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 2025
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Contents Page Reference and administrative details of the company, its Trustees and advisers Trustees, report Independent auditors. report on the financial ststements ststement of fi'nancial activities 2-18 19-22 23 Balance sheet 24-25 Statement of cash flows 26 Notes to the financial statements 27-56
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Reference and administrative details of the company. its TrLJStees and advisers For the year ended 31 December 2025 Trustees Mr M Brace MrJCDMowe Mr M A Noble (resigned 10 December 20251 Mr G Thorn Ms L Mack Mr Q Howard Mr J Beesley (appointed 4 June 20251 Company registered number 03870182 Charity registered number 1078287 Registered office 5 The Beech Tree Elmhurst Business Park Lichfield WS13 8EX Company secretary Ms S Jones Independent auditors Xeinadin Audit Limited Chartered Accountanis Statutory Auditor 12 Conqueror Court Sittingbourne Kent MEIO 5BH Banker5 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 IA company limited by guarantee) Trustees, report For the year ended 31 December 2025 OVERVIEW Nearly a century ago, B WBF started with a single purpose: to bring the world, through radio, to those who had lost their sight, first to soldiers recovering in hospitals, and then into the homes of blind people the length and breadth of the UK. Nearly a century on, that founding vision continues to drive everything we do. What began as a lifeline through the airwaves has grown into sornething far grealer. Today, technology offers extraordinary possibilities for people with sight loss, but only when it Is Iruly accessible and comes with the right support to unlock its potential. BWBF exists to ensure that every peTSOn we serve can not only access technology, but use it with confidence to live more independently, stay informed, and remain connected to the world around them. None of this would be possible without the generosity of our donors, supporters, grant- making trusts, and those who remember us in their wills. It is their belief in our mission that allows us to reach the people who need us most. At its heart, our work is about more than devices, it is about people. Losing your sight can mean losing so much more.. your independence, your confidence, your sense of place in a world that increasingly assumes you can see For many, it brings profound isolation, cut off from the news, from entertainment, from the everyday digital seNice5 that others take entirely for granted. The simple act of being able lo listen to the radio, follow the news, or connect with the world through technology can be transformative. It can mean the difference between feeling forgotten and feeling part of life. Technology continues lo advance at a remarkable pace. and for people with sight loss this brings both opportunity and challenge. As smartphones, smart speakers, and digital services become ever more central to everyday life, the risk of being left behind grows for those without the skills or support lo navigate them. Many of the people we talk to describe isolation. grief and loneliness. Digital exclusion can deepen these feelings. Behind every person we support is a re31 slory - a person who perhaps wants lo feel less alone, more capable, more connected or in more control of their life. BWBF is committed to ensunng that no one faces that barrier alone, providing not just access to the best available technology, but the knowledge, guidance, and ongoing support needed to use it eftectively and independently, and to st3y connected to the world around them. Page 2
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 3L December 2025 STRUCTURE & GOVERNANCE British Wireless for the Blind Fund is a company limited by guarantee (company number 038701821 and registered charity (charity number 1078287 registered in England & Wales (Scottish charity number SC0415821 The company was incorporated on 28 October 1999 as a charitable company and is governed under its Articles of Association, as amended on 3 Septerllber 2015. Appointment of Members of the Board As set out in the Articles of Association. if there is at any time 3 vacancy in membership of the Board, a new trustee may be appointed by a majority of not less than two-thirds of the existing trustees In 2025, we developed and adopted an updated Trustee Recruitment Policy, bringing our approach fully in line with current Charity Commission best practice and ensuring a consistent, transparent, and inclusive process for finding and welcoming new board members. We believe that a well-supported trustee is an effective trustee. and we invest real care in making sure that everyone who join5 our board feels informed, connected. and ready to contribute from the outset Our induction programme gives new trugtees the opportunity to meet staff, volunteers, and fellow board members, get under Ihe skin of our slralegy and goals, understand our organisational stsndards, and receive a full financial briefing. Each year, the Board also undertakes a skills audit to make sure that our collective expertise continues to reflect what the charity needs, and to shape our thinking about future recruitment. Together, these measures help ensure our board has the knowledge, perspective, and confidence to provide strong oversight and meaningful strategic direction. Page 3
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Trustees, report Icontinuedl For the year ended 31 December 2025 Organisational Structure of the Board Our Board of Trustees is the cornerstone of how we govern and guide the charity. Currently comprising six Lrustees, the Board meets formally on a quarterly basis to oversee governance, set strategic direction, and ensure the charity remains focused on the people il exists to serve. The Board is led by our Chair, supported by a Vice Chair. Treasurer, and trustees, each bringing their own skills and perspectives to the table_ We are delighted thal a further three trustees are currently moving through our induction process and are due to be formally appointed at our Annual General Meeting IAGMI in June 2026, which will further strengthen the depth and breadth of expertise around the board table. The Board is supported by a Finance Sub-committee which meets quarterly lo provide focused oversight of the charity's financial strategy and performance Between formal board meetings. the charity's officers meet regularly with the CEO to maintain momentum, address emerging issues, and ensure the smooth running of the organisation. The chariiy also holds an AGM. We are proud of the genuinely collaborative relationship between our Board and our senior leadership team. Trustees don't just scrutinise from a distance,. they roll up their sleeves, engage aclively with key areas of our work, and provide hands-on support where it is needed. It is a partnership built on trust. shared values, and a cornmon commitment lo making a real difference to the lives of people with sight loss. Management of the Charity The day-to-day running of the charity is entrusted to our Chief Executive Officer, who works closely with the B03rd to translate our strategic ambitions into real, tangible impact for the people we seNe. The Board retains ultimate responsibility for ensuring that,. The charity carries out ils purposes for public benefit The charity complies with its governing documents and the law The charity acts in the best interests ol ils beneficiaries at all times The charity s resources are managed responsibly and effectively The Board and CEO work in a spirit of openness, mutual respect, and shared purpose. Page 4
