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← The Cornwall Blind And Partially Sighted Association

2024-03-31-accounts

Company registration number: 05357432 Charity registration number: 1108761

The Cornwall Blind and Partially Sighted Association

known as

iSightCornwall

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 March 2024

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Contents

Contents
Trustees’ Report 1 to 15
Statement of Trustees’ Responsibilities 16
Independent Examiner’s Report 17 to 18
Statement of Financial Activities 19 to 20
Balance Sheet 21 to 22
Statement of Cash Flows 23
Notes to the Financial Statements 24 to 41

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024.

Reference and admin information

Registered name The Cornwall Blind and Partially Sighted Association Operating/working name iSightCornwall Charity registration number 1108761 Company registration number 05357432

Board of Trustees

The following Trustees constitute directors of the company for the purpose of the Companies Act 2006: Ian McCormick Chair

Clare Green * Director of Finance

Joe Stinton Resigned 8 November 2023

Steve Holyer *

William Westlake

Marcus Slater

Kerry Eldridge *

Patron

Colonel Sir Edward Bolitho OBE

Chief Executive

Carole Theobald

Registered Office

Sight Centre Newham Road Truro Cornwall TR1 2DP

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

Bankers

Lloyds Bank 7 Boscawen Street Truro Cornwall TR1 2QT

Independent Examiners

Crane & Johnston 11 Alverton Terrace Penzance Cornwall TR18 4JH

Investment Managers

Brewin Dolphin Ltd Ashleigh Court Ashleigh Way Langage Business Park Plymouth PL7 5JX

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

Objectives and aims

Summary of objects

The objects and purposes for the Charity are to promote the welfare of the blind and partially sighted and to assist in the prevention of blindness within the administrative County of Cornwall and the Isles of Scilly. In order to develop these objects the Charity may:

Founded on 17 September 1856, the Charity aimed to support Cornish miners many of whom lost their sight due to mining accidents and the hazardous working conditions of the time. It was the first organised attempt to improve the lives of people with visual impairment in Cornwall. Originally called “The Society for The Itinerant Teaching of the Blind in the County of Cornwall to Read the Scriptures and Write”, the Charity has been known by a few different, and catchier names over the years. The most recent transformation happened on 17 April 2015 with the introduction of a trading name iSightCornwall to better reflect the views of local people with sight loss, many of whom did not identify themselves as being blind. The Charity’s legal name registered with the Charity Commission is the Cornwall Blind and Partially Sighted Association.

Aims of the Charity

The Charity helps anyone in Cornwall who is sight impaired: people of any age and at any stage of their sight loss journey. Whether sudden or gradual, loss of sight is a major life event resulting in a significant impact on the lives of those who experience it as well as on their families, their friends, and society and is often a barrier to work, education, travel, leisure and the built environment. The Charity helps to support them with the issues that impact significantly on their independence, choice, inclusion, wellbeing and achievement of their own personal goals.

Our mission is helping people with sight loss “Live the Life they Choose”. Our vision is “Inspiring Life Without Limitations”. Our values are what drive us, and what motivate us.

Be known for being responsive. We listen, we act.

Constantly strive to be better. What we do, we do well.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

Objectives for the year

No one should experience sight loss without the appropriate support. Our primary aim is to develop the iSightCornwall gateway to sight loss services – the one stop shop of expert advice, making information accessible, helping to re-learn how to do everyday things and improving health and wellbeing and providing easy access to key agencies to ensure greater consistency, timely support and reduced duplication of services.

Main activities

The Charity is independent with a physical presence at the Sight Centre in Truro, and together with affiliated clubs, local drop-in events and appointment centres operates across Cornwall and the Isles of Scilly. We cover the whole county both urban and rural areas. Services are delivered from the Sight Centre Monday to Friday, with appointments held weekly at seven partner sites across the county and at clients’ homes, and every month at local community drop-in events. A member of our team supports patients at the eye clinic at Royal Cornwall Hospital in Truro, and volunteers help as a point of contact at community hospital information desks across the county. Regular clubs and activities are also held across the length and breadth of Cornwall at restaurants, cafes, creative hubs, and sport venues.

Our services and activities include:

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

Fundraising approach

None of the support and services we offer to visually impaired people would be possible without sustainable funding and effective communication and awareness raising. To all our funders, fundraisers, and story tellers we’d like to say thank you – our work would not be possible without you! The Chief Executive oversees fundraising activities including its legacy programme, work to develop integrated relationships with strategic partners, trust and grant foundations and help spread news of the good work of the Charity to raise general funds. The marketing team produce the information and materials describing the aims and work to ensure that it is not unreasonably intrusive or persistent. All marketing material has clear instructions on consent and how a person can be removed from mailing lists.

We do not employ professional fundraisers and did not receive any complaints during the year. Our fundraising is underpinned by a commitment to excellent customer and supporter experience; we review our practices on an ongoing basis to ensure compliance with all relevant codes and regulations. The Charity is registered with Fundraising Regulator to demonstrate our commitment to fundraising in line with the Code of Fundraising Practice in a way that is legal, open, honest and respectful. Like all charities, our fundraising success depends on maintaining the trust of donors and the public. We have controls in place to ensure our fundraising is ethical, transparent, compliant with current regulation and meets public expectation. The Charity’s ethical policy for investment, procurement, fundraising and donations ensures we consider the wider implications of who we accept gifts from, or work in partnership with.

How our activities deliver public benefit

The Charity provides a comprehensive range of services aimed at blind or partially sighted people and, where appropriate, open to others for information, training and advice to influence societal attitudes and lack of knowledge about blindness and partial sight.

Feedback from a family member of a beneficiary “I wanted to show my support to iSightCornwall, not just because of the help you have given my Dad, but because of how jolly and friendly you all are. Every time we have called for help or advice, whoever we have spoken with has been so helpful and happy. My Dad was struggling quite badly before we got in touch with you but you have totally changed his world and given him a new outlook. Thank you so very much for your kindness and expertise. We are blessed that Dad is under your wing.”

