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← The Cornwall Blind And Partially Sighted Association

2025-03-31-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 2025

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Contents

Contents
Trustees' Report 1 to 21
Statement of Trustees' Responsibilities 22
Independent Examiner's Report 23 to 24
Statement of Financial Activities 25 to 26
Balance Sheet 27 to 28
Statement of Cash Flows 29
Notes to the Financial Statements 30 to 49

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 2025.

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

Trustee Board

The following trustees constitute directors of the company for the purpose of the Companies Act 2006:

Clare Green * Chair and Director of Finance William Westlake Marcus Slater Kerry Eldridge * Mel Richardson * Beatrix Love Jahrd Love Rhys Morris

Patron

Colonel Sir Edward Bolitho OBE

Chief Executive

Carole Theobald

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Registered Office

The Sight Centre Newham Road Truro Cornwall TR1 2DP

Bankers

Lloyds Bank 7 Boscawen Street Truro Cornwall TR1 2QT

Independent Examiners

Crane & Johnston 11 Alverton Terrace Penzance Cornwall TR18 4JH

Investment Managers

RBC Brewin Dolphin 24 Lemon Street Truro Cornwall TR1 2LS

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Objectives and aims

Summary of objects

The registered objects and purpose of the Charity is to enhance the wellbeing of blind or partially sighted individuals, while also working diligently to prevent blindness throughout the administrative County of Cornwall and the Isles of Scilly. The Charity may take the following steps to develop these objects:

Founded on September 17, 1856, the Charity began with a mission to support Cornish miners who had lost their sight due to the hazardous conditions of the mining industry.

At a time when no formal support existed, it marked Cornwall’s first organized effort to assist people with visual impairments. Originally named “The Society for The Itinerant Teaching of the Blind in the County of Cornwall to Read the Scriptures and Write,” the organisation has evolved significantly over the years, adopting names that better reflect its growing role and the changing needs of the community.

On April 17, 2015, the organisation adopted the trading name iSightCornwall to better reflect the diverse experiences of individuals with sight loss, particularly those who did not identify as ‘blind’. While the new name marked a significant step forward in inclusivity and identity, the Charity’s legal name remains the Cornwall Blind and Partially Sighted Association, as registered with the Charity Commission.

Aims of the Charity

1. Deliver comprehensive, county-wide, and personalised support and information to individuals of all ages at any stage of their sight loss journey, empowering them and their families to confidently navigate the challenges of visual impairment.

2. Promote independence, inclusion, and wellbeing by providing expert emotional and practical support tailored to each person’s unique needs and aspirations – enabling full participation in everyday life, including work, education, and social activities. This includes clear guidance on welfare and benefits.

3. Ensure individuals feel informed, reassured, and equipped by offering dedicated customer support, personalised advice from sight loss advisers, and practical demonstrations of daily living aids. We help people understand their eye conditions, access NHS-provided aids, and explore affordable assistive technologies that enhance daily living.

4. Champion awareness and accessibility by delivering impactful training to businesses, public services, and healthcare providers – highlighting the real experiences of people with sight loss and offering practical steps to create more inclusive, accessible services. This includes everyday activities such as using public transport, shopping, and managing healthcare appointments, leading to better outcomes and a more inclusive experience for all.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

5. Strengthen connection and reduce isolation by creating vibrant opportunities for social interaction through groups, clubs, and community events that encourage peer support, shared experiences, and active engagement in leisure and sporting activities – all made possible by the amazing, dedicated involvement of the Charity volunteers.

Vision

Our vision is that people with sight loss have the opportunity and choice and are supported to live a life without limits.

Mission

Our mission is to deliver practical, emotional, and timely support to people with visual impairments – enabling them to pursue their ambitions and live independently, with confidence and without barriers.

Values

Our values are what drive us, and what motivate us.

Dependable

We take ownership of our commitments and hold ourselves – and others – accountable for delivering on them. When we say we will do something, we follow through. By consistently honoring our promises, we build trust with our colleagues, clients, and partners – ensuring they can rely on us every step of the way.

Quality

We strive for excellence in everything we do, taking pride in our work and making a meaningful impact through our dedication. We are motivated by opportunity and embrace change with confidence. By asking questions, thinking creatively, and exploring new ideas, we continuously improve – celebrating progress and recognising every achievement along the way.

Teamwork

We thrive by working together, knowing that collaboration drives progress. Effective teamwork enhances problem-solving, sparks creativity, and creates a more positive and productive work environment. We value and respect each person’s contributions, uniting around a shared vision. By combining diverse skills and perspectives, we achieve stronger results – together.

Passion

We bring genuine passion to our work, knowing that passion drives creativity, innovation, and high performance. It drives us to be resourceful and imaginative in solving problems. We take pride in what we achieve and are inspired by the impact we make.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Objectives for the year

iSightCornwall has served the people of Cornwall for over 169 years. The Charity continues to be recognised for its longstanding commitment to supporting individuals with sight loss. This reputation is built on the dedication and professionalism of our staff, trustees, volunteers, members, and the continued trust and engagement of the clients we serve.

In 2025, we committed to enhancing service efficiency and broadening our fundraising strategy to reduce reliance on gifts in wills. As part of this commitment, we aimed to diversify our fundraising efforts by producing impactful video case studies that showcase the value of our services and inspire community-based fundraising initiatives. We also aimed to expand our digital presence through the development of a new website to reach a wider audience. Additionally, securing sustainable funding for our NHS-commissioned services remained a priority, alongside ensuring full compliance with the NHS National Data Guardian standards for data security.

These objectives have guided our work throughout the year as we continue to build a sustainable and responsive service for the communities we serve.

Main activities

Operating independently from our central hub, The Sight Centre in Truro, the Charity continues to deliver vital services to individuals living with visual impairments across Cornwall and the Isles of Scilly. Our commitment extends to both urban centres and rural communities, ensuring that support is accessible to everyone who needs it.

Core services are available Monday to Friday at the Sight Centre, where we also operate a dedicated welfare and advice centre. This hub provides information and guidance on all aspects of living with sight loss in Cornwall, including benefits, NHS magnification aids, daily living equipment, and local support networks. Weekly appointments are held at partner locations throughout the county, and home visits are available for those unable to travel. In addition, we host monthly community drop-in events, bringing our services and expertise directly into local areas to foster engagement and accessibility.

Our presence within the healthcare system is strengthened by a dedicated team member in partnership with the Royal Cornwall Hospital’s eye clinic, offering direct support to patients at a critical stage in their eyecare pathway. Volunteers play a vital role by staffing information desks at community hospitals, offering essential signposting to our services and guiding individuals on their next steps.

We actively support a network of clubs and regularly organise social and recreational activities in collaboration with partner organisations. These initiatives are designed to foster inclusion, reduce isolation, and promote overall wellbeing.

