OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-09-30-accounts

Charity number: 1060431

The College of Optometrists

Report and financial statements For the year ended 30 September 2021

The College of Optometrists

Contents

For the year ended 30 September 2021

Reference and administrative information .................................................................................... 1 Trustees’ annual report ................................................................................................................ 2 Independent auditor’s report ...................................................................................................... 11 Statement of financial activities (incorporating an income and expenditure account) .................. 15 Balance sheet ............................................................................................................................. 16 Statement of cashflows .............................................................................................................. 17 Notes to the financial statements ............................................................................................... 18

The College of Optometrists

Reference and administrative information

For the year ended 30 September 2021

Charity number 1060431 Country of registration England & Wales Registered office and operational address 42 Craven Street London WC2N 5NG

Trustees Trustees who served during the year and up to the date of this report were as follows:

Mr Colin Davidson President
Dr Mary-Ann Sherratt Chair (Co-optee)
Dr Aleksandra Mankowska Resigned (March 2021)
Dr George Anthony Gibson Treasurer (Appointed March 2021)
Professor Leon Davies Vice President
Professor Edward Mallen Immediate Past President
Dr Rob Hogan Co-optee
Ms Kyla Black (Appointed March 2021)
Mrs Prabhjit Boparai Resigned (March 2021)
Dr Irene Ctori (Appointed March 2021)
Mr Andrew Kitchen Lay Co-optee
Dr Joy Myint Resigned (March 2021)
Miss Sheetal Patel
Mr Mark Redhead
Dr Gillian Rudduck
Dr Parth Shah Resigned (March 2021)
Ms Kiki Soteri Resigned (March 2021)
Professor Kathryn Saunders (Appointed March 2021)
Johnathan Waugh (Appointed March 2021)
Chief Executive Mr Ian Humphreys
Bankers Barclays Bank plc Solicitors
Fieldfisher LLP
One Churchill Place Riverbank House
PO Box 35721 2 Swan Lane
London London
E14 5HP EC4R 3TT
Investment Sarasin & Partners LLP Auditor
Sayer Vincent LLP
Managers 100 St. Paul's Churchyard Chartered Accountants
London and Statutory Auditor
EC4M 8BU Invicta House
108-114 Golden Lane
LONDON, EC1Y 0TL

1

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2021

The trustees present their report and the audited financial statements for the year ended 30 September 2021.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The objects of the College are set out in its Royal Charter, as follows:

The objects continue to form the foundation for all of the College’s activities as set in its new strategy, which was approved by Trustees in July 2020 and started in October 2020.

The strategy sets out a bold framework for the next five years, built upon four pillars of activity - each of which looks at the immediate, medium and long-term.

Our four strategic pillars of activity are:

  1. Defining and inspiring excellence in optometry

  2. Enabling optometrists to maximise their skills and develop their careers

  3. Representing and amplifying the expert voices of optometrists

  4. Embedding insight and evidence at the centre of the profession

This strategy will not be static. We will review our priority activities every year to make sure they remain appropriate to the changing health and social environment

During the first period of delivering this strategy, we will balance our work in developing the profession with supporting the clinical practice needs of members as both communities and the economy continue to recover from COVID-19.

2

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2021

The trustees 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 its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

The College works to an annual business plan, covering the objectives listed above. Progress is monitored by the Chief Executive and his senior team and reported regularly to the Board. More details of achievements and activities are available on our website and in our separate Annual Report.

Although we may not have expected that our work and ways of working to still be heavily impacted by the COVID-19 pandemic at the end of September 2021, the College has still achieved some notable successes this year. Teams have been working at maximum capacity to take advantage of the College’s growing influence and opportunities for leadership, and to respond to ongoing changes in education and clinical practice due to the pandemic and wider national policy and regulatory transformation.

We successfully delivered the Scheme for Registration over the year, getting back on track with 96% of 2020 candidates enrolled and over 800 newly qualified optometrists completing the Scheme. Our first trainee survey showed over 70% satisfaction rate across all aspects of the Scheme and 80% rating for clarity of assessment.

Our work, alongside sector partners, has led to the development of collaborative proposals to implement the outcomes of the GOC’s Education Strategic Review (ESR). We continue to actively influence the GOC’s IP Education Advisory Group as part of their IP ESR, and engaged members with the GOC’s proposals. Work has started with other providers on possible collaboration on the qualification in the post-IP ESR world.

We negotiated changes with the GOC to the Independent Prescribing qualification so that IP optometrists can act as supervisors and virtual placements can also now take place. The College also fed into and endorsed the Royal Pharmaceutical Society’s prescribing framework and influenced the GOC to align to it (subject to the IP ESR consultation). This brings optometrists into line with other prescribing professions and enables non-medical supervisors.

Take up of our CPD offer has remained high in spite of the pandemic and remote working. In many cases we have exceeded our targets for the year and have had record engagement. This has included over 8,000 unique users on the College Learning Management System, more than 20K listens for 13 episodes of the revamped DOCET podcast since launch in June 2020, 46 online events with close to 12,000 attendees and a new online format for our Bitesize conference which welcomed over 6,000 attendees to 15 sessions offered over a month.

3

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2021

The Higher Qualifications team has managed a growing programme of accreditation and reaccreditation. The number of College-accredited higher qualifications on offer has grown by 11% for the last two years and the approval rate of reaccreditation is four times that of the previous business year. Three new courses have been accredited.

College guidance has become the definitive COVID guidance for the profession. We have constantly reviewed and updated it, based on best evidence.

We have increased the College’s policy influence, and are actively invited to provide clinical leadership. Our work has kept optometrists at top of national policy agendas. Improved relationships with stakeholders and national optometric advisers have helped achieve nationally important recognition of the role of optometrists in new pathways. Examples of our clinical leadership include the publication of a joint vision with the Royal College of Ophthalmologists for eye care across UK and a joint statement on post-operative cataract follow up, and the College President acting as a key clinical adviser to NHS England’s National Eye Care Restoration and Transformation programme.

