MDA 2021 Report & Accounts (spreads) 06.03.22

Annual Report 2021

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Poole Museum | Dorset Image courtesy of ZMMA Architects Commercial and Retail Leisure, Hotels and Recreation Manufacturing and Pharmaceutical Utilities, Transport and Communication Health, Education and Residential Heritage and Conservation

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Contents 3 Company Information 4 Chairman's Statement 6 Managing Director's Report 11 Report of the Directors 14 Report of the Independent Auditors 20 Consolidated Profit and Loss Account 21 Consolidated Balance Sheet 28 Company Balance Sheet 29 Notes to the Consolidated Financial Statements Bristol Beacon | Bristol Percy Gee East Wing | University of Leicester 1

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Lincoln Court | London 2 Image courtesy of Mountwood

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Company Information Directors S R Jones R M McGuinn K Heaton Registered Office Verulam House, 142 Old Shoreham Road, Hove, East Sussex BN3 7BD Registered Number 04927210 (England and Wales) Auditors PKF Smith Cooper Audit Ltd, Chartered Accountant & Statutory Auditors, St Helen's House, King Street, Derby DE1 3EE 3

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Chairman’s Statement Performance People I am pleased to present our annual report for 2021, which I am delighted Our people continue to be the greatest asset of our business and they have to say demonstrates that we have once again performed strongly against again performed outstandingly well during the past year in learning to adapt our financial and operational targets. Despite the pandemic continuing to, and live and work with, the pandemic and the various restrictions that to impact our lives and businesses throughout 2021 we have delivered an were in place at various times throughout the year. excellent set of financial results with continued strategic progress against our business plan objectives. Our continued investment in the business and We continue to recruit high quality professionals at all levels as well as increasing financial strength positioned us well to face the various challenges attracting and training new talented graduates under our graduate training which arose during the year. programme which goes from strength to strength. Our Emerging Board continues to contribute new ideas and initiatives to the board and is proving This strong performance, particularly in the face of the ongoing challenges to be a very effective means of nurturing the next generation of leaders and presented by the pandemic, is the result of the outstanding commitment talent. and dedication shown by the whole of the MDA team, both management and staff, and I would like to take this opportunity to thank everyone for their Strategy hard work, professionalism, energy and continued good humour during these exceptional times. I am confident that with such a committed team Our approach to future trading remains for us to build on our existing strong we will continue to build on our excellent reputation, grow our business and client and industry relationships whilst delivering a first-class director-led further improve our financial results in the coming year. service. This strategy continues to prove effective and has consistently delivered a strong financial performance. The board continue to search for Whilst the balance sheet continues to strengthen, the board and the new opportunities for growth, both organically and by selective acquisition, management team remain acutely aware of the need to monitor rapidly where suitable. rising costs occurring throughout the UK economy and the need to maintain strict financial discipline in order to improve our financial performance even We continue to broaden our wide ranging client base and sector spread and further. our business development team work hard to establish new relationships and help secure new clients. As life begins to return to normal after the Challenges pandemic we will be holding more of the successful events our business development team regularly arrange as part of our overall marketing plan. We continue to live through turbulent times. Rapidly rising inflation emerged during the latter part of the trading year which together with ongoing supply We have seen our social media presence continue to expand and this, chain difficulties, material and labour shortages and escalating transport and together with our business development and marketing plans, is helping energy costs looks set to remain with us for some while. to keep the MDA brand prominent in the market place. Our overall marketing and business development strategy remains closely aligned to In last year’s statement I talked of being sure that there would be no shortages our business plans and objectives which allows us to continue to develop of hurdles for the industry to face in the coming year. Not only have we seen new relationships, attract new clients and move into new sectors where the re-emergence of levels of inflation not experienced in decades but also appropriate. the outbreak of a European war between Russia and Ukraine and a dramatic rise in the cost of living. The construction industry, however, has proved Outlook resilient in the past and will no doubt adapt accordingly and respond again to these latest challenges. Despite the growing economic pressures and geo-political uncertainties facing the world this year, I believe that given our healthy balance sheet, Whilst significant uncertainties remain relating to the economy, nonetheless continued strong financial performance and the exceptional quality of our our purpose, business model and the commitment of our people means people I am confident that the signs augur well for the future and we are that we face the future with confidence. Our financial projections remain well placed to face any obstacles that we may encounter as well as taking strong, and we continue to receive a high level of project enquiries as well advantage of the opportunities that accompany all challenges. I firmly as securing a healthy level of future business and revenue. I am confident believe that we have everything necessary in place to enable us to continue that the board and management team are well placed to respond rapidly to deliver a first-class service to our clients and further sustained growth and and flexibly to any future challenges we may face in the coming year. profitability to our shareholders. 4