Through our wide-ranging services and community partnerships, we continue to strengthen our presence across the county and ensure that no one faces visual impairment alone .

We offer a wide range of services and activities designed to support people with visual impairments across Cornwall:

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Fundraising approach

All of the support and services we provide to individuals with visual impairments depend on sustainable funding and the power of effective communication and awareness-raising. We extend our heartfelt thanks to all our funders, fundraisers – especially Cornwall’s community groups, associations, and Women’s Institutes – and storytellers, including the patients and clients who generously shared their experiences on film this year as part of Because I Cannot See. Your contributions make our work possible and help bring greater understanding to the wider community.

Fundraising activities are overseen by the chief executive and include managing our legacy programme, building strong relationships with strategic partners, applying to trusts and grant-making foundations, and promoting the Charity’s impact to grow general funds. Our marketing team supports these efforts by producing thoughtful, respectful materials that clearly communicate our mission and work. All communications include clear guidance on consent and provide easy options for individuals to opt out of mailing lists, ensuring our outreach remains considerate and transparent.

We do not employ professional fundraisers, and we are pleased to report that no complaints were received regarding our fundraising activities throughout the year. We are committed to delivering a positive and respectful experience for all our supporters and continuously review our practices to ensure full compliance with relevant codes and regulations.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

The Charity is proudly registered with the Fundraising Regulator, demonstrating our commitment to upholding the highest standards as outlined in the Code of Fundraising Practice. We are dedicated to ensuring that all fundraising efforts are legal, transparent, honest, and respectful.

As with any charity, our success in fundraising depends on the trust and confidence of our donors and the wider community. To protect and strengthen that trust, we have robust measures in place to ensure our fundraising is ethical, compliant, and aligned with public expectations. Our ethical policy guides decisions around investment, procurement, fundraising, and donations, carefully considering the broader impact of our partnerships and the sources of our support.

How our activities deliver public benefit

The Charity provides public benefit by providing a wide range of services tailored to the needs of individuals who are blind or partially sighted. In addition, we welcome anyone seeking information, training, or advice – helping to shape more inclusive societal attitudes and bridge gaps in understanding around visual impairment.

Our services are thoughtfully designed to help individuals better understand their eye condition and how it may affect their daily lives. We offer a compassionate, listening ear to those who need someone to talk to, ensuring they feel truly heard and supported. Alongside emotional support, we provide practical assistance to help people maintain their independence, improve their health and wellbeing, and access the benefits they’re entitled to. We also guide individuals in making the most of their remaining vision by introducing helpful resources and technology tailored to their needs.

This report offers insight into how our charitable funds have been allocated and used. It also highlights the positive outcomes these funds have made possible – both for the individuals who use our services and for the wider community – over the past year and as we look to the future.

Beneficiary feedback:

“Before I found iSightCornwall, I was really struggling with everyday tasks and felt quite isolated. Since getting support, things have genuinely improved. My walking buddy has helped me get out more, and I’ve started to enjoy being outdoors again. The low vision clinic was also a turning point – I didn’t expect much, but the magnifier and the SeeingAI app have made a real difference. Everyone I’ve spoken to has been kind, patient, and really helpful. I’m very grateful for the support – it’s made life feel a bit easier and more manageable.”

“Getting support with my benefits through iSightCornwall has made a huge difference. I was really struggling to keep up with bills, and honestly, I didn’t know where to turn. Your help boosted my income and gave me some breathing space. I used to feel quite isolated, like I was dealing with everything on my own. I don’t know what I would have done without you. Now, I feel seen, supported, and surrounded by people who truly care.”

Statement of public benefit

The Charity meets the public benefit requirement by delivering on its charitable objectives. In doing so, the trustees confirm that they have carefully considered the Charity Commission’s general guidance on public benefit – “Charitable Purposes and Public Benefit” – both when reviewing the Charity’s aims and objectives and when planning future activities.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Our services are primarily focused on supporting individuals who are blind or partially sighted, while also being accessible to others who may benefit from them. This ensures that our work continues to have a meaningful and inclusive impact.

The trustees further confirm that they have fulfilled their duty under Section 17 of the Charities Act 2011 by giving due regard to the Charity Commission’s guidance on public benefit in all aspects of the Charity’s operations.

Contribution of volunteers

Our amazing volunteers. We are incredibly proud to have the support of over 150 volunteers who generously give their time and energy to help us deliver vital services across Cornwall. Their commitment is at the heart of everything we do, and we are deeply grateful for the invaluable contributions they make throughout the year.

Thanks to their support, we can offer a wide range of services to people living with sight loss – services that simply would not be possible without them. Our volunteers are involved in every aspect of our work, from driving clients to appointments, home visiting and befriending, and supporting social clubs, to assisting at events, recording audio for our Outlook magazine, and helping with administration and fundraising.

On average, each volunteer contributes around seven hours per month, which collectively adds up to 11,000 hours of support every year. This incredible generosity allows us to reach more people, offer more personalised support, and make a real difference in the lives of those we serve. To every one of our volunteers – thank you. Your time, compassion, and dedication are hugely appreciated.

Achievements and performance

Review of the year

This part of the report provides an overview of the work we do, highlights our key achievements over the past year, and outlines some of our priorities for the future.

Providing support to thousands of clients and patients across a rural county like Cornwall presents unique and ongoing challenges. With increasing demand for our services and individuals at all stages of their eye care pathway – from initial diagnosis to ongoing support – our team must remain agile and responsive. The geographical spread, limited transport links, and varying levels of access to healthcare mean that a one-size-fits-all approach simply does not work. That is why we are committed to being inventive and flexible – delivering the right support, in the right way, at the right time. Our aim is to ensure that everyone who needs our support can access it – regardless of where they live or their personal circumstances.

Over the last 12 months, we have supported more than 3,800 individuals. For each person, the impact of sight loss presents unique challenges that affect many aspects of daily life. Our services are designed to help people navigate these challenges with greater confidence, independence, and support.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

This is just one example of the scale and diversity of support we offer our clients. Over the past year, we received 2,735 individual referrals. Many of these individuals benefitted from multiple interactions and ongoing support, often accessing a range of different services tailored to their needs. Each referral often involves a combination of services, including technology support, benefits advice, registration guidance, emotional support, and help with understanding their eye condition. We also provide practical advice for living safely at home, recommendations on suitable equipment, assessments for NHS magnifiers, and access to sporting and social activities that help reduce isolation and improve wellbeing. In total, these referrals resulted in more than 6,000 individual service actions, reflecting the complexity of needs and the tailored approach we take to ensure each person receives the right support at the right time.

Achievements – Our year in highlights

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Achievements – In more detail

Delivering support through responsive customer service

Our customer service team continues to be a cornerstone of our Charity’s effectiveness, acting as the first point of contact for individuals, families, carers, and professionals seeking advice, information, and direct support. Their dedication ensures that every enquiry is met with compassion, clarity, and practical guidance.