We have seen increased member engagement through one off and regular communications on key topics of interest. We launched three new monthly enews communications aimed at targeted groups. Posts on social media are now hitting over 45,000 individual accounts a day, with Instagram hitting up to 900 likes on a single post. Overall, our social media audience increased by 3,600 over the year with over 198,000 engagements with our output.

Although the new College CRM system, website and branding developments were delayed, they continue to progress and together will enable us to collect meaningful member data, provide a high quality customer experience for members, and demonstrate greater relevance and impact.

We ran two high profile national media campaigns. Over the summer, we ran a national campaign - ‘Focus on Life’ - to encourage people to have a sight test, which was extended to children’s eye health in 2021. The supporting social media activity was highly commended in Memcom awards. We also ran a topical public campaign on ‘lockdown’ vision, which was particularly popular in the media. This garnered more than 230 minutes of radio time, 40 clips of coverage in national and regional papers, and national broadcast interviews on Sky News and BBC Morning Live (1.5 million+ viewers).

A ‘40 Years of Research’ report was published, which was compiled to celebrate 40 years since the formation of the College, reflecting on the history and impact of our research work and funding.

Ophthalmic and Physiological Optics (OPO), our leading international journal for contemporary research in vision science and optometry saw a significant increase in its impact factor. There were more submissions this year, due to the pandemic, and quality remains high.

4

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2021

Funding was awarded by Department for Transport for a College led research project on visual impairment and road casualties among older road users and the role of optometrists in promoting road safety.

Beneficiaries of our services

The College is a registered charity because of the public benefit and educational services resulting from its activities. The College supports its members in all aspects of their professional development, enabling those members to serve their patients and thus contribute to the wellbeing of local communities. The College also provides services directly to the public in the form of personal advice on any aspect of optometric services, and via its website.

During the COVID-19 pandemic the College has worked closely with its members and all those involved in delivering eye care across the UK. This includes the Royal College of Ophthalmologists, the General Optical Council and the NHS in the four nations of the UK, to enable it to issue authoritative guidance throughout the pandemic to ensure that the best possible eye care continued to be delivered to patients.

Financial review

The College’s financial statements include the Research Fund and the Directorate of Continuing Education and Training scheme (DOCET) a restricted fund (financed by the Departments of Health in England, Northern Ireland, Scotland and Wales).

Because the College's reserves were at a higher level than required by the reserves policy, the Trustees set a deficit budget for 2020-21 in order to spend some of those reserves on activities to further our objectives. However due to higher than expected Scheme for Registration income (due to trainee progression being less affected by COVID-19 than anticipated), better membership retention, reduction in costs and significant unrealised investment gains (2021: £648,855. 2020 restated: £98,064) the College had a surplus for 2021 of £1,211,237 (2020 restated: £979,262 deficit).

Cash remained satisfactory, ending the year at £1,898,899 (2020: £2,401,977), with investments totalling £5,738,777 (2020: £5,140,487) easily convertible into cash.

Memberships are due for renewal on 1st October each year and the 2021 renewals are proving to be resilient, although as with last year, the membership mix continues to show more members moving into the non-practising categories. The College is developing a plan to support these (as well as all other members) over the coming year to ensure that they can return to full time practising status as COVID-19 restrictions are removed.

When looking at Note 16a, analysis of net assets between funds, it can be seen that general funds show net current liabilities of £1,905,219 (2020 restated: £1,189,788). This balance is expected as there is a delay in earning the income in respect of cash already received for the Scheme for

5

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2021

Registration. The delay arises because the trainees were unable to progress through the Scheme as usual solely because of COVID-19. Although the Scheme has re-started (it had been halted at the height of the pandemic) and progression better than budgeted it is still not back to prepandemic levels. The current net liabilities risk is further mitigated by the College’s investments which could be liquidated, at 10 days’ notice if additional cash were to be required.

Principal risks and uncertainties

The Trustees review, on an ongoing basis, the major risks to which the College is exposed and systems have been established to manage these risks. The last review was in July 2021, led by the Audit Committee where the Strategic and Operational Risks were reviewed in detail and reported to the Trustee Board. The Committee discussed the Registers and also considered risks that were not currently identified or on the Registers. The Committee concluded that the Registers were complete as presented and all the risks identified were appropriately understood and mitigated. The Trustee Board agreed.

The major risks facing the College are: Number and composition of membership, long term diversity of income, regulatory compliance, loss of reputation through clinical errors, loss of responsibility for the Scheme for Registration and implementation of a new CRM and website. To help mitigate these risks the College continues to review its membership offering, seeks to maintain the highest standards in both its clinical advice and education programmes and maintains appropriate reserves.

Reserves policy and going concern

The Trustees’ policy is to hold sufficient accessible funds to enable the College to meet normal operational costs in the short term, in order to protect the College against any loss of income. This is currently based on five months of costs, or £3.0 million.

The policy will be reviewed in 2021 – 2022 to reflect the costs of the pandemic and the possibility of multi-year deficits. The review will consider the changes required to the College’s method of operation to ensure that costs and income are balanced in the medium-term.

As at 30 September 2021 general fund reserves were £2.9 million (2020 restated: £3.2 million (see note 20)) and Designated Funds were £4.7 million (2020 restated: £3.3million). The College is in the process of installing a new membership system and website which will be funded from designated reserves. The Trustees are satisfied that this will still leave an acceptable level of reserves.

The College had a restricted Research Fund at the beginning of the year which had a value of £82,728. This Fund was spent down to zero during the year. Trustees will review the Fund’s continued operation during the current year but it is likely that all future research funding will be met from the College’s general funds.

