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2025-12-31-accounts

Annual Report & Accounts 2025

company limited by guarantee registered in England and Wales (139928) and a charity registered in England and Wales (307892)

Contents

Contents
Making an impact – our progress in 2025 4
Welcome from Patrick Plant, Chair of Trustees 6
Our vision, mission, values and promises 8
Beyond Sight: Our Strategy 9
Our impact – Family support 10
Our impact – Education 12
Our impact – Transitioning to adulthood 13
Our impact – Activities and events 14
Our impact – Habilitation and Independence 16
Our impact – Amplifying the voices of children and young people 17
Bedtime Donations 18
Our amazing people 19
Our supporters 20
Special thanks 22
Leadership and governance 24
Administrative details 25
Financial summary 27
Thank you from our CEO, Julie Davis 28
Governance Framework 30
Financial Review 33
Reserves policy and position 34
Investment policy and performance 34
Overall Risk Management 35
Environmental Responsibility and Sustainability 36
Future Plans 37
Statement of Trustee Responsibility 38
Independent Auditor’s Report 40
Statement of Financial Activities for the
Year Ended 31 December 2025 44
Balance Sheet as at 31 December 2025 46
Statement of Cash Flow for the
Year Ended December 2025 47
Notes to the Financial Statements for the
Year Ended December 2025 49

Making an impact on children and young people’s lives

33,750 hours of education delivered

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the highest ever number of students on roll

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432
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activity sessions were delivered online and in person

1,515 attendances across our activities from children and young people

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214
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bespoke assistive technology sessions took place

297

tailored sessions of Futures support were delivered

7,640 instances of family support were provided

840

children, young people and families supported

25

family peer support group sessions held

4

Making an impact on children and young people’s lives

392

instances of online individual habilitation support

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31
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Youth Voice sessions
were delivered
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282

accredited academic courses delivered

311

AQAs successfully achieved through our activities and support, with a further 270 in the college

99%

student academic achievement rate

93%

overall satisfaction rating from children, young people and families

92%

overall satisfaction rating from professionals

5

Welcome

Patrick Plant Chair of Trustees

Dear Friends,

An Olympic coach once said:

“Finding your voice is having the confidence to know you matter…”

I was reminded of this on a lovely warm day last Summer when we held our graduation and prizegiving ceremony for our students who are based at Dorton College, Orpington. One of them, when accepting his award, exclaimed that when he arrived at the College, he felt that he had nothing to say: however, once he had settled in, no one could shut him up….!

This simple observation sums up for me what success means for the services we provide at RSBC: we may not have been able to give him his sight, but we supported him to find his voice and, my word, did he have a lot to tell us!

We all need moments like this; the encouragement that we are indeed heading in the right direction when it comes to how we support the blind and partially sighted young people we encounter.

Some of the 2025 highlights I am delighted to report:

33,750 hours of education were delivered

214 bespoke assistive technology sessions took place

7,640 instances of family support were provided

All of this has been achieved despite continued seismic societal and geopolitical challenges which have contributed to a breakdown in so much of the state-funded and voluntary provision which had previously also supported our community. We, like many similar charities have not been immune to these challenges and have had to take difficult decisions: but because those least able to support themselves are those who

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suffer the worst outcomes, the measures we have taken to reduce costs have been with the firm objective of maintaining the breadth and quality of our services.

Never have we been more needed than we are today.

Survival and innovation are very much part of our DNA: while such challenges have made us leaner, we have reorganised ourselves to make us even more determined to both increase the scope and enhance the quality of everything we do.

We have become a charity for our times; what we would regard as business as usual could well serve as part of the solution for a number of seemingly intractable socioeconomic challenges which increasingly appear to be almost impossible for those in authority to solve.

I would like to extend my thanks to all those who have so generously supported RSBC during the past year: individual givers, legators, trusts and foundations, corporates and other significant donors. We rely wholly on your support: without it we could not continue.

Particularly at a time of significant funding challenges I would also like to take this opportunity of warmly thanking and appreciating those businesses and professional firms who have so generously provided pro bono services and support to RSBC. Many have been doing this for many years. Such support delivers a “double whammy”: not only enhancing what we do, the decisions we take and how we protect ourselves but also by enabling us to deploy scarce funding capital elsewhere.

I would like to thank our wonderful volunteers: turning out in all weathers enthusiastically supportive of our many activities and always giving so much of their time and lending their experience to the young people we support to help them find their voice.

Last but certainly not least, a warm thanks on behalf of my fellow Trustees to our staff who have braved the elements this year but with whom we look forward with great hope and excitement to what lies ahead.

Patrick Plant, Chair of Trustees

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Vision

For every blind child to realise their aspirations and live their lives without limits.

Mission

To be there for blind children and their families with specialist support throughout their journey.

Our promises

Values

Trust

we’re accountable, responsible, and have respect for each other

Energy

we’re straight talking, constantly learning, and innovating

Ambition

we confront reality, deliver results and work to the highest standards

Motivation

our community is our priority, and we focus on solutions not problems

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Beyond Sight: our strategy

2025 – 2030

In 2025, we entered into the first year of our new strategy, that sees us focused with fresh energy and united purpose on 4 strategic goals:

Goal 1

increasing our reach

Scaling our services, activities, education, influence, and brand to effect change, ensure those in our community get the support they need, and to help create a more inclusive, accepting society. Our clear commitment is to support more blind children and their families year on year.

Goal 2 strengthening our offer

Broadening and deepening our impact; collaborating and piloting new approaches to achieve even better outcomes. Delivering the best and most we can to make life joyful for children, young people, their families, and the world we live in.

Goal 3 transforming our organisation

Doing more, better and faster. Keeping pace with the changing, turbulent external environment, maintaining our high impact and high effectiveness approach, maximising opportunities for collaboration, and providing great experiences and opportunities for our staff, our volunteers and our community. We have a determination to be a leading force within the VI sector to ultimately benefit VI children and families.

Goal 4 securing our financial sustainability

Our income keeping pace with our ambitions, reducing risk and ensuring that we have the fundamentals in place to protect and strengthen the organisation for generations to come. We are determined that we will realise a future where all blind children can thrive in their education, families and communities.

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Our impact Family support

Our Family Support Service is designed to support the whole family for as long as needed, with no fixed time limit. Our flexible approach provides a vital lifeline at times of uncertainty and change.

94% of families said the support had a positive impact on their child’s future

100% of children and young people felt confident sharing their feelings with their Family Practitioner

95% of children and young people said their Practitioner’s support has been helpful

98% of families said they would return to RSBC if they needed help again

Family Support has continued to grow in reach and impact in 2025. We provided a record 7,640 instances of support to families through our Family Practitioners and Support Advisor, helping 840 children, young people, and families in total.

New roles strengthened our ability to respond to families’ needs, including a Family Practitioner providing fully online support to families anywhere in England or Wales. We also introduced a new Family Activity Co-ordinator role, increasing our programme of digital support for parents and carers. This focuses on key transition points in a family’s journey with visual impairment. In 2025, we delivered 25 online sessions, with plans to grow this offer significantly in 2026.

Stronger partnerships across the sector enabled us to pilot two Early Years events in Halifax and Birmingham, supporting families at the very start of their journey. In 2025, we also began delivering specialist training for professionals who support visually impaired children, but do not specialise in emotional wellbeing. Delivered by RSBC’s Clinical Lead, four sessions were provided to sensory teams, resulting in an average 21% increase in professionals’ confidence in supporting emotional distress.

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What people say about us

“Jennifer who supports our son in a school with well-being and emotional support had supported our son exceptionally. She is warm, welcoming and built a lovely foundation with my son who is reluctant to talk about his feelings surrounding his vision loss she has worked wonders.”

Parent of a young person working with a Family Practitioner

“I really enjoy talking to Justyna. She instantly makes my mood better and I can talk to her about anything. My vision problems get a little smaller. I feel lighter afterwards. Thanks for making me laugh when I need it.”

Young person working with a Family Practitioner

“It was through other people that we were introduced to RSBC and the support of them made things easier for us. I feel it was our resilience to keep trying to get help got us where we are now. Thanks to a joint effort we are in a better place than we were when we started.”

Parent of a family being supported by a Family Practitioner

“Edyta was very helpful right from the start. It has been a very challenging and emotional time to navigate both my grandchildren being born blind. She has supported us in a professional and sensitive manner. Would definitely recommend the service. Thank you!” Family receiving support from our Support Advisor

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Our impact Education

2025 continued the trend of success for RSBC Education, with Dorton College going from strength to strength. It was the most successful year ever, with student numbers the highest they have ever been. Since September 2020, student numbers at Dorton College have grown by 93% demonstrating a need for high quality VI specialist education for 1625 year olds.

