wk-2025-12-31-ixbrl

White City Property Finance PLC

Annual report and financial statements for the year ended 31 December 2025

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ContentsPage


Company information .........................................................................................................................................................	1
Strategic report ...................................................................................................................................................................	2
Directors’ report ....................................................................................................................................................................	7
Statement of directors’ responsibilities .......................................................................................................................	10
Independent auditors’ report to the members of White City Property Finance PLC ..................................	11
Statement of comprehensive income ...........................................................................................................................	19
Statement of changes in equity ......................................................................................................................................	20
Statement of financial position .......................................................................................................................................	21
Statement of cash flows ....................................................................................................................................................	22
Notes to the financial statements ..................................................................................................................................	23

White City Property Finance PLC

Company number: 05342887

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Company information

Directors

CSC Directors (No.3) Limited

CSC Directors (No.4) Limited

Susan Iris Abrahams

Company secretary and registered office

CSC Corporate Services (London) Limited 

5 Churchill Place

10th Floor

E14 5HU

London

Company number

05342887

(England and Wales)

Independent auditors

BDO LLP

Statutory Auditors

55 Baker Street

London

W1U 7EU

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Strategic report for the year ended 31 December 2025

The directors present the strategic report of White City Property Finance PLC (the “Company”) for the year

ended 31 December 2025.

Principal activities, business review and future developments

The Company was established as a special purpose company to raise funding by the issue of £364,850,000

5.1202 per cent commercial mortgage backed fixed rate notes due in April 2035 (the “Notes”) and to apply

the proceeds of such issuance to advance a loan (the “Loan”). The Loan is secured first by fixed and floating

charges.

On 23 March 2005 (the “Closing Date”) the Company advanced the Loan to White City Property Trustees

Limited (the “Borrower”) to finance the grant of a lease (the “Headlease”) of a property owned by the BBC

(the “Tenant”), situated at White City, London; such Headlease being granted by the BBC to the Borrower.

The Borrower and White City Property Nominees Limited (each a “Headlease Tenant”) thereafter granted a

lease (the “Underlease”) to the BBC for a term of 28 years, such rental period being from 20 March 2007 to

20 March 2035. The arrangement is to finance a sale and leaseback transaction of property owned by the

BBC. The mortgage loan is secured by first fixed and floating charges on the 999 year lease of the BBC’s

White City premises.

As at 31 December 2025 the amortised cost carrying value of the Loan amounted to £290,854,203 (2024 :

£299,658,017). The carrying value of the Notes at 31 December 2025 at amortised cost was £243,715,969

(2024: £259,445,991).

The Notes are listed on the Euronext Dublin. Claims against the Company as issuer of the Notes by

noteholders and other secured parties will be limited to the security provided by the Company. The proceeds

of realisation of the security may, after paying or providing for all prior-ranking claims, be less than the sums

due to noteholders or certain of the noteholders. In the event of a shortfall, the other assets (if any) of the

Company will not be available for payment of such shortfall. All claims in respect of such shortfall, after

realisation of or enforcement with respect to all of the security, will be extinguished and the noteholders and

other secured parties will have no further claim against the Company in respect of such unpaid amounts. As

a consequence of this the Directors believe the risk of default has been mitigated.

In the event that all amounts outstanding under the Notes should have become due and payable, and that

there is no reasonable likelihood of there being any further realisations (whether arising from the

enforcement of the Notes or otherwise) available to pay amounts outstanding under the Notes, White City

Property Holdings Limited (the parent company) will have the option, under a post-enforcement call option

(the “PECO”), to purchase all the Notes then outstanding in consideration for the payment of £0.01 in respect

of each Note. Upon the exercise of such PECO, the noteholders will cease to have any rights against the

Company.

The macroeconomic climate remains challenging for all commercial enterprises, and this in turn continues to

adversely affect the availability of credit. The Company, however, as an issuer is not impacted with regard to

its ongoing operations. Its business rationale and structure continue as originally envisaged in the offering

circular dated 23 March 2005 as detailed within the strategic and directors’ report and in the relevant notes

to the financial statements.

Results

The Statement of Comprehensive Income of the Company shows a profit for the year of £11,808,890 (2024:

£4,500,767).

The directors recognise that the Company’s accounting policies, as set out in the Notes to the Financial

Statements, in respect of derivative contracts, may result in volatility in the statement of comprehensive

income and consequent impact on the Company’s statement of financial position.

Such contracts have been put in place to hedge the Company’s exposure to indexation risk and are intended

to ensure a level of certainty surrounding cash flows.

