MDA 2020 Report & Accounts DRAFT 6 17.3.21

Annual Report 2020

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Pease Pottage | West Sussex 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 2020 Contents 3 Company Information 4 Chairman's Statement 6 Managing Director's Report 11 Report of the Directors 14 Report of the Independent Auditors 16 Consolidated Profit and Loss Account 17 Consolidated Balance Sheet 24 Company Balance Sheet 25 Notes to the Consolidated Financial Statements 1

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Plough Lane | London 2 Image courtesy of Galliard Homes

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Company Information Directors S R Jones R M McGuinn K Heaton Registered Office 13-15 Carteret Street, London SW1H 9DJ Registered Number 04927210 (England and Wales) Auditors Bessler Hendrie LLP, Chartered Accountants, Statutory Auditor, Ashbourne House, The Guildway, Old Portsmouth Road, Guildford, Surrey GU3 1LR 3

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Chairman’s Statement Performance People I am pleased to present our annual report for 2020 which shows that we have The greatest asset of our business has always been our people and the performed resiliently in respect of both our financial and operational targets expertise, knowledge and enthusiasm they possess. This year in particular despite the turbulent events of the last six months of the year caused by the they have been outstanding. A great deal has been asked of them in Covid-19 pandemic. This strong performance, in the face of unprecedented adjusting to the challenges of home working, office working in a Covid challenges to both trading and working conditions, is the result of the secure environment and continuing to undertake site visits when necessary outstanding commitment of the whole of the MDA team, both management and the board are extremely grateful for their collective efforts. and staff, and I would like to thank them for their hard work, professionalism and good spirits during these difficult times. Our ongoing graduate training programme continues to deliver excellent results and our Emerging Board initiative has proved to be a very fruitful It was necessary for the management team to respond quickly and decisively source of new ideas and is now firmly established as a platform for the rising to the sudden emergence of the pandemic, and its impact on our business talent within the business. and on our trading conditions, and I am pleased to say that this prompt action safeguarded our business at a crucial time and has contributed Strategy significantly to the strong performance. Whilst the balance sheet continues to strengthen, the board and management team remain keenly aware of Our strategy of continuing to build on existing strong relationships across the need to carefully monitor overhead costs and maintain strict financial all sectors whilst delivering a first-class director-led service has proved again discipline to improve our financial performance even further. to produce positive results despite the challenges presented this year. We believe it is our policy of personal, director-led client service which delivers I would like to acknowledge the work carried out by Nigel Grice who stood real value to our clients and sets us apart from our competitors. The board down as Chairman in March 2020 after three very successful years. Nigel’s continue to search for new opportunities for growth, both organically and by input to the board was invaluable during this time, and on behalf of the selective acquisition, where suitable. board, I would like to thank him for his contribution and wise counsel. Our business development team continue to work hard to cultivate new Challenges associations and help secure new clients. Although our normal activities have been curtailed by the pandemic, we hope to return soon to holding the With the pandemic and prolonged Brexit uncertainty 2020 proved to be a myriad of diverse events our business development team regularly arrange very challenging year for all businesses. However, with a Brexit trade deal throughout the year as part of our overall marketing plan. now in place combined with the success of the vaccine rollout programme as well as now having a timetable set out for lifting the lockdown, optimism Our social media profile continues to expand and goes from strength to is steadily returning to the construction industry and the UK generally. Early strength. It forms an important component of our overall marketing and indications are that the industry is recovering well from the setbacks of 2020 business development strategy which aligns closely with our business plans although demand is likely to vary greatly across the sectors and sub-sectors. and objectives. We continue to receive a healthy and growing level of project enquiries, and Outlook our financial projections moving forward remain strong. However, I am sure there will be no shortage of hurdles for the industry to face and the board Following the negative impact of the pandemic on the UK economy there and management team remain vigilant for any change, both positive and is optimism that we will see an improvement in the year ahead and the negative, in market conditions and ready to react accordingly. construction industry is likely to play a leading part at the forefront of the UK’s economic recovery. With change comes opportunity and the construction industry is already responding to changes in the way we live and work such as adapting Given the continued strengthening of the balance sheet, the strong financial offices to meet changing work patterns, the regeneration of town and city performance despite the pandemic and the exceptional quality of our centres and the need to build an increasing number of homes. Increased people, I am confident that as we enter our 70th year we will continue to public funding and investment in infrastructure forms a key part of the UK grow our reputation for delivering a first-class service and emerge from these Government’s recovery plan for the economy post pandemic. I am confident turbulent times even better and stronger than ever before. that MDA is well placed to respond to these opportunities and challenges in the years ahead. 4

