Registered number: 02067510
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CANARY WHARF MANAGEMENT LIMITED
CONTENTS
CANARY WHARF MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors, in preparing this Strategic Report, have complied with section 414C of the Companies Act 2006.
The Strategic Report has been prepared for the Company and not the group of which it is a member and therefore focuses only on matters which are significant to the Company.
The Strategic Report has been prepared for the Company and not the group of which it is a member and therefore focuses only on matters which are significant to the Company.
The Company is a wholly owned subsidiary of Canary Wharf Group Investments Holdings plc (‘the Group’) and its ultimate parent undertaking is Stork HoldCo LP.
The principal activity of the Company is managing the estate and the buildings of the Canary Wharf development in London.
The principal activity of the Company is managing the estate and the buildings of the Canary Wharf development in London.
As shown in the statement of comprehensive income, the Company's profit after tax for the year was £11,600k (2024 - £11,061k). The primary drivers of the cost increase in the current year are higher staffing expenses, elevated rates, repairs and maintenance work, and general upgrades undertaken across the Estate. These cost increases are offset by a corresponding rise in revenue, reflecting the associated markup on these activities.
The statement of financial position shows the financial position at the year end and indicates that net assets were £16,601k (2024 - £50,586k). Movement attributed to dividends paid to parent company during the year.
The statement of financial position shows the financial position at the year end and indicates that net assets were £16,601k (2024 - £50,586k). Movement attributed to dividends paid to parent company during the year.
The Company has adopted Canary Wharf Group Investments Holdings plc (‘the Group’) principal risks and uncertainties monitoring and management policies. The risks and uncertainties facing the business are monitored through continuous assessment, regular formal reviews and discussion at the Canary Wharf Group Investment Holdings plc audit committee and board. Such discussion focuses on the risks identified as part of the system of internal control which highlights key risks faced by the Group and allocates specific day to day monitoring and control responsibilities as appropriate. As a member of Canary Wharf Group, the current key risks of the Company include: the current geopolitical climate and its potential impact on the economy, the financing risk, the cyclical nature of the property market, concentration risk and policy and planning risks.
As at 31 December 2025, the Company employed approximately 615 individuals across the estate. The workforce comprises office-based staff, site operatives, and management teams.
The Company has implemented a continuing programme of action with the aim of providing an inclusive working environment where all employees are treated with respect and dignity. The Group continues to keep employees informed of events relevant to their employment via a range of all staff communications. In 2023 the Group launched a new intranet homepage called The Hub allowing all staff to stay in touch with Group initiatives and what is happening around the Estate. The Group newsletter was also updated to include a broader range of Group and community information and is available on The Hub. The Group continues to hold quarterly employee town hall meetings. The Group’s employment strategy and policies are regularly reviewed to incorporate changes to legislation and ensure best practice is maintained.
A 24/7 employee voice portal is in place which allows staff to give feedback on any topic on either an anonymised or named basis. The Group also has a whistleblowing policy that has been in place since 2008 and in 2017 introduced an ethics reporting line to enable employees and agency workers/contractors to anonymously report issues to the Group for review and where appropriate resolution.
A 24/7 employee voice portal is in place which allows staff to give feedback on any topic on either an anonymised or named basis. The Group also has a whistleblowing policy that has been in place since 2008 and in 2017 introduced an ethics reporting line to enable employees and agency workers/contractors to anonymously report issues to the Group for review and where appropriate resolution.
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CANARY WHARF MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company is committed to fostering a diverse and inclusive workforce which enables the Company to hire and retain the best people. A diverse workforce brings a practical contribution to business success and in providing the highest standard of customer service to our tenants and to visitors alike. The work completed so far in creating an inclusive culture is reflected in low staff turnover and the increase in women in technical construction roles which compares favourably with external benchmarking.
The Company strives to create a working environment which is open, supportive and inclusive at every level and believes that equality of opportunity for all is fundamental to the future of the Company. All staff attend diversity training which emphasises the value of appreciating individual differences.
