has remained broadly static again,reflecting careful cost management despite the inflationary environment.CommentaryOur dividend policy is for the dividend paid to be progressive and covered by EPRA earnings.Our dividend has increased for the 11th
138、 consecutive year,with a compound average growth rate over this period of 7.0%.TargetGrowTargetGrowTargetMaintain or reduceTargetGrowLinkage to remunerationShort term,long termLinkage to remunerationNo linkLinkage to remunerationNo linkLinkage to remunerationNo linkOUR KEY PERFORMANCE INDICATORS(CON
139、TINUED)Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information29Total Property Return(%)Total Accounting Return(%)Total Shareholder Return(%)Performance202020212022202320240.4(2.6)7.16.45.3Performance20202021202220232024(2.0)(6.6)11.211.46.3Perf
140、ormance20202021202220232024(22.3)(3.1)(6.3)(9.8)50.3Strategicpriority1.Leveraging our financial strengthStrategicpriority1.Leveraging our financial strengthStrategicpriority1.Leveraging our financial strengthDefinitionNet rental income plus revaluation,divided by opening property assets plus additio
141、ns.See Glossary.DefinitionMovement on EPRA NTA plus dividends paid,divided by opening EPRA NTA.See Glossary.DefinitionMovement in share price plus dividends paid,divided by opening share price.See Glossary.CommentaryTotal Property Return measures our success in choosing the right investments and man
142、aging these assets over time.The return is made up of two components the income return(which has remained broadly consistent with previous years)and any valuation movement(which has been negative in the current year,consistent with most property companies).CommentaryTotal Accounting Return measures
143、the returns we have delivered to shareholders in the forms of dividends paid and the growth in NTA.In the current year,the dividend paid has again grown(for the 11th consecutive year),but this has been offset by the negative valuation movement.CommentaryTotal Shareholder Return reflects the value of
144、 dividends paid and the relative movement of the share price over the year.In the current year,the dividend paid has again grown(for the 11th consecutive year),although the TSR is negative due to the share price movement,having opened the year at 48.9 pence and closed at 42.3 pence.TargetMaintain or
145、 grow over long termTargetMaintain or grow over long termTargetMaintain or grow over long termLinkage to remunerationNo linkLinkage to remunerationShort termLinkage to remunerationLong termFINANCIAL(CONTINUED)OUR KEY PERFORMANCE INDICATORS(CONTINUED)Assura plc Annual Report and Accounts 2024Strategi
146、c reportGovernanceFinancial statementsAdditional information30Growth in rent roll(m)WAULT(years)%of customer covenant NHS/GPs(%)Rental growth from rent reviews(%)Performance202020212022202320247.27.714.012.86.2Performance2020202120222023202410.811.211.811.911.7Performance2020202120222023202479818284
147、85Performance202020212022202320243.93.81.91.51.8Strategicpriority3.Quality of service 5.Long-term relationshipsStrategicpriority2.Quality of buildings3.Quality of serviceStrategicpriority2.Quality of buildings3.Quality of serviceStrategicpriority1.Leveraging our financial strength2.Quality of buildi
148、ngsDefinitionIncrease in rent roll over the year.See Glossary.DefinitionAverage period until the next available break clause in our leases,weighted by rent roll.DefinitionProportion of our rent roll that is paid directly by GPs or NHS bodies.DefinitionWeighted average annualised uplift on rent revie
149、ws settled during the year.CommentaryGrowth in rent roll is a measure of how we are growing our income which in turn should support our dividend policy.Rent roll currently stands at 150.6 million.The 7.2 million increase in the current year reflects additions of 3.8 million and portfolio management
150、activities including rent reviews(3.4 million).CommentaryWeighted Average Unexpired Lease Term(WAULT)provides a measure of the average time remaining on the leases currently in place on our portfolio.The passage of time would see this figure reduce each year.However,the positive actions we have take
151、n in the year(portfolio additions and asset enhancement activities)have seen this natural decline be offset such that the WAULT has only decreased to 10.8 years.CommentaryThe occupier covenant provides an indication of the security of our rental income,reflecting how much is paid directly by GPs or
152、the NHS.The figure has remained strong at approximately 80%,reflecting that the portfolio additions have an occupier mix that is consistent with our existing portfolio and our strategic expansion to work with more private providers in a community setting.CommentaryRental growth from rent reviews set
153、tled in the year provides a measure of the growth in our rent roll,which we would expect to flow through to our income and support our dividend policy.In the current year we reviewed 34.1 million of existing rent(c.24%of opening rent roll)generating an uplift of 3.1 million.Open market reviews gener
154、ated an average annual equivalent uplift 1.7%(1.5%in the prior year).TargetPositiveTargetMaintain or growTargetMaintainTargetmedium-term inflationLinkage to remunerationNo linkLinkage to remunerationNo linkLinkage to remunerationNo linkLinkage to remunerationNo linkPortfolio metricsOUR KEY PERFORMAN
155、CE INDICATORS(CONTINUED)Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information31Energy Usage Intensity(kWh/m)Net zero carbon developments(%)EPC ratings(%)Performance20232024156162Performance2021202220232024381800Performance202120222023202466533
156、330Strategicpriority2.Quality of buildings3.Quality of service5.Long-term relationshipsStrategicpriority2.Quality of buildingsStrategicpriority2.Quality of buildings3.Quality of serviceDefinitionTotal electricity and gas used in our buildings divided by total floor area.DefinitionProportion of on si
157、te developments designed to be net zero carbon for construction and operation.DefinitionProportion of portfolio buildings that have an EPC rating of B or better,or have improved by at least two bands.CommentaryPortfolio EUI gives an indication of how energy efficient our buildings are for our custom
158、ers and will reduce as our Net Zero Carbon Pathway is implemented.During the year we delivered 45 energy reduction projects which should save 1.9 million kWh per year.CommentaryWe would expect this to be low in the initial years following the launch of our Net Zero Carbon Design Guide and as we lear
159、n from our first projects.As well as our existing projects at Fareham and Winchester,we have moved on site with Bury St Edmunds which will be net zero carbon in operation.CommentaryDuring the year,we completed energy improvement projects at 45 buildings,upgrading the lighting or installing PV panels
160、 or an air source heat pump.TargetReduceTarget50%by March 2026Target100%by the end of 2026Linkage to remunerationLong termLinkage to remunerationLong termLinkage to remunerationShort term,long termESG:The Bigger Picture metricsOUR KEY PERFORMANCE INDICATORS(CONTINUED)Healthy EnvironmentAssura plc An
161、nual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information32Staff volunteering(hours)Social value ratio(value generated per)Sustainable supply chain(%)Performance20232024728520Performance3.40/social value generated from community activities in 2024Performance25