During the year, we delivered over 33,750 hours of bespoke VI education through our highly specialist team at both our college hubs and throughout all our mainstream partnership colleges. More new partnerships were developed than ever before, increasing the range and breadth of courses and wider opportunities available for our students. Additionally, student recruitment for future years has been at its highest level ever, demonstrating a significant demand within the SEND VI sector for the dual education hybrid approach.

In September 2025, we opened our new VI Centre of Excellence , based in Epsom, Surrey, a significant development for the established hybrid education model, bringing together specialist and mainstream education in one place. We are delighted to be partnering with Nescot College.

In the academic year 24-25, our students surpassed themselves in their academic achievements, with 99% achieving their qualifications in July 2025, and 270 AQA 282 accredited qualifications achieved in a wide range of subject areas. Overall, academic courses were delivered both at our mainstream partners and at our specialist VI Centre of Excellence.

In September 2025, we welcomed our new Principal, Edith Windsor-Stokes to lead the college into the next exciting stage of development and further expansion of our hybrid model, which has future national ambitions and provide the highest quality VI education, while delivering equity and inclusion for VI students.

The new VI Education Alliance was formed from a range of visits to other VI specialist schools and colleges, where it was established, there were common themes across all VI education providers. The VI Education Alliance is a quarterly meeting of leaders of VI education providers nationally, to bring together experts in the field across all stages of VI Education, to create new direction and joint thinking. It has been hugely successful with innovative thinking and a louder more collaborative sector voice.

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Our impact Transitioning to adulthood

Our Futures service has continued to grow during 2025. With a difficult job market and many young people considering further or higher education, personalised support was more important than ever. During the year, we delivered 297 one-to-one sessions with 45 young people supported to plan their next steps.

91% of young people said they felt more positive about the opportunities available to them after taking part in Futures sessions.

Young people received tailored advice on pathways including employment, apprenticeships, internships, volunteering, work experience, education and training. They set personal goals to build confidence, resilience and essential life skills; such as selfadvocacy and recognising their own strengths. Working with the Youth Voice team, the Futures service also co-developed a series of workshops based on the social model of disability. Named by young people themselves “We Are Not the Problem,” these sessions helped participants understand their rights, build self-advocacy skills and prepare for challenges they may face in adult life.

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Activities and events

Our activities programme aims to provide opportunities help young people connect with others, reduce isolation, learn new skills and have fun. It has been another busy year of activities for children and young people at RSBC, both in person and online. This year, there were 1,515 attendances across 432 sessions .

For many young people, particularly those in mainstream education, our activities, groups and sessions provide a vital space to make connections and build friendships with others who share similar experiences. From football and trampolining to multi-sports sessions and rock climbing, young people had many opportunities to try something new across our in-person activities. We hosted Early Years music sessions, Family Fun Days, cooking and creative activities at our Life Without Limits Centre in London. Residential trips also remain a highlight of the programme. Young people aged 11–15 attended a residential in May at the Royal National College for the Blind in Hereford, taking part in activities such as martial arts, rock climbing and bowling. In October, young people aged 16–25 travelled to North Yorkshire for an outward-bound experience focused on independence, teamwork and confidence building.

In 2025, 214 tailored one-to-one Assistive Technology sessions were delivered by our Senior Accessibility Advisor. Young people learned to use tools such as screen readers, braille displays, artificial intelligence and everyday software, helping them succeed in education, employment and social life. Accessible gaming sessions also enabled young people to connect with others who share their interests. Training was also provided to professionals working with visually impaired children and young people, ensuring they can better support access to technology and emerging tools such as AI.

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What people say about us

“It is nice to know that there is a community out there where everyone is dealing with somewhat the same thing as it’s nice that we all have something in common and it’s nice that everyone is really friendly and supportive” Young person attending Sisterhood

“I had a lot of fun! I didn’’t know there were so many accessible games out there that I can play with friends! Alex was very helpful and took out time to help me get everything set up, thank you.” Young person attending a gaming session

“Our son and me we had a fantastic time during the session. Everything was well planned and made accessible for our son to participate. We met new children and Families. Venue was great, not overcrowded and with a lovely atmosphere. We definitely enjoyed every part of it!” Family attending a bowling trip

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Habilitation and Independence

90 children and young people were supported through RSBC’s Habilitation Specialist in 2025. The support ranged from mobility to independent living skills to early years advice and guidance. Traditionally this type of support is provided in person, but alongside 91 in person support sessions we were able to support children and young people remotely through Zoom calls to help them learn cooking or going out on a walk with a parent and young person to talk them through each step to develop mobility skills via mobile phone . footage. We provided 392 instances of online individual support

Monthly Independent Living Skills sessions online gave young people the chance to learn more about skills and techniques to build confidence. In 2025 we developed a new training offer for parents and carers that enables them to be a better sighted guide for their children, as this training is rarely available to them. With the pilot session successful in 2025, this has now become part of the programme of activities for 2026.

Our Habilitation Specialist also offers support for professionals working with VI children and young people and has developed a range of resources for families and professionals that are available on RSBC’s website to download.

“Rosie is, as always, amazing and patient as well as knowledgeable and supportive. Katie has grown so much in confidence with these sessions!” Parent of a young person accessing habilitation support remotely

“We are very grateful for the helpful independent living skills sessions. A special thank you to Rosie, who made the sessions enjoyable and encouraging. They have brought us joy, happiness, and confidence, and we now feel more independent and proud of what we can do.” Family attending online ILS sessions.

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Amplifying the voices of children and young people

Youth Voice has had a busy year in 2025, with 13 new recruits joining the Youth Forum and a total of 27 young people engaged with activities. September saw the launch of the RSBC Youth Voice YouTube channel totally led by young people themselves. With content as diverse as getting into Mixed Martial Arts, to challenges seeking employment to taking an actual walk as a blind person. RSBC’s Unseen Podcast released 12 episodes in 2025, with topics like Travel Apps, Blind Sports, Disability Pride and overcoming long cane worries amongst others.

We ended 2025 with some externally led professional training for Youth Voice members, to help them strengthen their skills and give them confidence to amplify their voices further, 2026 is looking to be an exciting year for Youth Voice.

Following the series of external training young people took part in 85% now feel more confident talking to a group they didn’t know about their journey or RSBC’s work.

“I enjoyed expressing our views and finding solutions to what people were talking about. It was nice to meet the other young people in person. It was great taking our first steps towards the Youth Voice Strategy.” Youth Forum member attending the Youth Voice Strategy Day

“I thought it was a really nice meeting with some juicy topics which we could really sink our teeth into. It was great to be able to understand how the surveys are used, as I will definitely be taking more care when filling them out in the future. I liked our discussion as well on the letter to our MPs. In general, I think the youth forum is doing some really exciting stuff and I am looking forward to what’s to come.” Youth Forum member after a monthly meeting.

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Bedtime Donations

In September 2025 we launched a campaign to make audiobooks more accessible for blind and partially sighted children. In partnership with Berlin-based marketing agency Innocean and digital product agency Buzzwoo, we developed a free app that allows parents to record themselves reading a children’s book from the app’s library at the same time as they read to their own child.

In first the 2 hours following our launch over 500 people had downloaded the app, and we’d received 178 audiobook submissions. Within 24 hours that rose to almost 2,000 downloads and 700 audiobooks rocketing the app to No.1 in the books chart on both the App Store and Google Play.

The Bedtime Donations campaign reached an audience of 40.9m people with PR coverage including BBC Jersey, BBC Radio London, Newsround and LBC Radio, as well as BBC Breakfast where services users Sharn and her VI daughter Maya appeared live to talk about their involvement in the campaign.

Julie Davis, Chief Executive of RSBC, said:

“Every child deserves to enjoy the magic of a bedtime story - but for blind and partially sighted children, the choice of accessible audiobooks is still far too limited, and they can also be expensive. The Bedtime Donations campaign is about changing that. By encouraging parents, volunteers, and well-known voices to share their bedtime stories, we’re building a library of free, accessible books that will help children feel included, inspired and connected to the magic of storytelling.”

559 Published Books

3,861 50m+ Users on Apps Reached

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Our amazing people

Our people are at the heart of everything we do. In 2025, colleagues and volunteers across RSBC showed extraordinary care, resilience and professionalism; supporting children, young people and families through moments of challenge and change, and innovating and improving how we work.

“I understand that ‘love’ is a powerful term, but I really, really love my work at RSBC because it is so hugely fulfilling on multiple levels. I feel extremely fortunate to be part of such a dedicated team, and I often collaborate with other departments at RSBC where I see nothing but boundless enthusiasm, passion, and a commitment to making an impact on a daily basis! The families I meet along the way inspire and encourage me to improve, achieve more, grow & evolve, all whilst having a bit of fun while doing so!”

