THE CARDIFF PROPERTY PLC

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

www.cardiff-property.com

Stock code: CDFF

26281 27 November 2025 4:14 pm Proof One

The Group, including Campmoss, specialises

in property investment and development in

the Thames Valley. The total portfolio including

the jointly controlled Campmoss investment

and development portfolio, valued in excess

of £22m, is primarily located to the west of

London, close to Heathrow Airport and in

Surrey and Berkshire.

OUR MISSION

The Group seeks to enhance shareholder value by

developing its property portfolio and through strategic

acquisitions.

CONTENTS

01 Financial Highlights

02 Locations

03 Chairman’s Statement

05 Strategic Report

17 Directors and Advisers

18 Report of the Directors

21 Corporate Governance

25 Remuneration Report

29 Statement of Directors’ Responsibilities

30 Independent Auditor’s Report

36 Consolidated Income Statement

36 Consolidated Statement of Comprehensive Income

37 Consolidated Balance Sheet

38 Consolidated Cash Flow Statement

39 Consolidated Statement of Changes in Equity

40 Notes to the Financial Statements

61 Company Balance Sheet

62 Company Statement of Changes in Equity

63 Notes to the Financial Statements

68 Notice of Annual General Meeting

72 Financial Calendar

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

The Thames Valley commercial and residential property

markethas remained quiet over the year. Until investors see

consistent signs or stability and credible growth prospects the

market will remain subdued.

Whilst I can report new lettings to the Group’s portfolio

confidence in the property market is at a low ebb as investors

continue to be buffeted by ongoing concerns over the

economic trajectory for the UK.

The Group including Campmoss Property, our 47.62% owned

Joint Venture partner, has made good progress in respect of

planning permissions.

J. Richard Wollenberg

Chairman

FINANCIAL HIGHLIGHTS

2025 2024

Net Assets £’000 30,664 30,423

Net Assets Per Share £ 30.53 29.31

Profit Before Tax £’000 1,679 1,385

Earnings Per Share – Basic and diluted pence 132.90 102.76

Dividend Per Share pence 27.5 23.5

Gearing % Nil Nil

M40

M25

J16

J15

J13

J12

J11

J10

J21

J10

Wokingham

Basingstoke

Bracknell

Woking

Guildford

Farnham

Maidenhead

Burnham

Slough

Heathrow

Central London

Windsor

Egham

Reading

The Group specialises

in property investment

and development in the

Thames Valley.

BRACKNELL

1-10 Market Street*

12 retail units on ground and first floors totalling 7,900 sq. ft.

Let primarily to local businesses and national franchisees on

medium term leases producing £200,000 p.a.

Alston House, 25 Market Street*

Development completed in 2019 - 10 retail units on ground

and first floor totalling 12,350 sq. ft. and 12 two-bedroom

apartments on the second and third floors. Eleven retail units

are let, one vacant unit is currently under offer. Total rental,

£294,000 p.a. The apartments are let on Assured Shorthold

Tenancy Agreements producing £160,000 gross p.a.

Gowring House Apartments*

30 one and two-bedroom apartments over five upper floors

with lift access. 25 apartments sold, five retained and let on

Assured Shorthold Tenancy Agreements producing £63,000

gross p.a. including parking. Gowring House is conveniently

located for Bracknell railway station with direct connections to

London Waterloo and Reading and within walking distance of

the new town centre, including the Lexicon and Peel Shopping

Centre.

Gowring House Commercial*

3 ground floor retail units let on medium term leases

producing £101,000 p.a including parking.

Westview*

Adjacent to Gowring House, eight retail units on ground and

first floors totalling 10,500 sq. ft. fully let on medium term

leases producing £233,000 p.a.

BURNHAM

The Priory*

26,000 sq. ft. headquarters office building. Including 9,000

sq. ft. used as a Business Centre and 17,000 sq. ft. on three

floors of adjacent offices. The majority of individual suites

at the Business Centre are let with one floor of the main

building currently vacant. Net rental currently £379,000 p.a.

estimated to increase to £515,000 when fully let. Following

grant of a new planning permission on 10 October 2025, for

a 75-bedroom care home, contracts for sale were exchanged

on 10 October 2025 with completion expected to take 4-6

months.

EGHAM

Heritage Court

Four retail units let on medium term leases and ground rents

producing £83,000 p.a.

Station Road

Company Head Office totalling 1,450 sq. ft.

The White House

Five ground floor retail units with one floor of offices above

totalling 12,000 sq. ft, producing £280,000 p.a.

GUILDFORD

Tangley Place, Worplesdon*

2.5 acres, land in green belt.

MAIDENHEAD

Highway House*

Building demolished. Previous planning approval for a new

48,000 sq. ft. gross B1 office scheme and recent planning

approval for 76 apartments. Land let on short term lease for

car parking at a rental of £55,000 p.a.

Maidenhead Enterprise Centre

Six business units totalling 14,000 sq. ft. Five let producing

£150,000 p.a.

SLOUGH

Datchet Meadows*

Development of 37 apartments. All sold on long leases

producing ground rents of £22,000 p.a.

READING

Tilehurst

Tilehurst, Reading, vacant area of land totalling approximately

0.4 acres. Discussions with the Local Authority regarding

residential development are ongoing.

WINDSOR

Windsor Business Centre

Four business units totalling 9,500 sq. ft. let on short

and medium term leases, one new lease during the year

producing rental of £186,000 p.a. which includes first floor of

one unit currently under offer.

*Owned by Campmoss Group our Joint Venture partner

LOCATIONS

32314 27 November 2025 4:14 pm Proof 4

CHAIRMAN’S STATEMENT

Dear Shareholder,

The Thames Valley commercial and residential property

market has remained quiet over the year. Until investors see

consistent signs of stability and credible growth prospects the

market will remain subdued.

Whilst I can report new lettings to the Group’s portfolio

confidence in the property market is at a low ebb as investors

continue to be buffeted by ongoing concerns over the

economic trajectory for the UK.

The Group, including Campmoss Property, our 47.62% owned

Joint Venture partner, has made good progress in respect of

planning permissions details of which appear later in this report.

A number of office rental and residential lettings have

been achieved throughout the Group’s portfolio with minor

increases in rental. The majority of lease expiries resulted

in new leases being agreed with existing tenants for terms

in the range of 3-5 years usually with an RPI increase. The

Campmoss Group’s residential apartments in Bracknell are let

on annual agreements and again minor increases in line with

RPI have been achieved.

FINANCIAL

For the year to 30 September 2025 the Group profit before

tax was £1.7m (2024: £1.4m). This includes a minor decrease

in Company property values of £0.005m (2024: £0.02m). Our

share of profit after tax in Campmoss and its subsidiary which,

in accordance with IFRS 40, includes an increase in property

values of £0.21m amounted to £0.38m (2024: £0.14m).

For the year ended 30 September 2025, the Company

received a dividend of £2.5m. from its investment in

Campmoss.

Revenue for the year which represented gross rental income,

excluding Campmoss, totalled £0.7m (2024: £0.7m).

The profit after tax attributable to shareholders for the financial

year was £1.36m (2024: £1.07m) and the earnings per share

was 132.90p (2024: 102.76p).

At the year-end, the Company’s commercial portfolio

was valued by Kempton Carr Croft at a total of £5.64m

(2024: £5.63m). This valuation excludes the company’s

freehold office property which was also valued by Kempton

Carr Croft and is included in the balance sheet at valuation and

classified as property, plant and equipment.

Property when completed and retained for re-sale is held as

inventory at the lower of cost or net realisable value. At the

year-end this related to commercial property at The Windsor

Business Centre owned by First Choice Estates plc, the

Company’s fully owned subsidiary and residential apartments

held by Campmoss Developments Limited.

The Group’s total property portfolio, including the jointly

controlled Campmoss group, was valued at £23.4m

(2024: £22.9m).

The Company’s share of the net assets of Campmoss group

was £9.30m (2024: £11.42m). The reduction in value is due to

dividends received from Campmoss of £2.5m (2024: £1.0m)

The Group’s total net assets as at the year-end were £30.66m

(2024: £30.42m) equivalent to £30.53 per share (2024: £29.31)

an increase of 4.1% over the year (2024: 3.1%). The Group,

including Campmoss, has adequate financial facilities and

resources to complete works in progress. Cash balances are

held on instant or short-term deposit. At the year-end, the

Company had nil gearing (2024: nil).

During the year the Company purchased and cancelled 33,356

(2024: 16,034) ordinary shares at a total cost of £0.85m

(2024: £0.37m).

The Company may hold in treasury any of its own shares

purchased. This gives the Company the ability to reissue

treasury shares and provides great flexibility in the

management of its capital base. At the year end the Company

held nil (2024: nil) shares in treasury. Any shares purchased

by the Company not held in treasury will be cancelled and the

number of shares in issue reduced accordingly.

The Company proposes to continue its policy of purchasing its

own shares, whether to be held in treasury or to be cancelled,

and a resolution renewing the directors’ authority will be placed

before the forthcoming Annual General Meeting to be held

on 15 January 2026. This authority will only be exercised in

circumstances where the directors regard such purchases to be

in the best interests of shareholders as a whole. Full details of

the AGM are available on page 68 of the Annual Report and on

the Company’s website www.cardiff-property.com.

IFRS accounting requires that deferred tax is recognised

on the difference between the cost of properties including

applicable indexation and quoted investments and their

current market value. However, IFRS accounting does

not require the same treatment in respect of the Group’s

unquoted investment in Campmoss, which represents a

substantial part of the Company’s net assets. Whilst provision

is made in the Campmoss accounts for deferred tax should

Cardiff dispose of its shareholding in Campmoss, for indicative

purposes only and based on the value in the Company’s

balance sheet at the year-end this would result in a tax liability

of £2.33m (2024 : £2.86m) equivalent £2.26 (2024: £2.75)

per share calculated using a tax rate of 25% (2024: 25%).

This information is provided to shareholders as an additional

non-statutory disclosure.

DIVIDEND

The directors recommend a final dividend of 20.0p per share

(2024: 17.0p) making a total dividend for the year of 27.5p

(2024: 23.5p), an increase of 17.0%. The final dividend will be

paid on 30 January 2026 to shareholders on the register at 16

January 2026.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

CHAIRMAN’S STATEMENT CONTINUED

THE PROPERTY PORTFOLIO

The Group continues to manage its property portfolio located

in the Thames Valley and the surrounding counties of Surrey,

Berkshire and Buckinghamshire close to Heathrow Airport. A

detailed property review is set out in the strategic report on

pages 5 to 7.

During the year the Company achieved new lettings at The

Windsor Business Centre, Windsor, (following refurbishment

and lease expiry) at the White House, Egham (1st floor office

and ground floor retail unit) and at Maidenhead Enterprise

Centre, Maidenhead (ground floor warehouse). In the

Campmoss portfolio one retail unit remains available (now

under offer) at Market Street, Bracknell.

At The Priory, Burnham, Campmoss was recently granted a

further planning approval for a 75 bedroom care home which

now allows the building to be separated from the existing

Grade II Listed office building known as The Business Centre.

On 10 October, after the year end, contracts were exchanged

with a developer and operator to dispose of the Property.

Further details are given at the end of this report under “Post

Balance Sheet Events”

At Highway House, Maidenhead, planning for a 76 apartment

residential scheme including affordable housing was granted

subject to a Section 106 agreement which has now been

completed. A Care Home scheme was refused although an

appeal is being considered.

At Tangley Place, Worplesdon, an application for a 64 bedroom

Care Home has been lodged and discussions with the Local

Authority are in progress.

As pointed out in previous years the cost of planning

applications including a multitude of associated reports, has

risen substantially. It should be noted that the above planning

applications have taken upwards of 2 years to progress.

Governments have continually stated that this process will be

simplified but to date no changes have been evident.

The Group’s portfolio including stock and Campmoss covers

43% retail, 6% business units, 13% residential and 38%

office/carehome.

FOCUS ON ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”)

The Group has a strategy of providing environmentally

sustainable, energy efficient and functionable buildings

consistent with physical and financial constraints. Close liaison

with its tenants remains an important policy.

During the year no re-development has been undertaken

whilst refurbishment projects have given consideration

towards ESG as well as related Health and Safety issues.

Our planning applications emphasise sustainability and

modern design as well as green policies and being energy

efficient. Our aim is to create a good working environment

and achieve a BREEAM rating of Very Good.

We continue to take appropriate action where necessary to

reduce carbon emissions and the impact on the environment.

We view our properties as both contributing to the local

economy and providing householders with decent living

facilities.

The company has included in this Annual Report climate

related financial disclosures see pages 11 to 16.

QUOTED INVESTMENTS

The Company retains a small portfolio of short-term retail

bonds and equity investments. The value has marginally

decreased over the year with the former providing a steady

income stream.

The equity investments include Aquila Services Group plc (the

UK’s largest affordable housing consultancy group) and Galileo

Resources plc (a mining exploration company with assets

primarily in Zambia). I remain a non-executive director of both

companies.

MANAGEMENT AND TEAM

The property market continues to require intensive and

challenging management and I would therefore take this

opportunity to thank all members of our small property team

and our Joint Venture partner for their support, enthusiasm

and achievements over the year.

OUTLOOK

As I write this report the investment community will be

assessing the effects of the recent budget statement. This will

inevitably take time as the business community and investors

evaluate and form their own conclusions. The prospect of any

further major decreases in interest rates appears to now be

placed on hold.

POST BALANCE SHEET EVENTS

As detailed earlier at The Priory, Burnham planning permission

was granted in early October for a Care Home. Subsequently

Campmoss has exchanged a conditional contract for the

freehold sale. I anticipate that the conditions will be met over

the next 4-6 months.

The year ahead will have its challenges and I look forward to

reporting further at the half year.

J. Richard Wollenberg

Chairman

26 November 2025

32314 27 November 2025 4:14 pm Proof 4

STRATEGIC REPORT

The Directors present their Strategic Report on the Group for

the year ended 30 September 2025.

STRATEGY AND REVIEW OF OUR BUSINESS

The Group specialises in property investment and

development in the Thames Valley. The portfolio under

management, including the total value of properties owned

by our 47.62% Joint Venture, Campmoss Property Company

Limited (and its subsidiary), is valued at the year-end at

£23.4m. The Group’s methodology is to acquire sites which,

generally, have difficult planning considerations and use its

expertise to add value by achieving planning and developing

out the sites. The Group’s business model is to grow by

managing its existing freehold property portfolio and rapid

response to opportunities as they arise and is focused on the

long term.

COMPANY STRATEGY

VISION AND MISSION

The Group, including Campmoss, specialises in property

investment and development in the Thames Valley. The total

portfolio including the jointly controlled Campmoss investment

and development portfolio, valued at £23.4m, is primarily

located to the west of Lonon, close to Heathrow Airport and in

Surrey and Berkshire.

The Group seeks to enhance shareholder value by developing

its property portfolio and through strategic acquisitions.

MARKET POSITIONING

The Group specialises in property investment and

development in the Thames Valley, further details of the

portfolio can be found in Locations on page 2.

The Group’s methodology is to acquire sites which, generally,

have difficult planning considerations and use its expertise

to add value by achieving planning and developing out the

sites. The long-term planning experience of the team is a key

competitive advantage.

The Group, including Campmoss, has adequate financial

facilities and resources to complete works in progress and

funds available to purchase sites as appropriate. The Group

had nil gearing at the year-end (2024: nil), which has been the

position for a number of years. This positions us strongly.

Growth Strategies

A number of new opportunities were considered but no

acquisitions were made during the year as the market

continues to be challenging and efforts have been focused on

securing planning for existing sites.

The Campmoss Group, Joint Venture continues to perform

well and is a significant portion of our portfolio, valued at

£16.7m of the total portfolio of £23.4m.

BUSINESS MODEL

Value Proposition

The Group’s business model is to grow by managing its

existing freehold property portfolio and rapid response to

opportunities as they arise and is focused on the long term.

Revenue Streams

The Group expects to continue to generate rental income

from its investment property portfolio, applying increases

when rent reviews permit. The Group intends to progress

its planning applications as set out in this report. Following

successful planning applications, the Group will either sell or

develop property. No property sales have been made in the

year but post year end conditional contracts to sell The Priory,

Burnham have been exchanged.

Key Resources

Property Management is becoming far more intensive and

challenging, and all members of our small property team and

our Joint Venture partner are critical in the ongoing success.

The Group continues to manage the portfolio as efficiently as

possible.

Tenant Relationships

Tenants are key to the business due to cash payments for

rents. Relationships with tenants are very good with all

tenants having a direct relationship with at least one member

of the team. Working closely with tenants has helped foster

open relationships and ensure payment of rents on time.

PROPERTY PORTFOLIO UNDER MANAGEMENT

The total property portfolio below includes 100% of the assets

of our jointly controlled Campmoss Group:

2025

£’000

2024

£’000

Cardiff Group

Investment properties 5,636 5,640

Own use freehold property 285 285

Inventory and work in progress 723 722

6,644 6,647

Campmoss Group

Investment properties 13,718 13,206

Inventory and work in progress 2,997 2,997

16,715 16,203

Total 23,359 22,850

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

THE CARDIFF PROPERTY PLC PORTFOLIO

The Windsor Business Centre, Windsor, comprises four

business units all let on medium term leases. The renewal of

an office planning consent at The Windsor Business Centre,

Windsor was finally received towards the end of last financial

year although in view of market conditions existing leases

will remain and no redevelopment is envisaged. The individual

units are available for sale.

The White House, Egham, includes five ground floor retail

units with air-conditioned offices on the upper floor. All units,

other than a first floor office unit, currently under offer, are let

on a mixture of short and medium-term leases.

The Maidenhead Enterprise Centre, Maidenhead, comprises

six individual business units. Individual units include industrial

use on the ground floor with offices above. All units, other

than a first floor office, currently under offer, are let on a

mixture of short and medium-term leases.

At Heritage Court, Egham, which adjoins the Company’s

offices, the building comprises four retail units all of which are

let on medium-term leases.

Tilehurst, Reading, comprising vacant area of land totalling

approximately 0.4 acres. Discussions with the Local Authority

are ongoing.

CAMPMOSS PROPERTY COMPANY LIMITED & SUBSIDIARY

The Campmoss Group, including its wholly owned subsidiary,

Campmoss Property Developments Limited continued to

actively manage its portfolio.

The Campmoss Group portfolio includes a range of office,

retail and residential tenancies in Burnham, Bracknell, and

Maidenhead which require active management in today’s

challenging market.

Results for the Campmoss Group are summarised below:

2025

£’000

2024

£’000

Revenue 1,223 1,319

Cost of sales (1,101) (1,167)

Other operating income 287 255

Administrative expenses (234) (198)

Surplus/(deficit) on fair value

movement of investment

properties 438 (256)

Net interest 301 532

Profit before tax 914 485

Tax (116) (192)

Total comprehensive income

for the year after tax 798 293

Dividends (5,250) (2,100)

Net assets 19,535 23,987

Group’s share of results of Joint

Venture – 47.62% (2024: 47.62%) 9,303 11,423

CAMPMOSS GROUP PORTFOLIO

At Market Street, Bracknell, four adjacent buildings known

as, 1-10 Market Street, Alston House, Westview and Gowring

House comprise a total of 33 retail units on ground and first

floor, with residential on the upper floors at Gowring House

and Alston House. All retail units (except one currently under

offer) are let on medium term leases, primarily to national

brand franchisees and small local businesses. At the year-end

Campmoss Group held 5 apartments at Gowring House and

12 apartments at Alston House all of which are let on Assured

Shorthold Tenancy Agreements.

At The Priory, Stomp Road, Burnham, the 26,000 sq. ft.

existing office building comprises 17,000 sq. ft. of office

premises on three floors and an adjoining Grade II Listed

Office Building of 9,000 sq. ft. which is used as Business

Centre. During the year Campmoss continued to pursue

a revised care home scheme at The Priory. A successful

planning approval was granted on 9 October 2025, and a

conditional contract for sale was exchanged on 10 October

2025.

At Highway House, Norreys Drive, Maidenhead, planning

was previously granted for a 48,000 sq. ft. gross new office

scheme. Planning approval for a residential scheme was

granted in June 2025. The cleared site is currently let to an

adjacent office user as a car park.

Taking into account the market conditions in the Thames Valley

property market, and on external advice where available,

the portfolio was valued at the year-end by the Directors of

Campmoss and assessed at a current market value of £16.7m

(2024: £16.2m). This figure includes property held for re-sale,

being the residential flats at Gowring House and Alston House

which are valued at the lower of cost or net realisable value.

Total revenue for the Campmoss Group for the year amounted

to £1.2m (2024: £1.3m) representing no property sales (2024:

£0.1m) and gross rental income £1.2m (2024: £1.2m). During

the year Campmoss paid a dividend of £5.25m (2024: £2.1m)

to its shareholders.

At the year-end Campmoss retained substantial cash balances

which will fully fund the existing development programme.

Cash balances are held on instant access or short-term

deposits and gearing was £nil (2024: £nil).

STRATEGIC REPORT CONTINUED

32314 27 November 2025 4:14 pm Proof 4

STRATEGIC REPORT CONTINUED

ANALYSIS OF GROUP PROPERTY PORTFOLIO

By Capital Value (%)

(including property held in Inventory)

By Capital Value (%)

(excluding property held in Inventory)

By Rental Income (%)

(excluding property held in Inventory)

n Office/Care home n Residential n Retail n Industrial

PRINCIPAL RISKS AND UNCERTAINTIES

The principal and emerging risks currently faced by the Group and its Joint Venture investment are summarised below:

Risk and potential impact Mitigation Comment

Movement in risk

during the year

Average length of unexpired

tenancies and financial strength

of tenants

When units are coming up for

renewal or a lease is ending

consideration is given to the

most appropriate length of lease

for the unit.

Average length of unexpired

tenancies has slightly decreased

to 3.9 years in 2025 from

4.1 years in 2024.

Changes in planning legislation

which may include additional

costs to comply with sustainable

construction

The Group needs to comply

with planning requirements and

costs have risen.

Numerous competitive

quotations are sought.

Adverse market conditions

resulting in a reduction in the

value of the property portfolio

During the year the Directors

consult a number of local

property agents who have

reaffirmed individual property

values.

The Directors will bear in mind

comments received from local

agents.

Development risk Any proposed development

will be judged on building

costs, prospective lettings and

investment value which are

considered prior to investment.

No developments have taken

place during the year.

Changes in interest rates The Group has significant cash

resources which are placed for

different periods to maximise

interest whilst managing

working capital.

The Group has nil gearing and

has no current plans to initiate

funding requirements.

The increase in cash balances

and term deposits offset

by falling interest rates has

resulted in an increase in

interest income from £0.6m in

2024 to £0.7m in 2025.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

STRATEGIC REPORT CONTINUED

Risk and potential impact Mitigation Comment

Movement in risk

during the year

Government policies, including

policies relating to climate

change legislation and taxation

The Group keeps itself informed

of Government policy and the

implications. The Group has to

comply with legislation.

The Board will consider

legislation before making

any significant investment

decisions.