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Bořislavka Centrum | Prague, Czech Republic 45

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Managing Director’s Report Overview MDA LC Mann Ltd It has unfortunately been another difficult stop/start year, due almost As anticipated last year, turnover fell significantly in the period after several entirely to the ongoing pandemic and corresponding uncertainty. years of decent growth pre-pandemic. Fee income was down to £49,000 (2020: £190,000) - a decrease of nearly 75%. Our target at the start of the financial year was to improve profitability and increase turnover back up to pre-pandemic 2019 levels. Whilst we fell The pandemic initially saw Government support stifle the insolvency sector marginally short on turnover by 2%, I am quietly confident that by year end with construction being largely unaffected and remaining open. 2022 fee income will be close to £6.6m and the previous turnover targets. This support has since been reduced and ongoing labour and inflationary Despite the many challenges, a modest increase in turnover resulted pressures within the market suggest that unfortunately insolvencies within in a significant increase in pre-tax profit. Much of this continues to be the sector may once again be on the rise. due to the cost reduction measures we implemented last year. Cost and administrative expenses for the year were reduced by a further £250,000 As a result we do anticipate an increase in the number of commissions and against 2020. turnover to year end 2022. The headline figures summarised below and the excellent results contained Operational Review throughout this report are encouraging and pleasing. Once again my thanks go to all Directors and staff for their energy, perseverance and effort Hotels and Leisure throughout the year. It was another quiet year for the hotels team compared to before the Financial Review pandemic with many projects remaining on hold. A 4.25% increase in turnover to £6,451,000 (2020: £6,188,000) resulted in a Two of our feasibility studies with The Ability Group for projects in Scotland pre-tax profit of £977,000 (2020: £546,000) - an increase of 79%. and the West of England did not progress to site as we had hoped. However, we were appointed by Ability at the end of the reporting period The consolidated balance sheet strengthened to £3,017,000 (2020: to commence cost planning on phase two of the existing Hampton by £2,493,000) - an increase of 21%. Hilton at Edinburgh Airport. Subject to planning, works should commence on site in 2023. Dividend payments were reinstated during the year resulting in a recommended dividend of £241,164 (2020: £23,071). Our London office was appointed on the refurbishment of the existing Grange Hotel in York for No 1 York Holdings Ltd. Works completed in UK January 2022 and we are hopeful of securing further work from this client during the next 12 months. It was a very good year for MDA Consulting Ltd in the UK. Our CDM team recommenced works on the Roxburghe Hotel near Turnover increased by 5.46% to £5,992,000 (2020: £5,682,000). Pre-tax Kelso during the year and secured further commissions on projects in profit improved to £1,010,000 (2020: £532,000) - an increase of 90%. Bournemouth and Southsea. At the end of the reporting period, we were appointed to provide CDM services on a significant project in London, This excellent result was achieved due to the increased turnover and cost Quay House Hotel, Canary Wharf for Firethorn Trust, a 34 storey tower with savings outlined earlier. over 650 hotel rooms. Czech Republic As in previous years, our fund monitoring teams continued to service commissions on a number of smaller hotels/mixed use projects throughout The recovery from the pandemic has been slower in Eastern Europe than the UK. in the UK. During the period the London office secured our first commission at Turnover in the Czech Republic was down to £459,000 (2020; £506,000) the prestigious Queen's Club in West London. We are providing project resulting in a loss for the period of £33,000 (2020: £14,000 profit). management and cost consultancy services and the scheme is due to complete in Summer 2022. 6

