Registered number: 03870182 Charity number.. 1078287 BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees, report and financial statements For the year ended 31 December 2024
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Contents Page Reference and administrative details of the company, its Trustees and advisers Trustees, report Independent auditors. report on the financial ststements Consolidated statement of financial adivities 2-12 13-16 17-18 Consolidated balance sheet 19-20 Company balance sheet Consolidated statement of cash flows 21-22 23 Notes to the financial statements 24-54
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Reference and administrative details of the company, its Trustees and advisers For the year ended 31 December 2024 Trustees Mr M Brace MrJCDMowe Mr M A Noble Mr M J Wood Iresigned 2 December 20241 Mrs M R Grainger Iresigned 29 February 20241 Mr D K Smith (resigned 10 July 20241 Mr G Thorn Ms L Mack Mr Q Howard Company registered number 03870182 Charity registered number 1078287 Registered office 10 Albion Place Maidstone Kent M114 5DZ Company secretary Mrs M R Grainger (resigned 29 February 2024) Ms S Jones (appointed l March 20241 Independent auditors Xeinadin Audit Limited Chartered AccoLJntants Statutory Auditor 12 Conqueror Court Sittingbourne Kent MEIO 5BH Bankers HSBC Bank PLC 196 Oxford Street London WID INT Solicitors Brachers LLP Somerfield House Maidstone Kent ME16 8JH Page I
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Trustees, report For the year ended 31 December 2024 Overview Born from a vision in 1928 to connect every blind person in the UK with the world through radio. British Wireless for the Blind Fund IBWBFI continues its transformative mission nearly a century later. What began as a recognition that radio could break through isolation-bringing companionship and connection to those with sight loss who couldn't afford such technology-has evolved into a vital lifeline in today's digital age. 8WBF now delivers cutting- edge accessible aLJdio technology and personalised support that opens doors to entertainment, critical news. and essential information for people living with sight loss. Powered by public generosity through donations, legacies, trust grants, investment returns, the charity seNes UK citizens with sight loss who receive means-tested benefits, Personal Independence Payment IPIPI, Attendance Allowance IAA}, or Adult Disability Payment IADP). At its heart. BWBF'S work creates profound impact.. fighting isolation and loneliness by putting accessible listening technology and support services into the hands of those who need it most. In March 2024, the charity welcomed a new chapter of leadership as Sophie Jones Stepped into the role of CEO following Margaret Grainger's thirty-five-year tenure. Technology continues to advance at an unprecedented pace, becoming deeply woven into the fabric of everyday life. Yet for people with sight loss. this rapid digital evolution can either create new barriers or open doors to independence, depending on how accessible these innovations are made. BWBF remains committed to ensuring blind and partially sighted people have the same access to technology as sighted individuals. adapting its SeICe5 to embrace emerging audio solutions while providing the specialized support needed to use them effectively. As smartphones. smart speakers. and digital content become essential tools for information, entertainment, and connection, BWBF'S role in bridging the digital divide has never been more crucial-transforming lives by ensuring that technological progress leaves no one behind. Page 2
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guaranteel Trustees. report (continued) For the year ended 31 December 2024 Structure and Governance British Wireless for the Blind Fund is a company limited by guarantee Icompany number 038701821 and registered charity (charity number 1078287 registered in England & Wales (Scottish charity number SC0415821. The company was incorporated on 28 Octobei 1999 as a charitable company and Is governed under its Articles of Association, as amended on 3 September 2015. Appointment of Members of the Board As set out in the Articles of Association, if there is at any time a vacancy in the membership of the Board, a new trustee may be appointed by a majority of not less than two-thirds of the existin9 trustees. The charity provides a thorough induction for all new trustees. This includes meetings with staff and volunteers, orientation to our strategy and goals, review of organisational standards, and complete financial disclosure. All trustees receive annual training to enhance governance skills and ensure regulatory compliance. This approach ensures our Board maintains the necessary knowledge to provide effective oversight and strategic direction. Page 3
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report (continued) For the year ended 31 December 2024 Organisational Structure of the Board The charity is governed by a six-member board that meets quarterly for formal board meetings. This board is responsible for overall governance, strategic policy, and direckn'ng the charity's activities_ It is led by a Chairperson, with support from a Vice Chairperson, Treasurer, and trustees. The Board has a SLJb-committee specifically focused on financial strategy development; the sub-committee meet quarterly. Between the quarterly board meetings, the charity s officers hold regular check-in meetings to maintain operations and provide support and direction to the CEO. The charity conducts a closed Annual General Meeting IAGMI once a year, The Board of Trustees works collaboratively with the CEO, taking a hands-on approach. Trustees actively engage with key projects and provide practical support. creating an effective leadership partnership that strengthens the charity's ability to fulfill its mission. Management of the Charity The day-to-day management of the charity ig delegated to a Chief Executive Officer. The Board ensures that. The charity carries out its purposes for public benefit The charity complies with the governing docLJments and the law The charity acts in the best interests of its beneficiaries The charity's resources are managed responsibly Remuneration and Performance Management Remuneration Policy and Process The charity follow5 a fair, transparent, and equitable approach to remuneration for all staff, Including key management personnel. The remuneration of the charity's key personnel is guided by fairness (salaries based on role requirements, not individuals). equality (compliance with the Equality Act 20101, transparency (documented decision processes), and affordability Ireflecting market rate5 and organisational finances). In determining remuneration for key personnel, the charity conducts systematic job evaluation based on required skills, qualifications, and responsibilities. We benchmark against similar roles in the charitable sector to ensure competitive compensation while maintaining internal pay equity between roles. All remuneration decisions consider the charity's overall financial position. F<ey personnel remuneration is reviewed annually. The Board of Trustees approves the overall salary budget and structure. senior management reviews market benchmarks and internal equity, and line managers provide input on role requirements and performance. Adjustments reflect cost of living changes, performance outcomes, or changes in responsibilities. Page 4