Changes in shareholder

sentiment towards the property

sector

The Group has a policy to

acquire its own shares. The

Board liaises with shareholders

as necessary.

Cyber security risk The Group retains external IT

consultants to advise where

appropriate.

The Group and employees are

regularly informed of cyber

risks.

Fraud risk The Group regularly carries

out a risk review of its internal

control procedures.

The Board take the necessary

measures to identify any

internal control weaknesses.

Legal and regulatory risk The Company instructs

appropriate professionals when

necessary.

The Board has access at the

Groups expense to experts as

required.

The Group mitigates these risks by managing its property portfolio taking regard of market rent and the terms of individual

leases.

The Directors monitor available sources of information regarding the value of property and level of rental yields. They are also

aware of potential changes in government policy and the implication of planning legislation and take action to reduce the risk

to the Group where possible. External valuations of property held by Cardiff are commissioned annually. The Directors of

Campmoss, the Joint Venture, carry out internal valuations of the Campmoss Group portfolio annually.

Development risk is mitigated by the use of experienced teams or development partners with robust Development

Agreements.

Cash is deposited in fixed and variable interest rate accounts with such rates monitored to determine the appropriate length of

time and level of funds to invest.

In common with many businesses cybercrime risk has become a greater focus of the business and external consultants and

staff training is undertaken to minimise the evolving risk.

Reputational risks including ethics and integrity, cyber security and quality of service are considered in all aspects of the Group’s

business and actions taken to mitigate risks where possible through decision making in respect of development partners, and

liaison with tenants.

Legal and regulatory risks specific to the industry are mitigated where possible by keeping up to date with changing legislation

and requirements and use of external experts where applicable.

32314 27 November 2025 4:14 pm Proof 4

KEY PERFORMANCE INDICATORS

The key performance indicators used by the Directors for monitoring the performance of the business are shown in the graphs

below and the consolidated five-year summary.

2021 18.50

25.49

1,259

91.91

Dividend per share

pence

Net assets per share

Profit before tax

£’000

Earnings per share

pence

2022 20.50 27.56 2,697 218.23

2025

22.00

28.44

1,262

104.62

2024 23.50 29.31

1,385

102.76

2025

27.50

30.53 1,679 132.9

The effectiveness of the Group’s strategy is reflected in its performance over recent years. In the three years to 30 September

2024 net assets per share increased 15.0% from £25.49 per share to £29.31 per share, with a further increase of 4.2% to £30.53

at 30 September 2025. The Group benefits from substantial cash deposits and ongoing profitability. The interim and proposed final

dividend increased from 18.50p per share to 23.50p per share over the period from September 2021 to September 2024 and, for

the current year, the interim and proposed final dividend has been increased by 17.0% to 27.50p per share.

CONSOLIDATED FIVE YEAR SUMMARY

2025 2024 2023 2022 2021

Income statement items

Revenue being gross rental income £’000 680 683 662 703 596

Profit before taxation £’000 1,679 1,385 1,262 2,697 1,259

Dividends paid and proposed in respect

of the year

(1)

£’000 252 245 232 210 211

Dividend cover

(2)

times 6.7 5.7 5.4 12.8 6.0

Dividend per share

(3)

pence 27.5 23.5 22.0 20.5 18.5

Earnings per share

(4)

pence 132.90 102.76 104.62 218.23 91.91

Balance sheet items

Total assets £’000 31,715 31,427 30,919 30,956 29,656

Total liabilities £’000 (1,051) (1,004) (944) (1,144) (1,214)

Net assets £’000 30,664 30,423 29,975 29,812 28,442

Number of shares in issue at 30 September ‘000 1,004 1,038 1,054 1,082 1,116

Net assets per share attributable to

shareholders

(5)

£ 30.53 29.31 28.44 27.56 25.49

Gearing per cent nil nil nil nil nil

(1) Dividends paid and proposed in respect of the year represent the interim paid and the final declared in any one financial year.

(2) Dividend cover is calculated as profit before taxation divided by dividends paid and proposed in respect of the year.

(3) Dividend per share is the interim dividend paid and final dividend proposed for the year ended 30 September.

(4) Earnings per share is calculated as profit after taxation divided by the weighted average number of shares, note 11.

(5) Net assets per share attributable to shareholders is calculated as net assets divided by number of shares in issue at 30 September.

STRATEGIC REPORT CONTINUED

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

STRATEGIC REPORT CONTINUED

Sales of investment properties are treated as disposals of

non-current assets with only the gain or loss on sale based on

the difference between the proceeds and the balance sheet

valuation being reflected in the income statement. Sales

made by Campmoss Group are not included in the Group’s

revenue in accordance with IAS 28.

The Group’s Board has again obtained independent valuations

of the property portfolio (excluding those held by Campmoss

Group which are based on Directors’ valuations). These

external valuations result in a decrease in the value of the

Group’s commercial portfolio of £5,000 (2024: £23,000

decrease). Movements on the valuation of investment

properties are taken to the Income Statement in accordance

with IAS 40.

The increase in cash balances and term deposits despite

falling interest rates has resulted in an increase in interest

income from £0.6m in 2024 to £0.7m in 2025.

The effective tax rate in the income statement in 2025 is

22% compared to 23% in 2024 primarily due to movement

in deferred tax on investment property in the prior year,

see note 10.

STATEMENT ON S172 OF THE COMPANIES ACT 2006

Section 172(1) of The Companies Act 2006 requires Directors

of a Company to act in the way they consider, acting in good

faith, would be most likely to promote the success of the

Company for the benefit of its members as a whole taking

into account:

a) the likely consequences of any decision in the long term,

b) the interests of the Company’s employees,

c) the need to foster the Company’s business relationships

with suppliers, customers and others,

d) the impact of the Company’s operations on the community

and the environment,

e) the desirability of the Company maintaining a reputation

for high standards of business conduct, and

f) the need to act fairly as between members of the

Company.

The stakeholders are key to the business for the following

reasons:

• Employees – as noted in the Chairman’s statement, in a

challenging environment the Group’s continued success

is dependent upon our small management team and

our Joint Venture partner. The relationship with the team

is effective and feedback is honest and open. Staff are

regularly in the office and opportunities to discuss issues

are facilitated. There is a very small team and staff turnover

is low. See Remuneration Report page 27 for details of

how directors and employees are rewarded.

• Shareholders – ongoing support from shareholders,

including support for resolutions at the AGM and lower

volume of trades in the Company’s shares provides share

price stability, see graph on page 26 to see how the share

price has performed relative to the market.

• Tenants – are key to the business due to cash payments

for rents. Relationships with tenants is very good with

all tenants having a direct relationship with at least one

member of the team. Working closely with tenants has

fostered open relationships and ensure payment of rents

on time. .

The Group is fortunate to have a loyal and long-standing

shareholder base, and shareholders’ views are taken into

account and discussed at Board meetings. Shareholder

feedback during the year has been supportive and

shareholders’ feedback is considered in respect of major board

decisions. Difficult decisions faced are limited to dealing with

payment of rents on time which are managed by discussions

with tenants. As the Board members are shareholders, they

consider whether any decisions made align with shareholders’

best interests. The Company adopts a long-term investment

and development strategy as set out in the Viability Statement

on page 24.

The Board carefully considers the impact of the Company’s

operations on the community and the environment, ensuring

that decisions support sustainable practices and promote

positive social and environmental outcomes.

The Board recognises the need to act fairly as between

members of the Company and ensures that all shareholders

are treated equitably, with decisions made transparently and

in the best interests of the Company as a whole.

The Company has 6 employees including the Directors, so the

employees’ other than the directors views are sought as the

team has a very close working relationship. The gender of the

Directors are two male, one female with the three employees

all being female.

The Group selects suppliers based on their standards of

business conduct and whose ethics in terms of environment

and community align with the Group. The Group ensures

supplier payments are made on a timely basis.

The Group is conscious of the importance of maintaining a

reputation for high standards of business conduct, this is

most relevant when considering tenants and their impact

on others. We maintain high standards of business conduct

by implementing transparent policies, regular compliance

reviews, and ongoing staff training. This ensures that all

interactions with tenants are fair, respectful, and aligned

with our commitment to ethical and responsible property

management.

Any matters that are considered necessary are voted on at the

AGM to ensure fairness between shareholders.

32314 27 November 2025 4:14 pm Proof 4

STRATEGIC REPORT CONTINUED

CORPORATE SOCIAL RESPONSIBILITY

In carrying out the Group’s acquisition, development and

management of commercial and residential property, the

Group aims to conduct business with honesty, integrity and

openness, respecting human rights and the interests of our

shareholders and employees. The Group aims to provide

timely, regular and reliable information on the business to

all our shareholders and conduct operations to the highest

standards.

The Group strives to create a safe and healthy working

environment for the wellbeing of our staff and create a

trusting and respectful environment, where all members of

staff are encouraged to feel responsible for the reputation

and performance of the Company. The Group continues to

establish a diverse and dynamic workforce who have the

experience and knowledge of the business operations and

markets in which we operate. Through maintaining good

communications, members of staff are encouraged to realise

the objectives of the Company and their own potential.

The Group’s policy is to minimise the risk of any adverse

effect on the environment associated with its development

activities with a thoughtful consideration of such key areas as

energy use, pollution, transport, land use, ecology, renewable

resources, health and wellbeing. The Group aims to reduce

its carbon footprint as far as possible within its control and

adopted sustainable building methods where possible and

appropriate. The Group also aims to ensure that its contractors

meet their legislative and regulatory requirements and that

relevant codes of best practice (including social standards) are

compliant with current legislation. The Group is committed to

maintaining high environmental standards in all its operations,

where possible. and minimising the impact of its activities on

the surrounding environment.

Climate-related financial information

The Directors understand the significant importance

investors, regulators and other users of corporate reporting

place on climate and sustainability and have therefore been

transparent in disclosing relevant information such that users

of our Annual Report can make decisions about risks and

opportunities related to climate change.

The Financial Stability Board created the Task Force on

Climate-related Financial Disclosures (TCFD) to improve and

increase reporting of climate-related financial information. The

Directors have considered the TCFD framework including the

four pillars of Governance, Strategy, Risk Management and

Metrics & Targets and their applicability to the Group.

The Company has included in this Annual Report climate-

related financial disclosures consistent with the Task

Force on Climate-related Financial Disclosures (TCFD)

recommendations and eleven recommended disclosures in

accordance with LR 6.6.6R (8).These can be found below.

The Board has considered the FRC 23 July 2023 published

review of TCFD disclosures, focusing on climate-related

metrics and targets. The Group acknowledges the FRC’s

desire to see concrete action plans and milestones rather

than generic disclosures without a clear path to achieving

emissions targets.

The Board has overall responsibility for overseeing the Group’s

climate-related risks and opportunities. Climate strategy,

targets, and performance updates are integrated into the

Board’s regular agenda to ensure alignment with our long-

term business goals.

GOVERNANCE

a) Disclose the organisation’s governance around climate-

related risks and opportunities.

The Board aims to act responsibly in understanding initiatives

that lower carbon emissions across the portfolio. Due to the

size of the Company and having only three Directors, risks

& opportunities are considered by the board rather than a

separate risk committee. The risk register is reviewed at each

board meeting, which are held at least once every six months

and more often as necessary.

b) Describe management’s role in assessing and managing

climate-related risks and opportunities.

Due to the size of the business opportunities to reduce

carbon emissions is limited and climate-related risks

and opportunities are small. The Company undertook no

development during the year and retains a small portfolio

of investment property leased to tenants. There are only

six employees including the Directors. The Company’s

management team involve the Directors and therefore all

staff members are encouraged to act responsibly in respect

of lowering carbon emissions. All employees other than

Directors, have been engaged and understand the Group’s

strategy in respect of climate-related risks and opportunities.

Due to the size of the Group the board have not delegated

any responsibility for climate related risks to staff due to the

inherent importance and evolving landscape.

STRATEGY

a) Describe the climate-related risks and opportunities the

company has identified over the short, medium, and long

term.

Climate-related risks including those related to the physical

impacts of climate change (e.g. extreme changing market

demand and carbon pricing) have been considered. This

includes reference scenarios published by the

• Network for Greening the Financial System (NGFS),

which provides a suite of macro-financial climate pathways

aligned with orderly, disorderly, and hot-house world

futures; and

• International Energy Agency (IEA), including the

Net Zero Emissions (NZE) and Stated Policies (STEPS)

scenarios relevant to the global energy transition.

STRATEGIC REPORT CONTINUED

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

STRATEGIC REPORT CONTINUED

In identifying risks and opportunities, financial impact ranges

have been assessed as follows:

• Low – less than £50,000

• Medium – between £50,001 and £250,000

• High – greater than £250,001

Time horizons have been assessed as follows:

• Short term – less than one year

• Medium term - one to three years

• Long term - greater than three years

Current risks identified are summarised below:

SHORT TERM

Physical Risks

• Increased occurrence of localised flooding and extreme

rainfall poses short-term disruption to residential units

and ground-floor commercial tenants, with potential

for unplanned repair expenditure and higher insurance

excesses.

• More frequent heatwaves exacerbate overheating

risks, particularly in top-floor residential units with limited

ventilation, potentially impacting tenant comfort and

satisfaction.

Transition Risks

• Tightening energy-efficiency requirements, including

more stringent Minimum Energy Efficiency Standards

(MEES), may require targeted investment in insulation,

glazing and heating upgrades to maintain leasing viability.

• Rising energy costs continue to influence service charges

and landlord-controlled utilities, increasing operating

expenditure within multi-let assets.

• Greater stakeholder expectations for ESG

transparency, including TCFD-aligned reporting, require

improved data collection, analysis and disclosure capability.

Market & Tenant Dynamics

• Tenants are increasingly favouring energy-efficient, well-

insulated and climate-resilient buildings, which may

reduce demand for less efficient units and create short-

term leasing pressure.

MEDIUM TERM

Physical Risks

• More frequent and severe flooding events in certain

parts of the UK may lead to rising insurance premiums,

more restrictive policy terms or, in some cases, reduced

availability of cover.

• Chronic overheating and water stress may necessitate

investments in enhanced ventilation, shading, landscaping

and cooling solutions.

Transition Risks

• Expected tightening of residential and commercial EPC

requirements, including potential obligations to reach

EPC B or better, may require a staged retrofit programme

across parts of the portfolio.

• Increasing carbon prices and the gradual electrification of

building services may raise refurbishment and operating

costs.

• Evolving disclosure standards, including sustainability

reporting and climate-risk assessments, may increase

reporting and assurance requirements for listed

companies.

Market & Tenant Dynamics

• Valuation pressure may emerge for assets with poor

energy performance or those located in areas that become

reclassified as higher flood-risk zones.

• Commercial tenants are placing greater emphasis on

location-specific climate resilience when renewing

leases.

LONG TERM

Physical Risks

• Sea-level rise and more severe storm cycles represent

structural risks for any coastal or river-adjacent assets,

potentially resulting in significant capital expenditure or

reduced economic life.

• Shifts in long-term population and tenant demand

patterns, influenced by regional climate impacts, may

affect rental growth prospects in certain locations.

Transition Risks

• The move towards near-zero-carbon building standards

may require substantial investment in deep retrofits,

including full electrification of heating systems, on-site

renewable generation and use of low-carbon materials.

• Regulatory restrictions on letting or selling non-

compliant buildings could create stranded-asset risks

for older or inefficient properties that are uneconomic to

upgrade.

Market & Systemic Risks

• Long-term insurance affordability and availability may

decline in high-risk areas, impacting asset values and debt-

financing terms.

• Future shifts in lender requirements may restrict borrowing

against assets that fail to meet sustainability or climate-

resilience criteria.

CLIMATE OPPORTUNITIES

In parallel with these risks, the Group sees opportunities to

improve asset performance and shareholder value through:

• Energy-efficiency upgrades that enhance tenant

experience and reduce running costs.

• Selective acquisitions of well-located, climate-resilient

assets at attractive pricing.

• Installation of low-carbon technologies such as solar

PV, EV charging infrastructure and heat pumps.

• Access to sustainability-linked financing as the Group

strengthens its climate strategy.

STRATEGIC REPORT CONTINUED

32314 27 November 2025 4:14 pm Proof 4

Any new development undertaken will, incorporate tenant,

statutory and legal requirements, including initiatives that

potentially lower carbon emissions which will be phased over

the time horizons outlined. In respect of current planning

applications design emphasis has been given towards

sustainability and green policies as well as being energy

efficient creating a good working environment and working

towards achieving a BREEAM rating of at least very good.

Since April 2023, it has been a legal requirement for all

commercial rented properties to have an EPC (Energy

Performance Certificate) rating of at least E. This is already a

legal requirement for commercial and residential properties

before they can receive a new or renewal lease, so EPC

certificates are reviewed on a regular basis. This requirement

was extended to include both new and existing commercial

leases. A full review of the property portfolio has been

undertaken and updated EPCs are obtained where necessary.

The Directors consider the impact of any improvement

needed will be both medium term and medium cost across

portfolio.

1. IDENTIFY RELEVANT CLIMATE ISSUES

We review the main climate-related risks that could affect

our small portfolio, such as flooding, overheating, energy-

efficiency regulations, insurance changes, and tenant demand

for efficient buildings.

2. GATHER BASIC INFORMATION ON EACH PROPERTY

For each asset we look at a small set of practical indicators,

including:

• EPC ratings and any known upgrade requirements;

• Flood-risk maps and insurance terms;

• Expected maintenance issues linked to weather;

• Any tenant or market feedback related to energy use or

resilience.

3. ESTIMATE THE POSSIBLE FINANCIAL EFFECT

Where a potential issue is identified, we make an estimate of

its financial impact by considering:

• Extra operating costs (insurance, energy, maintenance);

• Required capital works (e.g., insulation, heating upgrades);

• Possible effects on rent, occupancy, or property valuation.

These estimates are based on internal cost knowledge, recent

contractor quotes, and insurance guidance.

4. DECIDE IF THE IMPACT IS “MATERIAL”

An issue is treated as material if it is likely to:

• Require a meaningful amount of unplanned capital

expenditure;

• Affect the ability to lease, insure, or refinance a property;

• Change expected cash flows enough to influence investor

decisions.

5. BOARD REVIEW AND APPROVAL

Any significant items would be brought to the Board. The

Board then decides whether the impact is material and

whether any action or disclosure is required.

6. INTEGRATION INTO PLANNING

Material items are fed into the Company’s annual budget,

cash-flow forecasts, and decisions about any refurbishment or

asset management activity.

b) Describe the impact of climate-related risks and

opportunities on the company’s businesses, strategy, and

financial planning.

The main risks and opportunities due to climate-related

risks are in respect of the existing property portfolio and any

developments including those of our Joint Venture partner. As

stated, these risks and opportunities are deemed low in terms

of climate. The Chairman and director of our Joint Venture

considers any changes in climate-related regulations and

implications for the property portfolio.

For the Group the development opportunity is dependent on

the successful planning applications, any new development

scheme would factor in appropriate costs, and current

market conditions which may mean a redevelopment is not

envisaged. Planning regulations, building regulations and

contracting partners would help ensure that compliance was

achieved. In respect of recent planning applications for the

Group which includes Highways House, The Priory and Tangley

Place Centre design emphasis has been given towards

sustainability and green policies as well as being energy

efficient creating a good working environment and working

towards achieving a BREEAM rating of at least very good.

Although the Group has not experienced any material

financial impact from climate-related issues to date, the Board

recognises that climate factors are becoming increasingly

relevant to real estate owners. As a result, climate

considerations have been incorporated into our day-to-day

business decisions, strategic planning and financial processes

in the following ways:

BUSINESS IMPACT

• We have increased our awareness of asset-level risks such

as flooding, overheating and insurance changes, but none

have resulted in significant cost or disruption.

• Routine property reviews now include simple climate

checks—such as EPC status, flood risk and insurance

terms—even where no action has been required.

STRATEGIC REPORT CONTINUED

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

STRATEGIC REPORT CONTINUED

STRATEGIC IMPACT

• Climate considerations are now part of our approach

to asset management. We factor in potential future

regulatory requirements (e.g., EPC improvements) when

evaluating long-term plans for each property, but no

strategic changes have been necessary.

• When considering acquisitions or disposals, we include

basic climate resilience and energy-efficiency indicators in

our decision-making, although these have not altered any

recent decisions.

FINANCIAL PLANNING IMPACT

• While no climate-related capex or cost increases have

been needed, potential EPC upgrade costs or insurance

movements are considered when preparing forecats.

• The Group continues to monitor potential impacts on

valuations, tenant demand and financing, but to date has

not experienced any material effects.

Sustainability

aspirations Topic area Goals Progress

Reduce carbon

footprint of supply

chain for any new

development. Aiming

for a reduction to

net zero as business

activity permits.

Minimising our supply

chain impact

Work closely with all

suppliers and contractors

to understand their carbon

footprint in the event that a

development is undertaken.

Evaluation of new suppliers

to include consideration as

to their ESG policies.

There were no changes in suppliers during

the year ended 30 September 2025.

Any changes in suppliers will involve

completion of a supplier questionnaire

including climate related risks as

appropriate.

Planning regulation

environmental

compliance

Ensure all planning

applications include

necessary environmental

consideration reporting

requirements.

Requirements for each local council where

planning applications are submitted have

been reviewed.

External consultants appointed with

detailed knowledge involved in all new

planning application submissions.

Reduce energy

consumption and

switch to renewable

energy tariff at head

office in Egham

Sustainable

operations

Work towards achieving

100% renewable electricity

by 2030.

Review of energy providers to the portfolio.

Replace existing supply contracts with

renewable energy contracts on renewal.

c) Describe the resilience of the Company’s strategy, taking

into consideration different climate-related scenarios,

including a 2°C or lower scenarios.

For properties under management and new build changing

climate scenarios are considered as part of risk management

and where possible included in our strategy. Resilience is built

into our risk management planning. Where we deem risk to

be higher, we integrate this into our resilience planning. The

business is relatively limited, and any major growth will be

stress tested if it occurs.

Requirement for insurance including a 2°C or lower scenarios

has been discussed with the Company’s insurance broker but

is either not available or is deemed cost prohibitive.

Where refurbishment has taken place the management

team have given thought to all aspects of ESG together with

Health and Safety matters and implemented where viable and

possible. The risk of impact, aside from regulation is deemed

low, and this is taken into account in all property management

affairs.

32314 27 November 2025 4:14 pm Proof 4

STRATEGIC REPORT CONTINUED

RISK MANAGEMENT

a) Describe the Company’s processes for identifying and

assessing climate-related risks.

Identification of climate-related risks

The Group’s primary climate-related risks relate to the

resilience, condition, and insurability of our property

assets. We identify climate risks through a structured, but

proportionate, process that includes:

• Annual desktop reviews of physical climate hazards (e.g.,

flooding, extreme heat, storms) using publicly available UK

climate data and government mapping tools.

• Monitoring of transition risks, including changes in UK

building regulations, energy-efficiency standards, minimum

EPC requirements, and investor expectations.

• Engagement with insurers, property managers, and

local authorities to identify emerging issues that may

affect asset performance or tenant continuity.