Through our services those directly affected by sight loss will better understand their eye condition, and what it means for them; have someone to talk to who will understand and listen; have opportunities to be able to remain as independent as possible; be able to access support to improve their health and wellbeing; have access to the right benefits; be aware of, and able to use, resources and technology that is relevant to their needs and understand how to make the most of their remaining sight.

This report allows us to show how our charitable funds are distributed and spent. It also demonstrates the benefits and effect that the funds have had on those using the services, as well as their wider impact on society for the reported year and in the future.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

Statement of public benefit

The Charity complies with the public benefit requirement through its charitable objectives. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities. This is done through delivery of services that are primarily aimed at blind or partially sighted people and, where appropriate, open to all who might benefit as well.

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit: “Charitable Purposes and Public Benefit”.

Contribution of volunteers

Our volunteer heroes! Our team of 134 dedicated volunteers continues to be strong. As always, we are incredibly grateful to all those who have given up their time and provided invaluable support over the year, and without whom we would simply not be able to deliver the range of services for local visually impaired people that we do. Our aim is to provide volunteers for all our activities, adding value to our work and enabling us to provide a whole package of support to local visually impaired people. From driving clients to appointments, home visiting and befriending, running our clubs, helping at events, recording the audio of our magazine Outlook and other sight loss information, and helping us with our administration and fundraising. We are enormously grateful to them all. On average, each volunteer contributes around seven hours of support each month. This equates to almost 11,000 hours each year.

Achievements and performance

Review of the year

This report describes the work we do, looks at what we have achieved over the last 12 months, and highlights some of our future plans. We have helped more than 3,900 visually impaired clients over the last year, and for every one of them, poor sight impacts their daily lives. Here is an example of some of those client contacts:

Information, advice, and guidance

Often the first point of contact seeking support is with our customer services team who managed more than 5,000 phone calls, 1,252 emails and provided 823 pieces of equipment over the last 12 months.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

Assistive technology and daily living aids

Our tech service enables people with visual impairments (regardless of their level of sight loss) to achieve far greater independence. Using accessible software, computers, tablets, smart phones and apps, service users are enabled to achieve greater independence in personal communication, shopping, managing personal finances and employment prospects, and activities which many people with sight loss would otherwise require assistance to undertake. As new apps are developed technology is increasingly becoming an essential daily living aid, providing all sorts of support to enable people with visual impairments to live more independently. Our assistive tech adviser provides bespoke advice, practical demonstrations, authorises loan equipment and tuition to our clients at the Sight Centre, in client homes, and at local community events. The tech service supported on average 200 people every month with computer skills, training, and computer access, providing practical advice and guidance on IT issues and all the latest apps. The equipment advice we offer is broad-ranging and flexible, helping people to access vision aids and independent living equipment.

Eye care clinic support

Our Eye Care Liaison Service (ECLO) supports patients at Royal Cornwall Hospital eye unit through what is often an emotionally difficult and confusing time, providing understanding, help, information and advice when it’s needed most and deliver improved outcomes. With more than 1,100 patient contacts in their journey through the eye care pathway, our ECLO is available to visit within the waiting areas and wards of the hospital to provide information, guidance, emotional support, referrals, and signposting, but most importantly, a listening ear to newly diagnosed and treated patients. When patients are first diagnosed with a permanent sight loss condition, they are often devastated by this news and don’t know which way to turn. The ECLO service is often a lifeline to helping people come to terms with the emotional impact of their sight loss and may refer to our counselling support or one of our other befriending services. It also helps eye patients understand what is happening to them; what happens next; the range of support available to them and how they can access this support. In partnership with the hospital eye clinic, the ECLO coordinated the registration of more than 300 patient contacts.

Low vision service

Our low vison services enabled 1,768 clients to make the best use of the sight they have, retain, and often regain a level of independence in their communications and daily living. Magnification and appropriate lighting are vital to clients living with low vision. We are specialists in prescribing and the effective use of magnifiers. We also discuss eccentric viewing technique, where appropriate and provide teaching sessions on this skill for reading and seeing. For many people, good lighting is another way of maximising their remaining vision; we have a variety of task lights that we can demonstrate and supply.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

Befriending and Walking Buddy services

For those people with visual impairments who need support to get out and about, we provide home visits to reduce social isolation and improve mental well-being. Volunteers are essential for the delivery of our guide and befriending services. They help deliver this service throughout the year, reducing the loneliness and isolation often experienced by people with visual impairments and helping people to regain their confidence and enabling them to go out into the world again. Volunteers can guide their partner to social, retail and leisure activities; help people establish lasting relationships with community members who can, in turn, help them get out more. Meanwhile our telephone befriending telephone continues to flourish and has emerged as an essential service.

Social groups, leisure, sports, and hobby activities

We have a network of clubs and groups across the county providing leisure and social opportunities and peer support. The clubs, groups and seasonal activities provide an opportunity for people with visual impairments to get together, reduce their isolation and feelings of loneliness, enjoy accessible leisure activities, and share valuable support amongst peers going through similar experiences. Peer support gives people with visual impairments knowledge, solutions, ideas, and most of all confidence that they can cope, live their life with sight loss and the knowledge that they are not going through their journey alone. Each club is supported by dedicated volunteers who arrange activities and entertainment, act as drivers and escorts, and help to raise funds. We provide financial support to clubs via an annual transport grants programme, and by meeting volunteers’ expenses and providing insurance cover. We also provide non-financial support such as recruiting and training volunteers, carrying out Disclosure and Barring Service checks, and helping with publicity for new members. More than 200 members are welcomed at one of our clubs and groups across the county every month.