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2025 Remuneration Policy and Process We believe that attracting and retaining brilliant, committed people is fundamental lo delivering on our rnission. Our approach to remuneration ig built on fairness, transparency, and equity, With salaries based on role requirements rather Ihan individuals, benchmarked against comparable roles in the charitable sector, and always considered in the context of BWBF'S overall financial position. We are committed to paying people fairly for the work they do, in compliance with the Equality Act 2010 and with a clear. documented decision-making process that everyone can have confidence in. Remuneration is reviewed annually, with the Board approving the overall s31ary budget and structure, informed by market benchmarking, internal pay equity, and input from line managers on role requirements and performance. Adjusiments reflect cost of living changes, performance outcomes, and any changes in responsibilities. Performance Management Framework Our team members are the heartbeat of BWBF. They are dedicated, passionate, and deeply committed to the people we exist to seyve, and we work hard to m3ke sure they feel supported, valued, and equipped to do their best work. Every team member work5 to Key Performance Indicators IKPlsl directly aligned with BW8F's organisational goals and strategy, with tailored benchmarks that reflect the unique contribution ol each role. Regular one-to-one meetings provide ongoing feedback, support, and guidance, and formal appraisals take place annually, providing an opportunity to reflect on the year, celebrate achievements. and plan for continued growth and development. We are proud of the culture we are building at BWBF, one where people feel genuinely invested in our mission and motivated to give their very best every day. Page 5
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Trustees, report Icontinuedl For the year ended 31 December 2025 Trustees, Responsibilities Statement The trustees, who are also directors for the purposes of company law, arc responsible for preparing the Trusteeg, report and financial statements in accordance with applicable law and United Kingdom accounling standards. It is a responsibility they take seriously and carry out with care and diligence on behalf of the people BWBF exists to serve. Company law requires 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 accounting policies and then apply them consistently Observe the methods and principles in the applicable charity 50RP Makejudgments and accounting estimates that are reasonable and prudent State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain BWBF'S transactions and disclose with reasonable accuracy at any time the financial position of the charity, and to ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2025 OBJECTIVES AND ACTIVITIES Public Benefit BWBF exists to ensure that blind and partially sighted people across the UK can 3ccesS the technology they need to live independently, stay connected, and take their rightful place in an increasingly digital world. It is a mission rooted in nearly a century of service, and one that feels more urgent and more relevant today than ever before. For people living with sighl loss. the modern world presents very real challenges As technology becomes ever more central to everyday life, those without the skills or support to navigate it can find themselves CUL off from Information. entertainment, social connection. and setvices that others take entirely for granted. The gap between those who can access technology and those who cannot is widening, and for some people with sight loss the consequences of being left on the wrong side of that divide can be profound. BWBF stands in that gap We provide people with the technology they need, but we know that simply putting a device in someone's hands is rarely enough. Re31 independence comes from Ljnderstanding how to use it, feeling confident with it, and knowing that support is there when you need it That belief sits at Lhe core of everything we do. In 2025, we took significant steps forward in shaping the future direction of BWBF, developing a strategic plan that will guide our work in the years ahead and ensure that our services continue to evolve in response to the real and changing needs of the people we seNe. That journey is undenNay, and we are excited about where it will take us. Page 7
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustee5' report Icontinuedl For the year ended 31 December 2025 ACNIEVEMENTS & PERFORMANCE 2025 was a year that felt genuinely exciting at BWBF. A ye3r of doing more, reaching more people, asking hard questions, and being brave enough lo act on the answers We are proud of what we achieved. and even more excited about where it is taking us. Delivering for our beneficiarie5 Demand for our equipment service grew significantly in 2025, and we rose to meet it. We provided more than 5,600 devices free of charge to people living with sighl105s across the UK, a substantial leap from the 4,237 device5 vve gave to people we supported in 2024. Our continued shift toward mainstream, accessible technology has not only widened the range of devices available to our seNice users, but has driven down costs considerably, meaning we can reach more people without spending more money. Every device we provide represents a real person whose life just got a little easier, a little less isolated, or a little more their own. A diff icult but necessary decision During 2025 we made the tough decision to close our in-house technology development fLJnction and decommission our two bespoke mobile phone apps Usage levels could no longer justify the significant investment required, and we knew that the same resources could make a far greater difference elsewhere. Sometimes doing right by the people you serve means making difficult calls, and this was one of them. Understanding what people really need One of the things we are most proud of in 2025 is that we stopped and listened In partnership with nfpResearch, we undertook a comprehensive study into the technology needs of people with sight Ioss. What came back was both hurnbling and galvanising Page 8
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees, report (continued) For the year ended 31 December 2025 The headline findings were clear= One of the greatestneeds among blindandpartiallysightedpeople is hands-on, personalised training andsupport with 52/0 of those we surveyed expressing a preference for in-person. one-to-one instruction Seventy-one per cent of respondents identified cost as a barrier to accessing the technology they need, with high-end devices described by many as potentially life- changing but simply out of reach Technology plays a vital role in mental wellbeing, with 80/• of SUTvey respondents agreeing or strongly agreeing that access to audio technology had a positive impact on their menial wellbeing Participants described the profound impact of feeling connected, informed, and independent The people who need support most urgently are older people navigating an increasingly digital world, those with severe or total sight loss, and those recently diagnosed, lor whom timely support can change everything W31ting times for support of up to six months were reported. As one participant put it, for someone who hasn't been able to use anything. that wait is simply'forever. This research has fundamentally shaped our thinking and our direction. and this influence will be seen throughout everything we are doing next. What the research told us about BWBF The research was equally honest about BW8F itself. Our work was valued deeply, with 88/0 of respondents who'd used our services rating thern as good or very good. However, the feedback on our name and brand was clear and consistent. Interviews with people who know