Over the past 12 months, the team has responded to more than 4,500 phone calls and 1,500 emails, and facilitated the sourcing, demonstration, and provision of over seven hundred pieces of equipment. In addition, they received and managed more than 1,500 service requests, known as referrals. Each referral undergoes a triage process to assess individual needs and determine the most appropriate form of support. This triage system is critical to the efficient and effective delivery of our services, ensuring that resources are allocated appropriately and that individuals receive timely, tailored assistance.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

The team also provides expert advice and hands-on demonstrations of a wide range of accessible devices that promote independence at home. These include kitchen equipment that enhance safety during food preparation, lighting solutions that improve visibility, and tactile aids such as talking clocks and watches that help individuals manage their daily routines.

Mobility and orientation are supported through the provision of canes, enabling people to remain active and independent. Protective eyewear is available to reduce glare and shield against ultraviolet and blue light, improving comfort and safety. We also offer practical aids such as calendars, writing guides, labelling tools, tactile bump-ons, and identification badges for individuals who are partially or severely sighted. These resources help people navigate their environment and communicate their needs with greater confidence.

Together, these services reflect our ongoing commitment to empowering individuals with sight loss to live independently, access vital information, and feel supported every step of the way.

We expanded our programme of drop-in events by taking the iSightCornwall team on the road, reaching more local communities across the county. From Penzance to North Cornwall and Saltash, over eight hundred people attended events held in their own areas. These events provide direct access to advice, support, and demonstrations of equipment and assistive technology, while also fostering the Charity’s local connections and raising awareness of our services.

Empowering independence through technology

Technology continues to play a vital role in supporting individuals who are blind or have low vision to live more independently and engage fully in daily life. Our assistive aids and technology service is designed to empower people at all levels of sight loss by providing access to tools and training that promote autonomy and confidence.

With accessible software on computers, tablets, smartphones, and apps, service users are able to manage personal communication, online shopping, finances, and even enhance their employment prospects. These technologies enable individuals to perform tasks that might otherwise require assistance, contributing significantly to their independence.

Our technology centre offers a wide range of resources to support users at all stages, from beginners to those seeking more advanced solutions. The service includes personalised advice and practical demonstrations from our assistive technology adviser, who also manages equipment loans and tuition. These services are delivered at the Sight Centre, in users’ homes, and at local community events. On average, the technology service supports around thirty-five individuals each month. This includes training in computer skills, assistance with IT issues, and guidance on the latest accessible apps. We also provide advice on a wide variety of assistive equipment, helping users find the right tools to meet their specific needs.

Mainstream devices such as smartphones and tablets now come equipped with built-in accessibility features like screen readers, magnification, and voice control. These features, along with specialised tools such as braille displays and navigation aids, make it easier for individuals with vision loss to stay connected, informed, and engaged.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Integrated eye care support at the point of need

We strengthened our partnership with the Royal Cornwall Hospital eye clinic through the work of our eye care liaison officer. This role has been instrumental in supporting patients through the eye care pathway, facilitating timely registration for sight impairment, and providing emotional and practical support at the point of diagnosis. Working closely with eye clinic consultants and clinical support staff, our eye care liaison officer ensures that individuals receive seamless, person-centred care from the point of diagnosis onward.

Over the past year, the eye care liaison officer supported more than nine hundred individuals and managed the registration of 369 patients. By collaborating closely with clinical teams and our internal services, we ensure that no one faces sight loss alone – and that every person receives the right support at the right time.

Receiving a diagnosis of visual impairment can be a life-altering experience, impacting both everyday activities and emotional wellbeing. Many people experience emotions like grief, including shock, anxiety, and sadness. Our specialist provides tailored information, emotional reassurance, and practical guidance to help individuals understand their diagnosis, access services, and begin the registration process if needed. This early support is vital in helping people adjust, regain confidence, and stay independent. It also connects them to wider services, including low vision support, assistive technology, and welfare advice – ensuring holistic care that meets both immediate and long-term needs.

Maximising vision, enhancing independence

This year, we were able to successfully renew the low vision contract with the NHS Cornwall Integrated Care Board. The service supported hundreds of clients, enabling many to maintain – or even regain – a sense of independence in their communication, reading, and daily activities.

We delivered the low vision clinics across the county, ensuring individuals in every community had access to vital services – including low vision assessments, equipment provision, and personalised support – to help them make the most of their remaining sight and improve their overall quality of life. Magnification and appropriate lighting remain essential tools for those living with low vision. Our team specialises in assessing individual needs and recommending the most suitable magnifiers to support everyday tasks. We also provide demonstrations and training in eccentric viewing techniques, which can significantly improve reading and visual recognition for some clients. In addition to magnification, good lighting is often key to maximising usable vision. We offer a range of task lighting options, which we demonstrate, and supply based on each person’s environment and needs. These practical interventions, combined with expert guidance, continue to make a meaningful difference in the lives of people adjusting to sight loss.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Celebrating 30 Years of low vision support in Cornwall

In 2025, we marked 30 years since iSightCornwall began delivering the NHS-funded low vision service. Since 1994, the service has supported over 30,000 people across Cornwall, helping individuals with sight loss maintain independence through tailored advice and practical tools such as magnifiers, filter glasses, and vision strategies. The service was founded by Juanita Reynolds, then vice-chair of iSightCornwall, who was instrumental in pioneering Cornwall’s first dedicated low vision clinics. Juanita’s pioneering work laid the foundation for a service that has continued to evolve and expand. Today, our in-house low vision practitioners have significantly extended its reach and impact. The service remains a cornerstone of our support, delivered in close partnership with the NHS and local opticians.

Staying independent, connected, and confident

After a five-year pause, we successfully reinstated our welfare and benefits support service. This essential service empowers individuals to navigate the often complex benefits system, complete applications with confidence, and access the financial support they’re entitled to – helping to reduce stress and enhance financial stability.

At iSightCornwall, we believe that wellbeing is about more than just practical support – it is about connection, confidence, and community. Our social and activity-based services continue to play a vital role in helping individuals with visual impairments lead fulfilling, independent lives.

Our ‘walking buddies’ service is thriving, with over forty active pairings between clients and trained volunteers. These one-to-one partnerships help individuals get out and about safely, reducing isolation and building confidence. Volunteers guide their partners to social and leisure activities, helping them reconnect with their communities and establish lasting relationships. This service is complemented by our telephone befriending, which continues to flourish. Weekly conversations provide companionship and emotional support, particularly for those who are housebound or live alone. Together, these services offer a lifeline of connection and reassurance.

Across Cornwall, more than two hundred people regularly attend our network of clubs and groups. These gatherings offer accessible leisure activities, peer support, and a sense of belonging. From sports and music to lunch clubs and outings, each club is supported by a team of dedicated volunteers who help organise events, provide transport, and contribute to fundraising efforts.