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Exeter Cathedral | Devon 4 Image courtesy of St Ann's Gate Architects5

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Managing Director’s Report Overview MDA LC Mann Ltd A lot of water has gone under the bridge since I wrote my report for last Turnover during the period was £190,000 against a forecast of £200,000. year’s accounts. Put simply, the pandemic has turned the world upside down and a return to normality would be most welcome for us all. We expect this to fall in the short term to September 2021 as the number of insolvencies appears to be down, potentially due to the various Whilst the figures below represent the cold, hard facts and indeed are Government Covid support schemes. pleasing, given the circumstances, they only tell a small part of the story. Operational Review For the first half of the year to March 2020, we were on budget to report both increased turnover and profit. Hotels and Leisure The second half of the year was much more difficult resulting in overall It has been a difficult year for our hotels team with little new activity and a falls in both turnover and profit at year end. Following the first lockdown number of projects on hold. in March, the April-June quarter was particularly difficult and worrying. Without the support of the Government Furlough Scheme, a moratorium We continued to assist The Ability Group on various feasibility studies for on all but essential expenditure, salary and other cost reductions, the Hampton by Hilton schemes and are hopeful that projects in Bristol and results would not have been so encouraging. Inverness will commence on site in 2021. I would like to thank all the Directors and staff for their good humour, Our monitoring teams continued to service commissions in the sector in fortitude and support throughout what has been a difficult year. London, Manchester, Birmingham, Cardiff and in the South East of England, including the new House of Gods boutique hotel in Manchester. Financial Review Our CDM team worked on two new Graduate hotels in Oxford and A 6.1% reduction in turnover to £6,188,000 (2019: £6,588,000) resulted in a Cambridge, the Red Lion Hotel in Henley and Storeys Hotel in Manchester. pre-tax profit of £546,000 (2019: £577,000) – 8.82%. We are hopeful that work on the Roxburghe Hotel near Kelso will re- commence by Summer 2021. The consolidated balance sheet strengthened to £2,493,000 (2019: £1,928,000), an increase of over 29%. During the period our Manchester office provided monitoring services on the Legacy Stadium project in Sheffield, a new mixed-use building with Dividend payments were suspended during the year resulting in a spectator stand and terracing to accommodate a capacity of 1,232. recommended dividend of only £23,071 (2019: £224,589). This helped contribute to the increase in the consolidated balance sheet. Our London office provided monitoring services on a large, mixed-use scheme in the London Borough of Merton, including a new 9,000 capacity UK football stadium. The stadium completed after the end of the reporting period in early 2021. Turnover in the UK was down by 5% to £5,682,000. Pre-tax profit although down to £532,000, increased on a percentage basis (on the reduced Commercial and Retail turnover) by 13.9%, almost entirely due to the cost reductions and measures outlined earlier. Our Czech office continued to act for KKCG Real Estate on their flagship mixed-use commercial/retail Borislavka scheme in Prague. Czech Republic The project is due for completion late Summer/Autumn 2021. Turnover and profit reduced in the Czech Republic, both by about £100,000. Turnover to £506,000 and pre-tax profit to £14,000. 6