162、%in 2024Strategicpriority4.People5.Long-term relationshipsStrategicpriority3.Quality of service5.Long-term relationshipsStrategicpriority5.Long-term relationshipsDefinitionVolunteering hours delivered by Assura team members in the year.DefinitionSocial value generated per invested,calculated using a
163、ppropriate impact reporting proxies.DefinitionProportion of non-development spend with suppliers with ESG KPIs or contributing to the ACF.CommentaryAs we continue to evolve our social impact programme,our employees have delivered a total of 728 volunteering hours over the year,generally supporting c
164、harities in and around Cheshire.CommentaryDuring the year,a number of projects have been supported through Assura Community Fund(ACF)activities or bespoke community-specific plans linked with our on site development activities.CommentaryHaving implemented ESG-linked KPIs for our facilities managemen
165、t partner and selected our development consultants using ESG factors,this year we increased the suppliers who support our ACF activities.Target500 hoursTarget3.50TargetGrowLinkage to remunerationNo linkLinkage to remunerationNo linkLinkage to remunerationNo linkOUR KEY PERFORMANCE INDICATORS(CONTINU
166、ED)Healthy CommunitiesESG:THE BIGGER PICTURE METRICS(CONTINUED)Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information33Customer satisfaction(%)Employee engagement survey(%)EDI strategy implementationPerformance202020212022202320247092929091Perf
167、ormance202020212022202320247666667476Performance2024Plan createdStrategicpriority1.Leveraging our financial strength3.Quality of service5.Long-term relationshipsStrategicpriority4.PeopleStrategicpriority4.PeopleDefinitionProportion of completed customer satisfaction surveys that would consider recom
168、mending us as a landlord to others.DefinitionProportion of respondents to the employee engagement survey stating they were engaged,satisfied and able to make a valuable contribution to the success of Assura.DefinitionEquality,Diversity&Inclusion is embedded in the company with clear actions and targ
169、ets agreed.CommentaryThe satisfaction of the customers in our buildings is a crucial benchmark of the quality of the service we provide.The score obtained from our most recent customer satisfaction survey has fallen following a period of change and transition within the portfolio and facilities mana
170、gement team,with appropriate plans in place to restore this over the coming months.CommentaryAs with many companies our employee engagement survey results dipped slightly during the pandemic,but we are pleased to have seen an increase in the past 12 months following our office relocation.CommentaryD
171、uring the year,our EDI strategy has been developed.Over the next 12 months we are targeting all staff to have received training on our priority areas,and we have set a target of having a 15%ethnically-diverse workforce by 2030.Target80%TargetMaintain or growTarget2024:100%of staff to receive trainin
172、gLinkage to remunerationNo linkLinkage to remunerationNo linkLinkage to remunerationNo linkOUR KEY PERFORMANCE INDICATORS(CONTINUED)Healthy BusinessESG:THE BIGGER PICTURE METRICS(CONTINUED)Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information3
173、4Despite the turbulent economic backdrop,our portfolio continues to deliver high-quality cash flows,which combine with our disciplined cost control and fixed-rate debt book to deliver growing EPRA earnings.We have continued to demonstrate our long-term resilience with another year of strong financia
174、l performance.Our focus has been on delivering our on site developments and generating internal growth from rent reviews and asset enhancement activities.This year we successfully refinanced our revolving credit facility with improved terms;increasing the size of the facility,reducing the costs and
175、adding sustainability-linked KPIs.The improved terms are a reflection of the strength of our business,which also saw our A-rating from Fitch reaffirmed with a stable outlook.Despite the wider macroeconomic uncertainty,with the inflationary environment and increase in interest rates,the strong financ
176、ial performance highlights the resilience of our assets in generating high-quality cash flows.Our asset class benefits from increasing demand,long leases and a primarily government-backed occupier base,and so it remains attractive regardless of the political or economic backdrop.This is then enhance
177、d by our disciplined balance sheet management and cost control.The long-term,fixed and sustainable financing in place,and the reduction in administrative expenses,despite the inflationary environment,means the growth in rental income can efficiently flow through to EPRA earnings and the dividend we
178、pay.All of this means we continue to have high confidence in our future prospects and our ability to deliver attractive returns that benefit all of our stakeholders.CFO reviewA disciplined approach creating growing returns for investorsPortfolio highlights:2.7bncurrent portfolio10.8 yrsWAULT1.8bn to
179、tal contracted rental income6 yrs weighted average debt maturity2.3%weighted average interest rate on debtAssura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information35Focus on existing portfolio45 sustainability improvement projects delivered3.4m up
180、lift in rent roll from rent reviews and asset enhancement activities8.7m pipeline of asset enhancement capital projectsAlternative Performance Measures(APMs)The financial performance for the period is reported including a number of APMs(financial measures not defined under IFRS).We believe that incl
181、uding these alongside IFRS measures provides additional information to help understand the financial performance for the period,in particular in respect of EPRA performance measures which are designed to aid comparability across real estate companies.Explanations to define why the APM is used and ca
182、lculations of the measures,with reconciliations back to reported IFRS measures normally in the Glossary,are included where possible.Portfolio as at 31 March 2024 2,708.3 million(2023:2,738.0 million)Our business is based on our investment portfolio of 614 properties(2023:608).This has a passing rent
183、 roll of 150.6 million(2023:143.4 million),79%of which is underpinned by the NHS.The WAULT is 10.8 years(2023:11.2 years)and we have a total contracted rent roll of 1.76 billion(2023:1.77 billion).At 31 March 2024 our portfolio of completed investment properties was valued at a total of 2,652.1 mill
184、ion(2023:2,667.4 million),which produced a net initial yield(NIY)of 5.17%(2023:4.87%).Taking account of potential lettings of unoccupied space and any uplift to current market rents on review,our valuers assess the net equivalent yield to be 5.41%(2023:5.09%).Adjusting this Royal Institution of Char
185、tered Surveyors(RICS)standard measure to reflect the advanced payment of rents,the true equivalent yield is 5.43%(2023:5.12%).Our EPRA NIY,based on our passing rent roll and latest annual direct property costs,was 5.08%(2023:4.77%).2024 m2023 mNet rental income143.3138.0Valuation movement(131.5)(215
186、.3)Total Property Return11.8(77.3)Reflecting the recent unstable macroeconomic backdrop and movement in gilt yields,we,like most real estate companies,recorded a loss on valuation of 131.5 million in the period.This is consequently reflected in our Total Property Return(expressed as a percentage of