We also offer seasonal activities that bring joy and fresh experiences - ranging from seated beach surfing and sensory walks to garden visits and touch tours at some of Cornwall’s most iconic historic sites. These events are thoughtfully designed to be inclusive, engaging, and enriching for people living with sight loss. Behind the scenes, we ensure comprehensive oversight of all services - including volunteer recruitment and training, DBS checks, and insurance coverage - creating a safe, supportive, and well-managed environment for everyone involved.

Working in partnership

We remain committed to collaboration and active engagement within the sight loss sector, continually sharing and learning from best practices. Over the past year, our involvement with Visionary – the national umbrella organisation for sight loss charities – and the South West Regional Group has allowed us to both contribute to and benefit from a wider network of expertise and innovation.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

iSightCornwall also proudly serves as co-chair of the Cornwall Disability Alliance, a respected countywide body that supports individuals of all ages living with long-term health conditions and disabilities. The alliance works to improve both economic and social wellbeing across communities. Through this partnership, we collaborate to secure funding that benefits our respective stakeholders, ensuring services are complementary rather than duplicated. By identifying and addressing service gaps together, we strive to achieve the best possible outcomes for the people we support.

We successfully explored innovative ways to promote inclusion while supporting our fundraising efforts. A standout initiative involved a collaboration with local innovators Then Try This and the University of Edinburgh to develop a new citizen science game. Working closely with our clients and members, iSightCornwall played a central role in creating an accessible version tailored specifically for people with visual impairments. This pioneering work gained national recognition – featured in the Royal Society’s report onDisability & Technologyand showcased on the opening night of the prestigious Royal Society Summer Exhibition in London in 2025.

Performance

Fundraising performance

iSightCornwall continues to benefit from a strong and loyal base of local supporters, and we are proud to receive donations through a wide range of fundraising activities. We are sincerely grateful to the individuals, businesses, charitable trusts, foundations, funders, and public organisations whose generosity has enabled us to continue delivering vital services during a year of high demand.

Over the past year, we have raised an incredible £402,440 to support our mission. This total includes £22,206 in voluntary donations, £205,230 from generous legacies left by supporters in their wills, and £27,900 from other fundraising activities and income sources. Voluntary contributions – both donations and legacies – accounted for approximately 57% of our total income, highlighting just how vital our supporters are to everything we do. Legacy giving continues to be a powerful expression of long-term commitment to our cause. These thoughtful gifts ensure we can plan and continue making a meaningful difference in the lives of blind and partially sighted people across Cornwall. To everyone who contributed: thank you. Your generosity has a direct and lasting impact, and we are deeply grateful for your support.

Investment performance

Between April 2024 and March 2025, the Charity’s investment portfolio achieved a total return of 4.3%, net of cash movements. The early part of the financial year was characterised by relative market stability, buoyed by optimism that interest rates would continue to fall – an outlook expected to ease borrowing costs and support corporate growth.

However, the global political landscape introduced new uncertainties. Major elections across democratic nations, particularly in Europe and the United States, had a noticeable impact on market sentiment. While U.S. equities initially rallied following the Trump election victory, this momentum proved short-lived. By early 2025, market volatility had returned, driven largely by concerns over the inflationary implications of proposed tariff policies.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Since April 2025, these concerns have deepened, contributing to heightened uncertainty across both equity and bond markets. Growth forecasts for several major economies have been revised downward, and the outcome of ongoing trade negotiations between the U.S. and its key partners is expected to play a pivotal role in shaping the investment landscape. As a result, we anticipate continued volatility in the near term across both asset classes until greater clarity emerges.

Financial review

Review of financial position

For the year ending 31 March 2025, the Charity achieved a deficit of £32,803, in contrast to a surplus of £166,792 for the year ending 31 March 2024. During this period, donations, legacies, and grants amounted to £283,717 (2024: £469,225), while income from charitable activities reached £104,480 (2024: £65,620). The total income for the Charity is £535,301 (2024 in £645,911 and 2023: £232,074). The total expenditure for the year amounted to £568,249 compared to £505,627 in 2024 and £441,996 in 2023. The Charity’s financial performance for the year is detailed in the Statement of Financial Activities.

Reserves Policy

The reserves policy is reviewed each year and features a measure for free reserves. This is to emphasise our commitment to cash management and to effectively handle risk and ensure financial sustainability in case of unexpected falls in income. The policy is designed to safeguard our work from potential disruptions caused by insufficient funds, while also allowing us to set aside some incoming resources for future opportunities. At the same time, it ensures that we do not hold onto income longer than necessary.

Unrestricted free reserves are not intended to cover permanent losses of funds. Instead, they serve as an internal source of funding for situations such as:

The level of free reserves is guided by projected and forecasted income levels for the current and future years, given that legacy gift income accounts for approximately 65% of operational costs and in general take 18 months to come to fruition. The policy considers the expected cash flow constraints for the fourth quarter of 2025/26 and into 2026/27, while also acknowledging that we are vulnerable to the consequences of medium-term income volatility. The policy will continue to be closely monitored by the trustees. The reserve status is shown below.

Restricted Reserves

A sum of £43,666 has been allocated to the Charity’s fixed assets and for grant awards designated for certain projects, including the following:

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Designated Reserves

Capital reserve

The reserve of £316,873 reflects the book value of the Charity’s unrestricted fixed assets, as detailed in Note 23 of the accounts. This reserve represents the value of the Sight Centre in Truro – used for the Charity’s services and activities – as well as other fixed assets. As these are not liquid assets, the funds are not readily available for use as cash or working capital.

The Sight Centre reserve

The reserve of £30,000 has been set aside to cover exceptional or one-off expenses that fall outside the Charity’s routine preventative maintenance. Such costs are necessary to ensure the safety, functionality, and continuity of our services, but they are not part of our planned or recurring expenditure.

Service reserve

The reserves of £30,000 and £50,000 have been intentionally set aside to ensure the continuity and stability of our wellbeing, information, advice and welfare service, as well as our patient and client referral triage service.

Unrestricted General Reserve

The remaining reserve, standing at £470,812, constitutes the Charity’s unrestricted general reserve. This reserve is not earmarked for specific projects and is maintained at a level deemed sufficient to meet the Charity’s working capital requirements. Its adequacy is reviewed annually as part of the budget-setting process, with reference to the Charity’s projected annual running costs, to ensure financial resilience and operational continuity.

Principal funding sources

The Charity’s funding is drawn from a diverse range of sources. A significant proportion comes from gifts in wills (legacies), which continue to be a vital and generous form of support. Additional income is received through grants, donations from individual supporters, and membership subscriptions. The Charity also benefits from a dividend yield on its investment portfolio, which contributes to financial sustainability. Further income is generated through the sale of specialist equipment and the delivery of consultancy and training services.