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Tru5tees' report Icontinuedl For the year ended 31 December 2024 Performance Management Framework The charity implements a comprehensive performance management system to evaluate and develop staff capabilities and ensure organisational objectives are met. Each staff member works toward SMART KPI'S directly aligned with organisational goals. These F<Pls are specific to each role, with tailored benchmarks that reflect the unique contributions expected from that position. Regular one-to-one meetings between staff and managers provide ongoing feedback, support. and guidance and formal appraisals occur annually, with a full annual review that informs development plans. This structLJred approach to remuneration and performance management ensures accountability, fairness. and effective stewardship of charitable resources while attracting and retai ning the talent needed to fulf 111 our mission. Trustees. Responsibilities Statement The trustees, who are also director5 for the purposes of company law, are responsible for preparing the Trustees, report and financial statements in accordance with applicable law and United Kingdom accounting standards. Company lavv requiies the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements. the trustees are required to. Select suitable accotjnting policies and then apply them consistently Observe the methods and principles in the applicable charity SORP Make judgments 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 linancial statement5 on the going concern basis unless it is inappropriate to presume that the charity will continue in business The trustees are responsible for keeping adequate accounting records that are suff icient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them 10 ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guaranteel Trustees, report Icontinuedl For the year ended 31 December 2024 Objectives and Activities Public benefit British Wireless for the Blind Fund IBWBFI exists to help blind and partially sighted people access life-changing audio services. This goes far beyond simply listening to the radio though-it's about transforming lives_ For people living with sight loss, the modern world presents unique challenges. A5 technology becomes smaller, sleeker. and increasingly visual. many find themselves disconnected from information, entertainment, social connection, and basic services such as banking that others take for granted. BWBF stands in this gap, providing specialised audio solutions that reconnect our users with the world around them. Every day, we witness how access to the right audio technology reduces isolation, builds confidence, and restores independence. When someone loses their sight, they often lose much more-their sense of connection, their autonomy, their place in a rapidly changing digital landscape. Through our work, we don't just provide devices,. we provide a lifeline, ensuring that visual impairment doesn't mean being left behind. Page 6
BRITISH WIRELESS FOR THE BLIND FUND {A company limited by guarantee) Trustees, report Icontinuedl For the year ended 31 December 2024 Achievements and Performance 2024 marked a transformative period for BWBF, characterised by leadership changes and organisational restructure. We welcomed our new Chief Executive Officer, who brings renewed energy to our mission. This leadership transition has been strengthened by the addition of several talented team members and strategic internal restructuring, all of which has already made substantial contributions to advancing our work and expanding our impact. We are particularly proud of the new products and services we've developed to better serve the blind community. A key strategic shift has been our move away from expensive bespoke equipment toward mainstream devices such as Amazon Alex3, easy-to-use radios, and USB players. This approach has significantly expanded the range of choices available to our beneficiaries while making technology more accessible as well as reducing our spend on equipment. This change in approach has led to an increase in service take-up of 701. Our partnership with AbilityNet has been instrumental in providing essential technical support, ensuring recipients can use their new equipment successfLJlly and independently. In 2024 we supported 3,756 people living with sight loss compared to 2.222 in 2023. While we continue to support people using our two bespoke apps that allow blind people to access Radio and Talking Newspapers, we have secured corporate, in-kind support from large tech organisations to maintain these services, We have made the strategic decision to move away from developing any more bespoke software, instead focusing on supporting our beneficiaries to use the vast array of accessible applications and eqLJipment that already exists. This difficult decision led to the redundancies within our in-house app development team and created an opportunity to rethink how we support our beneficiaries in accessing technology We started work on our new website, due for launch early 2025. The new website sets a high standard for digital accessibility and will provide 3 vastly improved experience for all users, particularly those using screen readers and other assistive technologies. It will help people with sight loss to access our equipment and its life-changing benefits more easily We developed relationships with other leading sight loss charities, securing partnerships with some ot the most prominent organisations, allowing us to reach a wider range of people with sight loss. Notably. our partnership with leading children's sight loss charity VICTA has helped us, for the first time. to include children and young adults living with sight loss in our focus, supporting them with social connections, literacy, and academic development by providing a wide range of equipment. None of these accomplishments would be possible without our small but dedicated and hardworking team. We are equally grateful to our volunteers, donors, and partners whose support makes our work possible. Page 7
