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2025-12-31-accounts

Registered number: 00515174 Charity numbers: 216613: England and Wales & SC051929: Office of the Scottish Charity Regulator

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

CONTENTS

Page
Trustees' Report 1 - 14
Independent Auditors' Report on the Financial Statements 15 - 18
Statement of Financial Activities 19
Balance Sheet 20 - 21
Statement of Cash Flows 22
Notes to the Financial Statements 23 - 42

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 January 2025 to 31 December 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

History

The Royal Surgical Aid Society (RSAS) was established in 1862 to provide surgical aids for the poor, funded through subscriptions from philanthropists and industrialists who referred their workforce to the charity. The advent of the NHS meant that the state took responsibility for the provision of such services.

In the early 1950s, the trustees took the opportunity to divert the charity’s investments to provide care homes for older people.

In 2012, at the charity’s 150th anniversary, our board agreed that our future focus should be on supporting family carers of people with dementia. This decision emerged from the findings from several commissioned pieces of research to advise on the state of services for our aging population.

In June 2018, Dementia Carers Count was adopted as the working name for the Royal Surgical Aid Society to reflect this renewed mission and purpose. The purposes of the charity as set out in its governing document are: the relief of need and the promotion of health and wellbeing among persons affected by dementia and other degenerative neurological disorders, including carers of people with dementia and such disorders, their families and friends, particularly but not exclusively by:

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Our Purpose, Vision and strategy

Purpose

We support, advocate and campaign for dementia carers so that no one feels isolated, invisible or alone.

Vision

Dementia carers will no longer feel isolated or invisible. They receive timely support that meets their needs within a reformed and adequately resourced social care landscape.

Strategy

We entered the middle year of our three-year strategy. The three strategic priorities for 2024 – 2026 are:

Activities and Achievements in 2025

Throughout the year, we focused on providing multi-channel support to enhance the wellbeing and financial security of unpaid carers, alongside campaigning to secure systemic change for dementia carers across the UK. Our core activities included:

Supporting carers

We provided direct assistance to 1,694 dementia carers through our Carer Support Line (CSL), online and inperson emotional and practical support groups. This exceeded our target of 1,500.

This equates to 1,339 hours of counselling for carers struggling to process the intense emotions associated with caring for someone with dementia, and over 4,226 hours of personalised support in other areas, including clinical issues, advocacy and benefits checks.

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Activities and Achievements in 2025 (continued)

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Activities and Achievements in 2025 (continued)

Financial Advocacy

We’re proud to have addressed the financial challenges carers face, by helping to unlock £1,170,224.50 in additional financial entitlements. The team listened to carers' circumstances and undertook detailed benefits checks, supporting carers through form filling and application, all the way to award. This extra money is enabling dementia carers across the country to access much needed respite and providing a significant wider benefit to their communities as they return to work, leisure activities or become economically active. Our target was £500,000.

These services have a high impact on carers’ wellbeing. 95% of carers who responded to our survey after receiving help said they felt ‘better able to cope’ after speaking to us. Our survey also showed carers experienced a reduction in isolation and stress, and an improvement in their understanding of dementia, their caring role, and their rights and entitlements as carers

Carers rate our service as high quality: 98% were satisfied or very satisfied with our service and our Net Promoter Score (NPS) was +92.

Broadening access to help and information

To ensure broad access to vital guidance, we developed significant digital content around transition to care homes, benefits and rights, emotional support and technology. 6,856 online users accessed our digital help and information specifically tailored to the needs of dementia carers, including new content developed alongside carers through our partnership with Amazon Alexa. This new content on how technology can help dementia carers, including a downloadable guide, has quickly become one of the top ten most visited areas of our website.

Campaigning with carers; platforming their voices

Our commitment to platforming the voices of carers at the highest level of government, resulted in delivering a

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Activities and Achievements in 2025 (continued)

booklet highlighting carers' experiences to Downing Street, receiving a response from Stephen Kinnock, Minister of State, Department of Health and Social Care.

Alongside the 1,100 responses to our annual carers survey, our Carers Advisory Panel of 10 former and current carers with a focus on campaigning has helped shape our 2026 campaign.

Our integrated visibility and awareness campaign ‘We See You’, put dementia carers’ experiences and our support firmly into the public eye. It reached over 26m impressions online and out of home, supported by corporate partners JCDecaux via their community channel initiative and design partner Intro. Our campaign network of vocal and active carers who stand with us and support our campaigning work grew 52% from 728 to 1,110 carers, former carers and allies, and we campaigned with dementia carers and a coalition of 20 other charities for Chancellor Rachel Reeves to recognise the value of social care and unpaid care provided by carers in the 2025 Autumn Budget.