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Strategic report for the year ended 31 December 2025 (continued)

Key performance indicators, principal risks and uncertainties

The profit after taxation for the year of £11,808,890 (2024:£4,500,767) has arisen both as a result of the

application of Financial Reporting Standard 102 (“FRS 102”), in measuring the indexation swap and re-

measurement of the Loan and interest expense payable on the Notes. The re-measurement of the Loan has

resulted in a finance income of £6,859,394 (2024: loss £530,514). The movement on the indexation swap

liability was a gain in value of £4,571,553 (2024: £2,512,599).

The movement in the Company’s investment in the Loan, as disclosed in Note 9, arises from revisions to the

future anticipated cash flows due to changes in the retail price index (“RPI”) relating to the Loan, the

expected schedule of those future repayments has been amended, which is reflected in the maturity analysis

disclosed in Note 13.

The amortised cost carrying value of the Notes at 31 December 2025 was £243,715,969 (2024:

£259,445,991).

As a result of increased volatility in the statement of comprehensive income (explained above), the directors

consider the key performance indicators to be in respect of the cash flows of the Company and the ability of

the Borrower to repay the Loan and quarterly interest.

The cash flows for the year ended 31 December 2025 as presented in the cash flow statement are in

accordance with expectations based on the level of the Company’s activity, receipts from Loan repayments

and the repayment of Notes during the year. The Borrower continues to receive rent from the Tenant and the

directors consider that there are no concerns over the continuing ability of the Borrower to repay the Loan

and quarterly interest.

The directors recognise that the Tenant is a public service broadcasting organisation whose operations are

principally regulated through a Royal Charter (the “Charter”) and an agreement between the Tenant and the

government (the “Agreement”). The Charter is intended to continue in force until 31 December 2027. The

management of this licence fee entitlement risk is detailed below in Credit risk.

Financial Instruments

The Company's operations are financed primarily by means of the Notes. The Company issued such financial

instruments to finance the advance of its Loan. The Company uses derivative financial instruments

(indexation swap contracts) to manage any indexation risk arising from the Company's source of income (the

Loan) and its sources of finance (the Notes).

The Company does not enter into speculative derivative contracts or trade in financial instruments.

The principal risks arising from the Company's financial instruments are credit risk, liquidity risk and

indexation risk. The principal nature of such risks is summarised below. The Company is exposed to risks in

relation to financial instruments up to the statement of financial position carrying value of financial assets.

Financial instruments quantitative disclosure can be found in Notes 9, 10, 11 and 13 of the financial

statements.

Macroeconomic considerations

The key future developments which the directors expect to have the greatest impact on the Company, due to

their impact on the performance of the Mortgage Loan (in particular, future cash flows and default rates),

relate to pressures resulting from uncertainty and changes in the macroeconomic environment.

The UK has faced significant economic uncertainty in recent years. As of January 2026, the Consumer Price

Index (CPI) inflation rate, as reported by the Office for National Statistics (ONS), is 3.0%. Although it has

reduced significantly since 2022 and 2023, it is still higher than the government's long-term target of 2.00%.

To mitigate the risk of inflationary spikes, the Bank of England has implemented further cuts reducing its

base rate to 3.75% as of March 2026.

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Strategic report for the year ended 31 December 2025 (continued)

Macroeconomic considerations (continued)

Additionally, the increase in employers’ National Insurance contributions from April 2025 has raised labour

costs for businesses, potentially placing upward pressure on unemployment. Furthermore, the US

administration’s decision to impose worldwide tariffs, alongside heightened geopolitical tensions (including

conflicts in the Middle East, the Russia-Ukraine war, reported US military actions and threats in Latin

America, and policy positions regarding Greenland) could disrupt global supply chains and financial markets,

thereby further compounding existing economic challenges.

These factors collectively elevate the risk that borrowers may struggle to make payments due to rising

inflation, declining income levels, or higher unemployment. While the full extent and duration of these

macroeconomic uncertainties remain unclear, there is a potential risk of financial instability within the

Company. However, as at the year-end, there has been no material impact from these macroeconomic

factors on the Company’s financial performance or cash flows.

As the Notes are a limited recourse obligation of the Company, the Company is not ultimately exposed if the

Borrowers are unable to repay the Loan.

The Company will continue to monitor the effect these macroeconomic factors have on Borrower’s ability to

service their Loan and on UK property prices, and therefore the performance of the Company.

Credit risk

The Company's business objective rests on the issue of Notes and to provide a Loan to the Borrower in order

to fund the purchase of a Headlease of a property owned by BBC and the repayment of such Notes through

the Borrower’s repayment of the Loan through proceeds of the Underlease to BBC, as explained above. While

the underlying Loan is secured by a number of first fixed charges and floating charges, the Company

considered the evaluation of an applicant's ability to service the Loan according to its terms to be the

principal factor in assessing the credit risk and the decision to lend.