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Trustees, report (continued) For the year ended 31 December 2024 Looking Forward In 2025, we will embark on a comprehensive research project in partnership with NFP Research to conduct a full research study on the audio needs of people with sight loss-the first initiative of its kind undertaken by BWBF or any other charity in this field. We are engaging directly with individuaLs living with sight loss, their families, and relevant professional organisations through in-depth interviews. focus groups, and structured surveys to gather diverse perspectives and experiences. This approach ensures we capture authentic voices and real-world challenges, allowing us to develop evidence-based solutions for people living with sight loss. This groundbreaking research will provide crucial insights into the specific audio requirements of the sight Ios5 community and will serde as a pivotal foundation for guiding our charity's future direction and service development, ensuring we support our beneficiaries exactly as they want and need to be supported. As we look to the future, we remain committed to embracing technological advances that can empower those with sight loss. We're especially focused on the expanding possibilities of audio technology, which continues to offer new pathways to independence and engagement. We are increasing our efforts to support people with sight loss who are accessing technology for the first time or looking to develop their current skilLs, by expanding our support services. These enhanced services will help individuals confidently use mainstream devices such as smartphones. ipads, Alexa-enabled devices, and talking radios, ensuring that beneficial technology becomes accessible to all members of our community. While we've made considerable progress, we recognise that there is always more to be done. We remain vigilant in identifying new opportunities to develop and improve audio solutions for people with sight loss, ensuring they have the same access to inforrnation and experiences that sighted people enjoy through accessible audio technologies. enabling them to live full and independent lives. Page 8
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2024 Financial review Income Total income for the year decreased to E872k from £1,089k 12023). The charity's trading subsidiary IBWBF Direct Limitedl ceased operations in early 2024, and this accounted for £148k of the reduction in income. Donations and legacies income totalled £7681 made up as follows: Donation & Legacy Income {£'OOO) 101 Public donations Trusts Legacles Income from Trusts grew encouragingly from E189k 120231 to £270k. Public donations dropped by almost £50k, although the previous year's figures included £69k of income from a one-off special appeal. Legacy income tends to vary significantly from year to year, and reduced by E96k compared to the 2023 total. Expenditure Overall expenditure decreased by 3.8/ to £L619k, compared to £1,683k in 2023. Cost reductions of E124k resulted from discontinued activity on the trading subsidiary. Direct expenditure on purchasing and distributing audio equipment increased by £ll3k lover 36/1 compared to the pVIouS year. as the charity has increased the range and popularity of equipment it offers. The 2024 expenditure figure includes restructuring costs of approximately E95k incurred in the year. These exceptional costs should result in significant savings on the charity's administrative expenses in 2025 and beyond. Page 9
BRITISH WIRELESS FOR TNE BLIND FUND IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2024 Reserve5 The charity recorded a deficit of E519k, after gains on Investments. compared to a deficit of ES92k in the previous year. The charitys reserves at 31st December 2024 stood at £5.2m of which £89k were held for restricted purposes specified by donors, and a further E63k held as an endowment. Reserves held for the charity's general purposes were therefore E3.Om. although E2,3m of these have been set aside by the trustees as designated funds as outlined below Although totsl reseNes have reduced over the year, the charity remains focused on managing its cost base and utilising its reserves as efficiently as possible. General unrestricted funds as at 31st December 2024. after allowing for the Board's designated reserves held for specific purposes, amounted to £717k which represent approximately six months, operating costs, which the Board believes SLJfficient for the charity to continue to achieve its goals. ReseNes policy The unrestricted funds are expendable at the discretion of the Board in furtherance of the objects of the charity. The environment in which the charity operates continues to evolve, particularly in terms of new technology. In order to maintain and improve control the trustees have created designated reseNes for a number of key projects.. l. Building maintenance 2 Legacy income provision 3. Closure costs 4. Digital set replacement Designated Funds required Total Designated Funds as per accounts (Note 22) £ioo,000 ElOO.000 £350,000 £L750,000 £2,300,000 £2.300,000 These designated reserves are explained in further detail below,. l. The charity has allocated a reserve of £IOO,000 against its owned freehold property for any major repairs. 2. Despite ongoing efforts to diversify its income sources, the charity's Income forecast for 2025 remains heavily reliant on income from legacies. The Board therefore deems it appropriate to reserve a sum equivalent to 20/ of the 2025 legacy income forecast to ensure continuity of funds in the event that projected incomes fail to materialise. 3. The Board has resewed a totsl of E350,000 for an orderly wind-up of the charity's activities in the unlikely event of closure. This would cover the charity s statutory obligations to staff. in addition to other supplier and administrative costs. Page 10
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guaranteel Trustees, report (continued) For the year ended 31 December 2024 4. Due to the age profile of the charity's audio stock currently on free loan and the pace of technological change in the charity's sector. equipment will need to be updated as a digital and general technical refresh, and also 2s part of the charity's ambitious plans to provide a package of audio solutions to meet the needs of each individual beneficiary. The Board have provided a sum of £1.75m to accommodate this need. This designated reseNe is reviewed annually as the charity's loan equipment portfolio is refreshed. Investments Under the Memorandum and Articles of Association, the charity has the power to make any investment considered suitable by the trustees. The charity's current policy is to invest a minimum of 50/0 of its unrestricted reserves in diversified investments through the services of an external investment management company HSBC Private Banking acted as the charitjls primary investment managers throughout the year. The charity's principal investment objective 15 to achieve sustainable c3pitsI growth with an acceptable level of risk. The charity's primary investment portfolio is managed according to klSBC Private Banking's responsible investment policy which precludes direct investments in sectors such as weaponry, tobacco and alcohol. The trustees, policy is that all income generated by the investment portfolio should be returned to the charity to further its aims and objectives. The chariws investments generated E77k of income and a gain of £228k over the year. which is considered an acceptable performance. Page ll