Delivering long-term sustainability

In order to deliver the systemic change dementia carers so desperately need, we need to be here for the longterm. That means everything we do must deliver value for money for donors, genuine support for dementia carers, and move us from a reliance on investment income and reserves, to funding from primarily charitable or earned income sources. To do this, we have invested in a refreshed income generation team, a revamped training offer, and diversified our income streams to include lottery and matched public funding appeals.

Fundraised income has grown 23% year on year to £223,473. We achieved this through raising funds from public appeals, and successful funding applications to trusts, foundations and corporate partners. We also received income from commissioned services delivered in partnership with other charities, and training delivery for health and social care professionals.

Across 2025, income from these sources made up 17% of our spend vs investment income or reserves, an increase of 4 percentage points on 2024, indicating we are moving towards a more sustainable funding model. We were kindly supported by significant donations from corporate partners Amazon Alexa and FSB Insurance, as well as The Linbury Trust, National Lottery Community Fund and Dementia Research UK.

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Activities and Achievements in 2025 (continued)

Our future plans

In 2026, we plan to grow the number of carers we reach and support directly by 33% to 2,000. We’ll do this across a mixture of in-depth, personalised support through our Carer Support Line and in person and remote peer support groups.

We’ll also grow the number of people using our digital help and information content wherever they consume it, by 50% to 10,000.

Alongside carers, we’ll use the generational opportunity represented by Baroness Casey’s commission into social care to bring dementia carer’s needs and wishes into the public debate. We’ll continue to push for a single point of contact as requested by dementia carers, and funding to ensure that carers can choose to care how they want to.

We’ll involve carers more routinely in each area of our work, and check how well we are doing this by ensuring we measure and report on their experience of participation.

We plan to continue our progress towards long-term sustainability, through further investment into income generation activity which shows a positive return.

Public Benefit

The trustees have considered the Charity Commission’s general guidance on public benefit, including its guidance “Public Benefit: Running A Charity (PB2)” when reviewing the charity’s aims and objectives and planning future activities. We aim to structure our business model so that we can fully fulfil our charitable purpose and make our services accessible to those who will benefit from them.

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Activities and Achievements in 2025 (continued)

Volunteers at DCC

Carers’ advisory panel

The Carers Advisory Panel (CAP) advises and guides us on our campaigning strategy. Made up of current and former carers, the CAP offers us real-life experience and perspective, so that we can ensure we are representing the real lived experience and wishes of family carers of people with dementia.

We are honoured that the Carers’ Advisory Panel offers us their expertise, knowledge and wisdom.

Volunteers

Volunteers working with Dementia Carers Count (DCC) are those who are trustees of the charity or who are part of the CAP. Both groups provide valuable support and expertise to the organisation.

Equity, Diversity & Inclusion

DCC remains committed to equity, diversity and inclusion and recognises the importance of making its services accessible and relevant to all, as well as having a diverse and inclusive workforce. We are committed to building an organisation where everyone feels they belong. This means:

DCC is committed to eliminating unlawful discrimination and to promoting equality and diversity within service delivery. This applies to all interactions with DCC’s clients, and we will proactively seek to address any issues of potential discrimination in the provision of services.

You can read more about diversity, inclusion and belonging at DCC on our website.

Financial review

The charity is in a good financial position as at 31st December 2025, with net assets of £4,222k (2024 - £5,335k). Income received from donations, grants and the delivery of charitable activities through commissions and corporate partnerships, together with income from investments, supported the operations of the charity during the year. Total income for the year was £278k, with £223k being secured through our commissioned services and fundraising activity, £46k from investments and £9k from Access to Work funding.

Total expenditure was reduced by £56k through some further restructuring and operational efficiencies to £1,311k (2024 - £1,367k), and applied to service delivery and development and income generation to prepare for planned growth in future years. The overall deficit for the year was £1,113k (2023 - £734k).

The increase in the deficit for the year is partly due to the change in treatment of income from long term investments which was £213k in 2024. With a move to CCLA as investment managers at the end of 2024, accumulation units are now held in their COIF Ethical Investment Fund, rather than income units meaning any income earned is reflected in the unit price rather than being received by us as income.