us, and those who don'L revealed a perception IhaL our identity was outdated, failing to reflect the modern, ambitious organisation we have become. It created confusion among the people we exist to serve. Alongside the research, we also know that feedback on funding proposals we've received ghows our brand failing to land with funders and potential partners. An organisation offering cutting-edge technology support and a bold digital vision for the future of sight loss services simply did not match a name that felt rooted in another era entirely. Time for change After careful consideration of our research findings, B WBF decided lo undertake a full rebrand. including a new name, a new visu31 identity, and 3 new way of telling our story. This is not a cosmetic exercise. It is a fundamental repositioning of BW8F that reflects the transformation already underway in our setvices and our ambitions. The new brand is due to launch in July 2026 and represents one of the most significant moments in our nearly hundred-year history. We are excited, we are ready, and we believe it will help us reach more people, attract new supporters, and make an even greater impact in the years ahead. Page 9
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Trustees, report Icontinuedl For the year ended 31 Decernber 2025 Building for the future We also invested in strengthening our fundraising capability in 2025, bringing in skilled new fundraising talent and streamlining our processes lo build a more sustainable and ambitious income programme. The foundations are being laid for the growth we need lo fund our expanding ambitions, and we are genuinely excited about what the coming years will bring. None of this would have been possible without our Incredible team,. new and old. Their dedic3tion, warmth, creativity, and unw3vering commitment to the people we serve is something we never take for granted_ We are equally grateful to our volunteers, our donors, and our partners, who make everything possible and who share our belief that sight loss should never mean being left behind Looking Forward If 2025 was the year we asked the big questions, 2026 is the year we start living the answers. Publishing our research The reseaTch we undertook wilh nfpResearch into the technology needs of people with sight loss will be published in summer 2026. alongside the launch of our new brand. We are proud to be sharing these findings openly with the wider sector, and we hope they will not only shape our own work but spark a broader conversation about how our sector can support the sight loss community across the UK. The research has already changed how we think and how we work, and its fingerprints will be all over eveything we do in the year ahead. A new identity, a new chapter The launch of our new brand in summer 2026 is a landmark moment for this organisation. and one we have been building toward with real excilement. A new name, a new visual identity, and a fresh, confident way of telling our story to the world We believe it will help u5 connect more powerfully with the people we exist to serve, open doors with funders and partners who share our ambitions and make il unmistakably clear that B WBF is a modern, forward-thinking organisation with a bold vision for the future of sight loss support. Putting our strategy into action April 2026 sees the launch of new services designed in response to the findings of our research. These projects will offer our richer, personalised, holistic support that will empower people with gighl loss to access and use technology. We start with a series of pilot projects Ihat will begin lo bring our transformed service model to life. Rooted in what the people we serve have told us they actually need, these pilots will assess new ways of delivering the hands-on, personalised technology support that makes the biggest difference We will learn from them, adapt, and build on them as we go. This is where the vision starts becoming reality, and we are thrilled to be getting started. Page 10
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report (continued) For the year ended 31 December 2025 Reaching more people. including children and young people We have undertaken a nationwide mapping exercise which has given us a much richer picture of the landscape of sight loss support across the UK, the gaps that exist, the organisations doing brilliant work, and the real opportunities to collaborate rather than compete. In 2026 we will be deepening the relalionships we have developed with some of the leading organisations in our sector, working side by side to make sure more people get the support they need. We are also committed to ensuring that children and young people with sight loss continue to be al the heart of our service delivery Their needs are distinct, their futures are long, and the right support at the right time can shape everything that comes next. We want to play a real and meaningful role in that. Growing our volunteer programme People power is at the heart of what we do, and in 2026 we are going lo be investing seriously in growing our volunteer programme. Volunteers bring something that is genuinely hard to replicate. local knowledge, personal connection. and the kind of patient, Ljnhurried support that can transform someones relationship with technology. With a dedicated Volunteer Coordinator now in post, we have the foundations to grow this programme in a way ihal is thoughiful. sustainable, and genuinely impactlul. Continuing to deliver for our beneficiaries Through all of this change and growth. one thing will never waver.. our commitment to providing free equipment to blind people who need it. Ensuring that Cosl is never a barrier to life-changing technology is a founding principle of this charity, and it remains as important to us today as it ever has been. Growing our income 2026 will also see u5 Put our refreshed fundraising approach fully into action. With strong, smarter processeg, and a compelling new brand behind us, we are well placed to grow our income, bring in new supporters who share our passion. and begin to meaningfully reduce the deficit thal has characterised recent years. Financial sustainability is not just a priority for us,. it is the foundation on which everything else we want to do depends. Page 11
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees, report Icontinuedl For the year ended 31 December 2025 A new home We are also on the move. Our new, much smaller office in the Midlands will be a much belter fit for the way wc actually work today, and considerably more cost effective than our large Maidslone building. a remote organisation, a large, fixed premises no longer makes sense, and freeing up those resources means more money going directly to the people we are here for. Refreshing our governance Behind the scenes, we will be refreshing our Articles of Association to make sure our governance framework is a Irue reflection of the modern, ambitious organisation we are becoming. The year ahead is going to be busy. It Is going to be bold And It Is going to be. we firmly believe, one of the most important in BWBF'S nearly hundred-year history We face it with energy, optimism, and a commitment to the people who need us most. Page 12