BRITISH WIRELESS FOR THE BLIND FUND IA company lirnited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2024 Sale of Building The charity owns a freehold office building located in Maidstone. The net book value of the building at 31st December 2024 was £936k. This figure represents a significant portion of the charity's unrestricted reserves and would only be realisable via disposal of the asset. Following careful consideration. the management and trustees have decided to sell this property. This strategic decision reflects both the charity's evolving operational needs 3nd prudent financial management. With a reduced workforce and the successful implementation of remote working practices, the premises have become significantly underutilised. The sale will release substantial capital and reduce ongoing property maintenance and operational costs. This aligns with the charity's commitment to maximise resources directed toward its beneficiaries whi15t maintsining effective service delivery. The office was put on the market in March 2025. Risk policy The Board regutarly reviews and re-evaluates the major risks to which the charity is exposed and updates its risk register accordingly. Where appropriate. systems or procedures are introduced or revised to reduce or mitigate risks. The trustees consider the principal risks and uncertainties to be.. The effect of the cost-of-living crisis on the charity's income streams, particularly any potential impact on legacy income. General inflationary pressures and additional UK tax burdens that may affect the charity's cost base and particularly the price of equipment purchased for beneficiaries. The effect of global economic and political tensions and their possible impact on the value of the charity's investment portfolio. The trustees are satisfied that systems and procedures have been established and are in place to manage these risks. Approved by order of the members of the board of Trustees on 4 June 2025 and signed on their behalf by- Mr M Brace Chair Ms S Jones Secretary Page 12
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Independent auditors. report to the Members of British Wireless for the Blind Fund Opinion We have audited the financial statements of British Wireless for the Blind Fund (the parent charitable company'l and its subsidiaries (the 'group'l for the year ended 31 December 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. 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). In our opinion the financial statements.. give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 December 2024 and of the group's incoming resources and application of resources, including its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law_ Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirernents that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 trustees. 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 Ljncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Page 13
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Independent auditors, report to the Members of British Wireless for the Blind Fund (continued) Other information The other information comprises the information included in the Annual report other than the financial statements and our Auditors. report thereon. The trustees are sPonsIbLe 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 reporl we do not express any form of assurance conclLJsion 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 misststement of this other information, we are required to report that facL We have nothing to report in thi5 regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the trustees, report is inconsistent in any material respect with the financial statements,. or the parent charitable company has not kept sufficient accounting records., or the parent charitable company financial ststements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees. responsibilities statement, the trustees (who are atso the directors of the charitable company for the purposes of company lawl 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 trustees 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 trustees are responsible for assessing the group's and the parent charitable 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 trustees either intend to liquidate the group or the parent charitable company or to cease operations. or have no realistic alternative but to do so. Page 14
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Independent auditors. report to the Members of British Wireless for the Blind Fund Icontinuedl Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatement. whether dLJe to fraud or error, and to issue an Auditors. 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 (UKI will always detect a material misstatement when it exist5. 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. 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,. As part of an audit in accordance with ISAS IUKI, exercise professional judgement and maintain professional sceptiC15m through the audit. We also. l. Assessed the susceptibility of the entity's financial ststements to material misstatement. including how fraud may occur. 2. Held discussions with the client regarding their policies and procedures on compliance with laws and regulations. 3. Held discussions with the client regarding their policies and procedures on fraud risks, including knowledge of any actual, suspected, or alleged fraud. We consider the entity's controls effective in identifying fraud. We do not consider there to be significant difficulty in detecting irregularities. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. including those leading to a material misststement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealmenL forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's web51te at. wNw.frc.or .uk auditor ibilities. This description forms part of our Auditors. report. Page 15
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Independent auditors, report to the Members of British Wireless for the Blind Fund (continued) Use of our report This report is made solely to the charitable companws trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone othei than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. I.L PLk LJI Xeinadin Audit Limited Chartered Accountants Statutory Aud itor 12 Conqueror Court Sittingbourne Kent ME10 5BH 18 June 2025 Xeinadin Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 16
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Consolidated Ststement of financial activities (incorporating income and expenditure account) For the year ended 31 December 2024 Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Other trading activities Investments 507.548 260,024 767,572 851,477 27,S66 77,137 27,566 Tl,137 182,346 74,810 Total income and endowments 612,251 260,024 872.275 1,088,633 Expenditure on: Raising funds-. Cost of raising donations and legacies Cost of other tradi ng activities Investment management costs Charitable activities 417,491 417.491 381,454 3.900 3,900 126,157 23,052 939,967 23,052 1,174,079 26,854 1,149.010 234,112 Total expenditure 1,384,410 234,112 1,618,522 1,683.475 Net lexpenditurell income before net gains on investments Netgains on investments 1772,1591 25,912 1746,247) 1594.8421 226.555 I,ll2 227.667 203,213 Net movement in funds 1545,604) 25,912 1,112 1518.580) 1391,6291 Page 17