We also saw unrealised investment losses for the year of £80k (2024 gains of £239k). This was due to a combination of world events during the year that had a negative impact on share prices and the long-term approach taken by CCLA in managing the fund. This approach resulted in an underperformance against benchmarks and an unrealised loss for 2025. CCLA remain confident of achieving target gains over a 5-year period. Unrealised gains achieved in the previous financial year give some confidence that investments will

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

return to a more positive position, although this is subject to factors outside our control.

Our strategy and financial model reflect our ambition in achieving our purpose. Reserves are being used to invest in the services we offer to carers and in amplifying carers’ voices to influence lasting change, while growing our income. Since our inception as DCC, trustees have taken a strategic decision to utilise reserves and are doing so in a managed way.

Reserves

The Reserves Policy of DCC focuses on having sufficient funds to ensure the delivery of the organisation’s strategy and that an uninterrupted service can be provided to carers, while continuing to campaign and innovate.

It is important to protect the ongoing activities of the charity from temporary, unexpected fluctuations in income or expenditure and from external economic factors which may have an adverse effect on investment income and performance.

DCC hold reserves arising from the proceeds of the sale of care homes in 2016. The majority of these reserves are held as investments, managed by an external investment manager.

Trustees have made a strategic decision to utilise reserves and are doing so in a managed way. At 31st December 2025 total reserves were £4.2m, of which £2.9m has been designated for investment in service delivery and development, income generation and influencing over the next five years. Beyond that time there will continue to be a need for reserves to invest in innovation to ensure the needs of carers are met in the future.

The required range of free reserves set out in the policy is £1.4m to £2.8m. This is based on financial forecasts and consideration of the risks and uncertainties that could impact on the income of the charity over the next two years to the end of the current strategic period. An unexpected drop in target income needed to ensure a sustainable future of 30% to 60% over a 3-year period would equate to £1.4m - £2.8m. With reserves at this level, such a reduction in income would still enable services to carers to be maintained, showing the financial resilience of the charity.

The level of free reserves shown in the financial statements of £1.2m as of 31st December 2025 sits just outside the range set out in the Reserves Policy of the charity. A continued focus on developing new sources of income and on controlling expenditure will support building up reserves to the required level, while using designated funds to ensure service delivery and development remain a priority.

Trustees are committed to continuing to utilise reserves to invest in a more sustainable and certain future. This includes an annual review of designated funds to ensure resources are being allocated where they can have greatest impact.

The Reserves Policy is reviewed annually by the Finance, Audit and Risk Committee, and any recommendations for change presented to the Board for approval. The policy was last updated in February 2026.

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Investments Policy

Under the Memorandum and Articles of Association, the charity has the power to make any investment that the trustees see fit, after obtaining advice from a financial expert. The Investment Policy of DCC was updated in 2024, with a review and change of investment fund manager also taking place.

The overriding objective of the investments is to meet the income/cashflow requirements while growing the capital ahead of inflation to achieve financial returns that enable long-term investments to continue to sustain the organisation in the future.

The key risk to the long-term reserves of DCC are geopolitical risk, inflation and market volatility. Investment strategies are implemented to mitigate against these risks. Long-term investments will be held in a pooled fund where there is sufficient diversification of assets to minimise risk and maximise capital growth over a period of more than five years. A more cautious approach is required with short-term investments, where maximising income is to be prioritised. These will be held in cash or cash equivalents, which may include government bonds.

The Finance, Audit and Risk Committee take responsibility for agreeing suitable asset allocation strategy with the investment manager, in line with agreed ethical considerations. Over the five-year plan, DCC will develop future income streams through fundraising and commercial activities associated to its charitable activities and objectives.

Investment performance and strategies are reviewed at the Finance, Audit and Risk Committee, and Board meetings, and the Investment Policy is reviewed every three years, or when the strategy is updated, if this is sooner.

Despite seeing a fall in the value of investments during the year, the objectives set out in our investment policy are still being met, with planned drawdown to meet cashflow requirements and the long-term investment targets of the CCLA fund.

As at 31[st] December 2025, the charity has £3,589k invested in the CCLA COIF Ethical Investment Fund.

The overriding objective of the investments is to meet the income/cashflow requirements of while growing the capital ahead of inflation to achieve financial returns that enable long-term investments to continue to sustain the organisation in the future.

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Principal risks facing the charity

The Board has overall responsibility for risk management and oversees the process to identify, manage and report on our risks, as well as to set risk appetite. Our risk management approach focuses on reducing the likelihood or impact of risks to an accepted level, rather than eliminating them altogether.

Risks are reviewed by the Finance, Audit & Risk Committee and Board on a quarterly basis. The board also undertakes a regular ‘clean sheet’ review of principal risks, taking into account internal and external factors.

