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← Fight for Sight

2025-03-31-accounts

PATRICK AMY LAINE Ydrr 29227-- ' 30823 33125 Annual review 2024125 FIGHT FOR SIGHT

Foreword

Keith Valentine | Chief Executive

In 2024/25, Fight for Sight continued to deliver on our strategy to grow our grant making, while maintaining a prudent approach to income generation. In a challenging economic climate, we sustained robust fundraising capabilities and achieved results that stand out positively against the overall performance of the market. This combination of strategic focus and financial resilience has enabled us to make a greater impact for people affected by vision loss.

A community working together

We awarded £3.1 million in research grants and more than £707,000 in social project grants to 27 organisations, supporting work that ranged from breakthroughs in eye disease treatments to community programmes improving confidence, independence and well-being. We remain committed to ensuring that every pound is spent effectively, with 76p of every £1 going directly to sight-saving research and life-changing services.

Our new look on the high street

Our retail operations generated over £1.9 million in income. We rebranded our shops to reflect our bold new identity, embedding accessibility features such as “talking tills” to make volunteering easier for people with vision loss. These shops not only raise funds but also increase awareness and attract new volunteers, supported by a dedicated team of 190 volunteers whose contribution we value enormously.

Save Sight. Change Lives.

This year, our researchers made important progress. A study we funded found that vitamin B3 (niacin) could protect against glaucoma damage, opening the door to potential new treatments. Another team developed custom glasses for people with keratoconus, significantly improving vision and quality of life. We also launched research into tackling loneliness and isolation among blind and vision impaired people.

Left to right: Keith Valentine, CEO, and guide dog Dottie; Phil Beaven, Director of Retail; Heather Giles, Chair of Trustees; Arnold Khelifi, Shop Manager; Munira Wilson MP; volunteers, Christine and Deborah.

Contents

1 Foreword

3 Impact: Scientific research

6 Impact: Our digital reach

Welcome our new chair

Our fundraising community continued to inspire, taking on challenges from marathons to skydives, bake sales to workplace campaigns. Their efforts ensure we can invest ambitiously in our fiveyear strategy (2024–2027), which will commit almost £30 million to grants in eye research and social innovation, targeting every stage of the patient pathway from prevention to treatment to systemic change.

Finally, we were delighted to welcome Heather Giles as Chair of our Board of Trustees. Under her leadership, and with the commitment of our partners, supporters and volunteers, we are well positioned to continue our mission: to Save Sight and Change Lives.

19 Independent Auditor’s Report to the members of Fight for Sight

Cover

KEITH VALENTINE | CHIEF EXECUTIVE

Front: 2025 London Marathon runners, Patrick, Laine and Amy

Back: Fight for Sight-funded researcher, Professor Alice Davidson

Impact: Scientific research We fund early-stage research that makes discoveries and breakthroughs possible. It’s the base from which all further research progresses, and it’s helping us to understand, diagnose, prevent and treat vision loss.

12 Small grants In 2024/25 6 PhD studentships

33 grants were awarded totalling £3.1 million

3 Zakarian Awards 6 Project grants

2 Strategic awards 4 Ongoing grants

Strategic awards

Grants per region

Grants per strategic area

1 East Midlands 1 West Midlands 1 South West 1 Strategic award – UK-wide

16

11

3

1

2

Treatment

Understanding

Diagnosis

Health services or policy research

Strategic award

3

Impact: Social change

Our social change funding exists to ignite and accelerate projects that will change the lives of blind and vision impaired people in the UK.

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||| |---|---| |Grants per type| |In 2024/25| |Children and Young People| |£234,965| |December 2025| |27 grants| |were awarded totalling|Capacity building| |£247,646| |Part 1| |£707,611| |Capacity building| |£225,000| |Part 2| |1|Scotland| |1|North East| |2|Yorkshire and Humber| |North West|3| |1|East Midlands| |West Midlands|2| |1|East of England| |Wales|1| |9|London| |South East| |3| |South West|3|

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Find more impact stories at: fightforsight.org.uk/what-we-do/our-impact

Impact: Retail

350k

Charity retail revenue is at an all-time high due to an increased desire for sustainability and responsibility around what we buy and wear. Having a responsible and innovative retail offering is at the heart of Fight for Sight’s retail mission.

Circular economy

Of the textiles collected by charities, 53% are sold in store or online. Unsuitable items that have been donated to Fight for Sight are recycled through our textile partner, while the credit received for these items is reinvested in stock and adds further value to the circular economy. Our rag textile partner also takes books, bric-a-brac and homewares.

Surplus stock is saving sight and changing lives

We’re proud to have teamed up with a number of retailers – Smythson of Bond Street; Tesco and John Lewis, Kingston, among others – which have donated surplus stock for us to sell in store and online.

£79,418

Online marketplaces

An innovative collaboration

Peckham and Balham car boot sales are a cult favourite among fashionistas, and we’re proud to share a passion for sustainable fashion with the organisers.

This year, we established an innovative collaboration whereby car boot vendors donate any unsold items for us to sell in store and online.

Whether it's samples, returns, seconds, ex-display items, lost property or past-season products, these donations ensure a steady supply of high-quality products that raise vital funds to Save Sight. Change Lives.

“If we assess 15 grants, we might only fund three or four. That isn’t to say the grants below that line are not meritorious. Many projects contain very good science, but it's a competition, and they might fall outside the funding bracket. Now, if we had more money, that line would go down a bit further, and we would fund maybe five or six projects instead of three or four.”

Professor Alan Stitt

Chief Scientific Advisor for Fight for Sight

6

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Money matters
£2.5m
█
£1.9m
█
Income
2024-25 £1.6m
█
3
£0.7m
█
£0.7m
█
Spending
█ 76p
2024-25
█ 24p
7
----- End of picture text -----

Where our money came from:

█ £2.5m Legacies £1.9m Retail █ Corporate / Trust £1.6m █ donations █ £0.7m Individual giving £0.7m Other █

Out of every pound we spend (net of retail costs):

was available for charitable █ 76p purposes

in running costs and invested █ 24p to generate further income

Trustees’ Annual Report

Governance

Fight for Sight is a charity constituted as a company limited by guarantee (registered charity number 1111438 and registered company number 05525503) and subject to charity and company law. This Report of the Trustees incorporates the Directors’ report and strategic report required under the Companies Act 2006 (Strategic report and Directors’ report) Regulations 2013.