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2025 Financial review Income The charity's total income for 2025 was £758,176, and came from the following sources.. 159b Donations from our generous individual supporter base increased by over Il/. to E112k for the year. which was encouraging against a backdrop of falling public donations to UK charities Grants from Trusts also grew by over 5/ to £285k. Trust grants made up over a third of our income, and form a vital source of funding. Several mulli-year grants have been awarded, which help greatly with stability and financial planning. Many of the grants are restricted to spending on particular projects or areas, for which we provide reporting on how those funds have been used. Also, an increasing number of Trusts have allocated a portion of their grants for unrestricted purposes, which helps us tund our organisational overheads. Income from legacies1£296k in 20251 has always been a vital element of the charity's funding, and in response lo a fall over recent years we have developed our fLJndraising strategy lo strengthen this area. Income from Trading ceased during the year, as rental income from the charity's building has ended in advance of the expected sale of the building. Investment incorlle also fell during the year to E60k This was expected as the charity drew down on a portion ol its investmenl portfolio to finance ongoing operations. As a result, dividend income has reduced. Page 13
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarant*l Trustees. report Icontinuedl For the year ended 31 December 2025 Expenditure We have continued to manage expenditure levels closely. which has resulted in an IO/. drop to El,453k overall cost compared to El,615k in 2024. Staff costs in particular were reduced by E184k compared to the previous year, mainly as a result of discontinuing the technology team and its app development project, We forecast similar overall staff costs during 2026. The costs of maintaining the Maidstone office building fell by circa 70/ts compared to 2024, as the team moved to remote working and the building has been listed for sale. There was an increase in professional costs in 2025, as the charity invested in several major projects. particularly its work with NFP research which has shaped the long-term future strategy,. costs associated with the forthcoming rebrand that derived from the NFP research, and also development of the refreshed fundraising strategy The costs of these projects have been recognised in our 2025 accounts, but the benefit is expected to belasting We envisage a significant reduction in professional costs for 2026 onward now that these major projects are concluding. Reserves After gains on its investment portfolio, the charity recorded a £486k deficit for the year, funded from its reserves. This is a £33k improvement compared to the £519k deficit in 2024 The charity's reserves at 31st December 2025 tolalled £2.7 million, of which £72k is held as an endowment and a further £121k for restricted purposes, where the restrictions are typically geographical. Unrestricted funds fell to £2,491k at year end. After allowing for the Board's designated reserves held for specific purposes. general unrestricted reserves amounted to £1glk which represent 3pproxim3tely 1.5 months, operating cost5. After the year end, the trustees released E500k of dcsignated funds back to general unrestricted reserves so that this balance now covers 6 months. operating costs, which the Board believes sufficient for the charity to continue to achieve its goals. Page 14
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 51 December 2025 ReseNes policy The unrestricted funds are expendable at the discretion of the Board to pursue the objects of the charity The trustees have designated reserves to cover the following items.. Building maintenance Legacy income provision Closure costs Set replacement Designated Funds required Total Designated Funds as per accounts (note 211 £ioo,000 £ioo,000 £350,000 £1,750,000 £2,300,000 £2,300,000 After the year end. the trustees have reviewed the designated fund position. and have identified that there 15 no longer a need for the designation of funds in respect of set replacement, however have identified two additional areas where the designation of funds is required, this has resulted in a movement in designated funds after the year end to the following position". Building maintenance Income provision Closure costs Investment portfolio10sses Future operating needs Designated Funds required ElOO,000 £350,000 E350,000 £250,000 E750,000 El.800.000 The Board has a longstanding reseNe of EIOOk against its freehold property, to cover any mojor repair costs that could arise. This will be kept In place until the building sale has been completed. The charity has invested in its fundraising strategy during 2025, which has been reflected in positive income projections for 2026 and beyond. However. much ol the charity's income remains unpredictable from year to year, particularly legacy income. There is also risk attached to the rebrand projecl and its effect on Income streams. The Board has therefore reserved £350k as a buffer against any possib11ity of weaker than planned ncome growth over the foreseeable future. The Board has reserved a total of £350k 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. A high proportion lover 80/101 the charivs assets are currently held in professionally managed investment porttolios. The value of these investments is affected by market volatility, and therefore the Board has set aside £250k against the risk of potential future investment losses. Page IS
BRITISH WIRELESS FOR THE BLIND FUND IA company lirllited by guaranteel Trustees. report Icontinuedl For the year ended 31 December 2025 The long-lerm financial sustainability of the charity is paramount. The charity has incLJrred deficits over recent years. Based on our longer term financial planning, there is a risk that the charity will continue to fund its oper3ting activities from resetves beyond the projected deficit for 2026 The Board have therefore reserved £750k to ensure that the charity'g ambitious plans for an increased service provision over the next 3 years are adequately funded, whilst the new brand and fundraising strategy have sufficient time to develop. Investments Under the Memorandum and Articles of Association, the charity has the power lo make any investrnent 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 charity's primary investment managers throughout the year. The charity's principal investment objective is to achieve sustainable capital growth with an acceptable level of risk. The charivs primary investment porlfolio is man3ged according to NSBC Private Banking's responsible investment policy which precludes direct investments in seclors 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 charity's investments generated £60k of income and a gain of £208k over the year, which is considered an acceptable performance. Sale of Building In 2024 the trustees took the strategic decision to sell the charity's building al 10 Albion Place, Maidstone, recognising that with a remote workforce the premises had become significantly underutilised and that the capital tied up in the asset could be far better deployed in service of our mission. The building was brought to market in early 2025, an offer has been accepted, and the conveyancing process is currently undenNay. This will release substantial capital and eliminate ongoing property maintenance and operation31 costs. The charity h35 recently agreed terms to rent a much smaller off ice in the Midlands, beller suited lo our current way of working and more cost effective. This Is not simply a change of address. It reflects the modern, agile organisation we have become. and a commitment to ensuring that our resources go where they are needed most. Page 16