During the year risk management included:

The principal risks identified during the year include:

Key risk Key mitigations in place
Financial sustainability: Income does not grow in line
with projections, and therefore we do not reduce our
reliance on reserves.		 Strategic positioning and stakeholder mapping
completed, plan in place to increase visibility, new
fundraising structure and strategy implemented,
impact working group in place, annual budget and
multi-year financial modelling, regular monitoring of
investment performance, monitoring by the Income
Generation and Finance, Audit and Risk Committees.
Capacity and resources: We fail to strike the right
balance of capacity and resources to achieve our
ambitions.		 Organisational strategy in place and supported by
organisational structure, annual business planning
process with quarterly reviews and reflection, KPI
reporting process in place.
Organisational culture: We fail to create a positive
organisational culture and to retain staff.		 Values and behaviours framework co-created with
staff, trustees and carers, quarterly review process
including staff learning and development plans, salary
benchmarking, benefits package and staff wellbeing
plan in place.
Lasting change: We fail to secure significant changes
in public or policy attitudes.		 Lived experience and co-production at heart of
campaigning activity and real-life stories shared, policy
and campaigns oversight group in place and a policy
and campaigns activity plan informed by carer
experience.

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Fundraising practices

Our support for dementia carers is only possibly with the generosity of our valued supporters. We’re committed to responsible fundraising practice and adhere to the Fundraising Code of Practice. Last year, we didn’t carry out door-to-door, street, private site, or telephone fundraising. We did work with third parties on printing and mailing public appeals and on challenge events. We also worked with professional fundraisers. We are committed to ensuring and monitoring the ongoing compliance of third parties with the Fundraising Code of Practice and the law. All third-party work is governed by a contract or terms and conditions which set out the obligations of the parties involved.

We want to ensure that all our supporters have a positive experience. We only deliver communications in line with our supporters’ preferences and strongly believe that no one should ever feel pressured into giving. We take steps to ensure that people in vulnerable circumstances are protected. We received no complaints regarding our fundraising practices during the year, compared with one in 2024. However, we aim to ensure that all complaints are listened to, investigated thoroughly and resolved in line with our Complaints Policy.

Structure, governance and management

Governance and structure

The Royal Surgical Aid Society (operating as Dementia Carers Count) (the "charity", "DCC" or "we") is registered as a company limited by guarantee and governed by its articles of association. The articles were last amended on 6 July 2022. Trustees act as trustees under applicable Charity law and as directors under applicable company law. It is a charity registered with the Charity Commission for England and Wales, number 216613, the Scottish Regulator, number SC051929 and Companies House number 00515174. The Trustees' Report also represents the directors' report required by Company Law.

The articles dictate that anyone acting as a trustee of the charity is also a member of the charity for the duration of their trusteeship. While the charity’s articles allow for members who are not trustees, for the time being trustees are the only members.

The trustees are responsible for the overall strategy and direction of the charity. The day to day running of the charity is delegated to the Chief Executive Officer and the Senior Leadership Team. There is one subsidiary company, which was inactive during the period.

The Board has two permanent committees. The Finance, Audit and Risk Committee and the Income Generation Committee. These provide additional oversight and scrutiny and make recommendations to the Board. In addition, a Nominations Committee if formed as required.

Trustees

A Nominations Committee is established to support the Board in ensuring effective governance by leading the process of recruiting, selecting and inducting new trustees.

Trustees are recruited through open-source adverts and independent search processes, supported by external recruitment advisors, after job descriptions are prepared. These are informed by a skills-audit of the existing board. Trustees are appointed by a majority vote at a meeting of the board.

A Trustee Learning and Development Plan is in place, with access to relevant training provided during the year. All new trustees are provided with an induction and have access to our Governance Handbook. All trustees have committed to engaging with the Carers’ Advisory Panel (CAP).

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Structure, governance and management (continued)

Senior staff and pay policy

The charity is managed on a day-to-day basis by a senior leadership team, alongside Frances Lawrence as CEO. Senior management are remunerated in line with sector benchmarks.

Safeguarding policy statement

Dementia Carers Count is committed to safeguarding vulnerable people in line with national legislation and guidance. We are committed to best safeguarding practice across our operations, and this extends to recognising and reporting harm experienced within the workplace, online, in people's homes or through our community engagement, partnerships, or wider business activities. DCC is committed to creating a culture of zero-tolerance of harm to everyone who works for, or comes into contact with, the charity. We refreshed our Safeguarding Policy in 2025 and provide regular training to all staff and the board of trustees.