Public engagement

Over the past year we have continued to grow our followers and build our reputation on social media. It’s been an important way of engaging donors, spreading news about what we do and a way of building relationships with clients, followers and other organisations, and businesses.

On Facebook, which is our strongest platform, we have reached more than 41,000 people over the past 12 months with our content, an 184.4% increase. This means they have seen one of our posts pop up on their Facebook feed. Even better, our engagement is also 133.5% higher and shows that nearly 4,000 of those people interacted with our post in some way, either leaving a comment, reaction or sharing it. This means that not only are more people seeing our posts than ever before, but the content is also inspiring them to get involved, to leave comments or to share the post to their own social feed.

As a brand we have very much cultivated our own online community, we have regular commenters and people who feel connected to iSightCornwall simply by following us on social media. We are achieving this by posting very regularly and by posting a range of engaging content. Throughout the week we will share news from iSightCornwall and what we have been up to, accompanied by photographs of the event; we will share news stories, events and campaigns which could be relevant to people with sight loss; and we interact and tag any businesses, venues or groups who have decided to support us.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

We are now regularly posting live from events or talks where iSightCornwall has a presence which encourages those in the area to come and see us but also helps showcase what we have been up to. We also ensure that we reply or react to comments in a timely manner, ensuring that interacting with our social media feels like a conversation rather than a one-way interaction. This helps us build a relationship with our followers but also with the accounts of local businesses and groups which in turn helps boost our reach and engagement. Thanking a local community hub for inviting us to give a talk may, for instance, result in their account sharing the post to their followers and create more opportunities to gain support or awareness for iSightCornwall. We know how important feedback is and social media is one of the best places to receive it as our followers do not feel pressured to give feedback and instead are making their own decision to reach out and tell us about their experiences with our services, events or some of our content. Our success on Facebook means we have now opened an Instagram account. This is continuing to help us grow our brand and awareness with local businesses and groups in Cornwall. In just 9 weeks we have gained 87 followers. Our next move is to increase our video content to boost our engagement and lead to us joining social media sites with a much younger demographic, such as TikTok.

Working in partnership

We are committed to collaborative working and continue to be active within the sight loss sector to ensure best practice is shared. Over the last year we have contributed to and benefited from our membership of Visionary (the umbrella body for sight loss), and South West Regional Group. Locally, the Charity’s Chief Executive is Co-Chair of the Cornwall Disability Alliance supporting people of all ages living with a long-term health condition and/or disability and their communities to improve their economic and social wellbeing. We work as a provider collaborative, collectively bidding for funding to support our individual stakeholders whilst working in partnership ensuring no duplication and that gaps in provision are addressed to achieve the best outcomes for people.

Fundraising performance

The Charity has a strong local supporter base and receives donations through a variety of fundraising channels. We would like to say a huge thank you to all the individuals, companies, trusts, foundations, funders and public bodies that have supported us during the year. They have made our work possible at a time when our services were in great demand. Together we raised £645,911 this year to support blind and partially sighted people. This comprises of £34,865 donations, £405,421 legacies and £205,625 across other income. Funds from voluntary sources represented 70% of income. Most of this income (£405,421) came from gifts from supporters who thoughtfully remembered us in their will (legacies) and other fundraising activities (£58,456).

Investment performance

Markets have wavered between optimism that interest rates will fall rapidly and pessimism that rates might even rise. Overall, the trend has been upwards with steady progress of a cumulative 8.12% total return on investments over the past twelve months. The portfolio value at 31 March 2024 stood at £467,716, a 6% decrease on its value of £496,801 at 31 March 2023 (in total return terms, adjusted for cash flows). The portfolio has made steady progress over the past twelve months.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

Financial review

Review of financial position

For the year to 31 March 2024, the Charity made a surplus of £166,792 compared to a deficit of £259,262 for the year to 31 March 2023. Donations, legacies and grants totalled £469,225 for the period (2023: £85,450), whilst income from charitable activities was £65,620 (2023: £42,610). Total income for the Charity amounts to £645,911 (2023: £232,074). Total expenditure for the year was £505,627 (2023: £441,996). The financial performance of the Charity for the year is set out in the Statement of Financial Activities.

Reserves policy

The reserves policy is reviewed annually and includes a free reserves measure. This is to reinforce our organisational focus on cash management and effectively manage risk and financial sustainability in the event of an unexpected reduction of income. The policy aims to ensure our work is protected from the risk of disruption due to lack of funds and preserve some incoming resources for future opportunities that may present themselves whilst at the same time ensuring we do not retain income for longer than required.

Unrestricted free reserves are not intended to cover a permanent loss of funds. They are intended to provide an internal source of funds for situations such as:

The level of free reserves is informed by planned and forecasts for levels of income for the current and future years, considering that 60% of operating costs rely on legacy gift income (circa £260,000). The policy takes into consideration the predicted cash flow restraints for the final quarter of 2024/25, whilst also recognising that we are subject to the effects of medium-term volatility in income. The policy will continue to be kept under constant scrutiny by the Trustees. The reserves status is set out below.

Restricted Reserves

Several grant awards earmarked for specific projects totalling £30,855.

Designated Reserves

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

The capital reserve of £299,004 matches the book value of the fixed assets disclosed at note 24 of the accounts. This fund is the Sight Centre in Truro occupied by the Charity’s services, activities and other fixed assets of the Charity; it is not readily available to be converted into cash/working capital.

An allocation of £30,000 for exceptional or one-off expense items that might arise as urgent building repairs that are not covered by normal preventative maintenance work.

Reserve of £30,000 designated for the eye care liaison service in partnership with Royal Cornwall Hospitals Trust supporting patients with registration, and practical and emotional support services provided by iSightCornwall and the range of other services available across the eye care support pathway.