As noted above, the Borrower’s loan repayments to the Company are dependent upon rental payments

received from property owned by the Tenant but leased by way of a sale and leaseback. The directors

recognise that the Tenant is a public service broadcasting organisation whose operations are principally

regulated through a Royal Charter (the “Charter”) and an agreement between the Tenant and the

government (the “Agreement”). The current Charter is intended to continue in force until 31 December 2027.

The Agreement provides a significant means for the current government or any subsequent government to

take actions relating to the Tenant, in particular in relation to its operations and funding arrangements. This

could include materially reducing the Tenant’s entitlement to collect licence fee revenue. In order to mitigate

any risk this may have for Noteholders, the Headlease (as defined in the Offering Circular) contains a break

option, exercisable by the Borrower in the event that a Trigger Event (as defined in the Offering Circular)

occurs. If a change to the Agreement or Charter constitutes or causes a Trigger Event, the Tenant will be

obliged to pay a termination amount to the Borrower which the Borrower is obliged to use to repay the Loan

and any related early termination fees.

Liquidity risk

The Company’s Loan asset is financed entirely by the issuance of the Notes. The maturity profile of the cash

flows in relation to the Notes and the Loan is substantially matched to reduce the Company’s liquidity risk.

If not otherwise redeemed or purchased and cancelled the Notes will be redeemed at their principal amounts

outstanding in April 2035.

Interest rate risk

The Borrower uses the rentals received from the Tenant to pay interest and principal repayments on the

Loan. The Company therefore receives indexed payments from the Borrower. The payments on the Notes are

subject to presuming LPI of 2.5% at inception of the Loan Notes.

The Company uses an indexation swap contract with JPMorgan Chase bank as the indexation swap

counterparty to minimise its exposure to indexation risk between its index-linked assets and its fixed rate

liabilities.

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Strategic report for the year ended 31 December 2025 (continued)

Interest rate risk (continued)

The process of uplifting the interest payments and the principal amounts is referred to as "Indexation", with

such uplifts being made by reference to an index entitled the limited price index (the "LPI") for the year of

394 (2024: 381). The LPI, which is not an official price index, is based upon the annual rate of inflation

prevailing in the United Kingdom from time to time, subject to a cap and a floor and is derived from the

Retail Price Index (“RPI”) in the United Kingdom published by the Office of National Statistics.

The interest and principal payable on the Notes are not, however, subject to Indexation. Therefore, the

Company is exposed to a mismatch between receiving payments which are adjusted for Indexation and

having to make payments under the Notes which are not adjusted for Indexation (the “Indexation risk”).

In September 2019 the UK Chancellor responded to the enquiry by the Economic Affairs Committee into the

RPI in that response it was confirmed that RPI would continue to be published. However, the basis of

calculation of RPI is widely accepted as being mathematically flawed and it is likely that it is measured may

change to make it a more accurate representation of the actual UK rate of inflation. In January 2020 there

was a further announcement made by UK Chancellor that the proposed correction should be made at a date

other than 2030, and if so, when between 2025 and 2030. It is therefore possible that there may be changes

to the Company’s RPI-Linked income from such future date as the basis of calculation is changed. However,

rents subject to RPI review should still track UK inflation, albeit without a mathematical flaw.

Section 172 statement

Section 172(1) of Companies Act 2006 requires the directors to act in the way they consider, in good faith,

would be most likely to promote the success of the Company for the benefit of its members as a whole, and

in doing so have regard (amongst other matters) to:

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

As a special purpose vehicle, the governance structure of the Company is such that the key policies have

been predetermined at the time of issuance. The directors have had regards to the matters set out in section

172(1) of Companies Act 2006 as follows:

With reference to the likely consequences of any decision in the long term, the transaction documents have

been formulated to achieve the Company’s purpose and business objectives, safeguard the assets and

promote the success of the Company with a long-term view and in accordance with relevant securitisation

legislation.

The matters set out in subsections (b)–(f) have limited or no relevance to the Company for the following

reasons:

a. The Company has no employees;

b. The Company has appointed various professional third parties to perform certain roles governed by

the transaction documents;

c. As a special purpose vehicle, the Company has no physical presence or operations and accordingly

has minimal impact on the community and the environment; and

d. The Company has a sole member with the issued shares all held on a discretionary trust basis for

charitable purposes.

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Strategic report for the year ended 31 December 2025 (continued)

Capital management

The Company is not subject to any external capital requirements except for the minimum requirement under

the Companies Act 2006. The Company has not breached the minimum requirement.

The strategic report was approved and authorised for issue by the board and signed on its behalf by:

On behalf of the Board

Raheel Khan

per Pro CSC Directors (No.3) Limited

As Director

24 April 2026

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Directors’ report for the year ended 31 December 2025

The directors present their annual report together with the audited financial statements of the Company for

the year ended 31 December 2025.

Going concern

The Company is only obliged to pay interest and principal to the noteholders to the extent that it has such

funds available to it. However there is a risk that full repayment may not be made on the agreed dates. As

explained above, there is a PECO in place to mitigate the risk for the Company in such circumstance.