• Considering market and tenant demand trends,

particularly relating to energy efficiency, operating costs,

and environmental performance.

The Company’s processes include the following: (incorporated

into the company board meetings where risk is considered

• Keeping up to date with ever changing planning and

government policy.

− Building Regulations 2023 for example includes

updated regulations include amendments to Approved

Documents Part F (Ventilation) and Part L (Conservation

of fuel and power) and the release of a new Approved

Document for Overheating (Part O) and Infrastructure

for charging electric vehicles (Part S).

− The Future Homes Strategy will from 2025 require

homes built to be ‘zero carbon ready’: such that they

should not require further energy efficiency retrofit

measures to become zero-carbon. The Standard is

solely concerned with energy efficiency measures,

thereby only addressing the in-use operational carbon

of buildings.

b) Describe the Company’s processes for managing climate-

related risks.

Management of Climate-Related Risks

The Group’s approach to managing climate risks focuses on

maintaining asset resilience, regulatory compliance, and long-

term value preservation. Key measures include:

• Maintenance and refurbishment planning informed by

climate-risk findings (e.g., improved insulation, cooling

solutions, flood-mitigation measures).

• Ensuring all assets meet or exceed minimum UK energy

and EPC standards, with upgrades scheduled where

future regulations may tighten.

• Insurance reviews to ensure adequate coverage for

extreme weather–related events and adjustments to

deductibles or terms where required.

• Integrating climate considerations into our capital

allocation for refurbishments and property improvements.

• Engaging with tenants to support energy efficiency and

responsible building use.

c) Describe how processes for identifying, assessing, and

managing climate-related risks are integrated into the

Company’s overall risk management.

Assessment of Climate-Related Risks

The Group assess identified climate risks based on their

potential impact on property value, operational costs, rental

income, and insurance availability. Our assessment approach

includes:

• Qualitative risk ratings (high, medium, low) based on

likelihood and potential financial impact.

• Periodic scenario testing, referencing external sources

such as NGFS and IEA pathways to understand long-

term transition implications for energy performance

requirements and carbon pricing.

• Evaluating asset-level exposure to physical risks (e.g.,

flood risk zones, heat stress) using simple risk scores.

• Incorporating climate risk considerations into acquisition

due diligence, including building condition surveys and

projected energy performance.

Integration into Overall Risk Management

• Climate-related risks form part of our wider enterprise

risk management process. The Board receives annual

updates, with interim updates provided if material

changes occur. Climate risks are evaluated alongside

financial, operational, and compliance risks to ensure a

consistent and balanced approach to risk oversight.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

METRICS AND TARGETS

a) Disclose the metrics used by the Company to assess

climate-related risks and opportunities in line with its

strategy and risk management process.

The company currently does not report or collate any metrics

related to climate-related risks and opportunities. The risks

and opportunities are not deemed material to the business

given its size and scale. It is the intention of the business

that they will consider such metrics if the company increases

its operations and will develop appropriate targets under

timeframes aligned to its short, medium, and long-term

planning. The Directors have taken the ‘explain’ route to

comply with the expectation of the listing rule 9.8.6(8)R

b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3

greenhouse gas (GHG) emissions, and the related risks.

The Group falls under the exemption of reporting if Emissions

are below the 40,000 KWh requirement. The voluntary

disclosures for GHG emissions are not deemed material to

the business given its size and scale. It is the intention of the

Group that they will consider such disclosures if the Company

increases its operations and will develop appropriate targets

under timeframes aligned to its short, medium, and long-

term planning. The Directors have taken the ‘explain’ route to

comply with the expectation of the Listing Rule 9.8.6(8)R

c) Describe the targets used by the Company to manage

climate-related risks and opportunities and performance

against targets.

The Company is committed to acting responsibly in managing

climate related risks and opportunities appropriate to the

Company’s property portfolio. The Company does not currently

set targets as outlined under part a) and part b) of these

reporting requirements. Setting of any targets are not deemed

material to the business given its size and scale. It is the

intention of the Group that they will consider such targets

if the Company increases its operations and will develop

appropriate targets under timeframes aligned to its short,

medium, and long-term planning. The Directors have taken the

‘explain’ route to comply with the expectation of the listing

rule 9.8.6(8)R

The Company remains committed to taking the necessary

steps and planning to be able to make consistent disclosures

in the future, including relevant timeframes for being able to

make sure disclosures.

J Richard Wollenberg

Chairman

26 November 2025

STRATEGIC REPORT CONTINUED

32314 27 November 2025 4:14 pm Proof 4

DIRECTORS AND ADVISERS

DIRECTORS

J Richard Wollenberg

Chairman and Chief Executive

Karen L Chandler FCA

Finance Director

Nigel D Jamieson BSc, FCSI

Independent Non-Executive Director

SECRETARY

Karen L Chandler FCA

HEAD OFFICE

56 Station Road, Egham, TW20 9LF

Telephone: 01784 437444

E-mail: webmaster@cardiff-property.com

Web: www.cardiff-property.com

REGISTERED OFFICE

56 Station Road, Egham, Surrey, TW20 9LF

REGISTERED NUMBER

00022705

AUDITOR

MHA

Statutory Auditor

Building 4, Foundation Park, Roxborough Way,

Maidenhead, SL6 3UD

STOCKBROKERS AND FINANCIAL ADVISERS

Shore Capital

Cassini House, 57-58 St. James’s Street, London, SW1A 1LD

BANKERS

HSBC Bank Plc

2nd Floor, 62-76 Park Street, London, SE1 9DZ

SOLICITORS

Blake Morgan LLP

One Central Square, Cardiff, CF10 1FS

Charsley Harrison LLP

Windsor House, Victoria Street, Windsor, SL4 1EN

REGISTRAR AND TRANSFER OFFICE

Neville Registrars Limited

Neville House, Steelpark Road, Halesowen, B62 8HD

Telephone: 0121 585 1131

J RICHARD WOLLENBERG (AGED 77)

Chairman and Chief Executive

Was appointed a Director of the Company in 1980, became

Chief Executive in 1981 and Chairman in 1989. J Richard

Wollenberg has over 40 years’ experience in property

investment and development and has been actively involved

in a number of corporate acquisitions, flotations, mergers

and capital reorganisations of public and private companies.

He is an Executive Director of Campmoss Property Company

Limited and its subsidiary. He is also a Non-Executive

Director of Aquila Services Group plc, which was quoted on

the London Stock Exchange until March 2024 and has now

been taken private and a Non-Executive Director of Galileo

Resources plc, quoted on AIM.

KAREN L CHANDLER (AGED 53)

Finance Director

Was appointed a Director of the Company on 21 January

2016. She is a chartered accountant having qualified with

KPMG and has previously served as CFO of AIM quoted

Zenergy Power plc (now Cloudcall Group plc) and of a number

of private companies including GLID Wind Farms Limited and

Advetec Holdings Limited. Karen is Chief Operating Officer of

AdvancedAdvT Limited.

NIGEL D JAMIESON BSC, FCSI (AGED 75)

Independent Non-Executive Director

Was appointed to the Board as a Non-Executive Director

in 1991 and is chairman of the Company’s Audit and

Remuneration Committees. He has over 35 years’ experience

of the UK property market both as a general practice surveyor

and as an investment analyst. He is an Executive Director of

several independent property investment companies active

in the London area and acts as an independent consultant to

private clients on a range of property related matters.

NON-EXECUTIVE DIRECTOR OF WHOLLY OWNED SUBSIDIARY

FIRST CHOICE ESTATES PLC

DEREK M JOSEPH BCOM, FCIS (AGED 75)

Derek is Chair of Aquila Services Group plc which specialises

in urban regeneration and affordable housing. The Aquila

Group trades through two key subsidiaries, Altair Consultancy

& Advisory Services Limited and Aquila Treasury and Financial

Solutions which is regulated by the FCA. The Aquila Group

works in the UK and internationally having carried out

assignments in over 20 countries. Clients of the Group range

from National Governments, Loval Authorities, NGO’s, Banks,

Private Developers and Supra National Funding Agencies.

Derek is also the Investment advisor to two major endowed

charities assisting agencies dealing with homelessness

and underprivileged households. Derek is the author of a

number of books and articles concentrating on the funding of

affordable housing.

Outside of housing Derek has been Non-Executive Chair of

quoted companies in the mining and mobile phone industries

and a non-executive director of a Fintech company.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

REPORT OF THE DIRECTORS

The Directors submit their annual report and the audited

financial statements for the year ended 30 September 2025.

RESULTS

The results of the Group for the year are set out in the audited

financial statements on pages 36 to 60.

DIVIDENDS

The Directors recommend a final dividend for the year of

20.0p per share (2024: 17.0p) payable on 30 January 2026.

The total dividend paid and proposed in respect of the year,

including the interim dividend of 7.5p (2024: 6.5p) per share,

amounts to 27.5p per share (2024: 23.5p).

PRINCIPAL ACTIVITY

The principal activity of the Group during the year continued

to be property investment and development. Certain

information that fulfils these requirements and those of

the UK Listing Authority Disclosure and Transparency Rules

which requires a management report that can be found in the

Chairman’s Statement and Strategic Report on pages 3 to 16.

A description of corporate social responsibility activities is

included in the Strategic Report on page 11. The Company’s

statement on Corporate Governance can be found in the

Corporate Governance report on pages 21 to 24 and it forms

part of the Directors’ Report and so is incorporated into this

report by cross reference.

There are no persons with whom the Group and the Company

have contractual or other arrangements which are essential

to the business of the Group and the Company other than

those included in the related party disclosures in note 25 on

page59.

BUSINESS REVIEW

See Strategic Report on pages 5 to 16.

This included details on the Group and Company’s

engagement with suppliers, customers and others in a

business relationship with the Company/

LIKELY FUTURE DEVELOPMENTS

The Group expects to continue to generate rental income

from its investment property portfolio. The Group expects to

complete on the sale The Priory, Burnham following exchange

of contracts on 10 October 2025 and will continue to try to

secure planning at Highways House and Tangley Place. The

Group does not currently carry out research and development

activities nor does it intend to do so in the future.

FINANCIAL INSTRUMENT RISK

The Group’s financial assets and liabilities are comprised

predominantly of equity instruments in a Joint Venture, equity

instruments in listed entities, and short-term cash deposits.

The equity instruments represent long term positions taken

by the Group and are held for both capital growth and income.

The term and cash deposits are held in financial institutions

with an acceptable risk rating and have access terms which

allow the Directors to pursue the Group’s business objectives

and service dividend policy. The risk profile and maturity of the

Group’s financial assets and liabilities is set out in note 26. The

Group has not entered into any hedging arrangements.

DIRECTORS

The current Directors of the Company and the Non-Executive

Director of a wholly owned subsidiary are listed on page 17.

Allserved throughout the financial year.

In accordance with the Company’s articles of association,

Karen L Chandler will retire by rotation at the Annual General

Meeting.

DIRECTORS’ INTERESTS

Directors’ and their connected persons interest in the ordinary

shares of the Company were as follows:

30 September

2025

Beneficial

30 September

2024

Beneficial

K L Chandler 100 100

N D Jamieson 1,500 1,500

J R Wollenberg 628,932 625,169

The increase in JR Wollenberg’s shareholding in the year of

3,763 above are held by connected persons.

There were no changes in the Directors’ shareholdings as

stated above between 1 October 2025 and 26 November

2025.

At 30 September 2025 J Richard Wollenberg held 25,000

(2024: 25,000) ordinary shares of £1 each in Campmoss

Property Company Limited, a Joint Venture, representing

2.38% (2024: 2.38%) of the issued share capital of that

Company. No other Director has any interest in the share

capital of any other Group Company.

32314 27 November 2025 4:14 pm Proof 4

DIRECTORS’ OPTIONS

No Director held options at 30 September 2025 (2024: nil).

SUBSTANTIAL SHAREHOLDINGS

Other than J. Richard Wollenberg referred to above who

with his family holds 62.62% (2024: 60.2%), the Group

and Company have not been notified of any holdings

of 3% or more in the share capital of the Company at

26 November 2025.

ALLOTMENT OF SHARES

As special business at the Annual General Meeting, a

resolution will be proposed to renew the power of your

Directors to allot equity securities, pursuant to section 551 of

the Companies Act 2006, such power being limited to one-

third of the issued share capital of the Company. This authority

may be renewed for five years but, in common with modern

corporate governance practice, it is your Directors’ intention

that the resolution be limited to one year and that its renewal

be proposed at each Annual General Meeting.

PRE-EMPTION RIGHTS

As special business at the Annual General Meeting a

resolution will be proposed to renew for a further year the

power of your Directors to allot equity securities for cash

without first offering such securities to existing shareholders.

The aggregate nominal amount of equity securities which may

be allotted in this way shall not exceed £10,044, representing

5% of the present issued ordinary share capital of the

Company.

PURCHASE OF OWN SHARES

At the Annual General Meeting held on 16 January 2025,

authority was renewed empowering your Directors to make

market purchases of up to 155,563 of the Company’s own

ordinary shares of 20p each. Under that authority, your

directors made market purchases of 33,356 shares (nominal

value of £0.20 per share, total nominal value of £6,671)

representing 3.2% of the issued share capital at 16 January

2025. These shares were purchased to enhance shareholder

value and were purchased for an aggregate value of £851,000

(including stamp duty and charges) and cancelled. The number

of shares in issue following these transactions was 1,004,420.

The existing authority for the Company to purchase its own

shares expires at the conclusion of the Annual General

Meeting to be held on 15 January 2026. The Directors wish

to renew the authority and consent is therefore sought to

approve resolution 8 set out in the Notice of Meeting on

page 68 authorising the Directors to purchase up to 150,562

ordinary shares of 20p each (representing 14.99% of the

present issued share capital), at a minimum price of 20p and

a maximum price equal to 105% of the average of the middle

market quotations for the ordinary shares of the Company

as derived from the Daily Official List of The London Stock

Exchange for the ten business days before the relevant

purchase is made. The authority will expire at the conclusion

of the Annual General Meeting in 2027, and it is your

Directors’ intention that a resolution for its renewal will be

proposed at each succeeding Annual General Meeting.

The authority will only be exercised when the Directors

are satisfied that it is in the interests of the Company to

do so. The Company may hold in treasury any of its own

shares purchased under this authority. This would give the

Company the ability to reissue treasury shares and provides

greater flexibility in the management of its capital base. Any

shares purchased by the Company not held in treasury will

be cancelled and the number of shares in issue reduced

accordingly.

DONATIONS

Neither the Company or any subsidiary made any donations

to a registered political party, other political organisation in

the UK or any independent election candidate during this

year or last.

AUDITOR

In accordance with Section 489 of the Companies Act 2006, a

resolution proposing that MHA be re-appointed as auditor will

be put at the forthcoming Annual General Meeting.

The auditor, MHA, previously traded through the legal entity

MacIntyre Hudson LLP. In response to regulatory changes,

MacIntyre Hudson LLP ceased to hold an audit registration

with the engagement transitioning to MHA Audit Services LLP.

PROVISION OF INFORMATION TO AUDITOR

The Directors who held office at the date of approval of

this Directors’ report confirm that, as far as they are each

aware, there is no relevant audit information of which the

Company’s auditor is unaware; and each Director has taken

all the steps that they ought to have taken as a Director to

make themselves aware of any relevant audit information

and to establish that the Company’s auditor is aware of that

information.

GREENHOUSE GAS DISCLOSURES

The Cardiff Property plc has minimal greenhouse gas

emissions to report from its operations and does not have

responsibility for any other emissions producing sources

under the 2018 Energy and Carbon Reporting Regulations,

(including those within our underlying investment portfolio).

REPORT OF THE DIRECTORS CONTINUED

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

STREAMLINED ENERGY & CARBON REPORTING

The Group has not disclosed energy and carbon usage as it

qualifies as a low energy user, using less than 40MWh per

annum.

DIRECTORS AND OFFICERS’ INDEMNITY INSURANCE

The Directors of the Group and Company are covered by

Directors and Officers Indemnity Insurance to the amount of

£500,000 in each loss per policy period, with a sub-limit of

£250,000 in respect of defence costs for pollution.

DISCLOSURE AND TRANSPARENCY RULES

Details of the Company’s share capital are given in note 20.

The Group and the Company have no share options.

There are no restrictions on transfer or limitations on the

holding of the ordinary shares. None of the shares carry any

special rights with regard to the control of the Company. There

are no known arrangements under which the financial rights

are held by a person other than the holder and no known

agreements or restrictions on share transfers and voting

rights.

As far as the Group and Company is aware there are no

persons with significant direct or indirect holdings other than

the Director as noted above.

The provisions covering the appointment and replacement

of Directors are contained in the Company’s articles, any

changes to which require shareholder approval.

There are no significant agreements to which the Group or

Company is party that take effect, alter or terminate upon a

change of control following a takeover bid and no agreements

for compensation for loss of office or employment that

become effective as a result of such a bid.

REPORT OF THE DIRECTORS CONTINUED

RELATIONSHIP AGREEMENT

The Company has entered into a written and legally binding

relationship agreement with the Board due to J R Wollenberg

being a controlling shareholder, to address the requirements

of LR6.3.2R of the Listing Rules to demonstrate that, despite

having a controlling shareholder, the Group and the Company

is able to carry on the business it carries on as its main activity

independently from such controlling shareholder at all times.

POST BALANCE SHEET EVENT (unadjusting)

Following grant of a new planning permission on 10 October

2025, contracts for sale of The Priory, an investment property

held by Campmoss were exchanged on 10 October 2025 with

completion expected within 4-6 months.

J Richard Wollenberg

Chairman

26 November 2025

32314 27 November 2025 4:14 pm Proof 4

CORPORATE GOVERNANCE

The Board is committed to maintaining appropriate standards

of corporate governance.

The Board meets regularly to review specific elements of

its strategy ensuring it remains appropriate and is endorsed

by the Board as a whole both in terms of its approach to

investments and more widely in terms of its culture and

in particular ensuring the Directors act with integrity and

promote the desired culture to the rest of the team.

The statement below, together with the report on Directors’

remuneration on pages 25 to 28, explains how the Company

has applied the principles set out in The UK Corporate

Governance Code 2018 (“the Code”) and contains the

information required by section 7 of the UK Listing Authority’s

Disclosure and Transparency Rules. The 2018 Corporate

Governance Code (the Code) was updated in January 2024

and the 2024 Code will apply to financial years beginning on

or after 1 January 2025. Further disclosures will therefore be

made in next year’s financial statements.

The Board have conducted an internal performance evaluation

of the Board, its committees, and the individual Directors,

led by independent Non-Executive Director Nigel D Jamieson

supported by J Richard Wollenberg and Karen L Chandler.

Given the size of the Company the Board has concluded that

an independent facilitation of the performance evaluation was

not necessary, but this will be kept under review. The Board

has assessed the skills and knowledge of the Board and will

continue to keep this under review.

DIVERSITY POLICY

The Board will apply a diversity policy when recruiting

including consideration of age, gender, race, education and

professional backgrounds. The Group has only hired one

employee in the last nine years. One of the three Directors

is female (33.3%) which is below the 40% target set by

the FCA. The Finance Director is female however none

of the board are from an ethnic minority group. Should a

change in Board be considered appropriate increasing the

female representation and meeting the ethnic minority

recommendations would be reviewed but with only three

Directors and one being female the current mix is considered

appropriate.

All of the three other employees (100%) are female.

BOARD OF DIRECTORS

The Board currently consists of two Executive Directors and

one independent Non-Executive Director. It meets regularly

with staff throughout the year to discuss key issues and to

monitor the overall performance of the Group. The Board has a

formal schedule of matters reserved requiring Board approval.

This includes publication of annual report and interim results,

payment of dividends, purchasing of property, appointment

of auditors, appointment of Directors, donations, property

valuations, acquisition or disposal of investments and other

material decisions. The Board and Committee Meetings and

attendance are set out below.

Director

Board

meetings

attended

Audit

committee

meetings

attended

Remuneration

committee

meetings

attended

J R Wollenberg 4 2 2

KL Chandler 4 2 2

ND Jamieson 4 2 2

Total meetings held 4 2 2

JR Wollenberg has been Chairman for over nine years. The

Board considers this appropriate given the shareholding of JR

Wollenberg and his connected persons hold. As noted in the

remuneration report, the Chairman’s bonus is linked to the

increase in net assets which aligns to the strategic objectives

of increasing shareholder value.

The Board views the Non-Executive Director as independent

of the Board, notwithstanding his tenure being more than

nine years. This is due to the range and depth of his external

experience and his knowledge of the property sector and his

proven ability to challenge the Executive Directors at Board

Meetings.

AUDIT COMMITTEE

The Audit Committee, which is chaired by the independent

Non-Executive Director, Nigel Jamieson, comprises Nigel

Jamieson and Richard Wollenberg, who have recent relevant

financial experience.

The remit of the Audit Committee is to provide oversight

of the Group finance and associated risk management

procedures. The Audit Committee meets at least twice a year

to consider the Group’s financial affairs and the identified

risks which may impact on the Group and to evaluate the

adequacy of the safeguards which have been put in place to

mitigate those risks. In addition, the Audit Committee meets

periodically with the external auditors. The Audit Committee

has previously concluded that due to the size of the Group an

internal audit function is not required. This remains the view

of the Audit Committee, but this decision will continue be

reviewed at least annually.

The significant issues that the audit committee considered relating

to the financial statements, and how these issues were addressed

The most significant issues that the audit committee

considered relating to the financial statements was the

carrying value of the investment properties. Independent

valuations were sought for the properties owned by Cardiff

with Campmoss properties being valued by the directors.

Further details can be found in the Strategic Report and

note 13.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

CORPORATE GOVERNANCE CONTINUED

Evaluation of external auditor and consideration of key findings

MHA were appointed as auditors with effect from 4 May

2023 and this is therefore their third year of appointment.

The assessment of the independence and effectiveness

of the external audit process and the approach taken to

the appointment of the external auditors was carried out

by the Audit Committee through an interview process and

recommendations from other sources. The further evaluation

of the audit process is described below. MHA were appointed

as a result of a tender carried out in early 2023. As this is the

third year MHA are auditors there is not currently a plan to

re-tender the audit.

Compliance with the provisions of the Statutory Audit Services for

Large Companies Market Investigation Order 2014

The Group complies with the provisions of the Statutory Audit

Services for Large Companies Market Investigation Order

2014 and as a PIE will change auditor at least once every

ten years.

The Audit Committee meets with the auditor at least twice

during the year. The Committee is satisfied that there has

been effective engagement with the auditors and of their

independence. The auditor has not been engaged to perform

any non audit services for the Group.

At the Audit Committee meeting the auditors presented

their audit findings and took questions from the Members

on the scope of their work and their findings including those

raised on internal procedures and controls. In keeping with

best practice, the Audit Committee also met with the audit

engagement partner without the Finance Director present.

The Committee were satisfied with the effectiveness of

the audit.

The Audit Committee also considers auditor independence

and, in doing so has a policy of not using the auditor for

non-audit services. In advance of each audit, the Committee

obtains confirmation from the external Auditor that they are

independent and of the level of non-audit fees earned by them

and their affiliates. No non-audit services were provided during

the financial year ended 30 September 2025.