MDA HOLDINGS LTD | ANNUAL REPORT 2020 In London, our Project Pegasus scheme for The Honourable Society of the Residential (Private Rented Sector) Inner Temple continued on site during the period. The works comprise the extension, alteration and refurbishment of The Inner Temple Treasury/Great Our Leicester office continue to be very active in this sector with numerous Hall Building to provide a new education and training centre, together with schemes in the Midlands and North of England. the refurbishment and alteration of the accommodation at the lower level. In London work continues on site at our Clapham Southside project for The project is due for completion late 2021. Thornton Park (London) Ltd. We are acting as employer’s agent and cost consultant on this high profile, mixed-use/PRS led scheme. Weston Innovation Centre, a commercial/headquarters scheme for Weston Group/HSBC completed during the period, as did two of our office schemes Student Accommodation in the Midlands for Bloor Homes at Measham and Holmes Chapel. Our Leicester office continued to work on various schemes in the Midlands At the end of the reporting period, our Bristol office was appointed by Guide during the period including a landmark scheme of 1,200 units in Coventry Dogs for the Blind to act on their Training Centre/Office/Administration for CODE which completed in September 2020. We are also acting for scheme in the London Borough of Redbridge. We are acting as project CODE on a mixed-use student/PRS scheme in Sheffield, 1,100 units which manager and cost consultant. The project is due to be tendered in 2021 commenced on site in December 2020. and we are hopeful that further commissions will follow. Our Brighton office continued to act for Uliving on the Moulsecoomb Project Pegasus | London Campus redevelopment at Brighton University. In London and Bristol our monitoring teams remained active with projects in London, Kent and Bristol. Retirement with Care We continue to act for Inspired Villages Group on projects throughout the UK. Currently we have four CDM commissions and one acting as cost consultant on a project in Bedfordshire, which is due to commence on site in March 2021. Our projects for C2PD were all placed on hold during the period but we are hopeful they will commence again in 2021. Residential Moulsecoomb Campus | Brighton University This again proved to be our most buoyant sector, with all seven offices Image courtesy of Hassell engaged in the UK throughout the year providing a variety of services. Our high profile schemes in the South East for Dandara in Tunbridge Wells and City & Docklands in Acton both continued during the period. We have also recently been appointed on a further two large projects for City & Docklands in West London, both of which are due to commence on site in 2021. Our CDM team worked on some significant commissions during the period, including large schemes in Essex, multiple sites in London and Birmingham. Our bank/fund monitoring teams were again active in the period with all offices servicing commissions in the sector for numerous banks/funding institutions. In the South East, in the public sector, our scheme at Thomas Road for Newlon Housing Trust completed during the year and we continued to act for Shepherds Bush Housing Group, Octavia and Islington and Shoreditch Housing Association (ISHA). In Birmingham we acted for Michael Blanning Trust Housing Association, the project is due to commence on site in early 2021. 7