The ability of the Company to meet its obligations on the Notes and to meet its operating and administrative

expenses is dependent principally on the performance of the Loan. The Notes are a limited recourse

obligation of the Company, secured over the Loan, and the Company’s ability to pay amounts due on the

Notes are, in substance, limited to the application of the receipts from the Loan under the terms of the

priority of payments.

The Note payments (interest and principal repayments) during the next twelve months are expected to be

funded from Loan cash receipts (interest and principal receipts) from the borrower and the directors consider

that the Company will continue to be able to meets its liabilities as they fall due. Regarding the principal Loan

receipts, £33,846,786 are classified as current assets, and £257,007,417 are classified as fixed assets at

31 December 2025.

During the going concern period (ie 12 months from the date of these financial statements) the ability of the

Issuer to make payments of interest on and repayments of principal of the Notes will be dependent, during

the rental period, on the BBC making the required rent payments. On the occurrence of a Trigger Event, the

borrower will, under the terms of the Headlease, have the option to determine the Headlease in which case

the BBC will pay to the Borrower compensation equal to the greater of the aggregate of the amount the

Borrower is required to pay to repay and discharge all principal, interest and other monies due and payable

pursuant to the Finance Documents and to pay the Lump Sum Compensation Payment; and then market

value of the Headlease (reduced to take account of the residual share of the BBC in relation to such market

value), less, in either case, the amounts standing to the credit of the Borrower Accounts as at the date of

termination.

After making enquiries regarding the quality of assets and liquidity facilities in place and the PECO, the

directors have formed a judgement, at the time of approving the financial statements, that there is a

reasonable expectation that the Company has adequate resources to continue in operational existence for the

foreseeable future, and no indications the PECO or trigger event will occur within the next 12 months.

For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

The directors have assessed the entity’s ability to continue as a going concern at least 12 months from the

date the financial statements are authorised for issue.

Corporate governance

The directors have been charged with governance in accordance with the transaction documents describing

the structure and operation of the transaction. The governance structure of the Company is such that the key

policies have been predetermined at the time of issuance and the operational roles have been assigned to

third parties with their roles governed by the transaction documents.

The transaction documents provide for procedures that have been designed for safeguarding assets against

unauthorised use or disposition, for maintaining proper accounting records, and for the reliability and

usefulness of financial information used within the business or for publication. Such procedures are designed

to manage rather than eliminate the risk of failure to achieve business objectives whilst enabling them to

comply with the regulatory obligations.

Due to the nature of the securities which have been issued on the Irish Stock Exchange, the directors are

satisfied that there is no requirement to publish a corporate governance statement as the Company is largely

exempt from the disclosure requirements of The Irish Corporate Governance Annex and the provisions of the

UK Corporate Governance Code.

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Directors’ report for the year ended 31 December 2025 (continued)

Issue of shares

The issued share capital consists of £12,502 comprising 50,000 ordinary shares of £1 each with two shares

being fully paid and 49,998 shares being quarter paid.

Directors

The directors of the Company who were in office during the year and up to the date of signing the financial

statements were:

CSC Directors (No.3) Limited

CSC Directors (No.4) Limited

Susan Iris Abrahams

None of the directors have any beneficial interest in the ordinary share capital of the Company (2024: none).

None of the directors had any interest during the year in any material contract or arrangement with the

Company (2024: none).

The directors do not recommend the payment of a dividend (2024: £nil).

Third party indemnities

Qualifying third party indemnity provisions for the benefit of the directors were in force during the year under

review and remain in force as at the date of approval of the annual report and financial statements.

Company secretary

CSC Corporate Services (London) Limited  served as the company secretary during the year, and

subsequently.

Events occurring after the reporting date

There have been no significant events affecting the Company since end of the reporting period.

Financial risk management objectives

Financial risk including associated financial risks such as credit risk, liquidity risk, currency risk and

indexation risk have all been disclosed in the Strategic Report.

Statement of disclosure of information to auditors

The directors confirm that:

a) so far as the directors are aware, there is no relevant information of which the Company’s auditors

are unaware; and

b) each director has taken all the steps that they ought to have taken as directors in order to make

themselves aware of any relevant audit information and to establish that the Company’s auditors are

aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418(2) of

the Companies Act 2006.

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Directors’ report for the year ended 31 December 2025 (continued)

Independent auditors

The auditors, BDO LLP, have expressed their willingness to continue in office, pursuant to section 489 of the

Companies Act 2006, and a resolution for their reappointment will be proposed at the forthcoming annual

general meeting.

On behalf of the Board

Raheel Khan

per Pro CSC Directors (No.3) Limited

As Director

24 April 2026

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Statement of directors’ responsibilities in respect of the financial statements

The directors are responsible for preparing the Strategic report, the Directors’ report and the financial

statements in accordance with applicable law and regulations.

