Registered number.. 03870182 Charity number.. SC041582 BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report and financial ststements For the year ended 31 December 2025
BRITISH WIRELESS FOR THE BLIND FUND IA company lirnited by guarantee) Contents Page Reference and administrative details of the company, its Trustees and advisers Trustees. report Independent auditors. report on the financial ststements Statement of firiancial activities 2-18 19-22 23 Balance sheet 24-25 Statement of cash flows 26 Notes to the financial statements 27-56
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Reference and administrative detaiLs of the company, its Trustees and advisers For the year ended 31 December 2025 Trustees Mr M Brace MrJCDMowe Mr M A Noble (resigned 10 December 20251 Mr G Thorn Ms L Mack Mr Q Howard Mr J Bee51ey (appointed 4 June 20251 Company registered number 03870182 Charity registered number SC041582 Registered off ice 5 The Beech Tree Elmhurst Business Park Lichfield WS13 8EX Company secretary Ms S Jones Independent auditors Xeinadin Audit Limited Chartered Accountants Statutory Auditor 12 Conqueror Court Sittingbourne Kent MEIO 58H Bankers HSBC Bank PLC 196 Oxford Street London WID INT Solicitors Brachers LLP Somerfield House Maidstone Kent ME16 8JH Page L
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees, report For the year ended 31 December 2025 OVERVIEW Nearly a century ago, BW8F started with a single purpose.. to bring the world, through radio, to those who had lost their sight, first to soldiers recovering In hospitals, and then into the homes of blind people the length and breadth of the UK. Nearly a century on, that founding vision continues to drive everything we do. What began a5 a lifeline through the aiwaves has grown into something far greater. Today, technology offers extTaordinary possibilities for people with sight Ios5, but only when it is truly accessible and comes with the right support to unlock its potential BW8F exists lo ensure Ihal every person we serve can not only access technology, but use it with confidence to live more independently, stay informed, and remain connected to the world around them None of this would be possible withoul the generosity of our donors, supporters, grant- making trusts, and those who remember us in their wills. It is their belief in our mission that allows us to reach the people who need us most. At Its heart, our work is about more than devices, it is about people. Losing your sight can mean losing so much more.. your independence, your confidence, your sense of place in a world that increasingly assumes you can see. For many. it brings profound isolation, cut off from the news, from entertainment, from the everyday digital services that others take entirely for granted. The simple act of being able to listen lo the radio, follow the news, or connect with the world through technology can be transformative It can mean the difference between feeling forgotten and feeling part ol life. Technology continues to advance at a remarkable pace, and for people with sight loss this brings both opportunity and challenge sm3rtphones, smart speakers, and digital services become ever more central to everyday life. the risk of being left behind grows for those without the skills or support to navigate them. Many of the people we talk to describe isolation, grief and loneliness. Digital exclusion can deepen these feelings. Behind every person we support is a real story a person who perhaps wants to feel less alone, more capable, more connected or in more control of their life. B WBF is committed to ensuring that no one faces that barrier alone, providing not just access to the best available technology, but the knowledge, guidance. and ongoing support needed to use it effectively and independently, and to stay connected to the world around them. Page 2
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guaranteel Trustees. report Icontinuedl For the year ended 31 December 2025 STRUCTURE & GOVERNANCE Britigh Wireless for the Blind Fund is a company limited by guarantee (company number 0387018213nd registered charity Icharily number 1078287 registered in England & Wales (Scottish charity number SC0415821. The comp3ny was incorporated on 28 October 1999 as a charitable company and is governed under its Articles of Association, as amended on 3 September 2015, Appointment of Members of the Board As set out in the Articles of A550ciation, if there is at any time a vacancy in membership of the Board, a new trustee may be 3ppoinled by a majority of not less than two-thirds ol the existing trustees. In 2025, we developed and adopted an updated Trustee Recruitment Policy, bringing our approach fully in line with current Charity Commission best practice and ensuring 3 consistent, transparent, and inclusive process for finding and welcoming new board members. We believe that a well-supported trustee is an effective trustee, and we invest real care in making sure that everyone who joins our board feets informed, connected, and ready to contribute from the outset. Our induction programme gives new trustees the opportunity to meet staff, volunteers, and fellow board members, gel under the skin of our strategy and goals, understand our organisational standards, and receive a full financial briefing. Each year, the Board also undertakes a skills audit to make sure that our collective expertise continues to reflect what the charily needs. and to shape our thinking about future recruitment Together, these measures help ensure our board has the knowledge, perspective, and confidence to provide strong oversight and meaningful strategic direction. Page S
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2025 Organisational Structure of the Board Our Board of Trustees is the cornerstone of how we govern and guide the charity. Currently comprising six trustees, the Board meets formally on a quarterly basis to oversee governance, Set strategic direction, and ensure the charity remains focused on the people il exists to serve. The Board is led by our Chair, supported by a Vice Chair, Treasurer, and trustees, each bringing their own skills and perspectives to the table We hre delighted that a further three trustees are currently moving through our induction process and are due to be formally appointed at our Anr)u31 General Meeting IAGMI in June 2026, which will further strengthen the depth and breadth of expertise around the board table. The Board is supported by a Finance Sub-committee which meets quarterly to provide focused oversight of the charity's financial strategy and performance Between formal board meetings, the charity's officers meet regularly with the CEO to maintain momentum, address emerging issues, and ensure the smooth running of the organisation. The charity also holds an AGM. We are proud of the genuinely collaborative relationship between our Board and our senior leadership team. Trustees don't just 5crutinise from a distance,- they roll up their sleeves, engage actively with key areas of our work, and provide hands-on support where il is needed. It is a partnership built on Irust. shared values, and a common commitment to making a real difference to the lives of people with sight loss. Management of the Charity The day-to-day running of the charity is entrusted to our Chief Executive Officer, who works closely with the B03rd lo tr3nslale our strategic ambitions into real. tongible impact for the people we serve. The Board retains ultimate responsibility for ensuring that.. The charity carries out its purposes for public benefit The charity complies with its governing documents and the law The charity acts in the best interests of its beneficiaries at all times The charity's resources are managed responsibly and effectively The Board and CEO work in a spirit of openness, mutual respect, and shared purpose. Pa9e4