Justyna, Family Practitioner

“What I love most about working at RSBC is the sense of purpose that runs through everything we do. Helping our supporters see the difference they’re making and hearing from the young people whose confidence and independence are growing every day. This makes my work deeply meaningful.” Sharon, High Value Lead

“It’s a real joy to work at this wonderful charity. Being part of such a dedicated and talented team, all committed to improving the lives of children and young people with visual impairments, is a true privilege. RSBC truly shows that anything is possible through the real difference it makes every day to the lives of so many.”

Matthew, Community & Events Fundraising Manager

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Our supporters

Online giving continued to grow with an 18% increase in donations made via our website compared to 2024. These results were driven by an increase in supporters opted in to email, the implementation of our new website and the introduction of our new donation platform – Fundraise Up which simplifies and speeds up the donation process.

We continued acquisition, securing 850 new supporters , a 54% increase on 2024. These activities also helped us grow our database, more than doubling the number of people we can contact and ask for support.

These activities also helped us grow our database, more than doubling the number of people we can contact and ask for support.

Our appeals performed well with our Families First focussed Christmas and Summer appeals both exceeding targets. We participated in our first Big Give Christmas Challenge campaign reaching our target and managing to secure . £6,800 matched giving

Legacies continue to be a vital part of our income, and in 2025 they provided over £400k to help us continue our mission. We continued our partnership with National Free Wills Network to attract new pledgers, and we’ve received over 60 sign-ups so far. We are hugely appreciative of every person who generously includes RSBC in their Will.

We celebrated the achievements of another phenomenal London Marathon team, with 69 runners completing this test of endurance to raise vital funds and awareness for RSBC. Our sector leading team raised over £230,000 and won an award for being in the top 5% Marathon fundraising teams on JustGiving. We’re so grateful to each and every one of them. And especially to those runners whose families have been impacted by childhood blindness – your stories inspired the whole team.

We enjoyed the support of many more members of our community, who took the time and care to walk, run, cycle, sing and throw parties, all to raise money to help ensure every single blind child has the self-belief and skills to fulfil their potential.

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Proud of our fundraising standards

We set ourselves high standards for fundraising, which are outlined in our Ethical Fundraising Policy. Our fundraising is never intrusive or pressuring. We handle supporter data carefully and offer clear opt-out options. We follow all laws and guidelines set by the Fundraising Regulator, Gambling Commission, and Charity Commission.

Anyone fundraising for RSBC must agree to meet our expected high standards. Staff complete GDPR training and familiarise themselves with our policies as part of their induction, and any professional fundraisers we work with agree to this as part of their contract.

We occasionally work with professional fundraisers to help us follow up in response to our campaigns and appeals, but we never make unsolicited approaches or cold calls. When we do use professional fundraisers, we monitor calls to ensure our standards are being met. We’re not aware of anyone falling short of these standards in 2025.

Our supporter care team is easily contactable by phone or email and on hand for any questions, concerns or complaints. In 2025, we received 0 complaints about fundraising.

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Special thanks

Thank you to our volunteers

We are so grateful to our volunteers for their support during 2025. 150 volunteers gave a total of 961 hours of their time to 95 different activities, a contribution of £14,222 .

Thanks also go to our Parent Champions, Young Ambassadors and Youth Forum members who give up their time to share their experiences, expertise and help guide the work of RSBC.

We’re also immensely grateful to the young people and families who generously shared their stories and inspired more people to support RSBC.

Thank you to our supporters

We would like to thank our long-term and new donors who are supporting our work nationally and regionally, including:

ABL Richard Desmond BBC Children in Need S E Franklin’s Charitable Trust No. 3 Benesys Scope Eyecare and Healthcare Blavatnik Family Foundation Souter Charitable Trust Broome Family Charitable Trust The Beryl Sleigh Charitable Trust Dorothy and Olive Pratt Charitable Trust The Catherine Cookson Charitable Trust Enterprise Mobility The Eveson Trust Fight for Sight The Michael Uren Foundation The National Lottery Community Fund Garfield Weston Foundation Greenergy The P F Charitable Trust Gresham House The Powell Family Foundation HH Global The Stacey Foundation John Armitage Charitable Trust The Worshipful Company of Cordwainers Kroll The Tula Trust London Borough of Hackney Ulverscroft Foundation Motability Foundation Vitol Percy Bilton Charity

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Immense gratitude goes to our pro-bono supporters, Reed Smith LLP, Innocean Berlin, Andy Ward, Simon Ward and Visualsoft, who respectively have provided invaluable pro bono support to us during the year.

To those who pledged a gift in their Will, made a cash donation, or raised money for RSBC through fundraising activities - we thank you sincerely for your support.

Our London Marathon team pushes themselves to the limits every year, and we are so incredibly grateful to every one of #TeamRSBC.

Thank you to our partners

We would also like to express our thanks to the many voluntary sector organisations, community groups and partners we have worked with in 2025 to deliver impact for children, young people and families.

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Leadership and governance

Simon’s RSBC trustee story

What inspired you to become a charity trustee, and why RSBC specifically?

I’ve worked with a few charities related to children, and I was introduced to RSBC just over three years ago, when I was involved with the building of the charity’s Life Without Limits Centre in London. It was clearly a great cause trying to do some amazing things, and I was very happy to help. From then on, I just got involved in more things - I was always happy to, as everybody’s so friendly. The more I did, the more I was hooked on it. I’m very fortunate that I’ve done OK in business, and RSBC just seemed like a good fit.

When the trustee opportunity arose, it was good timing, as I was stepping out of the day to day running of ITG. I could free up some time and I figured, if I could make a difference, then that’s a good thing.

During your time as an RSBC trustee, which successes stand out?

We’ve brought some stability by ensuring that the right team is in place. Plus, we’ve implemented a new database and upgraded the RSBC website – projects that have been big successes. We managed to get some great people involved, while keeping costs to a minimum.

I’ve brought in a wider support network, reducing some day-to-day costs by introducing other businesses to RSBC. So, from that perspective, it’s been a successful – if busy – 12 months.

I always think I could do more, but time’s limited as I also chair another five businesses. Because I feel guilty about that, I try to get as many other people involved as I can. Ultimately, if I rolled together everyone who’s given their time free and my time, it would probably make a full-time role!

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Administrative details

Royal Patron: His Majesty King Charles III

President: Dr Tom Pey

Vice Presidents: Vivian Lawrence; Phillip Bassett; Dr David Wright MBE; Ian Stephenson; Michael Brignall; John Heller MA

Ambassadors: Jon Culshaw; Anne Fine OBE FRSL; Georgie Wyatt; Wayne Sleep OBE

Medical Advisory Panel:

Dr Michael Crossland PhD MCOptom DipRVI; Prof Rachel Pilling PhD FRCOphth; Mr Wagih Aclimandos MB Bch FRCS FRCOphth DO FEBO; Prof Naomi Dale BA, MA, PhD, CPsychol; Mr Ashwin Reddy MA MBBChir FRCOphth MD

Members of the Council of Trustees:

Patrick Plant (Chair of Trustees); Peter Knott BA (Hons) FCA CF (Honorary Treasurer); Mel Cooke; Sabira Hasham; Narayan Iyer; Helen Jones (resigned 23.05.2025); Tom Kelman; Val May BA (Hons); John Miller; William Ramsay (resigned 03.11.2025); Callum Russell; Lola Solebo PhD FRCOphth; Simon Ward

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Company Secretary:

Eileen Harding (retired 06.03.2026) Lily Rose (appointed 06.03.2026)

Chief Executive:

Julie Davis

Senior Leadership Team:

Josie Grainger-Francova, Lily Rose, Carla Rose-Hardman (until 06.03.2026), Beatrice St. Matthew-Daniel (until 12.02.2026), Eileen Harding (until 06.03.2026)

Auditors:

HaysMac LLP, 10 Queen Street Place, London, EC4P 4DQ

Bankers:

C Hoare & Co, 37 Fleet Street, London, EC4P 4DQ National Westminster Bank plc, Orpington Branch, 235 High Street, Orpington, BR6 0NS

Legal Advisers:

Reed Smith, Broadgate Tower, 20 Primrose Street, London, EC2A 2RS

Investment Managers:

Cazenove Capital Management, 1 London Wall Place, London, EC2Y 5AU

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Financial Summary Ineom• [k)r￿l￿n$ Inv8Stmant&othèT Inci)mè Expendlture Fun¢rg55hg i cwitoblgACtknII* 2.223 .4779 1707 1.G93 l352 456 974 202 2025 2024 2025 2024 Bunk & Inv•stmont InvgsvneTht ¢05th & Bqnk8olu￿9 Reserves 1.798 1.668 2025 2024 2S 2024 Fiestricted Funds Designated Funds unrèsiricied Generol Funds Charity Funds 1,838 260 2025 2024 staff Numbers 2025 2024 42 30 29 24 Education & Community Services Support to Chariioble Fundraising Management & Ad[nini￿rat1On 27

A thank you from our CEO

Dear friends,

I hope you enjoyed our review and celebration of 2025!