Reserve of £25,000 designated for the low vision therapist service to meet the increasing demand for assessments and subsequent provision of magnifier aids and access to other iSightCornwall services.

Reserve of £30,000 is designated for the service development to provide choice and encouragement to people living with sight loss across three themes: Be Active, Keep Learning, Together We Can . The purpose is to help the physical health, mobility, and emotional wellness of blind and partially sighted individuals and their communities in Cornwall.

Reserve of £25,000 to fund new initiatives in accordance with the Charity’s objects.

Reserve of £25,000 earmarked for the development of the Charity’s new website in 2024/2025.

Unrestricted General Reserve

The remaining reserve is the unrestricted general reserve, which stands at £469,000, a level considered adequate to meet the working capital requirements of the Charity.

Principal funding sources

Funding sources are primarily gifts in wills (legacies), grants, donations from supporters, membership subscriptions and dividend yield on investments. In addition, some income was received from sales of equipment, and consultancy and training services.

Investment policy and objectives

In 2024, the Trustee Board reviewed the Charity investment policies. As a result, the Trustees resolved its commitment where possible to generate a return more than inflation over the long term whilst generating an income to support the Charity’s ongoing activities and over the medium-term to preserve the real value of the investment portfolio with two years’ worth of estimated budget deficit held in lowrisk assets, such as bonds, alternatives, and cash.

The Charity seeks to produce the best financial return within an acceptable level of risk.

The long-term investment objective is to generate a return of inflation plus between 3% and 3.5% per annum, after expenses, to support the ongoing activities of the Charity over a rolling 3-year period. The objective over the medium term is to preserve the real value of the investment portfolio with 3 years’ worth of estimated budget deficit held in low-risk assets, such as bonds, alternatives and cash.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

The Trustees accept that they need to take investment risks to meet the investment objectives. They accept that some volatility is to be expected and that steps will be taken in terms of diversification to minimise risks to a reasonable level. Based on the risk above, the Trustees instructed the portfolio managers to work around a composite benchmark of the major indices that encompasses the objectives of the Charity as a neutral position against which to take its investment decisions. Performance will be assessed in relation to this over time. The Risk and Audit Committee will review this policy with the investment manager on a regular basis. At least 60% of investments need to be realisable within one month. The rest should be realisable within six months.

The investment advisors, Brewin Dolphin are instructed to achieve the best financial return with a medium level of risk to manage the assets on a discretionary basis in line with this investment policy and advise the Risk and Audit Committee on performance on a quarterly basis. Any drawdown of funds requires prior approval by the Trustee Board. Written instructions to the investment manager will require the signature of the Chair of the Risk and Audit Committee and the Chief Executive. The investment manager will provide a valuation and performance report at the end of each quarter. They will meet with or speak with the Chair or Chief Executive quarterly and will make a presentation in person to the Risk and Audit Committee annually.

Ethical investment policy

There is a causal link between vision impairment and smoking, and as a result the Trustee Board have decided to avoid direct investment in companies that generate any revenue from the manufacture of cigarettes or other tobacco products. The Trustees do not wish to adopt an exclusionary policy which could harm the return on investments, but individual investments may be excluded from time to time if perceived to conflict with the Charity’s purpose. The Charity has considered adding other broader constraints but have resolved at this time, given the potential impact on income and risk, to leave the policy as it currently stands.

Looking forward 2024/25

iSightCornwall has held a unique place in Cornwall for over 168 years. The Charity is highly regarded, valued and appreciated by our local communities and those we work with. This is largely due to the outstanding work and support of our employees, members, volunteers, trustees and of course our thousands of clients.

The coming year will focus on maintaining our current services enabling individuals with visual impairments to lead independent lives and actively participate in all aspects of society. More specifically, we will:

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

Going concern statement

The Trustee Board consider that it is appropriate to prepare the financial statements on a going concern basis. The financial year has ended with a surplus; and this surplus is predicted to be sufficient to fund a significant part of expenditure in 2024/25 reducing the need to withdraw from the investment portfolio by a much-reduced amount. The last drawdown from the portfolio was in April (£25,000) and May 2023 (£25,000), and then March 2024 (£20,000): the next is not expected to be until the latter part of 2025/26.

In addition the Trustees continue to investigate opportunities to enhance the long-term sustainability of the Charity, including new areas of fundraising and also current areas where financial performance can be improved. Reviews of delivery of contracted services have already delivered savings, and this is a process which will continue. As a result of all the above the Trustees consider the going concern basis to be appropriate.

Structure, Governance and Management

Governing document

The Cornwall Blind and Partially Sighted Association (“the Charity”) is a Registered Charity and Company Limited by Guarantee with wider membership, including voting members other than the Charity Trustees. Governed by its Memorandum and Articles of Association dated 25 January 2005 and a Trustee Board made up of experts from the eye health, sight loss, professional and not for profit sectors. (Registered charity number 1108761 and Company Limited by Guarantee registered number 05357432.)

Trustees and Organisational Structure

The Trustee Board is a team of volunteers who work together, as Charity trustees, to make sure the Charity is run safely and legally. At the heart of their role is a focus on strategy, performance and assurance. Practically, day-to-day management of the organisation is delegated to the Chief Executive. The Trustees retain responsibility for approving the Charity’s vision, annual plans and budgets, and key policies.

The Board is led by the Chair of Trustees, assisted by the Vice Chair and Director of Finance.

The Trustees meet at least quarterly, and each year, one third of the longest serving Trustees retire by rotation and are eligible for re-election. The Board can appoint new Trustees at any point during the year. Trustees are generally appointed for a three-year term which can be renewed once – six years in total. In exceptional circumstances, Trustees may be renewed for further terms of a year at a time, up to a maximum of nine years.