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Consolidated Statement of financial activities (incorporating income and expenditure accoLJnt) (continued) For the year ended 31 December 2024 Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Total funds 2024 Total funds 2023 Note Reconciliation of funds: Tot31 funds brought forward Net movement in funds 3,562,917 62,899 61,718 3,687,534 4,079,163 1545,604) 25,912 L112 (518.580) 1391,6291 Total funds carried forward 3,017,313 88,8ll 62,830 3,168,954 3,687,534 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 24 to 54 form part of these financial ststements. Page 18
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guaranteel Registered number,. 03870182 Consolidated balance sheet As at 31 December 2024 As restated 2023 2024 Note Fixed assets ntangible assets Tangible assets Investments 14 15 16 51,166 957,362 2.687.108 1,756 959,331 3,146,894 3,695,636 4,107,981 Current assets Stocks Debtors Investments Cash at bank and in hand 17 18 19 60.979 88,058 {4,239) 309,929 30,757 214,949 29,375 415,633 454,727 690,714 Creditors.. amounts falling due within one year 20 (981,4091 11,111.1611 Net current liabilities 1526.682) 1420,4471 Total net assets 3,168,954 3,687,534 Page 19
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Registered number. 03870182 Consolidated balance sheet (continued) As at 31 December 2024 As restated 2025 2024 Note Charity funds Endowment funds Restricted funds Unrestricted funds 22 22 22 62.830 88.811 3,017,313 61,718 62,899 3.562,917 TotaL funds 3,168.954 3,687,534 The company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial ststements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the trustees on 04 June 2025 and signed on their behalf by". Mr M Brace Chair MrJCDMowe Trustee The notes on pages 24 to 54 form part of these financial statements. Page 20
BRITISH WIRELESS FOR THE BLIND FUND IA company limited ty guaranteel Registered number.. 03870182 Company balance sheet As at 31 December 2024 As restated 2023 2024 Note ed assets Intangible assets Tangible assets Investments 14 15 16 51,166 957,362 2.687.109 L756 959,331 3,146,895 3.695.637 4,107,982 Current assets Stocks Debtors Investments Cash at bank and in hand 17 18 19 60,979 92,982 14,239) 298,135 29.008 227,943 29,375 298.986 447,857 585.312 Creditors.. amounts falling due within one year 20 (974.539) (L005,4861 Net current liabilities (526,6821 1420.1741 Total net assets 3,168,955 3,687,808 Page 21
BRITISH WIRELESS FOR THE BLIND FUND (A company limited ty guarantee) Registered number.. 03870182 Company balance sheet (continued) As at 31 December 2024 As restated 2023 2024 Note Charity funds Endowment funds Restricted funds Unrestricted funds 22 22 22 62,830 88,811 3,017.314 61,718 62,899 3,563,191 Total funds 3,168,955 3.687.808 The company's net movement in funds for the year was £(518,853112023 - EI409.8951). The company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entitie5 subject to the small companies regime. The financial statements were approved and authorised for issue by the trustees on 04 June 2025 and signed on their behalf by. Mr M Brace Chair MrJCDMowe Trustee The note5 on pages 24 to 54 form part of these financial statements. Page 22
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Consolidated staternent of cash flows For the year ended 31 December 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 1837,852) 1639,1011 Cash flows from investing activities Dividends, interests and rents from investments Purchase of intangible assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments 77,137 151.1661 114,890) (17,9011 2,070.636 1,572,743 11383,183) 11,522,9621 74,318 Net cash provided by investing activities 698.534 106,198 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1139,3181 (532,9031 445,008 977,911 Cash and cash equivalents at the end of the year 305,690 445,008 The notes on pages 24 to 54 forrn part of these financial statements Page 23
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 General information The charity is a public benefit and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the registered off ice is 10 Albion Place, M3idstone, Kent, ME14 5DZ. Accounting policies 2.1 Basis of preparation of financial ststements The financial staiements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. British Wireless for the Blind Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated statement of financial activities ISOFAI and Consolidated balance sheet con501idate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. 2.2 Going concern The trustees have reviewed the reserves held by the charity, budgets and forecasts that cover the twelve month period from the date of this report and in their opinion consider that the charity has the resources needed in order to operate as a viable going concern. 2.3 Income Items of income are recognised and included in the accounts when the charity have entitlements to the funds. there is suff icient certainty that receipt of the income is considered probable, and the amount can be measured reliably. Legacies are included in the Statement of Financial Activity unless incapable of finacial measurement. Where legacies have been notified to the charity. or the charity is aware of the granting of probate, and the criteria for income recognition has not been met. then the legacy is treated as a contingent asset and disclosed if material. Page 24
BRITISH WIRELESS FOR THE BLIND FUND (A company Lirnited by guarantee) Notes to the financial ststements For the year ended 31 December 2024 Accounting policies Icontinuedl 2.4 Expenditure Expenditure is accounted for on an accrual basis. Charitable activities include expenditure associated with purchasing of radios and the associated costs and expenditure on support costs essential foi the functioning of the charity. Costs which are not directly attributable to either raising funds or charitable activities are apportioned on the basis of time spent by personnel and volunteers in each area. All expenditure is inclusive of irrecoverable VAT. 2.5 Research and development Research and development expenditure is written off in the year in which it is incurred. 2.6 Interesl receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the group,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Intsngible assets and amortisation Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumutated amortisation and impairment losses. Any intangible assets carried at revalued amounts. are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recogni5ed separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. The estimated useful lives are as follows.. Software & website development 5 years Page 25
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 Accounting policies (continued) 2.8 Tangible fixed assets and depreciation Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairrnent losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the Ioss is shown within other recognised gains and losses on the statement of financial activities. Page 26