As part of the decision to recommend to the Board the re-

appointment of the external auditor, the Committee considers

the tenure of the auditor in addition to the results of its review

of the effectiveness of the external auditor and considers

whether there should be a full tender process. There are no

contractual obligations restricting the Committee’s choice of

external auditor.

Financial reporting

After discussion with both management and the external

auditor, the Audit Committee determined that the key risk

of misstatement of the Group’s financial statements related

to property valuations in the context of current market

conditions. This includes the property held by the Group’s

Joint Venture.

This issue was discussed with management during the year

and with the auditor at the time the Committee reviewed

and agreed the auditor’s Group audit plan as well as at the

conclusion of the audit of the financial statements.

The Audit Committee is responsible for monitoring the

integrity of the financial statements of the Company and

any announcements relating to the Company’s financial

performance including reviewing significant financial reporting

judgements contained in them.

The Audit Committee provides advice on whether the annual

report and accounts, taken as a whole, is fair, balanced and

understandable, and provides the information necessary

for shareholders to assess the Company’s position and

performance, business model and strategy.

Property valuation

As further explained in note 2 to the financial statements,

our approach to valuing properties is to obtain an external

independent valuation of the properties held by the Parent

Company each year. The Directors of the Joint Venture

value its properties each year considering yields on similar

properties in the area, vacant space and covenant strength.

They also consider external valuations and take external advice

where necessary.

The Audit Committee is satisfied that the carrying value of

properties is appropriate based on the use of an external

independent valuer for The Cardiff Property portfolio and the

experience and knowledge of the Directors in valuing the

properties of the Joint Venture.

The Audit Committee discusses the results of the valuations

with the Directors who provide information on assumptions

used and provide appropriate explanation and evidence where

possible for such assumptions.

REMUNERATION COMMITTEE

The Remuneration Committee consists of all Board Members

and is chaired by Nigel Jamieson. It meets when required

to consider all aspects of Directors’ and staff remuneration,

share options and service contracts. The Remuneration

Committee met once during the year.

The Remuneration Committee has delegated responsibility for

determining the policy for executive director remuneration and

setting remuneration for the chair and executive directors It

reviews workforce remuneration and related policies and the

alignment of incentives and rewards with culture, taking these

into account when setting the policy for executive director

remuneration.

The remuneration of non-executive directors is determined by

the board reflecting the time commitment and responsibilities

of the role. The non-executive director’s remuneration does

not include share options or other performance-related

elements.

32314 27 November 2025 4:14 pm Proof 4

CORPORATE GOVERNANCE CONTINUED

No remuneration consultant has been appointed. No share

options schemes have been used.

Annual bonuses are discretionary, and the Remuneration

Committee has the ability to amend the formula to calculate

the Chairman’s annual bonus.

JR Wollenberg has been entitled to 20% pension

contributions but for a number of years has elected to take

this as salary. Karen Chandler is a member of the workplace

pension scheme with contribution aligned with those available

to the workforce.

The Remuneration Committee considers the following when

setting executive directors remuneration policy;

• clarity – to ensure transparency and promote effective

engagement with shareholders and the workforce;

• simplicity –ensuing not overly complex and arrangements

are easy to understand.

• risk –reputational and other risks from excessive rewards

are considered, and behavioural risks from target-based

incentive plans, are identified and mitigated.

• predictability – the range of possible values of rewards to

individual directors is understood.

• Proportional – rewarding individual contribution to strategy

and

• aligned to the Group culture.

COMPLIANCE STATEMENT

The Company has, other than where stated below, complied

fully with the provisions set out in section 1 of the Code,

during the year:

• the Chairman is also the Chief Executive;

• at least half of the Board should be Non-Executive;

• a Nominations Committee has not been established;

• the Audit Committee includes one Non-Executive Director

(the Code recommends that the Audit Committee

should comprise at least three, or in the case of smaller

companies, two Non-Executive Directors); and

• the Remuneration Committee also consists of all Board

Members (the Code recommends that the Remuneration

Committee should comprise solely of Non-Executive

Directors).

The Directors consider this structure to be a practical solution

bearing in mind the Company’s size and needs. However, it is

intended to review this issue as the Group develops.

The Code requires that the Directors review the effectiveness

of all internal controls, not only internal financial controls.

This extends the requirement in respect of internal financial

controls to cover all controls including financial, operational,

compliance and risk management. The Company has

procedures established which enable it to comply with the

requirements of the Code in relation to internal controls.

INTERNAL CONTROL

The Directors confirm that they have reviewed the

effectiveness of the Group’s system of internal control for

identifying, evaluating and managing the significant risks

faced by the Group and they acknowledge their responsibility

for that system. Such a system is designed to manage risk

and can, however, only provide reasonable but not absolute

assurance against material misstatement or loss.

The size of the Group and the small number of employees

necessarily involves the Executive Directors closely in the day-

to-day running of the Group’s affairs. This has the advantage

of the Executive Directors becoming closely involved with all

transactions and risk assessments. Conversely, the Board is

aware that its size also means that the division of functions

to provide normal internal control criteria is problematic. The

Board believes, however, that its close involvement with the

day-to-day management of the Group eliminates, as far as

possible, the risks inherent in its small size.

Key features of the system of internal control include:

• strategic planning – the Board considers the Group’s

position in respect of its marketplace and likely trends

in that marketplace which will necessitate a change or

adjustment to that position.

• investment appraisal and monitoring – all capital projects,

contracts, business and property holdings and acquisitions

are reviewed in detail and approved by the Chairman or, if

of a significant size, by the whole Board; and

• financial monitoring – cash flow and capital expenditure

are closely monitored, and key financial information is

reviewed by the Board on a regular basis.

The Board considers that there is an ongoing process for

identifying, evaluating and managing the significant risks

facing the Group that has been in place during the year, which

is regularly reviewed and accords with the UK Corporate

Governance Code (2018).

INTERNAL FINANCIAL CONTROL

Financial controls have been established so as to provide

safeguards against unauthorised use or disposition of the

assets, to maintain proper accounting records and to provide

reliable financial information for internal use.

Key financial controls include:

• the maintenance of proper records;

• a schedule of matters reserved for the approval of the

Board;

• evaluation, approval procedures and risk assessment

for acquisitions and disposals and for major capital

expenditure;

• regular reporting and monitoring of development projects;

and

• close involvement of the Chairman in the day-to-day

operational matters of the Group.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

The Directors consider the size of the Group and the

close involvement of Executive Directors in the day-to-day

operations makes the maintenance of an internal audit

function unnecessary. The Directors will continue to monitor

this situation.

RELATIONS WITH SHAREHOLDERS

Presentations are given to investors by the Chairman when

requested, normally following the publication of the half year

and full year results, when interim and annual reports are

published. The results of meetings with investors, media

and analysts are discussed with Board Members to assist

them in understanding the views of investors and others. All

Directors, when possible, attend the Annual General Meeting

at which they have the opportunity to meet with shareholders.

Shareholders can vote electronically and can contact the

Directors as required.

GOING CONCERN

After making enquiries the Directors have a reasonable

expectation that the Company and the Group have adequate

resources to continue in operational existence for at least

12 months from the date of this report. For this reason, they

continue to adopt the going concern basis in preparing the

financial statements.

VIABILITY STATEMENT

In accordance with the 2018 revision of the Code, the

Directors have assessed the prospect of the Company over

a longer period than the 12 months required by the ‘Going

Concern’ provision. The Board conducted this review for a

period of five years, which was selected for the following

reasons:

• the Group’s strategic review covers a five-year period;

• for a major scheme five years is a reasonable

approximation of the maximum time taken from obtaining

planning permission to letting the property;

• most leases contain a five-year rent review pattern and

therefore five years allows for the forecasts to include the

reversion arising from those reviews; and

• the average unexpired lease term is between three and

five years and there is a low void rate.

The five-year strategic review considers the Group’s

cash flows, dividend cover and other key financial ratios

over the period. These metrics are subject to sensitivity

analysis, which involves flexing a number of the main

assumptions underlying the forecast both individually and

in unison. Where appropriate, this analysis is carried out to

evaluate the potential impact of the Group’s principal risks

actually occurring. The five-year review also makes certain

assumptions about the normal level of capital recycling likely

to occur and considers whether additional financing facilities

will be required.

In its assessment of the viability of the Group, the Directors

have considered each of the Group’s principal risks and

uncertainties detailed on page 7 and in note 3, and in

particular the impact of a significant fall in the UK property

market on the value of the Group’s investment property

portfolio. The Directors have also considered the Group’s

income and expenditure projections. The Group has significant

cash balances. At 30 September 2025, the Cardiff Group had

cash balances of £10.5m and a further £4.0m term deposits

(generally with maturity dates of less than 95 days), in addition

the Company has investments of £0.5m of which £0.4m are

readily marketable. The Group has an operating cost base

including tax and dividends of under £1m per annum so even

with no income for a number of years the Group would remain

solvent. The impact of external environment factors including

inflation and unemployment is therefore not critical to the

going concern position of the Group or Company.

The Cardiff Group receives a management fee from

Campmoss of around £0.5m per annum, there is no reason to

assume this income would not be received as the Campmoss

Group had cash balances at 30 September 2025 of £3.7m and

a further £1.0m term deposits (generally with maturity dates

of 95 days).

The Directors confirm that their assessment of the principal

and emerging risks facing the Group was robust and comfort

is taken from the average unexpired tenancies. Based upon

the robust assessment of the principal risks facing the Group

as detailed on page 7 and in note 3, and their stress-testing

based assessment of the Group’s prospects as described

above, the Directors have a reasonable expectation that

the Group will be able to continue in operation and meet its

liabilities as they fall due over the five-year period of their

assessment.

Registered office:

56 Station Road

Egham

Surrey

TW20 9LF

By order of the Board

K Chandler FCA

Secretary

26 November 2025

CORPORATE GOVERNANCE CONTINUED

32314 27 November 2025 4:14 pm Proof 4

REMUNERATION REPORT

ANNUAL STATEMENT

Composition of the Remuneration Committee (not subject to

audit).

Nigel D Jamieson Independent Non-Executive Director,

Chairman of the Committee

Karen L Chandler Executive Director

J Richard Wollenberg Executive Director

Remuneration policy is a matter for the Board as a whole. The

Remuneration Committee works within the agreed policy to

set individual Remuneration levels, although the Executive

Directors do not participate in decisions regarding their own

Remuneration. The Members of the Remuneration Committee

have access to professional advice at the Company’s expense,

if necessary, in order to carry out their duties. No such advice

was sought during the year. All Members served throughout

the year. In setting Directors’ Remuneration, the Committee

has regard to other employees of the Company.

COMPLIANCE (NOT SUBJECT TO AUDIT)

In setting the Company’s Remuneration policy for Directors,

the Remuneration Committee has considered the best

practice provisions annexed to The Financial Conduct Authority

Listing Rules and the report has been prepared in accordance

with the Directors’ Remuneration Report Regulations 2019.

POLICY REPORT

Remuneration policies (not subject to audit)

The Remuneration policy was in effect from 1 October

2024 and prior and it is intended that these policies will be

continued for the next year and subsequent years.

The Remuneration policy is designed to attract, retain and

motivate Executive Directors and senior management of a

high calibre with a view to encouraging commitment to the

development of the Group and for long term enhancement of

shareholder value. Remuneration packages take into account

individual performance and the remuneration for similar

jobs in other comparable companies where such companies

can be identified. This would also be taken into account on

appointment of any new Directors. The Committee believes

that share ownership by Executive Directors and senior staff

strengthens the link between their personal interests and

those of shareholders.

There are currently no plans to employ additional Directors,

but prior to appointing a new Director, various components

that could be included in the remuneration package and the

maximum level of variable remuneration would be reviewed

and agreed by the Remuneration Committee.

Payments for loss of office would be determined by the

Remuneration Committee considering contractual obligations

as relevant.

Employees were not consulted in determining the

directors’ remuneration policy. Remuneration comparison

measurements are used comparing remuneration to similar

sized listed organisations and published comparison data

available.

The main components of Executive Directors’ remuneration

are:

• basic salary – reviewed annually;

• annual performance bonus – members of staff (excluding

Directors) are eligible to participate in the Company’s

discretionary bonus scheme. J Richard Wollenberg is

eligible to receive a sum equal to 2.5 times the percentage

increase in net asset value per share based upon

current salary up to a maximum of 50% of that salary.

The increase in net assets per share was 4.1% (2024:

3.1%). Karen Chandler is eligible to receive a bonus as

determined by the Remuneration Committee, any such

bonus not to exceed a maximum of 50% of her salary;

• taxable benefits – provision of health care for J Richard

Wollenberg; and

• pension benefits – the Company has a workplace pension

scheme which all employees meeting qualifying conditions

are invited to join. J Richard Wollenberg is entitled to

pension contributions at the rate of 20% (2024: 20%) of

salary and bonuses, which for the year to 30 September

2025 he elected to take as salary.

The Remuneration Committee considers the components

of remuneration supports the short and long-term strategic

objectives, with basic salary being fixed with an annual review,

performance bonuses for the Executive Directors that are

capped at a maximum of 50% of salary and in the case of the

Chairman is linked to the increase in net assets which aligns

his bonus to the strategic objectives of increasing shareholder

value. The Finance Director’s bonus is linked to her

performance as assessed by the Remuneration Committee.

Remuneration policy for employees is consistent with the

Directors, with a base salary and an annual bonus determined

based on the results for the year end September and paid in

December each year, with pay rises being implemented from

1 January. There are only three employees other than the

Directors.

The Company has an approved and unapproved option

scheme, but no options have been granted in the current or

previous financial year and all previous options have lapsed.

Share options - grants under the Company’s approved share

option scheme (approved by shareholders in general meeting)

are set so that the aggregate option exercise price for each

recipient may not be greater than 4 times annual salary

and such grants are phased. Grants under the unapproved

share option scheme (approved by shareholders in general

meeting) are made by the Remuneration Committee upon the

achievement of specified performance criteria.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

REMUNERATION REPORT CONTINUED

The criteria applicable to both schemes were chosen as being

those most likely to provide enhanced shareholder value from

the performance of Executives. They are:

• on grant of an option, an increase in the average of the

previous three years’ earnings per share of at least 3%

more than the corresponding increase in the Retail Price

Index over the same period; and

• on exercise of an option, an increase in the average of the

previous three years’ net asset value per share of at least

3% more than the corresponding increase in the FTSE

Real Estate Index over the same period.

It is intended that these policies will be continued for the next

year and subsequent years.

IMPLEMENTATION REPORT (NOT SUBJECT TO AUDIT)

A graph showing the Company’s total shareholder return

relative to the FTSE Real Estate and FTSE Small Cap

Indices is reproduced above. Total shareholder return is

calculated to show the theoretical growth in the value of a

shareholding over a specified period, assuming that dividends

are reinvested to purchase additional shares. Company

performance graphs are contained in the Strategic Report on

page 9.

Source: Datastream

CDFF Total Return FTSE SMALL CAP Total Return FTSE REAL ESTATE Total Return

100

110

120

130

140

150

160

170

180

Nigel D Jamieson

Karen L Chandler

J Richard Wollenberg

100

£’000

200 300

Maximum remuneration

Expected remuneration

Minimum remuneration

MAXIMUM, MINIMUM AND EXPECTED DIRECTOR

REMUNERATION (£’000)

TOTAL RETURN 5 YEARS ENDED 30 SEPTEMBER 2025 (INDEXED TO 100)

32314 27 November 2025 4:14 pm Proof 4

REMUNERATION REPORT CONTINUED

The remuneration paid to all employees, dividends paid, and purchase of own shares were as follows:

2025

£’000

2024

£’000 % change

Total employee costs 438 419 4.5

Dividends 252 235 7. 2

Purchase of own shares 851 368 131.3

Total remuneration 2025 2024 2023 2022 2021 2020

2024

2025

2023

2024

2023

2021

2022

2020

2021

Percentage

change over

5 years

J R Wollenberg 182 181 200 195 184 190 1% –10% 3% 6% –3% –4%

Karen Chandler 79 76 72 69 66 65 4% 6% 4% 5% 2% 22%

Nigel Jamieson 12 12 12 12 12 12 0% 0% 0% 0% 0% 0%

Total employee costs 438 419 441 392 390 382 4.5% –5.0% 12.5% 0.5% 2.1% 15%

Average number of

employees 3 3 2 2 2 2.75

DIRECTORS’ REMUNERATION (SUBJECT TO AUDIT)

The total remuneration (including pension contributions) paid to the Chief Executive Officer was £182,000 (2024: £181,000)

representing a 0.6% increase in the year. J Richard Wollenberg’s basic salary increased from £141,000 to £148,000 from 1

January 2025. The maximum potential remuneration of J Richard Wollenberg assuming the maximum bonus of 50% was

received would be £240,000. There are no longer term incentives in place for any of the directors.

The emoluments of the Directors were as follows:

Salary

£’000

Bonus

£’000

Benefits

£’000

Pension

£’000

Total

2024

£’000

As Executives

J R Wollenberg 146 15 21 – 182

K L Chandler 73 3 – 3 79

219 18 21 3 261

As Non-Executive

N D Jamieson 12 – – – 12

231 18 21 3 273

Salary

£’000

Bonus

£’000

Benefits

£’000

Pension

£’000

Total

2023

£’000

As Executives

J R Wollenberg 141 12 28 – 181

K L Chandler 70 3 – 3 76

211 15 28 3 257

As Non-Executive

N D Jamieson 12 – – – 12

223 15 28 3 269

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

REMUNERATION REPORT CONTINUED

Percentage change 2024 to 2025

Salary

Bonus

Benefits

Pension

Total

As Executives

J R Wollenberg 3.7 27.7 (26.5) – 0.7

K L Chandler 4.5 – – – 4.1

4.0 22.1 (26.5) – 1.7

As Non-Executive

N D Jamieson – – – – –

3.8 22.1 (26.5) – 1.6

The above table includes bonuses, which are based on the

results for the year to 30 September 2025 and are payable in

December 2025, see page 25 for details of bonus calculation.

Bonuses of £12,000 for J R Wollenberg and £3,000 for

K L Chandler in respect of the year to 30 September 2024

were paid in December 2024. J R Wollenberg’s salary includes

£24,000 of pension contribution entitlement which was

elected to be taken as salary.

2025

Bonus

awarded

£’000

Maximum

bonus

£’000

Bonus as

percentage

of maximum

Executive Directors

J R Wollenberg 15 74 20.3

K L Chandler 3 37 8.1

18 111 16.2

2024

Bonus

awarded

£’000

Maximum

bonus

£’000

Bonus as

percentage of

maximum

Executive Directors

J R Wollenberg 12 71 16.9

K L Chandler 3 37 8.1

15 108 13.9

The information above is in respect of the Company. In

addition, J Richard Wollenberg is entitled to consultancy

fees of £60,000 in respect of Campmoss Property Company

Limited (2024: £60,000), see note 25. Benefits relates to the

provision of health care to J Richard Wollenberg and his wife.

The Directors are considered to be the only key management

personnel of the Group. There have been no payments to past

directors or payments for loss of office (2024: £nil).

Directors remuneration for the year to 30 September 2026 is

expected to remain at similar levels, with the only significant

variable being J R Wollenberg’s bonus which is calculated with

reference to the change in net assets.

Should a change in Executive Directors take place principle

B.2 of the UK Corporate Governance Code would be followed.

DIRECTORS INTEREST IN SHARES (NOT SUBJECT TO AUDIT)

See page 18 of the Directors Report for details of Directors’

interest in shares.

SERVICE CONTRACTS (NOT SUBJECT TO AUDIT)

J Richard Wollenberg has a service contract for a three-year

rolling term. In the opinion of the Remuneration Committee

the notice period is necessary in order to secure J Richard

Wollenberg’s services at the current terms of his employment.

K Chandler has a service contract which can be terminated by

either party upon giving three months’ notice in writing.

The contracts are available for inspection at the Company’s

registered office.

REMUNERATION OF NON-EXECUTIVE DIRECTOR (NOT SUBJECT TO

AUDIT)

The remuneration of the Non-Executive Director is determined

by the Board based upon comparable market levels. The Non-

Executive Director is not eligible for any other benefits. His

services can be terminated by either party upon giving three

months’ notice in writing.

VOTING RESULTS FROM PREVIOUS AGM (NOT SUBJECT TO AUDIT)

At the AGM held on 16 January 2025, 99.8% of votes cast

were for the remuneration report including remuneration

policy with 0.1% votes giving the Chairman discretion, 0.1%

against. Whilst shareholder views have not specifically been

sought the votes from the AGM are indicative of shareholder

support.

EXTERNAL APPOINTMENTS (NOT SUBJECT TO AUDIT)

Executive Directors are allowed to accept external

appointments with the consent of the Board, as long as

these are not likely to lead to conflicts of interest. Executive

Directors are allowed to retain the fees/remuneration paid.

The remuneration report was approved by the Board on 26

November 2025 and signed on its behalf by:

Nigel D Jamieson BSc, FCSI

Chairman of the Remuneration Committee

32314 27 November 2025 4:14 pm Proof 4

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Directors are responsible for preparing the Annual Report

and the Group and Parent Company financial statements in

accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and

Parent Company financial statements for each financial

year. Under that law they are required to prepare the

Group financial statements in accordance with UK-adopted

international accounting standards (“UK-adopted IAS”)

and applicable law and have elected to prepare the Parent

Company financial statements in accordance with UK

accounting standards, including FRS 101 Reduced Disclosure

Framework.

In preparing each of the Group and Parent Company financial

statements, the Directors are required to:

• select suitable accounting policies and then apply them

consistently;

• make judgements and estimates that are reasonable,

relevant, reliable and prudent;

• for the Group financial statements, state whether they

have been prepared in accordance with UK-adopted

international accounting standards (“UK-adopted IAS”);

• prepare the Parent Company financial statements, in

accordance with UK accounting standards, including FRS

101 Reduced Disclosure Framework; and

• 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 Parent Company’s transactions and disclose with

reasonable accuracy at any time the financial position of the

Parent Company and enable them to ensure that its financial

statements comply with the Companies Act 2006. They are

responsible for such internal control as they determine is

necessary to enable the preparation of financial statements

that are free from material misstatement, whether due to

fraud or error, and have general responsibility for taking

such steps as are reasonably open to them to safeguard the

assets of the Group and to prevent and detect fraud and other

irregularities.

Under applicable law and regulations, the Directors are also

responsible for preparing a Strategic Report, Directors’ Report,

Directors’ Remuneration Report and Corporate Governance

Statement that complies with that law and those regulations.

The Directors are responsible for the maintenance and

integrity of the corporate and financial information included on

the Company’s website. Legislation in the UK governing the

preparation and dissemination of financial statements may

differ from legislation in other jurisdictions.