Investment Policy and objectives

The investment policy ensures the Charity’s assets are managed responsibly, sustainably, and effectively to support its mission. Trustees oversee its long-term sustainability, aiming for perpetual operation. The financial strategy addresses operational needs and long-term sustainability while adhering to the charitable mission.

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The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

The financial objectives balance risk, return, and responsibility. They aim to preserve capital while generating income, maintain funds for operational and emergency needs, and manage designated funds according to donor restrictions.

The investment portfolio targets a total return of 4% plus inflation, net of expenses, over a three to five-year period. This objective supports operational needs, mitigates the impact of inflation, and helps preserve the long-term value of the portfolio. The strategy is regularly reviewed and adjusted to adapt to market changes and financial needs, ensuring portfolio integrity and sustainability while advancing long-term goals. In exceptional circumstances, additional or varied withdrawals may be considered to support cash flow if fundraising efforts fall short. The Trustee Board recognises the potential for capital erosion and will review this policy as necessary. A portion of cash is also held as operating reserves, in accordance with the trustees’ policy outlined in the annual financial statements.

The Charity adopts a careful and strategic approach to risk (risk level 5), recognising its reliance on contracts and legacy gifts as primary funding sources. Investment assets are held as reserves for operational needs and long-term sustainability, with a focus on real assets to counter inflation. Trustees accept capital value fluctuations as a trade-off for long-term growth. Short-term reserves are maintained for immediate financial security, invested with low capital volatility to prioritize preservation and stability.

Investment management is handled by RBC Brewin Dolphin, an FCA-regulated manager. The Trustee Board delegates discretionary oversight to them, ensuring compliance with policy requirements. The investment manager provides quarterly reports, holds regular discussions with the chair or chief executive, and presents an annual report to the risk and audit committee.

The Trustee Board has delegated specific investment responsibilities to the risk and audit committee, while retaining overall authority for investment policy, strategic direction, and major investment decisions. This includes oversight of investment mandates and related matters. The risk and audit committee, a sub-committee of the Trustee Board, operates under approved terms of reference. It is chaired by the finance trustee - who also serves on the Trustee Board - and is supported by fellow trustees and the chief executive.

All fund drawdowns require prior Trustee Board approval. Once approved, written instructions to the investment manager must be jointly signed by the chair of the risk and audit committee and the chief executive.

Ethical Investment Policy

Research indicates that smoking significantly elevates the risk of vision loss and eye diseases, including cataracts and age-related macular degeneration. Consequently, the trustees have resolved to avoid direct investments in companies that derive revenue from the manufacture of cigarettes or other tobacco products.

While the trustees do not intend to adopt a broad exclusionary policy that could negatively impact investment returns, they may exclude specific investments if they are deemed to conflict with the organisation’s purpose.

Page 17

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Looking forward

Strategic priorities for 2025–2026

As demand for our services continues to grow, iSightCornwall remains committed to strengthening and evolving the support we provide to blind and partially sighted people across the county. At the same time, we are actively working to diversify our income streams to ensure long-term financial sustainability.

Our priorities for the year ahead include:

Extend access across Cornwall

To address the challenges of delivering services in a rural county, we will enhance our existing outreach efforts through more drop-in events. With the increasing number of people receiving a visual impairment diagnosis, strengthening partnerships with local health providers and community organisations will help us reach more individuals earlier in their sight loss journey.

Enhance everyday independence

Producing and sharing digital life hacks ‘shorts’ and how-to guide videos, addressing everyday tasks and challenges both at home and in the community. For example, tips for travelling independently, cooking and kitchen safety tips, organising and labeling household items, techniques for identifying money and managing finances, and setting up accessibility features on smartphones and computers.

Increase digital and community fundraising

To expand digital fundraising initiatives through online campaigns, social media engagement, and enhanced donation and retail platforms. Additionally, strengthen community fundraising efforts by organising events, talks, and networking opportunities to raise awareness and garner support.

Going concern statement

The trustees have assessed the Charity’s ability to continue as a going concern and are satisfied that iSightCornwall has adequate resources to continue in operational existence for the near future. This assessment has considered the Charity’s current financial position, cash flow forecasts, and the broader economic environment, including any ongoing impacts from regional funding changes.

The Charity continues to maintain a prudent reserves policy and has diversified its income streams through grants, donations, service contracts, and trading activities. The trustees are confident that these measures, alongside robust fiscal management and strategic planning, will enable iSightCornwall to meet its obligations and continue delivering vital services to people living with sight loss across Cornwall and the Isles of Scilly.

Accordingly, the financial statements have been prepared on a going concern basis.

Page 18

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Structure, governance and management

Governing document

The Cornwall Blind and Partially Sighted Association, operating as iSightCornwall, is a Registered Charity and a Company Limited by Guarantee. The Charity benefits from a broad and inclusive membership, comprising both voting members and appointed trustees.

The organisation is governed by its Memorandum and Articles of Association, adopted on 25 January 2005. Strategic oversight is provided by a dedicated Trustee Board, whose members bring a wealth of expertise spanning eye health, the private sector, professional practice, and the wider not-for-profit landscape.

iSightCornwall is registered with the Charity Commission under number 1108761 and with Companies House under number 05357432.

Trustees and organisational structure

The Trustee Board is comprised of committed volunteers who serve as the Charity’s trustees, collectively ensuring that iSightCornwall operates safely, ethically, and in full compliance with all legal and regulatory obligations. Their core responsibilities include setting strategic direction, monitoring organisational performance, and providing governance oversight.

While the Trustee Board defines the Charity’s overarching vision and approves strategic plans, annual budgets, and key policies, responsibility for day-to-day operations is delegated to the chief executive. The chief executive leads the staff team in delivering services and initiatives aligned with the Charity’s mission.

The Trustee Board meets at least four times per year to review and guide the Charity’s strategic direction and governance. In accordance with the Charity’s governing documents, one-third of the longest-serving trustees retire by rotation each year and may stand for re-election. The Trustee Board also retains the authority to appoint new trustees at any time throughout the year.

Trustees are typically appointed for an initial term of three years, renewable once for a maximum standard tenure of six years. In exceptional circumstances, trustees may be invited to serve additional one-year terms, up to a maximum total of nine years.

All trustees generously volunteer their time and receive no remuneration or personal benefits from the Charity. Any access to services or facilities is solely in relation to their own visual impairment and is entirely separate from their role as trustees.

To support new trustees in their role, a structured induction programme is provided. This includes introductory meetings with fellow trustees, staff, service users, and key stakeholders, ensuring that new members are well-prepared to contribute effectively to the Trustee Board’s work.