Policy Statement

ESG (Environment, Social, Goverance)

We aim to reduce the negative impact our organisation has on the environment, as we carry out necessary organisational activities. When we make decisions about what we’ll do, we consider environmental factors relating to those decisions and activities and try to choose options which minimise our environmental impact. As a small, remote working organisation, with minimal travel we have a low carbon footprint. This was measured for the first time in 2025, giving total annual emissions of 70.17 tCO2.

We also carried out an assessment of ESG to support progress in the areas of environmental impact, social impact and strong governance. This will inform an action plan for the future as we seek to make further progress in each of these areas.

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Structure, governance and management (continued)

Reference and administrative details of the Company, its trustees and advisers

Trustees Catherine A'Bear, Chair
Raja Badrakalimuthu
Dean Cassar
Julie Flower
David Goodridge
Gaynor Hillier
Liz Jones
Timothy Wells
Sally-Anne Tsangarides
Company registered
number
00515174
Charity registered
numbers
216613: England and Wales and SC051929: Office of the Scottish Charity
Regulator
Registered office
Canopi
82 Tanner Street
London
SE1 3GN
Company secretary
Louise Prosser
Chief executive officer
Frances Lawrence
Independent auditors
Moore Kingston Smith LLP
Chartered Accountants and Statutory Auditors
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Bankers
Barclays Bank PLC
1 Churchill Place
London
E14 5HP
Investment Managers
CCLA Fund Managers Limited
One Angel Lane
London
EC4R 3AB
Website
www.dementiacarers.org.uk

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

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

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Approved by order of the members of the board of Trustees and signed on their behalf by:

David Goodridge

Date: 9 June 2026

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

Opinion

We have audited the financial statements of The Royal Surgical Aid Society operating as Dementia Carers Count (the 'charitable company') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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 concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt 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.

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, 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.

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THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (CONTINUED)

Auditors' 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 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 (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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the

Page 17

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (CONTINUED)

audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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 and regulation 10 of the Charities Accounts (Scotland) Regulations 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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Samir Chandoo (Senior Statutory Auditor)

Moore Kingston Smith LLP Chartered Accountants and Statutory Auditors 4 Victoria Square St Albans Hertfordshire AL1 3TF

12 June 2026

Moore Kingston Smith LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 18

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025

Note
Income from:
Donations and grants
4
Charitable activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
Total expenditure
Net expenditure before net
(losses)/gains on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2025
£
64,834
-
-
64,834
3,536
66,934
70,470
(5,636)
-
(5,636)
51,135
(5,636)
45,499		 Unrestricted
funds
2025
£
106,119
61,462
45,592
213,173
390,760
849,567
1,240,327
(1,027,154)
(79,891)
(1,107,045)
5,284,091
(1,107,045)
4,177,046		 Total
funds
2025
£
170,953
61,462
45,592
278,007
394,296
916,501
1,310,797
(1,032,790)
(79,891)
(1,112,681)
5,335,226
(1,112,681)
4,222,545		 Total
funds
2024
£
139,646
41,815
212,546
394,007
451,363
916,104
1,367,467
(973,460)
239,702
(733,758)
6,068,984
(733,758)
5,335,226

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 42 form part of these financial statements.

Page 19

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee) REGISTERED NUMBER: 00515174

BALANCE SHEET AS AT 31 DECEMBER 2025

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
16
Net current assets
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
Designated funds
18
General funds
18
Total unrestricted funds
18
Total funds		 46,977
669,233
716,210
(86,136)
2,900,475
1,276,571		 2025
£
2,913
3,589,558
3,592,471
630,074
4,222,545
45,499
4,177,046
4,222,545		 21,969
1,704,129
1,726,098
(63,404)
3,056,175
2,227,916		 2024
£
3,083
3,669,449
3,672,532
1,662,694
5,335,226
51,135
5,284,091
5,335,226

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

Page 20

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee) REGISTERED NUMBER: 00515174

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Catherine A'Bear

Date: 9 June 2026

The notes on pages 23 to 42 form part of these financial statements.