RESPONSIBILITY STATEMENT OF THE DIRECTORS IN RESPECT OF

THE ANNUAL FINANCIAL REPORT

We confirm that to the best of our knowledge:

• the financial statements, prepared in accordance with

UK-adopted international accounting standards, give a true

and fair view of the assets, liabilities, financial position

and profit or loss of the Company and the undertakings

included in the consolidation taken as a whole; and

• the strategic report includes a fair review of the

development and performance of the business and the

position of the issuer and the undertakings included in the

consolidation taken as a whole, together with a description

of the principal risks and uncertainties that they face.

We consider the annual report and accounts, taken as a

whole, is fair, balanced and understandable and provides the

information necessary for shareholders to assess the Group’s

position and performance, business model and strategy.

J Richard Wollenberg

26 November 2025

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF THE CARDIFF PROPERTY plc

For the purpose of this report, the terms “we” and “our”

denote MHA in relation to UK legal, professional and regulatory

responsibilities and reporting obligations to the members of

The Cardiff Property plc. For the purposes of the table on

page 24 that sets out the key audit matters and how our audit

addressed the key audit matters, the terms “we” and “our”

refer to MHA. The Group financial statements, as defined

below, consolidate the accounts of The Cardiff Property plc

and its subsidiaries (the “Group”). The “Parent Company” is

defined as The Cardiff Property plc, as an individual entity. The

relevant legislation governing the Parent Company is the United

Kingdom Companies Act 2006 (“Companies Act 2006”).

OPINION

We have audited the financial statements of The Cardiff

Property plc for the year ended 30 September 2025.

The financial statements that we have audited comprise:

• the Consolidated Income Statement

• the Consolidated Statement of Comprehensive Income

• the Consolidated Balance Sheet

• the Consolidated Cash Flow Statement

• the Consolidated Statement of Changes in Equity

• Notes 1 to 28 to the consolidated financial statements,

including material accounting policies

• the Company Balance Sheet

• the Company Statement of Changes in Equity and

• Notes 29 to 37 to the company financial statements,

including significant accounting policies.

The financial reporting framework that has been applied in the

preparation of the Group’s financial statements is applicable

law and UK adopted international accounting standards. The

financial reporting framework that has been applied in the

preparation of the Parent Company financial statements is

applicable law and United Kingdom Accounting Standards,

including Financial Reporting Standard 101 Reduced

Disclosure Framework (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’s affairs

as at 30 September 2025 and of the Group’s profit for the

year then ended;

• the Group financial statements have been properly

prepared in accordance with UK adopted international

accounting standards;

• the Parent Company financial statements have been

properly prepared in accordance with United Kingdom

Generally Accepted Accounting Practice; and

• the financial statements have been prepared in accordance

with the requirements of the Companies Act 2006.

Our opinion is consistent with our reporting to the Audit

Committee.

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 Auditor 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 as applied to listed

public interest entities, and we have fulfilled our ethical

responsibilities in accordance with those 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

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.

Our evaluation of the Directors’ assessment of the Group’s

and the Parent Company’s ability to continue to adopt the

going concern basis of accounting included:

• The consideration of inherent risks to the Group’s and

the Parent Company’s operations and specifically their

business model.

• The evaluation of how those risks might impact on the

available financial resources.

• Liquidity considerations including examination of cash flow

projections at Group and Parent Company level.

• The evaluation of the base case scenarios in respect of the

Group and the Parent Company, to which the audit team

considered the likelihood of any adverse scenarios which

would materially change the going concern assessment.

• Review of the Group and Parent Company viability

assessments, including consideration of reserve levels

and business plans, and assessing the reasonableness of

management assumptions.

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 and 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.

In relation to the Group’s reporting on how it has applied the

UK Corporate Governance Code, we have nothing material to

add or draw attention to in relation to the Directors’ statement

in the financial statements about whether the directors

considered it appropriate to adopt the going concern basis of

accounting.

Our responsibilities and the responsibilities of the directors

with respect to going concern are described in the relevant

sections of this report.

32314 27 November 2025 4:14 pm Proof 4

INDEPENDENT AUDITOR’S REPORT CONTINUED

OVERVIEW OF OUR AUDIT APPROACH

Scope Our audit was scoped by obtaining an understanding of the Group, including the Parent Company, and

its environment, including the Group’s system of internal control, and assessing the risks of material

misstatement in the financial statements. We also addressed the risk of management override of

internal controls, including assessing whether there was evidence of bias by the directors that may have

represented a risk of material misstatement.

Materiality 2025 2024

Group £609k £608k 2% (2024: 2%) of net assets

Parent Company £389k £348k 2% (2024: 2%) of net assets

Key audit matter

Recurring • Valuation of investment properties (Group and Parent Company)

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the financial

statements of the current period and include the most significant assessed risks of material misstatement (whether or not due

to fraud) that we identified. These matters included those matters which had the greatest effect on: the overall audit strategy;

the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in

the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a

separate opinion on these matters.

Valuation of Investment Properties

Key audit matter

description

The Group and Parent company generate returns principally through the development and rental of

residential and commercial properties. These properties are accounted for at fair value in accordance

with IAS 40 – Investment Properties. Property valuations are relatively complex management estimates

which include a significant amount of judgement on the part of management and their third-party

valuation experts (such as valuation techniques, type of yield and market/rental values). Additionally, the

value of investment properties as at the year end amounted to £5.6m which is considered significant to

the financial statements, representing 18% of net assets, and can be seen within note 13. Due to the

level of judgement and estimation involved, there is a greater risk of a material misstatement arising.

How the scope of our

audit responded to the

key audit matter

Our procedures to address this key audit matter included, but were not limited to the following:

• We obtained and reviewed the valuations prepared by management and their appointed expert

valuers noting the methodology used for those valuations and the inputs into these estimates.

• We assessed whether the approach used by management to determine the fair value of investment

properties was consistent with the requirements of IFRS 13 – Fair Value Measurement.

• We considered the independence and objectivity, in addition to the expertise and experience of the

management experts to ensure they were suitable for the purpose intended by management.

• We engaged our own auditor’s expert to determine whether the approach used by management

and their experts was consistent with accepted practice given the size, location and intended usage

of those properties.

• In accordance with ISA 620, we have evaluated the adequacy of the auditor’s experts work to

ensure that they have the capabilities to complete the work and that the work undertaken is

adequate and that the conclusions are reasonable based on the findings.

• We challenged management through a review of the evidence that both supported and contradicted

the relevant judgements. We obtained third party evidence from other external sources to support

the key inputs to the valuation models. These challenges were addressed through discussion with

management and a review of the evidence that both supported and contradicted the relevant

judgements. We maintained a level of professional scepticism throughout our review of the

valuations.

• We confirmed that the valuations were appropriately reflected in the Group and Parent Company

financial statements and that fair value gains and losses were recognised in accordance with the

requirements of IAS 40. Alongside this, we had assessed the reasonableness of the assumptions

held by experts and verified inputs such as yields to current rental agreements.

• We also confirmed that appropriate disclosures in respect of the valuations were included in the

financial statements.

Key observations

communicated to

the Group’s Audit

Committee

Based on the procedures performed, nothing has come to our attention that would suggest there is a

material misstatement in the valuation of the investment properties.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

INDEPENDENT AUDITOR’S REPORT CONTINUED

Our application of materiality

Our definition of materiality considers the value of error

or omission on the financial statements that, individually

or in aggregate, would change or influence the economic

decision of a reasonably knowledgeable user of those

financial statements. Misstatements below these levels will

not necessarily be evaluated as immaterial as we also take

account of the nature of identified misstatements, and the

particular circumstances of their occurrence, when evaluating

their effect on the financial statements as a whole. Materiality

is used in planning the scope of our work, executing that work

and evaluating the results.

Materiality in respect of the Group was set at £609,000 (2024:

£608.446) which was determined on the basis of 2% (2024:

2%) of the Group’s net assets. Materiality in respect of the

Parent Company was set at £389,000 (2024: £348,000),

determined on the basis of 2% (2024: 2%) of the Parent

Company’s net assets. Net assets were deemed to be the

appropriate benchmark for the calculation of materiality as

this is a key area of the financial statements due to the capital

intensive nature of the Group by nature of the investment

property business, alongside being the metric by which the

performance and risk exposure of the Group is principally

assessed. In our opinion, this is therefore the benchmark with

which the users of the financial statements are principally

concerned.

Performance materiality is the application of materiality at

the individual account or balance level, set at an amount to

reduce, to an appropriately low level, the probability that the

aggregate of uncorrected and undetected misstatements

exceeds materiality for the financial statements as a whole.

Performance materiality for the Group was set at £426,600

(2024: £365,068) and at £272.300 (2024: £208,000) for the

Parent Company which represents 70% (2024: 60%) of the

above materiality levels. Our benchmark for performance

materiality has increased from 60% to 70% during the year

following a reduction in the inherent risk assessment of

the entity, given that, excluding the key audit matter of the

valuation of the investment properties, the operations within

the group are non-complex and not subject to matters of

management judgement or bias

The determination of performance materiality reflects

our assessment of the risk of undetected errors existing,

the nature of the systems and controls and the level of

misstatements arising in previous audits.

We agreed to report any corrected or uncorrected

adjustments exceeding £30,400 and £19,450 in respect of

the Group and Parent Company respectively to the Audit

Committee well as differences below this threshold that in our

view warranted reporting on qualitative grounds.

Overview of the scope of the Group and Parent Company

audits

Our assessment of audit risk, evaluation of materiality and

our determination of performance materiality sets our audit

scope for each company within the Group. Taken together, this

enables us to form an opinion on the consolidated financial

statements. This assessment takes into account the size, risk

profile, organisation / distribution and effectiveness of Group-

wide controls, changes in the business environment and other

factors such as recent internal audit results when assessing

the level of work to be performed at each component.

In assessing the risk of material misstatement to the

consolidated financial statements, and to ensure we had

adequate quantitative and qualitative coverage of significant

accounts in the consolidated financial statements, of the 5

reporting components of the Group, we identified that all 5

components represented principal business units within the

Group.

Full scope audits – Of all the 5 components selected, audits

of the complete financial information of all of them were

undertaken, these entities were selected based upon their

size or risk characteristics. As such, the Group audit has

provided coverage of 100% of the Group revenue, profit and

loss for the year and total assets.

The control environment

We evaluated the design and implementation of those internal

controls of the Group, including the Parent Company, which

are relevant to our audit, such as those relating to the financial

reporting cycle.

Climate-related risks

In planning our audit and gaining an understanding of the

Group and Parent Company, we considered the potential

impact of climate-related risks on the business and its

financial statements. We obtained management’s climate-

related risk assessment, along with relevant documentation

relating to management’s assessment and held discussions

with management to understand their process for identifying

and assessing those risks.

We then engaged internal specialists to assess, amongst

other factors, the benchmarks used by management, the

nature of the company’s business activities, its processes and

the geographic distribution of its activities.

We specifically considered the size of the business and the

limited risks and opportunities relating to climate and the

Board’s plans to enhance its governance in this area.

Our internal ESG specialist team have critically reviewed

management’s assessment and challenged the assumptions

underlying their assessment. We have also considered the

Management’s plans and specifically reviewed the disclosures

made by management of their approach to compliance with

the Task Force on Climate-related Financial Disclosures

(TCFD).

32314 27 November 2025 4:14 pm Proof 4

INDEPENDENT AUDITOR’S REPORT CONTINUED

REPORTING ON OTHER INFORMATION

The other information comprises the information included

in the annual report other than the financial statements and

our auditor’s 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.

STRATEGIC REPORT AND DIRECTORS’ REPORT

In our opinion, based on the work undertaken in the course of

the audit:

• the information given in the strategic report and the

directors’ report for the financial year for which the

financial statements are prepared is consistent with the

financial statements; and

• the strategic report and the directors’ report have been

prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Group

and the Parent Company and their environment obtained

in the course of the audit, we have not identified material

misstatements in the strategic report or the directors’ report.

DIRECTORS’ REMUNERATION REPORT

Those aspects of the Directors’ remuneration report which are

required to be audited have been prepared in accordance with

applicable legal requirements.

CORPORATE GOVERNANCE STATEMENT

We have reviewed the directors’ statement in relation to going

concern, longer-term viability and that part of the Corporate

Governance Statement relating to the entity’s compliance

with the provisions of the UK Corporate Governance Code

specified for our review by the Listing Rules.

Based on the work undertaken as part of our audit, we

have concluded that each of the following elements of the

Corporate Governance Statement is materially consistent with

the financial statements and our knowledge obtained during

the audit:

• Directors’ statement with regards the appropriateness of

adopting the going concern basis of accounting;

• Directors’ explanation as to their assessment of the

Group’s prospects, the period this assessment covers and

why the period is appropriate;

• Directors’ statement on whether they have a reasonable

expectation that the Group will be able to continue in

operation and meets its liabilities;

• Directors’ statement on fair, balanced and understandable;

• Board’s confirmation that it has carried out a robust

assessment of the emerging and principal risks;

• Section of the annual report that describes the review

of effectiveness of risk management and internal control

systems; and

• Section describing the work of the audit committee.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY

EXCEPTION

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

• the part of the directors’ remuneration report to be audited

is not in agreement with the accounting records and

returns; or

• we have not received all the information and explanations

we require for our audit.

Responsibilities of directors

As explained more fully in the directors’ responsibilities

statement, 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 is 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 Parent Company or to cease

operations, or have no realistic alternative but to do so.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

AUDITOR 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 an auditor’s report 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 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 financial

statements is located on the FRC’s website at: www.frc.org.

uk/auditorsresponsibilities . This description forms part of our

auditor’s report.

Extent to which the audit was considered capable of

detecting irregularities, including fraud

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.

These audit procedures were designed to provide reasonable

assurance that the financial statements were free from fraud

or error. The risk of not detecting a material misstatement due

to fraud is higher than the risk of not detecting one resulting

from error and detecting irregularities that result from fraud is

inherently more difficult than detecting those that result from

error, as fraud may involve collusion, deliberate concealment,

forgery or intentional misrepresentations. Also, the further

removed non-compliance with laws and regulations is from

events and transactions reflected in the financial statements,

the less likely we would become aware of it.

Identifying and assessing potential risks arising from

irregularities, including fraud

The extent of the procedures undertaken to identify and

assess the risks of material misstatement in respect of

irregularities, including fraud, included the following:

• We considered the nature of the industry and sector, the

control environment, business performance including

remuneration policies and the Group and Parent

Company’s own risk assessment that irregularities

might occur as a result of fraud or error. From our sector

experience and through discussion with the directors,

we obtained an understanding of the legal and regulatory

frameworks applicable to the Group focusing on laws and

regulations that could reasonably be expected to have a

direct material effect on the financial statements such as

provisions of the Companies Act 2006, UK tax legislation

or those that had a fundamental effect on the operations

of the Company.

• We enquired of the directors and management concerning

the Group and Parent Company’s policies and procedures

relating to:

− identifying, evaluating and complying with the laws

and regulations and whether they were aware of any

instances of non-compliance;

− detecting and responding to the risks of fraud

and whether they had any knowledge of actual or

suspected fraud; and

− the internal controls established to mitigate risks

related to fraud or non-compliance with laws and

regulations.

• We assessed the susceptibility of the financial statements

to material misstatement, including how fraud might

occur by evaluating management’s incentives and

opportunities for manipulation of the financial statements.

This included utilising the spectrum of inherent risk and an

evaluation of the risk of management override of controls.

We determined that the principal risks were relating to

management bias in accounting estimates, particularly in

the valuation of the investment properties.

Audit response to risks identified

In respect of the above procedures:

• we corroborated the results of our enquiries through

our review of the minutes of the Group’s and the Parent

Company’s audit committee meetings, and inspection of

legal and regulatory correspondence.

• audit procedures performed by the engagement team in

connection with the risks identified included:

− reviewing financial statement disclosures and testing

to supporting documentation to assess compliance

with applicable laws and regulations expected to have

a direct impact on the financial statements;

− testing journal entries, including those processed late

for financial statements preparation and , those posted

to unusual account combinations;

− evaluating the business rationale of significant

transactions outside the normal course of business,

and reviewing accounting estimates for bias;

− enquiry of management around actual and potential

litigation and claims;

− challenging the assumptions and judgements made by

management in its significant accounting estimates,

in particular those relating to the determination of the

carrying value of investment properties as reported in

the key audit matter section of our report; and

INDEPENDENT AUDITOR’S REPORT CONTINUED

32314 27 November 2025 4:14 pm Proof 4

− Addressing the fraud risk associated with revenue

recognition – arising from the risk of management bias

and the inherent pressures linked to market scrutiny

for a listed entity. We performed a proof in total over

rental income by reconciling expected income per

signed tenancy agreements to the income recorded in

the accounts to ensure completeness and accuracy.

• we communicated relevant laws and regulations and

potential fraud risks to all engagement team members,

including experts, and remained alert to any indications

of fraud or non-compliance with laws and regulations

throughout the audit.

OTHER REQUIREMENTS

We were appointed by the Directors on 26th March 2023.

The period of total uninterrupted engagement including

previous renewals and reappointments of the firm is 3 years,

initially under the legal entity MacIntyre Hudson LLP and

subsequently under MHA Audit Services LLP.

We did not provide any non-audit services which are

prohibited by the FRC’s Ethical Standard to the Group or the

Parent Company, and we remain independent of the Group

and the Parent Company in conducting our audit.

USE OF OUR REPORT

This report is made solely to the Parent 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 Parent Company’s members those

matters we are required to state to them in an auditor’s report

and for no other purpose. To the fullest extent permitted by

law, we do not accept or assume responsibility to anyone

other than the Parent Company and the Parent Company’s

members as a body, for our audit work, for this report, or for

the opinions we have formed.

The Company is required to include these financial statements

in an annual financial report prepared under Disclosure

Guidance and Transparency Rules 4.1.15R to 4.1.18R. This

auditor’s report provides no assurance over whether the

annual financial report has been prepared in accordance with

those requirements.

Jason Mitchell MBA BSc FCA

(Senior Statutory Auditor)

for and on behalf of MHA, Statutory Auditor

Maidenhead, United Kingdom

MHA is the trading name of MHA Audit Services LLP, a limited

liability partnership in England and Wales (registered number

OC455542).

INDEPENDENT AUDITOR’S REPORT CONTINUED

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

Notes

		2025	2024
		£’000	£’000
Revenue	4	680	683
Cost of sales		(222)	(98)
Gross profit		458	585
Administrative expenses		(470)	(594)
Other operating income	5	641	6 76
Operating profit before fair value movement on investment properties	6	629	667
Fair value loss on investment properties	13	(5)	(23)
Operating profit		624	644
Financial income	7	685	608
Financial expense	7	(6)	(7)
Profit on the sale of investments		(4)	–
Share of profit of Joint Venture	15	380	14 0
Profit before taxation	4–9	1,679	1,385
Taxation	10	(321)	(31 4)
Profit for the financial year attributable to equity
Holders		1,358	1,071
Earnings per share on profit for the financial year – pence
Basic and diluted	11	132.90	1 02.7 6
Dividends
Final 2024 paid 17 .0p (2023: 16.0p)		176	16 8
Interim 2025 paid 7 .5p (2024 6.5p)		76	67
		252	235
Final 2025 proposed 20.0p (2024: 17 .0p)		2 01	17 8

These results relate entirely to continuing operations.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Notes

		2025	2024
		£’000	£’000
Profit for the financial year		1,358	1,071
Items that cannot be reclassified subsequently to profit or loss
Net change in fair value of other properties	14	–	(5)
Net change in fair value of investments at fair value through comprehensive income	15	(14)	(1 5)
Total comprehensive income and expense for the year attributable to the equity
holders of the Parent Company		1,344	1,051

32314 27 November 2025 4:14 pm Proof 4

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

CONSOLIDATED BALANCE SHEET

AT 30 SEPTEMBER 2025

Notes

		2025	2025	2024	2024
		£’000	£’000	£’000	£’000
Non-current assets
Freehold investment properties	13		5,636		5,640
Property, plant, and equipment	14		286		287
Right of use asset	14		11 5		12 5
Investment in Joint Venture	15		9,303		1 1,423
Other financial assets	15		538		664
			15,878		1 8,1 39
Current assets
Inventory and work in progress	16	723		722
Trade and other receivables	17	586		3 17
Term deposits		4,032		1 0,235
Cash and cash equivalents		1 0,496		2,0 1 4
			15,837		1 3,288
Total assets			31,715		31,427
Current liabilities
Trade and other payables	18	(652)		(587)
Lease liability	14	(8)		(7)
Corporation tax		(171)		(1 82)
			(831)		(77 6)
Non-current liabilities
Lease liability	14		(142)		(1 51)
Deferred tax liability	19		(78)		(77)
Total liabilities			(1,051)		(1,004)
Net assets			30,664		30,423
Equity
Called up share capital	20		2 01		208
Share premium account			5,076		5,07 6
Other reserves	21		2,384		2,391
Investment property fair value reserve	22		2,165		2,1 70
Retained earnings			20,838		20,578
Total equity			30,664		30,423
Net assets per share	12		£30.53		£29.31

These financial statements were approved by the Board of Directors on 26 November 2025 and authorised for issue on its

behalf by:

J Richard Wollenberg

Director

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Notes

		2025	2024
		£’000	£’000
Cash flows from operating activities
Profit for the year		1,358	1,071
Adjustments for:
Depreciation right of use assets		10	10
Depreciation fixed assets		1	–
Finance income		(685)	(608)
Finance expense		6	7
Profit on sale of investment		4	–
Share of profit of Joint Venture		(380)	(1 40)
Fair value loss on investment properties		5	23
Taxation		321	3 14
Cash flows from operations before changes in working capital		640	677
Acquisition of inventory and work in progress	16	(1)	(7)
Increase in trade and other receivables		(132)	(43)
Increase in trade and other payables		66	47
Cash generated from operations		573	6 74
Tax paid		(330)	(293)
Net cash flows from operating activities		243	381
Cash flows from investing activities
Interest received		551	593
Finance expense		(6)	–
Dividend from Joint Venture		2,500	1,0 00
Proceeds from bond redemption		10 0	–
Acquisition of investment property	13	(1)	(8)
Acquisition of plant and equipment	14	–	(2)
Proceeds from sale of investments	15	9	99
Decrease/(increase) in held term deposits		6,203	14 9
Net cash flows from investing activities		9,356	1,831
Cash flows from financing activities
Purchase of own shares		(851)	(368)
Lease payments		(14)	–
Dividends paid		(252)	(235)
Net cash flows (used in)/from financing activities		(1,1 17)	(603)
Net increase/(decrease) in cash and cash equivalents		8,482	1,609
Cash and cash equivalents at beginning of year		2,0 14	405
Cash and cash equivalents at end of year		1 0,496	2,0 14

32314 27 November 2025 4:14 pm Proof 4

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

				Investment
				property
	Called up	Share	Other	fair value
	share	premium	reserves	reserve (see	Retained	Total
	capital	account	(note 21)	note 22)	earnings	equity
	£’000	£’000	£’000	£’000	£’000	£’000
At 30 September 2023	2 10	5,07 6	2,409	2,1 93	20,087	29,975
Profit for the year	–	–	–	–	1,071	1,071
Other comprehensive income –
revaluation of investments
Net change in fair value of own use	–	–	(1 5)	–	–	(1 5)
freehold property	–	–	(5)	–	–	(5)
Transactions with equity holders
Dividends	–	–	–	–	(235)	(235)
Purchase of own shares	(2)	–	2	–	(368)	(368)
Total transactions with equity holders	(2)	–	2	–	(603)	(603)
Fair value movements on investment
properties – Cardiff	–	–	–	(23)	23	–
At 30 September 2024	208	5,076	2,391	2,170	20,578	30,423
Profit for the year	–	–	–	–	1,358	1,358
Other comprehensive income –
revaluation of investments	–	–	(14)	–	–	(14)
Transactions with equity holders
Dividends	–	–	–	–	(252)	(252)
Purchase of own shares	(7)	–	7	–	(851)	(851)
Total transactions with equity holders	(7)	–	7	–	(1,1 03)	(1,1 03)
Fair value movements on investment
properties – Cardiff	–	–	–	(5)	5	–
At 30 September 2025	2 01	5,076	2,384	2,165	20,838	30,664

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

NOTES TO THE FINANCIAL STATEMENTS

The reporting entity is The Cardiff Property plc, a public limited company, domiciled in England, with registered address and

place of business being 56 Station Road, Egham, TW20 9LF. The Company and Group are focused on property development and

investment.