Fight for Sight is governed by a Memorandum and Articles of Association that sets out its charitable objectives. The Trustees confirm that Fight for Sight has complied with the duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission. The charitable objectives are as follows:

Board of Trustees

Our Board of Trustees, who are also Directors of the Charity for the purposes of the Companies Act, have overall responsibility for the strategy, management and control of Fight for Sight (the charity and its subsidiaries). Our Chief Executive, working with the Executive team, is responsible for delivering the Board’s vision and strategy and for day-to-day operations.

Our Board’s Terms of Reference allow for between 10 and 14 Trustees, appointed by the Board on the recommendation of the People Committee.

All Trustees are required to demonstrate that they meet the skills needed by Fight for Sight, which are set out in the role profile. Appointments are led by the People Committee, which makes recommendations to the Board of Trustees.

We recruit as required, based on an evaluation of the balance of the diverse skills and experience needed to govern the charity in the long term, ensuring that the Board is fit for purpose and brings a diversity of interests and experience. Trustees are recruited and their skills and competencies are assessed against the role profile. They serve for an initial term of three years and, subject to review and the

approval of the Board of Trustees, may serve for two further periods of three years.

There were five new Trustees recruited during 2024/25: Dr Heather Giles, Professor Chris Hammond, Colin Henry, Mike Talbot and Oonagh Turnbull. There has been one trustee recruited in 2025/26: Dr Victor Chua. All new Trustees are given an induction programme that is tailored to their needs.

The Board of Trustees generally holds an away day once a year. It is an important part of Fight for Sight’s process for developing strategy, annual plans and budgets. The Trustees have overall approval and oversight of the organisation’s strategy, plans and budgets, and are regularly updated on their progress alongside a series of agreed targets and key performance indicators.

Board committees

The Fight for Sight Board has a committee structure, with committees holding authority to make decisions on clearly delineated matters. All committees are accountable to, and report to, the Board.

There are five committees: the Grants & Impact Committee (G&I); the Finance, Audit, Risk & Resources Committee (FARR); the People Committee; the Fundraising Committee; and the Retail Committee.

Grants & Impact Committee (G&I)

The committee exists to provide strategic direction to the charity’s grants programme and impact assessment, acting as a link between our Grant Assessment Panels and the Board. However, all final funding decisions remain with the Board of Trustees.

Its membership was a mix of Trustees and specialist advisors. In March 2025, its membership was Darren Barker (Chair), Professor Francesca Cordeiro, Professor Chris

Hammond, Dr Amit Patel, David Clarke OBE, Dr Sarah Robinson, Paul Ryb, and Professor Alan Stitt.

Research Grants Assessment Panel (RGAP): Members of the Research Grants Assessment Panel (RGAP) have a broad range of research and clinical expertise – they assess funding applications, make recommendations to the Grants and Impact (G&I) Committee and provide feedback to help shape and improve our processes.

Social Impact Grants Assessment Panel (SGAP):

To ensure that our grant-making activities are fair, transparent, and guided by expert advice and knowledge, we have an advisory committee to advise on our grants and impact work.

Finance, Audit, Risk & Resources Committee (FARR)

The committee exists to ensure effective review and monitoring of financial risks and financial performance, reliable management and financial reporting, compliance with laws and regulations, maintenance of an effective and efficient audit, and implementation of effective risk management and control.

Its membership was a mix of Trustees and specialist advisors. In March 2025, its membership was Keith Felton (Chair), Dr Heather Giles, Sylvester Oppong, Mike Talbot, and Sonia Morar.

People Committee

The committee exists to provide strategic direction and oversight on Board recruitment and composition, HR matters, safeguarding and equality, diversity and inclusion. The People Committee reviews remuneration for staff, reflecting comparable salaries in similar organisations, and recommends organisational pay awards to the Board.

Its membership was exclusively Trustees. In March 2025, its membership was Elizabeth Honer (Chair), Professor Francesca Cordeiro, and Dr Heather Giles.

Fundraising Committee

The committee exists to provide strategic direction and oversight of the Fundraising operation within the charity.

Its membership was a mix of Trustees and specialist advisors. In March 2025, its membership was Oonagh Turnbull (Chair), Colin Henry, Keith Felton, Mike Talbot, and Emily Jarman.

Retail Committee

The committee exists to provide strategic direction and oversight of the Retail operation within the charity.

Its membership was a mix of Trustees and specialist advisors. In March 2025, its membership was Colin Henry (Chair), Alina Kessel, Oonagh Turnbull, Mike Talbot, Ruth Newman, and Becky O’Hagan.

Subsidiaries

The Fight for Sight group comprises the main charity and four wholly owned subsidiaries, three of which were closed during the financial year.

Vision Foundation for London

A charitable company limited by guarantee and registered in England and Wales (registered charity number 1074958 and registered company number 03693002). Vision Foundation and Fight for Sight merged on 1 April 2023, at which point all assets and operations were transferred to Fight for Sight. The company was dormant throughout 2024/25.

The Iris Fund for the Prevention of Blindness

A charitable company limited by guarantee and registered in England and Wales (registered

charity number 293204 and registered company number 01929733). During 2023/24, we began proceedings to voluntarily strike off the company and it was dissolved in July 2024.

Eye Research UK

A charitable company limited by guarantee and registered in England and Wales (registered charity number 1091829 and registered company number 04424695). During 2023/24, we began proceedings to voluntarily strike off the company and it was dissolved in July 2024.

Fight for Sight Trading Limited

A company limited by share capital (registered company number 02389071). The company has been dormant throughout the financial year. During 2023/24, we began proceedings to voluntarily strike off the company and it was dissolved in October 2024.

Fundraising

Thank you to everyone who has donated to and supported Fight for Sight this year.

Fundraising continues to be Fight for Sight’s most significant source of gross and net income, powering our grant-making, research and advocacy work. In 2024/25, 70 per cent of our gross charitable income came from fundraising activities.