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial ststements For the year endeLI 31 December 2024 Accounting policies (continued) 2.8 Tangible fixed assets and depreciation (continued) Depreciation is charged so as to write off the cost or valuation of an asset, less ils residual value over the useful economic life of that asset as follows.. Land Buildings Fixtures and fittings Off ice equipment Computer equipment The building at 10 Albion Place, Maidstone, was valued by a qualified third party RICS surveyor in December 2024, and the value was estimated to be at least equal to the original purchase price. Therefore, the depreciation charge on the building has been assessed as £nil. Not depreciated See below IOA stiaight line 25/ straight line 25/0 Straig ht li ne A review for indicatars of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments 3re also reviewed for possible reversal at each reporting date. For the purposes of impairment testing. when it is not possible io estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflow5 that are largely independent of the cash inflows from other assets or groups of assets. For impairment testir)g of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Page 27
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 Accounting policies (continued) 2.9 Investments Unlisted equity investments are initially recorded at cost. and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Investments in subsidiaries are valued at cost less provision for impairment. Listed investments are measured at fair valLJe with changes in fair value being recognised in income or expenditure. 2.IOStocks Stock is valued in the financial statements at the lower of cost and net realisable value. The stock held by the charity is used 2s part of a charitable activity, the net realisable value is considered to be service potential provided by the items of stock. 2.11 Debtors Debtors are initially recorded at fair value and are assessed for impairment at each balance sheet date. If any impairments exist the debtors are re-measured to the present value of the expected future cash inflows. 2.12Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.13LiabiLities and provisions Creditors are initially recorded at fair value and are then re-measured to the present V21ue of the expected future cash outflows. Page 28
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 Accounting policies (continued) 2.14Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a Party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable inclLJding any retated transaction costs, unless the arrangement constitutes a financial transaction, where it is recognised at the present value of the future payments discounted at a market fate of interest fror a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subseqLJently measured at cost less impairment. Page 29
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2024 Accounting policies (continued) 2.150perating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. 2.16Pensions Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 2.17Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity s purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future projects or commitments. Restricted funds are subject to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes: restricted income funds or endowment fund5. Critical accounting estimates and areas of judgement There were no judgements, estimates and assumptions made by management in the preparation of the financial statements. Page 30
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Legacies Grants 100,976 396,247 10,325 200 IOL176 396,247 270.149 150,406 492,131 188,940 259,824 507,548 260.024 767,572 831,477 Total 2023 642,562 188,915 831,477 Income from other trading activities Incorne from non charitable trading activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Sale of equipment and services Rental income Sale of christmas cards 3.912 21.509 2,145 3.912 21,509 2,145 152.323 26,821 3.202 27.566 27,566 182,346 Total 2023 182.346 182,346 Page 31
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2024 I nvestment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from listed investments Interest on cash deposits 74,452 2,685 74.452 2,685 74,318 492 77,137 77,137 74,810 Total 2023 74,810 74,810 Page 32
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Staff costs Depreciation Premises 240,945 240.945 6,482 6,482 19,062 19,062 28,690 28.690 30,700 30,700 20,513 20,513 5,679 5,679 11,681 IL681 12,433 12,433 10.251 10,251 18,595 18,595 12,460 12,460 227,809 17,753 15,403 27,366 37,693 2,027 2,937 5,356 12,744 1,586 30,980 IT and communications Printing, postage and stationery Finance costs Insurance Travel and subsistence Legal and professional fees Publicity and events General expenses Temporary staff costs 417,491 417,491 381,454 Total 2023 38L454 381,454 Page 33
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 Expenditure on raising funds (continued) Other trading expenses Unrestricted funds 2024 Total funds 2024 Total funds 2023 Printing. posiage and stationery IT and communications Bank charges Goods for resale 55 422 904 2,519 55 422 904 2,519 151 571 I1) 125,556 3,900 3,900 126,157 Total 2023 126,157 126,157 Investment management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment management fees 23,052 23,052 26.854 Total 2023 26,854 26,854 Page 34
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2024 Analysis of expenditure on charitable activities Summary ty fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Total 2023 Charitable activities 939,967 234,112 1,174.079 L149,010 Total 2023 966.750 182,260 1,149.010 10. Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Totsl funds 2024 Total funds 2023 Charitable activities 812.916 361,163 L174.079 1,149,010 Total 2023 887,849 261161 1,149.010 Page 35
BRITISH WIRELESS FOR THE BLIND FUND IA company lirnited by guarantee) Notes to the financial ststements For the year ended 31 December 2024 10. Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2024 Total funds 2023 Activities 2024 Staff costs Depreciation Premises Communication and IT General office Finance costs 111.159 12.133 55,402 39,309 9,098 35,811 10,546 20,528 20,768 759 13,612 23,139 28,899 111,159 12,133 35,402 39.309 9.098 35,811 10,546 20,528 20,768 759 13.612 23,139 28,899 15,065 37,726 32,730 43,000 5,926 524 6,242 16.882 25,581 2,447 41.715 Insurance Travel and subsistence Legal and professional fees Publicity and events General expenses Temporary staff costs Governance costs 33,523 361,163 361,163 261,161 Total 2023 261.161 261.161 11. Auditors. remuneration 2024 2023 Fees payable to the company's auditor for the audit of the company s annual accounts Fees payable to associates of the Company's auditor in respect 13,800 17,100 All non-audit services not included above 10,320 8,800 Page 36