MDA HOLDINGS LTD | ANNUAL REPORT 2021 An important milestone and significant highlight for our Cardiff office Our London office worked on three major schemes in London and another during the year, was our appointment to act as cost consultant on the high- in Surrey during the period, all are on site or due to commence shortly. profile Football Museum of Wales project in Wrexham. As outlined in last year's report, we now have three large projects for City & The Cardiff office was also appointed to provide project management and Docklands in West London, including the iconic towers scheme One West cost consultancy services on the redevelopment of the Pontardawe Arts Point in Acton. We are acting as employer's agent and cost consultant on Centre in West Wales during the period. all three. Commercial and Retail Our CDM team worked on a high number of commissions throughout the UK, including via three existing framework agreements. We also provided The main contract on our major project in Prague, Borislavka for KKCG Real CDM and clerk of works services on a large number of projects for Brick by Estate, completed during the period, although we are continuing to work Brick in and around Croydon, South London. on various smaller fit-out packages. We expect these to complete during 2022. Our bank/fund monitoring teams again expanded during the year with a high volume of commissions in the sector including a number of high- Our Bristol office is acting on four schemes for Guide Dogs for the Blind profile projects for Barclays in London and for HSBC in the South East of including: England. • New build regional training centre in Redbridge, Essex. We are During the year we secured seven cladding remediation projects via The acting as project manager and cost consultant, with works due to Building Safety Fund. We are acting as project manager, employer's agent, commence on site Spring/Summer 2022. cost consultant and CDM consultant on all and clerk of works on two. • Part new build, part refurbishment of the national breeding centre In the Czech Republic we acted on a number of projects in the sector in Leamington Spa. Again we are acting as project manager and cost including Rezidence Oliva for Passerinvest Group a.s. The project is due consultant, and works are due to commence on site in 2023. to complete in 2022, and we are providing project management, cost consultancy and clerk of works services. In the Midlands, our Birmingham office worked on two office projects for Bloor Homes during the period: Residential (Private Rented Sector) • A new build scheme in Tewkesbury which has recently commenced In London our Clapham Southside project for Thornton Park (London) Ltd on site. continued on site with work due to complete in Autumn 2022. • An extension project in Exeter which is due to start on site in 2022. During the period our Leicester office acted for Wise Living to provide family housing in the sector. Currently we are working on three live Our Project Pegasus scheme for the Honourable Society of the Inner schemes, 50 units in Hull and 36 units in Mansfield, both of which are on Temple continued on site during the period. Works are expected to finish site. There is also a larger scheme in Nottingham, 114 houses, which is due in Spring 2022. to commence in Spring 2022. We are providing employer's agent and cost consultancy services on all of the projects. Residential In the North West of England, via our Manchester office, we acted for Once again this has remained our busiest sector with numerous Barclays on a major commission across 12 sites providing over 1,000 units commissions in all disciplines throughout the UK and indeed the Czech in total. Republic. Student Accommodation Our scheme for Dandara in Tunbridge Wells completed during the year, as did three other high-profile projects in London. The redevelopment of Moulsecoomb Campus at Brighton University for Uliving completed just after the end of the reporting period. Union House | Tunbridge Wells In the north of England works continued for CODE on their major student and PRS scheme in Sheffield. Over 1,100 units are being provided in three towers, the highest of which at 37 storeys is Yorkshire's tallest building. Groundworks have commenced on site with the main contract due to commence in Spring/Summer 2022. We are also acting on two projects in Leicester, the conversion of the Last Plantaganet Public House (56 studios) and Friar Lane (93 bedrooms) and on two major schemes in Edinburgh providing over 600 bedrooms in total across both. Image courtesy of Dandara 7

