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 Se￿ICe5 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 p￿VIouS 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
I￿1)
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 be￿een 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