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2024 12. Stsff costs Group 2024 Group Company Company 2023 2024 2025 Wages and salaries Social security costs Contribution to defined contribution pension schemes 579.682 59,842 613,970 62,776 579,682 59,842 613,970 62.776 44,982 47,431 44,982 47,431 684,506 724,177 684,506 724,177 Included in staff costs are non-statutorylnon-contractual severance payments totalling £51,47312023 - £Nill by way of compensation for the termination of employment for a number of previous employees. The average number of persons employed by the company during the year was as follows. Group 2024 No. Group Company Company 2023 2024 2023 No. Fundraising and publicity Serwice delivery Management and administration Support 12 12 The number of employees whose employee benefits lexcluding employer pension costs) exceeded £60,000 was. Group 2024 No. Group 2023 No. In the band £70,001- £80,000 In the band £90,001- £100,000 Page 37
BRITISH WIRELESS FOR THE BLIND FUND (A company Limited by guarantee) Notes to the financial ststements For the year ended 31 December 2024 13. Trustees, remuneration and expenses During the year, I trustee received remuneration and other benefits12023 1} from their employment with the charity. This employee cnly received remuneration in respect of services they provided undertaking their contract of employment. The value of trustees. remuneration and other benefits was as follows.. 2024 2023 Margaret Grainger Iresigr)ed Remuneration 29 February 20241 Pension contributions paid 15,000-20,000 0-5,000 75,000-80,000 5,000-10.000 During the year ended 31 December 2024, expenses totalling £Nil were reimbursed or paid directly to Nil trustees12023 - £233 to I trusteel. Page 38
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 14. Intangible assets Group and Company Software & website development Cost At l January 2024 Additions 12,437 51.166 At 31 December 2024 63,603 Amortisation At l January 2024 Charge for the year 10,681 1,756 At 31 December 2024 12.437 Net book value At 31 December 2024 51166 At 31 December 2023 1,756 Page 39
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guaranteel Notes to the financial ststements For the year ended 31 December 2024 15. Tangible fixed assets Group and Company Freehold Office propety equipment Totsl Cost or valuation At l January 2024 Additions Disposals 1,015.336 8,329 165,623 1,180.959 6.561 14,890 173,3211 (73.3211 At 31 December 2024 1,023.665 98.863 1,122,528 Depreciation At l January 2024 Charge for the year On disposals 79,179 8,198 142,449 8,661 (73.3211 22L628 16,859 173.321) At 31 December 2024 87.377 T7,789 165,166 Net book value At 31 December 2024 936,288 2L074 957,362 At 31 December 2023 936,157 23,174 959,331 Page 40
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 16. Fixed asset investments Other fixed Listed asset investments investments Total Group Cost or valuation At l January 2024 Additions Disposals Revaluations 3.085,176 1,383.183 (1,747,480) (96,601) 61,718 3,146,894 1.383,183 (1,747,480) 195,489) 1.112 At 31 December 2024 2,624.278 62,830 2.687,108 Net book value At 31 December 2024 2.624,278 62,830 2,687,108 At 31 December 2023 3,085,176 61,718 3,146,894 The figures above include the following investments which are more than 5/ of the totsl value of the portfolio- HSBC GIF Global Government HSBC American Index £355,612.43 E133,912.21 12.81/ 5.11/ Page 41
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 16. Fixed asset investments Icontinued) Investments Other fixed in subsidiary Listed asset companies investments investments Totsl cornpany Cost or valuation At l January 2024 Additions Disposals Revaluations 3,085,176 1,383,183 {1747,480) (96,601) 6L718 3.146.895 1,383,183 (1,747,480) (95,489) 1,1 At 31 December 2024 2.624.278 62,830 2.687.109 Net book value At 31 December 2024 2,624,278 62,830 2,687,109 At 31 December 2023 3,085,176 61,718 3.146,895 The figures above include the follovving investments which are more than 5/ of the total value of the portfolio.. HSBC GI F Global Government HS8C American Index £335.612.43 £133.912.21 12.81/ 5.11/ Page 42
*• CL VJ £1 li li I
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Notes to the financial statements For the year ended 31 Decernber 2024 17. stocks Group 2024 Group Company Company 2023 2024 2023 Stock held for free loan Goods for resale 60,979 29.008 1,749 60.979 29,008 60,979 30.757 60,979 29,008 18. Debtors As restated As restated Group Company Company 2023 2024 2023 Group 2024 Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 171 23,130 171 4.924 55.446 32,441 11.197 39,818 126,650 50.278 55,446 32.441 141,541 50,278 88,058 214,949 92.982 227,945 19. Current asset investments Group 2024 Group Company Company 2023 2024 2023 Short term deposits 14,2391 29,375 14.239) 29,375 Page 44
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 20. Creditors,. Amounts falling due within one year Group 2024 Group Company Company 2023 2024 2023 Bank loans Trade creditors Other taxation and social security Other creditors Accru31s and deferred income 850,000 850,000 850.000 850,000 82,294 172,025 82,294 77,550 11,235 15,922 11,235 15,922 3,571 12,098 2.T/l 12,098 34.309 61,116 28,239 49,916 981,409 1,111,161 974,539 1,005,486 The £850,000 bank loan balance included within creditors falling due within one year is secured by HSBC Private Bank IUKI Limited by way of a fixed charge over the charity's investment portfolio balance. In addition, the balance is secured by HSBC Bank PLC by way of a floating charge over the charity's remaining assets and liabilities. Page 45
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 21. Prior year adjustments During the year, the charity undertook a review of its fund classification and identified that a permanent endowment fund had previously been incorrectly classified within restricted funds. In accordance with the requirements of FRS 102 and the Charities SORP IFRS 1021, a prior period adjustment has been made to reclassify the permanent endowment fund separately from restricted fLJnds to more accurately reflect its nature and the restrictions placed upon it. The permanent endowment fund represents assets that must be held permanently by the charity, where only the income generated from these assets may be expended in accordance with the general purpose of the charity. The reclassification has affected the presentstion of the comparative figures as follows.. Restricted funds as at 31 December 2022 have decreased by £60,332, restricted fund gains in the year to 31 Decernber 2023 have decreased by El.386 and restricted funds as at 31 December 2023 have decreased by £61,718. Permanent endowment funds have increased by each of the above amounts. In addition. the trustees identified that an amount of £126,100 previously ctassified as prepayments and accrued income in the prior period's financial statements shoLJld have been more appropriately classified as an other debtor. This classification has been corrected by restating the prior period's figures in accordance with FRS 102 and the Charities SORP IFRS 1021 The reclassification has affected the presentation of the figures at 31 December 2023 by reducing prepayments and accrued income and increasing other debtors by £126,100. There is no impact on the total funds, net assets, or surpluslldeficitl reported for the prior year as a result of either of the prior year adjustments noted above. Page 46