Since March 2020, the fundraising environment has shifted, presenting challenges that continue for both Fight for Sight and the charity sector as a whole. Political and economic uncertainty and global crises have had far-reaching financial and humanitarian ramifications. Yet despite this, our donors, fundraisers and funding partners continue to show that they care about our work, maintaining their long-term support for Fight for Sight, and many giving for the first time.

This year, our supporters helped us raise over £5.2 million, for which we’re extremely grateful and truly humbled.

Despite the tough giving climate, we’ve remained ambitious and more focused on growing sustainable income for Fight for Sight. Not only today, but to ensure the charity can be here for all of us in years to come.

Support from the public

This year, we’ve received £1.0 million (2023/24: £0.9 million) through one-off and regular donations and gifts from the public. We keep our supporters updated on our work throughout the year; and in turn, we love to hear what keeps them supporting Fight for Sight and the work we do.

Leaving a legacy

We’re forever grateful for the immense generosity of those supporters who left gifts in their wills for Fight for Sight. This year’s income from legacies was £2.5 million (2023/24: £3.7 million), which amounts to 48% of our fundraising income.

Support from organisations

We thank every company and its employees, every charitable trust and grant giving body that’s supported Fight for Sight this year, helping us raise £1.7 million (2023/24: £1.4 million).

We’re proud that so many funding partners have continued to commit to Fight for Sight over several years. We’ve also welcomed the support of new partners.

How we fundraise

Our aim is to ensure that engaging with Fight for Sight’s fundraising activities is a positive experience and that our supporters and the public are always treated with respect, fairness, honesty and clarity. Fight for Sight is regulated

by the Fundraising Regulator and therefore complies with the Code of Fundraising Practice. We regularly review our fundraising approach with the aim of achieving best practice in the charity sector. We have had no fundraising regulatory investigations or rulings during the past year.

Fundraising through third parties

Fight for Sight has used third-party fundraising agencies for inbound telephone and post responses to our adverts and appeals, and for recruitment to and management of our charity lottery. We did not carry out any outbound telemarketing within this financial year.

How we monitor fundraising

Fight for Sight uses a broad variety of fundraising channels to engage our diverse range of supporters to raise funds for the charity and provide updates on the impact of their donations. We also gratefully receive donations of clothes and goods to our shops. The performance of fundraising campaigns is regularly reviewed. We’re consistently seeking to hear feedback from supporters and internal and external stakeholders to deliver a high standard of performance and compliance.

Protecting the privacy and data of our supporters

We remain committed to protecting and respecting the privacy of all our supporters. We continue to ensure that all individuals’ data is captured, stored and used compliantly, and with the utmost care. Privacy by design and the best interests of those we serve are at the heart of this work. We’ve continued to adjust our privacy policy to better reflect the nature, scope, context and purposes of processing undertaken by the organisation. The full version of our privacy policy can be found at: fightforsight.org.uk/privacy-statement

Addressing people’s concerns

During 2024/25, we received seven complaints about our fundraising. The previous year, we received two complaints. We appreciate all feedback and use complaints to improve our fundraising.

Retail

We operate a network of charity shops whose profits directly support our charitable work.

Through the hard work and infrastructure that we’ve put in place, we were pleased to see another year of growth for retail, with our shops and online retail presence delivering £1.9 million of income (2023/24: £1.6 million). We’ve continued to invest in retail infrastructure to promote growth through an enhanced expansion plan, which has meant that retail has made a financial loss this year; but we expect to see the benefits of this investment in future years.

We’ve opened five new shops in 2024/25, all of which will help set us on a path to increased profitability for our charitable purpose.

Our core business relies on selling donated goods. However, we’ve been developing other areas of sales to support the business, testing the sale of bought-in goods in our shops. Both streams continue to widen our offering to our loyal customer base while also bringing in new customers.

We’ve introduced strategic initiatives to embed better practice across our network of shops. Successes include a new pricing structure within all shops that has raised our average transaction value, so that we’re making the most of all donations.

Financial review

Income

Income from fundraising donations was £5.2 million (2023/24: £6.2 million). Our “public” fundraising – comprising individual giving, events, community and collections – raised £1.0 million (2023/24: £0.9 million). Our fundraising from Trusts & Foundations and Corporates raised £1.6 million (2023/24: £1.4 million).

Our legacy income was £2.5 million (2023/24: £3.7 million).

Gross income from retail activities has increased to £1.9 million (2023/24: £1.6 million). As a result of our investment in future growth, we’ve made a financial loss in this year.

In addition, we received £0.1 million from charity partners (2023/24: £0.3 million) and £0.3 million of interest income (2023/24: £0.4 million).

Charitable expenditure

Charitable expenditure was £6.3 million (2023/24: £5.1 million). This consisted of £3.1 million of grants relating to scientific research (2023/24: £2.5 million), £0.7 million of grants relating to social change (2023/24: £0.6 million), £1.1 million of other direct impact expenditure, and £1.3 million of other supporting costs.

Net of our retail costs, this means that for every £1 we spend, 76% goes towards charitable purpose.

Balance sheet

Balance sheet net assets decreased from £12.2 million to £9.4 million, reflecting a planned draw-down on reserves.

There are no funds or subsidiary undertakings that are in deficit. Net assets of £0.6 million can only be realised by disposing of tangible fixed assets.

Reserves policy

Total funds held at 31 March 2025 were £9.4 million, which compares to £12.2 million at 31 March 2024. This includes restricted funds of £0.2 million (2023/24: £0.3 million) and designated funds of £1.0 million (2023/24: £1.2 million). Tangible fixed assets were £0.6 million (2023/24: £1.6 million). Free reserves at 31 March 2025 were £8.1 million (2023/24: £9 million). Free reserves are defined as unrestricted funds that have not been earmarked and may be used generally to further the charity’s objectives.

Our reserves policy is made up of a core reserve and a premium reserve. Our core reserve exists to maintain sufficient working capital in the charity to meet our needs over the medium term, taking into account:

Our premium reserve exists to reflect other notable risks. We’ve planned a significant expansion in income generation at the charity. To reflect the risk that we do not achieve our targets, we are reserving 10 per cent of the expected increase in contribution from fundraising and retail.

Applying this principle, Fight for Sight has a target free reserves level of £5.3 million. On 31 March 2025, Fight for Sight’s free reserves were £8.1million. This is substantially higher than our reserves requirement, and we plan to considerably draw-down on this position over the next four years to fund projects and programmes that have the potential to drive positive change, as well as investing in the infrastructure to generate sustainable income in the longer term.