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarariteel Trustees. report Icontinuedl For the year ended 31 December 2025 Remuneration Policy and Process We believe that attracting and retaining brilliant, committed people Is fundamental to delivering on our mission. Our approach to remuneration is built on fairness, transparency, and equity, with salaries based on role requirements rather than individuals, benchmarkecl against comparable roles in the charitable sector, and always considered in the context ol BWBF'S over311 financial position. We are committed to paying people fairly for the vvork they do, in compliance with the Equality Act 2010 and with a clear, documented decS1On-maklng process that everyone can have confidence in. Remuneration is reviewed annually, with the Board approving the overall salary budget an(J structure, informed by market benchmarking, internal pay equity, and input from line managers on role requirements and performance. Adjustments reflect cost of living changes, performance outcomes, and any changes in responsibilities. Performance Management Framework Our team members arc the heartbeat of BWBF. They are dedicated, passionate, and deeply committed lo the people we exist to serve, and we work hard to make sure they feel supported, valued, and equipped lo do their best work. Every team member works to Key Performance Indicators IKPlsl directly aligned with BWBF'S organi58tional goals and strategy, with tailored benchmarks that reflect the unique contribution of each role. Regular one-to-one meetings provide ongoing feedback, support, and guidance, and formal appraisals take place annually, providing an opportur)ity to reflect on the year, celebrate achievements, and plan for continued growih and development. We are proud of the culture we are building at BWBF, one where people feel genuinely invested in our mission and motivated to give their very best every day. Page 5
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Tru5tees' report Icontinuedl For the year ended 31 December 2025 Trustees, Responsibilities Statement The trustees, who are also directors for the purpoges of company law, are responsible for preparing the Trustees report and financial statements in accordance with applicable law and United Kingdom accounting standards. It 15 3 responsibilily they take seriously and carry out with care and diligence on behalf of the people B WBF exists to serve Company law requires the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements. the trustees are required to.. Select suitable accounting policies and then apply them consistently Observe the methods and principles in the applicable charity SORP Makejudgments and accounting estimates that are reasonable and prudent Slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain 8WBF's transactions and disclose with reasonable accuracy at any time the financial position of the charity, and to ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees, report (continued) For the year ended 31 December 202S OBJECTIVES AND ACTIVITIES Public Benefit BWBF exists lo ensure that blind and partially sighted people across the UK can access the technology they need to live independently. stay connected, and take their rightful place in an increasingly digital world. It is a mission rooted in nearly a century of service, and one that feels more urgent and more relevant today than ever before. For people living with sight loss, the modern world presents very real challenges As technology becomes ever more central to everyday life, those without the skills or support to navigate it can lind Ihemgelves cut off from inlormalion, entertainment, social connection, and services that others take entirely for granted. The gap between those who can access lechnology and those who cannot is widening, and for some people with sight loss the consequences of being left on the wrong side of that divide can be profound. BWBF stands in that gap. We provide people with the technology they need, but we know that simply putting a device in someone's hands is rarely enough. Real independence comes from understanding how to use il. feeling confident with it, and knowing Lhat support is there when you need it. That belief sits at the core of everything we do In 2025, we took significant steps forward in shaping the future direction of BWBF, developing a strategic plan that will guide our work in the years ahead and ensure that our services continue to evolve in response to the real and changing needs of the people we serve. That journey is undenmay, and we are excited about where it will take us. Page 7
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2025 ACHIEVEMENTS Ey PERFORMANCE 2025 was a year that felt genuinely exciting at BWBF A year of doing more, reaching more people, asking hard questions, 3nd being brave enough to act on the answers. We are proud of what we achieved, and even more excited about where it Is taking us Delivering for our beneficiaries Demand for our equipment service grew significantly in 2025. and we rose lo meet it. We provided more than 5,600 devices free ol charge to people living with sight loss across the UK, a substantial le3p from the 4,237 devices we gave to people we supported in 2024. Our continued shift toward mainstream, èccessible technology has not only widened the range of dewces available to our service users, but has driven down costs considerably, meaning we can reach more people without spending more money. Every device we provide represents a real person whose life just got a little easier, a little less isolated, or a little more their own. A difficult but necessary decision During 2025 we made the tough decision lo close our in-house technology development function and decommission our two bespoke mobile phone apps. Usage levels COLJld no longer justify the significant investment required. and we knew that the same resources could make a far greater difference elsewhere. Sometimes doing right by the people you serve means making difficult calls, and this was one of them. Understsnding what people really need One of the things we are most proud of in 2025 is that we Slopped and listened. In partnership with nfpResearch, we undertook a comprehensive study into the technology needs of people with sight loss What came back was both humbling and galvanising. Page 8
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees, report Icontinuedl For the year ended 31 December 2025 The headline findings were clear.. One of the gteSt needs among blindandpartiallysightedpeople is hands-on, personalised training andsupport, with 52/0 of those we surveyed expressing a preference for in-person, one-to-one instruction Seventy-one per cent ol respondents identified cost as a barrier to accessing rhe technology they need, with high-end devices described by many as potentially life- changing but simply out of reach Technology plays a vital role in mental wellbeing, with 80/ of survey respondents agreeing or strongly agreeing that access to aLJdio technology had a positive imp3Ct on their mental wellbeing. Participants describcd the profound impact of feeling connected, informed, and independent The people who need support most urger)Ily are older people navigating an increasingly digital world. those with severe or total sight loss. and those recently diagnosed, for whom timely support can change everything. Waiting times for support of up to Six months were reported. As one participant put it, for someone who hasn't been able to use anything, thatwait is simply 'forever This research hès fundamentally shaped our thinking and our direction. and this influence will be seen throughout everything we are doing next. What the research told us about BWBF The research was equally honest about BWBF itself. Our work was valued deeply, with 88/ts of respondents who'd used our services rats'ng them as good or very good. However, the feedback on our name and brand was clear and consistent. Interviews with people who know us, and those who don't. revealed a perception that our identity was outdated, failing to reflect the modern, ambitious organisation we have become. It created confusion among the people we exist (o serve. Alongside the research, we also know that feedback on funding proposals we've received shows our brand failing to land with funder5 and potential partners. An organisation offering cutting-edge technology support and a bold digital vision for the future of sight loss services simply did not match a name that felt rooted in another era entirely Time for change After careful consideration of our research findings, BWBF decided to undertake a full rebrand, including a new name, a new visual identity, and a new way of telling our story. Thi5 15 not 3 cosmetic exercise. 11 is a fundamental repositioning of B WBF that reflects the transformation already underway in our services and our ambitions. The new brand is due to launch in July 2026 and represents one of the most significant moments in our nearly hundred-year history. We are excited. we are ready, and we believe it will help us reach more people. attract new supporters, and make an even greater impact in the years ahe3d. Page 9