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Managing Director’s Report (cont.) Health, Care and Welfare The Bristol office continue to act as cost consultant on the Grade 2 Dorset County Museum, due to open in early summer 2021, as well as continuing Our Birmingham office secured a number of new projects in this sector our involvement as cost consultant on behalf of the SS Great Britain Trust during the reporting period. on their exciting proposals for the historic Albion Dock at SS Great Britain. We have recently been appointed as cost consultant for minor M&E Acting via Pinnegar Hayward Design we provided cost consultancy support refurbishment works at the Grade 1 listed royal residence Clarence House on various schemes at the Queen Elizabeth Hospital in Birmingham and in London. the Worcestershire Royal Hospital and cost/CDM support at the Robert Jones & Agnes Hunt Orthopaedic Hospital in Oswestry. The Birmingham office continued to provide employer’s agent and cost consultancy services on the expansion of the Black Country Museum The office also acted on various projects for the Shrewsbury and Telford project in Dudley. Enabling works commenced on site in the period and Hospital NHS Trust and on a new Education Centre at the Bedford Hospital the main construction contract is due to commence by Spring 2021. NHS Trust. In London, our CDM team continue to act on the high-profile Museum of In the South East, our London CDM team acted for the Epsom & St Helier London scheme at West Smithfield in the Smithfield Conservation Area. University Hospital NHS Trust and our clerk of works team on a new Works are continuing on site with overall completion forecast for 2024. Entomology and Pathology Quarantine Laboratory (EPQL) in Farnham, Surrey. Our clerk of works team acted on Leighton House Museum project for the Royal Borough of Kensington and Chelsea. As last year our monitoring teams have been busy on various care home projects in the period. Education Our London office continued to act for HSBC on a long-standing care home Our Bristol office continue to provide cost consultancy and CDM services roll-out programme in the South East. to South Gloucestershire Council via our framework agreement. Currently five live projects including the Council’s first Passivhaus Through School. Heritage and Conservation In addition, our Leicester office continued its long association with the Ecclesbourne School in Derbyshire. We continue to secure high profile commissions from the National Lottery Heritage Fund (NLHF) with appointments during the year as advisor and Our clerk of works team acted on a special educational needs school in consultant on the major restoration and redevelopment works at historic Surrey during the period. 13th century Exeter Cathedral and Newport’s remarkable Grade 1 listed Transporter Bridge (the most complete surviving transporter bridge in the In the Midlands, our Leicester office continued to act for both Leicester world and one of only eight that remain). and De Montfort Universities and our CDM team for Stratford-upon-Avon College. The year also saw the completion of the NLHF funded Plymouth History Centre now re-named The Box, a major redevelopment project to create In London our building surveying team acted for Middlesex University new galleries and archive for the City’s Museum. The new galleries include on a large dilapidations claim and our Manchester office provided a major exhibition commemorating the 400th anniversary of the sailing of cost consultancy services on a refurbishment project for the Rotunda the Mayflower. Community College in Liverpool. Works commenced on site in January 2021. Our on-going work for NLHF includes the major redevelopment of Bristol Beacon (previously known as Colston Hall) as well as major restoration and Utilities, Transport and Communication redevelopment works at Canterbury Cathedral and Castle Drogo both due for final completion in 2021. I have already mentioned theTransporter Bridge in Newport for the National Lottery Heritage fund (NLHF), in addition we acted on the provision of Other current NLHF appointments include the expansion of Grade 1 listed the iconic new footbridge as part of the Bath Quays North Improvement Salisbury Museum, Poole Maritime Museum, Hall for Cornwall in Truro Scheme in the centre of Bath for Bath and North East Somerset Council and the restoration of the celebrated 18th century commercial pleasure (BANES). gardens, Sydney Gardens, in Bath. 8

MDA HOLDINGS LTD | ANNUAL REPORT 2020 The Birmingham office continue to act on the Deepcar Access Road, Charities Bridge and Earthworks contract in Sheffield for Bloor Homes. This is due for completion in 2021. No change from last year, we continued to support the Matt Hampson Foundation and the World Heard Beat Music Academy. Our two schemes for BT at Adastral Park, Ipswich completed during the period. Industrial 70th Anniversary Our Birmingham office continue to service the majority of our work in this 2021 is our 70th anniversary (1951-2021) and we are hopeful we might be sector. able to hold a few events to celebrate towards the end of the year, vaccines, lockdown, and pandemic permitting. Schemes for Pickerings Plant Ltd at Willenhall and Royal Wootton Bassett completed after the end of the reporting period in November and December 2020 respectively. We acted as employer’s agent on both. Our new concrete plant scheme for Litecast also completed after the end of the reporting period in December 2020. We acted as cost consultant. Works on the Vaughan Trading Estate scheme for Commercial Estates Group (CEG) continued on site during the year and are due for completion in 2021. We are acting as cost consultant. Quality Assurance and Investors in People The Future Our Lloyd’s Register Quality Assurance ISO 9001:2015 accreditation was As outlined earlier, the past year has been difficult but with the success renewed in the period until April 2023. of the vaccine roll out and the Government’s pathway to easing and then lifting lockdown, we remain cautiously optimistic for the future. Our Investors in People certification remains in place, subject to annual audit, until March 2022. There is clearly a lot of uncertainty and our initial target is to maintain profit and grow turnover back to the level of 2019. We will then look to further Training and Development grow fee income and profit in 2022 and beyond. Our Management and Leadership Development Programme in partnership MDA is a strong business with a solid balance sheet and cash reserves and with Rathbone Results Ltd was placed on hold during the year because of with an encouraging pipeline of secured work. We remain confident, albeit the pandemic. realistic, about the future. It is the intention to reinstate this towards the end of 2021 with a new Finally, I must say thank you again to all Directors and staff for their support group and refresher courses for the first two cohorts. during a very challenging year. We had one member of staff pass their examination for full membership of Mitre Yard | London the RICS during the year. Currently we have nine people on our graduate training programme. Emerging Board The new Emerging Board initiative worked well during the period with numerous suggestions/good ideas passed to the Directors. Ben Slocombe was promoted to Associate at the end of the reporting period and will stand down as Chair in April 2021 and be replaced by James George from our Bristol office. Hannah Brennen will take over as Chair. Image courtesy of City & Docklands 9