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 22. Statement of funds Statement of funds - current year As reststed Balance at l January 2024 Balance at 31 Gainsl December (Losses) 2024 Transfers in/out Income Expenditure Unrestricted funds Designated Funds 3,065,000 1765,000) ? 300,000 General Funds 497,917 612,251 (1,384,410) 765,000 226.555 717,313 Total Unrestricted funds 3,562,917 612,251 (1,384,410) 226,555 3,017,313 Endowment funds Radios for Blind People 61,718 I,ll2 62,830 Flestricted funds England Glasgow Leicestershire 2,380 1,017 273 3.029 8,325 8,600 15,750 60,545 110.705 14,1171 13.6791 161,8951 5,500 12.344 L679 National National Elderly North Yorkshire Scotland 10,000 (10,0001 4,325 500 12,500 24,500 14,6401 121,3041 12,185 3,696 Page 47
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 22. Statement of funds (continued) Statement of funds - current year Icontinuedl Balance at 31 Gainsl December (Losses) 2024 Balance at l January 2024 Transfers inlout Income Expenditure Other Geographical Restrictions 5L375 119,804 (117,772) 53,407 62,899 260,024 1234,112) 88.811 Total of funds 3,687,534 872,275 11,618.5221 227,667 3,168.954 The trustees have identified a series of investment destinations that are needed for the efficient sustainability of the charity and they have designated specific funds as set out in the Trustes Annual Report for the purpose of meeting that need. An endowment fLJnd was established by a legacy of £75,000 in 1989 in R3dios for Blind People. It was then gifted to British Wireless for the Blind Fund on 21 March 2000. Under the terms of the legacy the gift must be held as capital and used to generate income foi the general purpose of the Fund. The capital is currently invested in Charibond Fixed Interest Common Investment Fund. Restricted funds were established by various donations made during the year, mainly under geographical terms. These are held in Cash at Bank until the terms are met. Page 48
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 22. Statement of funds Icontinued) Statement of funds - prior year As restated Balance at As restated 31 Gains/ December (Losses) 2023 As restated Balance at l January 2023 Transfers inlout Income Expenditure Unrestricted funds Designated Funds 3,995,000 1930,0001 3,065,000 General Funds 132,4131 899,718 (1,501,215) 930,000 201,827 497,917 Total Unrestricted funds 3,962,587 899,718 11,501,215> 201.827 5,562,917 Endowment funds Radios for Blind People 60,332 1,386 61,718 Restricted funds Restricted funds 56,244 188,915 1182,260) 62,899 Total of funds 4,079,163 1.088,633 11,683,475) 203,213 3,687,534 Page 49
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 23. Summary of funds Summary of funds - current year As reststed Balance at l January 2024 Balance at 31 Gains/ December (Lossesl 2024 Transfers inlout Income Expenditure Designated funds General funds Endowment funds Restricted funds 3.065.000 1765,000) ? 300,000 497,917 612,251 IL384,410> 765.000 226,555 717.313 61,718 1,1 62,830 62.899 260,024 (234,112) 88,811 3,687,534 872.275 IL618,5221 227,667 3,168,954 Summary of funds - prior year As restated Balance at l January 2023 Balance at As restated 31 Gains/ December (Losses) 2023 Transfers in/out Income Expenditure Designated funds General funds 3.995.000 1930,0001 3.065,000 132,4131 899,718 11,501,215) 930,000 201,827 497,917 Endowment funds Restricted funds 60,332 1,386 6L718 56,244 188,915 (182,2601 62,899 4,079,163 1.088,633 11683,4751 203.213 3.687,534 Page So
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 24. Analysis of net assets between funds Analysis of net assets beeen funds - current period Unrestricted Restricted Endowment funds funds funds 2024 2D24 2024 Total funds 2024 Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year 957.362 51.166 2,624,278 365,916 1981,4091 957,362 5L166 62,830 2,687,108 454,727 1981,4091 88,811 Totsl 3,017,313 88,811 62,830 3.168,954 Analysis of net assets between funds - prior period As restated As restated Unrestricted Restricted Endowment funds funds funds 2023 2023 2023 Total funds 2023 Tangible fixed assets Intangible fixed assets Fixed asset investments 959.351 1.756 3,085.176 627.815 11.111,1611 959,331 1,756 6L718 3,146.894 690,714 11.111.161) Current assets Creditors due within one year 62,899 Total 3,562,917 62,899 6L718 3,687,534 Page 51
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 25. Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Net expenditure for the period las per Statement of Financial Activities) 1518.580) 1391,6291 Adjustments for.. Depreciation charges Amortisation charges (Gains) on investments Dividends, interests and rents from investments Decreasellincreasel in stocks Decrease/(increasel in debtors I ncrease/ldecreasel in creditors 16,859 16,911 L756 38,568 1227.667) 1203,2151 (77,137) (74,3181 (30,222) 2,234 126,891 1140,7971 1129.752) 115,145 Net cash used in operating activities (837,8521 1639,1011 26. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand Notice deposits (less than 3 months) 309.929 (4,239) 415,633 29,375 Totsl cash and cash equivalents 305,690 445,008 Page 52
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024 27. Analysis of changes in net debt Atl January 2024 Cash flows At31 December 2024 Cash at bank and in hand Debt due within l year Liquid investments 415,633 1105,704) 309,929 (850.0001 1850,0001 29,375 (4,2391 133,614) (404,9921 1139,318) (544.3101 28. Contingent assets As at the year end date, the charity is aware of several legacies that have been notified but do not yet meet the recognition criteria for income due to uncertainty over timing, value, or legal finalisation. The estimated value of these legacies, based on available information, is not able to be measured with sufficient accuracy to provide an estimate of the impact on the financial statements due to potential changes in estate valuations, outstsnding liabilities, or other factors affecting distribution. The contingent legacies relate to bequests where probate has been granted, but full realisation of assets is Still pending. or where notification has been received but measurement of entitlement is not yet sufficiently reliable. The charity continues to monitor these legacies and will recognise income in future financial statements when the recognition criteria are met. 29. Pension commitments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions paid by tk)e group to the fund and amounted to £44,98212023 E47,4311. No amounts were payable to the fund at the balance sheet date in the current or prior year. Page 53
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guaranteel Notes to the financial ststements For the year ended 31 December 2024 30. Operating lease commitments At 31 December 2024 the group and the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group Group Company Company 2024 2023 2024 2023 Not later than l year Later than l year and not later than 5 years 16.600 22,267 16,600 22,267 21,016 31,880 21.016 31,880 37,616 54,147 37,616 54,147 The following lease payments have been recognised as an expense in the Statement of financial activities. Group 2024 Group Company Company 2023 2024 2023 Operating lease rentals 19,881 10,715 19.881 10,715 31. Related paty transactions The company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the company at 31 December 2024. Page 54