The Company strives to create a working environment which is open, supportive and inclusive at every level and believes that equality of opportunity for all is fundamental to the future of the Company. All staff attend diversity training which emphasises the value of appreciating individual differences.
Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that employment with the Company continues and that appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
The UK macroeconomic environment saw slow recovery with easing rates of interest and inflation over the year, this was balanced with emerging global risks around geopolitics, changes in global trade and international security, which increased the risk of macroeconomic volatility and impact on consumer sentiment.
Control measures adopted by the Group include continued engagement and support of shareholders, close monitoring of key economic indicators in the context of the Group's strategy and commitments and planning for a range of potential economic outcomes. Regular stress testing of the Group's business plan is undertaken to assess the impact of an economic downturn on operations and to ensure the Group's financial position remains resilient.
Control measures adopted by the Group include continued engagement and support of shareholders, close monitoring of key economic indicators in the context of the Group's strategy and commitments and planning for a range of potential economic outcomes. Regular stress testing of the Group's business plan is undertaken to assess the impact of an economic downturn on operations and to ensure the Group's financial position remains resilient.
Key financial risks for the Company are influenced by the broader macro-economic environment and the specific challenges facing the commercial real estate sector. Financing risk encompasses both liquidity and credit risk. The broader economic cycle inevitably leads to movements in inflation, interest rates and bond yields, all of which can impact the cost and availability of financing.
As the Company does not rely on external financing, risk is reduced. The Group mitigates this by maintaining cash flow forecasting and holding adequate cash reserves.
As the Company does not rely on external financing, risk is reduced. The Group mitigates this by maintaining cash flow forecasting and holding adequate cash reserves.
The Group’s real estate assets are currently located on or adjacent to the Estate. Although a majority of tenants have traditionally been linked to the financial services industry, this proportion has now fallen to around only 54% of tenants. Wherever possible steps are still taken to mitigate or avoid material consequences arising from this concentration.
Although the focus of the Group has been on and around the Estate, where value can be added the Group will also consider opportunities elsewhere. The Group has also reviewed current consents for development to react to changes in the market. This review has led to an increased focus on the residential build to rent sector as reflected in the composition of the master plan for the mixed-use development at Wood Wharf.
Although the focus of the Group has been on and around the Estate, where value can be added the Group will also consider opportunities elsewhere. The Group has also reviewed current consents for development to react to changes in the market. This review has led to an increased focus on the residential build to rent sector as reflected in the composition of the master plan for the mixed-use development at Wood Wharf.
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CANARY WHARF MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company recognises that risks from cyber threat actors are evolving in scale and complexity, while at the same time noting that the rapid evolution of technology and information systems, particularly around AI, will be a critical component of its continued success. The Company’s risks in this context are graded to be of medium likelihood and impact.
The Company monitors the evolution of risks and employs multilayered controls to address these, including the establishment, implementation and maintenance of appropriate policies, mandatory staff awareness training, and appropriate and proportionate cyber defences with third party providers.
The principal risks facing the Group are discussed in the Annual Report of Canary Wharf Investment Holdings Group plc, which does not form part of this report.
The Company monitors the evolution of risks and employs multilayered controls to address these, including the establishment, implementation and maintenance of appropriate policies, mandatory staff awareness training, and appropriate and proportionate cyber defences with third party providers.
The principal risks facing the Group are discussed in the Annual Report of Canary Wharf Investment Holdings Group plc, which does not form part of this report.
All of the Group’s assets are currently located within London. Appropriate contact is maintained with local and national Government, but changes in Governmental policy on planning, tax or other regulations could limit the ability of the Group to maximise the long term potential of its assets. The Group conducts continuous monitoring and impact assessments over changes to public policy and regulations. Further safeguards include the development and maintenance of appropriate Company policies, and the provision of specialised staff training against compliance requirements. Continued investment in the risk and internal controls teams provide targeted assurance over control effectiveness and alignment with best practices. On a local scale, the Group engages continually with the London Borough of Tower Hamlets council to ensure awareness of any local regulatory changes.