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Bayside | Worthing, West Sussex 610

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Report of the Directors for the year ended 30 September 2020 The directors present their report with the financial statements of the company and the group for the year ended 30 September 2020. Principal activity The principal activity of the group in the year under review was that of construction cost consultancy and quantity surveying. Review of business The directors regard turnover and profit before tax as key performance indicators. Group turnover in the year was £6,188,015 (2019: £6,588,567) and the group made a profit before tax of £545,926 (2019: £577,103). The company has closely monitored overhead costs and despite the challenging market conditions in the UK, particularly during the last six months of the year, the group was able to make profits before tax totalling £546k. During the year, the group received corporation tax refunds totalling £162k in relation to research and development claims for the years ended 30 September 2018 and 30 September 2019. The Covid-19 global pandemic has had an impact on the performance of the company. The business navigated a three month quiet period due to the closure of construction sites which has had an effect on turnover and cash flow. The financial impact has been partly mitigated by utilisation of the Government furlough scheme and a nine month wage cut. Turnover has improved since the year end and the directors believe that the accounts should be prepared on a going concern basis. The company has the continued support of the directors and shareholders to ensure it is able to meet its liabilities as they fall due. Based on a strong forward order book, the directors are confident that the company's results will be at least in line with that achieved in 2020. The company continues to build on their existing strong relationships and reputation particularly in the residential, student accommodation, care home, retirement, hotel and education sectors. There have been no events since the balance sheet date, which materially affect the position of the company. Directors The directors shown below have held office during the whole of the period from 1 October 2019 to the date of this report. S R Jones R M McGuinn Other changes in directors holding office are as follows: N J Grice - resigned 1 April 2020 K Heaton - appointed 1 April 2020 Share issue During the year, the company issued 250 'B' Ordinary shares with a nominal value of £0.10 for aggregate consideration of £5,000. Share buyback During the year, the company repurchased 50 'B' Ordinary shares with a nominal value of £0.10 for aggregate consideration of £8,000. 11

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Report of the Directors (cont.) for the year ended 30 September 2020 Statement of Directors’ responsibilities The directors are responsible for preparing the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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. Statement as to disclosure of information to auditors So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. The auditors, Bessler Hendrie LLP have expressed their willingness to continue in office. This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. On behalf of the board: S R Jones - Director 25 February 2021 The Box | Plymouth Lime Tree Villas | Berkshire Image Courtesy of The Box Image Courtesy of Knight Frank 12

MDA HOLDINGS LTD | ANNUAL REPORT 2020 The Yard Extension | De Montfort University, Leicester The Box | Plymouth Image courtesy of The Box

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Report of the Independent Auditors to the Members of MDA Holdings Limited 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 2020 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and Notes to the Financial Statements, 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 of the parent company affairs as at 30 September 2020 and of 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 for the audit of the financial statements 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 UK, including the FRC'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. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: — the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or — the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other information The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. 14

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Opinions 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. 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 where 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' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. Responsibilities of directors As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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. 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 financial statements. 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/ auditors responsibilities. This description forms part of our Report of the Auditors. 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. Peter Nicholls (Senior Statutory Auditor) for and on behalf of Bessler Hendrie LLP Chartered Accountants, Statutory Auditor, Ashbourne House, The Guildway, Old Portsmouth Road, Guildford, Surrey GU3 1LR 25 February 2021 15

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Consolidated Profit and Loss Account For the year ended 30 September 2020 Turnover Notes 2020 2019 Administrative expenses 5 Other operating income (£) (£) Operating Profit Interest receivable and similar income 6,188,015 6,588,567 (5,723,381) (6,005,634) Interest payable and similar expenses 86,695 - Profit before taxation 551,329 582,933 Tax on profit 1,508 2,595 Profit for the financial year 552,837 585,528 Profit attributable to: Owners of the parent (6,911) (8,425) 545,926 577,103 49,859 (123,720) 595,785 453,383 595,785 453,383 16 The notes form part of these financial statements