6

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2021

Fundraising

The College only fundraises through its members to fund Research and to ask for support for the profession's benevolent fund. Small sums may also be received from third parties or the public to support the College's museum. The College does not use professional fundraisers or commercial participators. Given this limited involvement in any fundraising, the College is not signed up to any particular fundraising regulation but would look to such codes for guidance on its activities. The College has had no complaints about its fundraising activity. No hard sell techniques are used and requests are only made to members, so the College believe that the risk to vulnerable people should be very low from any of their activities.

Plans for the future

The College has now developed a five-year strategic plan based on 4 strategic pillars:

The strategic plan has been developed into a three year business plan, which will be updated annually to encompass the five year plan, from which the 2021 - 2022 budget has been developed.

Structure, governance and management

The organisation was founded on 1 March 1980 as The British College of Ophthalmic Opticians. The title was changed in 1987 to The British College of Optometrists. On 18 September 1995 the organisation was granted a Royal Charter of Incorporation under the new title of The College of Optometrists.

The College is governed by its Charter and Bye-Laws. The Trustees are responsible for the management of the College which is exercised through the Chief Executive. The Council is responsible for the strategic direction of the College. The Council consists of a maximum of forty persons from the following: up to 35 members elected to represent nine regions in England, along with Northern Ireland, Scotland and Wales, four who are members of the Lay Advisory Panel, and one person nominated from the Optometry Schools Council.

In September 2017 the Board of Trustees agreed to adopt the Charity Governance Code and has now made any necessary changes to meet the code.

The Board of Trustees has the legal and fiduciary responsibilities for the College and is comprised of up to 14 members including the President, Vice President, Treasurer, Immediate Past President,

7

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2021

seven Council members elected by the Council, including one Council member who is a member of the Lay Advisory Panel; and up to three persons co-opted as Trustees subject to the approval of the Council. The Chair of the Board will either be one of the elected Trustees or be co-opted using one of the three possible co-options. Under the Charter, the Chief Executive has a right to attend all meetings of the Trustees but shall not be a Trustee. Currently there are three co-opted Trustees, one of whom is also a member of the Lay Advisory Panel.

The Chief Executive is supported in the management of the College by five executive directors heading departmental activity under Finance, Education, Member Services and Communications, Policy and Strategy, and Research.

All trustees give their time voluntarily and receive no benefits from the charity whilst acting as a trustee. Any expenses reclaimed from or paid by the charity are set out in note 8 to the accounts. The trustees are allowed by the College’s Charter and Bye-Laws to receive remuneration for certain services. Details of such remuneration is also set out in note 8 to the accounts.

Appointment of trustees

The College’s Council annually elects members to vacancies on the Board of Trustees.

Trustee induction and training

All new Trustees receive an induction from the Chief Executive and the Chair of the Board. Trustees hold an annual away day, physically or via Zoom, and two seminar sessions each year to increase their understanding of the issues affecting the College and develop plans for the future, including the strengthening of governance.

Trustees who served during the year and up to the date of this report are shown on page 1.

Related parties and relationships with other organisations

The College appoints five of the ten Trustees of The Benevolent Fund of the College of Optometrists and the Association of Optometrists. One of the College's Trustees is also a Trustee of the European Academy of Optometry and Optics, to which the College has made a loan of £20,000.

Remuneration policy for key management personnel

In determining levels of remuneration, the College has to balance a number of factors to ensure that it is able to recruit and retain employees to deliver its services effectively. Our principles are to pay our staff a fair salary that is competitive within the market, proportionate to each role, and responsible in line with our charitable objectives. The College is committed to ensuring that its salaries remain competitive in the employment market, through conducting an annual pay review, paying individuals in line with the normal sector practice and standards, and benchmarking

8

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2021

salaries against other employers. The College applies the same benchmarking principles in respect of the CEO and Directors’ level of pay as that applied to all other employees.

Investment Policy and Performance

The Trustees of the College have a legal duty to ensure that the College's funds are managed prudently and have adopted a medium risk investment strategy with a balance in the investment portfolio between gilts or fixed interest securities and equities, and a balance between UK and overseas investments. The investment portfolio is benchmarked against an appropriate composite index that is reviewed regularly. The Trustees continue to retain investments in Common Investment Funds, managed by Sarasin.

The value of the College’s investments at the end of September 2021 was higher than at September 2020, this was in line with market movements although slightly below the agreed benchmark.

Statement of responsibilities of the trustees

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity 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 charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

9

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2021

Auditor

Sayer Vincent LLP was re-appointed as the charity's auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been approved by the Board of Trustees on 2 March 2022 and signed on their behalf by

Dr Mary-Ann Sherratt Chair

10

Independent auditor’s report

To the trustees of

The College of Optometrists

Opinion

We have audited the financial statements of The College of Optometrists (the ‘charity’) for the year ended 30 September 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The College of Optometrists' ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