Curating our year of impact is always a precious activity that everyone at RSBC participates in. I hope you now feel more informed about us and are more familiar with the impact of our work; our portfolio of activity and the outcomes achieved are a credit to our committed staff and volunteer teams.

We are indebted to our Board of Trustees; such dedicated volunteers always putting the needs of the society and our service users first. This year has been particularly challenging – a significant shortfall in our legacies has triggered painful change that has unfortunately impacted our staff team. This is not where we wanted to be. Reducing the staff team is always a last resort; however, we now feel that we have stabilised the charity, enabling future growth.

This year has been the year we launched our ‘strategy’; for everyone at RSBC to embrace and understand how they are personally contributing to the outcomes of the whole society. We’re so proud of the children and young people we support that we wanted to ensure that we’re planning and delivering precisely what our families need. We always strive to support more families following diagnosis year on year. Help us to share the message that RSBC is here for all VI children across England and Wales - we need to generate even more investment to deliver more support to more children sooner.

Our Chair, Patrick, has highlighted some of our key 2025 achievements earlier in this report. We are immensely proud of our successes – particularly our new Centre of Excellence in Epsom, Surrey, hosted by Nescot College. This is the culmination of considerable work with our commissioners, partners and families. We have achieved

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but our highly successful Festival of VI so many milestones it is difficult to choose – Inclusion at Banking Hall alongside our Bedtime Donations launch in September have certainly been showcases of excellence during the year.

It is vital that RSBC strives to be at the forefront of change; we commit to being bold and brave! We must continue to build our resilience; innovation, agility and the ability to adapt are crucial attributes that we have in abundance!

I would like to thank our staff, trustees, volunteers, funders and partners. You have made such incredible contributions to RSBC during 2025; you are all truly appreciated.

This Trustees Annual Report is clear testimony of our commitment to the children’s VI community. I hope that by reading about RSBC’s work, you’ll join with us in celebrating the achievements of the children and young people we support. We firmly believe that society can create an environment whereby our children and young people can indeed live their lives without limits – let’s all be the voice that instigates societal change where inclusion is core to everything.

Very best wishes,

Julie Davis, CEO

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Structure, Governance & Management

RSBC is a charitable company limited by guarantee and is governed by the Council of Trustees.

Trustees are responsible for the overall direction and control of the charity and for ensuring that it is solvent, well managed and able to deliver its charitable objectives for the public benefit. The Trustees act in accordance with the charity’s governing document, charity law, company law and relevant regulatory guidance. Currently there are 11 Trustees on our Full Council.

Committees

The Trustees have established committees with delegated authority to support effective governance and oversight. Each committee operates under formal terms of reference approved by the Trustees.

Responsible for oversight of service quality, safeguarding arrangements and impact, ensuring that services are delivered safely, effectively and in line with the charity’s charitable objectives.

RSBC Dorton College Governance

RSBC Dorton College operates under a Board of Governors, established to provide focused oversight of the College’s educational provision, performance, safeguarding and compliance with relevant education and regulatory frameworks. The Board of Governors, which includes three trustees, reports to the Trustees, ensuring appropriate alignment between the College’s operations and RSBC’s overall strategy and charitable objectives.

Management and Delegation

The Trustees delegate day-to-day management of the charity to the Chief Executive, within a framework of delegated authority approved by the Trustees. The Chief Executive is responsible for implementing the charity’s strategy and policies and for the operational and financial management of the organisation. The Chief Executive is supported by a Leadership Team, which reports regularly to the Trustees on operational performance, financial position and risk.

30

Executive Pay

Executive pay at RSBC reflects the market rate for comparable jobs in similar organisations, the level of knowledge, skills and experience required, and the responsibilities and accountabilities associated with each role.

The Remuneration and Appointments (R&A) Committee is responsible for overseeing the remuneration of RSBC’s Leadership Team and for reviewing the annual pay award for all employees. The Council considers the recommendations of the R&A Committee and is ultimately responsible for approving the senior salaries and any annual pay awards. In recent years, where an annual pay award has been made, the same rate has applied to all colleagues.

Appointment and Training of Trustees

Trustees are appointed in accordance with the charity’s governing document. In recruiting Trustees, the Council seeks to ensure an appropriate balance of skills, knowledge and experience to enable effective governance. All new Trustees receive an induction which covers their duties and responsibilities, governance arrangements, financial oversight and safeguarding, together with information about the charity’s work and strategy. Ongoing training and development opportunities are made available to Trustees as appropriate.

Risk Management

The Trustees are responsible for identifying and managing risks faced by the charity. A risk register is maintained and reviewed regularly by the leadership team and the Audit Committee, with significant risks reported to the Trustees. This process supports informed decision-making and appropriate mitigation of risks.

Public Benefit

In exercising their duties, the Trustees have had due regard to the Charity Commission’s guidance on public benefit and are satisfied that the charity’s activities are carried out for the public benefit in furtherance of its charitable purposes.

Group Structure and Associated Subsidiaries

RSBC has five wholly owned dormant subsidiaries, all of which are controlled by the charity and did not trade during the reporting period: RLSB Lotteries Ltd (Company No: 05757769), Thomas Lucas Academy Trust Limited (Company No: 09206440), Kyekus Limited (Charity No: 1131623; Company No: 5764810), Vision Charity (Company No: 03737109), and Blind Independence Greenwich (Company No: 07324135; Charity No: 1139798).

31

Statement on public benefit

The Trustees confirm that they have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the guidance on public benefit published by the Charity Commission for England and Wales.

The Royal Society for Blind Children (RSBC) exists to support blind and partially sighted children and young people, and their families, to live life without limits. Our services are designed to address the social, emotional and practical barriers that vision impairment can create, helping children and young people to build confidence, develop independence and achieve their potential.

We deliver a range of services including family support, emotional wellbeing support, employability and independence programmes, and specialist education provision. These services are informed by the needs and experiences of the children, young people and families we support, and are delivered in ways that are accessible, inclusive and responsive.

RSBC’s work provides clear public benefit by:

The Trustees are satisfied that RSBC’s activities deliver public benefit in line with its charitable purposes.

32

The Royal Society for Blind Children

Annual Report for the Year Ended 31 December 2025

Financial Review

The Royal Society for Blind Children (RSBC) reported a deficit of £1.19m for the financial year ending 31 December 2025, compared to a surplus of £0.16m reported in 2024.

Income

Total income for the year ended 31 December 2025 was £4.48m, compared to the £4.91m reported in 2024. This decrease is predominantly attributable to a material reduction in legacies (£1.35m in 2024 vs £456k in 2025).

Expected decreased income in Trusts and Grants (£1.07m in 2024 vs £659k in 2025) was due to the timing of large institutional grants coming to an end. However, this was offset by significant growth in our education income (£1.21m in 2024 vs £1.71m in 2025) and support from Corporate & Major Donors (£80k in 2024 vs £294k in 2025).

Expenditure

Total expenditure for RSBC in 2025 amounted to £5.67m representing an increase of £833k compared to £4.85m in 2024. This increase is primarily attributable to the expansion of charitable activities, driven by higher student numbers and investment in fundraising capabilities.

Future outlook

While the ongoing economic climate makes it increasingly challenging for many charities, RSBC remains confident in its ability to continue delivering its mission. The charity is focusing on diversifying income streams and growing income, such as Corporate & Major donors. Additionally, RSBC will continue to ensure ROI is achieved by improving how we operate and controlling our costs, to ensure long-term financial sustainability.

We are optimistic about our sustainability, having undertaken a proactive review and taken some difficult but necessary decisions in 2025. The unforeseen shortfall in legacy income required us to review our expenditure to protect our frontline impact and build in greater resilience and efficiency into our operating model. This involved consolidation of our leadership team from 6 to 3 roles, a small number of redundancies, alongside revisiting existing roles and systems to build in more flexibility and agility.

33

The Royal Society for Blind Children Annual Report for the Year Ended 31 December 2025

Having taken these actions, we are now confident in our long-term sustainability, with plans in place to diversify and grow our fundraising income and realise the sale of land assets, which will improve and strengthen our resilience.