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2025 Building for the futLJre We also invested in strengthening our fundraising capability in 2025, bringing in skilled new fundraising talent and streamlining our processes to build a more sustainable and ambitious income programme. The foundations are being laid for the growth we need to fund our expanding ambitions, and we are genuinely excited about what the coming years will bring. None of this would have been possible without our incredible team,. new and old. Their dedication, warmth, creativity, and unwavering commitment to the people we serve is something we never take for granted. We are equally grateful to our volunteers, our donors. and our partners, who make everything possible and who share our belief that sight loss should never mean being left behind Looking Forward If 2025 was the year we asked the big questions, 2026 is the year we start living the answers. Publishing our research The research we undertook with nfpResearch into the technology needs of people with sight Loss will be published in summer 2026, alongside the launch of our new brand We are proLJd to be sharing these findings openly with the wider sector, and we hope they will not only shape our own work but spark a broader conversation about how our sector can support the Sight loss community across the UK. The regearch has already changed how we think and how we work, and its fingerprints will be all over everything we do in the year ahead A new identity, a new chapter The launch of our new brand In summer 2026 is a landmark moment for this organisation, and one we have been building toward with real excitement. A new name, a new visual identity, and a fresh, confident way of telling our story to the world. We believe it will help us connect more powerfully with the people we exist to serde, open doors With funders and partners who share our ambitions and make il unmistakably clear that BWBF is a rnodern, fonvard-thinking organisation with a bold vision for the future of sight loss support. Putting our strategy into action April 2026 sees the launch of new services designed in response to the findings of our research These projects will offer our richer, perionalised, holistic support that will empower people with sight loss to access and use technology We start with a serie5 of pilot projec that will begin to bring our transformed seNice model to life. Rooted in what the people we serve have told us they actually need, these pilots will assess new ways of delivering the hands-on, personalised technology support that makes the biggest difference. We will learn from them, adapt, and build on them as we go. This is where the vision slarls becoming reality, and we are thrilled to be getting started. Page 10
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2025 Reaching more people, including children and young people We have undertaken a nationwide mapping exercise which has given us a much richer picture ol the landscape of sight Ioss support across the UK, the gaps that exist, the organisations doing brilliant work. and the real opportuniLies lo collaborate rather than compete. In 2026 we will be deepening the relationships we have developed with some of the leading organisations in our sector, working side by side to make sure more people get (he support they need, We are also committed to ensuring that children and young people with sight loss continue to be at the heart ol our service delivery. Their needs are distinct, their futures are long. and the right support at the right time can shape everything that comes next. We want to play 3 real and meaningful role in that. Growing our volunteer programme People power is at the heart of what we do, and in 2026 we are going to be investing seriously in growing our volunteer programme. Volunteers bring something that is genuinely hard to replicate: local knowledge, personal connection, and the kind of patient. unhurried support that can transform someones relationship with technology. With a dedicated Volunteer Coordinator now in post, we have the foundations to grow this programme in a way Ihal is thoughtlul, sustainable, and genuinely imp3Ctful. Continuing to deliver for our beneficiaries Through all of this change and growth. one thing will never w3ver. our commitment to providing free equipment to blind people who need it. Ensuring that cost is never a barrier to life-ch3nging technology is a founding principle ol this charity, and it remains as imF)Ortant lo us today as it ever has been. Growing our income 2026 will also see us put our refreshed fundraising approach fully into action. With strong, smarter processes, and a compelling new brand behind us, we are well placed to grow our income, bring in new supporters who share our passion, and begin lo meaningfully reduce the deficit that has characterised recent years, Financial sustainability is not just a priority for us", it is the foundation on which everything etse we want to do depends. Page 11
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees, report Icontinuedl For the year ended 31 December 2025 A new home We are also on the rnove. Our new. much smaller office in the Midlands will be a much belter fit for the way we actually work today, and considerably more cost effective than our large Maidstone building. As a remote organisation, a targe, fixed premises no longer makes sense, and freeing up those resources means more money going directly to the people we are here for. Refreshing our governance Behind the Scenes, we will be refreshing our Articles of Association to make sure our governance framework is a true reflection of the modern, ambitious organisation we are becoming. The year ahead is going lo be busy It is going to be bold. And it is going to be, we firmly believe, one of the most important in BWBF'S nearly hundred-year history We face it with energy. optimism, and a commitment to the people who need us most. Page 12
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2025 Financial review Income The charity's total income for 2025 was E758,176, and came from the following source5 1* Donations from our generous Individual supporter base increased by over Il/ to E112k for the year, which was encouraging against a backdrop of falling public donations to UK charities. Grants from Trusts also grew by over 5/. to £285k. Trust grants made up over a third of our income, and form a vital source of funding. Several multi-year grants have been awarded, which help greatly with stability and financial planning. Many of the grant5 are restricted to spending on particular projects or areas, for which we provide reporting on how those funds have been used. Also, an Increasing number of Trusts have allocated a portion of their grants for unrestricted purposes, which helps us fund our organisational overhe3ds. I ncome from legacies1£296k in 20251 has always been a vital element of the charity's f unding, and in response to a fall over recent years we have developed our fundraising strategy to strengthen this area. I ncome from Trading ceased during the year, as rental income from the charity's building has ended in advance of the expected sale of the building. Investment income also fell during the year lo E60k. This was expected as the charity drew down on a portion of its investment portfolio to finance ongoing operations. As a result, dividend incorlle has reduced. Page 13