11

Independent auditor’s report

To the trustees of

The College of Optometrists

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

12

Independent auditor’s report

To the trustees of

The College of Optometrists

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

13

Independent auditor’s report

To the trustees of

The College of Optometrists

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

17 March 2022

Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

14

The College of Optometrists

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 September 2021

College
Research
Fund
£
Income from:
Donations
1,224
Membership
2
-
Education
3
-
4
-
Other trading activities - rent
-
Investments
-
Bank Interest
-
Total Income
1,224
Expenditure on:
Raising funds
5
-
Charitable activities
5
Membership
-
Education
-
Research
83,952
Total expenditure
83,952
7
(82,728)
Net gains on investments
-
(82,728)
Transfer between funds
-
(82,728)
Reconciliation of funds:
Total funds brought forward
82,728
Prior period adjustment
20
-
Total funds brought forward (as restated)
82,728
Total funds carried forward
17
-
Note
Charitable activities
Net income / (expenditure) before
net gains on investments
Research
Net income / (expenditure) for the
year
Net movement in funds		 College
Research
Fund
£
Income from:
Donations
1,224
Membership
2
-
Education
3
-
4
-
Other trading activities - rent
-
Investments
-
Bank Interest
-
Total Income
1,224
Expenditure on:
Raising funds
5
-
Charitable activities
5
Membership
-
Education
-
Research
83,952
Total expenditure
83,952
7
(82,728)
Net gains on investments
-
(82,728)
Transfer between funds
-
(82,728)
Reconciliation of funds:
Total funds brought forward
82,728
Prior period adjustment
20
-
Total funds brought forward (as restated)
82,728
Total funds carried forward
17
-
Note
Charitable activities
Net income / (expenditure) before
net gains on investments
Research
Net income / (expenditure) for the
year
Net movement in funds		 Other
Restricted
funds
£
-
-
579,379
42,604
-
-
3		 Unrestricted
funds
£
-
2,757,644
3,929,149
113,612
1,632
135,389
-		 2021
£
1,224
2,757,644
4,508,528
156,216
1,632
135,389
3		 College
Research
Fund
£
1,027
-
-
-
-
19,163
-		 Other
Restricted
funds
£
-
-
579,379
12,000
-
-
-		 Unrestricted
funds
2020
Restated
£
£
-
1,027
2,773,960
2,773,960
1,984,025
2,563,404
90,517
102,517
-
-
132,924
152,087
9,880
9,880
4,991,306
5,602,875
26,050
29,805
1,799,347
1,799,347
3,413,071
4,014,687
618,402
836,362
5,856,870
6,680,201
(865,564)
(1,077,326)
85,708
98,064
(779,856)
(979,262)
-
-
(779,856)
(979,262)
7,259,557
8,274,528
-
(311,006)
7,259,557
7,963,522
6,479,701
6,984,260
1,224 621,986 6,937,426 7,560,636 20,190 591,379
-
-
-
83,952		 -
-
451,954
-		 36,896
1,916,781
4,049,294
459,378		 36,896
1,916,781
4,501,248
543,330		 3,755
-
-
217,960		 -
-
601,616
-
83,952 451,954 6,462,348 6,998,255 221,715 601,616
(82,728)
-		 170,032
-		 475,078
648,855		 562,381
648,855		 (201,525)
12,356		 (10,237)
-
(82,728)
-		 170,032
-		 1,123,933
-		 1,211,236
-		 (189,169)
-		 (10,237)
-
(82,728)
82,728
-		 170,032
421,831
-		 1,123,933
6,479,701
-		 1,211,236
6,984,260
-		 (189,169)
582,903
(311,006)		 (10,237)
432,068
-
82,728
-		 421,831
591,863		 6,479,701
7,603,634		 6,984,260
8,195,497		 271,897
82,728		 432,068
421,831

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17 to the financial statements.

15

The College of Optometrists

Balance Sheet

As at 30 September 2021

Note
Fixed assets
Tangible fixed assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Liabilities
14
16
Funds
17
Restricted income funds
Research Fund
DOCET
Other restricted funds
Unrestricted income funds:
Designated funds
General funds
Total charity funds
Creditors due within one year
Net current liabilities
Net assets		 2021
£
4,361,939
5,738,777		 2020
Restated
£
3,033,561
5,140,487
10,100,716 8,174,048
681,877
1,898,899		 223,048
2,401,977
2,580,776
4,485,995		 2,625,025
3,814,813
(1,905,219) (1,189,788)
8,195,497 6,984,260
-
523,232
68,631		 82,728
395,804
26,027
591,863
4,653,766
2,949,868		 504,559
3,325,388
3,154,313
7,603,634 6,479,701
8,195,497 6,984,260

Approved by the Trustees on 2 March 2022 and signed on their behalf by

Dr George Anthony Gibson

16

The College of Optometrists

Statement of cash flows

For the year ended 30 September 2021

Cash flows from operating activities
Net income / (expenditure)
Depreciation charges
Gains on investments
Dividends and interest from investments
Investment fees deducted from portfolio
(Increase) / decrease in debtors
Increase in creditors
Dividends and interest from investments
Purchase of tangible fixed assets
Decrease / (increase) in investment cash
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Net cash used in investing activities
Cash flows from investing activities:
Net cash flow provided by operating activities		 2021
2020
Restated
£
£
1,211,236
(1,290,268)
56,184
57,856
(648,855)
(98,064)
(135,392)
(161,967)
36,896
34,151
(458,829)
650,244
671,182
1,094,847
732,422
286,799
135,392
161,967
(1,384,562)
(641,109)
13,669
(4,935)
(1,235,501)
(484,077)
(503,079)
(197,278)
2,401,977
2,599,255
1,898,898
2,401,977

17

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

  1. Accounting policies

a) Statutory Information

The College of Optometrists is a registered charity, incorporated by Royal Charter, with the Charity Commission in England and Wales. The registered office and principal place of business is 42 Craven Street, London, WC2N 5NG.

b) Basis of preparation

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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

These financial statements include as a restricted fund the results of the linked trust "the Research Fund of the College of Optometrists" (Charity number 1060431-1).

On 1 April 2006 the College took over the assets, liabilities and activities of The Directorate for Optometric Continuing Education and Training ("DOCET") and it is now a restricted fund of the College.

c) Public benefit entity

The College meets the definition of a public benefit entity under FRS 102.

d) Going Concern

The Trustees consider that there are no material uncertainties about the College's ability to continue as a going concern.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

18

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

1. Accounting policies (continued)

There are net current liabilities of £1,905,219 as at the balance sheet date (2020: £706,146 net current liabilities). This has arisen due to the continued slower progression through the Scheme for Registration for the 2020 - 2021 trainees plus a large number of trainees registering, and being invoiced late in the financial year. These delays are a direct consequence of the Covid19 pandemic and have resulted in an increase in deferred income of £357,448 (2020: £484,112 increase). Trade Creditors increased to £901,683 (2020: £227,105). This is due to the refurbishment of the colleges's office and the implementation of a new CRM with high expenditure in the final month of the financial year, both of which were planned for.

e) Income

Income is recognised when the College has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the College has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met. This includes unrestricted membership and fee income received in advance where it relates to services provided in a future accounting period. The College allocates a share of the Scheme for Registration fee to each of the stages of the scheme and recognises income based on the stages completed at the end of the year by each registrant.

f) Fund Accounting

Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs if appropriate.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes of the College.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party and the amount of the obligation can be measured reliably. Total expenditure includes VAT which cannot be recovered.

h) Grants payable

The College pays out grants in furtherance of its charitable objects. A number of grants are made which may be payable over a number of years. The commitment to pay is recognised in full once the performance criteria are likely to be met.