Company law (the “Companies Act 2006”) requires the directors to prepare financial statements for each

financial year. Under that law the directors have elected to prepare the financial statements in accordance

with United Kingdom Accounting Practice (United Kingdom Accounting Standards and applicable law),

including Financial Reporting Standard 102, The Financial Reporting Standard Applicable in the UK and

Republic of Ireland (FRS 102).

Under company law the directors must not approve the financial statements unless they are satisfied that

they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company

for that year. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable United Kingdom Accounting Standards, including FRS 102 have been

followed, subject to any material departures disclosed and explained in the financial statements; 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 Company’s transactions and disclose with reasonable accuracy at any time the financial position of the

Company and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps

for the prevention and detection of fraud and other irregularities.

On behalf of the Board

Raheel Khan

per Pro CSC Directors (No.3) Limited

As Director

24 April 2026

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Independent auditors’ report to the members of White City Property Finance PLC

Report on the audit of the financial statements

Opinion

In our opinion:

• the financial statements give a true and fair view of the state of the Company’s affairs as at 31

December 2025 and of the Company’s profit and the Company’s cash flows for the year then ended;

• the 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.

We have audited the financial statements of White City Property Finance Plc (the ‘Company’) for the year

ended 31 December 2025 which comprise of the following:

Statement of comprehensive income

Statement of changes in equity

Statement of financial position

Statement of cash flows

Notes to the financial statements

A summary of significant accounting policies

The financial reporting framework that has been applied in the preparation of the Company financial

statements is applicable law and United Kingdom Accounting Standards, including Financial Reporting

Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom

Generally Accepted Accounting Practice).

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’s responsibilities for the audit of the financial statements section of our report. We believe that the

audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Company 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 entities,

and we have fulfilled our other ethical responsibilities in accordance with these requirements.

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 Company’s ability to continue to adopt the going concern basis of accounting included:

• Reviewing the forecasted cash flows that support the Directors’ assessment of going concern for

mathematical accuracy and challenging the assumptions by checking whether they are in line with

our expectations based on our understanding of the Company and historical payment dates of

principal and interest;

• Evaluating whether there were any events of default on the principal and interest in accordance with

the contractual agreements of the Loan and the commercial mortgage-backed fixed rate notes listed

on the stock exchange by agreeing the current year cash flows and post year end cash flows to

custodian bank’s quarterly cash managers reports;

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Independent auditors’ report to the members of White City Property Finance PLC

(continued)

• Assessing the severe but plausible downside scenarios provided by management and calculating the

impact on the future cash flows, and confirming that the Company is expected to maintain sufficient

cash reserves;

• Assessing the implications of any adverse market conditions on the Indexation Swap by reviewing the

Directors’ assessment of the assumptions around inflation rates used and whether these assumptions

are reasonable by reference to market data;

• Assessing the financial stability of the BBC as the tenant by reviewing their latest financial

statements, in relation to key ratios, as well as understanding their licencing agreements, which

provides the BBC with their consistent stream of income;

• Assessing the liquidity at each interest payment date and whether there are sufficient cash reserves

to meet the obligation;

• Evaluating the legal agreements where in the event of amounts outstanding becoming due and

payable the parent company will have the option, under a post-enforcement call option (the “PECO”)

to purchase all outstanding Notes and noteholders will cease to have any rights against the

Company; and

• Assessing the completeness and accuracy of disclosures in relation to going concern and whether

significant judgements have been appropriately disclosed.

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 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. However, because not all future events or conditions can be predicted, this statement is not a

guarantee as to the Company’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the

relevant sections of this report.

Overview

An overview of the scope of our audit

Our audit was scoped by obtaining an understanding of the Company and its environment, the applicable

financial reporting framework and the Company’s system of internal control. We identified and assessed the

risks of material misstatement of the Company financial statements. We then applied professional judgement

to focus our audit procedures on the areas that posed the greatest risks to the financial statements. We

continually assessed risks throughout our audit, revising the risks where necessary, with the aim of reducing

the risk of material misstatement to an acceptable level, in order to provide a basis for our opinion.

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Independent auditors’ report to the members of White City Property Finance PLC

(continued)

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, including those 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.