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Managing Director’s Report (cont.) Retirement with Care We continue to be involved in a number of on-going high profile NLHF projects including the major redevelopment and restoration works at Inspired Villages Group (IVG) continue to be our main client in the sector. Canterbury Cathedral, Exeter Cathedral, Bristol Beacon, Poole Museum, Currently we have seven live CDM commissions and two acting as cost Salisbury Museum, Saltdean Lido and the Grade 1 listed Newport consultant, including on their zero carbon Later Living Village site near Transporter Bridge. Luton in Bedfordshire. Works commenced on site during the period. Our work on the restoration of the renowned 18th century commercial We are also continuing to act for IVG as cost consultant on their Tattenhall pleasure gardens, Sydney Gardens, in Bath continues and is due to open scheme in the Midlands, as well as providing cost advice for a major in Summer 2022. development in Dorset. The period also saw the completion and successful opening of the widely In Birmingham, our project for Michael Blanning Trust Housing Association acclaimed Hall for Cornwall project in Truro and the completion of the commenced on site in February 2021. Works are due for completion by major restoration of Castle Drogo, a National Trust property in Devon, as December 2022. well as the Grade 2 listed Dorset County Museum, where we acted as cost consultant on behalf of Dorset Natural History and Archaeological Society. Health, Care and Welfare Our work for NLHF now extends to being commissioned to provide them In Birmingham, our office continued to work on various commissions with specialist reports on the key issues affecting heritage projects in their for Shrewsbury and Telford NHS Trust, both direct for the Trust and via London and South region on a bi-annual basis. Pinnegar Hayward Design Ltd. The Birmingham office continued to act on the expansion of the Black We also acted to provide cost and CDM support at the Robert Jones & Country Museum project in Dudley. Enabling works completed during the Agnes Hunt Orthopaedic Hospital in Oswestry. reporting period and the main contract works have commenced. In London our CDM team acted on a site-wide infrastructure contract In London, the CDM team continued to act on the Museum of London at the Queen Elizabeth Hospital in Woolwich and on a further ten new project at West Smithfield in the Smithfield Conservation Area. commissions for Epsom & St Helier University Hospital NHS Trust. The latter comprises a rolling programme of small works contracts and In Leicester, works commenced on the new heritage learning centre project refurbishments. at Leicester Cathedral. We are acting as cost consultant. Also in London, our scheme for Jewish Blind and Disabled in Barnet started Education on site during the period. We are acting as employer's agent and cost consultant. In the Manchester office, work continued on the Rotunda Community College site in Liverpool. We are providing cost consultancy services and Our monitoring teams have also continued to service various commissions the project is due for completion in 2022. on care home schemes over the last 12 months. In the Midlands our Leicester office continued their long association with Heritage and Conservation De Montfort University and also acted for Leicester College and Wakefield College in providing cost consultancy services to all three. Our work in the sector continues to grow with recent appointments from Bath and North East Somerset Council to act as cost consultant on We continued to work on a number of schools projects during the period. a number of major public realm improvement works in historic settings in In London our CDM team secured its first commission from the Teikyo central Bath. International School in Buckinghamshire and are hopeful others will follow. We are also undertaking Heritage Action Zone works on behalf of Devon In the Bristol office we continued to provide cost consultancy and CDM County Council. services on a number of schemes to South Gloucestershire Council via our framework agreement. Three new projects were secured during the period. We continue to secure work from the National Lottery Heritage Fund (NLHF) and the period saw our long term association with the fund continue with In the Midlands our Leicester office continued to act on further projects at our current agreement as a specialist consultant being extended to 2024. Ecclesbourne School in Derbyshire. 8

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Utilities, Transport and Communication We had two members of staff (James George in Bristol and Harry Johnson in Brighton) pass their examinations for full membership of the RICS The Bath Quay Footbridge project for Bath and North East Somerset and currently we have nine people enrolled on our graduate training (BANES) completed during the period. programme. The Birmingham office continue to act on the Deepcar civil works project in Sheffield for Bloor Homes. The London office secured a new commission for Westminster City Council to upgrade/improve Public Realm in the Borough. Industrial James George Harry Johnson Works on the Vaughan Trading Estate scheme for Commercial Estates 70th Anniversary Group (CEG) completed during the year. Our 70th Anniversary (1951-2021) celebrations did not materialise as we The London office was appointed by British Offsite Ltd to advise on their had hoped, as 2021 came in and went out in a haze of lockdowns. production/manufacturing facility near Braintree in Essex. Once complete it will serve as their UK production facility for their bespoke offsite wall We are planning to hold a few replacement functions and events this panel system. The project is due to commence on site in 2022. coming year to make up for the disappointments of the last. Our monitoring team also acted on a number of commissions in the sector during the reporting period. British Offsite Facility | Braintree, Essex Charities We again supported the Matt Hampson Foundation and the World Heart Beat Music Academy. Image courtesy of Stanley Bragg Our Services The long awaited new Academy project at Nine Elms in Battersea for World Heart Beat finally got the green light during the year with works With the exception of insolvency support (LC Mann) which I have already commencing on site in January 2022. touched upon, all of our other service offerings grew in the period. The best performing by some margin being bank/fund monitoring. We are now Prospects for the Next Financial Year appointed to over 40 independent bank panels and expect this to increase further over the next 12 months. These are still very uncertain times, probably more so than 12 months ago. Investors in People and Quality Assurance Current inflationary pressures on cost, nervous contractors and supply chain and labour shortages are all of concern as we look to the future. Our Investors in People certification was renewed after the end of the reporting period (February 2022) for another three years until March 2025. Despite the challenges, MDA is a strong business with a solid pipeline of work and so we remain cautiously optimistic for the next financial year and Our Lloyd’s Register Quality Assurance ISO 9001:2015 accreditation is due beyond. for renewal in April 2023. Training and Development As a result of the pandemic, our Management and Leadership Development Programme remained on hold during the year. We are now aiming to recommence by late Summer/Autumn 2022. 9