Reserves policy and position

The Royal Society for Blind Children maintains unrestricted reserves to ensure financial resilience and protect the continuity of services for children and young people with vision impairment. The Trustees have agreed a reserves policy whereby the charity aims to retain between three and six months of future annual expenditure as undesignated reserves on a rolling basis. As of 31 December 2025, this amounted to between £1.42m (3 months) and £2.84m (6 months). The Trustees believe this level of reserves is prudent to maintain sustainable and secure funding for ongoing activities because the charity is dependent on receiving local authority student fees and in raising new grants, donations, and receiving legacies to fund its activities. Reserves in excess of the six months annual expenditure are designated to fund activities and projects that support the future development of the charity’s activities.

In 2025 the charity experienced a significant decline in legacy funding. This resulted in the charity recording a deficit for the year ended 31 December 2025 of £1.193m, demonstrating the need to maintain the agreed level of undesignated reserves. Trustees resolved a transfer of £473k from the development fund to undesignated general funds prior to the approval of these accounts, to ensure undesignated reserves are maintained. After transfer, the development fund remaining balance at £552k remains sufficient for future plans.

Reserves now stand at £1.84m (3 months, plus an additional £416k to cover the net budget deficit planned in 2026). Sustainability measures taken in 2026 will see reserves increase to 4 months by the end of 31 December 2026.

Investment policy and performance

Trustees approved an updated investment policy in May 2023. The long-term investment objective is to achieve a net return exceeding the Retail Prices Index (RPI) + 3%. This strategy aims to generate a sustainable income stream (approximately 6% p.a.) to support ongoing activities while adapting to inflationary pressures. All RSBC investments were readily marketable and registered on a recognised stock exchange. The Trustees were satisfied with the level of performance in 2025.

At the beginning of 2025 and up until November 2025 the charity held assets in both the Cazenove Managed Fund and Cazenove Cash Fund. Considering the decline in legacy income and the projected deficit for the year the decision was taken by the Trustees to derisk the investment portfolio and transfer

34

The Royal Society for Blind Children

Annual Report for the Year Ended 31 December 2025

the funds held in the Managed Fund into the Cash fund. The Trustees felt this was appropriate to balance liquidity and return with the levels of risk inherent in the various funds.

During the period from 1 January 2025 to November 2025, the Managed Fund achieved a return of 9.8% whilst the Cash Fund has achieved a return of 3.9% for the year ended 31 December 2025.

Overall Risk Management

Trustees and Leadership maintain robust oversight of the charity’s risk management framework to ensure that potential threats to our operations, finances, reputation, and governance are identified, assessed, and appropriately mitigated. The organisation’s risk register is reviewed regularly by the leadership team and the Audit Committee, with updates incorporated into ongoing strategic and operational planning.

During the reporting period, no significant issues or material risks were identified.

Key Risks and Mitigations

Safeguarding

Staffing:

Sustainability

SEND

35

The Royal Society for Blind Children

Annual Report for the Year Ended 31 December 2025

Fraud and Cybercrime:

Environmental Responsibility and Sustainability

We recognise our responsibility to report transparently on RSBC’s approach to environmental, social and governance (ESG) matters, and how these support the organisation’s long-term public benefit. During the reporting period, RSBC continued to embed ESG principles across its operations in line with our organisational values.

Environmental

Our environmental commitments focus on reducing our ecological footprint through responsible utilisation of resources and energy efficiency. We are taking steps to increase our digital provision to reduce travel emissions. We encourage staff to only print when it is necessary, and ensure recycling stations are located in every office space.

Social

Given the nature of our mission, social inclusion is baked into everything we do. Our priorities centre on promoting diversity, equity, inclusion, and safeguarding within our services, workforce, and partnerships.

Governance

We aim to align with the principles of the Charity Governance Code (2025). Standards are maintained through strong oversight, transparent decision making, and compliance with regulatory requirements - including the updated SORP 2026 reporting framework. The introduction of SORP 2026 brings enhanced expectations for disclosures relating to income recognition, leases, and organisational impact. RSBC is taking the necessary steps to ensure full compliance, including updated accounting treatments and strengthened reporting processes.

We are confident our approach supports responsible stewardship of resources, enhances the resilience of the charity, and reinforces our commitment to delivering meaningful and sustainable impact for our community.

36

The Royal Society for Blind Children

Annual Report for the Year Ended 31 December 2025

Future Plans

Building on the foundations laid in 2025, the Trustees will remain focused on implementing the charity’s Beyond Sight Strategy (2025–2030), ensuring that growth in reach and impact is matched by long-term financial resilience and organisational strength.

Increasing Reach and Access

RSBC will strenuously endeavour to expand the number of children, young people and families it supports across England and Wales. Priority will be given to ensuring timely access to support following diagnosis and widening participation. Trustees will support further development of the hybrid model delivered through RSBC Dorton College and its partnerships, responding to growing demand within the SEND VI sector.

Strengthening Impact and Outcomes

The charity will continue to deepen the quality of provision, ensuring that programmes are informed by - the lived experiences of children and young people. This includes co production through Youth Voice, further embedding outcome measurement and tracking, and using insight from families, young people and professionals to continuously improve support. RSBC will also seek to enhance its professional training and sector collaboration, contributing to wider system change for visually impaired children and young people.

Organisational Development and Workforce

Following the organisational changes undertaken in 2025, the Trustees’ focus for the coming year will be on embedding a streamlined and sustainable operating model. This includes supporting staff wellbeing, developing leadership capability, investing in systems and digital infrastructure, and ensuring that governance, safeguarding and risk management arrangements remain robust and proportionate. RSBC will continue to provide meaningful opportunities for volunteers and to recognise their vital contributions.

Financial Sustainability

37

The Royal Society for Blind Children

Annual Report for the Year Ended 31 December 2025

Managing Risk and Uncertainty

The Trustees recognise the ongoing challenges presented by the external economic environment and the volatility of certain income streams, particularly legacies. Scenario planning, cashflow forecasting - and regular review of the risk register will remain central to decision making. The Trustees are confident that the actions taken during 2025, combined with the charity’s clear strategic direction, place RSBC in a stronger position to manage future uncertainty while continuing to deliver meaningful public benefit.

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 charitable company and of the profit or loss of the charitable company 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 charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

38

The Royal Society for Blind Children

Annual Report for the Year Ended 31 December 2025

So far as each of the Trustees is aware at the time the report is approved:

This report which includes the strategic report was approved by the Trustees and signed on the on their

behalf by

Patrick Plant (Jun 26, 2026 15:10:39 GMT+1)

…………………………………………………….

Patrick Plant, Chair

39

The Royal Society for Blind Children

Annual Report for the Year Ended 31 December 2025

Independent auditor's report to the members of The Royal Society for Blind Children

Opinion

We have audited the financial statements of The Royal Society for Blind Children for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and Notes to the Financial Statements, 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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.

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.

40

The Royal Society for Blind Children

Annual Report for the Year Ended 31 December 2025

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees' 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 (which incorporates the strategic report and the directors' 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:

41

Annual Report for the Year Ended 31 December 2025

The Royal Society for Blind Children

Responsibilities of trustees for the financial statements

As explained more fully in the trustees' responsibilities statement set out on page 38, 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. Mis-statements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to care regulations including safeguarding and health and safety, and employment law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, and other factors such as income tax, payroll tax and sales tax.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and concluded that the risk was low. Audit procedures performed by the engagement team included:

42

The Royal Society for Blind Children

Annual Report for the Year Ended 31 December 2025

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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.orq.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.

Lee Stokes

(Senior Statutory Auditor)

For and on behalf of HaysMac LLP, Statutory Auditors

10 Queen Street Place

London

EC4R 1AG

Date 08/07/2026

43

The Royal Society for Blind Children – Annual Report

Statement of Financial Activities for the Year Ended 31 December 2025

Note
INCOME AND ENDOWMENTS
Income from charitable activities
Fees
Grants
Income from investments
2
Donations and legacies
Donations
Legacies
Other
3
Total income and endowments
EXPENDITURE
Expenditure on raising funds
Fundraising costs
4
Net income available for charitable
activities
Expenditure on charitable activities
Education
Support services
Total expenditure on charitable
activities
Total expenditure
4
Net gains on investments
10
(Net expenditure)/Income
Actuarial gains on defined benefit
pension schemes
Transfer between funds
Net movement in funds for year
Reconciliation of funds:
Fund balances at 31 December 2024		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
2025
2024
£000
£000
£000
£000
£000
1,707
-
-
1,707
1,209
-
-
-
-
16
1,707
-
-
1,707
1,225
143
-
-
143
46
1,468
-
659
2,127
2,223
440
-
16
456
1,352
1,908
-
675
2,583
3,575
50
-
-
50
68
3,808
-
675
4,483
4,914
899
-
-
899
974
2,909
-
675
3,584
3,940
2,285
-
2
2,287
1,630
1,753
-
739
2,492
2,241
4,038
-
741
4,779
3,871
4,937
-
741
5,678
4,845
-
-
-
-
84
(1,129)
-
(66)
(1,195)
153
-
-
-
-
4
526
(541)
15
-
-
(603)
(541)
157
2,439
1,812
311
4,562
4,405
(51)
(1,195)
Fund balances at 31 December 2025 1,836
1,271
260
3,367
4,562

The statement of financial activities has been prepared on the basis that all activities are continuing, other than those indicated above.