19

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

1. Accounting policies (continued)

i) Allocation of support and governance costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central functions, is apportioned on the following basis which is an estimate, based on staff numbers, of the amount attributable to each activity.

Membership 45%
Education 45%
Research 10%

Governance costs are the costs associated with the governance arrangements of the College. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the College’s activities. These costs are now allocated to activities on the same basis as shown above for support costs

j) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates are as follows:

Freehold land not depreciated
Freehold buildings not depreciated after 30 September 2011
Building improvements over 10 years straight line
Equipment and furniture over 10 years straight line
Computers over 3 years straight line
Website/CRM over 3 -5 years straight line

The College holds a collection of library books and museum exhibits that were transferred from the British Optical Association Foundation, and includes antique books, paintings and prints. These are irreplaceable originals which are deemed not to decrease in value. Accordingly these items have not been depreciated in the financial statements, since any depreciation will not be material. The value included in the accounts is reviewed annually for indications of reduction.

k) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the SOFA. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading "Net gains/(losses) on investments" in the SOFA. The College does not acquire put options, derivatives or other complex financial instruments.

20

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

1. Accounting policies (continued)

l) Debtors

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

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Pensions

The College operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the College in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the College to the fund. The College has no liability under the scheme other than for the payment of those contributions.

21

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

2.
Subscriptions
Total
3.
Examination and pre-registration fees
Department of Health
College Conference
Other events and activities
Total
4.
Total
Other
Membership
Education
Health Departments' funding for DOCET
Research
Publications - OPO		 £
-
Restricted		 Unrestricted
£
2,757,644		 2021
Total
£
2,757,644
2,757,644
2021
Total
£
3,884,445
-
579,379
-
44,704
4,508,529
2021
Total
£
113,612
42,604
156,216		 Restricted
£
-		 Unrestricted
£
2,773,960		 2020
Total
£
2,773,960
- 2,757,644 - 2,773,960 2,773,960
£
-
579,379
-
-
Restricted		 Unrestricted
£
3,884,445
-
-
-
44,704		 Restricted
£
-
-
579,379
-
-		 Unrestricted
£
1,565,855
104,000
-
241,304
72,866		 2020
Total
£
1,565,855
104,000
579,379
241,304
72,866
579,379 3,929,149 579,379 1,984,025 2,563,404
£
-
42,604
Restricted		 Unrestricted
£
113,612
-		 Restricted
£
-
12,000		 Unrestricted
£
90,517
-		 2020
Total
£
90,517
12,000
42,604 113,612 12,000 90,517 102,517

22

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

5a
Analysis of expenditure (Current year)
Raising
Funds
£
Direct Costs
Staff Costs and Temporary Staff
-
Exam and Assessment costs
-
Exam and CPD Development
-
Publications & Mailings
-
Events and Member Services
-
Campaigns and General Expenses
-
Guidelines
-
Research, Scholarship and Grants
-
Total Direct Costs
-
Indirect Costs
Staff Expenses
-
Council Trustee and Committee
-
College Representation
-
Professional Fees
36,896
Building Costs
-
Bank Charges and Interest
-
Printing, Postage & Stationery
-
IT, Telephones and Equipment
-
Subscriptions and Donations
-
Insurance
-
Irrecoverable VAT
-
Depreciation
-
Total Indirect Costs
36,896
Total Direct and Indirect Costs
36,896
Support\Governance Cost Allocation
-
Total Expenditure 2021
36,896		 5a
Analysis of expenditure (Current year)
Raising
Funds
£
Direct Costs
Staff Costs and Temporary Staff
-
Exam and Assessment costs
-
Exam and CPD Development
-
Publications & Mailings
-
Events and Member Services
-
Campaigns and General Expenses
-
Guidelines
-
Research, Scholarship and Grants
-
Total Direct Costs
-
Indirect Costs
Staff Expenses
-
Council Trustee and Committee
-
College Representation
-
Professional Fees
36,896
Building Costs
-
Bank Charges and Interest
-
Printing, Postage & Stationery
-
IT, Telephones and Equipment
-
Subscriptions and Donations
-
Insurance
-
Irrecoverable VAT
-
Depreciation
-
Total Indirect Costs
36,896
Total Direct and Indirect Costs
36,896
Support\Governance Cost Allocation
-
Total Expenditure 2021
36,896		 £
631,212
-
-
369,657
86,284
104,917
-
-
Membership		 Education Education Research Research Governance
costs
£
-
-
-
-
-
-
-
-		 £
1,028,216
-
-
-
-
-
91,931
-
Support
costs		 2021
£
2,712,199
2,325,819
463,526
461,335
86,284
104,917
91,931
4,604		 2020
Restated
£
2,743,525
1,219,531
525,922
320,438
370,070
123,475
75,398
443,653
Education
£
747,321
2,325,819
152,253
-
-
-
-
-		 DOCET
£
89,852
-
311,273
43,184
-
-
-
-		 Research
Fund
£
-
-
-
-
-
-
-
4,604		 Research
£
215,598
-
-
48,494
-
-
-
-
- 1,192,070 3,225,393 444,309 4,604 264,092 - 1,120,147 6,250,615 5,822,012
-
-
-
36,896
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
18,931
-
15,580
-
-
-
-
-
-
-
-		 90,791
-
527
78,468
79,130
44,231
27,635
223,873
37,385
38,008
-
56,184		 90,791
18,931
527
130,944
79,130
44,231
27,635
223,873
37,385
38,008
-
56,184		 101,959
63,884
9,358
46,403
101,080
30,131
10,701
107,004
17,503
38,424
273,885
57,857
36,896 - - - - - 34,511 676,232 747,639 858,189
36,896 1,192,070 3,225,393 444,309 4,604 264,092 34,511 1,796,379 6,998,254 6,680,201
- 724,711 823,901 7,645 79,348 195,286 (34,511) (1,796,379) - -
36,896 1,916,781 4,049,294 451,954 83,952 459,378 - - 6,998,254 6,680,201