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Consolidated Balance Sheet 30 September 2020 Fixed Assets Notes 2020 2019 (£) (£) Intangible assets 7 - - Tangible assets 8 32,898 50,301 Investments 9 - - 32,898 50,301 Current Assets Debtors 10 1,981,937 2,141,879 Cash at bank and in hand 2,063,582 897,015 4,045,519 3,038,894 Creditors 11 (1,585,083) (1,161,113) Amounts falling due within one year Net Current Assets 2,460,436 1,877,781 Total Assets Less Current Liabilities 2,493,334 1,928,082 Capital And Reserves 14 2,690 2,715 15 488,211 483,236 Called up share capital 15 Share premium 15 2,631 2,581 Capital redemption reserve 1,999,802 1,439,550 Retained earnings 2,493,334 1,928,082 Shareholders’ Funds The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2021 and were signed on its behalf by: S R Jones - Director The notes form part of these financial statements 17

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Lime Tree Villas | Berkshire

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Image courtesy of Knight Frank

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Swing Bridge Wharf | Moira, Leicestershire

MDA HOLDINGS LTD | ANNUAL REPORT 2020

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Brooklands Road | Romford 6

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Image courtesy of Waterstone Land

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Company Balance Sheet 30 September 2020 Fixed Assets Notes 2020 2019 (£) (£) Intangible assets 7 - - Tangible assets 8 - - Investments 9 600,386 600,386 600,386 600,386 Current Assets 162 162 Cash in hand Creditors 11 (100,520) (97,480) Amounts falling due within one year (100,358) (97.318) Net Current Liabilities 500,028 503,068 Total Assets Less Current Liabilities Capital And Reserves 14 2,690 2,715 Called up share capital 15 488,211 483,236 Share premium Capital redemption reserve 15 2,631 2,581 Retained earnings 15 6,496 14,536 Shareholders’ Funds 500,028 503,068 Company’s profit for the financial year 23,031 225,000 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2021 and were signed on its behalf by: S R Jones - Director 24 The notes form part of these financial statements

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Notes to the Consolidated Financial Statements For the year ended 30 September 2020 1. Statutory 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 the General Information page. 2. Accounting Policies Basis of preparing the financial statements These financial statements have been prepared in accordance with the to have been incurred per the stage of completion for a project. Where provisions of Section 1A \"Small Entities\" of Financial Reporting Standard the estimated costs to date are in excess of the costs estimated to have 102 (FRS 102 1A) \"The Financial Reporting Standard applicable in the UK been incurred per the stage of completion for a project, a provision and Republic of Ireland\" and the Companies Act 2006. Unless indicated is immediately recognised against the excess costs to complete. Fees otherwise in the accounting policies below, the financial statements rendered on account are deducted from amounts recoverable on have been prepared under the historical cost convention. contracts and to the extent that they exceed the value of work done are included in creditors as payments on account. Basis of consolidation The consolidated financial statements incorporate the results of MDA Intangible assets Holdings Limited and all of its subsidiary and associated undertakings Intangible assets relate to goodwill. Goodwill purchased on business as at 30 September 2020 using the acquisition method. Where the combinations and acquisitions is the excess of the cost of the acquisition method is used, the results of subsidiary undertakings are acquisition over the interest in the net fair value of identifiable included from the date of acquisition. assets and liabilities acquired, and is capitalised as an asset on the balance sheet and is recognised as an intangible fixed asset. Turnover Turnover represents the net value of contract work undertaken from Goodwill has been fully amortised over its estimated useful life of 10 cost consultancy, contract administration, project management, CDM years. This length of time is presumed to be the maximum useful life of consultancy, building surveying, fund monitoring and insolvency purchased goodwill because it is difficult to make projections beyond support services, excluding VAT. This is recognised when the service has this period. Goodwill is reviewed for impairment at the end of the first been delivered to the client, the extent of which is determined by the full financial year following each acquisition and subsequently as and stage of completion in a given project. when necessary if circumstances emerge that the carrying value may not be recoverable. Amounts recoverable on contracts comprise of the cost plus attributable profit. Cost includes direct staff costs and outlays together with attributable overheads. In determining amounts recoverable on contracts, costs incurred to date are compared to the costs estimated 25