All recognised gains and losses are included in the Statement of Financial Activities.

No summary income and expenditure account has been prepared because this information is clearly identified in the above statement.

The accompanying notes form part of these financial statements.

44

The Royal Society for Blind Children – Annual Report

Statement of Financial Activities for the Year Ended 31 December 2024 (Prior Year Comparative)

Note
INCOME AND ENDOWMENTS
Income from charitable activities
Fees
Grants
Income from investments
2
Donations and legacies
Donations
Legacies
Other
3		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
2024
2023
£000
£000
£000
£000
£000
1,209
-
-
1,209
881
-
-
16
16
16
1,209
-
16
1,225
897
46
-
-
46
43
1,165
-
1,058
2,223
1,966
1,140
-
212
1,352
1,085
2,305
-
1,270
3,575
3,051
58
-
10
68
43
Total income and endowments 3,618
-
1,296
4,914
4,034
EXPENDITURE
Expenditure on raising funds
Fundraising costs
Net expenditure available for charitable
application
Expenditure on charitable activities
Education
Support services
Total expenditure on charitable activities
Total expenditure
4
Net gains / (losses) on investments
10
Net income / (expenditure)
Actuarial gains / (losses) on defined
benefitspension schemes
16		 959
15
-
974
804
2,659
(15)
1,296
3,940
3,230
1,526
54
50
1,630
1,266
888
278
1,075
2,241
1,902
2,414
332
1,125
3,871
3,168
3,373
347
1,125
4,845
3,972
84
-
-
84
41
329
(347)
171
153
103
4
-
-
4
10
Transfers between funds (802)
802
-
-
-
Net movement in funds for year
Reconciliation of funds:
Fund balances at 31 December 2023
Transfers between funds		 (469)
455
171
157
113
2,908
1,357
140
4,405
4,292
-
-
Fund balances at 31 December 2024 2,439
1,812
311
4,562
4,405

The statement of financial activities has been prepared on the basis that all activities are continuing, other than those indicated above.

All recognised gains and losses are included in the Statement of Financial Activities.

No summary income and expenditure account has been prepared because this information is clearly identified in the above statement.

The accompanying notes form part of these financial statements.

45

The Royal Society for Blind Children – Annual Report (Company No. 00139928)

Balance Sheet as at 31 December 2025

Balance Sheet as at 31 December 2025
Fixed assets
Tangible assets
Investments		 Note
9
10		 2025
2024
£000
£000
936
1,012
-
1,666
Current assets
Investments-Money market funds
Debtors
Cash and bank balances		 10
11		 936
2,678
1,797
-
1,783
2,194
168
341
Liabilities
Creditors: amounts fallingdue within oneyear		 12 3,748
2,535
(1,317)
(651)
Net current assets
Net assets excluding pension scheme liability
Defined benefitpension scheme		 16 2,431
1,884
3,367
4,562
-
-
Total net assets 3,367
4,562
The funds of the charity:
Restricted funds
Permanent endowment funds
Other Funds		 13
13		 25
25
235
286
Designated funds
General funds		 13
13		 260
311
1,271
1,812
1,836
2,439
Total charity funds 3,367
4,562

The financial statements were approved and authorised for issue by the Board of Trustees on 26.06.2026 and signed on their behalf by:

Peter Knott (Jun 26, 2026 16:49:38 GMT+1) Patrick Plant (Jun 26, 2026 15:10:39 GMT+1) Patrick Plant, Chair Peter Knott, Treasurer

The accompanying notes form part of these financial statements

46

The Royal Society for Blind Children – Annual Report

Statement of Cash Flow for the Year Ended December 2025

Note
Net cash provided by (used in) operating activities
a
Cash flow from investing activities:
Dividends, interest and rent from investments
a
Purchase of Tangible Fixed Assets
Purchase of Investments
Net cash provided by (used in) investing activities
Cash flow from financing activities
Change in cash in the reporting period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
b
a. Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
Adjustments for:
Investment income
Depreciation charges
Net pension scheme movements
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Deferred Income and other cash timing differences
Net cash provided by (used in) operating activities		 2025
2024
£000
£000
(247)
(244)
143
46
(69)
(30)
-
(26)
74
(10)
(173)
(254)
341
595
168
341
2025
2024
£000
£000
(1,195)
157
(143)
(46)
145
165
-
(4)
411
(182)
(250)
665
(130)
(84)
(247)
(244)

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The Royal Society for Blind Children – Annual Report

Statement of Cash Flow for the Year Ended December 2025

b. Analysis of cash and cash equivalents
Cash and bank balances		 2025
£000
168
168		 2024
£000
341
341
c. Analysis of changes in net debt
Cash		 At start of year
Cashflows
Other
non-
cash
changes
At end of
year
£000
£000
£000
£000
341
(173)
-
168
341
(173)
-
168

48

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

1. Accounting Policies

a) Statutory information

The Royal Society for Blind Children (RSBC) is a charitable company limited by guarantee (company number: 139928) and is incorporated in England and Wales (charity number: 307892). The Charity's registered office address and principal place of business is: Life Without Limits Centre, 10 Lower Thames Street, London, EC3R 6EN. The principal accounting policies, all of which have been applied consistently throughout the year are set out below.

b) Basis of preparation

The financial statements have been prepared under the historical cost convention as modified by the inclusion of fixed asset investments at market value and are in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), Charities SORP FRS 102 and the Companies Act 2006. The charity is a Public Benefit Entity as defined by FRS 102.

c) Going Concern

The Trustees have considered the charity's operations and cashflow for at least 12 months from the date of signing these accounts and they believe that there are no material uncertainties about the charity’s ability to continue in operational existence over the period. Accordingly, they have adopted a going concern basis in the preparation of these financial statements.

d) Group Accounts

The following dormant subsidiaries that have not traded in the year:

All the above-mentioned entities are wholly controlled by RSBC and have the same registered office address.

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The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

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. Income from government and other grants, whether "capital" grants or "revenue" grants, is recognised when the charity has entitlement to the funds; any performance conditions attached to the grants have been met; it is probable that the income will be received; and the amount can be measured reliably and is not deferred. For legacies, entitlement is taken as the earlier of the date on which either the charity is aware 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, and the charity has been notified of the executor's intention to make a distribution. 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 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.

f) Donations of gifts, services, and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over them or received the service; any conditions associated with the donation have been met; the receipt of economic benefit from the use by the charity of the item is probable; and, that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the Trustees' annual report for more information about their contribution.

g) Expenditure and Irrecoverable VAT

Expenditure is accounted for on an accruals basis. Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Central (support) costs which cannot be directly allocated are apportioned across cost categories based on total expenditure which will indirectly relate to volume of transactions, floor area and usage. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be directly allocated to such activities together with an allocation of support costs. Costs of generating funds comprise those costs associated with attracting voluntary income together with an allocation of support costs. Irrecoverable VAT is charged as a cost against the activity to which the expenditure was incurred.

50

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

h) Tangible Fixed Assets

Tangible fixed assets are stated at cost. Depreciation is provided to write off the cost of fixed assets over their estimated useful lives on a straight-line basis over the following periods:

None Provided

i) Operating Leases

Rentals paid under operating leases are charged to income on a straight-line basis over the lease term.

j) Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

k) Cash at bank and in hand

Cash and cash equivalents include cash on hand and demand deposits. While the charity may hold investments in money market funds that possess characteristics of short-term, highly liquid investments with a maturity of three months or less, these are considered part of the charity's investment portfolio and are therefore excluded from the cash at bank and in hand balance presented in the accounts.

l) 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.

m) Pension costs

The Society has a legacy defined benefit pension scheme and operates a current GPP scheme for employees. It also participates in the Scottish Voluntary Sector Pension Scheme administered by the Pensions Trust, a multi-employer defined benefit pension scheme. The liability is included in the accounts.