187、opening investment property plus additions)which was 0.4%for the year(2023:negative 2.6%).The net valuation loss represents a 4%movement on a like-for-like basis(prior year 6.4%).However,this was offset by the positive actions we have taken in the year to improve the portfolio with 15 lease regears,
188、eight capital projects and 3.4 million additional rent from asset enhancement activities.As a comparison,the 10-year and 15-year UK gilts moved significantly in the year,now standing at 3.93%and 4.23%respectively(2023:3.49%and 3.78%respectively).Portfolio additionsWe have continued to take a discipl
189、ined approach to investment in the period,with primary spending relating to on site developments and asset enhancement capital projects.This follows on from the slowdown in activity which commenced around October 2022 following the economic uncertainty in the UK which preceded an increase in interes
190、t rates.010050150200250350(m)300Mar 20Mar 21Mar 22Mar 23Mar 2472m13m70m130m37m234m78m229m15m119m Acquisitions Development completionsExpenditure in the period can be split between investments in completed properties,developments,forward-funding projects,extensions and fit-out costs enabling vacant s
191、pace to be let as follows:2024 mAcquisitions13.2Completed developments71.8Additions85.0Disposals(3.4)Asset enhancement and sustainability15.7Net investment97.3We have completed one acquisition in Ireland,five developments reached practical completion and completed eight asset enhancement capital pro
192、jects.These activities focused on completing outstanding commitments,and opportunities for generating internal growth.These additions were at a combined total cost of 85 million with a combined initial passing rent of 3.8 million and a WAULT of 25 years.Development activityWe completed five developm
193、ents during the year,with a completion value of 71.8 million.The completions reflected a mix of GP surgeries(two including the 100th development in our 20-year history,Prestbury Medical Practice in Wolverhampton)and broader healthcare markets(two private day case units in Kettering and Guildford,and
194、 our first completion in Ireland at Kilbeggan).Reflecting our disciplined approach in response to the current economic backdrop,only three schemes have moved on site during the year.All three are in broader healthcare markets with two in Ireland and one ambulance hub in Bury St Edmunds,meaning that
195、we have eight schemes on site at 31 March 2024.These eight schemes have a combined development cost of 91.2 million,of which 42.0 million is remaining to be spent as at the year end.CFO REVIEW(CONTINUED)Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditiona
196、l information36Live developments and forward-funding arrangementsForward fund/in-housePrincipal occupierEstimatedcompletion dateTotalDevelopmentcostsmCosts to datemSizesq.mBallybayFFHSEQ4 244.31.21,695BirrFFHSEQ3 2515.30.95,000Bury St EdmundsIn-houseNHS TrustQ2 2411.18.02,900CastlebarIn-houseHSEQ2 2
197、511.91.04,200CramlingtonIn-houseNHS TrustQ2 2426.723.56,500FarehamIn-houseNHS TrustQ4 245.22.1950SouthamptonIn-houseGPsQ2 248.37.91,385WinchesterIn-houseGPsQ3 248.44.61,353CFO REVIEW(CONTINUED)We continue to source additional schemes for our development pipeline,but the pressures of both rising cons
198、truction costs and higher costs of finance have led us to proceed with discipline before committing,ensuring all aspects are fixed before we commence.We have an immediate pipeline of five properties(estimated cost 28 million,which we would hope to be on site within 12 months)and an extended pipeline
199、 of 34 properties(estimated cost 423 million,appointed exclusive partner and awaiting NHS approval).Portfolio managementOur rent roll grew by 7.2 million during the year to 150.6 million.The growth came from rent reviews(3.1 million),acquisitions and development completions(3.8 million),and asset en
200、hancement activity(0.3 million).During the year we successfully concluded 307 rent reviews(2023:352 reviews)to generate a weighted average annual rent increase of 3.9%(2023:3.8%)on those properties,which is a figure that includes rent reviews we chose not to instigate in the year.These 307 reviews c
201、overed 34.1 million or 24%of our rent roll at the start of the year and,on a like-for-like basis,the absolute increase of 3.1 million is an 8.9%increase on this rent.Our portfolio benefits from a 39%weighting in fixed,RPI and other uplifts which generated an average uplift of 5.2%during the period.T
202、he majority of our portfolio is subject to open market reviews and these have generated an average uplift of 1.7%(2023:1.5%)during the period.Our total contracted rental income,which is a function of the current rent roll and unexpired lease term on the existing portfolio and on site developments,is
203、 1.76 billion(March 2023:1.77 billion).We grow our total contracted rental income through additions to the portfolio and getting developments on site,but increasingly our focus has been extending the unexpired term on the leases on our existing portfolio(“regears”).We delivered 15 lease regears in t
204、he year covering 0.5 million of current annual rent and adding 10 years to the WAULT for those particular leases and two vacant space lettings adding 0.1 million annual rent(2023:15 regears,2.0 million of rent).We have also agreed terms on a pipeline of 33 regears covering 4.4 million of rent roll a
205、nd these are currently in legal hands.We have completed eight capital projects in the year(total spend 8.9 million)and are currently on site with a further six(total spend of 4.0 million).These schemes increase the WAULT on those properties by 11 years and improve the sustainability performance of t
206、hose buildings.In addition,we have 18 asset enhancement projects we hope to complete in the next two years with estimated spend of 8.7 million.Our EPRA Vacancy Rate was 1.0%(March 2023:1.0%).Our current contracted annual rent roll is 150.6 million and,on a proforma basis,would increase to in excess
207、of 161.0 million once on site developments,asset enhancement projects and rent reviews are completed.Administrative expensesAdministrative expenses in the year were 13.2 million(2023:13.3 million).The Group analyses cost performance by reference to our EPRA Cost Ratios(including and excluding direct
208、 vacancy costs)which were 13.2%and 11.7%respectively(2023:13.5%and 12.3%).We also measure our operating efficiency as the ratio of administrative costs to the average gross investment property value.This ratio during the period equated to 0.48%(2023:0.48%).FinancingOur balance sheet and financing po
209、sition remains strong.We have cash reserves and committed undrawn facilities totalling 235.4 million,and our long-term,drawn facilities have fixed rates in place.Growth during the period,with net investment of 97.3 million,has been funded by cash reserves.In October we completed the refinancing of o
210、ur revolving credit facility for a further three years with the option of extending by a further two.We increased the facility to 200 million,reduced by the all-in cost of the facility and added sustainability-linked KPIs which,if achieved,will result in a five basis-point reduction to the interest,