1 ACCOUNTING STANDARDS

The consolidated results for the year ended 30 September 2025 and 2024 are prepared in accordance with UK-adopted

international accounting standards (“UK-adopted IAS”) and those parts of the Companies Act 2006 applicable to companies

reporting under UK-adopted IAS and have been incorporated into the principal accounting policies as set out in note 2.

The Company has elected to prepare its Parent Company financial statements in accordance with FRS 101 (Reduced Disclosure

Framework) and these are presented on pages 61 to 67.

2 MATERIAL ACCOUNTING POLICIES

Basis of preparation

The following principal accounting policies have been applied in dealing with items which are considered material in relation

to the Group’s financial statements. The financial statements have been prepared on the historical cost basis except that

the following assets and liabilities are stated at their fair value: financial instruments classified as fair value through other

comprehensive income; investment properties; and own use freehold property. These accounting policies have been applied

consistently across the Group for the purposes of these consolidated financial statements. The financial statements are

prepared in pounds sterling, which is the functional currency of the Group, and presented to the nearest thousand.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the Group will continue to meet its

liabilities as they fall due. The Group’s activities, together with the factors likely to affect its future development, performance

and position are set out in the Chairman’s Statement and Strategic Report on pages 3 to 16. The financial position of the Group,

its property portfolio under management, asset base, liquidity and key performance indicators are described on pages 5 to 9.

In addition, note 20 includes the Group’s objectives, policies and processes for managing its capital and note 26, its financial

risk management objectives and details of its exposures to credit risk, liquidity risk, market risk, currency risk and interest

rate risk.

The Group has sufficient financial resources to enable it to continue to trade and to complete the current maintenance and

development programme. The Group is ungeared, and the cash flow forecasts do not assume any debt being required.

Therefore, the Directors believe that the Group is well placed to manage its business risks successfully.

The Group has significant cash balances at 30 September 2025, the Cardiff Group had cash balances of £10.5m and a further

£4.0m term deposits (with maturity dates of 95 days), in addition the Company has investments of £0.5m of which £0.4m are

readily marketable. The Group has an operating cost base including tax and dividends of under £1.0m per annum so even with

no income for several years the Group would remain solvent. The impact of external environment factors including inflation and

unemployment is therefore not critical to the going concern position of the Group or Company.

The Cardiff Group receives a management fee from Campmoss of around £0.5m per annum, there is no reason to assume

this income would not be received as the Campmoss Group had cash balances at 30 September 2025, of £3.7m and a further

£1.0m term deposits (with maturity dates of 95 days). Campmoss have an annual operating cost base excluding development

but including the Cardiff management fee of under £1.5m, so Campmoss Group similarly has a strong balance sheet.

After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources

to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in

preparing the annual report and financial statements.

Basis of consolidation

The Group’s financial statements consolidate those of the Company and its subsidiaries and equity account for the interest in

the Joint Venture. Subsidiary companies are those entities under the control of the Company. An investor controls an investee

when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those

returns through its power over the investee The results of subsidiary undertakings acquired or disposed of in the year are

included in the consolidated income statement from the date control is obtained or up to the date when control is lost. Intra-

Group transactions are eliminated on consolidation.

32314 27 November 2025 4:14 pm Proof 4

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2 ACCOUNTING POLICIES (CONTINUED)

Use of estimates and judgements

The preparation of financial statements in conformity with UK-adopted IAS requires management to make judgements,

estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,

income and expense. Actual results may differ from these estimates. These estimates are discussed in further detail in note 3.

Investment properties

Investment properties are properties which are held either to earn rental income or for capital appreciation or both. Investment

properties are initially recognised at cost, including related transaction costs and annually revalued at fair value, with any change

therein recognised in the income statement, and transferred to the investment property fair value reserve in the balance sheet.

An external, independent valuer, having an appropriate recognised professional qualification and recent experience in the

location and category of property being valued, values the Company portfolio each year.

Design, construction and management expenses together with interest incurred in respect of investment properties in the

course of initial development are capitalised until the building is effectively completed and available for letting. Thereafter

they are charged to the income statement. Whilst under development such properties are classified either as inventory if

development has commenced with a view to sale and are recorded at cost or retained within investment properties and

revalued at the year end and surpluses or deficits are recognised in the income statement.

Proceeds from the sale of investment properties are not included in revenue, but in profit or loss on sale of investment

property. The profit or loss on disposal is calculated with reference to the carrying amount in the balance sheet. Purchases and

sales of investment properties are accounted for on completion.

Property, plant and equipment and depreciation

Freehold property being 56 Station Road, used as head office for the Company, is valued using the revaluation model using

valuations prepared on the same basis as investment properties described above and independent valued by Kempton Carr

Croft at 30 September. Any surplus arising on the revaluation is recognised in other comprehensive income except to the extent

that it reverses a previous revaluation on the same asset recognised in profit and loss. Any deficit on revaluation is recognised

in profit and loss except to the extent that it reverses a previous revaluation surplus on the same asset.

Plant and equipment including motor vehicles and fixtures, fittings and equipment are stated at cost less accumulated

depreciation and impairment losses.

Provision is made for depreciation so as to write off their cost on a straight-line basis over their expected useful lives as follows:

• Land Not depreciated

• Freehold property 50 years

• motor vehicles 4 years

• fixtures, fittings and equipment 3 years

In accordance with IAS 16.35 the fair value of the freehold property is presented by eliminating accumulated depreciation and

adjusting the gross book value of the asset to equal revalued amount.

Investment in Joint Venture

A joint venture exists where the company has an exposure to the net assets of an arrangement for which the Company shares

of control of the arrangement under a contract. The sharing of control is demonstrated where decisions about the relevant

activities of the arrangement require the unanimous consent of the parties sharing control. The Group’s investment in the

Joint Venture (Campmoss) is accounted for using the equity method; hence the Group’s share of the gains and losses of the

Joint Venture is included in the consolidated income statement and its interest in the net assets is included in investments in

the consolidated balance sheet. The Group also recognises its share of other comprehensive income including revaluation of

investment property in its carrying value of investment.

No goodwill exists and the initial investment was recognised at cost. Dividends reduce the carrying amount of the investment

when the right to receive payment is established.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2 ACCOUNTING POLICIES (CONTINUED)

The investment is tested for impairment when there is objective evidence of impairment, such as:

• Deterioration in financial performance;

• Adverse regulatory or economic changes;

• Significant decline in fair value.

If impaired:

• The carrying amount is reduced to the recoverable amount;

• Impairment losses are recognized in profit or loss;

• Reversals are permitted under IAS 36, but not above the amount that would have existed had no impairment been recorded.

The Directors of the Joint Venture value its investment portfolio each year using their own experience and knowledge of the

local property market with valuations considering yields on similar properties in the area, vacant space and covenant strength.

Impairment

The carrying amounts of the Group’s assets, are reviewed at each balance sheet date to determine whether there is any

indication of impairment. If any such indication exists, the asset’s recoverable amount, which is the higher of its fair value less

disposal costs and its value in use, is estimated, and an impairment loss recognised where the recoverable amount is less than

the carrying value of the asset. Any impairment losses are recognised in the income statement.

Inventory and work in progress

Inventory, being properties under development intended for ultimate resale and properties held for sale, are stated at the lower

of cost, including attributable overheads, and net realisable value.

Components of costs include cost of purchase, cost of conversion and other costs as applicable. When inventory is sold, IAS

2.34 requires disclosure of the carrying amount of inventories recognised as an expense during the period, this is recognised in

cost of sales.

Revenue

Rental income

Revenue consists of rental income, earned under operating leases granted, from properties held for investment purposes and

from properties held in inventory which are currently occupied. Rental income is recognised in the Income Statement on a

straight-line basis over the total lease period. Payments due on early terminations of lease agreements are recognised in the

Income Statement within revenue on the date the lease is terminated. Lease incentives are recognised as an integral part of

the net consideration for the use of the property and amortised on a straight-line basis over the term of the lease.

Property sales

Proceeds from the sale of properties held in inventory are included in revenue. Sales of such property are recognised on the

date of completion of the sale not the exchange of contracts.

Other income

Oher income consists of management fees charged on a monthly to quarterly basis for periodic services provided to

Campmoss Group and other items which are not revenue and are recognised in the period in which the service and therefore

other income relates.

The services are distinct and are accounted for as separate performance obligations principally relating to when the costs

recharged are incurred or the services are delivered.

Financial assets

Investments in equity securities, both listed and unlisted, see note 15, are held with the objective to hold to collect the

associated cash flows and sell and the contractual terms of the financial assets give rise to cash flows that are solely payments

of principal and interest on the principal amount outstanding. Investments in equity securities are classified as assets

recognised at fair value through comprehensive income (FVOCI) and are stated at fair value with any resultant gain or loss being

recognised in other comprehensive income. This presentation was elected as the equity investments is long term in nature and

fair value fluctuations are not relevant to the Groups short term performance.

32314 27 November 2025 4:14 pm Proof 4

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2 ACCOUNTING POLICIES (CONTINUED)

When these investments are derecognised the cumulative gain or loss previously recognised in other comprehensive income is

transferred from other reserves to retained earnings. Dividends are recognised as income in the income statement unless the

dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI

and are never reclassified to profit and loss.

The Group derecognises a financial asset when, and only when, one of the following conditions is met:

1. Expiry of contractual rights.

2. Transfer of financial asset.

3. Substantially all risk and rewards transferred.

Term deposits where the call date is greater than 90 days from the date of deposit are shown separately on the balance sheet

and are included in investing activities in the cash flow.

Trade and other receivables

Trade and other receivables are adjusted for the expected credit loss model using the simplified approach.

The Group recognises a loss allowance for ECL on trade receivables, which is updated at each financial reporting date to reflect

changes in credit risk since initial recognition. Expected Credit Losses are estimated using provision matrix based on the

Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and

an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value pf

money where appropriate.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits, that are repayable on demand and form an integral part of

the Group’s cash management and are included as a component of cash and cash equivalents.

Financial liabilities

Financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. A

financial liability is derecognised when it is extinguished, discharged, cancelled or expires

The Group’s financial liabilities include trade and other payables. Financial liabilities are initially measured at fair value, and,

where applicable, adjusted for transaction costs unless the Group designated a financial liability at FVTPL.

Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for financial

liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss. All

interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included

within finance costs or finance income.

The Group’s financial liabilities comprise trade creditors and other creditors and are all repayable within one year and are non-

interest bearing.

Reserves

Reserves comprises share premium, other reserves, investment property fair value reserve and retained earnings.

Dividends

Dividends unpaid at the balance sheet date are only recognised as a liability to the extent that they are appropriately declared

and authorised and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are

disclosed in the Directors’ Report.

Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to

the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case it is recognised

in other comprehensive income or equity respectively.

Current tax is expected tax payable on the taxable income for the year, using tax rates and laws enacted or substantively

enacted at the balance sheet date and any adjustment to tax payable in respect of previous years.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2 ACCOUNTING POLICIES (CONTINUED)

Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting

purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial

recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and

differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The

amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets

and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which

the asset can be utilised.

Leases

The right-of-use assets are recognised under lease agreements in which the Group is the lessee. The underlying assets mainly

comprise property and are used in the normal course of business. The right-of-use assets comprise the initial measurement of

the corresponding lease liability payments made at or before the commencement day as well as any initial direct costs and an

estimate of costs to be incurred in dismantling the asset.

Right of use assets are subsequently recognised at cost less any accumulated depreciation and any accumulated impairment

losses. If the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or if the cost

of the right-of-use asset reflects that the lessee will exercise a purchase option, the right-of-use asset is depreciated from

the commencement date of the lease to the end of the useful life of the underlying asset. Otherwise, the right-of-use asset is

depreciated from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end

of the lease term.

The lease liability shall initially be measured at the present value of the lease payments that are not paid at that date,

discounted using the rate implicit in the lease. The lease liability is subsequently measured by increasing the carrying amount

to reflect interest on the lease liability (at an even rate over the carrying amount of the liability) and by reducing the carrying

amount to reflect the lease payments made. No lease modification or reassessment changes have been made during the

reporting period from changes in any lease terms or rent charges.

Finance income and expenses

Finance income comprises interest receivable from banks in respect of cash deposits and is recognised under the terms of the

instrument as due.

Finance expense comprises the interest payments on the right of use assets as described above.

Notes to the Financial Statements (continued)

IFRS
The following standards are issued but not yet effective. The Group intends to adopt these standards, if applicable, when they
become effective. It is not expected that any of these standards will have a material impact on the Group.
Standard	Effective date
IFRS 7 and IFRS 9 – Contracts Referencing Nature-dependent Electricity	1 January 2025
Amendments to IAS 21- Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	1 January 2026
Amendments to IFRS 9 and IFRS 7 -Amendments to classification and measurement requirements for financial instruments	1 January 2026
IFRS 18 - Presentation and Disclosure in Financial Statements*	1 January 2027
IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures*	1 January 2027
* Subject to endorsement

32314 27 November 2025 4:14 pm Proof 4

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

3 CRITICAL ESTIMATES, JUDGEMENTS AND ERRORS

The key accounting judgements are:

1. Classifying properties as investment properties or inventory

Properties are held as investment properties if they are held for capital appreciation and rental income and properties are held

as inventory where they are being actively marketed for sale and the Group no longer intend to hold once a suitable sale can

be negotiated. However there have been experiences in the past where an offer received for an investment property has been

accepted and the property sold and similarly properties have been moved to inventory but a suitable offer has not been received

so the property has continued to be held.

2. Management’s assessment that inventories have not been impaired

Management asses the carrying value of inventories with reference to similar property valuations based on location, size and

usage and their experience and also seek views from local estate agents.

3. Classification of Campmoss Group as a Joint Venture

Campmoss is jointly controlled by the Campmoss Board comprising of J R Wollenberg and E R Goodwin each of whom

represents the interests of 50% of the shareholders. Decisions are made jointly, and Board approval is needed for all key

decisions.

4. Carrying value of the Joint Venture

The investment properties in Campmoss Group form a substantial part of Campmoss Group’s net assets and hence the

carrying value of the Group’s share of the Joint Venture. The properties are not independently valued but are valued by the

Directors and by their nature valuations are subjective . and management have applied judgement when assessing indicators of

impairment.

5. Recoverability of debtors

Judgement is required in assessing the recoverability of debtors, although the collection of the majority of rents for rent

quarters to June and September gives significant comfort. The Group applies the IFRS 9 simplified approach to measuring

expected credit losses (‘ECL’) which uses lifetime expected loss allowance for all trade receivables. The expected loss rates are

based on management assessment of historical losses from tenants which has been very low.

Due to this, management believe there is no further credit risk provision required in excess of normal provision for doubtful

receivables.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in

the period in which the estimates are revised and in any future periods affected.

The key areas in which estimates have been used and the assumptions applied are:

1) valuation of investment properties while supported by third party valuations include estimates. All investment property

owned by Cardiff has an independent third-party valuation performed annually The properties owned by the Campmoss

Group, are valued by the Campmoss Directors having due regard to independent third-party information and valuations

as available; and

2) the deferred taxation provision uses these investment property valuations to calculate the gain or loss and hence

deferred taxation liability. This liability is estimated based on the taxation rates expected to be in place in the future

which may differ from the actual taxation rates at the time of sale.

3) The valuation of the Aquila Services Group Plc investment which, previously listed on the London Stock Exchange,

applied to have its listing cancelled in March 2024. The carrying value at September 2025 is based on Level 3 and has

been determined by reference to the final price before cancellation.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

4 SEGMENTAL ANALYSIS

The Group manages its operations in two segments, being property and other investment and property development. Property

and other investment relate to the results for The Cardiff Property Company Limited where properties are held as investment

property with Property Development relating to the results of First Choice Estates Plc and Thames Valley Retirement Homes

Limited. The results of these segments are regularly reviewed by the Board as a basis for the allocation of resources, in

conjunction with individual site investment appraisals, and to assess their performance. Information regarding the results and

net operating assets for each reportable segment are set out below:

	Property
	and other	Property		2025
	investments	Development	Eliminations	Total
	£’000	£’000	£’000	£’000
Rental income (wholly in the UK)	493	187	–	680
Financial income	684	1	–	685
Share of profit of Joint Venture	306	74	–	380
Profit before taxation	1,482	197	–	1,679
Net operating assets
Assets	30,826	5,475	(4,586)	31,715
Liabilities	(5,431)	(206)	4,586	(1,051)
Net assets	25,395	5,269	–	30,664

	Property
	and other	Property		2024
	investments	Development	Eliminations	Total
	£’000	£’000	£’000	£’000
Rental income (wholly in the UK)	460	223	–	683
Financial income	602	6	–	608
Share of profit of Joint Venture	62	78	–	140
Profit before taxation	1,073	312	–	1,385
Net operating assets
Assets	30,504	5,388	(4,465)	31,427
Liabilities	(5,259)	(210)	4,465	(1,004)
Net assets	25,245	5,178	–	30,423

“Eliminations” relate to inter segment transactions and balances which cannot be specifically allocated but are eliminated on

consolidation.

32314 27 November 2025 4:14 pm Proof 4

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

5 OTHER OPERATING INCOME

	2025	2024
	£’000	£’000
Management fees receivable	560	547
Lease surrender	–	48
Other income	57	62
Dividends received	24	19
Other operating income	641	676

6 OPERATING PROFIT BEFORE FAIR VALUE MOVEMENTS ON INVESTMENT PROPERTIES

	2025	2024
	£’000	£’000
Included are the following expenses:
Auditor’s remuneration:
Fees payable to the Company’s auditor for the audit of the annual accounts	62	60
Audit of subsidiary undertakings pursuant to legislation	2	2
Depreciation of right of use assets	10	10
Depreciation of fixed assets	1	–

7 FINANCIAL INCOME AND EXPENSE

	2025	2024
	£’000	£’000
Bank and other interest receivable	685	608
Interest payments on right to use assets	(6)	(7)

8 EMPLOYEES

The average number of persons employed by the Group and the Company (including Executive Directors) during the year was:

		Number of employees
	2025	2024
Management	3	3
Administration	3	3
	6	6

The aggregate payroll costs of these persons were as follows:

	2025	2024
	£’000	£’000
Wages and salaries	377	373
Social security costs	49	42
Pension costs	12	4
	438	419

Pension costs represent amounts paid by the Group to the workplace pension.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

9 DIRECTORS’ EMOLUMENTS

The emoluments of the Directors were as follows:

					Total
	Salary	Bonus	Benefits	Pension	2025
	£’000	£’000	£’000	£’000	£’000
As Executives
J R Wollenberg	146	15	21	–	182
K L Chandler	73	3	–	3	79
	219	18	21	3	261
As Non-Executive
N D Jamieson	12	–	–	–	12
	231	18	21	3	273

					Total
	Salary	Bonus	Benefits	Pension	2024
	£’000	£’000	£’000	£’000	£’000
As Executives
J R Wollenberg	141	12	28	–	181
K L Chandler	70	3	–	3	76
	211	15	28	3	257
As Non-Executive
N D Jamieson	12	–	–	–	12
	223	15	28	3	269

The above table includes bonuses, which are based on the results for the year to 30 September 2025 and are payable

in December 2025, see page 25 for details of bonus calculation. Bonuses of £12,000 for J R Wollenberg and £3,000 for

K L Chandler in respect of the year to 30 September 2024 were paid in December 2024. J R Wollenberg’s salary includes

£24,000 of pension contribution entitlement which he has elected to be taken as salary.

The information above is in respect of the Company. In addition, J Richard Wollenberg is entitled to consultancy fees of £60,000

from Campmoss Property Company Limited (2024: £60,000), see note 25.

Details of the Company’s policy on Directors’ remuneration are contained within the remuneration report on pages 25 to 28.

Benefits relates to the provision of health care for J Richard Wollenberg and his spouse.

The Directors are considered to be the only key management personnel of the Group.

10 TAXATION

	2025	2024
	£’000	£’000
Current tax
UK corporation tax on the result for the year	320	314
Deferred tax
Revaluation of investment properties	1	–
Taxation (all recognised in the profit and loss account)	321	314

32314 27 November 2025 4:14 pm Proof 4

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

10 TAXATION CONTINUED

Reconciliation of effective tax rate:

	2024	2024
	£’000	£’000
Tax reconciliation
Profit before taxation	1,679	1,385
Profit before taxation multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)	420	346
Effects of:
Joint Venture	(95)	(35)
Non-taxable income	(6)	2
Non-deductible expenditure	1	1
Non-taxable (surplus)/deficit on fair value	1	–
Total tax expense	321	314

The current corporation tax rate is 25%. Deferred tax is based on expected tax rate of 25%.

11 EARNINGS PER SHARE

Earnings per share has been calculated in accordance with IAS 33 - Earnings Per Share using the profit after tax for the financial

year of £1,358,000 (2024: £1,071,000) and the weighted average number of shares as follows:

		Weighted average
		number of shares
	2025	2024
Basic and diluted shares	1,022,289	1,043,087
Earnings per share (p)	132.90	102.76

There is no difference between basic and diluted shares as the Company has no potentially dilutive instruments in issue.

12 NET ASSETS PER SHARE

	2025	2024
Share in issue at 30 September	1,004,420	1,037,776
Net assets per share (£)	30.53	29.31

13 FREEHOLD INVESTMENT PROPERTIES

	2025	2024
	£’000	£’000
Group
At beginning of year	5,640	5,655
Additions	1	8
Fair value movement in the year	(5)	(23)
At end of year	5,636	5,640

	2025	2024
	£’000	£’000
Company
At beginning of year	5,625	5,640
Additions	–	8
Transfers from subsidiary	16	–
Fair value movement in the year	(5)	(23)
At end of year	5,636	5,625

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

13 FREEHOLD INVESTMENT PROPERTIES CONTINUED

The fair value of freehold investment property held by the Group and Company was determined by external, independent

property valuers at 30 September 2025, having appropriate recognised professional qualifications and recent experience in the

location and category of the property being valued. The independent valuers provide the fair value of the Group and Company’s

freehold investment property portfolio every year at 30 September. Land held by Thames Valley Retirement Homes Limited

£16,000 (2024: £15,000) was transferred to The Cardiff Property plc during the year and has not been independently valued as it

is 0.3% (2024: 0.3%) of the Group’s property portfolio and hence immaterial.