Going concern

Fight for Sight continues to prepare its financial statements on the basis that we’re a going concern. In doing so, we’ve considered the business risks we face, the mitigations put in place to manage them, and scenario planning for adverse events.

We’ve carried out a robust five-year planning process that looks at projected cashflow and reserve requirements over that period. We expect to achieve our target reserves level over the five-year period, while also maintaining a strong liquidity position.

We believe that Fight for Sight is well placed to manage its financial and other operational risks satisfactorily, with a reasonable expectation that Fight for Sight will have adequate resources to continue in operation for the foreseeable future and meet its liabilities as they fall due. We therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Investment policy

The primary objective of our investment policy is to ensure the long-term sustainability and growth of our financial assets, enabling us to further our charitable objectives effectively. We’re committed to investing in a manner that is consistent with our values, ensuring that our investments do not contradict the causes for which we advocate.

Our policy includes two categories of investment:

Our cash-equivalent reserve is set at a level equal to our reserves requirement, which is currently £5.3 million. Cash in excess of the funds allocated to the above two reserves can be allotted to our investment reserve.

The Finance, Audit, Risk & Resources Committee is responsible for reviewing the investment policy and ensuring it remains appropriate. As of 31 March 2025, Fight for Sight had £15.1 million invested, split into £5.2 million in the cash-equivalent reserve and £9.9 million in the investment reserve. The investments are managed by our investment managers CCLA. These investments underpin the free reserves available to the organisation.

Risk management and assurance

Fight for Sight’s Trustees have overall responsibility for the management of risk within the charity. We view the management of risk as an essential discipline to support Fight for Sight in achieving its strategy and goals. This includes setting the risk appetite for the charity, ensuring that there are reasonable procedures in place for the prevention and detection of major risks.

During 2024/25, the Finance, Audit, Risk & Resources Committee has overseen Fight for Sight’s activities to ensure appropriate identification and consideration of risk within the charity. It is responsible for the oversight of the work of the executive team in this area, ensuring that challenge is provided and that robust mitigating actions and controls are in place.

The Finance, Audit, Risk & Resources Committee is responsible for the appointment of the external auditor. Over the course of the

year, Sayer Vincent served as Fight for Sight’s external auditor.

Fight for Sight considers risk across different time horizons and from different viewpoints. This allows us to make effective use of resources within our budgets, as well as to build in deliberate debate and monitoring at the right level within Fight for Sight. We group risks into one of five categories: a short summary follows, providing an overview of our greatest challenges to achieving our strategy and the context surrounding each risk area.

Sector-related risks – A failure to define and deliver clear, communicable strategic goals to donors and supporters, or a failure to maintain standing in the sector and among the public, could negatively impact the lives of the people we support, or reduce our standing in the sector. Under this risk category, we also consider the risks of partner organisations pursuing initiatives and activities that are inconsistent with our goals, plus inadequate due diligence of partner organisations.

We dedicate considerable time and resource to addressing risks in this area; ultimately, it’s our raison d’être. We are focused on delivering our new strategy, and our rebrand has been carried out with all stakeholders in mind. We have a well-established and independent governance framework in place for our impact and grantmaking activities, ensuring that our impact work is targeted, evidence driven, and provides good value for money.

Finance-related risks – A failure to secure sufficient income to provide the desired level of funding for our work could lead to a reduction in impact and pressure on organisational priorities. In addition, we hold a number of investments, and recognise the risk that if these are depleted due to inadequate management or external market

shocks, this will impact the work we can do. In this category, we also consider the risk of inflationary pressures, which can result in a significant increase in costs, a long-term deterioration in the value of our cash, or concerns about staff and volunteer well-being.

The charity has well-diversified income streams, and the balance of fundraising and retail provides extra resilience. We’ve invested in staffing and infrastructure to support future growth. The impact of tariffs on the global economy has put pressure on our investments, and we continue to monitor this closely.

People-related risks – A failure to attract and retain staff who can deliver our mission and goals, and attract and retain volunteers to support our work, could lead to problems in delivering our mission, a loss of knowledge and relationships, increased pressure on the remaining team, and less opportunity to engage people in our work. In this category, we also consider the risks of inadequate or ineffective safeguarding practices that could lead to the harm of any vulnerable person connected to us, and limited capacity during a period of significant change.

We have ambitious plans to take on a greater number of volunteers and have altered the structure of our retail and HR teams to support this. We provide safeguarding training for staff and volunteers, supported by related policies and procedures. We have a designated safeguarding lead on the exec team, and one on the Board, responsible for promoting safeguarding at the charity.

Infrastructure-related risks – This category captures several different risks, which could otherwise be described as “compliance and efficiency” related. These include: a breach or failure of ICT systems or infrastructure; inadequate or ineffective systems and processes, health and safety practices, or data

protection practice; and non-compliance with regulators in general.

We’ve made considerable effort over the past year to address these risks. We continue to meet all regulatory requirements and have clear plans in place for meeting future requirements.

Governance-related risks – A failure to recruit and retain exceptional Trustees, committee chairs, panel members and other independent committee members, and to maintain good governance standards across the governance structure, could impair our ability to meet our strategic objectives and deliver impact.

We consider that our Board comprises a good balance of expertise and experience from diverse fields, with a new governance and committee structure that has proven effective in its first year. Our People Committee reviews Board composition and succession planning for roles. We have further recruitment planned for Trustees, as well as independent committee and panel members.

Reference and administrative information

Statement of responsibilities of the Trustees The Trustees (who are also Directors of Fight for Sight for the purposes of company law, and its only Members under the Articles of Association) are responsible for preparing the Trustees’ Annual Report, including the financial report and the financial statements, in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Directors to prepare financial statements, which give a true and fair view of the state of affairs of the charitable

company and group for each financial year, and of the incoming resources and application of resources – including the income and expenditure – of the charitable company or group for that period.