Our aim is to have at least a third of the Trustee Board representative from our client base. All Trustees give their time voluntarily and receive no benefits from the Charity except for use of facilities made available to those who are visually impaired. This is in respect of their visual impairment and not by virtue of their Trusteeship of the Charity. Induction is vital. It supports our new Trustees, helping them to get up to speed with the role, the Charity and their legal responsibilities. A Trustee induction programme includes meetings and introductions to fellow Trustees, employees, beneficiaries, service users, and other stakeholders, invitations to events, meetings and the key duties of the Charity Commission’s Essential Trustee Guide.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees’ Report

Remuneration

The Trustee Board and the senior management team as the key management personnel of the Charity oversee, direct and control the operations of the Charity. Trustees give their time freely and no Trustee received any remuneration in the year. Details of Trustee expenses and related governance transactions are disclosed in notes 11 in the financial statements. The responsibility for making the decisions on the recommendations for senior staff pay is held by the Trustee Board. In setting the pay policy each year, a balance is struck between value for money, performance, affordability and retention. The Charity is committed to making the county a better place for everyone to live, work, learn and play. We have signed up to be a Living Wage Employer as a demonstration of our commitment to the employee team who deserve a fair wage for the work they do.

Related parties

None of the Trustees received remuneration or other benefit from their work with the Charity. Expenses were paid to two Trustees for travel to attend Board meetings. Any connection between a Trustee or senior staff member with a resident or supplier of the Charity is disclosed to the Trustee Board in the same way as any other contractual relationship with a related party and the Register of Interests. For details of related party transactions see note 11.

Risks

The Trustee Board has an agreed risk framework to manage the risk the Charity faces. The Risk and Audit Committee has delegated authority to satisfy itself that there are effective systems to manage these risks. The risk management framework is used to identify and assess new and current major business risks. Strategic management of risk is an integral part of our decision-making processes and culture, supporting effective planning and evaluation of activities. We prioritise risks in terms of impact and probability of occurrence and then identify and implement efficient controls to manage them.

The Trustees are satisfied that major risks have been identified, processes for addressing them have been put in place and that our risk position remains within acceptable levels. It is recognised that control systems can only provide reasonable, but not absolute, assurance that major risks are being adequately managed.

Potential risks to the Charity, our beneficiaries and employees are reviewed regularly and detailed in a Risk Register. The area of most significant risk to the Charity are risks to income including the potential for a drop in legacy gifts, the major source of income. This has been identified as a significant risk and is being addressed by the continued focus on the effectiveness of the fundraising strategy and making changes where needed, applying for more trust and grant income, looking at new ways of developing community and corporate fundraising activities. We regularly monitor cash flow and hold adequate cash reserves to cover the medium-term shortfall. Contract risk refers to the affordability of operating contracts against a backdrop of rising in-year costs, the inability to renegotiate contracts and potentially to the quality of service received by users. This risk is being addressed by ensuring that we have good knowledge of the sector environment and being as involved as possible with commissioning strategy and ensuring costs of services is accurate and up to date.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Employment policies

Equality, diversity and inclusion policy

Inclusion is at the heart of all our work, and we aim to create a safe and welcoming atmosphere for everyone. Our commitment and approach is set out in the Charity’s equality, diversity and inclusion policy. Our focus on equality recognises and values the differences in each of our employees. We believe that everyone has the right to be treated with dignity and respect. We want to create an inclusive culture that nurtures talent and allows every individual regardless of disability, gender, ethnicity or nationality can feel safe, a sense of belonging and is empowered to achieve their full potential. We are committed to taking positive steps to ensure that:

A wide range of people will be welcomed, enabled, and encouraged to contribute and develop their knowledge and skills through working with us as an employee, volunteer, or trustee. We believe that diversity is a strength, and we actively seek to represent the communities we work in and for. We will ensure we are aware of, and reach out to, underrepresented groups in our workforce, whether by protected characteristic or by other areas such as socio-economic background.

The Charity is committed to a policy and practice under which we recognise our obligations under the Equality Act 2010 not to discriminate unlawfully against people with disabilities at any stage of employment, and undertake:

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Statement of Trustees’ Responsibilities

The Trustees (who are also the directors of The Cornwall Blind and Partially Sighted Association for the purposes of company law) are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

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

The Trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

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

Approved by the Trustees of the Charity on 24 July 2024 and signed on its behalf by:

Clare Elizabeth Green Trustee

Ian Dominic McCormick Chairman and Trustee

Page 16

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Independent Examiner’s Report to the Trustees of The Cornwall Blind and Partially Sighted Association (the Company)

I report to the Charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report

As the Charity’s Trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

I draw to your attention that the firm at which I am a Partner provides management accounting services to the Charity. We have complied with the FRC's Revised Ethical Standard in this regard.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of The Cornwall Blind and Partially Sighted Association as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Page 17

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Independent Examiner’s Report to the trustees of The Cornwall Blind and Partially Sighted Association (‘the Company’)

...................................... N Hallam FCCA Crane & Johnston Chartered Certified Accountants 11 Alverton Terrace PENZANCE Cornwall TR18 4JH

12 August 2024

Page 18

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Statement of Financial Activities for the Year Ended 31 March 2024
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)		 Statement of Financial Activities for the Year Ended 31 March 2024
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)
Unrestricted
Restricted
Total
2024
Total
2023
Note
£
£
£
£
Income and Endowments from:
Donations and legacies
3		 449,838
19,387
469,225
85,450
Charitable activities
4		 -
65,620
65,620
42,610
Trading activities
5		 96,230
-
96,230
84,289
Investment income
6		 14,836
-
14,836
19,725
Total income
560,904
85,007
645,911
232,074
Expenditure on:
Raising funds
7		 (102,326)
-
(102,326)
(93,466)
Charitable activities
8		 (318,349)
(80,800)
(399,149)
(342,994)
Investment management
9		 (4,152)
-
(4,152)
(5,536)
Total expenditure
(424,827)
(80,800)
(505,627)
(441,996)
Gains/losses on investment assets 26,508
-
26,508
(49,340)
Net income/(expenditure)
162,585
4,207
166,792
(259,262)
Net movement in funds
162,585
4,207
166,792
(259,262)
Reconciliation of funds
Total funds brought forward
829,858
26,648
856,506
1,115,768
Total funds carried forward
23
992,443
30,855
1,023,298
856,506