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2025 Risk Policy The Board regularly reviews and re-evaluates the major risks to which the charity is exposed and updates its risk register accordingly. Where appropriate. systems and procedures are introduced or revised to reduce or mitigate those risks. The trustees consider the principal risks and uncertainties facing the charity to be as follows. Financial sustainability and income growth The most significant financial risk facing BWBF is growing income sufficiently lo reduce our Teliance on reseNes. We are addressing this through our rebrand, new service development, and a refreshed fundraising strategy designed to attract new audiences and funding streams. Strategic transformation and reputstional risk BWBF is undergoing the most significant period of change in its recent history The transformation of our services and OLJr forthcoming rebrand carry reputational risks, particularly for long-standing 5upporlers. We are managing this through transparent communication and a benefici3ry-led approach grounded in our research, ensuring our heritage and values remain central as we evolve. The risk of not rebranding The trustees have carefully considered the risks ol sianding still. Our research found our name was almost universally described as confusing. outd3ted, and a barrier to engagement. Without a rebrand, income growth is not possible. The trLJStees are cle3r that retaining our current identity is not a safe Option. The rebrand is a precondition for financial susL3inability. Page 17
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2025 External risks The trustees continue to monilor economic conditions and global uncertainty affecting our investment portfolio. Robust financial controls, a diversified income strategy, and appropriate reserves provide protection against these pressures. The trustees are satisfied that appropriate systems are in pLace to manage these risks effectively. Approved by order of the members of the board of Trustees and signed on their behalf by Mr M Brace r4 Chair Ms S Jones Secretary Date.. 2015126 Page 18
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) 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 'charitable companyl for the year ended 31 December 2025 which comprise the Statement of financial activities, the Balance sheet. the Statement of cagh 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 3nd Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice) In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 and of its 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 20ll. 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 charitable company in accordance with the ethical requirements 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 concem 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Pa9e 19
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Independent auditors. report to the Members of 8ritish Wireless for the Blind Fund Icontinuedl Other information The other information comprises the information included in the Annual report other than the financial gtatements and our Auditois. report thereon. The trustees are responsible for the other information contained within the Annual report Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon_ Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi5Statemenls, we are required to determine whether this gives rise to a material misstatement In the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 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 sufficient accounting recordg have not been kept., or the financial statements are not in agreement with the accounting records and return5," 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 Iwho are also 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 trustee5 determine is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company s ability to continue as a going concern, disclosing, as 3pplicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to IiqLJidate the charitable company or lo cease operations. or have no realistic alternative but to do so. Page 20
BRITISH WIRELESS FOR THE BLIND FUND (A 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 ststements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereLJnder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material If, individually or in the aggregate. they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements. I rregularities, 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 scepticism through the audit. We also". l. Assessed the susceptibility of the entity's financial statements 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 irregularitie5. Because of Ihe inherent limitations ol an audit, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases Ihe more that compliance wilh a law or regulation is removed from the events and Iransaclions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also gre3ter regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, 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 website at." www.frc.or .uk auditorsres onsibilities. This description forms part ot our Auditors, report. Page 21
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 Use of our report This report is made solely to the charitable company's 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 lor no olher purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and ils members, as a body, for our audit work, for this report. or for the opinions we have formed. la Ll,L L_I,fj Xeinadin Audit Limited Chartered Accountants Statulory Auditor 12 Conqueror Court Sittingbourne Kent MEIO 5BH Date. I 1016 Xeinadin Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 22
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaraNteel Statement of financial activitie5 lincorporating income and expenditure account) For the year ended 31 December 2025 Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Totsl funds 2025 Tot31 funds 2024 Note Income and endowments from.. Donations and legacies Other trading activities 436,997 257,484 694,481 76757 3.970 59.725 3,970 59,725 25,654 Investments Total income and endowments 500,692 257,484 758,176 56S,36i Expenditure on.. Raisi ng funds Charitable activities 411.854 815,252 41L854 L041,007 440,54i IJ74.54G 225.755 Total expenditure 1,227,106 225,755 1.452,861 1, 614.88i Net lexpenditurellinco me before net gains on investrllents Net gains on investments 1726,4141 31,729 1694,6851 1746,5201 199.770 8.725 208,495 227,66/ Net movement in funds 1526,6441 31729 8.725 1486,1901 (518, 855, Reconciliation of funds.. Total funds broLJght forward Net movemernt in funds 3,017,314 88.811 62,830 3,168,955 5, 657805 1526,6441 31,729 8.725 1486,1901 15JS,5531 Total fLJnds carried fomard 2,490,670 120,540 71,555 2,682,765 5,16S, 955 Page 25
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Registered number.. 03870182 Balance sheet As at 31 December 2025 2025 2024 Note Fixed assets Intangible assets Tangible assets Investments 14 15 4S.725 923,093 2,214,005 51,166 95756 2, 657105 16 3,182,823 5,695, 65/ Current assets Stocks Debtors Investments 17 19,618 57,638 5,787 359,736 60, 975 92,98z 14,259? 298,155 18 19 Cash at bank and in hand 442,779 447S5i Current liabilities Creditors.. amounts falling due within one year 20 1942.8371 1974,5591 Net current liabilities 1500,0581 1526. 6821 Total net assets 2.682.765 5.168, 955 Page 24
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Balance sheet Icontinuedl As at 31 December 2025 2025 2024 Note Charity funds Endowment funds Restricted funds 21 71.555 120,540 2,490,670 62,556 SS,811 5, 017514 21 Unrestricted funds 21 Total funds 2,682,765 5.168,955 The entity 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 144 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 entities subject to the small companies regime. The financial stalements were approved and authorised for issue by the truslees and signed on their behalt by Mr M Brace Chair MrJ C D Mowe Trustee Date. 2015126 The notes on pages 27 to S6 form part of these financial statements. Page 25