BRITISH WIRELESS FOR THE BLIND FUND IA cofflpany limited by guarantee) Trustees, report Icontinuedl For the year ended 31 December 2025 Expenditure We have continued to manage expenditure levels closely, which hés resulted in an IO/ drop to £1.453k overall cost compared to El.615k In 2024. Staff costs in particular were reduced by E184k compared to the previous year, mainly as a result of discontinuing the technology team and Its app developmenl project. We forecast similar overall staff costs during 2026. The costs of maintaining the Maidstone office building fell by circa 70/ compared to 2024, as the te3m moved to remote working and the building has been listed for sale. There was an increase in professional costs in 2025. as the charity invested in several major projects, particularly ils work with NFP research which has shaped the long-lerm future strategy,. costs a550ciated with the forthcoming rebrand that derived from the NFP research., and also development of the refreshed fundraising strategy The costs of these projects have been recognised in our 2025 accounts, but the benefit is expected to be lasting. We envisage a significant reduction in professional cost5 for 2026 onward now that these major projects are concluding. Reserves After gains on its investment portfolio, the charity recorded a É486k deficit for the year, funded from its reserves, This is a £33k improvement compared to the £519k deficit in 2024. The charity's reseNes at 31st December 2025 totalled £2.7 million, of which E72k is held as an endowment and a further £121k for restricted purposes, where the restrictions are typically geographical, Unrestricted funds fell to E2,491k al year end After allowing lor the Board's designated reserves held for specific purposes, general unrestricted reserves amounted to £191k which represent approximately 1.5 months, operating costs. After the year end, the trLJStees released £500k of designated funds back to general unrestricted reserves so that this balance now covers 6 Months, operating costs, which the Board believes sufficient for the charity to continue to achieve its goals. Page 14
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees report Icontinuedl For the year ended 31 December 2025 Reserves policy The unrestricted funds are expendable at the discretion of the Board to pursue the objects of the charity. The trustees have designated reserves to cover the following items.. Building maintenance Legacy income provision Closure costs Set replacement Designated Funds required Total Designated Funds as per accounts (note 211 £ioo,000 £ioo,000 E350,000 £1,750,000 £2,30Q,000 £2,300,000 After the year end, the trustees have reviewed the designated fund position, and have identified that there is no longer a need for the designation of funds in respect of set replacement, however have iden(ified two additional areas where the designation of funds is required, this has resulted in a movement in designated funds after the year end to the following position.. Building maintenance Income provision Closure costs Investment portfolio losse5 Future operating needs Designated Funds required ElOO,000 E350,000 E350,000 E250,000 E750,000 £1,800,000 The Board has a longstanding reserve of EIOOk against its freehold property. to cover any major repair costs that could arise This will be kept in place until the building sale has been completed. The charity has invested in its fundraising strategy during 2025, which has been reflected in positive income projections for 2026 and beyond. However, much ol the charity's incorne remains unpredictable from year to year, particularly legacy income. There is also risk allached to the rebrand project and its effect on income streams. The Board has therefore reserved E350k as a buffer against any possibility of weaker than planned income growth over the foreseeable future. The Board has reserved a total of E350k for an orderly wind-up of the charity's activities in the unlikely event of closure. This would cover the charity's statutory obligations to 5laff, in addition to other supplier and administrative costs. A high proportion lover 80/1 of the charity's assets are currently held in professionally managed investment portfolios. The value of these investments is affected by market volatility, and therefore the Board has set aside E250k against the risk of potential future investment losses. Page 15
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees, report Icontinuedl For the year ended 31 December 2025 The long-lerm financial sustainability of the charity is paramount. The charity has incurred deficits over recent years. Based on our longer terry financial planning, there is a risk that the charity will continue to fund its operating activitieg from reserves beyond the projected deficit for 2026 The Board have therefore reserved £750k to ensure that the charity's ambilious plans for an increased seTvice provision over the next 3 years are adequately funded, whilst the new brand and fundraising strategy have suff icient tirne to develop Investments Under the Memorandum and Articles of Association, the charity has the power to make any investment considered suitable by the trustees. The charity's current policy is to invest a minimum of 50/0 of its unrestricted reserves in diversified investments through the services of an external inveslment management company. HSBC Private Banking acted as the charity's primary investment managers throughout the year. The charity's principal investment objective is to achieve sustainable capital growth with an acceptable level of risk. The charity's primary investment portfolio is managed according to HSBC Private Banking s responsible investment policy which precludes direct investments in sectors such as weaponry. tobacco and alcohol. The trustees, policy is that all income generated by the Investment Portfolio should be returned to the charity to further its 3ims and objectives. The charity's ir)ve5tments generated E60k of income and a gain of £208k over the year, which is considered an acceptable performance. Sale of Building In 2024 the trustees took the strategic decision to sell the charity s building at 10 Albion Place, Maidstone, recognising that with a remote workforce the premises had become significantly underutilised and that the capital tied up in the asset could be far better deployed in seniice of our mission. The building was brought to market in early 2025, an offer has been accepted, and the conveyancing process is currently underway. This will release substantial capital and eliminate ongoing propety maintenance and operational costs. The charity has recently agreed terms to rent a much smaller office in the Midlands, better suited to our current way of working and more cost effective. This is not simply a change of 3ddress. 11 reflects the modern, agile organisation we have become. and a commitment to ensuring that our resources go where they are needed most. Page 16
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 December 2025 Risk Policy The Board regularly reviews and re-evaluates the niajor risks to which the charity is exposed and updates its risk register accordingly. Where appropriate. systems and procedures are introduced or revised to reduce or mitigale those risks. The trustees consider the principal risks and uncertainties facing the charity to be as follows Financial sustainability and income growth The most significant financial risk facing BWBF is growing income sufficiently lo reduce our reliance on reseNes. We are addressing this through our rebrar)d, new seNice development, and a refreshed fundraising strategy designed to 3ttract new audiences and funding streams. Strategic transformation and reputational risk BWBF is undergoing the most significant period of change in its recent history The transformation of our services and our forthcoming rebrand carry reputational risks, particularly for long-standing supporters. We are managing this through transparent communication and a beneficiary-led approach grounded in our research, ensuring our heritage and values remain central as we evolve. The risk of not rebranding The trustees have carefully considered the risks of standing still. Our research found our name was almost universally described as confusing. outdated, and a barrier to engagement. Without a rebrand. income growth is not possible. The trustees are clear that retaining our current identity is not a safe option. The rebrand is a precondition for financial sustainability. Page 17
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Trustees, report Icontinuedl For the year ended 31 December 2025 External risks The trustees continue to monitor economic conditions and global uncertainty affecting our investment portfolio. Robust financial controls. a diversified income strategy. and appropriate reserves provide protection against these pressures. The trustees are satisfied that appropriate systems are in place to manage these risks effectively. Approved by order of the members of the board of Trustees and signed on their behalf by.. Mr M Brace Chair Ms S Jones Secretary Date 2015126 Page 18