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2020 Tangible fixed assets date. Timing differences are differences between the company's taxable Tangible assets are stated at cost less accumulated depreciation. Cost profits and its results as stated in the financial statements. includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, Depreciation is provided at the following annual rates in order to write based on tax rates and laws that have been enacted or substantially off each asset over its estimated useful life, or, if held under a finance enacted by the balance sheet date. Deferred tax is measured on a non- lease, over the lease term, which ever is the shorter. discounted basis. Plant and machinery etc - 50% on cost, 25% on cost and over the period Foreign currencies of the lease. Foreign currency transactions of individual companies are translated at the rates ruling when they occurred. Foreign currency monetary assets On disposal the difference between net proceeds and the carrying and liabilities are translated at the rates ruling at the balance sheet date. amount of the item sold is recognised in the profit and loss account and Any differences are taken to the income statement. is included in administrative expenses. The results of overseas operations and their balance sheets are Investments translated into sterling at the rates of exchange ruling on the balance Investments held as fixed assets are stated at cost less any provision for sheet date. Exchange differences which arise from translation of the impairment. opening net assets and results of foreign subsidiary undertakings and from translating the income statement at an average rate are taken to Government Grants reserves. Government grants relate to grants receivable under the Coronavirus Job Retention Scheme and are accounted for under the accruals model. Pension costs Grants relating to revenue are recognised in income on a systematic The company contributes to a personal pension scheme for its basis over the period in which the entity recognises the related costs for employees. The assets of the scheme are held separately from those which the grant is intended to compensate. of the company in an independently administered fund. The pension charge represents the amounts payable by the company to the fund in Taxation respect of the period. Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis Financial instruments of tax rates and laws that have been enacted or substantively enacted Financial instruments are classified by directors as basic or non-basic by the year end. following the conditions in Section 11 and Section 12 of FRS 102. Basic financial instruments are recognised at amortised cost using the Deferred tax is recognised in respect of all timing differences that have effective interest rate method. The company does not have any non- originated but not reversed at the balance sheet date where transactions basic financial instruments. or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet 26

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2020 Hire purchase and leasing commitments All other leases are treated as operating leases. Their annual rentals are Where assets are financed by leasing agreements that give rights charged to the statement of income on a straight-line basis over the approximating to ownership (finance leases), the assets are treated term of the lease. The benefits of lease incentives are recognised in the as if they had been purchased outright. The amount capitalised is the profit and loss account over the term of the lease. present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. 3. Employees and Directors The average number of employees during the year was 68 (2019 - 64). 4. Auditors’ Remuneration 2020 2019 (£) (£) Fees payable to the company's auditors for the audit of the company's financial statements 11,500 11,500 5. Taxation 2020 2019 Analysis of the tax (credit)/charge (£) (£) The tax (credit)/charge on the profit for the year was as follows: Current tax: UK Corporation tax 112,240 125,461 Prior year tax (162,099) (1,741) Tax on profit (49,859) 123,720 6. Individual Income Statement As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. 27

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2020 7. Intangible Fixed Assets Goodwill Other Totals intangible Group (£) (£) Cost assets At 1 October 2019 and 30 September 2020 1,441,500 1,477,619 (£) Amortisation 1,477,619 At 1 October 2019 and 30 September 2020 36,119 - Net Book Value 1,441,500 36,119 - At 30 September 2020 At 30 September 2019 - - - - 8. Tangible Fixed Assets Group Plant and machinery etc Cost (£) At 1 October 2019 205,374 Additions 12,868 Exchange differences (1,271) At 30 September 2020 216,971 Depreciation 155,073 At 1 October 2019 30,030 Charge for year (1,030) Exchange differences At 30 September 2020 184,073 Net Book Value At 30 September 2020 32,898 At 30 September 2019 50,301 Included within the carrying amount of plant and machinery is £Nil (2019: £9,623) relating to an asset held under a hire purchase agreement. The hire purchase agreement was fully settled in the year and has subsequently been transferred to ownership. 28