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Statement of cash flows For the year ended 31 December 2025 2025 2024 Cash flows from operating activities Net Cash used in operating activities 1663,3771 1732,999 Cash flows from investing activities Dividends, interests and rents from investments Purchase of intangible agsets Purchase of tsngible fixed assets Proceeds from sale of investments 59,725 13,7051 151,1661 12.6151 114,890J 2.082.651 2, 070,656 IL401.0521 (4553,183, Purchase of investrnents Net cash provided by investing activities 735,004 698,534 Change in cash and cash equivalents in the year Cagh and cash equivalents at the beginning of Ihe year 71,627 293,896 134,4651 528,562 Cash and cash equivalents at the end of the year 365,523 293896 The notes on pages 27 to 56 form part of these financial statements Page 26
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 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 office is 5 The Beech Tree, Elmhurst Business Park, Lichfield, WS13 8EX. Accounting policies 2.1 Basis of preparation of financial statements The financial statements 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 tor the Blind Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initi311y recognised at historical cos( or transaction value unless otherwise stated in the relevant accounting policy. In the prior year, the charity presented consolidated financial statements In the current year, the charity is no longer required to present consolidated financial statements and has therefore chosen to present individual financial statements. The comparative figures presented represent the individual figures which were incorporated in the prior year consolidation. Although these figures appear different to those previously presented, the figures are not restaied 2.2 Going concern The trustees have reviewed the reseNes 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 has entitlement to the funds, there is sufficient certainty that receipt ol the income is considered probable,. and the amount can be measured reliably. Legacies are Included in the Statement of Financial Activity unless incapable of financial 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. Page27
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Accounting policies Icontinuedl 2.4 Expenditure Expenditure is accounted for on an accrual basis. Charitable activitie5 include expenditure associated with purchasing of devices and the associated costs and expenditure on support costs essential for 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 volLJnteers 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. Deferred research and development costs are reviewed annually, and where lulure benefits are deemed to have ceased or to be in doubt. the balance of any related research and development is written off to the Statement of financial activities. 2.6 Interest 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 wilh whom the funds are deposited. Page 28
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Accounting policies Icontinuedl 2.7 Intsngible assets and amortisation Intangible assets are initially recorded at cost, and are subsequently sL3ted at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recor(Jed 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 recognised separately from goodwill when they arise from contractual or other legal right5, 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 2.8 Tangible fixed assets and depreciation Tangible assets are initially recorded al c05t, and subsequently stated al cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued 3mounls are recorded al the f3ir value at the dale of revaluation less any subsequenl accumuLated depreciation and subsequent accurnulated impairment los*s. 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 3 result of revaluation. is recognised in other recognised gains and losses, except to which il offsets any previous revaluation gain, in which case the loss is shown withir) other recognised gains and losses on the stalement of financial activities. Page 29
BRITISH WIRELESS FOR THE BLIND FUND IA company lirnited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Accounting policies (continued) 2.8 Tangible fixed assets and depreciation Icontinuedl Deprecialion is charged so as to write off the cost or valuation of an asset, less its residual value over the useful economic life of that asset as follows. Land Buildings Fixtures and fittings Office equipment Computer equipment Not depreciated See below 10/0 Straight line 25/v Straight line 25/0 Straight line The building at 10 Albion Place, Maidstone, was valued by a qualified third paty RICS sutveyor 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. A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds Ihe recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unil to which the asset belongs. The cash-generaling unit is the sniallest identifiable group of assets that includes the asset and generate5 cash inflows that are largely independent of the cash inflowg from other assets or groups of as5et5. For impairment testing of goodwill, the goodwill acqLJired 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 ol the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Page 30
BRITISH WIRELESS FOR THE BLIND FUND IA company lirllited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Accounting policies Icontinuedl 2.9 Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannol 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 value 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 nel realisable value. The stock held by the charity is used as part of a charitable activity. the net realisable value is CON5idered to be serJice 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 impairment5 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. 2.13 Liabilities and provisions Creditors are initially recorded at fair valLJe and are then re-measured to the present value of the expected future cash outflows Page 31
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Accounting policies Icontinuedl 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 including any related transaction costs, unless the arrangement constitutes a financial transaction, where it is recognised at the present value of Ihe future payments discounted at a market rate of interest for a simiLar debt Instrument. Current assets and current liabilities are subsequently measured èt 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 lair value with changes in fair value recognised In income and expenditure. All other such investments are subsequently measured at cost less impairment. Page 32
BRITISH WIRELESS FOR THE BUND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Accounting policies Icontinuedl 2.1SOperating 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 c35h 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 Unrestricled 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 funds. Critical accounting estimates and areas of judgement There were no jL4dgements, estirnates and assumptions made by management in the preparation of the financial statements. Page 33
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Incorne from donations and legacies Unrestricted Restricted funds funds 2025 2025 Totsl funds 2025 Total fynds 2024 Donations Legacies Grants 112,627 296.613 27.757 112,627 296,613 285,241 101,176 596,24i 270,14S 257,484 436,997 257,484 694.481 76757 lotal 2024 507545 260, 024 76757 Income from other trading activities Incorne f rom non charitable trading activities Unrestricted funds 2025 Total funds 2025 Total funds 2024 Rental income 5,970 3,970 21595 2.145 Sale ot christmas card5 3.970 3,970 25, 654 Tota12024 23. 654 25,654 Page 34