BRITISH WIRELESS FOR THE BLIND FUND IA company limited ty guarantee) Independent auditors, report to the Members of British Wireless for the Blind Fund Opinion We have audited the financial statements of British Wireless for the Blind Fund (the charitable company'l for the year ended 31 December 2025 which comprise the Statement of financial activilies. the Balance sheet, the Statement ol cash flows and the related notes. including a summary of significant accounting policies_ The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepied Accounting Practice) In our opinion the financial statements, give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance wilh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those Standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial stAtements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Iruslees 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 lor a period of at least twelve months from when the financial statenients are aLJthorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Page 19
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Independent auditors, report to the Members of British Wireles5 for the Blind Fund Icontinued Other information The other information comprises the information included in the Annual report other than the financial statements and our Auditors. report thereon. The trustees are responsible for the other information contained within the Annual report Our opinion on the financial statements doe5 not cover (he other information and, except to the extent otherwise explicitly stated in our report. we do not express 3ny form of assurance conclusion thereon. Our responsibility is to read the other inlormalion and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material incon515tencies or apparent material misstatement5, we are required to determine whether this give5 rise to a malerial misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We hove nolhing to report in this regard Matters Dn which we are required to report by exception We have nothing to report in respect of the following matters where the Charities IAccounts and Reports) Regulations 2008 requires us to report to you if, in our opinion. the information given in the Trustees. report is inconsistent in any material respect with the financial statements,. or sufficient accounting records have not been kept,. or the financ131 stalements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the trustees Iwho are also the directors ol the charitable company for the purposes of company lawl are responsible lor the preparation of the financial statements and for being satisfied that they give a true and lair 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 bLJt to do so. Page 20
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Independent auditors, report to the Members of British Wireless for the Blind Fund Icontinuedl Auditors, responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulation5 made or having effect thereunder. 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 errol, and to issue an Auditors report that includes OLJr opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econornic decisions of users taken on the basis of these financial stalements. 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.. As part of an audit in accordance wilh ISAS IU Kl, exercise professional judgement and maintain professional scepticism through the audit. We also. l. Assessed the susceptibility of Lhe entity's financial statements to material misstatement, Including how fraud may occur. 2. Held discussions with the client regarding their policies and procedures on compliance with laws and regulations. 3. Held discussions with the client regarding their policies and procedures on fraud risks, including knowledge of any actLJal. suspected, or alleged fraud. We consider the entity's controls effective in identifying fraud. We do not consider there to be significant difficulty in detecting irregularities. 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 13w or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo 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 niisrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. wvvw.frc.or .uk auditorsre onsibilities. This description forms part of our Auditors report, Page 21
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Independent auditors, report to the Members of British Wireless for the Blind Fund Icontinuedl Use of our report This report is made solely to the charitable companys trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company s trustees those matters we are required to state to them in an Auditors. report and for no other purpose. To the fullest extent perrnitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members. a5 a body, for our audit work. for this report, or for the opinions we have formed_ I_L UI L_IL Xeinadin Audit Limited Charlered Accounlanls Statutory Auditor 12 Conqueror Court Siltingbourne Kent MEIO 5BH Date.. ? I W aoib Xeinadin Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 22
BRITISH WIRELESS FOR THE BLIND FUND IA cornpany limited by guaranteel Statement of financial activities (incorporating income and expenditure account) For the year ended 31 December 2025 Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Totsl funds 2025 Tot31 funds 2024 Note Income and endowments frorn.. Donations and legacies Other trading activities Investments 436,997 257,484 694,481 7675r 3,970 59,725 3.970 59,725 23, 654 Totsl income and endowments 500.692 257,484 758.176 868.56i Expenditure on: Raising funds Charitable activities 411,854 815,252 411,854 L041,007 440,54) 1174,546 225,755 Total expenditure 1,227,106 225,755 L452,861 1,6J4,865 Net lexpenditurellinco me before net gains on investments Netgains on investments 1726,4141 31,729 1694,6851 1746.5201 199,770 8,725 208,495 22766/ Net movement in funds 1526,6441 31,729 8,725 1486.1901 (518,S551 Reconciliation of funds- Total funds brought fotvvard Net movement in funds 3,017,314 88,811 62.830 3.168,955 5,687SO6 1526,6441 31,729 8,725 1486.1901 (518, 855 Total funds carried foward 2,490.670 120,540 71,555 2,682,765 S,J68,955 Page 23
BRITISH WIRELESS FOR THE BLIND FUND A company limited by guaranteel Registered number.. 03870182 Balance sheet As at 31 December 2025 2025 2024 Note Fixed assets Intangible assets Tangible assets Investments 14 45,725 923,093 2,214,005 51,166 95736z 2, 687105 15 16 3,182,823 5,695, 631 Current assets Stocks Debtors Investments 17 18 19,618 57,638 5,787 359,736 60.975 92,98 (4,2591 298,155 19 Cash at bank and in hand 442,779 44765i Current liabilities Creditors. amounts falling due within one year 20 1942,8371 1974.539) Net current liabilities 1500,0581 1526. 6521 Totsl net assets 2.682.765 5,168,955 Page 24
BRITISH WIRELESS FOR THE BLIND FUND IA corllpany limited by guarantee) Balance Sheet Icontinuedl As at 31 December 2025 2025 2024 Note Charity funds Endowment funds Restricted funds 21 21 21 7L555 120,540 2,490,670 62,850 88.slj S, G17514 Unrestricted funds Total funds 2.682.765 5,168,955 The entity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an aLJdit for the year in question in accordance with section 476 of the Companies Act 2006 However, an audit is required in accordance wilh section 144 of the Charities Act 2011. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the trustees and signed on their behalf by Mr M Brace Chair MrJCDMowe Trustee Date. 2015126 The notes on pages 27 to 56 form part of these financial statements. Page 25
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Statement of cash flows For the year ended 31 December 2025 2025 2024 Cash flows from operating activities Net cash used in operating activities 1663.3771 1732,9991 Cash flows from investing activities Dividends, interests and rents from investments Purchase of iniangible assets Purchase of tangible fixed assets Proceeds from sale of nVeStMentS Purchase of investments 59,725 77,1Si 13.7051 (51,166 12,6151 114,8901 2,082,651 2. 070. 636 IL401,0521 1J,JS5,1851 Net cash provided by investing activities 735,004 698,534 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 7L627 293,896 134,4651 528,561 Cash and cash equivalents at the end of the year 365.523 295,896 The notes on pages 27 to 56 form part of these financial statements Page 26