Key audit matter		How the scope of our audit responded to the risk
Valuation of the loan receivable Refer to accounting policies in Note 1 & Note 9.	The valuation of the loan receivable is considered to be a significant risk and key audit matter as, given its size relative to other information in the financial statements, as well as the complexity of the underlying calculations, there is a risk that any misstatement may be material to the financial statements. In accordance with Section 11 of Financial Reporting Standard (FRS) 102, the provisions of International Accounting Standard (IAS) 39 have been adopted in full with respect to the recognition and measurement of financial instruments. The loan receivable is measured at amortised cost using the Effective Interest Rate (EIR) method. The valuation requires a significant degree of estimation in relation to the future inflation rates used in the loan amortisation model. There is a risk that the loan asset may be overvalued due to the use of inappropriately high inflation rates, which would over-estimate the future cash flows that are expected to be received from the financial asset. In addition, the loan asset may be calculated incorrectly due to the application of incorrect or inconsistent formulae in the amortisation schedule.	Our procedures included the following: • We assessed the valuation of the loan receivable against the applicable criteria outlined in IAS 39. • We evaluated the reasonableness of management’s assumptions regarding future inflation rates used in the amortised cost model. This included obtaining a range of independent external inflation forecasts from reputable economic and financial institutions, comparing these to management’s assumptions, and assessing whether management’s selected rate fell within a reasonable range of these alternative market expectations. • We assessed the internal consistency of inflation assumptions applied within the loan movement model and those in the fair value of the indexation swap. • We tested the actual cash flows by agreeing them to quarterly borrower manager reports and bank statements. • We verified that the loan amortisation model correctly incorporates all relevant agreement terms and inputs by validating the inputs such as the original EIR, and tested mathematical accuracy of the model output by recalculating the valuation of the loan and re- performing the amortised cost calculation. Key observations: Based on the procedures performed, we have concluded that the estimates and judgements made in the valuation of the loan receivable are reasonable.

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Independent auditors’ report to the members of White City Property Finance PLC

(continued)


Valuation of the indexation swap Refer to accounting policies in Note 1 & Note 13	Valuation of the indexation swap as disclosed in Note 13 is considered to be a significant risk and key audit matter. The swap contains index-linked features with a cap and floor and derives its value from the UK inflation rates, requiring the use of complex valuation models and forward-looking economic assumptions. The fair value calculation involves significant judgement, particularly in respect of inflation assumptions and the modelling of capped and floored cash flows. Due to this complexity, management engaged an external valuation expert to assist with the valuation. As a result, there is heightened risk that the swap could be misstated due to inappropriate assumptions or model inputs, leading to an over or understatement of its fair value.	Our procedures to assess the fair value of the indexation swap included the following: • We used our own valuation experts to independently calculate the valuation of the swap, including the projected indexed cash flows and cap and floor mechanics, and assessed the appropriateness of the valuation methodology applied under FRS 102 against the swap contract. • We assessed the inflation rate assumptions by comparison to independently obtained external economic and market data. • We evaluated the competence, capabilities and objectivity of management’s expert that performed the valuation. Key observations: Based on the procedures performed, we have concluded that the estimates and judgements made in the valuation of the indexation swap are reasonable.

Our application of materiality

We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of

misstatements. We consider materiality to be the magnitude by which misstatements, including omissions,

could influence the economic decisions of reasonable users that are taken on the basis of the financial

statements.

In order to reduce to an appropriately low level the probability that any misstatements exceed materiality,

we use a lower materiality level, performance materiality, to determine the extent of testing needed.

Importantly, 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.

Based on our professional judgement, we determined materiality for the financial statements as a whole and

performance materiality as follows:

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Independent auditors’ report to the members of White City Property Finance PLC

(continued)


	Company financial statements
	2025 £	2024 £
Materiality	5,837,000	6,010,000
Basis for determining materiality	2.0% of Total Assets
Rationale for the benchmark applied	The Company is a special purpose vehicle set up to raise funding from the issuance of commercial mortgage-backed floating rate notes and to apply the proceeds of such issuance to advance a loan to a third party. As a result, the mortgage loan asset is a significant consideration in the financial reporting process and deemed to be of key importance to the users of the financial statements. For an established special purpose vehicle with no history of missed loan repayments, a base line percentage of up to 2.0% total assets is a typical benchmark.
Performance materiality	4,377,000	4,507,000
Basis for determining performance materiality	75% of Materiality
Rationale for the percentage applied for performance materiality	Performance Materiality is determined using a weighted average level based on our assessment of a range of risk factors including the overall control environment and history of misstatements.

Reporting threshold

We agreed with the Audit Committee that we would report to them all individual audit differences in excess

of £291,000 (2024: £300,000). We also agreed to report differences below this threshold that, in our view,

warranted reporting on qualitative grounds

Other information

The Directors are responsible for the other information. The other information comprises the information

included in the ‘Annual Report and audited financial statements’ other than the financial statements and our

auditor’s report thereon. Our opinion on the financial statements does not cover the other information and,

except to the extent otherwise explicitly stated in our report, we do not express any form of assurance

conclusion thereon. 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.

Other Companies Act 2006 reporting

Based on the responsibilities described below and our work performed during the course of the audit, we are

required by the Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described

below.

