Accident Frequency Rate (AFR)

The Accident Frequency Rate is a way of measuring the accidents we have based on a category of accident which is reportable to the Health and Safety Executive under RIDDOR.

Affordable Housing

Social rented and intermediate housing provided to specified eligible households whose needs are not met by the market, at a cost low enough for them to afford, determined with regard to local incomes and local house prices.

Brownfield site

Land which has been previously used or built upon.

Community Infrastructure Levy (CIL)

The CIL is a levy payable by developers to local authorities in England and Wales to help deliver infrastructure to support the development of the area.

Construction Skills Certification Scheme (CSCS)

CSCS is the leading skills certification scheme within the UK construction industry. CSCS cards provide proof that individuals working on construction sites have the required training and qualifications for the type of work they carry out. The scheme keeps a database of people working in construction who have achieved or are committed to achieving a recognised construction-related qualification.

Diluted figures

Reported results adjusted to include the effects of potential dilutive shares issuable under the Group's share option plans, LTIPs and deferred bonus schemes.

Display screen equipment (DSE) assessments

These assessments are not only a legal requirement but can help combat musculoskeletal disorders, reduced concentration levels and other ill-health effects that are symptomatic of time spent at poorly-designed workstations.

Earnings/earnings per share (EPS)

Earnings represent the profit or loss for the year attributable to equity shareholders and are divided by the weighted average number of ordinary shares in issue during the financial year to arrive at earnings per share.

European Public Real Estate Association (EPRA)

A not-for-profit association with a membership of Europe's leading property companies, investors and consultants which strives to establish best practices in accounting, reporting and corporate governance and to provide high-quality information to investors. EPRA published its latest Best Practices Recommendations in November 2016. This includes guidelines for the calculation of the following performance measures which the Group has adopted:

  • EPRA net asset value per share

NAV adjusted to include land and properties and other investment interests at fair value and to exclude certain items not expected to crystallise in a long term investment property business model.

  • EPRA triple net asset value per share

EPRA NAV adjusted to include the fair values of (i) financial instruments, (ii) debt and (iii) deferred taxes on revaluations, where applicable.

Forest Stewardship Council (FSC)

FSC runs a global forest certification system with two key components; forest management and chain of custody. This system allows consumers to identify, purchase and use wood, paper and other forest products produced from well-managed forests and/or recycled materials. FSC's "tick tree" logo is used to indicate that products are certified under the FSC system.

General Data Protection Regulation (GDPR)

GDPR enforces rules that protect people against a wide variety of privacy issues and took effect on 25 May 2018. It enforces the right for people to lawfully agree with companies to use their private information. It also enforces the right for people to have their private information no longer accessible by a company and that users have the right to allow their private information to become public or not. The regulation also makes sure that no personal data is processed unless the user has allowed the processor of personal data to do so.

Golden brick

The 'golden brick' is the first brick laid above the foundation level. At this point, the house builder can zero rate the sale of land that will form the site of a building provided a building is clearly under construction.


This is the amount left to draw under the Group's loan facilities (i.e. the total loan facilities less amounts already drawn).

Help to Buy

The Help to Buy equity loan scheme is a government scheme which provides equity loans to both first-time buyers and home movers on newly constructed homes worth up to £600,000 in England. Buyers have to contribute at least 5% of the property price as a deposit and obtain a mortgage of up to 75% and the government provides a loan for up to 20% of the price. The Help to Buy mortgage guarantee scheme helps people to buy a home worth up to £600,000 in the UK with a 5% deposit to obtain a 95% mortgage. The government gives a guarantee to the lender of up to 15% of the value of the property.

Key Performance Indicators (KPIs)

Activities and behaviours, aligned to both business objectives and individual goals, against which the performance of the Group is annually assessed. Performance measured against them is referenced in the Annual Report.

Net asset value (NAV) per share

Equity shareholders' funds divided by the number of ordinary shares in issue at the balance sheet date.

Net debt

Borrowings plus accrued ZDP liability less cash and cash equivalents.

Net gearing/EPRA net gearing

Loans and accrued ZDP liability less cash as a proportion of IFRS and EPRA net asset value respectively.

Programme for the Endorsement of Forest Certification (PEFC)

The Programme for the Endorsement of Forest Certification (PEFC) is an international non-profit, non-governmental organisation dedicated to promoting sustainable forest management through independent third-party certification. It works throughout the entire forest supply chain to promote good practice in the forest and to ensure that timber and non-timber forest products are produced with respect for the highest ecological, social and ethical standards. Its eco-label means customers and consumers are able to identify products from sustainably managed forests.

Planning permission

Usually granted by the local planning authority, this permission allows a plot of land to be built on, change its use or, for an existing building, be redeveloped or altered. Permission is either 'outline' when detailed plans are still to be approved, or 'detailed' when detailed plans have been approved.

Recurring profit before tax

Profit before tax after excluding any revaluation gains or losses.

Reporting of Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR)

RIDDOR refers to the Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013. The regulations require an employer to report any absence by an employee of seven days or more caused by an accident at work to the Health and Safety Executive.

Section 106 planning agreements (s106)

These are legally-binding agreements or planning obligations entered into between a landowner and a local planning authority, under section 106 of the Town and Country Planning Act 1990. These agreements are a way of delivering or addressing matters that are necessary to make a development acceptable in planning terms. They are increasingly used to support the provision of services and infrastructure, such as highways, recreational facilities, education, health and affordable housing.

Site Management Safety Training Scheme (SMSTS)

This is a course for anyone who has responsibilities for ensuring the Health and Safety of construction site employees.

Social Housing

Housing that is let at low rents and on a secure basis to people with housing need. It is generally provided by councils and not-for-profit organisations such as housing associations.