Page 19

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Remuneration

The Trustee Board, in collaboration with the management team, plays a crucial role in overseeing, guiding, and ensuring the effective operation of the Charity. Trustees generously volunteer their time and expertise, and none received any form of payment during the year. Further details regarding trustee expenses and governance-related transactions are disclosed in the financial statements.

The Trustee Board is also responsible for decisions related to staff remuneration. Each year, it carefully reviews and sets the Charity’s pay policy, considering value for money, staff performance, affordability, and the need to attract and retain skilled employees. To reinforce our commitment to fair pay, we are proud to be a registered Living Wage Employer – recognising the dedication of our team and ensuring they are compensated fairly for the vital work they do.

Related parties

None of the trustees received pay or other benefits for their work with the Charity. One trustee was reimbursed for travel expenses related to Trustee Board meetings. Any relationship between a trustee or senior staff member and a charity resident or supplier is disclosed to the Trustee Board in the same manner as any other contractual arrangement with a related party, as well as the Register of Interests. For further information on related party transactions, see Note 25.

Risks

The Trustee Board has established a comprehensive risk management framework to effectively identify, assess, and manage the risks faced by the Charity. Oversight of this framework is delegated to the risk and audit committee, which is empowered to ensure that robust systems and controls are in place.

This framework supports the identification and evaluation of both emerging and existing significant risks, enabling the Charity to respond proactively. Strategic risk management is embedded in our culture and decision-making processes, helping us to plan, prioritise, and deliver our activities with greater confidence and resilience. Risks are assessed based on their potential impact and likelihood, and appropriate mitigation measures are developed and implemented to manage them effectively.

The trustees are satisfied that key risks have been appropriately identified, and that effective mitigation measures have been implemented. They are confident that the Charity’s overall risk profile remains within acceptable limits. It is recognised, however, that internal control systems can only provide reasonable – not absolute – assurance that all significant risks are being effectively managed.

Risks to the Charity, its beneficiaries, volunteers, and employees are regularly reviewed and documented in a comprehensive risk register.

The Charity’s principal risk remains “financial instability,” primarily due to the potential decline in legacy income, which continues to be our main source of funding. This has been identified as a key strategic risk and is being actively managed through a sustained focus on diversifying income streams and strengthening targeted fundraising initiatives. Additional risks identified during the year - such as “service renewal for NHS service contracts” and “governance capacity and recruitment” - have been effectively mitigated, reducing their potential impact on the Charity’s operations and long-term sustainability.

Page 20

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Trustees' Report

Employment policies

Equality, Diversity and Inclusion Policy

Inclusion is central to everything we do, and we strive to foster a safe and encouraging environment for all. We have outlined our commitment and approach in the Charity’s equality, diversity, and inclusion policy. We prioritise equality by recognising and appreciating the unique differences of every one of our employees. We hold the belief that every individual deserves to be treated with dignity and respect. We aim to foster an inclusive culture that nurtures talent and ensures that every individual, regardless of disability, gender, ethnicity, or nationality, feels safe, has a sense of belonging, and is empowered to reach their full potential. We are committed to making meaningful efforts to ensure that:

Collaborating with us as an employee, volunteer, or trustee will allow and encourage a diverse group of people to contribute and grow their knowledge and abilities. We think that diversity is a strength, and we actively aim to represent the communities in which we work and serve. We will make sure we are aware of and reach out to under-represented groups in our workforce, whether through protected characteristics or other factors such as socioeconomic background.

The Charity complies with the Equality Act 2010 by not discriminating against people with disabilities at any stage of employment.

Page 21

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".

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 31 August 2025 and signed on its behalf by:

Page 22

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 2025.

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 23

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

Date: 1 September 2025

Page 24

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Statement of Financial Activities for the Year Ended 31 March 2025
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)		 Statement of Financial Activities for the Year Ended 31 March 2025
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)
Unrestricted
Restricted
Total
2025
Total
2024
Note
£
£
£
£
Income and Endowments from:
Donations and legacies
3		 255,336
28,381
283,717
469,225
Charitable activities
4		 -
104,480
104,480
65,620
Trading activities
5		 133,572
-
133,572
96,230
Investment income
6		 13,532
-
13,532
14,836
Total income
402,440
132,861
535,301
645,911
Expenditure on:
Raising funds
7		 (122,912)
(314)
(123,226)
(102,326)
Charitable activities
8		 (320,857)
(119,736)
(440,593)
(399,149)
Investment management
9		 (4,430)
-
(4,430)
(4,152)
Total expenditure
(448,199)
(120,050)
(568,249)
(505,627)
Gains on investment assets 145
-
145
26,508
Net(expenditure)/income
(45,614)
12,811
(32,803)
166,792
Net movement in funds
(45,614)
12,811
(32,803)
166,792
Reconciliation of funds
Total funds brought forward
992,443
30,855
1,023,298
856,506
Total funds carried forward
23
946,829
43,666
990,495
1,023,298

The notes on pages 30 to 49 form an integral part of these financial statements. Page 25

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Statement of Financial Activities for the Year Ended 31 March 2025
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)		 Statement of Financial Activities for the Year Ended 31 March 2025
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)
Unrestricted
funds
Restricted
funds
Total
2024
Note
£
£
£
Prior Year
Income and Endowments from:
Donations and legacies
3		 449,838
19,387
469,225
Charitable activities
4		 -
65,620
65,620
Trading activities
5		 96,230
-
96,230
Investment income
6		 14,836
-
14,836
Total income
560,904
85,007
645,911
Expenditure on:
Raising funds
7		 (102,326)
-
(102,326)
Charitable activities
8		 (318,349)
(80,800)
(399,149)
Investment management
9		 (4,152)
-
(4,152)
Total expenditure
(424,827)
(80,800)
(505,627)
Gains/losses on investment assets 26,508
-
26,508
Net income
162,585
4,207
166,792
Net movement in funds
162,585
4,207
166,792
Reconciliation of funds
Total funds brought forward
829,858
26,648
856,506
Total funds carried forward
23
992,443
30,855
1,023,298

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 23.