The Group operates in a competitive and evolving labour market, where access to skilled and diverse talent underpins the delivery of high-quality services and operations. Changing workforce expectations, increased competition for specialist skills and new ways of working continue to shape employee needs and behaviours. Maintaining a strong, inclusive culture that supports colleague development and wellbeing is therefore key to sustaining service standards, and the delivery of the Group’s strategic ambitions.
The Group fosters a positive, inclusive and engaging culture, supported by well-established policies, employee wellbeing forums, and a comprehensive programme of equity, diversity and inclusion initiatives. Recruitment processes include assessing alignment with Company values, and ongoing career development is supported by employee performance assessments and access to a Career Development Framework. Further measures include structured succession planning, and bespoke employee training to continually develop skills and uphold service quality.
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CANARY WHARF MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group delivers a complex programme of construction, engineering and maintenance across its real estate portfolio, which involve a wide range of health, safety and security risks for staff, tenants and the general public. The Canary Wharf estate has an average weekly footfall of 1.5 million people and is a significant transport hub which increases the scope of security risks which could impact the Estate. The ongoing diversification towards a mixed-use Estate and catering to a growing range of tenant groups means that the risk landscape continues to evolve.
The Group places the highest priority on the safety and security of visitors and employees alike by continuing to commit the resources required to deliver a world-class security capability. Our in-house security team is supported by market-leading technologies and a dedicated resilience team certified to ISO 22301 to manage critical incidents and minimise operational disruption.
Regular operational resilience and stress tests are carried out to validate preparedness and assure the effectiveness of response arrangements. Employees are required to undertake training on security and resilience awareness and fire awareness. In addition, the Group utilises Everbridge, a Critical Event Management platform, to support the management of critical events and enhance organisational resilience, ensuring that all staff can be contacted and located in an emergency.
The Group places the highest priority on the safety and security of visitors and employees alike by continuing to commit the resources required to deliver a world-class security capability. Our in-house security team is supported by market-leading technologies and a dedicated resilience team certified to ISO 22301 to manage critical incidents and minimise operational disruption.
Regular operational resilience and stress tests are carried out to validate preparedness and assure the effectiveness of response arrangements. Employees are required to undertake training on security and resilience awareness and fire awareness. In addition, the Group utilises Everbridge, a Critical Event Management platform, to support the management of critical events and enhance organisational resilience, ensuring that all staff can be contacted and located in an emergency.
The Board continues to demonstrate commitment to the prevention of bribery and corruption and understands the importance of maintaining a culture in which it is not acceptable at any level. An updated online bribery and corruption awareness training module was launched in the year. The Group has a Code of Business Practices and Ethics and a formal Anti Bribery and Corruption policy, which requires all directors and employees to behave with integrity and in a manner that ensures the objectives of the policies are achieved. The Group has a strict approach to maintaining high standards of finance, business principles and ethics and appropriate risk assessments are undertaken periodically.
To comply with the Modern Slavery Act 2015 the Group has established controls to combat slavery, servitude, forced or compulsory labour and human trafficking. The Group’s adopted policy and formal statement sets out the Group’s commitment to prohibiting any form of forced labour or slavery. Online anti slavery and human trafficking training is mandatory for all employees and agency workers.
The DPO and management continue to take a risk based approach to address GDPR compliance. A GDPR committee with representation from key senior personnel across the business meets periodically to discuss and communicate data protection issues. Privacy policies are published on the Group’s public facing websites. Data protection policies and procedures are in place and appropriate registers are maintained. Online mandatory GDPR refresher training has been completed by 99% of employees.
The Group also issues regular phishing simulation tests and Cyber Security training which was completed by 99% of employees.
The Group also issues regular phishing simulation tests and Cyber Security training which was completed by 99% of employees.
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CANARY WHARF MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Section 172 (1) of the Companies Act 2006 requires that a director of a Company must 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
The Board meets regularly to discuss and make decisions on matters of strategic importance to the business, to promote the long-term success of the Company and to consider the likely long-term impact of any such decisions.