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Notes to the financial statements For the year ended 31 December 2025 Investment income Unrestricted funds 2025 Totsl funds 2025 Tot31 funds 2034 Income from listed investrnenls Interest on cash deposits 56,027 3,698 56.027 3,698 74,45£ 2,685 59,725 59,725 Tota12024 Page 35
BRITISH WIRELESS FOR THE BLIND FUND A company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2025 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2025 Total funds 2025 rotai funds 2024 Staff costs Depreciation Amortisation 182,294 4,820 2,744 5,124 23,925 36,768 15,572 3.865 7,149 35,721 3,222 31,310 40,742 182,294 240,945 4,820 6,48 2,744 5,124 25,925 36,768 15,572 3,865 7,149 35,721 3.222 3L310 40,742 Premises 19, 06£ 28, 69G 50,706 20.513 5,675 11. 681 12.45J 10.251 15,595 12,46G 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 393,256 393,256 417.491 Tot&12024 417491 417491 Page 36
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Expenditure on raising funds Icontinuedl Included in the figures above for costs of raising funds are the following amounts in relation to allocated overheads.. 2025 2024 Staff costs Depreciation Amrtisatyon Prerrises a corrvTkJnicalions Printiro, postsge a rKI ststionery F I rKe costs IUranCe Travel arKJ subsistence Legal a rKY prOfessic I fees Publicity aThY events General experEes Terrpora ry staff costs 48,713 4.820 2.744 5,124 19.608 1.142 14,185 3,865 4.224 22.867 599 6,476 12,851 75, 088 6.480 19.062 2J.167 4.900 19,281 5. 050 lJ.054 11.059 409 7,528 147,216 178,858 lota12024 178, 858 Page 37
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2025 Investment managernent costs Unrestricted funds 2025 Totsl funds 2025 Total fund5 2024 Investment management fees 18,598 18,598 23, 05 lota12024 25, 05£ Analysis of expenditure on charitsble activities Summary by fund type Unrestricted Restricted funds funds 2025 2025 Total 2025 Total 2024 Charitable activities 815,252 225,755 1.041,007 1,174.54G Tota12924 940,226 254,Jli 1,174,54G 10. Analysis of expenditure by activities Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Tolai funds 2024 Charitable activities 661,364 379,643 1,041,007 1274,546 Total 2024 SIS,556 360,7S4 1174,546 Page 38
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Notes to the financial statements For the year ended 31 December 2025 10. Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2025 Total funds 2024 Activities 2025 Staff costs Depreciation Amortisation 113,660 11,247 6,402 11,954 45,752 2,664 33,092 9,016 9,861 53,357 1,397 16,392 29,988 17,371 17,490 113,660 11,247 6.402 11.954 45,752 2,664 33,092 9,016 9.861 53,357 1,397 16,392 29,988 17,371 17.490 121,15S Premises 55.40 39,50S 9,096 55,511 10,546 20.526 20,766 755 19,695 25,155 Communication and IT General office Finance costs Insurance Travel and subsistence Legal and professional fees Publicity and events General expenses Temporary staff costs Impèirment charge Governance costs 22,455 379,643 379,643 560,784 Tot312024 560, 784 360,784 Page 39
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Auditors remuneration 2025 2024 Fees payable to the company's auditor for the audit of Ihe company s annual accounts Fees payable to associates of the Company'5 auditor in respect 13,560 15.8OG All non-audit Services not included above 3,930 10,52G 12. Stsff costs 2025 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes 413,993 45,167 40,894 579. 68£ 59, 84 44.98 500,054 6S4.506 Included in staff costs are non-slatLJtory/non-contractual severance payments lotalling £5,00012024 - E51,4731 by way of compensation for the termination of employment of a previous employee. The average number of person5 employed by the company during the year was as follows. 2025 2024 Fundraising and publicity Service delivery Management and administration Support io Page 40
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 12. Staff costs Icontinuedl The number of employees whose employee benefits (excluding employer pension costsl exceeded £60,000 was. 2025 No. 2024 No. In the band £70,001- £80.000 13. Trustees. remuneration and expenses During the year, no trustees received remuneration and other benefits12024 - 11 from their employment with the charity In the prior year. the employee only received remuneration in respect of services they provided undertaking their contract ol employment. The value of trustees, remuneration and other benefits was as follows. 2025 2024 Margaret Gr3inger Iresigned Remuneration 29 February 20241 Pension contributions paid Nil 15,000-20,000 0-5,000 No expenses were reimbursed or paid directly to any trustees in either the current or prior period. Page 41
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Notes to the financial ststements For the year ended 31 December 2025 14. Intangible assets Software website development Cost At l January 2025 Additions 63,603 3,705 112,437) Disposals At 31 December 2025 54,871 Amortisation At l January 2025 Charge for the year On disposals 12.437 9.146 112,4371 At 31 December 2025 9,146 Net book value At 31 December 2025 45,725 At 31 December2024 51,166 Page 42
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Notes to the financial statements For the year ended 31 December 2025 15. Tangible fixed assets Freehold Office propety equiprnent Total Cost or valuation At l January 2025 Additions 1,023.665 98.863 1,122,528 2,615 2,615 140.9491 140,9491 Disposals At 31 December 2025 1,023,665 60.529 1,084.194 Depreciation At l January 2025 Charge for the year On disposals Impairment charge 87.377 8,266 77,789 7,801 137,5031 165,166 16,067 137,5031 17,371 17,371 At 31 December 2025 113,014 48.087 161,101 Net book value At 31 December 2025 910.651 12.442 923,093 At31 December2024 956.285 21, 074 95756£ As described in the trustees report, an offer has been accepted for the sale of the freehold property held by the charity. As a result of this offer being accepted, the trustees have reviewed the carrying amount of the freehold property and have assessed th3t 3n imp3irment charge is required in order to reduce the book value of the property lo their calculated realisable value after adjusting for costs to sell the properly Page 43
BRITISH WIRELESS FOR THE BLIND FUND IA company limiteij by guarantee) Notes to the financial statements For the year ended 31 December 2025 16. Fixed asset investments Investments Other fixed in subsidiary Listed asset companies investments investments Total Cost or valuation At l January 2025 Additions Disposals Revaluations 2,624.278 1,338,094 IL974.9991 155,076 62,830 2,687,109 62,958 1.401,052 162.8301 12.037,8291 8,597 163,673 At 31 December 2025 2.L42,449 71,555 2,214,005 Net book value At 31 December 2025 2,142.449 71,555 2,214,005 At 31 December2024 2, 624,276 62,8SG 2.657105 The figures above include the following investment which is more than 5/0 of the total value of the portfolio.. HSBC GIF Global Government E162.935.82 7.58/ Page 44
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BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2025 17. stocks 2025 2024 Stock held for free loan 19,618 60,97S 18. Debtors 2025 2024 Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 713 4, 924 55.446 32, 441 27,821 29.104 57,638 92. 98 19. Current asset investments 2025 2024 Short term deposits 5,787 Page 46
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 DeceM1r 2025 20. Creditors.. Amounts falling due within one year 2025 2024 Bank loans Tr3de creditors Other laxation and social security other creditors Accruals and deferred income 850.000 850, 000 5L731 82,294 10,932 J1255 2,547 2.77J 27,627 28.255 942,837 974,555 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 inve5tmenl portfolio balance In addition, the b31ance is secured by HSBC Bank PLC by way of a floating charge over the charity's remaining assets and liabilities Page 47