211、which will be paid to the Assura Community Fund.Following this,55%of our available facilities are now ESG-linked.“Our balance sheet and financing position remains strong”Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information37CFO REVIEW(CONTINU
212、ED)Financing statistics2024 2023 Net debt(Note 22)1,217.4m1,134.6mESG-linked financing55%43%Weighted average debt maturity6.0 years7.0 yearsWeighted average interest rate2.30%2.30%of debt at fixed/capped rates100%100%EBITDA to net interest cover4.8x4.5xNet debt to EBITDA9.4x9.1xLTV(Note 22)45%41%As
213、can be seen from the table above,the cash flow based debt metrics of net debt to EBITDA and interest cover remain very strong with our high quality portfolio generating strong recurring cash flows and our fixed debt facilities with long remaining maturity.The metrics are two of the measures used by
214、Fitch in their rating assessment,which was reaffirmed at A-in January 2024 with a stable outlook.Our LTV ratio currently stands at 45%which has increased over the past two years as a result of negative valuation movements caused by the macroeconomic backdrop.We generally operate with an LTV in and a
215、round 40%,and our policy allows us to reach the range of 4050%should the need arise.100%of our drawn debt facilities are at fixed interest rates,although this will change as and when we draw on the revolving credit facility which is at a variable rate.The weighted average debt maturity is 6.0 years,
216、and our longest dated facilities(the Social and Sustainability bonds which mature in 2030 and 2033 respectively)are at our lowest rates(1.5%and 1.625%respectively).Over the next four years,we have only 250 million of debt that needs refinancing.Assuming these were to be refinanced at a rate of 5.5%,
217、this would only impact EPRA EPS by approximately 0.2 pence on an annualised basis.Net finance costs presented through EPRA earnings in the year amounted to 27.1 million(2023:27.3 million).IFRS loss before taxIFRS loss before tax for the period was 28.7 million(2023:loss of 119.2 million).The prior y
218、ear loss was as a result of greater negative valuation movement.EPRA earnings2024 m2023 mNet rental income143.3138.0Administrative expenses(13.2)(13.3)Net finance costs(27.1)(27.3)Share-based payments and other(0.7)(0.6)EPRA earnings102.396.8The movement in EPRA earnings can be summarised as follows
219、:mYear ended 31 March 202396.8Net rental income5.3Administrative expenses and otherNet finance costs0.2Year ended 31 March 2024102.3EPRA earnings has grown 6%to 102.3 million in the year to 31 March 2024 reflecting the property acquisitions and developments completed as well as the impact of our ass
220、et management activity with rent reviews and new lettings,whilst administrative and other costs have remained flat.Earnings per shareThe basic earnings per share(EPS)on loss for the period was(1.0)pence(2023:loss of(4.0)pence).EPRA EPS,which excludes the net impact of valuation movements and gains o
221、n disposal,was 3.4 pence(2023:3.3 pence).Based on calculations completed in accordance with IAS 33,share-based payment schemes are currently expected to be dilutive to EPS,with 1.3 million new shares expected to be issued.The dilution is not material with no impact on EPS figures.DividendsTotal divi
222、dends settled in the year to 31 March 2024 were 96.1 million or 3.24 pence per share(2023:3.08 pence per share).10.6 million of this was satisfied through the issuance of shares via scrip.As a REIT with requirement to distribute 90%of taxable profits(Property Income Distribution,“PID”),the Group exp
223、ects to pay out as dividends at least 90%of EPRA earnings.Three dividends paid during the year were PIDs and one was a normal dividend(non-PID).It is expected that the majority of future dividends will be PIDs.The table below illustrates our cash flows over the period:2024 m2023 mOpening cash118.024
224、3.5Net cash flow from operations102.494.1Dividends paid(85.5)(88.9)Investment:Property and other acquisitions(31.7)(150.3)Development expenditure(69.4)(57.9)Sale of properties3.477.8Financing:Net borrowing movement(1.8)(0.3)Closing cash35.4118.0Net cash flow from operations differs from EPRA earning
225、s due to movements in working capital balances,but remains the cash earned that is used to support dividends paid.The investment activity in the period has been funded from cash reserves and the disposals during the period.Diluted EPRA NTA movementmPence per shareDiluted EPRA NTA at 31 March 2023(No
226、te 7)1,586.953.6EPRA earnings102.33.4Capital(revaluations and capital gains)(131.1)(4.4)Dividends(96.1)(3.2)Other(inc.scrip dividend)10.5(0.1)Diluted EPRA NTA at 31 March 2024(Note 7)1,472.549.3Our Total Accounting Return per share for the year ended 31 March 2024 is(2.0)%(2023:(6.6)%)of which 3.2 p
227、ence per share(6.0%)has been distributed to shareholders,offset by the 4.3 pence per share(8.0%)reduction in EPRA NTA.Jayne CottamCFO21 May 2024Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information38Stakeholder engagement and impactOur custome
228、rsThe health providers in our buildings benefit from spaces at the forefront of the sector in terms of design,innovation and environmental performance,allowing them to provide the services their communities need.GO TO PAGE 405new developments completedOur peopleAssura employees work in a collaborati
229、ve,engaging environment that supports their aspirations to develop their skills and provides them with opportunities.GO TO PAGE 46Our communitiesThe communities that use our spaces have access to a building that meets the bespoke health needs of their local health economy.GO TO PAGE 42Our suppliersO
230、ur supplier partners benefit from a collaborative approach to finding innovative solutions that meet the needs of our customers.GO TO PAGE 48Our investors and lendersOur financial supporters,both equity and debt,receive a fair financial return derived from rental income from investment in the essent
231、ial health infrastructure of our country.GO TO PAGE 50Our environmentWe deliver new premises which limit their impact on the environment,and upgrade the energy efficiency of existing buildings.GO TO PAGE 526.4mpatients served by our buildings,and over 200,000 distributed by the Assura Community Fund
232、81%employees taking part in most recent employee engagement survey109mpaid during the year to suppliers for construction,property management and overheads3.24pdividends per share paid during the year,2.30%weighted average interest rate paid on debt facilities45energy efficient building upgrades deli
233、vered in the yearAssura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information39Our customersSTAKEHOLDER ENGAGEMENT AND IMPACT(CONTINUED)The health providers in our buildings benefit from spaces at the forefront of the sector in terms of design,innova
234、tion and environmental performance,supporting improved health outcomes in the communities they serve.Who they are GP practices NHS Trusts HSE Private providers Other healthcare professionalsThe health services our customers deliver are what make our buildings so vital in the communities and local he
235、alth ecosystems they serve.The majority of our long-term rental income from our customers is reimbursed by government.Stakeholder metrics Customer satisfactionHow we engage Existing relationships with our property managers,asset managers,rent review managers,facilities management provider(Macro),pro