51

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

n) Fund accounting

Restricted funds are subject to specific conditions imposed by the donors or grant making bodies or monies raised in response to a specific appeal. Designated funds are funds that have been set aside by the Trustees for particular purposes. The purpose and use of each designated fund is set out in Note 13. General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the charity’s objectives and which have not been designated for other purposes. Permanent endowment funds represent restricted funds the capital of which should be held in perpetuity.

o) Significant judgements and sources estimation uncertainty

The preparation of these financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Charity's accounting policies. The Trustees do not consider that there are any key sources of material estimation uncertainty in the preparation of these financial statements.

p) Financial instruments

Apart from the listed investments described above, 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.

q) Employee benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received. Termination benefits are accounted for on an accrual basis and in line with FRS102.

2. Investment Income

vestment Income
2025 2024
£000
£000
Income from UK listed investments - 27
Interest received on UK cash deposits 143 19
143 46

Our investment policy can be found in the financial review section of the Trustees Report.

52

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

3. Other Income

her Income
2025
2024
£000
£000
Access to Work Income 5
-
8
-
14
-
23
68
LWLC Income
Consultancy Income
Sundryincome
50
68

4. Analysis of Total Expenditure

Year End 31 December 2025

Support Costs and Governance Costs

Support costs, which encompass central services, such as management and administration, have been allocated across service areas based on total expenditure. This allocation is influenced by factors including transaction volume, floor area, and service usage. Governance, included within support costs, comprise expenses related to insurance, audit fees, and legal costs.

53

[The Royal Society for Blind Children – Annual Report ]

[Notes to the Financial Statements for the Year Ended December 2025]

Fundraising Expenditure

Expenditure on raising funds amounted to £899k (2024: £974k), all of which was unrestricted.

Charitable Activities Expenditure

Expenditure on charitable activities totalled £4.79m (2024: £3.87m).

Administration

The cost of administrative support totalled £1.09m (2024: £969k), which includes contribution of pro bono services valued at £435k (2024: £247k).

– Prior Year Comparative Year End 31 December 2024

Basis of Raising Education & Support Total Total
allocation Funds Training* Services* 2024 2023
£000 £000 £000 £000 £000
Costs directly allocated to
activities:
Staff Costs Direct 539 885 1,004 2,428 1,998
Non-Staff Costs Direct 272 248 268 788 649
Total direct costs 811 1,133 1,272 3,216 2,647
Support Costs allocation:
Premises Floor area 23 68 136 227 246
Administrative support Est. usage 98 294 588 980 736
Marketing Est. usage 21 63 125 209 113
Governance Est. usage 6 19 37 62 86
Support costs ex depreciation 148 444 886 1,478 1,181
Support cost depreciation Est. usage 15 53 83 151 144
Total Support Costs 163 497 969 1,629 1,325
Total Expenditure 974 1,630 2,241 4,845 3,972

* Charitable activities figures exclude pro bono services of £247k (netted against pro bono income of £247k in the statement of financial activities)

54

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

5. Lease Commitments

At 31 December 2025, RSBC had commitments to make the following payments in total:

**Land and buildings **
2025
2024
£000
£000
Operating leases which expire:
in less than one year 217
217
714
932
415
566
between one and five years
after fiveyears
1,346
1,715

6. Employees

The average number of employees in 2025 was 93 (2024: 80).

2025 2024
Headcount
30
24
9
15
2
80
2024
£000
2,697
255
125
3,077
Headcount
Education and training 43
Community service 31
Support to direct charitable activities 11
Fundraising 12
Management and administration 2
93
2025
£000
Staff costs comprise:
Wages and salaries* 3,156
Social Security contributions 364
Other pension costs 160
3,680

55

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

In 2025 the Senior Leadership Team comprised the Chief Executive Officer and 5 Senior Managers. The total cost of the Senior Leadership Team in the year was £540k (2024: £566k).

The following number of employees received employee benefits (excluding employer pension costs and employer’s national insurance) during the year between:

2025
2024
£60,001 to £70,000 2
2
£70,001 to £80,000 3
2
£80,001 to £90,000 2
1
£90,001 to £100,000 -
1
£100,001 to £110,000 1
-

All 6 Senior Leadership staff were members of the Scottish Widows defined contribution Pension Scheme (2024: 6)

7. Trustees

Trustees did not receive any remuneration from the RSBC during the year or previous year. Expenses of £187 were incurred by Council members whilst on RSBC activities (2024: £471).

8. Net Movement in Funds

The net movement in funds for the year is stated after charging:

2025 2024
£000 £000
Depreciation of tangible fixed assets 145 165
Staff costs 3,680 3,077
Auditors' remuneration 26 23

56

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

9. Tangible Fixed Assets

Freehold Leasehold
Fixtures		 Leasehold
Fixtures		 Machinery Motor Total
land improvements
and
fittings
£000
£000		 tools and vehicles
equipment
£000 £000 £000
£000
Cost
At 1 January 2025
124		 1,244
-		 -
-		 366 16
1,750
Additions
-		 69 -
69
At 31 December 2025
124		 1,244 - 435 16
1,819
418
107		 -
-
Depreciation
At 1 January 2025
-		 307 13
738
Charge for theyear
-		 36 2
145
At 31 December 2025
-		 525 - 343 15
883
Net Book Values
At 31 December 2025
124		 719 - 92 1
936
826 -
At 31 December 2024
124		 59 3
1,012

10. Investments

Investments at 31 December 2025 comprise cash funds of £1,797k (2024: investment portfolio of £1,125k and cash funds of £541k). All investments are held in the UK.

57

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

11. Debtors and Prepayments

11. Debtors and Prepayments
Trade debtors
Other debtors and prepayments
Accrued income		 2025 2024
£000
960
187
636		 £000
315
207
1,672
1,783 2,194
Due within one year 1,783
2,194
1,783 2,194

Included within accrued income are legacies of £636k (2024: £1,672k)

12. Creditors – Amount Falling Due Within One Year

2025 2024
£000 £000
Trade creditors 108 192
Accrued expenditure 150 125
Other taxes and social security costs 93 63
Deferred income 901 250
Other creditors 65 21
1,317 65
2025 2024
Deferred income £000 £000
Balance at 1 January 250 520
Movement in theyear 651 (270)
Balance at 31 December 901 250

Deferred income consists of receipts in advance from funders £647k (2024: £67k) and local authority income for Dorton College £254k (2024: £183k).

58

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

13. Statement of Funds

Year End 31 December 2025
1 Jan Income Expenditure Transfers 31 Dec
& Losses
2025 2025
£000 £000 £000 £000 £000
Permanent endowment funds
Fox Musical ScholarshipFund 25 - - - 25
25 - - - 25
Other restricted funds
Family Support Service 13 497 (525) 15 -
Activities 52 150 (160) - 42
Fox Revenue 1 - - - 1
Legacies 212 16 (54) - 174
Dorton College 8 12 (2) - 18
Restricted Funds 286 675 (741) 15 235
Total Restricted Funds 311 675 (741) 15 260
Designated funds
LWLC Centre Fixed Assets 787 - (68) 719
Development Funds 1,025 - - (473) 552
Total Designated Funds 1,812 - - (541) 1,271
General Funds 2,439 3,808 (4,937) 526 1,836
Total Unrestricted Funds 2,439 3,808 (4,937) 526 1,836
Total Funds 4,562 4,483 (5,678) - 3,367

59

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

Designated Funds

Development Fund

A fund to support the development of strategic initiatives to strengthen our resilience and long-term sustainability; primarily through investment in fundraising and communications.

LWLC

The net book value (depreciated balance) of the Life Without Limits Centre, opened in 2022.

Restricted Funds

Fox Musical Scholarship Fund

For pupils to receive music lessons.

Families Support Service

This programme provides support and helps families access practical and emotional support from the moment their child is diagnosed with sight loss. Based across England and Wales, RSBC's family practitioners work with young people and their families.

Activities

This programme provides a range of activities for young people between the ages of 8 and 25 years to choose from. The programme builds confidence, resilience, social networks, and skills as well as independence. Activities include health and wellbeing, employability, book club, sisterhood club and other social and peer groups.

Legacies

Restricted funds to support the development and evolution of our education provision through RSBC Dorton College.