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Living Wetlands Theatre, Slimbridge | Gloucestershire 160 Image courtesy of BD Landscape Architects

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Report of the Directors for the year ended 30 September 2021 The Directors present their report and the financial statements for the year ended 30 September 2021. Directors' responsibilities statement The Directors are responsible for preparing the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.' Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the Directors are required to: — select suitable accounting policies for the group's financial statements and then apply them consistently; — make judgements and accounting estimates that are reasonable and prudent; — prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Directors The Directors who served during the year are K Heaton S R Jones R M McGuinn 11

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Report of the Directors (cont.) for the year ended 30 September 2021 Disclosure of information to auditors Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: — so far as the Director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and — the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information. Auditors Under section 487(2) of the Companies Act 2006, PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. Small companies note In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. On behalf of the board: S R Jones - Director 28 February 2022 Brookfield School of Business | University of Leicester Percy Gee East Wing | University of Leicester 12

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Broadmead House | London Image courtesy of Mountwood Rezidence Oliva | Prague, Czech Republic Image courtesy of Passerinvest Group a.s.

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Report of the Independent Auditors' to the Members of MDA Holdings Limited for the year ended 30 September 2021 Opinion We have audited the financial statements of MDA Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2021 which comprise the group Statement of comprehensive income, the group and company Balance sheets, the group and company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: — give a true and fair view of the state of the group's and parent company's affairs as at 30 September 2021 and the group's profit for the y ear then ended; — have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and — have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 14

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Report of the Independent Auditors' to the Members of MDA Holdings Limited (cont.) for the year ended 30 September 2021 Conclusions relating to going concern In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Bořislavka Centrum | Prague, Czech Republic 15

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Report of the Independent Auditors' to the Members of MDA Holdings Limited (cont.) for the year ended 30 September 2021 Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: — the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and — the Report of the Directors has been prepared in accordance with applicable legal requirements. 16

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Report of the Independent Auditors' to the Members of MDA Holdings Limited (cont.) for the year ended 30 September 2021 Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: — adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or — the parent company financial statements are not in agreement with the accounting records and returns; or — certain disclosures of Directors' remuneration specified by law are not made; or — we have not received all the information and explanations we require for our audit; or — the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Report of the Directors and from the requirement to prepare a group Strategic Report. Responsibilities of Directors As explained more fully in the Directors' responsibilities statement set out on page 11, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. 17

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Report of the Independent Auditors' to the Members of MDA Holdings Limited (cont.) for the year ended 30 September 2021 Auditors' responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified that the principal risk of fraud or non-compliance with laws and regulations related to: — management bias in respect of accounting estimates and judgements made; — management override of control; — posting of unusual journals or transactions; — significant cash based transactions/misappropriation of cash; — compliance with bank/debt covenants. We focussed on those areas that could give rise to a material misstatement in the company financial statements. Our procedures included, but were not limited to: — enquiry of management and those charged with governance/review of correspondence around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; — reviewing minutes of meetings of those charged with governance where available; — reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud and enquiries with third party advisors about potential claims; — reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; — performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. In particular allowance of doubtful debts and analytical procedures to identify any unexpected or unusual relationships that might indicate material misstatement due to fraud. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/ auditorsresponsibilities. This description forms part of our Report of the Auditors. 18

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Report of the Independent Auditors' to the Members of MDA Holdings Limited (cont.) for the year ended 30 September 2021 Use for our report This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed. James Delve (Senior Statutory Auditor) for and on behalf of PKF Smith Cooper Audit Limited Chartered Accountant Statutory Auditors St Helen's House King Street Derby DE1 3EE 28 February 2022 19