The Group and Company’s freehold investment properties total value: £5,620,000 (2024: £5,625,000) have been valued by

Kempton Carr Croft (“KCC”).

All valuations of the Group and Company’s freehold commercial investment properties have been prepared in accordance

with the RICS Valuation – Professional Standards (the “Red Book”) and the International Valuation Standards on the basis of

Market Value.

All of the freehold investment properties have been categorised as a Level 3 fair value in both years, based on the inputs to the

valuation technique used.

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly

(i.e., as prices) or indirectly (i.e., derived from prices).

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Valuation technique and significant unobservable inputs

The valuation technique used in measuring the fair value of investment property is a discounted cash flow using the following

significant inputs: net rental income and yield.

Fair value using unobservable inputs (Level 3)

	2025	2024
	£000	£000
Opening fair value	5,625	5,640
Additions	–	8
Transfers	16	–
Gains and losses recognised in income statement (Fair value movement on investment properties)	(5)	(23)
Disposal of investment property	–	–
Closing fair value	5,636	5,625

Quantitative information about fair value measurements using unobservable inputs (Level 3)

The fair value referred to above of £5,636,000 (2024: £5,625,000) is based on the unobservable inputs of net rental income

and yield.

The net rental income ranged between £99,000 (2024: £94,000) and £318,000 (2024: £298,000), and the initial yield ranged

between 8.0% and 9.75% (2024: 8.0% and 9.75%).

A decrease in net rental income or estimated future rent will result in a decrease in the fair value, whereas a decrease in the

discount rate (yield) will result in an increase in fair value. There are interrelationships between these rates as they are partially

determined by market rate conditions. A +1% change in yield would reduce the portfolio value by £476,000 (2024: £505,000),

while a -1% change in yield would increase the portfolio value by £573,000 (2024: £616,000). A +/- 10% change in rent would

increase/(decrease) the value of the portfolio by £562,000 (2024: £564,000).

32314 27 November 2025 4:14 pm Proof 4

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

13 FREEHOLD INVESTMENT PROPERTIES CONTINUED

The historical cost of the commercial investment properties was:

	£’000
Group and Company
At 30 September 2025	3,652
At 30 September 2024	3,651

The cumulative amount of interest capitalised at 30 September 2025 was £90,000 (2024: £90,000).

Amounts recognised in the profit and loss account

	2025	2024
	£000	£000
Rental income from investment properties	493	460
Direct operating expenses (including repairs and maintenance) arising from investment property
that generated rental income during the period	(221)	(77)

There are no contractual obligations to purchase, construct or develop investment property or for repairs, maintenance, or

enhancements other than normal Landlord obligations.

There have been no transfers to/from investment properties.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

14 PROPERTY, PLANT AND EQUIPMENT

	Own use	Fixtures,
	freehold	fittings and	Motor
	property	equipment	vehicles	Total
Group and Company	£’000	£’000	£’000	£’000
Cost or valuation
At 30 September 2023	290	3	16	309
Additions	–	2	–	2
Disposals	–	(2)	–	(2)
Fair value movement	(5)	–	–	(5)
At 30 September 2024	285	3	16	304
At 30 September 2025	285	3	16	304
Depreciation
At 30 September 2023	–	3	16	19
Disposals	–	(2)	–	(2)
Charge for year	–	–	–	–
At 30 September 2024	–	1	16	17
Charge for year	–	1	–	1
At 30 September 2025	–	2	16	18
Net book value
At 30 September 2025	285	1	–	286
At 30 September 2024	285	2	–	287

d) Own use freehold property was valued by Kempton Carr Croft at market value as at 30 September 2025. The valuation

technique used in measuring the fair value of own use freehold property is fair value using unobservable inputs (level 3).

The historic cost of the property is £213,000 (2024: £213,000). In accordance with IAS 16.35 the fair value of the freehold

property is presented by eliminating accumulated depreciation and adjusting the gross book value of the asset to equal

revalued amount.

Valuation technique and significant unobservable inputs

The valuation technique used in measuring the fair value of the own use freehold property is a discounted cash flow using the

following significant inputs: net rental income and yield.

Fair value using unobservable inputs (Level 3)

	2025	2024
	£000	£000
Opening fair value	285	290
Gains and losses recognised in consolidated statement of comprehensive income	–	(5)
Closing fair value	285	285

Quantitative information about fair value measurements using unobservable inputs (Level 3)

The fair value referred to above of £285,000 (2024: £285,000) is based on the unobservable inputs of net rental income

and yield.

The net rental income assumed was £28,000 (2024: £28,000) and the initial yield of 9.75% (2024: 9.75%).

A decrease in net rental income or estimated future rent will result in a decrease in the fair value, whereas a decrease in the

discount rate (yield) will result in an increase in fair value. There are interrelationships between these rates as they are partially

determined by market rate conditions. A +1% change in yield would reduce the portfolio value by £27,000 (2024: £27,000),

while a -1% change in yield would increase the portfolio value by £33,000 (2024: £33,000). A +/- 10% change in rent would

increase/(decrease) the value of the portfolio by £29,000 (2024: £29,000).

32314 27 November 2025 4:14 pm Proof 4

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

14 PROPERTY, PLANT AND EQUIPMENT CONTINUED

The balance sheet shows the following amounts relating to leases:

	2025	2024
	£’000	£’000
Group and Company
Right of use assets
Land	115	125
Lease liabilities
Current	8	7
Non-current	142	151
At end of year	150	158

At the balance sheet date, maturity analysis of the Group’s undiscounted cash flows on IFRS 16 leases were as follows:

	2025	2024
	£’000	£’000
Group and Company
Due within one year	16	16
Due within one to two years	16	16
Due within two to five years	51	48
Due after five years	119	151
Total financing charges	(52)	(73)
At end of year	150	158

The Right of use asset lease relates to a lease in respect of car park spaces in Windsor. The key assumptions in determining

the Right of use asset are the discount rate applied of 5% (2024: 5%) and the assumed increase in rent at 5-yearly rent review

dates of 9% (2024: 9%). The above lease liability has contractual maturities of £8,000 (2024: £8,000) less than one year,

£42,000 (2024: £39,000) between two and five years and £99,000 (2024: £111,000) due in more than five years. Interest costs

of £6,000 (2024: £8,000) in respect of this lease is included in the profit and loss account.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

15 INVESTMENTS

	Shares in
	joint	Unlisted	Listed
	venture	investments	investments	Total
	£’000	£’000	£’000	£’000
At 30 September 2023	12,283	–	778	13,061
Net change in investments at fair value through other comprehensive income	–	–	(15)	(15)
Transferred during the year	–	115	(115)	–
Disposed during the year	–		(99)	(99)
Share of profit of Joint Venture	140	–	–	140
At 30 September 2024	11,423	115	549	12,087
Net change in investments at fair value through other comprehensive income	–	–	(14)	(14)
Disposed during the year	–		(112)	(112)
Share of profit of Joint Venture	380	–	–	380
Dividend paid by Joint Venture	(2,500)	–	–	(2,500)
At 30 September 2025	9,303	115	423	9,841

Listed investments

These include minority stakes in The Renewables Infrastructure Group Limited, and A2D Funding plc listed on The London Stock

Exchange, ImmuPharma Plc and Galileo Resources plc, listed on AIM, and are designated as investments at fair value through

other comprehensive income. Fair value has been assessed using Level 1 observable inputs being quoted share prices.

Aquila Services Group Plc previously listed on The London Stock Exchange cancelled its listing in March 2024 and has been

valued as a Level 3 investment at September 2025 using the price of the last date of trading and is shown as a transfer from

listed to unlisted above.

Joint Venture

The Group owns 47.62% (2023: 47.62%) and J R Wollenberg owns 2.38% (2023: 2.38%) of the total issued ordinary share

capital of £1,050,000 of Campmoss Property Company Limited. Campmoss Property Company Limited was incorporated in

England and Wales and has its registered office at 56 Station Road, Egham, Surrey, TW20 9LF.

E R Goodwin owns directly 0.05% and is a connected party to 47.57% of the total issued ordinary share capital of £1,050,000

of Campmoss Property Company Limited.

The Campmoss Board comprises J R Wollenberg and E R Goodwin who jointly control Campmoss by virtue of the respective

shareholdings and Joint Venture Agreement governing the way in which the Campmoss entities are controlled. The Board has

therefore determined that it has joint control of Campmoss.

The Group’s share of the results of Campmoss Property Company Limited and its subsidiary undertakings for the year ended 30

September 2025 has been incorporated in the consolidated financial statements. The following figures have been derived from

the financial statements of Campmoss Property Company Limited and those of its subsidiary undertaking for the year ended 30

September 2025.

32314 27 November 2025 4:14 pm Proof 4

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

15 INVESTMENTS CONTINUED

The Joint Venture’s consolidated results were:

	2025	2024
	£’000	£’000
Revenue	1,224	1,319
Cost of sales	(1,102)	(1,167)
Administrative expenses	(234)	(198)
Other operating income	287	255
Fair value movement on investment properties	438	(256)
Interest receivable	301	532
Interest payable	–	–
Taxation on ordinary activities	(116)	(192)
Profit after tax	798	293
Other comprehensive income	–	–
Total comprehensive income	798	293
Group’s share of results of Joint Venture – 47.62% (2024: 47.62%)	380	140

The consolidated net assets of Campmoss Property Company Limited and its subsidiary undertakings were:

	2025	2024
	£’000	£’000
Non-current assets
Investment properties	13,718	13,206
Current assets
Inventory and work in progress	2,997	2,997
Trade and other receivables	406	505
Term deposits	1,000	3,064
Cash and cash equivalents	3,746	6,325
Total current assets	8,149	12,891
Total assets	21,867	26,097
Current liabilities
Trade and other payables	(1,280)	(1,074)
Non-current liabilities
Deferred taxation	(1,052)	(1,036)
Total liabilities	(2,332)	(2,110)
Net assets	19,535	23,987
Group’s share of results of Joint Venture – 47.62% (2024: 47.62%)	9,303	11,423

Investment properties are included at fair value based on Directors’ valuations as at 30 September 2025.

The fair value referred to above of £13,718,000 (2024: £13,206,000) is based on the unobservable inputs of net rental income

and yield.

The net rental income ranged between £55,000 (2024: £55,000) and £515,000 (2024: £489,000), and the initial yield ranged

between 8.5% and 11.3% (2024: 8.5% and 11.2%).

A decrease in net rental income or estimated future rent will result in a decrease in the fair value, whereas a decrease in

the discount rate (yield) will result in an increase in fair value. There are interrelationships between these rates as they are

partially determined by market rate conditions. A +1% change in yield would reduce the portfolio value by £1,218,000 (2024:

£1,154,000), while a -1% change in yield would increase the portfolio value by £1,483,000 (2024: £1,400,000). A +/- 10%

change in rent would increase/(decrease) the value of the portfolio by £1,370,000 (2024: £1,319,000).

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

16 INVENTORY AND WORK IN PROGRESS

	2025	2024
	£’000	£’000
Opening costs	722	715
Additions	1	7
	723	722

This comprises development properties held for sale at The Windsor Business Centre. Expenses incurred on inventory and

included in cost of sales were £53,000 (2024: £29,000).

17 TRADE AND OTHER RECEIVABLES

	2025	2024
	£’000	£’000
Trade receivables	222	88
Other receivables	13	23
Prepayments and accrued income	351	206
	586	317

The Group applies the IFRS 9 simplified approach to measuring expected credit losses (‘ECL’) which uses lifetime expected loss

allowance for all trade receivables. The expected loss rates are based on management assessment of historical losses from

tenants which has been very low. Due to this, management believe there is no further credit risk provision required in excess of

normal provision for doubtful receivables. See note 26.

18 TRADE AND OTHER PAYABLES

	2025	2024
	£’000	£’000
Rents invoiced in advance	156	150
Trade creditors	8	34
Other taxes and social security	64	50
Other creditors	343	296
Accruals	81	57
	652	587

19 DEFERRED TAXATION

	2025	2024
	£’000	£’000
At beginning of year	77	77
(Credit)/debit for the year in the income statement	1	–
At end of year	78	77

Provision has been made for deferred taxation as follows:

	2025	2024
	£’000	£’000
Difference between accumulated depreciation and amortisation and capital allowances	78	77
Other temporary differences	–	–
Deferred tax liability	78	77

Deferred tax is estimated using an effective tax rate of 25% (2024: 25%).

32314 27 November 2025 4:14 pm Proof 4

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

20 SHARE CAPITAL

		2025	2024
		£’000	£’000
Authorised
4,500,000	(2024: 4,500,000) ordinary shares of 20 pence each	900	900
Allotted, called up and fully paid
At 30 September 2024 1,037,776 (30 September 2023: 1,053,810) ordinary shares of 20 pence each		208	210
Cancelled during the year 33,356 (2024: 16,034) ordinary shares of 20 pence each		(7)	(2)
At 30 September 2025 1,004,420 (30 September 2024: 1,037,776) ordinary shares of 20 pence each		201	208

The total number of ordinary shares under option is nil (2024: nil).

Ordinary shares have a par value of 20p. They entitle the holder to participate in dividends, and to share in the proceeds of

winding up the company in proportion to the number of and amounts paid on the shares held.

On a show of hands every holder of ordinary shares present at a meeting, in person or by proxy, is entitled to one vote, and on

a poll each share is entitled to one vote.

The company has a limited amount of authorised capital as shown above.

Capital management

The Board’s objectives when managing capital are to maintain a balance between providing shareholders with an adequate

return by means of a progressive dividend policy whilst ensuring the security of the Group supported by a sound capital

structure. In order to maintain what the Directors consider is the optimal capital structure, the Group may adjust its dividend

policy, issue new shares or return capital to shareholders.

21 OTHER RESERVES

	Equity	Own use	Capital
	investments	property	redemption	Capital	Merger
	at FVOCI	reserve	reserve	reserve	reserve	Total
	£’000	£’000	£’000	£’000	£’000	£’000
At 30 September 2023 and 1 October 2023	(110)	76	544	30	1,869	2,409
Purchase of own shares	–	–	2	–	–	2
Fair value of other properties	–	(5)	–	–	–	(5)
Net change in fair value	(15)	–	–	–	–	(15)
At 30 September 2024	(125)	71	546	30	1,869	2,391
Purchase of own shares	–	–	7	–	–	7
Net change in fair value	(14)	–	–	–	–	(14)
At 30 September 2024	(139)	71	553	30	1,869	2,384

Equity investments at fair value through other comprehensive income reserve relates to the change in fair value of the Group’s

listed investments portfolio. The capital redemption reserve arises from the transfer from share capital of the nominal value of

shares purchased for cancellation. The capital and merger reserves arise from the acquisition of subsidiaries.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

22 INVESTMENT PROPERTY FAIR VALUE RESERVE

	2025	2024
	£’000	£’000
At beginning of year	2,170	2,193
Transfer from retained earnings on fair value movement in the year - Cardiff	(5)	(23)
Deferred tax movement	–	–
At end of year	2,165	2,170

The investment property fair value reserve represents surpluses and deficits arising on fair value movements of the Group’s

properties, including our share of Campmoss Group, our 47.62% Joint Venture. This reserve comprises unrealised profits and

losses and is not available for distribution until realised through sale.

23 COMMITMENTS

Expenditure on development and investment properties

There were nil commitments under contract at 30 September 2025 (2024: nil).

24 OPERATING LEASES

Operating leases granted

The Group owns commercial property which it leases out for rental income under operating leases. Rental income earned

during the year was £680,000 (2024: £683,000) and direct operating expenses arising on the properties during the year were

£222,000 (2024: £77,000). The properties are expected to generate rental yield between 8.5% and 9.75% depending on the

type of property. Most lease contracts include market rate review clauses in the event that the lessee exercises their option

to renew.

In assessing the appropriate lease classification, management has evaluated all indicators set out in IFRS 16.63 and IFRS 16.64.

None of the situations that would suggest a finance lease are met: the lease does not transfer ownership of the underlying

asset to the lessee by the end of the lease term; there is no purchase; the lease term does not constitute a major part of the

asset’s economic life; and the present value of lease payments does not amount to substantially all of the asset’s fair value. In

addition, the underlying asset is not of a specialised nature and does not require the lessee to bear variable residual value risk.

Accordingly, these factors support the conclusion that the lease is correctly classified as an operating lease.

The future aggregate minimum rentals receivable under non-cancellable operating leases are as follows:

	2025	2024
	£’000	£’000
Within one year	769	645
Years two to five	1,731	1,404
More than five years	852	596
Total	3,352	2,645

32314 27 November 2025 4:14 pm Proof 4

25 RELATED PARTY TRANSACTIONS

During the year the Company entered into the following transactions with related parties:

					Balance owed by/(to)
					related party at
		Value			30 September
		2025	2024	2025	2024
Party	Nature of transaction	£’000	£’000	£’000	£’000
Campmoss Property Company	Management fees received
Limited	by the Company	560	547	149	2
	Consultancy fees received by
	J R Wollenberg (Director)	60	60	60	30
D M Joseph	Director’s salary paid	3	3	–	–

Campmoss Property Company Limited is a Company in which J Richard Wollenberg is a Director and both he and the Company

are shareholders.

Derek Joseph is a Non-Executive Director of First Choice Estates plc, a wholly owned subsidiary of the Company.

Details relating to the shareholdings and remuneration of key management personnel are set out in the Directors’ Report on

page 18 and note 9 on page 48.

26 FINANCIAL INSTRUMENTS

The Group has exposure to credit risk, liquidity risk and market risk. This note presents information about the Group’s exposure

to these risks, along with the Group’s objectives, processes and policies for managing the risks.

Credit risk

Credit risk is the risk of financial loss for the Group if a client or counterparty to a financial instrument fails to meet its

contractual obligations, and arises principally from the Group’s receivables from clients, amounts due from the Joint Venture and

monies on deposit with financial institutions.

The Group has a credit policy in place and credit risk is monitored by the Board on an ongoing basis. Credit evaluations are

carried out on all new tenants before credit is granted above certain thresholds. There is a spread of risks among a number of

tenants with no significant concentration of risk with any one tenant. The Group establishes an allowance for impairment in

respect of trade receivables where there is any doubt over recoverability.

The Group has significant monies on deposit at the year end, largely in short term treasury deposits. The Group’s policy is to

maximise interest income on these cash deposits whilst credit risk is mitigated through placing cash with leading highly rated

financial institutions.

The carrying amount of financial assets represents the maximum exposure to credit risk as follows:

	2025	2024
	£000	£000
Cash and cash equivalents	10,496	2,014
Term deposits	4,032	10,235
Trade and other receivables	235	111
Listed investments	423	549
	15,186	12,909

At 30 September 2025, the Group had £14,528,000 (2024: £12,249,000) deposited with banks and financial institutions of

which: £10,496,000 (2024: £2,014,000) is available for withdrawal in less than 30 days; £4,032,000 (2024: £10,235,000) is

available for withdrawal in 90-180 days. As shown in the table above, the amounts available for withdrawal in over 90 days are

classed as term deposits.

All financial assets are sterling denominated.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

26 FINANCIAL INSTRUMENTS CONTINUED

The ageing of trade receivables and other receivables along with the associated provision at the year-end was:

	2025		2024
	Gross	Provision	Gross	Provision
	£000	£000	£000	£000
Not past due	130	(2)	84	–
Past due 31-90 days	96	(3)	4	–
Past due 90 days	2	(1)	–	–
	228	(6)	88	–
The movement in the provision during the year was as follows:
At beginning of year		–		34
Amounts written back		–		(34)
Provided in year		6		–
At end of year		6		–

Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach

to managing liquidity is to ensure, by preparing and regularly reviewing cash flow forecasts, that as far as possible, there will

always be adequate liquidity to meet its liabilities as they fall due, without incurring unacceptable losses or risking damage to

the Group’s reputation.

In respect of cash deposits, the carrying value approximates to fair value because of the short maturity of the deposits. Interest

rates are floating and based on the base rate. There is also no difference between the fair value of other financial assets and

financial liabilities and their carrying value in the balance sheet.

The Group’s financial liabilities comprise trade creditors and other creditors amounting to £507,000 (2024: £480,000) and are all

repayable within one year and are non-interest bearing.

Banking facilities

The Company does not have loan or overdraft facilities. Sufficient cash resources are available to the Group to complete the

current maintenance and development programme. The Board will keep this position under review.

Market risk

Market risk is the risk that changes in market prices such as currency rates, interest rates and stock market prices will affect the

Group’s results. This applies to the Group’s listed investment portfolio which are a mix of AIM listed securities and retail bonds.

The Group’s objective is to manage and control market risk within suitable parameters.

The Group’s listed investments are valued at £423,000 (2024: £549,000), a 10% fall in quoted prices would reduce the value of

investments by £42,300 (2024: £54,900).

Currency risk

All of the Group’s transactions are denominated in sterling. Accordingly, the Group has no direct exposure to exchange rate

fluctuations. Furthermore, the Group does not trade in derivatives.

Interest rate risk

The Group does not undertake any hedging activity in this area. The main element of interest rate risk involves sterling deposits

which are placed on a fixed rate deposit.

27 ULTIMATE CONTROLLING PARTY

The ultimate controlling party is JR Wollenberg.

28 POST BALANCE SHEET EVENTS

The Priory, Burnham an investment property held by our Joint Venture had planning permission granted in early October 2025

for a Care Home. Subsequently Campmoss has exchanged a conditional contract for the freehold sale. It is expected the

conditions for completion will be met over the next 4-6 months.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

32314 27 November 2025 4:14 pm Proof 4

COMPANY BALANCE SHEET

AT 30 SEPTEMBER 2025

Notes

2025

£’000

2025

£’000

2024

£’000

2024

£’000

Fixed assets

Tangible assets:

Investment properties 13 5,636 5,625

Right of use assets 14 115 125

Property, plant and equipment 14 286 287

6,037 6,037

Investments 32 3,822 3,948

9,859 9,985

Current assets

Debtors 33 552 296

Term deposits 4,032 10,235

Cash at bank and in hand 10,440 1,923

15,023 12,454

Current liabilities

Trade and other payables 34 (5,064) (4,900)

Corporation tax (140) (123)

(5,204) (5,023)

Net current assets 9,819 7,431

Total assets less current liabilities 19,679 17,416

Lease liability 14 (150) (158)

Deferred tax liability 33 (78) (77)

Net assets 19,451 17,181

Capital and reserves

Called up share capital 20 201 208

Share premium account 5,076 5,076

Investment property fair value reserve 36 2,064 2,069

Other reserves 37 2,335 2,342

Retained earnings 9,775 7,486

Shareholders’ funds – equity 19,451 17,181

Profit after tax for the financial year of the Company was £3,387,000 (2024: £1,755,000) In accordance with the provisions of

Section 408 of the Companies Act 2006 the Company has not published a separate profit and loss account.