The notes on pages 30 to 49 form an integral part of these financial statements. Page 26

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

(Registration number: 05357432) Balance Sheet as at 31 March 2025

Balance Sheet as at 31 March 2025
2025 2024
Note £ £
Fixed assets
Intangible assets
15		 24,960 -
Tangible assets
16		 320,361 325,652
Investments
17		 431,902 467,716
777,223 793,368
Current assets
Stocks 15,210 26,150
Debtors
18		 214,425 56,950
Cash at bank and in hand 52,221 174,131
281,856 257,231
Creditors: Amounts falling due within oneyear
19		 (65,890) (27,301)
Net current assets 215,966 229,930
Total assets less current liabilities 993,189 1,023,298
Creditors: Amounts falling due after more than one
year
20		 (2,694) -
Net assets 990,495 1,023,298
Funds of the charity:
Restricted income funds
Restricted funds 43,666 30,855
Unrestricted income funds
Unrestricted revaluation reserve 49,144 59,439
Unrestricted general reserves 470,812 469,000
Designated Funds 426,873 464,004
Total unrestricted funds 946,829 992,443
Total funds
23		 990,495 1,023,298

The notes on pages 30 to 49 form an integral part of these financial statements. Page 27

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

(Registration number: 05357432) Balance Sheet as at 31 March 2025

For the financial year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 25 to 49 were approved by the trustees, and authorised for issue on 31 August 2025 and signed on their behalf by:

The notes on pages 30 to 49 form an integral part of these financial statements. Page 28

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Statement of Cash Flows for the Year Ended 31 March 2025

2025 2024
Note £ £
Cash flows from operating activities
Net cash (expenditure)/income (32,803) 166,792
Adjustments to cash flows from non-cash items
Depreciation 6,449 6,652
Investment income (13,532) (14,836)
Loss on disposal of tangible fixed assets 206 -
Profit on disposal of investments (145) (26,508)
(39,825) 132,100
Working capital adjustments
Decrease in stocks 10,940 1,882
Increase in debtors
18		 (157,475) (39,317)
Increase/(decrease)in creditors
19		 41,283 (707)
Net cash flows from operatingactivities (145,077) 93,958
Cash flows from investing activities
Interest received 1,370 17
Acquisition of intangible assets (24,960) -
Acquisitions of tangible assets (1,364) (12,555)
Acquisitions of investments (77,423) (89,216)
Proceeds from sale of investments 113,382 144,809
Dividend income 12,162 14,819
Net cash flows from investingactivities 23,167 57,874
Net (decrease)/increase in cash and cash equivalents (121,910) 151,832
Cash and cash equivalents at 1 April 174,131 22,299
Cash and cash equivalents at 31 March 52,221 174,131

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

The notes on pages 30 to 49 form an integral part of these financial statements. Page 29

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

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 25 June 2025.

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 30

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

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 31

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

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.

Intangible assets

Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Individual fixed assets costing £1,000.00 or more are initially recorded at cost.

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 32

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

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 33

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

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
2025
2024
£
£
£
£
Donations received 22,206
8,059
30,265
34,865
Membership & Friends of
iSightCornwall 6,032
-
6,032
5,348
Legacies & bequests 205,230
-
205,230
405,421
Gift aid 1,791
-
1,791
1,603
Trusts &grants 20,077
20,322
40,399
21,988
255,336
28,381
283,717
469,225

Page 34

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

4 Income from charitable activities

4
Income from charitable activities
Restricted Total Total
funds
2025		 2024
£ £ £
RCHT 15,315 15,315 15,315
NHS Cornwall Integrated Care Board 59,360 59,360 34,360
Access to work 29,805 29,805 15,945
104,480 104,480 65,620

5 Income from trading activities

5
Income from trading activities
Unrestricted
funds
Total
Total
General
funds
2024
£
£
£
Consultancy 25,467
25,467
5,999
Client transport 3,468
3,468
230
Rental income 12,341
12,341
11,015
Retail income -primary purpose trading 92,296
92,296
78,986
133,572
133,572
96,230

Page 35

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

6 Investment income

6
Investment income
Unrestricted
funds Total Total
General
2025		 2024
£ £ £
Dividends 12,162 12,162 14,819
Bank interest 1,370 1,370 17
13,532 13,532 14,836

7 Expenditure on raising funds

Costs of raising funds

Unrestricted
funds
Restricted
Total
Total
General
funds
2025
2024
£
£
£
£
Retail purchases 62,904
314
63,218
55,266
Marketing &
communications
(includes staff costs) 60,008
-
60,008
47,060
122,912
314
123,226
102,326

Page 36

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

8 Expenditure on charitable activities

Unrestricted funds
Restricted
Total
Designated
General
funds
funds
Note £
£
£
£
Bank charges -
1,066
-
1,066
Premises costs -
21,882
4,771
26,653
Professional fees -
13,843
-
13,843
IT & database
support -
6,488
-
6,488
Printing, postage,
stationery &
telephone -
5,207
-
5,207
HR costs -
4,691
-
4,691
Other expenses -
6,254
-
6,254
Depreciation & loss
on disposal 6,655
-
-
6,655
Staff costs -
248,089
114,844
362,933
Governance costs
10		 -
6,682
121
6,803
Total for 2025
6,655
314,202
119,736
440,593
Total for 2024
-
318,349
80,800
399,149

9 Investment management

9
Investment management
Unrestricted
funds
Total
Total
General
2025
2024
£
£
£
Investment management 4,430
4,430
4,152
4,430
4,430
4,152

Page 37

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

10 Analysis of governance and support costs

Governance costs

Governance costs
Unrestricted
funds Restricted Total Total
General
funds		 2025 2024
£
£		 £ £
Independent examiner fees
Examination of financial
statements 2,772
-		 2,772 2,640
Trustees expenses 2,610
121		 2,731 2,106
Legal andprofessional fees
1,300
-		 1,300 351
6,682
121		 6,803 5,097

11 Trustee 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 £782 (2024: £672) 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 38

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

12 Staff costs

Staff costs during the year were:

12
Staff costs
Staff costs during the year were:
2025
2024
£
£
Wages & salaries 338,268
298,497
Social Security costs 26,723
27,091
Pension costs 11,308
9,294
Pension costs - remeasurement 4,225
-
380,524
334,882

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:

2025
2024
No
No
Total 12
12

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 £67,449 (2024 - £62,489). 13 Independent examiner's remuneration

13
Independent examiner's remuneration
2025
2024
£
£
Examination of the financial statements
2,772
2,640

Page 39

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

14 Taxation

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

15 Intangible fixed assets

15
Intangible fixed assets
Website
development
costs
Total
£
£
Cost
Additions 24,960
24,960
At 31 March 2025
24,960
24,960
Amortisation
At 31 March 2025
-
-
Net book value
At 31 March 2025
24,960
24,960

Page 40

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

16 Tangible fixed assets

16
Tangible fixed assets
Land and
Furniture and
buildings
equipment
Total

£

£
£
Cost
At 1 April 2024 314,128
102,663
416,791
Additions -
1,364
1,364
Disposals -
(20,217)
(20,217)
At 31 March 2025
314,128
83,810
397,938
Depreciation
At 1 April 2024 -
91,139
91,139
Charge for the year -
6,449
6,449
Eliminated on disposals -
(20,011)
(20,011)
At 31 March 2025
-
77,577
77,577
Net book value
At 31 March 2025
314,128
6,233
320,361
At 31 March 2024
314,128
11,524
325,652

Page 41

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

17
Fixed asset investments
2025
2024
£
£
Fixed asset investments at market value 431,902
467,716
Fixed asset investments at market value
Brewin
Dolphin
Total
£
£
Valuation
At 1 April 2024 467,716
467,716
Revaluation (911)
(911)
Additions 77,423
77,423
Disposals (112,326)
(112,326)
At 31 March 2025
431,902
431,902
Net book value
At 31 March 2025
431,902
431,902
At 31 March 2024
467,716
467,716

Other investments

The historic costs of investments at 31st March 2025 was £382,758 (2024: £408,277).