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2025 General information The charity is a public benefit and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 5 The Beech Tree, Elmhurst Business Park, Lichfield, WS13 8EX. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. British Wireless for the Blind Fund meets the definition of a public benefit entity under FR5 102 Assets and liabilities are initially recognised at historical cost or transaction value unless Otherwise staled in the relevant accounting policy. In the prior year, the charity presented consolidated financial gtatements. In the current year, the chaTlty is no longer required lo present consolidated financial statements and has therefore chosen to present individual financial statements. The comparative figures presented represent the individLJal figures which were incorporated in the prior year consolidation. Although these figures appear different to those previously presented. Ihe figures are not reslaled. 2.2 Going concern The trustees have reviewed the reserves held by the charity, budgets and forecasts that cover the twelve month period from the date ol this report and in their opinion consider that the charity has the resources needed in order to operate as a viable going concern. 2.3 Income Items of income are recognised and included in the accounts when the charity has entitlement to the funds, there is sufficient certainty that receipt of the income is considered probable, and the amount can be measured reliably. Legècies are included in the Statement of Financial Activity unless incapable of financial measurenient. Where legacies have been notified to the charity, or the charity is aware ol the granting of probate, and the criteria for income reCInItion has not been met. then the legacy is treated ag a contingent asset and disclosed il material. Page 27
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guararbteel Notes to the financial statements For the year ended 31 December 2025 Accounting policies Icontinuedl 2.4 Expenditure Expenditure is accounted for on an accrual basis. Charitable activities include expenditure associated with purchasing of devices and the associated costs and expenditure on support costs essential for the functioning of the charity. Costs which are not directly attribulable to either raising funds or charitable activities are apportioned on the basis of time spent by personnel and volunteers in each area. All expenditure is inclusive of irrecoverable VAT 2.5 Research and development Research and development expenditure is written off in the year which it is incurred. Deferred research and development costs are reviewed annually, and where future benefits are deemed lo have ceased or to be in doubt, the balance of any related research and development is written off to the Statement of financial activities. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the group,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposiled. Page 28
BRITISH WIRELESS FOR THE BLIND FUND IA corllpany limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Accounting policies Icontinuedl 2.7 Intangible assets and amortisation Intangible assets a re initially recorded at cost. and are subsequently slated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried 8t revalued amounts, are recorded at the fair value at the date ol revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal righls. are separable. the expected future economic benefits are probable and the cost or value can be measured reliably. The estimated useful lives are as follows.. Software & website development 5 years 2.8 Tangible fixed assets and depreciation Tangible assets are inilially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried al revalued amounts are recorded at the fair value at the date ol revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An Increase in the carrying amount of an asset as a result of a revaluation. is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an 355et as a result ol revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the Ioss is shown within other recognised gains and losses on the statement of financial activities. Page 29
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Notes to the financial statements For the year ended 31 December 2025 Accounting policies Icontinuedl 2.8 Tangible fixe(J assets and depreciation Icontinuedl Depreciation is charged so as to write off the cost or valuation ol an asset. less ils residual value over the useful economic life of that asset as follows. Land Buildings Fixtures and fittings Office equipment Computer equipment Not depreciated See below 10/0 Straight line 25/0 Straight line 25A straight line The building at 10 Albion Place, Maidstone, was valued by a qualified third party RICS surveyor in December 2024, and the value voas estimated lo be al least equal to the original purchase price. Therefore, the depreciation charge on the building has been assessed as £nil. A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired 3ccordingly. Prior impairment5 are also reviewed for p055ible reversal al each reporting date. For the purposes of impairment testing, when it is not possible lo eslimate the recoverable amount of an individual asset, an estimate Is made of the recoverable amount of the c35h-generaLing unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largcly independent of the cash inflows from other assetg or groups of asseis. For impairment testing of goodwill. the goodwill acquired in a business combination is. from the acquisition date, allocated to each of the c3sh-generating units that are expected lo benefit from the synergies of the combination, irrespective of whether other assets or liabilities ol the charity are assigned to those units. Page 30
BRITISH WIRELESS FOR THE BLIND FUND A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Accounting policies Icontinuedl 2.9 Investments Unlisted equity investments are Initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairrnent. Investments in subsidiaries are valued at cost less provision for impairment. Listed investments are measured at fair value with changes in lair value being recognised in income or expenditure. 2.IOStocks Stock is valued in the financial statements at the lower of cost and net realisable value. The stock held by the charity is used as part of a charitable activity, the net realisable value is considered to be service potential provided by the items of stock. 2.ll Debtors Deblors are initially recorded at fair value and are assessed for impairment at each balance sheet date. If any impairments exist the debtors are re-measured to the present value of the expected future cash inflows. 2.12Cash at bank and in hand Cash at bank ènol in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.13Liabilities and provisions Creditors are initially recorded at fair value and are then re-measured to the present value of Lhe expected future cash outflows. Page 31
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Accounting policies Icontinuedl 2.14Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic fin3nci31 instruments are init1311y recognised at the èmount receivable or payable including any related transaction costs, unle55 the 3rr3ngement constitutes a financial transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt Instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amorlised cost. Where investments in shares or preference shares are publicly traded or their fair value can othemise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Page 32
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2025 Accounting policies Icontinuedl 2.150perating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised a5 3 reduction to expense over the lease term. on a straight-line basis. 2.16Pensions Contributions lo defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months ot the end of the reporting date in which (he employeeg render the related service, the liability is measured on a digcounled present value basis. The unwinding ol the discount is recognised as an expense in the period In which it arises. 2.17Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future projects or commitments. Restricted funds are subject to restrictions on their expenditure declared by the donor or through the terms of an appeal, and t311 into one of two sub-classes.. restricted income funds or endowment funds. Critical accounting estimates and areas ofjudgement There were no judgements. estimates and assumptions made by management in the preparation of the financial statements. Page 53