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Independent auditors’ report to the members of White City Property Finance PLC

(continued)


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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors’ report.
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 Company, or returns adequate for our audit have not been received from branches not visited by us; or • the Company financial statements are not in agreement with the accounting records and returns; or • certain disclosures of Directors’ remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Statement of Directors’ responsibilities, 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 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 Company or to cease

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

Auditor’s 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 the aggregate, they could

reasonably be expected to influence the economic decisions of users taken on the basis of these financial

statements.

However, the primary responsibility for the prevention and detection of fraud rests with both those charged

with governance of the Company and management.

Extent to which the audit was 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. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below:

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Independent auditors’ report to the members of White City Property Finance PLC

(continued)

Non-compliance with laws and regulations

Based on:

• Our understanding of the Company and the industry in which it operates;

• Discussion with management and those charged with governance; and

• Obtaining an understanding of the Company’s policies and procedures regarding compliance with

laws and regulations.

We considered the significant laws and regulations to be United Kingdom Generally Accepted Accounting

Practice, the Companies Act 2006, relevant UK tax regulations and the Euronext Dublin Listing Rules.

Our procedures in respect of the above included:

• Review of minutes of meetings of those charged with governance for any instances of non-

compliance with laws and regulations;

• Review of correspondence with regulatory and tax authorities for any instances of non-compliance

with laws and regulations;

• Review of financial statement disclosures and agreeing to supporting documentation; and

• Review of legal expenditure accounts to understand the nature of expenditure incurred.

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk

assessment procedures included:

• Enquiry with management and those charged with governance regarding any known or suspected

instances of fraud;

• Obtaining an understanding of the Company’s policies and procedures relating to:

◦ Detecting and responding to the risks of fraud; and

◦ Internal controls established to mitigate risks related to fraud.

• Review of minutes of meetings of those charged with governance for any known or suspected

instances of fraud;

• Discussion amongst the engagement team as to how and where fraud might occur in the financial

statements;

• Performing analytical procedures to identify any unusual or unexpected relationships that may

indicate risks of material misstatement due to fraud;

• Considering remuneration incentive schemes and performance targets and the related financial

statement areas impacted by these; and

• Evaluating management team, being the responsible individuals from CSC Corporate Services

(London) Limited’s, incentives and opportunities for fraudulent manipulation of the financial

statements (including the risk of management override of controls)

Based on our risk assessment, we considered the area most susceptible to fraud to be management override

of controls.

Our procedures in respect of the above included:

• We evaluated if there were any significant transactions that were unusual or outside the course of

normal business as part of our response to the risk of management override of controls;

• We tested a sample of journal entries throughout the year, which met defined risk criteria, by

agreeing to supporting documentation; and

• We also assessed significant estimates in relation to future inflation rates made by management

which has been applied in the valuation of the loan receivable and indexation swap for indication of

management bias as set out in the key audit matters above.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement

team members who were all deemed to have appropriate competence and capabilities and remained alert to

any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements,

recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not

detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery,

misrepresentations or through collusion. There are inherent limitations in the audit procedures performed

and the further removed non-compliance with laws and regulations is from the events and transactions

reflected in the financial statements, the less likely we are to become aware of it.

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Independent auditors’ report to the members of White City Property Finance PLC

(continued)

A further description of our responsibilities is available on the Financial Reporting Council’s website at:

www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of

the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s

members those matters we are required to state to them in 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

Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we

have formed.

Jamie Smith (Senior Statutory Auditor)

For and on behalf of BDO LLP, Statutory Auditor

Bristol, UK

24 April 2026

BDO LLP is a limited liability partnership registered in England and Wales (with registered number

OC305127).

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Statement of comprehensive income for the year ended 31 December 2025


		Year ended 31 December 2025	Year ended 31 December 2024
	Note	£	£

Interest receivable and similar income	3	24,352,208	20,092,937
Interest payable and similar expenses	4	(12,938,781)	(14,388,477)
Net interest income		11,413,427	5,704,460

Operating expenses		(431,767)	(480,467)
Movement in fair value of derivatives	5	827,230	(723,226)
Profit before taxation	6	11,808,890	4,500,767

Tax on profit	8	—	—
Profit for the financial year		11,808,890	4,500,767
Total other comprehensive income		—	—
Total comprehensive profit for the financial year		11,808,890	4,500,767

All amounts relate to continuing activities.

The accompanying notes on pages 23 to 36 are an integral part of these financial statements.

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Statement of changes in equity for the year ended 31 December 2025


	Called up share capital	Profit and loss account	Total shareholders' deficit
	£	£	£
Balance as at 1 January 2024	12,502	(16,667,285)	(16,654,783)
Total comprehensive profit for the financial year	—	4,500,767	4,500,767
Balance as at 31 December 2024	12,502	(12,166,518)	(12,154,016)

Total comprehensive profit for the financial year	—	11,808,890	11,808,890
Balance as at 31 December 2025	12,502	(357,628)	(345,126)

The accompanying notes on pages 23 to 36 are an integral part of these financial statements.