In accordance with the Articles of Association the Company has by ordinary resolution appointed each of the directors. Accordingly, there is an alignment of the interests between shareholders and the Board. The Group Chief Executive Officer is also a member of the Board.
(b) the interests of the Company’s employees
The Company recognises that the engagement of employees is fundamental to the success of the business and in achieving its long-term strategy and business objectives and continues to focus on a range of initiatives to deliver an inclusive and progressive people engagement strategy. These include empowering employees to achieve their fullest potential in the workplace by offering comprehensive training and development opportunities, bi-annual appraisals and a 360-degree feedback process, and implementation of a Career Development Framework, enabling employees to identify possible progression pathways.
(c) the need to foster the Company's business relationships with suppliers, customers, and others
The Company has strong and well-established long-term relationships with its suppliers, tenants, and customers. This is evidenced by the continuation of links across the full value chain, over many years, with the full range of contractors, advisors and suppliers who interact directly with employees of the Company without the intervention of sub-contractors. Close working relationships are maintained with key suppliers, and the Group works constructively with many of them to share best practices on matters such as environmental and labour standards.
(d) the impact of the Company's operations on the community and the environment
The Group publishes an annual Corporate Responsibility report which is available on the Group website. However, in addition to the above, the Group is committed to fostering positive links within the local communities in which it works.
The Group is an established member of the Tower Hamlets Partnership Executive Group which engages with a range of local business leaders. The Group’s Personnel Department has well established links with local schools, colleges, universities and with the local job centre.
(e) the desirability of the Company maintaining a reputation for high standards of business conduct
The Group expects the highest standards of conduct from its employees, business partners and suppliers with which it engages. The Group has an established internal risk control and audit process with a range of official policies. In addition, the Internal Audit process is provided independently by Ernst & Young LLP.
The Group is fully compliant with all current GDPR laws and employment legislation.
(f) the need to act fairly between members of the Company
The Company’s articles of association may be amended by special resolution of the Company’s shareholder. The Company is a wholly owned subsidiary within the Stork HoldCo LP group of companies and is a single member company under section 123 (1) of the Companies Act 2006.
Throughout 2026 the Board will continue to review how the Group can improve engagement with its employees and stakeholders.
(a) the likely consequences of any decision in the long term
The Board meets regularly to discuss and make decisions on matters of strategic importance to the business, to promote the long-term success of the Company and to consider the likely long-term impact of any such decisions.
In accordance with the Articles of Association the Company has by ordinary resolution appointed each of the directors. Accordingly, there is an alignment of the interests between shareholders and the Board. The Group Chief Executive Officer is also a member of the Board.
(b) the interests of the Company’s employees
The Company recognises that the engagement of employees is fundamental to the success of the business and in achieving its long-term strategy and business objectives and continues to focus on a range of initiatives to deliver an inclusive and progressive people engagement strategy. These include empowering employees to achieve their fullest potential in the workplace by offering comprehensive training and development opportunities, bi-annual appraisals and a 360-degree feedback process, and implementation of a Career Development Framework, enabling employees to identify possible progression pathways.
(c) the need to foster the Company's business relationships with suppliers, customers, and others
The Company has strong and well-established long-term relationships with its suppliers, tenants, and customers. This is evidenced by the continuation of links across the full value chain, over many years, with the full range of contractors, advisors and suppliers who interact directly with employees of the Company without the intervention of sub-contractors. Close working relationships are maintained with key suppliers, and the Group works constructively with many of them to share best practices on matters such as environmental and labour standards.
(d) the impact of the Company's operations on the community and the environment
The Group publishes an annual Corporate Responsibility report which is available on the Group website. However, in addition to the above, the Group is committed to fostering positive links within the local communities in which it works.
The Group is an established member of the Tower Hamlets Partnership Executive Group which engages with a range of local business leaders. The Group’s Personnel Department has well established links with local schools, colleges, universities and with the local job centre.