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Consolidated Statement of Comprehensive Income For the year ended 30 September 2021 Notes 2021 2020 Turnover (£) (£) Administrative expenses Other operating income 6,451,238 6,188,015 Operating Profit (5,473,598) (5,723,381) Interest receivable and similar income Interest payable and similar expenses 1,709 86,695 979,349 551,329 Profit before taxation Tax on profit - 1,508 Profit for the financial year (1,958) (6,911) Currency translation differences Other comprehensive income for the year 977,391 545,926 Total comprehensive income for the year (205,514) 49,859 771,877 595,785 2,821 (4,462) 2,821 (4,462) 591,323 774,698 Profit for the financial year attributable to: 771,877 595,785 Owners of the Parent Company 20 The notes form part of these financial statements

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Consolidated Balance Sheet 30 September 2021 Fixed Assets Notes 2021 2020 Tangible assets 6 (£) (£) 36,708 32,898 36,708 32,898 Current Assets Debtors: amounts falling due within one year 8 1,860,440 1,981,937 Cash at bank and in hand 2,506,387 2,063,582 4,366,827 4,045,519 Creditors 9 (1,386,792) (1,585,083) Amounts falling due within one year Net Current Assets 2,980,035 2,460,436 Total Assets Less Current Liabilities 3,016,743 2,493,334 Net Assets 2,647 2,690 Capital And Reserves 493,186 488,211 Called up share capital 2,699 2,631 Share premium account 2,518,211 1,999,802 Capital redemption reserve Profit and loss account 3,016,743 2,493,334 The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 February 2022 by: S R Jones - Director The notes form part of these financial statements 21

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Newport Transporter Bridge | Wales

MDA HOLDINGS LTD | ANNUAL REPORT 2021 © Ross Owen

MDA HOLDINGS LTD | ANNUAL REPORT 2021 The Queen's Club | London

MDA HOLDINGS LTD | ANNUAL REPORT 2021

MDA HOLDINGS LTD | ANNUAL REPORT 2021 WWII Bunker | Dorset 6

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Image courtesy of Lipton Plant Architects

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Company Balance Sheet 30 September 2021 Fixed Assets Notes 2021 2020 (£) (£) Investments 7 600,386 600,386 600,386 600,386 Current Assets 162 162 Cash at bank and in hand Creditors 9 (95,680) (100,520) Amounts falling due within one year Net Current Liabilities (95,518) (100.358) Total Assets Less Current Liabilities 504,868 500,028 Capital And Reserves Called up share capital 2,647 2,690 Share premium account 493,183 488,211 Capital redemption reserve 2,699 2,631 Profit and loss account brought forward 6,496 14,536 Profit for the year 256,129 23,031 Other changes in the profit and loss account (256,289) (31,071) Profit and loss account carried forward 6,336 6,496 504,868 500,028 The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 February 2022 by: S R Jones - Director 28 The notes form part of these financial statements

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Notes to the Consolidated Financial Statements For the year ended 30 September 2021 1. General Information MDA Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on page 3. 2. Accounting Policies Foreign currency translation The company's functional and presentational currency is GBP. Basis of preparing the financial statements The financial statements have been prepared under the historical cost Transactions and balances convention unless otherwise specified within these accounting policies Foreign currency transactions are translated into the functional currency and in accordance with Financial Reporting Standard 102, the Financial using the spot exchange rates at the dates of the transactions. Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost The preparation of financial statements in compliance with FRS 102 are translated using the exchange rate at the date of the transaction requires the use of certain critical accounting estimates. It also requires and non-monetary items measured at fair value are measured using the group management to exercise judgement in applying the group's exchange rate when fair value was determined. accounting policies. Foreign exchange gains and losses resulting from the settlement of The company has taken advantage of the exemption allowed under transactions and from the translation at period-end exchange rates of section 408 of the Companies Act 2006 and has not presented its own monetary assets and liabilities denominated in foreign currencies are Statement of comprehensive income in these financial statements. recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. The following principal accounting policies have been applied: Foreign exchange gains and losses that relate to borrowings and cash Basis of consolidation and cash equivalents are presented in the Consolidated statement The consolidated financial statements present the results of the of comprehensive income within 'finance income or costs'. All other company and its own subsidiaries (\"the group\") as if they form a foreign exchange gains and losses are presented in profit or loss within single entity. Intercompany transactions and balances between group 'other operating income'. companies are therefore eliminated in full. On consolidation, the results of overseas operations are translated into The consolidated financial statements incorporate the results of business Sterling at rates approximating to those ruling when the transactions combinations using the purchase method. In the Balance sheet, the took place. All assets and liabilities of overseas operations are acquiree's identifiable assets, liabilities and contingent liabilities are translated at the rate ruling at the reporting date. Exchange differences initially recognised at their fair values at the acquisition date. The results arising on translating the opening net assets at opening rate and the of acquired operations are included in the Consolidated statement of results of overseas operations at actual rate are recognised in other comprehensive income from the date on which control is obtained. comprehensive income. They are deconsolidated from the date control ceases. 29