236、perty administrators,and credit controller(ongoing)Site visits,meetings and ongoing communications with our Group Operations Director Feedback surveys Dedicated customer inbox for direct feedback Supplier relationships(ongoing)Public affairs and communication activities with local influencers(ad hoc
237、)These approaches allow us to get a sense of how our customers are feeling,the challenges they are facing and the problems they need us to solve.Monitored by:Group Operations Director and Customer Communications Manager.Board members periodically hold meetings with NHS influencers and leaders,join s
238、essions with suppliers and consider feedback from customer surveys.Issues raised this year Rising cost of utilities,and the impact of inflation Costs of running and maintaining buildings in an ever-changing climate Continuity of service and speed of response to queries Meeting the NHS net zero carbo
239、n 2045 ambition Challenges of moving into a new buildingAssura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information40CASE STUDYSTAKEHOLDER ENGAGEMENT AND IMPACT OUR CUSTOMERS(CONTINUED)Achievements in 2024 Through our close relationships with custom
240、ers,weve been able to progress schemes to add crucial new capacity at some of our buildings.And by phasing schemes and planning work carefully around their operations,we have enabled them to continue providing patient care.At Ling House Medical Centre,West Yorkshire,weve carried out a full reconfigu
241、ration and refurbishment,updating 21 existing rooms and converting three administrative rooms into five additional clinical rooms read more about the sustainability upgrades at Ling House on page 55.Meanwhile,at The Wantage Health Centre in Oxfordshire,we completed our largest-ever asset enhancement
242、 and extension,adding much needed additional clinical space,a new unit for the pharmacy and improvements to make the building more energy efficient.From the initial public and patient engagement events to the official opening and beyond,weve supported three practices,and two private providers move f
243、rom outdated and unfit properties into our brand new healthcare buildings.We dont just provide the building,we ensure our occupiers have the tools they need to engage and inform their patients and the communities they serve.Following a period of change within our Property Manager cohort,we have intr
244、oduced a new structure,with region based roles,and the creation of a Group Operations Director role to oversee Customer Service and Facilities Management Service delivery.We have completed the first year of our Facilities Management partnership with Macro(formerly Mace Group),and whilst still in a t
245、ransition period we have seen a positive impact on service resilience and availability,including our 24/7 freephone helpdesk,and progress tracking via our portal system.There have also been changes in Health and Safety and compliance,and improved efficiencies within our supply chain to help customer
246、s maintain and operate their buildings more effectively.We have also created and rolled out a bespoke Customer Service training programme which has already been delivered to 47 Assura and Macro staff to ensure our team members put exceptional customers service at the forefront of everything we do.Ou
247、r priorities for 2025 In the coming year,our focus will be on our facilities management provision as we enter year two of our partnership with Macro,ensuring this solution is working to provide continuous improvements in customer service,especially in the areas of responsiveness and speedy issue res
248、olution.As part of our customer service action plan,customer engagement will increase through the year with more frequent contact and satisfaction check-ins planned,alongside the creation of useful information resources to assist customers with their most frequent queries.Well continue to expand our
249、 sustainable offering,providing options to lower utility bills while supporting the NHS ambition to reach net zero carbon by 2045.88%of those in unfit buildings said that poor conditions such as an insufficient number of consulting rooms,or rooms of adequate size mean that patients are often kept wa
250、iting to be seen by a GP or other healthcare professional.Royal College of GPsPremises Survey,May 2023Assuras 100th developmentCompleted in June 2023,nearly 20 years after Assuras inception,the Prestbury Medical Practice in Wolverhampton became our 100th development completed.A live example of movin
251、g care closer to home in a community setting.The purpose-built centre brought together two local surgeries with more than 14,500 patients,boasting additional training capacity,a greater range of community and out-of-hospital services as well as incorporating a telehealth hub to support digital healt
252、hcare delivery.Our commitment to sustainability has grown from strength to strength across the past two decades with the Prestbury Medical Centre being a prime example.The centre achieved BREEAM Excellent certification and an EPC rating of A,through the use of air source heat pumps,EV charging point
253、s and natural ventilation.The Practice was officially opened by the Mayor of Wolverhampton.Healthy Environment66%EPCS RATINGSREAD MORE ON PAGE 32Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information41Our communitiesSTAKEHOLDER ENGAGEMENT AND I
254、MPACT(CONTINUED)The communities that use our spaces have access to a building that meets the bespoke health needs of their local health economy.Who they are 6.4 million patients who use our buildings and those who live in the communities around our buildingsPatients are the end users of our building
255、s.Their experiences of the physical space and environment affect the way they engage with health services and their perceptions of the care they receive.We need buy-in from communities to create new health facilities,as this may involve services moving to a different location.And communities are the
256、 ultimate custodians of better health:the healthcare delivered by our customers sits within a whole ecosystem of wider local health projects and activities.Stakeholder metrics Assura Community Fund reach Developments supporting community activitiesHow we engage Seeking views from Patient Participati
257、on Groups,local Healthwatch/Community Health Council members on proposed new development schemes Local public engagement events to seek feedback on proposed new developments Discussions with councillors,MPs and community organisations on specific issues Working with the community resilience,health i
258、nequalities and VCSE Alliance leads from a range of Integrated Care Systems to identify priorities for support Outreach by the Assura Community Fund to seek funding bids from local health-improving projects,including joining focus groups with community organisations Regular contact with strategic le
259、aders from key Voluntary,Community,and Social Enterprise(VCSE)organisations to identify local priorities for social impact activity Working with social prescribing link workers to identify gaps in community services where funding would help meet specific needsAll this ensures that our work delivers
260、for those who will receive care in our buildings and those who live in the surrounding community as this is led by our understanding of local priorities,issues and concerns.Monitored by:Head of Social ImpactBoard members received feedback on new development schemes progressing through public plannin