(e) the desirability of the Company maintaining a reputation for high standards of business conduct
The Group expects the highest standards of conduct from its employees, business partners and suppliers with which it engages. The Group has an established internal risk control and audit process with a range of official policies. In addition, the Internal Audit process is provided independently by Ernst & Young LLP.
The Group is fully compliant with all current GDPR laws and employment legislation.
(f) the need to act fairly between members of the Company
The Company’s articles of association may be amended by special resolution of the Company’s shareholder. The Company is a wholly owned subsidiary within the Stork HoldCo LP group of companies and is a single member company under section 123 (1) of the Companies Act 2006.
Throughout 2026 the Board will continue to review how the Group can improve engagement with its employees and stakeholders.
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CANARY WHARF MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group manages its operations on a unified basis. For this reason, the Company's directors believe that key performance indicators specific to the Company are not necessary or appropriate for an understanding of the development, performance or position of its business. The performance of the group, which includes the Company, is discussed in the Annual Report of Canary Wharf Group Investment Holdings plc, which does not form part of this report.
This report was approved by the board on 28 May 2026 and signed on its behalf.
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CANARY WHARF MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £11,600 thousand (2024 - £11,061 thousand).
During the year, a final dividend of £22,792 thousand per share (total: £45,585 thousand) was declared and paid (2024 - £nil).
The directors who served during the year and up to the date of this report were:
DIRECTORS' INDEMNITIES
The company maintains directors’ liability insurance that gives appropriate cover for any legal action brought against its directors. The company has also granted indemnities to each of its directors, which represent ‘qualifying third party indemnity provisions’ (as defined by Section 234 of the Companies Act 2006), in relation to certain losses and liabilities that the directors may incur to third parties in the course of acting as directors or as employees of the company or of any associated company. Such indemnities were in place during 2025 and at the date of approval of the financial statements. Neither the indemnity nor the insurance provide cover in the event that the director is proven to have acted dishonestly or fraudulently.
The company has taken the group and subsidiary exemption from providing carbon and energy information provided by The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 as it is included in the consolidated SECR report of its parent Canary Wharf Group Investments Holdings plc (‘the Group’).
For details in respect of going concern refer to Note 2.2.
The principal risks and uncertainties of the company are contained within the Strategic Report.
The company will continue to manage the estate and the buildings of the Canary Wharf development.
Please refer to the strategic report for information on the Company's engagement with suppliers, customers and others.
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CANARY WHARF MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
The auditor, Deloitte LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 28 May 2026 and signed on its behalf.
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CANARY WHARF MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
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 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
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CANARY WHARF MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF MANAGEMENT LIMITED
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited the financial statements which comprise:
∙the statement of comprehensive income;
∙the statement of financial position;
∙the statement of changes in equity;
∙the related notes 1 to 21.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
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 are 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 Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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CANARY WHARF MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF MANAGEMENT LIMITED
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.
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 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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: http://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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
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CANARY WHARF MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF MANAGEMENT LIMITED
We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:
∙had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, and relevant tax legislation; and
∙do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
∙reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
∙reading minutes of meetings of those charged with governance.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 any material misstatements in the strategic report or the directors’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the 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.
We have nothing to report in respect of these matters.
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CANARY WHARF MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF MANAGEMENT LIMITED
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.
Statutory Auditor
London, United Kingdom
28 May 2026
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CANARY WHARF MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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CANARY WHARF MANAGEMENT LIMITED
REGISTERED NUMBER: 02067510
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 May 2026.
The notes on pages 17 to 30 form part of these financial statements.
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CANARY WHARF MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Canary Wharf Management Limited is a private company limited by shares incorporated in the UK under the Companies Act 2006 and registered in England and Wales at One Canada Square, Canary Wharf, London, E14 5AB.
The nature of the Company's operations and its principal activities are set out in the Strategic Report.
The nature of the Company's operations and its principal activities are set out in the Strategic Report.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value and in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, including FRS 102 “the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland”).
The Company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Canary Wharf Group Investment Holdings PLC, whose registered address is One Canada Square, Canary Wharf, London, E14 5AB, United Kingdom.