In preparing these financial statements, the Directors are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company, and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They’re also responsible for safeguarding the assets of the charity and the group and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.

is unaware;

The Trustees are responsible for the maintenance and integrity of the corporate and financial information on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Report of the Trustees, which incorporates the requirements of the Directors’ report and strategic report as set out in the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, was approved by the Board in their capacity as Trustees and company Directors on 17th September 2025 and signed off on its behalf by:

Dr Heather Giles PhD, HonFBPharmacolS, Chair

17 September 2025

In so far as the Trustees are aware:

Trustees & committee members

----- Start of picture text -----
Trustees G&I FARR People FR Retail
Darren Barker ●
Professor Francesca Cordeiro (to March 2025) ● ●
Dr Victor Chua (from May 2025) ●
Victoria Currey (to August 2024) ●
Keith Felton ● ●
Dr Heather Giles [Chair] (from April 2024) ● ●
Professor Chris Hammond (from August 2024) ●
Colin Henry (from July 2024) ● ●
Elizabeth Honer (to March 2025) ●
Alina Kessel ●
Ly Lam (to July 2024) ●
Sylvester Oppong ●
Dr Amit Patel ●
Mike Talbot (from July 2024) ● ● ●
Oonagh Turnbull (from July 2024) ● ●
Committee members G&I FARR People FR Retail
David Clarke OBE ●
Colin Henry (to June 2024) ●
Becky O’Hagan (to April 2025) ●
Emily Jarman (from December 2024) ●
Sonia Morar (from December 2024) ●
Ruth Newman (from December 2024) ●
Dr Sarah Robinson (from December 2024) ●
Paul Ryb ●
Professor Alan Stitt (to March 2025) ●
Professor Jessica Teeling (from April 2025) ●
----- End of picture text -----

denotes that the individual was a member of the Grants & Impact Committee, ● G&I chaired by Darren Barker. denotes that the individual was a member of the Finance, Audit, Risk & Resources ● FARR Committee, chaired by Keith Felton. denotes that the individual was a member of the People Committee, chaired by ● People Elizabeth Honer. denotes that the individual was a member of the Fundraising Committee, chaired ● FR by Oonagh Turnbull denotes that the individual was a member of the Retail Committee, chaired by ● Retail Alina Kessel.

Executive directors

Professional advisors

Phil Beaven

Director of Retail

Ranjeet Kharé BEM

Director of Development

Olly Minton

Chief Financial Officer

Eleanor Southwood MBE

Director of Impact & External Affairs

Keith Valentine

Chief Executive Officer

Bankers

National Westminster Bank plc 91 Westminster Bridge Road London SE1 7HW

Solicitors

BDB Pitmans LLP 50 Broadway London SW1H 0BL

Auditors

Sayer Vincent LLP, 110 Golden Lane London EC1Y 0TG

Investment advisors

CCLA Investment Management 1 Angel Lane London EC4R 3AB

Registered office

50 Leman Street London

E1 8HQ

Independent Auditor’s Report

to the members of Fight for Sight

Opinion

We have audited the financial statements of Fight for Sight (the ‘charitable company’) for the year ended 31 March 2025, which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

In our opinion, the financial statements:

Other information

The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor’s 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 misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report including the strategic report. We have nothing to report in respect of the following matters in relation to which the

Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities set out in the Trustees’ Annual Report, the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

they were aware of any instances of non-compliance;

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor)

08 October 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Statement of financial activities

(incorporating an income and expenditure account) For the year ended 31 March 2025

----- Start of picture text -----
2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
Note £’000 £’000 £’000 £’000 £’000 £’000
Income from:
Donations 2 3,491 1,720 5,211 4,728 1,529 6,257
Investments / Other 4 322 - 322 379 - 379
Total fundraising income 3,813 1,720 5,533 5,108 1,529 6,636
Total fundraising costs 5 (1,354) - (1,354) (1,200) - (1,200)
Fundraising contribution 2,459 1,720 4,179 3,907 1,529 5,436
Trading income 3 1,901 - 1,901 1,576 - 1,576
Trading expenditure 5 (2,546) - (2,546) (1,862) - (1,862)
- -
Contribution from trading (646) (646) (286) (286)
activities
Receipt of net assets from 18 - - - 3,531 20 3,551
Vision Foundation
Funds available for
1,813 1,720 3,533 7,152 1,549 8,701
charitable activities
Total charitable
5 (4,522) (1,791) (6,312) (3,429) (1,715) (5,144)
expenditure
Net income (2,709) (70) (2,779) 3,723 (166) 3,557
Represented by
Total Income 5,713 1,720 7,434 10,215 1,549 11,764
Total Expenditure (8,422) (1,791) (10,213) (6,491) (1,715) (8,206)
Net income (2,709) (70) (2,779) 3,723 (166) 3,557
Gain / (loss) on valuation of 11 95 - 95 709 - 709
investments
Impairment of fixed assets 10 (181) - (181) (159) - (159)
Net movement in funds (2,794) (70) (2,864) 4,273 (166) 4,107
Reconciliation of funds:
Total funds brought forward 11,932 304 12,236 7,659 470 8,129
Total funds carried forward 9,138 234 9,372 11,932 304 12,236
----- End of picture text -----

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. All movements in funds are disclosed in note 15.

Balance sheet

As at 31 March 2025

----- Start of picture text -----
2025 2024
Note £’000 £’000
Fixed assets
Tangible fixed assets 10 594 1,683
Listed investments 11 15,099 14,744
Total fixed assets 15,692 16,427
Current assets
Debtors 12 775 448
Cash at bank and in hand 2,767 3,859
Total current assets 3,542 4,307
Current liabilities
Creditors: amounts falling due within one year 13 (4,708) (4,537)
Total current liabilities (4,708) (4,537)
Net current liabilities (1,165) (230)
Total assets less current liabilities 14,527 16,196
Non current liabilities
Creditors: amounts falling due after one year 14 (5,155) (3,960)
Total non current liabilities (5,155) (3,960)
Net assets 9,372 12,236
Represented by:
Restricted income funds 14 234 304
Unrestricted funds:
Designated funds 999 1,161
General funds 8,140 10,772
Total unrestricted funds 9,138 11,932
Total funds 9,372 12,236
----- End of picture text -----