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2020 9. Fixed Asset Investments Other investments Company (£) Cost At 1 October 2019 and 30 September 2020 612,386 Provisions 12,000 At 1 October 2019 and 30 September 2020 Net Book Value 600,386 At 30 September 2020 600,386 At 30 September 2019 The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: Subsidiaries % of issued share capital held by company MDA Consulting Ltd 100 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 The address of the registered office for all subsidiaries is: 13-15 Carteret Street, London, England, SW1H 9DJ. 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 Czech Republic. 29

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2020 10. Debtors: Amounts falling due within one year Group Trade debtors 2020 2019 Amounts recoverable on contracts Other debtors (£) (£) 1,651,724 1,743,208 64,560 129,341 265,653 269,330 1,981,937 2,141,879 11. Creditors: Amounts falling due within one year Group Company 2020 2019 2020 2019 (£) (£) (£) (£) Hire purchase contracts (see note 12) - 2,347 - - Payments on account 33,623 27,255 - - Trade creditors 317,839 244,329 - - Amounts owed to group undertakings - - 99,822 96,782 Taxation and social security 958,253 674,532 - - Other creditors 275,368 212,650 698 699 1,585,083 1,161,113 100,520 97,480 30

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2020 12. Leasing Agreements Minimum lease payments fall due as follows: Hire purchase contracts 2020 2019 (£) (£) Group 2,347 Net obligations repayable: Within one year - Group Non-cancellable operating leases Within one year 2020 2019 Between one and five years (£) (£) 162,428 168,195 345,683 261,400 508,111 429,595 31

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2020 13. Secured Debts Group The following secured debts are included within creditors: 2020 2019 Hire purchase contracts (£) (£) - 2,347 The hire purchase contract is secured against the asset to which it relates. This contract was fully settled during the year. 14. Called Up Share Capital Allotted, issued and fully paid: Number: Class: Nominal Value: 2020 2019 23,071 Ordinary A 10p 4,075 Ordinary B 10p (£) (£) 2,307 2,307 383 408 2,690 2,715 During the year, the company issued 250 'B' Ordinary shares with a nominal value of £0.10 for an aggregate consideration of £5,000. This consideration comprises £25 newly issued share capital and £4,975 share premium. Also, during the year, the company repurchased 50 'B' Ordinary Shares with a nominal value of 10p for aggregate consideration of £8,000. 32

MDA HOLDINGS LTD | ANNUAL REPORT 2020 Notes to the Consolidated Financial Statements (cont.) For the year ended 30 September 2020 15. Reserves Retained Share Capital Totals earnings premium redemption Group (£) (£) (£) reserve At 1 October 2019 Profit for the year (£) Dividends Purchase of own shares 1,439,550 483,236 2,581 1,925,367 Cash share issue Exchange losses on consolidation 595,785 - - 595,785 At 30 September 2020 (23,071) - - (23,071) (8,000) - 50 (7,950) - 4,975 - 4,975 (4,462) - - (4,462) 1,999,802 488,211 2,631 2,490,644 Company Retained Share Capital Totals premium redemption At 1 October 2019 earnings (£) Profit for the year (£) reserve Dividends (£) Purchase of own shares (£) Cash share issue At 30 September 2020 14,536 483,236 2,581 500,353 23,031 - - 23,031 (23,071) - - (23,071) (8,000) - 50 (7,950) - 4,975 - 4,975 6,496 488,211 2,631 497,338 16. Guarantees and Other Financial Commitments The company and certain other UK group companies have entered into cross guarantees in respect of a bank overdraft, which has a group limit of £500,000 (2019: £500,000). This facility is held with HSBC Bank Plc and includes a fixed and floating charge over all assets of the relevant companies. 33

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MDA HOLDINGS LTD | ANNUAL REPORT 2020 140-142 New Walk | Leicester MDA Holdings Ltd, 13-15 Carteret @MDAtoday Street, London SW1H 9DJ t: 0207 399 0888 e: [email protected] www.mdaconsulting.co.uk