CARDIFF PROPERTY PLC

Annual Report • Dec 7, 2025

213800GE3FA4C52C1N052024-10-012025-09-30iso4217:GBP213800GE3FA4C52C1N052023-10-012024-09-30iso4217:GBPxbrli:shares213800GE3FA4C52C1N052025-09-30213800GE3FA4C52C1N052024-09-30213800GE3FA4C52C1N052023-09-30213800GE3FA4C52C1N052023-09-30ifrs-full:IssuedCapitalMember213800GE3FA4C52C1N052023-09-30ifrs-full:SharePremiumMember213800GE3FA4C52C1N052023-09-30ifrs-full:OtherReservesMember213800GE3FA4C52C1N052023-09-30cdff:InvestmentPropertyFairValueReserveMember213800GE3FA4C52C1N052023-09-30ifrs-full:RetainedEarningsMember213800GE3FA4C52C1N052023-10-012024-09-30ifrs-full:IssuedCapitalMember213800GE3FA4C52C1N052023-10-012024-09-30ifrs-full:SharePremiumMember213800GE3FA4C52C1N052023-10-012024-09-30ifrs-full:OtherReservesMember213800GE3FA4C52C1N052023-10-012024-09-30cdff:InvestmentPropertyFairValueReserveMember213800GE3FA4C52C1N052023-10-012024-09-30ifrs-full:RetainedEarningsMember213800GE3FA4C52C1N052024-09-30ifrs-full:IssuedCapitalMember213800GE3FA4C52C1N052024-09-30ifrs-full:SharePremiumMember213800GE3FA4C52C1N052024-09-30ifrs-full:OtherReservesMember213800GE3FA4C52C1N052024-09-30cdff:InvestmentPropertyFairValueReserveMember213800GE3FA4C52C1N052024-09-30ifrs-full:RetainedEarningsMember213800GE3FA4C52C1N052024-10-012025-09-30ifrs-full:IssuedCapitalMember213800GE3FA4C52C1N052024-10-012025-09-30ifrs-full:SharePremiumMember213800GE3FA4C52C1N052024-10-012025-09-30ifrs-full:OtherReservesMember213800GE3FA4C52C1N052024-10-012025-09-30cdff:InvestmentPropertyFairValueReserveMember213800GE3FA4C52C1N052024-10-012025-09-30ifrs-full:RetainedEarningsMember213800GE3FA4C52C1N052025-09-30ifrs-full:IssuedCapitalMember213800GE3FA4C52C1N052025-09-30ifrs-full:SharePremiumMember213800GE3FA4C52C1N052025-09-30ifrs-full:OtherReservesMember213800GE3FA4C52C1N052025-09-30cdff:InvestmentPropertyFairValueReserveMember213800GE3FA4C52C1N052025-09-30ifrs-full:RetainedEarningsMember 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 01 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 4 0 m i l e s 2 0 m i l e s 1 0 m i l e s 3 0 m i l e s M40 M4 M3 M25 M25 M1 J4 J1 J1 J1 J4 J2 J16 J15 J13 J1 J12 J11 J10 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 02 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. 03 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 04 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 05 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 06 STRATEGIC REPORT CONTINUED ANALYSIS OF GROUP PROPERTY PORTFOLIO By Capital Value (%) (including property held in Inventory) 13 43 38 6 By Capital Value (%) (excluding property held in Inventory) 51 44 5 By Rental Income (%) (excluding property held in Inventory) 58 36 6 1 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. 07 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 08 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 09 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 10 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 11 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 12 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; or • 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 13 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 14 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. 15 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 16 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. 17 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: At 30 September 2025 Beneficial At 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 18 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 19 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 20 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. 21 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 22 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. 23 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 24 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. 25 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 80 90 100 110 120 130 140 150 160 170 180 Nigel D Jamieson Karen L Chandler J Richard Wollenberg 0 100 £’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 26 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 to 2025 2023 to 2024 2023 to 2023 2021 to 2022 2020 to 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 27 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 28 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 29 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 30 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. 31 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 32 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. 33 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 34 − 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 35 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 36 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 37 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 38 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 39 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 40 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. 41 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 42 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. 43 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 44 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. 45 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 46 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. 47 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 48 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 49 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 50 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. 51 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 52 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. 53 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 54 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). 55 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 56 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. 57 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 58 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. 59 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 60 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 61 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 Share capital £’000 Share 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 62 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. 63 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 64 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. 65 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 66 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) 67 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 68 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; (c) the maximum price which may be paid for such shares is, in respect of a share contracted to be purchased on any day, 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 69 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 register of members of the company 48 hours before the time set for the meeting shall be entitled to vote at the meeting 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 70 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) 71 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 72 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. 73 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 www.cardiff-property.com