These financial statements were approved by the Board of Directors on 26 November 2025 and were authorised for issue on its

behalf by:

J Richard Wollenberg

Director

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

capital

£’000

premium

account

£’000

Investment

property

fair value

reserve

£’000

Other

reserves

£’000

Retained

earnings

£’000

Total

equity

£’000

At 30 September and 1 October 2023 210 5,076 2,092 2,360 6,311 16,049

Profit for the year – – – – 1,755 1,755

Other comprehensive income –

Revaluation of investments – – – (15) – (15)

Fair value of other property – – – (5) – (5)

Transactions with equity holders

Dividends – – – – (235) (235)

Purchase of own shares (2) – – 2 (368) (368)

Total transactions with equity holders (2) – – 2 (603) (603)

Fair value movement of investment

properties – – (23) – 23 –

At 30 September and 1 October 2024 208 5,076 2,069 2,342 7,486 17,181

Profit for the year – – – – 3,387 3,387

Other comprehensive income –

Revaluation of investments – – – (14) – (14)

Transactions with equity holders

Dividends – – – – (252) (252)

Purchase of own shares (7) – – 7 (851) (851)

Total transactions with equity holders (7) – – 7 (1,103) (1,103)

Fair value movement of investment

properties – – (5) – 5 –

At 30 September 2025 201 5,076 2,064 2,335 9,775 19,451

32314 27 November 2025 4:14 pm Proof 4

NOTES TO THE FINANCIAL STATEMENTS

29 ACCOUNTING POLICIES

The Cardiff Property plc (the “Company”) is a Company incorporated and domiciled in the UK with its registered office at 56

Station Road, Egham, TW20 9LF. The principal activity of the Company during the year continued to be property investment.

The separate financial statements of the Company are presented as required by the CA 2006. The Company meets the

definition of a qualifying entity under FRS 100 ‘Application of Financial Reporting Requirements’ issued by the Financial

Reporting Council (“FRC”).

The Company has elected to apply FRS 101 ‘Reduced Disclosure Framework’ in the preparation of these separate financial

statements. In accordance with FRS 101 paragraph 8, the Company has taken advantage of the disclosure exemptions

permitted under the standard, on the basis that the consolidated financial statements of the Group, in which the Company is

included, are publicly available and comply with UK-adopted International Accounting Standards.

As permitted by FRS 101 paragraph 8, the Company has taken the following exemptions:

• the requirements of IAS 7 ‘Statement of Cash Flows’ to present a statement of cash flows and related disclosures;

• the requirements of IFRS 7 ‘Financial Instruments: Disclosures’;

• the requirements of IFRS 13 ‘Fair Value Measurement’ on fair value disclosures;

• the requirements of IAS 1 ‘Presentation of Financial Statements’ to provide certain comparative information;

• the requirements of IAS 24 ‘Related Party Disclosures’ to disclose key management personnel compensation and related

party transactions with wholly-owned subsidiaries.

Where relevant, equivalent disclosures have been presented in the consolidated financial statements of the Group.

The Company proposes to continue to adopt the reduced disclosure framework of FRS 101 in its next financial statements.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in

these financial statements.

Use of estimates and judgements

Judgements made by the Directors, in the application of these accounting policies that have significant effect on the financial

statements and estimates with a significant risk of material adjustment in the next year are discussed in note 3 where

applicable to the Group and Company. Additionally, the assessment of investments in shares in Group Undertakings and share

in Joint Venture are judgements made by the Directors of the Company.

Measurement convention

The financial statements have been prepared under the historical cost accounting rules and in accordance with applicable

accounting standards and with the Companies Act 2006. The financial statements are prepared on the historical cost basis

except that investment properties and certain financial instruments are stated at their fair value.

Going concern

The Company remains profitable and cash generative and has a strong balance sheet. Accordingly, the Directors consider

it appropriate to continue to prepare the financial statements on a going concern basis, the Company has significant cash

balances and a modest cost base.

Investment properties

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both.

Investment properties are stated at fair value.

In applying the fair value model in IAS 40 Investment Property:

i. investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit

or loss in the period that they arise; and

ii. no depreciation is provided in respect of investment properties applying the fair value model.

Any gain or loss arising from a change in fair value is recognised in profit or loss. Rental income from investment property is

accounted for as described in the revenue accounting policy in note 2.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

29 ACCOUNTING POLICIES CONTINUED

Independent professional valuations for the Company’s investment properties are obtained by the Directors annually. The most

recent such valuations were obtained as at 30 September 2025.

Property, plant and equipment and depreciation

Freehold property being 56 Station Road, used as head office for the Company, is valued using the revaluation model using

valuations prepared on the same basis as investment properties described above and independent valued by Kempton Carr

Croft at 30 September. Any surplus arising on the revaluation is recognised in other comprehensive income except to the extent

that it reverses a previous revaluation on the same asset recognised in profit and loss. Any deficit on revaluation is recognised

in profit and loss except to the extent that it reverses a previous revaluation surplus on the same asset.

Plant and equipment including motor vehicles and fixtures, fittings and equipment are stated at cost less accumulated

depreciation and impairment losses.

Provision is made for depreciation so as to write off their cost on a straight-line basis over their expected useful lives as follows:

• Land Not depreciated

• Freehold property 50 years

• motor vehicles 4 years

• fixtures, fittings and equipment 3 years

In accordance with IAS 16.35 the fair value of the freehold property is presented by eliminating accumulated depreciation and

adjusting the gross book value of the asset to equal revalued amount.

Investments

Listed investments are stated at fair value. See note 15.

Investments in Subsidiary Undertakings and Joint Venture

Investments in Subsidiary Undertakings and Joint Ventures are stated at cost less any impairment. See note 30.

Cash at bank and in hand

Cash comprises cash in hand and deposits repayable in line with notice periods determined by the Company.

Dividends

Dividends unpaid at the balance sheet date are only recognised as a liability to the extent that they are appropriately declared

and authorised and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are

disclosed in the Directors’ Report.

30 CRITICAL ESTIMATES, JUDGEMENTS AND ERRORS

The key accounting judgements are:

1. Management’s assessment that assets have not been impaired

Management asses the carrying value of assets with reference to similar property valuations based on location, size and usage

and their experience and also seek views from local estate agents.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in

the period in which the estimates are revised and in any future periods affected.

The key areas in which estimates have been used and the assumptions applied are:

1. valuation of investment properties while supported by third party valuations include estimates, as seen within notes 13 and

15. All investment property owned by Cardiff has an independent third-party valuation performed annually. The properties

owned by the Campmoss Group, are valued by the Campmoss Directors having due regard to independent third-party

information and valuations as available; and

2. the deferred taxation provision uses these investment property valuations to calculate the gain or loss and hence deferred

taxation liability. This liability is estimated based on the taxation rates expected to be in place in the future which may differ

from the actual taxation rates at the time of sale.

32314 27 November 2025 4:14 pm Proof 4

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

30 CRITICAL ESTIMATES, JUDGEMENTS AND ERRORS CONTINUED

3. The need for an allowance against carrying value of investments in subsidiary and Joint Venture which are held at cost.

4. The valuation of the Aquila Services Group Plc investment which, previously listed on the London Stock Exchange, applied

to have its listing cancelled in March 2024. The carrying value at September 2025 is based on Level 3 and has been

determined by reference to the final price before cancellation.

31 ADMINISTRATIVE EXPENSES

2025

£’000

2024

£’000

Auditor’s remuneration:

Fees payable to the Company’s auditor for the audit of the annual accounts 62 60

Details of employee numbers and costs in respect of the Company, which are the same as the Group are given in note 8.

32 INVESTMENTS

Shares in

Group

undertakings

£’000

Shares in

Joint

Venture

undertaking

£’000

Listed

investments

£’000

Unlisted

investments

£’000

Total

£’000

At beginning of year 2,739 545 549 115 3,948

Disposals – – (112) – (112)

Revaluation of investments – – (14) – (14)

At end of year 2,739 545 423 115 3,822

Group undertakings

The Company’s investments in Group undertakings, all of which are incorporated in England and Wales, are as follows:

Issued share

capital held Type of shares held Activity

First Choice Estates plc 100% Ordinary shares of £1 each Property development

Thames Valley Retirement Homes Limited 10 0% Ordinary shares of £1 each Property development

Village Residential plc 100% Ordinary shares of 10p each Dormant

Land Bureau Limited 100% Ordinary shares of £1 each Dormant

Campmoss Property Company Limited 47.62% Ordinary shares of £1 each Property investment

Campmoss Property Developments Limited 47.62% Ordinary shares of £1 each Property development

All of the above undertakings have been included within the consolidated financial statements. All of the above undertakings

registered office is 56 Station Road, Egham, Surrey, TW20 9LF. The dormant companies accounts are unaudited.

Further information on listed investments and our Joint Venture, Campmoss Property Company Limited, is included in note 15

to the consolidated financial statements.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

33 DEBTORS

2025

£’000

2024

£’000

Trade debtors 194 72

Other debtors 10 21

Prepayments and accrued income 348 203

552 296

The Company applies the IFRS 9 simplified approach to measuring expected credit losses (‘ECL’) which uses lifetime expected

loss allowance for all trade receivables. The expected loss rates are based on management assessment of historical losses from

tenants which has been very low. Due to this, management believe there is no further credit risk provision required in excess of

normal provision for doubtful receivables.

34 CREDITORS

2025

£’000

2024

£’000

Rents received in advance 104 109

Trade creditors 8 34

Amounts owed to subsidiary undertakings 4,583 4,461

Other taxes and social security 52 42

Other creditors 243 201

Accruals and deferred income 74 53

5,064 4,900

Amounts owed to subsidiary undertakings are unsecured and are not supported by collateral and are non-interest bearing.

35 DEFERRED TAX LIABILITY

Deferred taxation

2025

£’000

2024

£’000

At beginning of year 77 77

(Credit)/charge for the year in the profit and loss account 1 –

At end of year 78 77

Provision has been made for deferred taxation as follows:

2025

£’000

2024

£’000

Difference between accumulated depreciation and amortisation and capital allowances 78 77

Deferred tax liability 78 77

Deferred tax is estimated using an effective tax rate of 25% (2024: 25%)

32314 27 November 2025 4:14 pm Proof 4

36 INVESTMENT PROPERTY FAIR VALUE RESERVE

2024

£’000

2024

£’000

At beginning of year 2,069 2,092

Fair value movement in year (5) (23)

At end of year 2,064 2,069

37 OTHER RESERVES

Fair value

reserve

£’000

Capital

redemption

reserve

£’000

Merger

reserve

£’000

Total

£’000

At 30 September and 1 October 2023 (53) 544 1,869 2,360

Fair value movement on property held for own use (5) – – (5)

Revaluation of equity investments at FVOCI (15) – – (15)

Purchase of own shares – 2 – 2

At 30 September and 1 October 2024 (73) 546 1,869 2,342

Revaluation of equity investments at FVOCI (14) – – (14)

Purchase of own shares – 7 – 7

At 30 September 2025 (87) 546 1,869 2,335

The capital redemption reserve arises from the transfer from share capital of the nominal value of shares purchased for

cancellation from the purchase of own shares and the merger reserves arise from the acquisition of subsidiaries.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the Annual General Meeting of The Cardiff Property Public Limited Company will be held at 56

Station Road, Egham, Surrey TW20 9LF on Thursday15th January 2026 at 12 noon, for the following purposes:

ORDINARY BUSINESS

1. To receive the reports of the Directors and auditor and the financial statements for the year ended 30 September 2025.

2. To approve the remuneration report for the year ended 30 September 2025 including the remuneration policy.

3. To declare a final dividend to be paid on 30 January 2026.

4. To re-elect as a Director, Karen L Chandler who retires by rotation.

5. To re-appoint MHA as auditor of the Company and to authorise the Directors to determine its remuneration.

SPECIAL BUSINESS

To consider and, if thought fit, to pass resolution 6 as an ordinary resolution and resolutions 7 and 8 as special resolutions.

6. That the Directors be generally and unconditionally authorised pursuant to section 551 of the Companies Act 2006 to

exercise all the powers of the Company to allot, grant options over or otherwise deal with or dispose of the unissued share

capital of the Company provided that the authority hereby given:

(a) shall be limited to unissued shares in the share capital of the Company having an aggregate nominal value of £66,961;

and

(b) shall expire at the end of the next Annual General Meeting of the Company unless previously renewed or varied save

that the Directors may, notwithstanding such expiry, allot, grant options over or otherwise deal with or dispose of any

shares under this authority in pursuance of an offer or agreement so to do made by the Company before the expiry of

this authority.

SPECIAL RESOLUTIONS

7. Subject to the passing of the preceding ordinary resolution the Directors be and they are hereby empowered pursuant to

section 570 and section 573 of the Companies Act 2006 to allot equity securities (as defined in section 560 of that Act) for

cash pursuant to the authority conferred in that behalf by the preceding ordinary resolution, as if section 561(1) of that Act

did not apply to any such allotment, provided that this power shall be limited:

(a) to the allotment of equity securities in connection with a rights issue in favour of ordinary shareholders where the equity

securities respectively attributable to the interests of all ordinary shareholders are proportionate (as nearly as may be) to

the respective numbers of ordinary shares held by them subject only to such exclusions or other arrangements as the

Directors may deem necessary or expedient to deal with fractional entitlements; and

(b) to the allotment (otherwise than pursuant to subparagraph (a) above) of equity securities up to an aggregate nominal

amount of £10,044 representing 5% of the present issued share capital of the Company;

and shall expire on the date of the next Annual General Meeting of the Company or 15 months from the passing of this

resolution, whichever is the earlier, save that the Company may before such expiry make an offer or agreement which would

or might require equity securities to be allotted after such expiry and the Board may allot equity securities in pursuance of

such an offer or agreement as if the power conferred hereby had not expired.

32314 27 November 2025 4:14 pm Proof 4

NOTICE OF ANNUAL GENERAL MEETING (CONTINUED)

8. Pursuant to article 12(2) of the Company’s articles of association that the Company be and is hereby unconditionally and

generally authorised to make market purchases (as defined in section 693(4) of the Companies Act 2006) of ordinary shares

of 20 pence each in the capital of the Company, provided that:

(a) the maximum number of ordinary shares hereby authorised to be acquired is 150,562 representing 14.99% of the

present issued share capital of the Company;

(b) the minimum price which may be paid for such shares is 20 pence per share which amount shall be exclusive of

expenses;

an amount (exclusive of expenses) equal to 105% of the average of the middle market quotations for an ordinary share

of the Company taken from the Daily Official List of The London Stock Exchange on the ten business days immediately

preceding the day on which the share is contracted to be purchased;

(d) the authority hereby conferred shall expire at the conclusion of the next Annual General Meeting or fifteen months from

the passing of this resolution, whichever is the earlier; and

(e) the Company may make a contract to purchase its own shares under the authority hereby conferred prior to the expiry of

such authority which will or may be executed wholly or partly after the expiry of such authority and may make a purchase

of its own shares in pursuance of any such contract.

Registered office: By order of the Board

56 Station Road

Egham K Chandler FCA

Surrey Secretary

TW20 9LF

26 November 2025

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

Notes

1. A member entitled to attend and vote at the above meeting is entitled to appoint a proxy to exercise all or any of their rights

to attend, speak and vote on his/her behalf at the meeting. A proxy need not be a member of the company.

2. You may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares. You

may not appoint more than one proxy to exercise rights attached to any one share. To appoint more than one proxy you may

photocopy the form of proxy. Please indicate the proxy holder’s name and the number of shares in relation to which they

are authorised to act as your proxy (which, in aggregate, should not exceed the number of shares held by you). Please also

indicate if the proxy instruction is one of multiple instructions being given. All forms must be signed and should be returned

together in the same envelope.

3. A form of proxy accompanies this notice. Forms of proxy, to be valid, must be delivered to Neville Registrars Limited at

Neville House, Steelpark Road, Halesowen B62 8HD in accordance with the instructions printed thereon, not less than 48

hours before the time appointed for the holding of the meeting. As an alternative to returning a hard copy Form of Proxy,

you may submit your proxy electronically at www.sharegateway.co.uk by using the Personal Proxy Registration Code as

shown on the Form of Proxy. Shareholders can use this service to vote or appoint a proxy online. The same voting deadline

of at least 48 hours before the time appointed for holding the meeting or adjourned meeting (as the case may be) applies. If

you need help with voting online, please contact our Registrars, Neville Registrars Limited +(0) 121 585 1131 or via email at

info@nevilleregistrars.co.uk.

4. CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may

do so by utilising the procedures described in the CREST Manual. CREST Personal Members or other CREST sponsored

members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor

or voting service provider(s), who will be able to take the appropriate action on their behalf. In order for a proxy appointment

made by means of CREST to be valid, the appropriate CREST message must be transmitted so as to be received by

the Company’s agent, Neville Registrars (whose CREST ID is 7RA11) by the specified latest time(s) for receipt of proxy

appointments. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to

the message by the CREST Applications Host) from which the Company’s agent is able to retrieve the message by enquiry

to CREST in the manner prescribed. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set

out in Regulation 35(5)(A) of the Uncertificated Securities Regulations 2001.

5. If you are not a member of the company but you have been nominated under section 146 of the Companies Act 2006 (the

‘Act’) by a member of the company to enjoy information rights, you do not have the rights of members in relation to the

appointment of proxies set out in notes 1, 2 and 3. The rights described in those notes can only be exercised by members

of the company.

6. A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against

the resolution. If you either select the “Withheld” option or if no voting indication is given, your proxy will vote or abstain

from voting at his or her discretion. Your proxy will vote (or abstain from voting) as he or she thinks fit in relation to any other

matter which is put before the meeting.

7. Information regarding the meeting, including the information required by section 311A of the Act, is available from www.

cardiff-property.com.

8. As provided by Regulation 41 of the Uncertificated Securities Regulations 2001, only those members registered in the

in respect of the number of shares registered in their name at that time. Changes to entries on the relevant register of

securities after that time shall be disregarded in determining the rights of any person to vote at the meeting.

9. As at 18:00 hours on 26 November 2025, the company’s issued share capital comprised 1,003,500 ordinary shares of 20

pence each. Each ordinary share carries the right to one vote at a general meeting of the company and, therefore, the total

number of voting rights in the company at 18:00 hours on 26 November 2025 is 1,003,500.

10. Under section 319A of the Act, the company must answer any question you ask relating to the business being dealt with

at the meeting unless (a) answering the question would interfere unduly with the preparation for the meeting or involve

the disclosure of confidential information; (b) the answer has already been given on a website in the form of an answer to

a question; or (c) it is undesirable in the interests of the company or the good order of the meeting that the question be

answered.

NOTICE OF ANNUAL GENERAL MEETING (CONTINUED)

32314 27 November 2025 4:14 pm Proof 4

11. If you are a person who has been nominated under section 146 of the Act to enjoy information rights (a ‘Nominated

Person’), you may have a right under an agreement between you and the member of the company who has nominated

you to have information rights (a ‘Relevant Member’) to be appointed or to have someone else appointed as a proxy for the

meeting. If you either do not have such a right or if you have such a right but do not wish to exercise it, you may have a right

under an agreement between you and the Relevant Member to give instructions to the Relevant Member as to the exercise

of voting rights. Your main point of contact in terms of your investment in the company remains the Relevant Member (or,

perhaps, your custodian or broker) and you should continue to contact them (and not the company) regarding any changes

or queries relating to your personal details and your interest in the company (including any administrative matters). The only

exception to this is where the company expressly requests a response from you.

12. Members satisfying the thresholds in section 338 of the Act may require the company to give, to members of the company

entitled to receive notice of the Annual General Meeting, notice of a resolution which those members intend to move (and

which may properly be moved) at the Annual General Meeting. A resolution may properly be moved at the Annual General

Meeting unless (i) it would, if passed, be ineffective (whether by reason of any inconsistency with any enactment or the

company’s constitution or otherwise); (ii) it is defamatory of any person; or (iii) it is frivolous or vexatious. The business which

may be dealt with at the Annual General Meeting includes a resolution circulated pursuant to this right. A request made

pursuant to this right may be in hard copy or electronic form, must identify the resolution of which notice is to be given,

must be authenticated by the person(s) making it and must be received by the company not later than 6 weeks before the

date of the Annual General Meeting.

13. Members satisfying the thresholds in section 338A of the Act may request the company to include in the business to be

dealt with at the Annual General Meeting any matter (other than a proposed resolution) which may properly be included

in the business at the Annual General Meeting. A matter may properly be included in the business at the Annual General

Meeting unless (i) it is defamatory of any person or (ii) it is frivolous or vexatious. A request made pursuant to this right

may be in hard copy or electronic form, must identify the matter to be included in the business, must be accompanied by a

statement setting out the grounds for the request, must be authenticated by the person(s) making it and must be received

by the company not later than 6 weeks before the date of the Annual General Meeting.

14. Members satisfying the thresholds in section 527 of the Act can require the company to publish a statement on its website

setting out any matter relating to (i) the audit of the company’s accounts (including the auditor’s report and the conduct of

the audit) that are to be laid before the Annual General Meeting; or (ii) any circumstances connected with an auditor of the

company ceasing to hold office since the last Annual General Meeting, which the members propose to raise at the meeting.

The company cannot require the members requesting the publication to pay its expenses. Any statement placed on the

website must also be sent to the company’s auditor no later than the time it makes its statement available on the website.

The business which may be dealt with at the Annual General Meeting includes any statement that the company has been

required to publish on its website pursuant to this right.

15. Copies of the Directors’ service contracts will be available for inspection at the registered office of the company during usual

business hours from the date of this notice until the date of the Annual General Meeting, and also during and at least fifteen

minutes before the beginning of the Annual General Meeting.

16. The company may hold in treasury any of its own shares purchased under the authority conferred by resolution 8 above.

This would give the company the ability to reissue treasury shares and provides greater flexibility in the management of its

capital base. Any shares purchased by the company not held in treasury will be cancelled and the number of shares in issue

reduced accordingly.

NOTICE OF ANNUAL GENERAL MEETING (CONTINUED)

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

FINANCIAL CALENDAR

27 November 2025 Results announced for the year ended 30 September 2025

15 January 2026 Annual General Meeting

15 January 2026 Ex-dividend date for the final dividend

16 January 2026 Record date for the final dividend

30 January 2026 Final dividend to be paid

May 2026 Interim results for 2026 to be announced

30 September 2026 Year end

32314 27 November 2025 4:14 pm Proof 4

The production of this report supports the work of the

Woodland Trust, the UK’s leading woodland conservation

charity. Each tree planted will grow into a vital carbon store,

helping to reduce environmental impact as well as creating

natural havens for wildlife and people.

www.cardiff-property.com

THE CARDIFF PROPERTY plc

Annual Report and Financial Statements for the year ended 30 September 2025

Stock code: CDFF

Consider removing fax

The Cardiff Property plc

56 Station Road, Egham

Surrey TW20 9LF

Tel: 01784 437444