23

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

5b
Analysis of expenditure (Prior year) restated
Raising
Funds
£
Direct Costs
Staff Costs and Temporary Staff
-
Exam and Assessment costs
-
Exam and CPD Development
-
Publications & Mailings
-
Events and Member Services
-
Campaigns and General Expenses
-
Guidelines
-
Research, Scholarship and Grants
-
Total Direct Costs
-
Indirect Costs
Staff Expenses
-
Council Trustee and Committee
-
College Representation
-
Professional Fees
26,050
Building Costs
-
Bank Charges and Interest
-
Printing, Postage & Stationery
-
IT, Telephones and Equipment
-
Subscriptions and Donations
-
Insurance
-
Irrecoverable VAT
-
Depreciation
-
Total Indirect Costs
26,050
Total Direct and Indirect Costs
26,050
Support\Governance Cost Allocation
-
Total Expenditure 2020
26,050		 5b
Analysis of expenditure (Prior year) restated
Raising
Funds
£
Direct Costs
Staff Costs and Temporary Staff
-
Exam and Assessment costs
-
Exam and CPD Development
-
Publications & Mailings
-
Events and Member Services
-
Campaigns and General Expenses
-
Guidelines
-
Research, Scholarship and Grants
-
Total Direct Costs
-
Indirect Costs
Staff Expenses
-
Council Trustee and Committee
-
College Representation
-
Professional Fees
26,050
Building Costs
-
Bank Charges and Interest
-
Printing, Postage & Stationery
-
IT, Telephones and Equipment
-
Subscriptions and Donations
-
Insurance
-
Irrecoverable VAT
-
Depreciation
-
Total Indirect Costs
26,050
Total Direct and Indirect Costs
26,050
Support\Governance Cost Allocation
-
Total Expenditure 2020
26,050		 £
799,479
-
107,870
43,074
123,475
75,398
-
Membership		 Education Education Research Research Governance
costs
£
66,225
-
-
-
-
-
-
-		 £
572,421
-
-
-
-
-
-
-
Support
costs		 2020
Restated
£
2,743,525
1,219,531
525,922
320,438
370,070
123,475
75,398
443,653
Education
£
993,831
1,219,531
134,806
197,388
326,996
-
-
-		 DOCET
£
100,969
-
391,116
-
-
-
-
-		 Research
Fund
£
-
-
-
-
-
-
-
195,487		 Research
£
210,600
-
-
15,180
-
-
-
248,166
- 1,149,296 2,872,552 492,085 195,487 473,946 66,225 572,421 5,822,012
-
-
-
26,050
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
3,755
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
63,884
-
12,350
-
-
-
-
-
-
-
-		 101,959
-
9,358
4,248
101,080
30,131
10,701
107,004
17,503
38,424
273,885
57,857		 101,959
63,884
9,358
46,403
101,080
30,131
10,701
107,004
17,503
38,424
273,885
57,857
26,050 - - - 3,755 - 76,234 752,150 858,189
26,050 1,149,296 2,872,552 492,085 199,242 473,946 142,459 1,324,571 6,680,201
- 650,051 644,519 5,531 22,473 144,456 (142,459) (1,324,571) -
26,050 1,799,347 3,517,071 497,616 221,715 618,402 - - 6,680,201

24

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

Grant making (Current Year)
Eye Health Research Grants to
institutions
£
4,604		 Grants to
individuals
£
-		 2021
£
4,604
4,604 - 4,604

The College makes grants through the College Research Fund and the designated Research Fund. The focus is on developing future researchers for the sector but specific projects are sometimes supported. The College also runs a small grant scheme. See Note 20 for the impact of the change in accounting policy.

6b Grant making (Prior Year)

Grant making (Prior Year)
Post Graduate Scholarships
Developing Researchers
Eye Health Research
Small Grants Scheme		 Grants to
institutions
£
-
-
24,441
-		 Grants to
individuals
£
259,020
29,925
-
18,298		 2020
Restated
£
259,020
29,925
24,441
18,298
24,441 307,243 331,684
  1. Net income / (expenditure ) for the year

This is stated after charging:

This is stated after charging:
2021 2020
£ £
Depreciation 56,184 57,857
Operating leases 5,524 7,874
Auditors' remuneration (excluding VAT):
▪
Audit - current year		 12,600 12,350
  1. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:

personnel
Salaries and wages
Social security costs
Pension contributions
Private health and sickness insurance
Staff costs
Temporary Staff
Staff Costs and Temporary Staff		 2021
£
2,016,440
244,815
228,097
41,499		 2020
£
2,152,706
232,375
207,203
36,709
2,530,851
181,348		 2,628,993
114,532
2,712,199 2,743,525

A total of £266,270 of staff costs not included in the above analysis for 2021 was capitalised as part of an ongoing CRM development project.

25

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

  1. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel (cont.)

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

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£110,001 - £120,000
£120,001 - £130,000		 2021
No.
3
-
3
-
1		 2020
No.
3
1
3
-
1

The total employee benefits (including employer's national insurance contributions and pension contributions) of the key management personnel were £720,535 (2020: £632,294). This does not include any payments to Trustees.