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2021 Revenue The contributions are recognised as an expense in profit or loss when Turnover represents the value of contract work undertaken from cost they fall due. Amounts not paid are shown in accruals as a liability in the consultancy, contract administration, project management, CDM Balance sheet. The assets of the plan are held separately from the group consultancy, building surveying, fund monitoring and insolvency in independently administered funds. support services, excluding VAT. This is recognised when the service has been delivered to the client, the extent of which is determined by the Taxation stage of completion of the given project. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive Amounts recoverable on contracts comprise of the cost plus attributable income or to an item recognised directly in equity is also recognised in overheads. In determining amounts recoverable on contracts, costs other comprehensive income or directly in equity respectively. incurred to date are compared to the costs estimated to have been incurred per the stage of completion for a project. Where the estimated The current income tax charge is calculated on the basis of tax rates and costs to date are in excess of the costs estimated to have been incurred laws that have been enacted or substantively enacted by the balance per the stage of completion for a project, a provision is immediately sheet date in the countries where the company and the group operate recognised against the excess costs to complete. Fees rendered on and generate income. account are deducted from amounts recoverable on contracts and to the extent that they exceed the value of the work done are included in Intangible assets creditors as payments on account. Intangible assets relate to goodwill. Goodwill purchased on business combinations and acquisitions is the excess of the cost of the Government Grants acquisition over the interest in the fair value of identifiable assets and Grants are accounted for under the accruals model. Grants of a revenue liabilities acquired, and is capitalised as an asset on the Balance sheet nature are recognised in the Statement of comprehensive income in the and is recognised as an intangible fixed asset. same period as the related expenditure. Goodwill has been fully amortised over it's estimated useful life of 10 Interest Income years. This length of time is presumed to be the maximum useful life of Interest income is recognised in profit or loss using the effective interest purchased goodwill because it is difficult to make projections beyond method. this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and Finance Costs when necessary if circumstances emerge that the carrying value may Finance costs are charged to profit or loss over the term of the debt not be recoverable. using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised Tangible fixed assets as a reduction in the proceeds of the associated capital instrument. Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment Pensions losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be Defined contribution pension plan capable of operating in the manner intended by management. The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. 30

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2021 Tangible fixed assets (cont'd) Cash and cash equivalents Depreciation is charged so as to allocate the cost of assets less their Cash is represented by cash in hand and deposits with financial residual value over their estimated useful lives, using the straight-line institutions repayable without penalty on notice of not more than 24 method. hours. Depreciation is provided on the following basis: Creditors Short-term creditors are measured at the transaction price. Other Plant and machinery - 25% Straight line financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at The assets' residual values, useful lives and depreciation methods are amortised cost using the effective interest method. reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Financial instruments The group only enters into basic financial instrument transactions that Gains and losses on disposals are determined by comparing the result in the recognition of financial assets and liabilities like trade and proceeds with the carrying amount and are recognised in profit or loss.. other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Valuation of investments Investments in subsidiaries are measured at cost less accumulated Dividends impairment. Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity Debtors dividends are recognised when approved by the shareholders at an Short-term debtors are measured at transaction price, less any annual general meeting. impairment. 2021 2020 (£) (£) 3. Auditors’ Remuneration 11,500 Fees payable to the group's auditor for the audit of the group's annual financial statements 10,000 4. Employees and Directors The average number of employees during the year was 64 (2020 - 68). 31