Page 42

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

18
Debtors
2025
2024
£
£
Trade debtors 38,109
8,719
Prepayments 21,714
17,653
Other debtors 154,602
30,578
214,425
56,950
19
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors 9,049
8,886
Other taxation and social security 6,334
7,031
Other creditors 1,494
2,065
Accruals and deferred income 49,013
9,319
65,890
27,301

Deferred income of £35,372 included above relates to grant income specifically for the 2025/2026 financial year.

Page 43

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

20 Creditors: amounts falling due after one year

Other creditors

2025 £ 2,694

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.

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

The scheme is classified as a "last man standing" arrangement. Therefore the Charity is potentially liable for other participating employers obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation of the scheme was carried out at 30th September 2023. The valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme of £2,100,000 per annum from 1st April 2025 to 31st January 2028. As the scheme is in deficit recognition has been made in the balance sheet for the remaining payments due under the agreement.

Page 44

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

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 amount recognised is the net present value of the deficit/reduction contributions payable under the agreement that relates to this deficit. The provision, included in creditors, is as follows:

Provision 2025 £4,188, 2024: £2,065, 2023: £4,420.

Reconciliation 2025: Provision b/f £2,065, unwinding discount factor £54, Deficit contributions paid £2,105, re-measurements £27, re-measurements (amendments to contribution schedule) £4,147, provision c/f £4,188.

Income and expenditure impact: interest expense £54, remeasurement £27, provision c.f £2,065.

Assumption - rate of discount 4.84% (2024: 5.31%).

Deficit contributions to be paid in the year to 31st March 2026 £1,494.

22 Commitments

Other financial commitments Operating leases

The total amount of other financial commitments not provided in the financial statements was £13,935 (2024 - £19,321).

Page 45

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

23 Funds

Balance at 1
April 2024
£
Income
£
Expenditure
£
Transfers
£
Balance at
31 March
2025
£
469,000
402,440
(441,544)
40,916
470,812
299,004
-
(6,655)
24,524
316,873
30,000
-
-
-
30,000
25,000
-
-
(25,000)
-
25,000
-
-
(25,000)
-
30,000
-
-
-
30,000
25,000
-
-
(25,000)
-
30,000
-
-
(30,000)
-
-
-
-
50,000
50,000
464,004
-
(6,655)
(30,476)
426,873
59,439
-
145
(10,440)
49,144
992,443
402,440
(448,054)
-
946,829
-
59,360
(59,360)
-
-
-
15,315
(15,315)
-
-
26,648
-
-
-
26,648
1,124
2,588
(3,337)
-
375
3,083
-
(3,083)
-
-
-
29,805
(29,805)
-
-
-
9,734
(7,133)
-
2,601
-
8,000
(2,017)
-
5,983
-
8,059
-
-
8,059
30,855
132,861
(120,050)
-
43,666
Unrestricted funds
General
Designated funds
Capital reserve
The Sight Centre
New Initiatives
Website development fund
Wellbeing, information,
advice and welfare
Low vision service
Eye care liaison officer
Patient and client referral
triage service
Designated
Unrestricted revaluation
reserve
Total unrestricted funds
Cornwall ICB
Royal Cornwall Hospitals
NHS Trust
Capital funds
Groundworks
CCF VCSE health
improvement fund
Access to work
Other restricted funds
The Powell Family
Foundation
Saltash BAPS
Restricted funds

Page 46

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

Balance at 1
April 2024
£
Income
£
Expenditure
£
Transfers
£
Balance at
31 March
2025
£
1,023,298
535,301
(568,104)
-
990,495
Balance at 1
April 2023
£
Income
£
Expenditure
£
Transfers
£
Balance at
31 March
2024
£
391,795
560,904
(424,827)
(58,872)
469,000
293,101
-
-
5,903
299,004
30,000
-
-
-
30,000
25,000
-
-
-
25,000
-
-
-
25,000
25,000
-
-
-
30,000
30,000
-
-
-
25,000
25,000
-
-
-
30,000
30,000
348,101
-
-
115,903
464,004
89,962
-
26,508
(57,031)
59,439
829,858
560,904
(398,319)
-
992,443
-
34,360
(34,360)
-
-
-
15,315
(15,315)
-
-
26,648
-
-
-
26,648
-
8,000
(8,000)
-
-
-
6,387
(5,263)
-
1,124
-
5,000
(1,917)
-
3,083
-
15,945
(15,945)
-
-
26,648
85,007
(80,800)
-
30,855
Total funds
Prior Year
Unrestricted general
reserves
Designated funds
Capital reserve
The Sight Centre
New Initiatives
Website development fund
Wellbeing, information,
advice and welfare
Low vision service
Eye care liaison officer
Designated
Unrestricted revaluation
reserve
Total unrestricted funds
Cornwall ICB
Royal Cornwall Hospitals
NHS Trust
Capital funds
The Clare Milne Trust
Groundworks
CCF VCSE health
improvement fund
Access to work
Restricted funds

Page 47

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

Balance at 1
April 2023
£
Income
£
Expenditure
£
Transfers
£
Balance at
31 March
2024
£
856,506
645,911
(479,119)
-
1,023,298
Total funds

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 Clinic Liaison Officer at Treliske, Truro.

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

Groundworks (Tesco) - funding for social activities.

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

Access to work - government-funded employment support programme.

Other Restricted funds - this includes funding received from The Screwfix Foundation, Newquay Towan Blystra Lions Club, The Norman Family Trust, Falmouth Rotary Club and Aldi.

The Powell Family Foundation - funding towards helping fund services for young people with a vision impairment aged 18 to 25.

Saltash BAPS - funds received on the closure of the Saltash Blind and Partially Sighted Club, which are ringfenced to be spent in accordance with that charity's objects.

24 Analysis of net assets between funds

Unrestricted funds
Restricted
Total funds at
31 March
General
£
Designated
£
funds
£
2025
£
-
24,960
-
24,960
-
291,913
28,448
320,361
321,902
110,000
-
431,902
266,638
-
15,218
281,856
(65,890)
-
-
(65,890)
(2,694)
-
-
(2,694)
519,956
426,873
43,666
990,495
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1year
Total net assets

Page 48

The Cornwall Blind and Partially Sighted Association

known as iSightCornwall

Notes to the Financial Statements for the Year Ended 31 March 2025

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

25 Related party transactions

There were no related party transactions in the year.

Page 49