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Statement of financial position as at 31 December 2025


		31 December	31 December
		2025	2024
	Note	£	£
Non-current assets
Loan	9	257,007,417	267,106,178

Current assets
Debtors	10	34,036,791	32,578,481
Cash at bank and in hand		837,215	855,433
		34,874,006	33,433,914

Creditors: amounts falling due within one year	11	(32,302,146)	(31,748,477)
Net current assets		2,571,860	1,685,437

Total assets less current liabilities		259,579,277	268,791,615

Creditors: amounts falling due after more than one year	11	(214,162,320)	(230,611,995)
Derivative - fair value		(45,762,083)	(50,333,636)
Net liabilities		(345,126)	(12,154,016)

Capital and reserves
Called up share capital		12,502	12,502
Profit and loss account		(357,628)	(12,166,518)
Total shareholders' deficit		(345,126)	(12,154,016)

The accompanying notes on pages 23 to 36 are an integral part of these financial statements.

The financial statements on pages 19 to 36 were approved and authorised for issue by the Board on 24 April

2026, and were signed on its behalf by:

Raheel Khan

per Pro CSC Directors (No.3) Limited

As Director

24 April 2026

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Statement of cash flows for the year ended 31 December 2025


		Year ended 31 December 2025	Year ended 31 December 2024
	Note	£	£
Cash flow from operating activities
Net cash outflow from operating activities	14	(570,529)	(419,770)
Tax paid		—	—
Net cash used in operating activities		(570,529)	(419,770)

Cash flow from investing activities
Redemption of Loan		25,121,580	23,580,155
Interest received on Loan		7,977,672	8,290,330
Interest received on bank balances		31,377	36,643
Net cash generated from investing activities		33,130,629	31,907,128

Cash flow from financing activities
Redemption of Notes		(15,830,413)	(14,355,264)
Interest paid on Notes		(13,003,583)	(13,766,961)
Interest (paid) on derivatives		(3,744,322)	(3,235,825)
Net cash used in financing activities		(32,578,318)	(31,358,050)

Decrease/Increase in cash in the year		(18,218)	129,308

Cash at bank and in hand at the start of the year		855,433	726,125
Cash at bank and in hand at the end of the year		837,215	855,433

The accompanying notes on pages 23 to 36 are an integral part of these financial statements.

White City Property Finance PLC

Company number: 05342887

_______________________________________________________________________________________

Notes to the financial statements for the year ended 31 December 2025

1. Accounting policies

General information

White City Property Finance PLC (the “Company”) is a public company, limited by shares, incorporated and

domiciled in the United Kingdom and registered in England and Wales. The address of its registered office is

5 Churchill Place, 10th Floor, London, E14 5HU.

Statement of compliance

The Company has adopted and is in compliance with United Kingdom Accounting Standards, Financial

Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic

of Ireland (the “FRS 102”) and the Companies Act 2006. The accounting policies which have been applied

consistently throughout the period to the Company’s financial statements are set out below. The financial

statements are prepared in sterling, which is the functional currency of the Company. All amounts in the

financial statements have been rounded to the nearest £1.

The directors have adjusted the format of the statement of comprehensive income and statement of financial

position as allowed under Companies Act 2006. In the opinion of the directors, net interest income is a more

appropriate measurement of the Company’s performance than turnover and cost of sales.

Going concern

The Company is only obliged to pay interest and principal to the noteholders to the extent that it has such

funds available to it. However there is a risk that full repayment may not be made on the agreed dates.

There is a PECO in place to mitigate the risk for the Company in such circumstance.

The ability of the Company to meet its obligations on the Notes and to meet its operating and administrative

expenses is dependent principally on the performance of the Loan. The Notes are a limited recourse

obligation of the Company, secured over the Loan, and the Company’s ability to pay amounts due on the

Notes are, in substance, limited to the application of the receipts from the Loan under the terms of the

priority of payments.

The Note payments (interest and principal repayments) during the next twelve months are expected to be

funded from Loan cash receipts (interest and principal receipts) from the borrower and the directors consider

that the Company will continue to be able to meets its liabilities as they fall due. Regarding the principal Loan

receipts, £33,846,786 (2024: £32,551,840) are classified as current assets, and £257,007,417 (2024:

£267,106,178) are classified as fixed assets at 31 December 2025.

The directors acknowledge the current market volatility arising from broader macro‑economic conditions,

including the conflict in the Middle East, reported U.S. military actions, and heightened tensions in Latin

America. After evaluating these factors, the directors have concluded that they do not affect their

assessment of the Group’s ability to continue as a going concern. The directors have further determined that

no additional disclosures are required in the financial statements.