261、g processes when significant issues were raised and heard from those delivering/benefitting from Assura Community Fund projects at every Board meeting.Issues raised Supporting the integration of the voluntary sector into local health systems The ongoing and lasting impact of the pandemic on peoples
262、mental health and wellbeing The funding crisis impacting the ability of the VCSE sector to meet the needs of the community Accessibility of medical centre buildings New development schemes and their impact on communities Car parking at,and transport to,medical centresAssura plc Annual Report and Acc
263、ounts 2024Strategic reportGovernanceFinancial statementsAdditional information42Achievements in 2024 For new development schemes moving through concept and planning stages,we engaged with patients and their communities in a range of ways.Our aim was to help people understand proposals for new health
264、care buildings,what this will mean for local health services and how they can be involved with design approaches.We used dedicated microsites,meetings with patient participation groups,and detailed surveys to offer more opportunities for questions and discussion of new development proposals.One of t
265、hese was our proposed development of land adjacent to a new housing development in Northumberland to create a new primary care centre.We worked closely with the practice and patient participation group to gather community sentiment and held detailed discussions with the relevant stakeholders who rai
266、sed questions on key issues such as car parking and sustainable features.For each of our on site developments we create a bespoke social impact plan to increase the positive impact that a scheme has in a location.In partnership with proposed new occupiers and the local health board,we identify local
267、 priorities and develop a plan to support these needs.This could include supporting a health worker garden or funding a bursary to support local training needs,such as at our site in Guildford(see adjacent case study).STAKEHOLDER ENGAGEMENT AND IMPACT OUR COMMUNITIES(CONTINUED)CASE STUDYDevelopment
268、project supports local training programmeAs part of our social impact plans for the development of the Guildford Cancer Care Centre,Assura worked with our development partner,Prime plc,and the University of Surrey to develop a bursary programme for students experiencing hardship caused by the cost o
269、f living crisis.Together,we have committed 100,000 over four years enabling students to focus on their studies with less worry about their financial difficulties.The first bursaries were issued in 2023/24 to 19 students within the Faculty of Health and Medical Science.“This bursary means I dont have
270、 to take on too many extra shifts to put food on our table and that means I get to spend a little more time with my child.Thank you,from the bottom of my heart.”SandraSecond-year Nursing student “Thank you greatly for awarding me the bursary.It means a great deal and will ease the financial burden a
271、ssociated with university.It will allow me to focus more of my time on studying rather than working,which will benefit my education and,in the long run,the patients I encounter.”BenThird-year Paramedic Science student Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial stat
272、ementsAdditional information43In the last year,the Assura Community Fund has focused on capacity building and relationship development as part of our strategic partnership with the National Association for Voluntary and Community Action(NAVCA).The foundations have been laid for a strategic and excit
273、ing project that will see a total of around 800,000 invested by various organisations including the Assura Community Fund into partnerships between ICS,primary care leadership and the VCSE sector by the end of 2024/25.As well as supporting the continuation of a National Peer Learning Network for the
274、 VCSE sector and ICSs,funding has been allocated to several priority regions for projects that address health inequalities.“Assura is taking a forward-thinking approach to its social impact work.Offering traditional funding support for grassroots voluntary action to improve the health of communities
275、,combined with strategic support to build,strengthen and sustain the relationships between NHS bodies and local VCSE sector organisations.Were delighted to be supported by Assura on this progressive,needs-led and long-term approach,which responds to the findings of NAVCA and The Kings Fund about how
276、 to effectively integrate community action into health systems.”Alex Boys Deputy CEO for NAVCA In Hertfordshire and West Essex,projects are being developed in partnership with Primary Care Networks and delivered by small local charities.A range of activities have been funded so far including project
277、s to reduce social isolation for carers,improve young peoples mental health and increase prostate cancer screening amongst black men.“Assura has been a huge help to us in these challenging times.Some new money coming into the system when there are so many challenges has been incredibly helpful and e
278、ven levered some investment from the NHS which otherwise would not have happened.The focus on local health inequalities is creating new relationships between primary care and their communities in a really exciting way.We really hope to build on this work going forwards.”Tim AnfilogoffHead of Communi
279、ty Resilience for Hertfordshire and West Essex We have continued to support Dementia UK with the vital support they give to people with dementia and their carers.Our support enables them to keep their helpline open for seven days a week offering a life line to those who need it.We have continued to
280、support Warrington Youth Zone in their work to help young people to thrive and reach their full potential,many of whom have additional needs or are from some of the most deprived neighbourhoods in the country.The first year of delivery has been completed by organisations supported via our Assura Com
281、munity Fund,Growth and Impact Funding.This grant round enabled recipients to scale up their successfully delivered projects from previous grant rounds,building on the learning achieved from the smaller grant.Over the two-year funding period,approximately 3,000 people will benefit from the funded act
282、ivities.Healthy Communities3.40/SOCIAL VALUE RATIOREAD MORE ON PAGE 33The community work we have done this year,across the Assura Community Fund,donations to charity partners and the social impact plans of our on site development schemes has on average generated 3.40 of social value for each 1 inves
283、ted.Priorities for 2025We will work with NAVCA to continue the success of the first year of our Assura Community Fund programme,extending the grant offer to more grassroots organisations with a focus on innovative approaches to meet local needs and reduce health inequalities.The programme will build
284、 on the collaborative approach developed in partnership with system leaders so far.In addition,we will provide a further 100,000 of funding to local VCSE groups that are working to address health inequalities within 15 miles of our buildings.We have committed to becoming a Patron of the Princes Trus