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Notes to the financial ststements For the year ended 31 December 2025 21. Ststement of funds Statement of fund5 - current year Balance at 31 Gainsl December ILossesl 2025 Balance at l January 2025 Income Expenditure Unrestricted funds Designated Funds ? 300,000 ?,300,000 General Funds 717,314 500,692 11,227,106) 199,770 190,670 Totsl Unrestricted funds 3,017,314 500,692 IL227,1061 199,770 2,490,670 Endowment funds Radios for Blind People 62,830 8,725 71,555 Restricted funds England & Wales National Scotland Other Geographical Restrictions 25,200 45,354 32,845 119,8041 144,3331 125.6201 5.396 2,700 10,921 1,679 3,696 83,436 154,085 1135.9981 101,523 88,811 257.484 1225.7551 120.540 Total of funds 3,168,955 758,176 (L452,86J 208,495 2,682,765 Page 48
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee Notes to the financial statements For the year ended 31 December 2025 21. Statement of funds Icontinuedl The (rustees have identified a series of investment destinations that are needed for the efficient sustainability of the charity and they have (Jesignated specific funds as set out in the Trustes Annu31 Report for the purpose of meeting that need. As described in the trustees, report, after the year end, the trustees have reviewed their designated fund position and have made adjustments to the amounts designated which has resulted in E500.000 being released back into unrestricted general funds for free use by the charity on its charitable objects. An endowment fund was established by a legacy of E75.000 in 1989 in Radios 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 incorne for the general purpose of the Fund. The c3Pltal is currently invested in the M&G Charity Multi Asset Fund and the M&G Ch3rifund Fund. Restricted funds were established by various donations made during the year, mainly under geographical terms. These are held in Cash al Bank until the terms are met. Page 49
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 21. Statement of funds Icontinuedl Statement of funds - prioryear Salance al 531ance ai l Janua 2024 Transfers In/ou( Gains/ Decembei ILossesi 2024 IncomÉ ExpenditurE Unrestricted funds Designated Funds 3. 065. OOG 1765, 0001 2,500, 000 General Funds 498,191 608,555 11,580,77b 765, 006 226,555 717514 Total Unrestricted funds 5565,19J 606,535 (1580,771} 226,555 5. 0175J4 Endowment funds Radi05 for Blind People 61,716 62,85G Page 50
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 21. Ststement of funds Icontinuedl 8313nce al Balance ai l Janu3 2024 Tr&ns/ers in/oul Gains/ Decembei ILosses/ 2024 Income ExpenditurE Restricted funds England Wales Glasgow Leicestershire National 2,586 8.325 8, 60G 15, 756 60.545 (10.705/ 14,117, (5, 679, (61,8951 5,506 12,344 1675 27i 5, 025 National Elderly North Yorkshire Scotland Other Geographical Restrictions 10, OOG (io. 000, 4.525 506 12.506 24,50G (4, 640, (21,5041 12.185 5. 696 51,575 119.S04 117772, 55,40/ 62, 895 260. 024 1254,112/ 88,811 Total of funds 5,657806 868,56i IJ. 624, 88SJ 22766/ 516S, 955 Page 51
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 22. Svmmary of funds Sumrnary of funds - current year BaLance at 31 Gainsl December ILossesl 2025 Balance at l January 2025 Income Expenditure Designated funds General funds Endowment funds Restricted funds ? 300,000 717,314 500,692 62,830 88,811 ? 300.000 190.670 71,555 120,540 11,227,1061 199,770 8.725 257,484 1225.7551 3,168,955 758,176 11.452,8611 208,495 2.682,765 Summary of funds- prior year Ba/&nGe ai 51 Gains/ DeGembei ILosses} 2024 Balance ai l J&nu3 2024 Tr3nsfers In/oul IncomE Expenditure Designated funds General funds Endowment funds 5. 065, OOG 1765, 000/ 2,500, 006 498.191 608,555 11,380, 765, OOG 226,555 717514 61.716 62,85G Restricted funds 62,895 260,024 1254,212, 88,811 3, 687,806 868,36i 1614.S8SJ 22766/ 5.268,955 Page 52
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 23. Analysis of net assets between funds Analysis of net assets beeen funds - current year Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Total funds 2025 Tangible fixed assets Intangible fixed assets Fixed asset Investments 923,093 45.725 2.142,450 322,239 1942,8371 923,093 45,725 71,555 2,214,005 442,779 1942,8371 Current assets 120,540 Creditors due within one year Totsl 2,490,670 120,540 71,555 2.682,765 Analysis of net assets between funds- prioryear Unrestricteo Restricteo Endokvmenl funds funds funds 2024 2024 2024 lotai funds 2024 Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year 95756 51.166 2. 624.275 559, 046 1974,5391 95756 51166 62,SSG 2.687105 88,511 1974.559, Total 3, 017514 88.811 62,856 5,168,955 Page53
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 24. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net expenditure for the year las per Staiement of Financial Activities) 1486.1901 (518, 855J Adjustrnents for.. Depreciation charges Amortisation charges (Gains) on investments Dividends, interests and rents from inveslmenls Loss on the sale of fixed assets Decrease/lincreasel in stocks Decrease in debtors Decrease in creditors Impairment ol fixed assets 16,067 16,855 9,146 1756 1208,4951 (2276671 159,7251 1771371 3,446 41,361 35,344 131,7021 17.371 (51, 9729 154,961 150, 947} Net cash used in operating activities 1663,3771 1753,9991 25. Analysis of cash and cash equivalents 2025 2024 Cash in hand Notice deposits Iless than 3 month51 359.736 5,787 298,135 (4,2391 Total cash and cash equivalents 365,523 293, S96 Page S4
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Notes to the financial statements For the year ended 31 December 2025 26. Analysis of changes in net debt Atl January 2025 Cash flows At31 December 2025 Cash at bank and in hand Debt due within l year Liquid investments 298.135 1850.0001 14,2391 61,601 359.736 1850.0001 5,787 10,026 1556,1041 71,627 (484,4771 27. 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 lor 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 slatements due to potential changes in estate valuations, outstanding 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 bul 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. 28. Pension commitments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those ol the group in an independently administered fund The pension cost charge represents contributions paid by the group lo the fund and amounted to £40,894 12024 - £44,982). No amounts were payable to the fund at the balance sheet date in the current or prior year. Page 55
BRITISH WIRELESS FOR THE BLIND FUND A company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2025 29. Operating lease commitments At 31 December 2025 the company had commitments to make future minirnum lease payments under non-cancellable operating leases as follows 2025 2024 Not later than l year ter than l year and not later than 5 years 11.150 3,635 16,60G 21, 016 14,785 The following lease payments have been recognised as an expense in the Statement ol financial activities.. 2025 2024 Operating lease rentals 15,821 19.88J 30. Related party transactions The company has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the company at 31 December 2025. There were no related party transactions or balances outstanding during the prior year 31. Post balance sheet events As described in the trustees report, the charity has accepted an offer for the sale of the freehold property after the balance sheet date and the conveyancing process is underway at the date of approv81 of these financial stalements. The realisable value from the sale is not expected to differ materially from the carrying value of the property al the year end as disclosed in note 15. Page 56