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.
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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
I￿UranCe
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

li
QX)

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 DeceM1￿r 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 be￿een 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