Page 21

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 23 to 42 form part of these financial statements		 2025
£
(1,076,945)
45,592
(3,542)
-
-
42,050
-
(1,034,895)
1,704,128
669,233		 2024
£
(1,188,824)
212,546
-
4,728,391
(3,732,062)
1,208,875
-
20,051
1,684,077
1,704,128

Page 22

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. General information

The Royal Surgical Aid Society is a private company limited by guarantee incorporated in England and Wales under the Companies Act 2006. The address of the registered office is Canopi, 82 Tanner Street, London, SE1 3GN. The nature of the company's operations in the year are stated in the Trustees’ Report. The company's registration number is 00515174.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Royal Surgical Aid Society operating as Dementia Carers Count meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. Based on the reserves held, the operating model, an assessment of risks, and forward looking budgets, the Trustees are comfortable that the charity is adequately resourced to continue in operation for the foreseeable future. At the date of sign off, the Trustees confirm there are no material uncertainties in relation to the going concern assumption. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 23

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings - 33%
Computer equipment - 20%

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Page 24

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting policies (continued)

2.7 Debtors

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

2.8 Cash 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.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.10 Financial instruments

The Company 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.

2.11 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

2.12 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

Page 25

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting policies (continued)

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Page 26

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

4. Income from donations and grants

Donations
Grants
Donations
Grants
5.
Income from charitable activities
Income from charitable activities
Income from charitable activities		 Restricted
funds
2025
£
-
64,834
64,834
Restricted
funds
2024
£
-
103,500
103,500		 Unrestricted
funds
2025
£
82,179
23,940
106,119
Unrestricted
funds
2024
£
32,146
4,000
36,146
Unrestricted
funds
2025
£
61,462
Unrestricted
funds
2024
£
41,815		 Total
funds
2025
£
82,179
88,774
170,953
Total
funds
2024
£
32,146
107,500
139,646
Total
funds
2025
£
61,462
Total
funds
2024
£
41,815

Page 27

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

6. Investment income

Unrestricted
funds
2025
£
Income from listed investments
45,592
Unrestricted
funds
2024
£
Income from listed investments
212,546		 Total
funds
2025
£
45,592
Total
funds
2024
£
212,546

7. Expenditure on raising funds

Fundraising
Fundraising
Investment management fees		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
3,536
390,760
Restricted
funds
2024
Unrestricted
funds
2024
£
£
934
446,944
-
3,485
934
450,429		 Total
funds
2025
£
394,296
Total
funds
2024
£
447,878
3,485
451,363

Page 28

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

8. Analysis of expenditure by activities

Service Development & delivery
Policy & Campaigns		 Activities
undertaken
directly
2025
£
424,290
73,256
497,546		 Support
costs
2025
£
219,917
199,038
418,955		 Total
funds
2025
£
644,207
272,294
916,501
Service Development & delivery
Policy & Campaigns		 Activities
undertaken
directly
2024
£
275,635
81,370
357,005		 Support
costs
2024
£
295,837
263,262
559,099		 Total
funds
2024
£
571,472
344,632
916,104

9. Support costs

Wages, salaries and consultants
Other costs
Governance costs		 Restricted
funds
2025
£
-
8,252
-
8,252		 Unrestricted
funds
2025
£
396,792
160,764
2,985
560,541		 Total
funds
2025
£
396,792
169,016
2,985
568,793

Page 29

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Wages, salaries and consultants
Other costs
Governance costs		 Restricted
funds
2024
£
-
2,179
-
2,179		 Unrestricted
funds
2024
£
523,596
213,652
7,423
744,671		 Total
funds
2024
£
523,596
215,831
7,423
746,850

10. Auditors' remuneration

- The auditors' remuneration amounts to an auditor fee of £14,125 (2024 £14,150) , and accountancy services and data privacy advisory services of £2,575 ( 2024 - £3,450 ).

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Other staff costs		 2025
£
730,173
83,678
34,318
187,286
1,035,455		 2024
£
729,096
56,508
26,271
269,405
1,081,280

Included within other staff costs are payments made to individuals who are not employees of the Society but who are contracted for services, amounting to £187,286 (2024: £269,405).

Wages and salaries include redundancy costs of £nil (2024: £11,475).

The average number of persons employed by the Company during the year was as follows:

Service Development & Delivery
Fundraising
Leadership and central functions
Marketing and communications		 2025
No.
4
4
5
3
16		 2024
No.
6
5
7
6
24

Page 30

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

11. Staff costs (continued)

Of these staff, the number of part time employees, working less than 35 hours per week is 7 (2024: 8).

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
In the band £60,001 - £70,000 2 2
In the band £70,001 - £80,000 1 1
In the band £80,001 - £90,000 1 1

Total benefits paid to key management personanel was £333,053 (2024: £353,562). The senior leadership team consists of the CEO and 3 x Directors : Services, Communications & Growth and Finance & Resources.