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Income from donations and legacies Unrestricted Restricted funds funds 2025 2025 Total funds 2025 funds 2024 Donations Legacies Gr3nts 112,627 296,613 27,757 112.627 296,613 285,241 101,176 596,24i 270,145 257,484 436,997 257,484 694.481 76757£ lola12024 507545 260. 024 76757 Income from other trading activities Income from non charitable trading activities Unrestricted funds 2025 Totsl funds 2025 lot31 funds 2024 Rental income Sale of christmas cards 3,970 3,970 2,145 3,970 3,970 Tot312024 25, 654 25, 654 Page 34
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Investment income Unrestricted funds 2025 Total fund5 2025 Tot31 funds 2024 Income from listed investments Interest on cash deposils 56.027 3,698 56,027 3,698 74,45 2, 685 59,725 59.725 lotal 2024 77.23/ Page35
BRITISH WIRELESS FOR THE BLIND FUND IA company lirnited by guaranteel Notes to the financial statements For the year ended 31 December 2025 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2025 Total funds 2025 lotai funds 2024 Staff costs Deprecialion Amortisation 182,294 4,820 2.744 5,124 23,925 36,768 15,572 3.865 7,149 35,721 3,222 31,510 40.742 182,294 4,820 2,744 5,124 23,925 36,768 15,572 3,865 7.149 35,721 3,222 31,310 40.742 240.945 6,48 Premises 19.06 28, 696 50,706 29,51) 5, 675 IJ,68J 12.45i 10.25 15,595 12.46G IT and communications Printing, postage and stationery Finance costs Insurance Travel and subsistence Legal and professional fees Publicity and events General expenses Temporary staff costs 393.256 393,256 417491 Tota12024 41749] 417491 Page 36
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Expenditure on raising fund5 Icontinuedl Included in the figures above for costs of raising funds are the following amounts in relation to allocated overheads.. 2025 2024 Staff costs Depreci3 lion AnTr)rtisation Premises a cowrrunicalions Printiro, postage ststi(xEry Finarte costs Irs urare Travel a s ubsistence Leg31 a rd professi(Th I fees P ublicity a rKi events General expenses Temporary staff costs 48.713 4,820 2,744 5.124 19.608 1.142 14.183 3.865 4.224 22,867 599 6.476 12.851 75, 088 6,480 19,062 2J,J67 4. 900 29,281 5. 050 11,054 JJ,059 409 7.528 147.216 178, 858 lotal 2024 178858 Page 37
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 Investment management costs Unrestricted funds 2025 Total funds 2025 Total funds 2024 Investment management fees 18,598 18.598 25, 051 Tot812024 25, 05£ Analysis of expenditure on charitsble 3Ctivities Summary by fund type Unrestricted Restricted funds funds 2025 2025 Totsl 2025 lotai 2024 Charitable activities 815,252 225,755 1,041,007 1,174,546 Total 2024 940,225 254,Ilz 1174,34G 10. Analysis of expenditure by activities Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Total fLJnds 2024 Charitable activities 661,364 379,643 1,041,007 1,174,54G lotJ12024 815,556 560,784 1,174,546 Page 38
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 DecemtEr 2025 10. Analysis of expenditure by activities Icontinued) Analysis of support costs Total funds 2025 lotai funds 2024 Activities 2025 Staff costs Depreciation Amortisation Premises Communication and IT General office Finance costs Insurance Travel and subsistence Legal and professional fees Publicity and events General expenses Temporary staff costs Impairment charge Governance costs 113,660 11,247 6,402 11,954 45,752 2.664 33,092 9,016 9,861 53,357 1,397 16,392 29.988 17,371 17,490 113,660 11,247 6,402 ll.954 45,752 2,664 33,092 9,016 9,861 53,357 1397 16.392 29,988 17,371 17,490 111.155 12,J3i 55,40 59,505 9. 095 55, 811 10,546 20,526 20,766 755 19, 69i 25.135 22,455 579,643 379,643 360,784 Tot312024 360, 7S4 560,754 Page 39
BRITISH WIRELESS FOR THE BLIND FUND A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 11. Auditors, remuneration 2025 2024 Fees payable to the company's auditor for the audit of the company s annual accounts Fees payable to associates of the Company's auditor in respect of All non-audit services not included above 13.560 15,80G 3,930 10,326 12. staff costs 2025 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes 413,993 45,167 40,894 579, 68£ 59, 84 44.98 500.054 684,506 Included in staff costs are non-slatutorylnon-contractual severance payments totalling £5.00012024 - E51,4731 by way of compensation for the termin3tion of employment of a previous employee. The average number of persons employed by the company during the year was as follows. 2025 2024 No. Fundraising and publicity Service delivery Management and administration Support 10 Page 40
8RITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 12. Staff costs Icontinuedl The number of employees whose employee benefits lexcluding employer pension costs) exceeded £60,000 was. 2025 2024 No. In the band £70,001- E80,000 13. Trustee5' remuneration and expenses During the year, no trustees received remuneration and other benefits12024 - 11 from their employment with the charity. In the prior year, the employee only received remuneration in respect of services they provided undertaking their contract of employment. The value of trustees, remuneration and other benefits was as follows.. 2025 2024 Margaret Grainger (resigned Remuneration 29 February 20241 Pension contributions paid 15,000-20,000 0-5,000 No expenses were reimbursed or paid directly to any trustees in either the current or prior period. Page 41
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Notes to the financial statements For the year ended 31 December 2025 14. Intangible assets Software webslte development Cost At l January 2025 Additions Disposals 63,603 3,705 112,4371 At 31 December 2025 54.871 Amortisation Al l January 2025 Charge for the year On disposals 12,437 9,146 112.437) At 31 December 2025 9,146 Net book value At 31 December 2025 45,725 At 31 December2024 51,166 Page 42
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2025 15. Tangible fixed assets Freehold Office propety equipment Total Cost or valuation At l January 2025 Additions Disposats 1,023,665 98,863 L122,528 2.615 2.615 140,9491 140.9491 At 31 December 2025 1,023,665 60,529 1,084.194 Depreciation At l January 2025 Charge for the year On disposals Impairment charge 87,377 8,266 77.789 7,801 137,5031 165.166 16,067 137,5031 17,371 17,371 At 51 December 2025 113.014 48,087 161,101 Net book value At 31 December 2025 910,651 12,442 923,093 At 5J December2024 936.2SS 21. 074 95756£ As described in the trugtees, reporl an offer has been accepted for the sale of the freehold property held by the charity As a result of this offer being accepted. the trustees have reviewed the carrying amount of the freehold property and have 855essed that an impairment charge is required in order to reduce the book value of the property to their calculated realisable value after adjusting for costs lo sell the properly. Page 43
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2025 16. Fixed asset investments Investments Other fixed in subsidiary Listed asset companies investments investments Total Cost or valuation At l January 2025 Additions Disposals Revaluations 2,624.278 1,338,094 (1,974,999) 155,076 62,830 2,687,109 62,958 L401.052 162.8301 12,037,829) 8,597 163,673 At 31 December 2025 2.142.449 71,555 2,214,005 Net book value At 31 December 2025 2,142,449 71,5S5 2,214.005 At Jl December2024 2, 624,275 62.856 2, 68710 The figLJres above include the following investment which is more than 5/0 of the total value of the portfolio.. HSBC GIF Global Government E162,935.82 7.58/ Page 44
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BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 17. stocks 2025 2024 Stock held for free loan 19.618 60.975 18. Debtors 2025 2024 Due within one year Trade deblors 713 171 4,924 55.440 52,441 Amount5 owed by group undertakings Other debtors Prepayments and accrued income 27,821 29,104 57,638 19. Current asset investrnents 2025 2024 Short terrn deposits 5,787 Page 46
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 20. Creditors: Amounts falling due within one year 2025 2024 850,000 850, OOG 51,731 52,294 10,932 11,255 2.547 2,771 27,627 28,235 Bank loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income 942,837 974,555 The E850,000 bank loan balance included within creditors falling due within one year is secured by HSBC Private Bank IUKI Limited by way of a fixed charge over the charity s investment portfolio balance. In addition, the balance is secured by HSBC Bank PLC by way of a floating charge over the charity s remaining assets and liabilities. Page 47