The notes on pages 24 to 41 form an integral part of these financial statements. Page 19

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Statement of Financial Activities for the Year Ended 31 March 2024
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)		 Statement of Financial Activities for the Year Ended 31 March 2024
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)
Unrestricted
funds
Restricted
funds
Total
2023
Note
£
£
£
Prior Year
Income and Endowments from:
Donations and legacies
3		 62,450
23,000
85,450
Charitable activities
4		 -
42,610
42,610
Trading activities
5		 84,289
-
84,289
Investment income
6		 19,725
-
19,725
Total income
166,464
65,610
232,074
Expenditure on:
Raising funds
7		 (93,466)
-
(93,466)
Charitable activities
8		 (277,644)
(65,350)
(342,994)
Investment management
9		 (5,536)
-
(5,536)
Total expenditure
(376,646)
(65,350)
(441,996)
Gains/losses on investment assets (49,340)
-
(49,340)
Net(expenditure)/income
(259,522)
260
(259,262)
Net movement in funds
(259,522)
260
(259,262)
Reconciliation of funds
Total funds brought forward
1,089,380
26,388
1,115,768
Total funds carried forward
23
829,858
26,648
856,506

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 23.

The notes on pages 24 to 41 form an integral part of these financial statements. Page 20

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

(Registration number: 05357432) Balance Sheet as at 31 March 2024

(Registration number: 05357432)
Balance Sheet as at 31 March 2024		 (Registration number: 05357432)
Balance Sheet as at 31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15		 325,652
319,749
Investments
16		 467,716
496,801
793,368
816,550
Current assets
Stocks
17		 26,150
28,032
Debtors
18		 56,950
17,633
Cash at bank and in hand 174,131
22,299
257,231
67,964
Creditors: Amounts falling due within oneyear
19
(27,301)
(26,114)
Net currentassets
229,930
41,850
Total assets less current liabilities
1,023,298
858,400
Creditors: Amounts falling due after more than one

year
20		 -
(1,894)
Netassets
1,023,298
856,506
Funds of the charity:
Restricted income funds
Restricted funds 30,855
26,648
Unrestricted income funds
Unrestricted revaluation reserve 59,439
89,962
Unrestricted general reserves 469,000
391,795
Designated funds 464,004
348,101
Total unrestricted funds
992,443
829,858
Total funds
23
1,023,298
856,506

The notes on pages 24 to 41 form an integral part of these financial statements. Page 21

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

(Registration number: 05357432) Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements on pages 19 to 41 were approved by the Trustees, and authorised for issue on 24 July 2024 and signed on their behalf by:

Clare Elizabeth Green Trustee

Ian Dominic McCormick Chairman and Trustee

The notes on pages 24 to 41 form an integral part of these financial statements. Page 22

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Statement of Cash Flows for the Year Ended 31 March 2024

Statement of Cash Flows for the Year Ended 31 March 2024 Statement of Cash Flows for the Year Ended 31 March 2024
2024
2023
Note
£
£
Cash flows from operating activities
Net cash income/(expenditure)
166,792
(259,262)
Adjustments to cash flows from non-cash items
Depreciation 6,652
6,020
Investment income (14,836)
(19,725)
(Profit)/loss on disposal of investments (26,508)
49,340
132,100
(223,627)
Working capital adjustments
Decrease/(increase) in stocks
17		 1,882
(4,723)
(Increase)/decrease in debtors
18		 (39,317)
2,033
Decrease in creditors
19		 (707)
(5,928)
Net cash flows from operatingactivities
93,958
(232,245)
Cash flows from investing activities
Interest received 17
7
Acquisitions of tangible assets (12,555)
(33,783)
Acquisitions of investments (89,216)
(368,409)
Proceeds from sale of investments 144,809
587,561
Dividend income 14,819
19,718
Net cash flows from investingactivities
57,874
205,094
Net increase/(decrease) in cash and cash equivalents
151,832
(27,151)
Cash and cash equivalents at 1 April
22,299
49,450
Cash and cash equivalents at 31 March
174,131
22,299

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 24 to 41 form an integral part of these financial statements. Page 23

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £10 towards the assets of the Charity in the event of liquidation.

The address of its registered office is:

The Sight Centre Newham Road TRURO TR1 2DP

These financial statements were authorised for issue by the Trustees on 24 July 2024.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

The Cornwall Blind and Partially Sighted Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the Charity.

Income and endowments

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

Page 24

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

Donations and legacies

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the Charity.

Grants receivable

Grants are recognised when the Charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

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 allocated directly to such activities and those costs of an indirect nature necessary to support them.

Page 25

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

Governance costs

These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including audit, strategic management and Trustees meetings and reimbursed expenses.

Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £1,000.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Buildings (land is not depreciated) 2% straight line
Plant and equipment 20 to 25%

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Stock

Stock and work in progress are valued at the lower of cost and net realisable value.

Page 26

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the charity.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the Trustees. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities.