Dorton College

A portfolio which encompasses:

60

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

– Prior Year Comparative Year End 31 December 2024

1 Jan Income Expenditure Transfers 31 Dec
& Losses
2024 2024
£000 £000 £000 £000 £000
Permanent endowment funds
Fox Musical ScholarshipFund 25 - - - 25
25 - - - 25
Other Restricted Funds
Family Support Service 8 750 (745) - 13
Activities 74 308 (330) - 52
Fox Revenue 1 - - - 1
Legacies 25 212 (25) - 212
Dorton College 7 26 (25) - 8
Restricted Funds 115 1,296 (1,125) - 286
Total Restricted Funds 140 1,296 (1,125) - 311
Designated FundsLWLC
Centre Fixed Assets 931 - (144) - 787
Development Funds 426 - (203) 802 1,025
Loan Repayments - -
Total Designated Funds 1,357 - (347) 802 1,812
Revaluation Reserves 583 - - (583) -
General Funds 2,325 3,702 (3,369) (219) 2,439
Total Unrestricted Funds 4,265 3,702 (3,716) - 4,251
Total Funds 4,405 4,998 (4,841) - 4,562

61

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

14. Liability of Members

RSBC is a company limited by guarantee and has no share capital. The liability of the members of RSBC is limited to £1 per member.

15. Analysis of Net Assets Between Funds

Year End 31 December 2025

Fixed Assets
Tangible assets
Current Assets
Investments
Debtors
Cash and bank balances
Creditors
Amounts due within one year
Net current (liabilities) / assets
Transfer between funds
NET ASSETS		 Permanent
Unrestricted
Designated
Restricted
endowment
funds
funds
funds
funds
Total
£000
£000
£000
£000
£000
217
719
-
-
936
217
719
-
-
936
1245
552
-
-
1,797
1,563
-
220
-
1,783
143
-
-
25
168
2,951
552
220
25
3,748
(1,317)
-
-
-
(1,317)
(1,317)
-
-
-
(1,317)
1,634
552
220
25
2,431
(15)
-
15
-
-
1,836
1,271
235
25
3,367

– Prior Year Comparative Year End 31 December 2024

Fixed Assets
Tangible assets
Investments
Current Assets
Debtors
Cash and bank balances
Creditors
Amounts due within one year
Net current (liabilities) / assets
NET ASSETS		 Permanent
Unrestricted
Designated
Restricted
endowment
funds
funds
funds
funds
Total
£000
£000
£000
£000
£000
225
787
-
-
1,012
1,166
500
-
-
1,666
1,391
1,287
-
-
2,678
1,322
872
-
-
2,194
377
(347)
286
25
341
1,699
525
286
25
2,535
(651)
-
-
-
(651)
1,048
525
286
25
1,884
2,439
1,812
286
25
4,562

62

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

16. Pension Schemes

Royal Blind Society Pension Scheme

The company participates in the scheme, a multi-employer scheme which provides benefits to some 77 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2023. This actuarial valuation was certified on 27 June 2024 and showed assets of £86.2m, liabilities of £88.2m and a deficit of £2.0m. From 1 June 2024 the majority of employers no longer pay deficit contributions. Some employers have agreed concessions (both past and present) with the Trustee and have contributions up to 28 February 2034.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £153.3m, liabilities of £160.0m and a deficit of £6.7m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2022 to 31 May 2024: £1,473,969 per annum (payable monthly and increasing by 3% each on 1st April)

63

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

PRESENT VALUES OF PROVISION

31 December 31 December
31 December 2025
2024 2023
(£s) (£s) (£s)
Present value of provision - - 4,378

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

Period Ending Period Ending
31 December 31 December
2025 2024
(£s) (£s)
Provision at start of period - 4,378
Unwinding of the discount factor (interest expense) - 35
Deficit contribution paid - (4,413)
Remeasurements - impact of any change in assumptions - -
Remeasurements - amendments to the contribution schedule - -
Provision at end of period - -

64

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

INCOME AND EXPENDITURE IMPACT

Period Ending Period Ending
31 December 31 December
2025 2024
(£s) (£s)
Interest expense - 35
Remeasurements – impact of any change in assumptions - -
Remeasurements – amendments to the contribution schedule - -
Contributions paid in respect of future service* * *
Costs recognised in income and expenditure account * *

*includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. To be completed by the company.

ASSUMPTIONS

31 December 31 December 31 December
2025 2024 2023
% per annum % per annum % per annum
Rate of discount 4.41 4.96 4.84

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

RLSB Pension and Life Assurance Scheme

The Society operates a defined benefit pension scheme in the UK. The disclosures set out below are based on calculations carried out as at 31 December 2025 by a qualified actuary. All monetary figures are shown in £000s sterling.

65

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

The Scheme's assets are held in a separate Trustee administered fund to meet long-term pension liabilities to past and present employees. The Trustee of the Scheme is required to act in the best interest of the Scheme's beneficiaries. The appointment of the member Trustee board is determined by the trust documentation.

The liabilities of the defined benefit scheme are measured by discounting the best estimate of future cash flows to be paid out of the Scheme using the projected unit method. This amount is reflected in the surplus / deficit in the balance sheet. The projected unit method is an accrued benefits valuation method in which the Scheme's liabilities make allowance for future revaluation of deferred benefits and projected future pension increases. Individual member calculations as at 31 December 2025 have been used in the completion of these disclosures. The Society currently pays contributions of nil as noted in the Schedule of Contributions agreed as part of the actuarial valuation as at 31 July 2022. The major assumptions used by the actuary to update the results are shown below. The total Society contribution assumed to be made in the year commencing 1 January 2026 is nil. Please note, some figures may not sum due to rounding.

Principal Actuarial Assumptions 31/12/2025 31/12/2024
Discount rate 5.40% 5.40%
Price Inflation (RPI) 2.90% 3.30%
Price Inflation (CPI) 2.35% 2.70%
Deferred Pension Revaluation 2.35% 2.70%
Pension Increase - RPI max 5.00% p.a. 2.85% 3.20%
Life Expectancies 31/12/2025 31/12/2024
Future life expectancy of male aged 65 at balance sheet date 22.1 21.8
Future life expectancy of male achieving age 65 20 years after balance sheet date 23.4 23.0
Future life expectancy of female aged 65 at balance sheet date 24.4 24.3
Future life expectancy of female achievingage 65 20 years after balance sheet date 25.8 25.7
The Major Categories of Scheme Assets as a % of Total Scheme Assets are
as Follows 31/12/2025 31/12/2024
UK Government Bonds 54.9% 51.5%
UK Corporate Bonds 21.0% 19.1%
Diversified Growth Funds 0.0% 14.8%
Multi Asset Credit 13.2% 12.2%
Cash 10.9% 2.3%
Total 100.0% 100.0%
Amounts Recognised in Statement of Financial Position 31/12/2025 31/12/2024
Fair Value of Scheme Assets 10,684 10,994
Present Value of Benefit Obligation (8,220) (8,460)
Surplus/(deficit) in the Scheme 2,464 2,534
Not Recognised due to Surplus Limitation (2,464) (2,534)
Net Pension Asset/(Liability) - -

66

The Royal Society for Blind Children – Annual Report

Notes to the Financial Statements for the Year Ended December 2025

Amounts Recognised in Statement of Financial Activities (SOFA) 31/12/2025 31/12/2024
Current Service Cost - -
Administration Expenses - -
Total Pension Cost Recognised in SOFA - -
Other Comprehensive Income 31/12/2025 31/12/2024
Actual Return on Scheme Assets Less Interest Income on Scheme assets 104 (661)
Change in Assets Not Recognised Due to Change in Surplus Limitation (212) (429)
Actuarial Gains and (Losses) 108 1,090
Remeasurement Gains and (Losses) Recognised in Other Comprehensive Income - -
Changes in Defined Benefit Obligation 31/12/2025 31/12/2024
Opening Defined Benefit Obligation 8,460 9,764
Current Service Cost - -
Interest Expense 434 399
Employee Contributions - -
Actuarial (Gains)/Losses (108) (1,090)
Benefits Paid (566) (612)
Losses/(Gains) on Settlements/Curtailments - -
Liabilities Extinguished on Settlements - -
Closing Defined Benefit Obligation 8,220 8,460
Change in Fair Value of Scheme Assets 31/12/2025 31/12/2024
Opening Fair Value of Scheme Assets 10,994 12,093
Actual Return on Scheme Assets less Interest Income 104 (661)
Interest Income 434 399
Society Contributions - -
Employee Contributions - -
Benefits Paid (566) (612)
Expenses (282) (225)
Closing Fair Value of Scheme Assets 10,684 10,994

Post balance sheet event

Subsequent to the year end the Pension Scheme Trustees and the Board of Trustees agreed to enter into a bulk annuity policy with Just Group plc. This provides better security for the scheme members and reduces some of the risks associated with running the scheme.

17. Related Party Transactions

The charity had five wholly-owned dormant subsidiaries during the year. (see Note 1). Other than disclosures included within note 6, there were no other related party transactions in the current or prior year.

18. Corporation Tax

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

67