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2021 5. Intangible Assets Goodwill Other Totals intangible Group (£) (£) Cost assets At 1 October 2020 and 30 September 2021 1,441,500 1,477,619 (£) Amortisation 1,477,619 At 1 October 2020 and 30 September 2021 36,119 - Net Book Value 1,441,500 36,119 - At 30 September 2021 At 30 September 2020 - - - - 6. Tangible Fixed Assets Group Plant and machinery Cost (£) At 1 October 2020 216,971 Additions 24,239 Exchange adjustments 648 At 30 September 2021 241,858 Depreciation 184,073 At 1 October 2020 20,446 Charge for the year on owned assets 631 Exchange adjustments At 30 September 2021 205,150 Net Book Value At 30 September 2021 36,708 At 30 September 2020 32,898 32

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2021 7. Fixed Asset Investments Investments in subsidiary companies Cost At 1 October 2020 and 30 September 2021 612,386 Impairment 12,000 At 1 October 2020 and 30 September 2021 600,386 Net Book Value 600,386 At 30 September 2021 At 30 September 2020 Subsidiary Undertakings Holding % MDA Consulting Ltd MDA International Ltd 100 MDA Praha s.r.o. 100 Goth Hibbert Ltd 100 MDA LC Mann Ltd 100 Monk Dunstone Associates Ltd 100 MDA Estates Ltd 100 MDA Developments Ltd 100 100 The address of the registered office for all subsidiaries is: Verulam House, 142 Old Shoreham Road, Hove, East Sussex BN3 7BD. The results of all subsidiary undertakings have been consolidated in these accounts. All of the above subsidiary undertakings are companies registered in England & Wales, except MDA Praha s.r.o., which is registered in the Czech Republic. 33

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2021 8. Debtors Group Trade debtors 2021 2020 Amounts recoverable on long-term contracts Other debtors (£) (£) Prepayments and accrued income 1,539,359 1,651,724 12,060 64,560 105,618 265,653 203,403 - 1,860,440 1,981,937 9. Creditors: Amounts falling due within one year Group Company 2021 2020 2021 2020 (£) (£) (£) (£) Payments received on account - 33,623 - - Trade creditors Amounts owed to group undertakings 199,757 317,839 - - Corporation tax Other taxation and social security - - 94,982 99,822 Other creditors Accruals and deferred income 198,489 - - - 618,663 958,253 - - 258,585 275,368 698 698 111,298 - - - 1,386,792 1,585,083 95,680 100,520 34

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2021 10. Share capital Allotted, called up and fully paid: Number: Class: Nominal Value: 2021 2020 23,071 Ordinary A 10p 3,400 Ordinary B 10p (£) (£) 2,307 2,307 340 383 2,647 2,690 In December 2020 the company repurchased 350 Ordinary B shares with a nominal value of 10p for aggregate consideration of £7,000. In February 2021 the company issued 250 Ordinary B shares with a nominal value of 10p for an aggregate consideration of £5,000. This consideration comprises £25 newly issued share capital and £4,975 share premium. In September 2021 the company repurchased 325 Ordinary B shares with a nominal value of 10p for aggregate consideration of £8,125. 35

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2021 11. Commitments under operating leases At 30 September 2021 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods: Group 2021 2020 Not later than 1 year (£) (£) Later than 1 year and not later than 5 years 199,064 162,428 172,579 345,683 371,643 508,111 36

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2021 12. Related party transactions The company has taken advantage of the exemption available under FRS 102 not to disclose details of any transactions between itself and its fellow group undertakings on the basis that it is a subsidiary undertaking where 100% of the voting rights are controlled within the group's consolidated accounts. 37

Haslam House | Harrow, Middlesex Dorset Museum | Dorchester Image courtesy of Acheson Construction

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Brookfield School of Business | University of Leicester

Ecclesbourne School, Sixth Form Extension | Derbyshire Hall for Cornwall | Truro Image courtesy of Hall for Cornwall

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Commercial and Retail Leisure, Hotels and Recreation Manufacturing and Pharmaceutical Utilities, Transport and Communication Health, Education and Residential Heritage and Conservation Poole Museum | Dorset 2 Image courtesy of ZMMA Architects

MDA HOLDINGS LTD | ANNUAL REPORT 2021 Sydney Gardens | Bath MDA Holdings Ltd @MDAtoday Verulam House @mda-consulting-ltd 142 Old Shoreham Road, Hove East Sussex BN3 7BD t: 01273 956087 e: [email protected] www.mdaconsulting.co.uk