285、t for the next four years,supporting their successful health and social care programme.The aim of the programme is to support young people into sustained employment within the NHS and the wider health and social care sector.Our support will contribute to the continuation of this work,supporting the
286、long-term success of the NHS,and will provide a range of volunteering opportunities for Assura staff.Building on the success of our workplace volunteering in 2023/24,we will be aiming to complete at least 750 hours of volunteering in 2024/25.We will focus on encouraging team members to explore a wid
287、er range of opportunities to volunteer together,as well as use their individual expertise to support SMEs and VCSE organisations.STAKEHOLDER ENGAGEMENT AND IMPACT OUR COMMUNITIES(CONTINUED)CASE STUDYAssura team volunteeringAssura team members have increased the number of hours they volunteered in th
288、e community by more than a quarter,completing over 700 hours of volunteering with VCSE groups.90%of our staff took part in some volunteering either with their team or individually in 2023/24,this has increased from 64%last year.Teams have supported a number of charities,including My Cheshire without
289、 Abuse(MyCWA)who offer a whole family approach to domestic abuse support.Two teams have supported MyCWA this year by decorating emergency refuge accommodation for families leaving abusive homes.“Assura have generously supported us over the past 12 months by dedicating voluntary hours and their valua
290、ble time to us here at My CWA.Their recent volunteer project shows their commitment to community welfare.This collaboration not only hugely supported our accommodation team,but also highlights the impact of partnership in creating positive change.We extend our sincere appreciation to Assura for thei
291、r valuable and ongoing support.”Maria McGregorVolunteer Lead at MyCWAAssura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information44STAKEHOLDER ENGAGEMENT AND IMPACT OUR COMMUNITIES(CONTINUED)CASE STUDYSocial impact plan supports local priority areaAs
292、 part of the social impact plans for the West Midlands Ambulance Hub in Oldbury,Assura supported Citizens Advice Sandwell(CAS)with 20,000 of direct funding to increase advice capacity in partnership with two local childrens centres.The aim was to alleviate the impact of child poverty,identified as a
293、 priority for the area.Our funding enabled over 850 advice sessions to be provided to approximately 300 vulnerable families(with 400 children),accessing around 650,000 in unclaimed benefits and support with 50,000 of debt.The social value created was 266.600,a ratio of 1:13.38.“Its a weight off my m
294、ind that I can keep me and the kids a bit warmer this winter,thank you so much.”A parent to two young children supported by the projectAssura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information45Our peopleSTAKEHOLDER ENGAGEMENT AND IMPACT(CONTINUED
295、)Assura employees work in a collaborative,engaging environment that supports their aspirations to develop their skills and provides them with opportunities.Who they are Our 76-strong team around the UK.Our people are Assura.Their expertise and skills are what allows us to deliver for our customers a
296、nd work to achieve our purpose.Stakeholder metrics Employee engagement survey Annual diversity and inclusion data Direct employee feedback via 121s Quarterly feedback from The Voice team representatives with designated employee Non-Executive Director(NED)Data on staff turnover,training and sickness
297、trends reported to the Board.How we engage Bi-weekly call with CEO The Hub,an established employee intranet page with internal and external updates Departmental team meetings The Voice Various team building and site-wide social events EDI and Wellbeing programme of events Ad hoc HR communications Di
298、rect 121s with employees across the business(CPO)Annual dinner with the Board and all employees invitedWe seek regular feedback from the team representatives group,the Voice,to understand the effectiveness of our engagement methods.We also track engagement with internal surveys and events to judge t
299、heir impact.Monitored by:CPO.Board members took part in our annual whole team meet the Board team dinner in September and the March Board meeting included a breakfast round table with the group of managers who report into the Executive Committee(ExCo).Issues raised this year Relocation to new Altrin
300、cham office Clearer career development Enhanced recognition programmes Wider range of benefits90%of the team took part in some volunteering activities during the year Assura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information46STAKEHOLDER ENGAGEMEN
301、T AND IMPACT OUR PEOPLE(CONTINUED)Achievements in 2024 and our priorities for 2025 Learning and DevelopmentA significant investment was made last year in learning and development,with a brand new Leadership Development Programme(LDP)being designed.The LDP,comprising of seven modules was attended by
302、all leaders in the business across a nine-month period covering a wide range of leadership skills and competencies.In addition,as exceptional customer service remains a key focus for us,we are pleased to report that we ran numerous Customer Service training days,with a total of 47 colleagues attendi
303、ng.We continue to provide learning opportunities to our teams,in particular to support our social impact,sustainability and net zero carbon commitments as well as important training on the governance of our business.Furthermore we have updated our onboarding process which has been very well received
304、.Last autumn we recruited another two graduates on to a two-year programme rotating around areas in the business.This intake we have one working towards their Royal Institution of Chartered Surveyors(RICS)Assessment of Professional Competence(APC)and another who has commenced a new graduate programm
305、e,working towards the Institute of Environmental Management and Assessment(IEMA)Certificate in Environmental Management.We are pleased to confirm that we will be recruiting a further two graduate students in the coming year,one graduate surveyor and one finance graduate.We are delighted to be recogn
306、ised for our gender diversity in our Board and Executive team and were credited as a top performer in this years FTSE 350 Women Count Report.“On the back of significant progress,Assura Plc is a new entry this year taking fifth place(out of the Top Ten Best Performers).”FTSE Women Leaders Review,Feb
307、2024In keeping with our positive results in relation to gender diversity,we were proud to promote a number of female colleagues to management positions in the last 12 months as well as recruiting several females to senior leadership positions within the property team.Gender pay gap reporting is not
308、required for companies employing fewer than 250 employees,but it is becoming increasingly common for listed companies to publish their results.For the whole workforce our gender pay gap is 26%(2023:38%),having decreased by 12 percentage points in the year,reflecting the increased recruitment of wome
309、n to more senior roles within the organisation.Further details are provided in Appendix C on page 138.EngagementOur most recent employee engagement survey was conducted by We Love Surveys and we were delighted to see an improved overall engagement score of 76%.Key themes showed that despite the init