Approved by the Trustees on 17th September 2025 and signed on their behalf by

Dr Heather Giles Chair of Trustees Company number: 05525503

Statement of cash flows

For the year ended 31 March 2025

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2025 2024
£’000 £’000
Cash flows from operating activities
Net income / (expenditure) (2,864) 4,107
Add/(less):
-
Receipt of net assets from Vision Foundation (3,551)
Receipt of working capital from Vision Foundation - 571
Depreciation charges 154 127
Impairment / loss on disposal of asset 184 174
Dividends and interest from investments (322) (379)
(Gain) / loss on investments (95) (709)
Decrease / (increase) in debtors (327) 362
Increase in creditors 1,365 989
Net cash flow from operating activities (1,906) 1,691
Cash flows from investing activities:
Dividends and interest from investments 62 101
(Purchase) of fixed assets (348) (232)
Proceeds from sale of investments 1,100 -
Other movement within investment portfolio - 617
Net cash used in investing activities 814 487
Change in cash and cash equivalents in the year (1,092) 2,178
Cash and cash equivalents at the beginning of the year 3,859 1,681
Cash and cash equivalents at the end of the year 2,767 3,859
----- End of picture text -----

Notes to the financial statements For the year ended 31 March 2025

1. Accounting policies

a. Statutory information

Fight for Sight is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is 50 Leman Street, London E1 8HQ.

b. Basis of preparation

The financial statements have been prepared in accordance with 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 (FRS 102)- (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

c. Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d. Going concern

The Trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, the charity has been notified of the executor’s intention to make a distribution, draft accounts have been shared showing sufficient assets exist to cover the legacy, and performance obligations have been met. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

g. Interest receivable

e. Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware

h. Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor.

Expenditure that meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

i. Expenditure and irrecoverable VAT

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred

j. Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

k. Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. The cost of overall

direction and administration of activities, comprising the salary and overhead costs of the central function, is apportioned based on the weighting of expenditure incurred in direct activities.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

l. Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

m. Tangible fixed assets

Fixed assets with a purchase price exceeding £2,000 are capitalised and depreciated over their useful economic life. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:


follows:
Freehold property over 50 years
Motor vehicles
Leasehold Improvements
Furniture and ofce
equipment		 over 5 years
over 5 years
over 3 to 10 years
Database over 4 years

n. Other investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted bid value price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in

the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

o. Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

p. Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a maturity of six months or less from the date of acquisition or opening of the deposit or similar account.

q. Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

r. Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

s. Pensions

The Fund contributes to a defined contribution pension scheme for employees under autoenrolment. The assets of the Scheme are held separately from those of the undertaking in an independently administered fund. The pension costs charge represents contributions payable by the Fund to the Scheme.

2. Income from donations

----- Start of picture text -----
2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
£’000 £’000 £’000 £’000 £’000 £’000
Legacies 2,503 24 2,527 3,675 6 3,681
Individuals 687 25 711 644 11 655
Corporate and trust
97 1,520 1,617 194 1,168 1,362
donations
Research partners 8 66 74 - 243 243
Regional and community
88 46 134 110 85 195
groups
Events 88 39 128 64 14 78
Donations in kind 21 - 21 42 - 42
3,491 1,720 5,211 4,728 1,529 6,257
----- End of picture text -----

Included within donations in kind is £21k (2024: £42k) of pro bono legal support provided during the year. The charity has been notified of certain legacies which have not been accrued due to uncertainty as to the amount and timing of the receipt. The charity's approach is to recognise any such legacies whose value is over £100k as contingent assets. There are eight such legacies with a total value in the region of £1.5m.

3. Income from trading activities

----- Start of picture text -----
2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
£’000 £’000 £’000 £’000 £’000 £’000
Sales of donated goods 1,813 - 1,813 1,477 - 1,477
Other income 88 - 88 99 - 99
1,901 - 1,901 1,576 - 1,576
----- End of picture text -----

4. Income from other activities

----- Start of picture text -----
2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
£’000 £’000 £’000 £’000 £’000 £’000
Interest & dividends 313 - 313 359 - 359
Other income 9 - 9 20 - 20
322 - 322 379 - 379
----- End of picture text -----

5. a. Analysis of expenditure 2024/25

----- Start of picture text -----
Fundraising Retail costs Charitable Support costs 2025
costs activities total
£’000 £’000 £’000 £’000 £’000
- - -
Grant commitments (Note 6) 3,824 3,824
Research, campaigning & advocacy - - 149 - 149
Staff costs (Note 8) 691 1,129 979 668 3,467
Grant commitments released - - (64) - (64)
Other expenditure 375 1,023 82 1,356 2,837
1,066 2,152 4,970 2,024 10,213
Support costs 288 394 1,342 (2,024) -
Total expenditure 2024/25 1,354 2,546 6,312 - 10,213
----- End of picture text -----

5. b. Analysis of expenditure 2023/24

----- Start of picture text -----
Fundraising Retail costs Charitable Support costs 2024
costs activities total
£’000 £’000 £’000 £’000 £’000
Grant commitments (Note 6) - - 3,105 - 3,105
- - -
Research, campaigning & advocacy 83 83
Staff costs (Note 8) 588 763 832 600 2,783
Grant commitments released (312) - (312)
Other expenditure 299 716 91 1,441 2,546
887 1,479 3,800 2,041 8,206
Support costs 314 384 1,344 (2,041) -
Total expenditure 2023/24 1,200 1,862 5,144 - 8,206
----- End of picture text -----

6. Grant commitments

----- Start of picture text -----
2025 2024
£’000 £’000
----- End of picture text -----

Beacon Vision - 20
Blind in Business 75 -
Blindaid - 30
Bloomsbury Football Foundation 30 -
Camden Disability Action - 30
Cardif University - 44
Deaflind UK 20 -
Durham University 126 -
Extant - 30
Fight Against Blindness - 30
Gloucestershire Hospitals NHS Foundation Trust 23
Greater Glasgow Health Board 20 230
Henshaw's Society For Blind People - 30
Hywel Dda University Health Board 25 -
Imperial College London 250 -
King’s College London 464 275
Living Paintings 20 -
Look - UK 20 40
Manchester Royal Eye Hospital - 24
Metro Blind Sport 30 25
Microphthalmia, Anophthalmia & Coloboma Support - 29
Middlesex Association For The Blind - 30
Moorfelds Eye Hospital NHS Foundation Trust - 280
MoorVision 30 -
My Vision Oxfordshire - 30
Newcastle University 250 -
Northumbria University - 135
Queen's University Belfast 250 -
Continued