The Company is a parent company and has taken advantage of the exemption from preparing consolidated financial statements under section 401 of the Companies Act 2006 on the basis that the company's and its subsidiaries' results are consolidated into Canary Wharf Group Investment Holdings PLC.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see Note 3).
The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which it operates, and amounts have been presented by rounding to the nearest thousand.
The principal accounting policies have been applied consistently throughout the year and the preceding year and are summarised below:
The Company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Canary Wharf Group Investment Holdings PLC, whose registered address is One Canada Square, Canary Wharf, London, E14 5AB, United Kingdom.
The Company is a parent company and has taken advantage of the exemption from preparing consolidated financial statements under section 401 of the Companies Act 2006 on the basis that the company's and its subsidiaries' results are consolidated into Canary Wharf Group Investment Holdings PLC.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see Note 3).
The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which it operates, and amounts have been presented by rounding to the nearest thousand.
The principal accounting policies have been applied consistently throughout the year and the preceding year and are summarised below:
In assessing the going concern basis of the company the directors have considered a period of at least 12 months from the date of approval of these financial statements.
At the year end, the company was in a net asset and net current asset position.
Having made the requisite enquiries and assessed the resources at the disposal of the company, the directors have a reasonable expectation that the group and the company will have adequate resources to continue its operation for the foreseeable future, being a period of a least 12 months from the date of approval of these financial statements.
At the year end, the company was in a net asset and net current asset position.
Having made the requisite enquiries and assessed the resources at the disposal of the company, the directors have a reasonable expectation that the group and the company will have adequate resources to continue its operation for the foreseeable future, being a period of a least 12 months from the date of approval of these financial statements.
The company has taken the exemption from preparing the cash flow statement under Section 1.12(b) as it is a member of a group where the parent of the group prepares publicly available consolidated accounts which are intended to give a true and fair view.
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Interest receivable is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest receivable is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.
This comprises service charge income, including directly recoverable expenditure and any applicable management fees, recognised on a monthly basis in line with the timing, nature and value of the services provided.
Tenant services income comprises income paid by customers for services provided by the company, which includes directly recoverable expenditure together with any chargeable management fees. These services range from small maintenance work to large refurbishment projects and includes contracts for office management services.
Other income comprises promotion fund income, where tenants pay into a fund to be used for marketing of their businesses across the estate, and includes chargeable management fees.
Income from investments is recognised as the company becomes entitled to receive payment.
Dividend income from investments in companies is recognised when received or irrevocably declared.
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Assets held under finance leases which confer rights and obligations similar to those attached to owned assets are capitalised as tangible fixed assets at the value equal to the present value of minimum lease payments over the term of the lease.
The corresponding leasing commitments are shown as amounts payable to the lessor. Lease payments are apportioned between the finance charge and a reduction in the outstanding obligation for future amounts payable. The total finance charge is allocated to accounting periods over the lease term so as to produce a constant periodic charge to the remaining balance of the obligation for each accounting period.
The corresponding leasing commitments are shown as amounts payable to the lessor. Lease payments are apportioned between the finance charge and a reduction in the outstanding obligation for future amounts payable. The total finance charge is allocated to accounting periods over the lease term so as to produce a constant periodic charge to the remaining balance of the obligation for each accounting period.
Tangible fixed assets, are stated at cost less depreciation and impairment. Depreciation is calculated so as to write off the cost in equal annual instalments over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are:
Short term leasehold property: the lease term
Leasehold improvements: the shorter of the lease term or 4 years
Plant and machinery: 4 years
Fixture and fittings: 4 years
Computer equipment: 3 years
Short term leasehold property: the lease term
Leasehold improvements: the shorter of the lease term or 4 years
Plant and machinery: 4 years
Fixture and fittings: 4 years
Computer equipment: 3 years
The directors have taken advantage of the exemption in paragraph 1.12c of FRS 102 allowing the company not to disclose the summary of financial instruments by the categories specified in paragraph 11.40.
Trade and other receivables are recognised initially at transaction price. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor concerned.