5 Trustees (2020 : 8 Trustees) received remuneration in the form of payment of fees. This remuneration is for acting as examiners, lecturers, editors, facilitators and assessors checking the standards of optometric practice and is in accordance with the legal authority of the College's Charter and Bye-Laws.

Colin Davidson
Leon Davis
Edward Mallen
Joy Myint
Sheetal Patel
Gillian Rudduck
Kathryn Saunders
Kiki Soteri
Parth Shah
Prab Boparai
Trustee Remuneration		 2021
2020
£
£
-
2,268
9,000
9,000
110
-
2,905
3,816
2,467
2,059
-
177
171
-
-
212
-
766
-
117
14,653
18,415

Travel or accommodation expenses of £584 were paid directly by the College or reimbursed to 4 Trustees (2020: £18,941 to 12). All expenses are incurred through the course of duties as Trustees.

9. Staff numbers

The average monthly number of employees (based on number of staff employed) during the year was 52 (2020 - 51).

The average monthly number of employees (full-time equivalents) by activity during the year was as follows:

Membership
Education
Research and Policy
Support and Governance		 2021
2020
No.
No.
18
19
16
13
8
7
8
8
50
47

10. Taxation

The College is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

26

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

  1. Tangible fixed assets
Tangible fixed assets
COST OR VALUATION
Additions in year
Disposals in year
DEPRECIATION
Eliminated on Disposal
Charge for the year
NET BOOK VALUE
At 30 September 2021
At 1 October 2020
At 30 September 2021
At 30 September 2021
At 30 September 2020
At 1 October 2020		 Freehold land
and property
£
2,611,250
-
-		 Building
improvements
£
44,957
69,731
-		 Equipment,
furniture and
computers
£
383,989
88,024
(143,411)		 College
heritage
£
2,137
-
-		 Library books
£
104,250
-
-		 Museum
exhibits
£
303,076
-
-		 Website &
CRM
£
748,563
1,226,807
-		 Total
£
4,198,222
1,384,562
(143,411)
2,611,250 114,688 328,602 2,137 104,250 303,076 1,975,370 5,439,373
644,977
-
-		 40,262
-
542		 230,311
(143,411)
43,140		 -
-
-		 -
-
-		 -
-
-		 249,111
-
12,502		 1,164,661
(143,411)
56,184
644,977 40,804 130,040 - - - 261,613 1,077,434
1,966,273 73,884 198,562 2,137 104,250 303,076 1,713,757 4,361,939
1,966,273 4,695 153,678 2,137 104,250 303,076 499,452 3,033,561

The library books were transferred from the British Optical Association Foundation to the College as at 31 December 1993. They are stated at the librarian's valuation dated 4 March 1982, plus subsequent additions at cost. The Museum Exhibits were also transferred from the British Optical Association Foundation to the College as at 31 December 1993. They include museum exhibits, antique books, paintings and prints, and are stated at a professional valuation dated 23 March 1982, plus subsequent additions at cost.

The Freehold land value at acquisition was £861,712 and is included in Freehold property. The valuation of which was last reviewed by the trustees in Dec 2018.

All the above assets are used for charitable purposes.

27

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

12. Listed investments

Fair value at 1 October
Investment fees deducted from portfolio
Net gain on change in fair value
Fair value at 30 September
Cash held by investment brokers
Investments are all UK Common investment funds		 2021
£
5,124,387
(36,896)
648,855		 2020
£
5,060,474
(34,151)
98,064
5,736,346
2,431		 5,124,387
16,100
5,738,777 5,140,487

13. Debtors

Trade debtors
Other debtors
Prepayments
Accrued income		 2021
£
503,783
34,676
76,193
67,225		 2020
£
22,700
5,131
127,992
67,225
681,877 223,048

14. Creditors : amounts falling due within one year

Trade creditors
Grants Payable
Accruals
Taxation and social security costs
Deferred Income
Other creditors		 2021
£
627,967
273,717
431,874
113,026
3,013,089
26,322		 2020
Restated
£
227,105
483,642
343,619
79,996
2,655,641
24,810
4,485,995 3,814,813

28

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

15a Deferred Income (Current Year)

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in year
Balance at the end of year		 Subscriptions
£
434,205
(434,205)
564,222		 Education Fees
£
2,221,436
(2,221,436)
2,448,867		 2021
£
2,655,641
(2,655,641)
3,013,089
564,222 2,448,867 3,013,089

Deferred income relates to subscriptions for membership. It also relates to advance payment of examination fees and conference fees as part of educational activities.

15b Deferred Income (Prior Year)

eferred Income (Prior Year)
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in year
Balance at the end of year		 Subscriptions
£
432,324
(432,324)
434,205		 Education
Fees
£
1,739,205
(1,739,205)
2,221,436		 2020
£
2,171,529
(2,171,529)
2,655,641
434,205 2,221,436 2,655,641

16a. Analysis of net assets between funds (Current Year)

Tangible fixed assets
Investments
Net current assets / (liabilities)
Net assets at 30 September 2021		 £
-
-
591,863
Restricted
funds		 £
4,361,939
-
291,827
Designated
funds		 General funds
£
-
5,738,777
(2,788,909)		 2021
Total funds
£
4,361,939
5,738,777
(1,905,219)
591,863 4,653,766 2,949,868 8,195,497

16b. Analysis of net assets between funds (Prior Year) restated

Tangible fixed assets
Investments
Net current assets / (liabilities)
Net assets at 30 September 2020		 £
-
576,631
(72,072)
Restricted
funds		 £
3,033,561
-
291,827
Designated
funds		 General funds
£
-
4,563,856
(1,409,543)		 2020
Total funds
£
3,033,561
5,140,487
(1,189,788)
504,559 3,325,388 3,154,313 6,984,260