Retirement benefits totalling £15,500 (2024: £12,405) were paid to a defined contribution scheme on behalf of the higher paid members of staff disclosed above.

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 December 2025, travelling expenses totalling £ 403 were reimbursed or paid directly to 3 Trustees (2024 - £774 to 5 Trustee) . Of this £nil (2024: £323) is outstanding at the year end.

13. Tangible fixed assets

Cost or valuation
At 1 January 2025
Additions
Disposals
At 31 December 2025		 Computer
equipment
£
30,095
3,542
(5,248)
28,389

Page 31

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

13. Tangible fixed assets (continued)

Depreciation
At 1 January 2025
Charge for the year
On disposals
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Computer
equipment
£
27,012
3,712
(5,248)
25,476
2,913
3,083

14. Fixed asset investments

Cost or valuation
At 1 January 2025
Revaluations
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Investments
in
subsidiary
companies
£
1
-
1
1
1		 Listed
investments
£
3,669,448
(79,891)
3,589,557
3,589,557
3,669,448		 Total
£
3,669,449
(79,891)
3,589,558
3,589,558
3,669,449

The historic costs of listed investments at the year end is £3,732,062 (2024: £3,732,062) . All listed investments are held in the COIF Charities Ethical Investment Fund.

Page 32

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name Company Registered office or principal Principal activity number place of business RSAS Trading Limited 09608491 Canopi, Unit Arc House, 82 Dormant Tanner Street, London, SE1 3GN

Class of Holding Included in shares consolidation Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Name Net assets £ RSAS Trading Limited 1

15. Debtors

Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
4,968
2,550
39,459
46,977		 2024
£
1,000
2,550
18,419
21,969

16. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
25,321
20,492
5,669
34,654
86,136		 2024
£
11,510
17,945
4,687
29,262
63,404

Page 33

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Deferred income at 1 January 2025
Resources deferred during the year
Amounts released from previous periods
Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure		 2025
£
1,000
2,212
(1,000)
2,212
2025
£
3,589,557		 2024
£
3,960
1,000
(3,960)
1,000
2024
£
3,669,448

17. Financial instruments

Financial assets measured at fair value through income and expenditure comprise of listed investments.

Page 34

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

18. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Service delivery
and
development
Income
generation
Influencing
General funds
General Funds
- all funds
Total
Unrestricted
funds
Restricted
funds
Ernest Hecht
Linbury Trust
Tula Trust
Baron
Davenport
National Lottery
Total of funds		 Balance at 1
January
2025
£
1,540,073
702,437
813,665
3,056,175
2,227,916
5,284,091
16,375
34,760
-
-
-
51,135
5,335,226		 Income
£
-
-
-
-
213,173
213,173
-
40,000
3,000
2,000
19,834
64,834
278,007		 Expenditure
£
(377,318)
(163,846)
(154,275)
(695,439)
(544,888)
(1,240,327)
(16,375)
(42,019)
(3,000)
(2,000)
(7,076)
(70,470)
(1,310,797)		 Transfers
in/out
£
378,046
119,141
42,552
539,739
(539,739)
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
(79,891)
(79,891)
-
-
-
-
-
-
(79,891)		 Balance at
31
December
2025
£
1,540,801
657,732
701,942
2,900,475
1,276,571
4,177,046
-
32,741
-
-
12,758
45,499
4,222,545

Page 35

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Service delivery
and
development
Income
generation
Influencing
General funds
General Funds
- all funds
Total
Unrestricted
funds		 Balance at
1 January
2024
£
1,721,000
623,000
651,000
2,995,000
3,071,054
6,066,054		 Income
£
-
-
-
-
290,262
290,262		 Expenditure
£
(365,190)
(157,461)
(108,828)
(631,479)
(680,448)
(1,311,927)		 Transfers
in/out
£
184,263
236,898
271,493
692,654
(692,654)
-		 Gains/
(Losses)
£
-
-
-
-
239,702
239,702		 Balance at
31
December
2024
£
1,540,073
702,437
813,665
3,056,175
2,227,916
5,284,091

Page 36

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

18. Statement of funds (continued)

Restricted
funds
Ernest Hecht
Linbury Trust
Tula Trust
Medicash
William Allen
Young
Total of funds		 -
-
-
3,000
-
3,000
6,069,054		 57,500
40,000
3,000
-
3,000
103,500
393,762		 (41,125)
(5,240)
(3,000)
(3,000)
(3,000)
(55,365)
(1,367,292)		 -
-
-
-
-
-
-		 -
-
-
-
-
-
239,702		 16,375
34,760
-
-
-
51,135
5,335,226

Page 37

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

18. Statement of funds (continued)

Restricted funds

Medicash Foundation

Represents funds received from the Medicash Foundation towards delivery of virtual services in the North West.