Grant commitments – continued

----- Start of picture text -----
2025 2024
£’000 £’000
Retina UK 65 -
Royal College of Ophthalmologists - 204
-
Royal College of Surgeons of Edinburgh 64
Royal Society For Blind Children 30 30
Sense Ability Matters 20 -
Sheffield Royal Society for the Blind 24 -
Sight for Surrey 75 -
Sight Life 20 -
Sound Without Sight 20 -
St George's, University of London - 143
Stargardts Connected 20 -
Sutton Vision 75 30
University College London 699 166
University of Birmingham 135 250
University of Bristol - 250
-
University of Edinburgh 284
University of Leicester 135 -
University of Liverpool 294 -
University of Manchester - 149
University of Oxford 40 277
University of Southampton 30 30
Usher Kids UK 29 -
Wales Council Of The Blind - 28
Walsall Society For The Blind - 27
Other - awards under £20k 197 145
Total 3,824 3,105
----- End of picture text -----

7. Net income / (expenditure) for the year

This is stated after charging / (crediting):

----- Start of picture text -----
2025 2024
£’000 £’000
----- End of picture text -----

Depreciation 154 127
Loss or proft on disposal of fxed assets 184 15
Operating lease rentals 720 487
Auditor’s remuneration (excluding VAT):
Audit 16 16
Other services - 2

8. Staff Costs

Staff costs were as follows:

----- Start of picture text -----
2025 2024
£’000 £’000
Salaries and wages 2,931 2,294
-
Redundancy and ex gratia 65
Social security costs 324 229
Pension 211 195
3,467 2,783
----- End of picture text -----

The following numbers of staff have emoluments above £60,000:

----- Start of picture text -----
2025 2024
No. No.
----- End of picture text -----

£60,000 - £69,999 1 1
£70,000 - £79,999 1 1
£80,000 - £89,999 2 2
£90,000 - £99,999 1 -
£120,000 - £129,999 1 1

The key management personnel are the executive directors. The total employee benefits (including employer's pension contributions, national insurance contributions and termination payments) of the key management personnel were £580k (2024: £771k).

The charity Trustees were neither paid nor received any other benefits from employment with the charity in the year (2024: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs. In 2025, this totalled £3,334 (2024: £133).

The average number of employees (head count based on number of staff employed) during the year was as follows:

2025 2024
No. No.
Ofce and management
Fundraising & publicity
Impact
Trading activities		 14
24
6
43		 11
20
6
30
87 67

The Charity participates in an occupational defined contribution pension scheme, which is open to staff and is a qualifying pension scheme for auto-enrolment purposes. The assets of all schemes are managed separately by the financial services companies concerned and are completely independent of the Charity’s funds.

9. Related party transactions

Aggregate donations of <£1k were received in the year from three related parties. There are no transactions from related parties which are outside the normal course of business, and no restricted donations from related parties.

Tangible fixed assets

----- Start of picture text -----
10.
Freehold Leasehold Furniture, Motor Total
property Improvements fittings and vehicles
equipment
£’000 £’000 £’000 £’000 £’000
Cost
At the start of the year 1,500 445 221 21 2,187
Additions in year - 297 16 36 348
-
Disposals in year (1,500) (9) (20) (1,528)
At the end of the year - 733 217 57 1,007
Depreciation
At the start of the year (192) (100) (203) (9) (504)
Depreciation charge for year (28) (112) (8) (7) (154)
Eliminated on disposal 220 7 18 - 245
At the end of the year - (205) (193) (15) (413)
Net book value
At the end of the year - 528 24 42 594
At the start of the year 1,308 344 18 12 1,683
----- End of picture text -----

All of the above assets are used for charitable purposes.

11. Investments

----- Start of picture text -----
2025 2024
£’000 £’000
Fair value of listed investments at start of year 9,200 7,402
Receipt from Vision Foundation - 1,090
Additions at cost 608 -
Disposal proceeds 95 709
Net gain / (loss) on change in fair value
Fair value of listed investments at end of year 9,904 9,200
Cash held pending reinvestment 5,195 5,544
Fair value at the end of the year 15,099 14,744
----- End of picture text -----

----- Start of picture text -----
12. Debtors
2025 2024
£’000 £’000
Prepayments 329 217
Accrued income 297 156
Other debtors 148 75
775 448
13. Creditors: amounts falling due within one year
2025 2024
£’000 £’000
Grants payable 4,168 4,170
Trade creditors 213 127
Taxation and social security 25 23
Dilapidation provision 176 17
Other creditors, accruals and deferred income 126 200
4,708 4,537
----- End of picture text -----

14. Creditors: amounts falling due after one year

----- Start of picture text -----
2025 2024
£’000 £’000
Grants payable 4,723 3,637
Dilapidation provision 222 262
Other creditors 210 62
5,155 3,960
----- End of picture text -----

15. a. Movements in reserves (current year)

----- Start of picture text -----
At 1
Receipt Income & Expenditure At 31 March
April Transfers
from VF gains & losses 2025
2024
£’000 £’000 £’000 £’000 £’000 £’000
Restricted funds:
Medical research 234 - 1,259 (1,351) - 141
Social change 71 - 461 (439) - 93
Other - - - - - -
Total restricted funds 304 - 1,720 (1,791) - 234
Designated reserves:
Grant spend fund 1,102 - - (712) - 390
Legacy marketing fund 59 - - (44) - 15
Fixed asset reserve - - - - 594 594
Total designated reserves 1,161 - - (755) 594 999
General reserves 9,517 - 5,809 (7,693) 506 8,140
Revaluation reserve 1,255 - - (155) (1,100) -
Total unrestricted funds 11,932 - 5,809 (8,603) - 9,138
Total reserves 12,236 - 7,529 (10,393) - 9,372
----- End of picture text -----

15.b. Movements in reserves (prior year)

----- Start of picture text -----
At 1
Receipt Income & Expenditure At 31 March
April Transfers
from VF gains & losses 2024
2023
£’000 £’000 £’000 £’000 £’000 £’000
Restricted funds:
Medical research 438 - 1,206 (1,411) - 234
Social change - 20 318 (267) - 71
Other 32 - 5 (37) - -
Total restricted funds 470 20 1,529 (1,715) 304
Designated reserves:
Grant spend fund 1,803 - - (702) - 1,102
Legacy marketing fund 99 - - (40) - 59
Total designated reserves 1,902 - - (742) - 1,161
General reserves 5,757 2,117 7,392 (5,750) - 9,517
Revaluation reserve - 1,414 - (159) - 1,255
304
Total unrestricted funds 7,659 3,531 7,392 (6,650) - 11,932
Total reserves 8,129 3,551 8,921 (8,365) - 12,236
----- End of picture text -----

Medical research: this category covers donations made specifically for medical research. This can include disease specific funding, funding from family funds, or funding for individual projects.