Page 27

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

3 Income from donations and legacies

Unrestricted
funds
Restricted
Total
Total
General
funds
2024
2023
£
£
£
£
Donations received 34,865
-
34,865
38,125
Membership & Friends of
iSightCornwall 5,348
-
5,348
5,636
Legacies & bequests 405,421
-
405,421
13,302
Gift aid 1,603
-
1,603
2,387
Trusts &grants 2,601
19,387
21,988
26,000
449,838
19,387
469,225
85,450

Page 28

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

4 Income from charitable activities

4
Income from charitable activities
Restricted Total Total
funds 2024 2023
£ £ £
RCHT 15,315 15,315 8,250
NHS Cornwall Integrated Care Board 34,360 34,360 34,360
Access to work 15,945 15,945 -
65,620 65,620 42,610

5 Income from trading activities

5
Income from trading activities
Unrestricted
funds
Total
Total
General
funds
2023
£
£
£
Consultancy 5,999
5,999
5,071
Client transport 230
230
-
Rental income 11,015
11,015
4,895
Retail income 78,986
78,986
74,323
96,230
96,230
84,289

An adjustment has been made to the prior year trading income figure. Income (and expenditure) has been increased by £59,820. This is because income had incorrectly been set off against expenditure in the 2023 financial statements. The overall deficit for the prior year remains unchanged.

Page 29

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

6 Investment income

6
Investment income
Unrestricted
funds Total Total
General 2024 2023
£ £ £
Dividends 14,819 14,819 19,718
Bank interest 17 17 7
14,836 14,836 19,725
14,836 14,836 19,725
7
Expenditure on raising funds
Unrestricted
Cost of raising funds funds Total Total
General 2024 2023
£ £ £
Retail purchases 55,266 55,266 49,754
Marketing& communications 47,060 47,060 43,712
102,326 102,326 93,466

Page 30

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

8 Expenditure on charitable activities

8
Expenditure on charitable activities
Unrestricted
funds
Restricted
Total
General
funds
funds
Note £
£
£
Bank charges 956
-
956
Premises costs 29,958
-
29,958
Professional fees 14,815
-
14,815
IT & database support 5,132
-
5,132
Printing, postage, stationery &
telephone 5,575
-
5,575
HR costs 5,903
-
5,903
Legacy fund 1,584
-
1,584
Depreciation 6,652
-
6,652
Staff costs 242,677
80,800
323,477
Governance costs
10		 5,097
-
5,097
Total for 2024
318,349
80,800
399,149
Total for 2023
277,644
65,350
342,994

9 Investment management

9
Investment management
Unrestricted
funds
Total
Total
General
2024
2023
£
£
£
Investment management 4,152
4,152
5,536
4,152
4,152
5,536

Page 31

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

10 Analysis of governance and support costs

Governance costs

Governance costs
Unrestricted
funds Total Total
General 2024 2023
£ £ £
Independent examiner’s fee 2,640 2,640 3,300
Trustees’ expenses 2,106 2,106 3,148
Legal andprofessional fees 351 351 6,484
5,097 5,097 12,932

11 Trustees remuneration and expenses

No Trustees, nor any persons connected with them, have received any remuneration from the Charity during the year.

No Trustees have received any reimbursed expenses or any other benefits from the Charity during the year.

Drivers who bring Trustees with a visual impairment to meetings were reimbursed £672 (2023: £486) in the year.

Visually impaired Trustees also benefit from the services made available by the charity. This is as a result of their visual impairment, and not in any way by virtue of their being a Trustee of the Charity.

Page 32

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

12 Staff costs

Staff costs during the year were:

12
Staff costs
Staff costs during the year were:
2024
2023
£
£
Wages & salaries 298,497
259,305
Social security costs 27,091
23,667
Pension costs 9,294
8,150
334,882
291,122

The monthly average number of persons (including senior management / leadership team) employed by the Charity during the year expressed as full-time equivalents was as follows:

2024
2023
No
No
Total 12
11

Contributions to the employee pension schemes for the year totalled £9,294 (2023 - £8,150).

No employee received emoluments of more than £60,000 during the year.

The total employee benefits of the key management personnel of the Charity were £62,489 (2023 - £65,145).

13 Independent examiner’s remuneration

13
Independent examiner’s remuneration
2024
2023
£
£
Examination of the financial statements
2,640
3,300

Page 33

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

14 Taxation

The Charity is a registered charity and is therefore exempt from taxation.

15 Tangible fixed assets

15
Tangible fixed assets		 15
Tangible fixed assets
Land and
buildings
Furniture and
equipment
Total

£

£
£
Cost
At 1 April 2023
307,007
97,229
404,236
Additions
7,121
5,434
12,555
At 31 March 2024
314,128
102,663
416,791
Depreciation
At 1 April 2023
-
84,487
84,487
Charge for theyear
-
6,652
6,652
At 31 March 2024
-
91,139
91,139
Net book value
At 31 March 2024
314,128
11,524
325,652
At 31 March 2023
307,007
12,742
319,749
16
Fixed asset investments
2024
2023
£
£
Fixed asset investments at market value 467,716
496,801

Page 34

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

Fixed asset investments at market value

Fixed asset investments at market value
Brewin
Dolphin
Total

£
£
Valuation
At 1 April 2023 496,801
496,801
Revaluation 15,895
15,895
Additions 89,216
89,216
Disposals (134,196)
(134,196)
At 31 March 2024
467,716
467,716
Net book value
At 31 March 2024
467,716
467,716
At 31 March 2023
496,801
496,801

The historic costs of investments at 31st March 2024 was £408,277 (2023: £453,257).

The historic costs of investments at 31st March 2024 was £408,277 (2023: £453,257).
17
Stock
2024 2023
£ £
Stationery stock 700 700
Low vision stock 21,741 24,518
Shop stock 3,532 2,638
Kitchen stock 177 176
26,150 28,032

18 Debtors

2024
2023
£
£
Trade debtors 8,719
9,488
Prepayments 17,653
8,145
Other debtors 30,578
-
56,950
17,633

Page 35

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

19 Creditors: amounts falling due within one year

19
Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 8,886 11,594
Other taxation and social security 7,031 4,982
Other creditors 2,065 3,910
Accruals 9,319 5,628
27,301 26,114

20 Creditors: amounts falling due after one year

20
Creditors: amounts falling due after one year
2024 2023
£ £
Other creditors - 1,894

21 Pension and other schemes

Defined benefit pension schemes

Multi-employer plans

The Charity participates in the TPT Retirement Solutions - The Growth Plan scheme, a multi-employer scheme which provides benefits to non associated participating employers. This is a defined benefit pension scheme.