Ernest Hecht Charitable Foundation

Represents funds received from the Ernest Hecht Charitable Foundation for the expansion and delivery of the Carers Support Line.

The Linbury Trust

Represents funds received from The Linbury Trust to deliver the Carer Support Service, including telephone support, online group support and online resources.

The Tula Trust

Represents funds received from the Tula Trust for delivery of the Carer Support Line.

William Allen Young Charitable Trust

Represents funds received from the William Allen Young Charitable Trust for delivery of the Carer Support Line.

Baron Davenport Charity

Represents funds received from the Baron Davenport Charity towards our work in supporting carers in the West Midlands.

The National Lottery

Represents funds received from the National Lottery for the production of videos to document the lived experience of carers and towards the running online practical and emotional support groups.

Designated funds

Service Delivery and Development

To support the ongoing consistent delivery of DCC's services until the organisation becomes financially self-sustaining and to invest in developing this service to improve reach and impact.

Income generation

To allow an investment into income generation activities until such time as those activities cover their costs.

Influencing

To support our work to understand and raise the challenges that dementia carers face.

Unrestricted funds

The General unrestricted fund represents funds which are expendable at the discretion of the Trustees in the furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.

Transfers in year

Transfers are made to designate appropriate amounts in the designated funds from the general funds on an annual baisis.

Page 38

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

19. Summary of funds

Summary of funds - current year

Balance at
Balance at 1 31
January Transfers Gains/ December
2025 Income Expenditure in/out (Losses) 2025
£ £ £ £ £ £
Designated
funds 3,056,175 - (695,439) 539,739 - 2,900,475
General funds 2,227,916 213,173 (544,888) (539,739) (79,891) 1,276,571
Restricted
funds 51,135 64,834 (70,470) - - 45,499
5,335,226 278,007 (1,310,797) - (79,891) 4,222,545
Summary of funds - prior year
Balance at
Balance at 31
1 January Transfers Gains/ December
2024 Income Expenditure in/out (Losses) 2024
£ £ £ £ £ £
Designated
funds 2,995,000 - (631,479) 692,654 - 3,056,175
General funds 3,071,054 290,262 (680,448) (692,654) 239,702 2,227,916
Restricted
funds 3,000 103,500 (55,365) - - 51,135
6,069,054 393,762 (1,367,292) - 239,702 5,335,226

Page 39

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
-
2,913
-
3,589,558
45,499
670,711
-
(86,136)
45,499
4,177,046		 Total
funds
2025
£
2,913
3,589,558
716,210
(86,136)
4,222,545

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2024
£
-
-
51,135
-
51,135		 Unrestricted
funds
2024
£
3,083
3,669,449
1,674,963
(63,404)
5,284,091		 Total
funds
2024
£
3,083
3,669,449
1,726,098
(63,404)
5,335,226

Page 40

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains/(losses) on investments
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash used in operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents
23.
Analysis of changes in net debt
At 1
January
2025
£
Cash at bank and in hand
1,704,129
1,704,129		 2025
£
(1,112,681)
3,712
79,891
(45,592)
(25,008)
22,733
(1,076,945)
2025
£
110,792
558,441
669,233
Cash flows
£
(1,034,896)
(1,034,896)		 2024
£
(733,758)
7,049
(239,702)
(212,546)
22,716
(32,583)
(1,188,824)
2024
£
169,342
1,534,786
1,704,128
At 31
December
2025
£
669,233
669,233

Page 41

THE ROYAL SURGICAL AID SOCIETY OPERATING AS DEMENTIA CARERS COUNT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

24. Pension commitments

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £34,318 (2024: £26,271). Contributions totalling £5,669 (2024: £4,687) were payable to the fund at the balance sheet date.

25. Operating license commitments

At 31 December 2025 the Company had commitments to make future minimum lease payments under non-cancellable license as follows:

2025 2024
£ £
Not later than 1 year 3,000 3,000

26. Members' liability

The charity is incorporated as a company limited by guarantee having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute the sum of 25p in the event of the Society being wound up. The society provides and pays for professional liability insurance.

27. Related party transactions

Several trustees made donations for a total of £803 (2024: £420). Trustee expenses are disclosed in note 12.

Page 42