310、ial concerns of relocating to Altrincham,the new modern and flexible workspace had been well received.In addition the investment in training and development and a wide range of wellbeing events and initiatives was appreciated.Areas for development included improved employee recognition and clarity o
311、n how the training and development offered can enhance career progression and so these will be priorities for us in the year ahead.We were particularly pleased to see that the statement“Assura has strong commitments to our social impact in the communities in which we live and work”attained the highe
312、st score in the survey of 94%.To demonstrate our long-term commitment to ESG,we developed a new ESG Graduate programme.EDI and WellbeingAs we launch the EDI strategy we will continue to act in the interests of making Assura as inclusive as we can to attract,retain and support our people.Being divers
313、e and inclusive is important to us and weve partnered with Manchester Pride and are pleased to confirm weve recently completed their Getting Started programme of the All Equals Charter.This Charter is Manchester Prides programme to help businesses and organisations understand,recognise and challenge
314、 any form of discrimination in the workplace.The Charter aims to make the workplace inclusive,diverse and equal for marginalised people and is a positive space for businesses to grow and learn.Since the office move we have enhanced our employee wellbeing programme to help the transition and create t
315、eam building opportunities,ensuring that we include our remote workers as much as possible,for example streaming our regular yoga sessions to allow virtual participation.Our plans to move to the third floor of our offices will include various improvements such as a Quiet Zone to provide a less distr
316、acting space for neurodiverse colleagues or those seeking a more peaceful desk.Finally,we continue to support the great work of the North West Business Leadership Team(NWBLT)in particular programmes mentoring high potential female and ethnic diverse colleagues.Gender diversityBoard of Directors50%50
317、%4 Female 4 MaleSenior Management(excluding executives)60%40%3 female 2 maleEmployees56%2%42%40 female 30 male 1 non-binaryTotal employees(including NEDs)56%1%43%47 female 36 male 1 non-binary Female Male Non-binaryHealthy Business76%EMPLOYEE ENGAGEMENTREAD MORE ON PAGE 34Assura plc Annual Report an
318、d Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information47Our suppliersSTAKEHOLDER ENGAGEMENT AND IMPACT(CONTINUED)Our supplier partners benefit from a collaborative approach to finding innovative solutions that meet the needs of our customers.Who they areA network of busi
319、nesses and organisations providing the goods and services that enable us to serve our customers.How we engageWe keep in close contact with our supplier network through our relationships across the business,with key maintenance service relationships now embedded with our facilities management team at
320、 Macro.The Executive Committee invites suppliers to meetings from time to time to hear about the latest trends in the sector.We require that all suppliers are Safe Contractor verified,whether for a large repair or for small routine maintenance jobs on a building ensuring the suitability of health an
321、d safety procedures and insurance in relation to all work they are set to complete.We require all of our suppliers to adhere to our policies on Modern Slavery(including Human Rights)and Anti-Bribery and Corruption,both of which are available to view on our website.We communicate our Quality and Envi
322、ronmental policies(as part of our procedures in relation to our ISO 9001 and ISO 14001 accreditation)to suppliers,as well as making clear our policies in respect of whistleblowing and the prevention of tax evasion.We incorporate ESG considerations into our supplier selection processes discussing up
323、front how we can work together and align objectives,and run roundtable events to share ideas and ensure our vision is understood.Why these methods are effectiveDialogue with our regular suppliers allows us to understand emerging issues and challenges,and to respond accordingly.Evaluating ESG ambitio
324、ns of potential suppliers allows us to ensure we are working with partners that are aligned with our own values.109mpaid to our suppliers and contractors21mtotal tax contributionAssura plc Annual Report and Accounts 2024Strategic reportGovernanceFinancial statementsAdditional information48CASE STUDY
325、STAKEHOLDER ENGAGEMENT AND IMPACT OUR SUPPLIERS(CONTINUED)Achievements in 2024 and our priorities for 2025 Working effectively with suppliers in partnership is vital to us maintaining our reputation with our customers,as well as helping us deliver on our ambitious targets relating to The Bigger Pict
326、ure.It is essential that our suppliers share our values in wanting to deliver high-quality buildings for the benefit of our customers and the communities the buildings support.Where essential maintenance is required to a property,the works need to be completed efficiently and minimise disruption to
327、the day-to-day operations of the practice.Where we are completing a building improvement project,whether its a reconfiguration of the space,a sustainable upgrade or a major extension,we work with our customers and suppliers to plan jobs carefully,minimising disruption for patients and staff.Where we
328、 are designing a new building,we need to provide the best advice on how the design can help meet the health needs in that community,maximising the social impact and minimising the environmental impact.In all these cases,our customer want to know we have chosen the right partner either to provide exp
329、ert consultation or to deliver the works to a high standard.Over the past two years,we have rolled out ESG factors as a selection criteria into a number of our major contract awards:Pilot LED improvement contract for our EPC upgrade programme Facilities management provider Macro Development consulta
330、nt frameworkWe view these suppliers as long-term partners,and the importance of aligned ambitions allows us to contribute toward each others targets.For example,aligned with our target to deliver outstanding customer service,our contract with Macro is based on their strong sustainability and technol
331、ogy credentials to help us further enhance the service we provide to our customers.Our contract with Macro includes a number of ESG related KPIs,such as requiring appointment of companies that pay a Living Wage and performance requirements linked to training,education and volunteering.This has conti
332、nued in the current year for a number of contract awards.In respect of our landscaping contract,we reappointed a small family business for the North East region that we have worked with for a number of years.Being a local firm,they were keen to align with the work of the Assura Community Fund,agreei
333、ng to make a contribution in the form of completing pro-bono work for suitable charitable projects in and around our buildings.Similarly,our chosen partners for sustainability linked building improvements,such as LEDs,solar panels and air source heat pumps,are aligned on our social impact aspirations and all are committed to making contributions to the Assura Community Fund.25%of non-development s
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