29

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

17a. Movements in funds (Current year)

Restricted funds:
College Research Fund
Research - PrOVIDe
DOCET
Total restricted funds
Unrestricted funds:
Designated funds:
Fixed asset fund
Research Fund
Total designated funds
General funds
Total funds
Total unrestricted funds
Department for Transport -
Visual impairment in older
road users		 At 1
October
2020
£
82,728
14,485
11,542
395,804
504,559
3,033,561
291,827
3,325,388
3,154,313
6,479,701
6,984,260		 Income and
investment
gains
£
1,224
-
42,604
579,382		 Expenditure
£
(83,952)
-
-
(451,954)		 Transfers
At 30
September
2021
£
£
-
-
-
14,485
-
54,146
-
523,232
-
591,863
1,384,562
4,361,939
-
291,827
1,384,562
4,653,766
(1,384,562)
2,949,868
-
7,603,634
-
8,195,496
623,210 (535,906)
-
-		 (56,184)
-
-
7,586,281		 (56,184)
(6,406,164)
7,586,281 (6,462,348)
8,209,491 (6,998,254)

17b. Movements in funds (Prior Year) restated

Restricted funds:
College Research Fund
Research - PrOVIDe
DOCET
Total restricted funds
Unrestricted funds:
Designated funds:
Fixed asset fund
Research Fund
Total designated funds
General funds
Total funds
Total unrestricted funds
Department for Transport -
Visual impairment in older
road users		 At 1
October
2019
Restated
£
271,897
14,485
-
417,583
703,965
2,450,308
539,993
2,990,301
4,269,256
7,259,557
7,963,522		 Income and
investment
gains
£
32,546
-
12,000
579,379		 Expenditure
Restated
£
(221,715)
-
(458)
(601,158)		 Transfers
At 30
September
2020
Restated
£
£
-
82,728
-
14,485
-
11,542
-
395,804
-
504,559
641,109
3,033,561
-
291,827
641,109
3,325,388
(641,109)
3,154,313
-
6,479,701
-
6,984,260
623,925 (823,331)
-
-		 (57,856)
(248,166)
-
5,077,014		 (306,022)
(5,550,848)
5,077,014 (5,856,870)
5,700,939 (6,680,201)

30

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

17. Movements in funds (Continued)

Purposes of restricted funds

College Research Fund This is a separate linked charity within the College which exists to develop researchers and finance research in accordance with the aims and objects of the Royal Charter of the College and the funds trust deed. PrOVIDe The National Institute for Health Research awarded funding to the College to carry out a research project into the Prevalence of Visual Impairment in Dementia. Department for Transport - The Department for Transport provided funding to research for visual Visual impairment in older impairment and road casualties among older road users and the role of road users optometrists in promoting road safety. DOCET This fund represents the activities of the Directorate for Optometric Continuing Education and Training (DOCET). DOCET administers funds made available by the Government, via the four Health Departments within the United Kingdom, for continuing education and training under Section 98 of the Care Act 2014.

Purposes of designated funds Fixed assets fund This represents the net book value of fixed assets held by the College. Depreciation is charged to the fund annually, and transfers in represent additions during the year. Research fund The research fund was established to raise awareness of research within the optometric community and to support research in the community, by funding research projects. Transfers to and from this fund are reviewed by Trustees on an annual basis.

18. Related Party

The Benevolent Fund of the College of Optometrists and the Association of Optometrists is a related party as the College appoints five out of the ten trustees. The College collects donations from members on behalf of the Benevolent Fund and passed £24,000 to the Fund during the year (2020: £25,000). The College also provides basic accounting services on a pro bono basis.

19. Operating Leases

Future commitments in respect of operating leases for printers

Within one year
Within two - five years
Total commitment		 2021
2020
£
£
5,524
7,311
-
5,524
5,524
12,835

31

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2021

  1. Prior year adjustment

The College of Optometrists funds research through the awarding of grants for projects which take place over a number years. Historically, the later payments of these grants were treated as being dependent on the recipient fulfilling certain conditions to determine whether funding is provided. Therefore grants payable and the related expenditure were recognised only when these conditions have been successfully fulfilled. Amounts committed but with the conditions still to be fulfilled were not included in the College's balance sheet.

This treatment has been reviewed by the Trustees during the year and it is more appropriate to reflect the grants as expenditure when they are awarded. Therefore the prior year figures have been restated to reflect the grants awarded prior to the current financial year. There is no net impact on the movement in funds or reserves position at 30 September 2021.

The impact of this restatement on the reserves and movement in funds in the prior year is as follows:

Prior period adjustment

Reserves position
Funds previously reported
Adjustments on restatement
Recognition of research grants as payable when
communicated to recipient
Funds restated
Net (expenditure) as previously reported
Adjustments on restatement
Recognition of grant expenditure at point of award
Net (expenditure) as restated
Impact on income and expenditure		 College
Research
Fund		 Other
Restricted
funds
Unrestricted
funds
30-Sep-20		 Other
Restricted
funds
Unrestricted
funds
30-Sep-20		 Total College
Research
Fund		 Other
Restricted
funds
Unrestricted
funds
01-Oct-19		 Other
Restricted
funds
Unrestricted
funds
01-Oct-19		 Total
£
393,734
(311,006)
82,728
College
Research
Fund		 £
421,831
6,652,337
-
(172,636)
421,831
6,479,701
Other
Restricted
funds
Unrestricted
funds
30-Sep-20		 £
7,467,902
(483,642)		 £
582,903
(311,006)		 432,068
-		 £
7,259,557
-		 £
8,274,528
(311,006)
6,984,260 271,897 432,068 7,259,557 7,963,522
Total
£
(189,169)
-
(189,169)		 £
(10,237)
-
(10,237)		 £
(607,220)
(172,636)
(779,856)		 £
(806,626)
(172,636)
(979,262)

32