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 21. Statement of funds Statement of funds- current year Balance at l January 2025 Batance at 31 Gains/ December (Losses) 2025 Income Expenditure Unrestricted funds Designated Funds ? 300,000 ? 300,000 General Funds 717,314 500,692 11,227,106) 199,770 190,670 Total Unrestricted funds 3,017,314 500,692 11,227,106) 199,770 2.490,670 Endowment funds Radios for Blind People 62,830 8,725 7L555 Restricted funds England & Wales National Scotland Other Geographical Restrictions 25.200 45,354 32.845 (19,8041 144,3331 (25,620) 1,679 3,696 5,396 2,700 10,921 83.436 154,085 (135,9981 101,S23 88.811 257.484 1225.7551 120,540 Total of funds 3,168,955 758,176 11,452,861) 208,495 2,682,765 Page 48
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 2L Statement of funds Icontinuedl The trustees have identified a series of investment destinations that are needed for the efficient sustainability of the charity and they have designated specific fund5 as set out in the Trustes Annual Report for the purpose of meeting that need As described in the trustees, report, after the year end, the trustees have reviewed their designated fund position and have made adjustments to the amounts designated which has resulted in £500,000 being released back into unrestricted general funds for free use by the charity on its charitable objects. An endowment fund was established by a legacy of £75,000 in 1989 in Radios for Blind People. It wa5 then gilled to British Wirelegs for the Blind Fund on 21 March 2000 Under the terms of the legacy the gift must be held as capital and used to generate income for the general purpose of the Fund. The capital is currently invested in the M&G Charity Multi Asset Fund and the M&G Charifund Fund. Restricted funds were established by various donations made during the year. mainly under geographical terms. These are held in Cash at 8ank until the terms are met. Page 49
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 21. Statement of funds Icontinuedl ststement of funds - prior year B31Bnce ai 51 Gains/ Decembei ILosses/ 2924 5alance ai J Januaty 2024 Transfers Jn/oul Income Expenditure Unrestricted funds Designated Funds 5. 065,006 (765, 0gOJ 2,500.OOG General Funds 498,191 608.355 fl,580,771J 765. OOG 226,555 717314 Total Unrestricted funds 5,565.191 608,555 11,380.771/ 226,555 5. 017514 Endowment funds Radios for Blind People 61716 62,556 Page 50
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guaranteel Notes to the financial statements For the year ended 31 December 2025 21. Statement of funds Icontinuedl B313nce 31 51 Gains/ Decembei (LosseS/ 2024 Balance al l Januar 2024 Transfers in/oul Incom6 Expenditure Restricted funds England & Wales Glasgow Leicestershire 2.586 I, Oli 27i 5, 025 8,525 8, 606 15,756 60,545 14,117, 15679/ 161, 8951 5,50G 12,544 167S National National Elderly North Yorkshire Scotland Other Geographical Restrictions 10,OL76 110, OOO/ 4.525 506 12,50G 24.506 14,640/ (21504, 12.185 5, 696 51575 119.804 1177721 53.40/ 62,895 260, 024 1254.112, SS,8lJ Total of funds 5, 687506 568,56) (1,614, SS5? 22766/ 5,168,955 Page 51
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2025 22. Summary of funds Summary of funds- current year Balance at 31 Gains/ December (Losses) 2025 Balance at l January 2025 Income ExpenditLJre Designated funds General funds Endowment funds ? 300.000 717,314 500.692 62.830 88,811 257,484 ? 300,000 190,670 71,555 120.540 IL227,1061 199,770 8,725 Restricted funds 1225,7551 3,168.955 758,176 11,452,861) 208,495 2,682.765 Summary of fLJnds - prioryear B31ance ai 51 Gains/ Decembei ILosses/ 2024 Balance ai l January 2024 Transfers in/oul Income SxpendifurE Designated funds General funds Endowment funds Restricted funds 3, 065, 006 1765,000, 2,590, OOG 495,191 608,555 11580,771 765. 000 226,555 717314 61715 J,11 62, 83G 62.895 260,024 234,112, 8S,SJJ 5, 687805 $65,56i 11, 614.SSS, 22766/ 5,168,955 Page 52
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 23. Analysis of net assets beleen funds Analysis of net assets beeen funds - current year Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Total funds 2025 Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year 923,093 45,725 2,142,450 322,239 1942,8371 923,093 45,725 71.555 2,214,005 442,779 1942,8371 120,540 Total 2,490,670 120,540 71,555 2,682,765 Analysis of net assets between funds - prior year Unrestricteo Restricteo Encyowmenl funds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Intangible fixed assets Fixed asset investments Current assels Creditors due within one year 95756 51,166 2, 624,275 559, 046 (974,5591 95756 51,160 62,8SG 2, 687]05 44785/ 1974.5591 88, 611 Total 3, 017514 88,6 62, 836 5,168, 955 Page 53
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 24. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net expenditure for the year las per Statement of Financial Activities) 1486.1901 (518,8551 Adjustments for.. Depreciation charges Amortisation charges IGainsl on investments Dividends, interests and rents from investments Loss on the sale of fixed assets Decreasellincreasel in stocks Decrease in debtors 16,067 16,555 9,146 1756 1208,4951 1227667} 159.7251 1771371 3,446 41,361 13197 35,344 134, 961 131.7021 130,9471 17.371 Decrease in creditors Impairment of fixed assets Net cash used in operating activities 1663.377) 1752.9991 25. Analysis of cash and cash equivalents 2025 2024 Cash in hand Notice deposits (less than 3 monihsl 359,736 5,787 298,155 14,259/ Total cash and cash equivalents 365,523 295,896 Page 54
BRITISH WIRELESS FOR THE BLIND FUND IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 26. Analysis of changes in net debt Atl January 2025 Cash flows At31 December 2025 Cash at bank and in hand Debt due within l year Liquid investments 298,135 1850,0001 14.2391 61601 359,736 1850,0001 5,787 10,026 (556,1041 71,627 1484,4771 27. Contingent assets As at the year end dale, the charity is aware ol several legacies that have been notified but do not yet meet the recognition criteria for income due to LJncertainty over timing, value, or legal finalisation. The estimated value of these legacies, based on available information, is not able (o be measured with sufficient accuracy to provide an estimate of the impact on the financial statements due to potential changes in estate valuations, outstanding liabilities, or other factors affecting distribution. The contingent legacies relate to bequests where probate has been granted, but full realisation of assets is gtill pending, or where notification has been received but easurement of entitlement is not yet sufficiently reliable. The charity continues to monitor these legacies and will recognise income in f ulure financial statements when the recognition criteria are met. 28. Pension commitments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions paid by the group to the fund and amounted to E40,894 12024 E44,9821 No amounts were payable to the fund at the balance Sheet date in the current or prior year. Page 55
BRITISH WIRELESS FOR THE BLIND FUND (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2025 29. Operating lease commitments At 51 December 2025 the company had commitments to make future minimurn lease payments under non-cancellable operatsng leases 85 follows.. 2025 2024 Not later than l year Later than l year and not later than 5 years 11.150 3,635 J6, 60G 21016 14,785 The following lease payments have been recognised as an expense in the Statement of financial activities. 2025 2024 Operating lease rentals 15,821 19. 881 SO. Related paty transactions The company has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the company at 51 December 2025 There were no related party transactions or balances outstanding during the prior year 31. Post balance sheet events As described in the trustees, report, the charity has accepted an offer for the sale of the freehold propety after the balance sheet date and Ihe conveyancing process is underway at the date of approval of these financial statements. The realisable value from the sale Is not expected to differ materially from the carrying value of the properly al the year end as disclosed in note IS. Page 56