Social change: this category covers donations made specifically for social change or impact.

Grant spend fund: these funds have been designated to support future research grant spend over the five-year period from 2021/22.

Legacy marketing fund: these funds have been designated to support fundraising spend for the long-term growth of legacy income over the five-year period from 2021/22.

Fixed asset reserve: this reserve is equal to the level of tangible fixed assets funds and reflects the illiquidity of those assets.

16. Analysis of net assets between funds

----- Start of picture text -----
2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
£’000 £’000 £’000 £’000 £’000 £’000
Fixed assets &
- -
15,692 15,692 16,427 16,427
investments
Net current assets (1,399) 234 (1,165) (535) 304 (231)
- -
Long term liabilities (5,155) (5,155) (3,960) (3,960)
Net assets 9,138 234 9,372 11,932 304 12,236
----- End of picture text -----

17. Subsidiary companies

The charity controlled four subsidiary undertakings whose registered offices are also at 50 Leman Street, London, E1 8HQ, as follows:

18. Receipt of net assets from Vision Foundation (prior year)

On 1st April 2023, the charity merged with Vision Foundation for London by means of a transfer of assets from VFFL to the charity. The amount recognised in this transaction was £3,551k, details of which are presented below in Vision Foundation’s balance sheet pre-merger.

----- Start of picture text -----
31 March 2023
£000
Fixed assets
Tangible fixed assets 1,890
Listed investments 1,090
Total fixed assets 2,980
Current assets
Debtors 347
Cash at bank and in hand 1,031
Total current assets 1,378
Current liabilities
Creditors: amounts falling due within one year (602)
Total current liabilities (602)
Net current assets 776
Total assets less current liabilities 3,756
Non current liabilities
Creditors: amounts falling due after one year (205)
Total non current liabilities (205)
Net assets 3,551
Represented by:
Restricted income funds 20
Unrestricted funds:
-
Designated funds
General funds 2,117
Revaluation reserve 1,414
Total unrestricted funds 3,531
Total funds 3,551
----- End of picture text -----

19. Operating lease commitments

The charity’s total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

----- Start of picture text -----
2025 2024
£’000 £’000
Less than one year 696 593
One to five years 2,053 1,299
2,749 1,893
----- End of picture text -----

20. Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

Thank you We would like to thank the following partners and supporters who have contributed significantly to our work this year through donations, pro-bono support or gifts in-kind.

Our Vice Presidents

Donors and family funds

Cherie Blair CBE, KC

Frances Segelman aka Lady Petchey Marsha de Cordova MP

Prem Goyal CBE

The Lord Low of Dalston The Rt Hon Lord David Blunkett The Rt Hon Sir John Major KG CH

Our Ambassadors

Amun Chawla Clarke Reynolds Gemma Owen Katie Elliott

Special thanks to

HRH The Duchess of Edinburgh

Aspen Insurance UK Limited

Basil Samuel Charitable Trust

Bausch & Lomb UK

Be My Eyes

CHEC

Daniel Broughton at Judge & Priestley LLP

David and Ruth Lewis Family Charitable Trust

Gordon and Patricia Gilby

Gosling Foundation

J Skilbeck

Janssen Pharmaceuticals

Johnson & Johnson Innovative Medicine

Meta

Ofenheim Charitable Trust

Peacock Charitable Trust

Peter McCorkell and Alex Down at Sidley Austin

Red Eyewear

Roche Products Limited Scouloudi Foundation

Team Booker-Wilson

Team G Singh

The Cameron Family Fund

The Gilbert Stargardt Family Fund

The Patrick & Helena Frost Foundation

The Roberts Stargardt Family Fund

The RS Macdonald Charitable Trust

Michael Cornish Trust

Miss Barbara Mary Wilmot Discretionary Trust

Northamptonshire Committee

Nurena Tarafder at FTI Consulting

The Syncona Foundation

The Tommy Salisbury Choroideremia Fund

Vivid Optical

Warwickshire Committee

Willow’s Fight for Sight

All loved and lost supporters that remembered Fight for Sight with a gift in their will.

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We’d like to extend huge thanks to all those who participate in our Social Impact Grants Assessment and Research Grants Assessment panels. Your passion and expertise is making a huge difference as we work to put change in sight for people living with vision loss

Our Reviewers Social and Research grants assessment panels

Assistant Professor Mark Ahearne Associate Professor Denize Atan Associate Professor Lisa Hill Bhavini Makwana Cathy Lowe Darren Evans Darren Harris David Clarke Dr Gabriela Czanner Dr Katie Bentley Dr Roly Megaw Dr Tony Redmond Dr Xinhua Shu Marsha de Cordova Mike Nussbaum Mr Shery Thomas

Professor Alan Stitt

Professor Anil Bharath Professor Brendan Barrett Professor Colin Willoughby Professor Jan Wijnholds Professor Jessica Teeling Professor Jugnoo Rahi

Professor Luminita Paraoan Professor Lynda Erskine Professor Majlinda Lako Professor Patrick Yu-Wai-Man Professor Rachael Pearson Professor Reinier Schlingemann Professor Stuart Peirson Professor Ted Garway-Heath

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Fight for Sight

50 Leman Street London E1 8HQ

Tel: 020 7620 2066 Email: info@fightforsight.org.uk Website: www.fightforsight.org.uk

Save Sight. Change Lives.

Fight for Sight is a company limited by guarantee registered in England Company Number: 05525503 and a charity registered in England and Wales: 1111438. Registered office: 50 Leman Street, London E1 8HQ.