The Charity is not able to obtain sufficient information to enable it to account for the scheme as a defined benefit pension because it is a multi-employer scheme. Therefore it accounts for the scheme as a defined contribution pension scheme.

A full actuarial valuation of the scheme was carried out at 30th September 2020. The valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme of £3,312,000 per annum from 1st April 2022 to 31st January 2025. As the scheme is in deficit recognition has been made in the balance sheet for the remaining payments due under the agreement.

The scheme is classified as a “last man standing” arrangement. Therefore the Charity is potentially liable for other participating employer’s 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.

Page 36

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the Charity has agreed to a deficit funding arrangement the Charity recognises a liability for this obligation. The provision, included in creditors, is as follows:

Provision 2024 £2,065, 2023: £4,420, 2022: £6,933.

Reconciliation 2024: Provision b/f £4,420, unwinding discount factor £169, Deficit contributions paid £2,526, remeasurements £2, provision c/f £2,065.

Income and expenditure impact: interest expense £169, remeasurement £2. (2023: interest expense £131, remeasurement (£118).

Assumption - rate of discount 5.31% (2023: 5.52%).

Deficit contributions to be paid in the year to 31st March 2025 £2,105.

22 Commitments

Other financial commitments

Operating leases

The total amount of other financial commitments not provided in the financial statements was £19,321 (2023 - £20,200).

Page 37

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

23 Funds

Balance at 1
Balance at
31 March
April 2023
Income
Expenditure
Transfers
2024

£
£

£
£
£
Unrestricted funds
General
391,795
560,904
(424,827)
(58,872)
469,000
Designated funds
Capital reserve 293,101
-
-
5,903
299,004
Building maintenance &
development 30,000
-
-
-
30,000
New initiatives 25,000
-
-
-
25,000
Website development fund -
-
-
25,000
25,000
Wellbeing project -
-
-
30,000
30,000
Low vision service -
-
-
25,000
25,000
Eye care liaison officer -
-
-
30,000
30,000
Designated
348,101
-
-
115,903
464,004
Unrestricted revaluation
reserve 89,962
-
26,508
(57,031)
59,439
Total unrestricted funds
829,858
560,904
(398,319)
-
992,443
Cornwall ICB -
34,360
(34,360)
-
-
Royal Cornwall Hospitals
NHS Trust -
15,315
(15,315)
-
-
Capital funds 26,648
-
-
-
26,648
The Clare Milne Trust -
8,000
(8,000)
-
-
Groundworks -
6,387
(5,263)
-
1,124
CCF VCSE health
improvement fund -
5,000
(1,917)
-
3,083
Access to Work -
15,945
(15,945)
-
-
Restricted funds
26,648
85,007
(80,800)
-
30,855
Total funds
856,506
645,911
(479,119)
-
1,023,298

Page 38

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

Balance at 1
Balance at
31 March
April 2022
Income
Expenditure
Transfers
2023

£
£

£
£
£
Unrestricted general
reserves 78,792
166,464
(376,646)
523,185
391,795
Designated funds
Capital reserve 276,286
-
-
16,815
293,101
Building maintenance &
development 30,000
-
-
-
30,000
Legacy fund 25,000
-
-
(25,000)
-
New initiatives 40,000
-
-
(15,000)
25,000
General reserve 500,000
-
-
(500,000)
-
Designated
871,286
-
-
(523,185)
348,101
Unrestricted revaluation
reserve 139,302
-
(49,340)
-
89,962
Total unrestricted funds
1,089,380
166,464
(425,986)
-
829,858
Cornwall ICB -
34,360
(34,360)
-
-
Royal Cornwall Hospitals
NHS Trust -
8,250
(8,250)
-
-
Capital funds 26,388
23,000
(22,740)
-
26,648
Restricted funds
26,388
65,610
(65,350)
-
26,648
Total funds
1,115,768
232,074
(491,336)
-
856,506

Page 39

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

The specific purposes for which the funds are to be applied are as follows:

NHS Cornwall Integrated Care Board - funding for the Low Vision service.

Royal Cornwall Hospitals NHS Trust - funding for the Eye Care Liaison Officer at Treliske, Truro.

Capital fund - grant funding received in previous years towards fixed assets (fully spent).

The Clare Milne Trust - funding towards the Charity’s wellbeing work.

Groundworks (Tesco) - funding for social activities.

Cornwall Community Foundation VCSE Health Improvement fund - funding for the Charity's wellbeing work.

Access to Work - funding.

24 Analysis of net assets between funds

Total funds at
Unrestricted funds
Restricted
31 March
General
Designated
funds
2024
£

£
£
£
Tangible fixed assets -
299,004
26,648
325,652
Fixed asset investments 302,716
165,000
-
467,716
Current assets 253,024
-
4,207
257,231
Current liabilities (27,301)
-
-
(27,301)
Total net assets
528,439
464,004
30,855
1,023,298
Total funds at
Unrestricted funds
Restricted
31 March
General
Designated
funds
2023
£

£
£
£
Tangible fixed assets -
293,101
26,648
319,749
Fixed asset investments 441,801
55,000
-
496,801
Current assets 67,964
-
-
67,964
Current liabilities (26,114)
-
-
(26,114)
Creditors over 1year (1,894)
-
-
(1,894)
Total net assets
481,757
348,101
26,648
856,506

Page 40

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2024

25 Related party transactions

There were no related party transactions in the year.

Page 41