Loans receivable are recognised initially at the transaction price including transaction costs. Subsequent to initial recognition, loans receivable are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the Income Statement over the period of the loan, using the effective interest method.
Where loans are subject to contractual terms and arrangements that are non-standard they are recognised initially at fair value. The fair value is assessed as the present value of most likely cash flows, subject to the limitations of the underlying terms. Any movements are recognised in the income statement.
Where loans are subject to contractual terms and arrangements that are non-standard they are recognised initially at fair value. The fair value is assessed as the present value of most likely cash flows, subject to the limitations of the underlying terms. Any movements are recognised in the income statement.
Cash and cash equivalents comprise cash balances, deposits held with banks and other short term highly liquid investments with original maturities of 3 months or less, which are held for the purpose of meeting short term cash commitments.
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Trade and other creditors are stated at cost.
Standard loans payable are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, loans payable are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the loan, using the effective interest method.
Subsequent to initial recognition, loans payable are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the loan, using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash flows (including all fees that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability.
Where loans are subject to contractual terms and arrangements that are non-standard they are carried at fair value. The fair value is assessed as the present value of most likely cash flows, subject to the limitations of the underlying terms. Any movements are recognised in the income statement.
Subsequent to initial recognition, loans payable are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the loan, using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash flows (including all fees that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability.
Where loans are subject to contractual terms and arrangements that are non-standard they are carried at fair value. The fair value is assessed as the present value of most likely cash flows, subject to the limitations of the underlying terms. Any movements are recognised in the income statement.
The company operates a defined contribution pension scheme. Contributions in respect of this scheme are expensed as they fall due.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing difference. Deferred tax relating to investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expenses or income.
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The preparation of financial statements also requires use of judgements, apart from those involving estimation, that management makes in the process of applying the entity’s accounting policies.
For the year ended 31 December 2025, there were no items which the directors believe are significant to the financial statements.
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company is a member of a REIT headed by Stork Holdings Limited. As a consequence all qualifying property rental business is exempt from corporation tax. Only income and expenses relating to non-qualifying activities will continue to be taxable.
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The company provides its employees with a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge, which amounted to £3,396k for the year (2024 - £3,038k), represents contributions payable by the company to the scheme. At the year end, £nil liability (2024 - £nil) was outstanding in respect of pension contributions.
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CANARY WHARF MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company's immediate parent undertaking is Canary Wharf Limited.
As at 31 December 2025, the smallest group of which the company is a member and for which group financial statements are drawn up is the consolidated financial statements of Canary Wharf Group Investment Holdings plc. Copies of the financial statements may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London E14 5AB.
The largest group of which the company is a member for which group financial statements are drawn up is the consolidated financial statements of Stork HoldCo LP, an entity registered in Bermuda and the ultimate parent undertaking and controlling party. Stork HoldCo LP is registered at 73 Front Street, 5th Floor, Hamilton HM12, Bermuda.
Stork HoldCo LP is controlled as to 50% by Brookfield Property Partners LP and as to 50% by Qatar Investment Authority.
The directors have taken advantage of the exemption in paragraph 33.1A of FRS 102 allowing the company not to disclose related party transactions with respect to other wholly-owned group companies.
As at 31 December 2025, the smallest group of which the company is a member and for which group financial statements are drawn up is the consolidated financial statements of Canary Wharf Group Investment Holdings plc. Copies of the financial statements may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London E14 5AB.
The largest group of which the company is a member for which group financial statements are drawn up is the consolidated financial statements of Stork HoldCo LP, an entity registered in Bermuda and the ultimate parent undertaking and controlling party. Stork HoldCo LP is registered at 73 Front Street, 5th Floor, Hamilton HM12, Bermuda.
Stork HoldCo LP is controlled as to 50% by Brookfield Property Partners LP and as to 50% by Qatar Investment Authority.
The directors have taken advantage of the exemption in paragraph 33.1A of FRS 102 allowing the company not to disclose related party transactions with respect to other wholly-owned group companies.
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