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2023-09-30-accounts

Charity number: 1060431

The College of Optometrists

Report and financial statements For the year ended 30 September 2023

The College of Optometrists

Contents

For the year ended 30 September 2023

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 2023

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:

Professor Leon Davies President
Mr Colin Davidson Immediate Past President
Dr Gillian Rudduck Vice President
Dr George Anthony Gibson Treasurer
Dr Mary-Ann Sherratt Chair (Co-optee)
Mr Andrew Kitchen Lay Co-optee
Mr Mark Redhead Lay Trustee
Professor Kathryn Saunders
Johnathan Waugh
Dr Irene Cori
Dr Aleksandra Mankowska
Ms Kyla Black
Matt Roney
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
Managers 100 St. Paul's Churchyard
London
EC4M 8BU
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
110 Golden Lane
LONDON EC1Y 0TG

1

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2023

The trustees present their report and the audited financial statements for the year ended 30 September 2023.

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:

From October 2020 the College adopted a five-year Strategic Plan, setting out a series of strategic pillars, as follows:

Each Pillar is used to direct the College’s operations, via a three-year business plan, and to produce departmental KPIs. The KPIs are reviewed monthly by the Senior Leadership Team and quarterly by trustees. Of the 58 KPIs and milestones the SLT set and monitored for the 2022/23 business year, 55% have been achieved and 45% are progressing but did not achieve targets/milestones (but are not at a level for significant concern).

The trustees review the aims, objectives and activities and associated KPIs of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

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

2

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2023

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 a three-year 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.

College membership (excluding students) increased by 4.2% this year (2022: 4.4%). Retention of members (excluding newly qualifieds) remains high at 94% (2022: 94%) and a greater proportion of trainees who passed their Objective Structured Clinical Examination this year have joined the College (92.9% compared to 87.83% in 2022). We have also seen a slightly higher number of rejoiners.

Discussions around the General Optical Council’s (GOC) Education and Training Requirements (ETR) and the provision of CLiP (Clinical Learning in Practice) have been successful. The CLiP portal has been through Phase One Launch and working towards a possible launch date of February 2024. Partnerships with 12 of the 15 Optometry programmes in the UK and all main employer groups have been announced. The SPOKE (Sector Partnership for Optical Knowledge and Education) hub, funded by the General Optical Council, has also successfully delivered a third project, which has been very well received.

We are meeting SLAs for enrolment and Stage 2 delivery of Scheme for Registration visits. We have continued to successfully deliver the OSCEs and received a commendation from the GOC Education Visitor Panel following their assessment.

We now have a robust online process for accrediting and reviewing higher qualifications online and have significantly reduced the time spent in accreditation meetings. Our Docet podcast is proving very popular with optometrists in addressing a diverse range of topics in a less formal (but no less effective) way.

We co-chair a UK-wide group (supported by NHSE) to develop DICOM image sharing standards for eye care, securing manufacturers’ engagement and support.

There has been greater success in working with partners to support optometric research in funding applications with four applications involving four universities submitted. Despite the disruptions of COVID, College PhD Scholars continue to perform well and the completion rate remains above the target of 90%.

Members continue to rate our clinical guidance highly, particularly the Clinical Management Guidelines. The Guidance for Professional Practice consultation has been well received and highly

3

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2023

supported by members and stakeholders in ensuring it remains the definitive guidance for the profession.

We continue to grow our relationships with bodies across the eye care sector and in the wider health environment as well as bringing our workforce message to decision-makers in Westminster. Successful collaborations have led to securing cross-sector funding for our Workforce Data Modelling project.

Our summer pulse staff survey results were very positive, reflecting the work we have put in this year to placing the College values at the heart of our activities, and on improving cross-team collaboration and communication.

There have also been a number of challenges across the year that our teams have had to overcome:

Our new Dynamics CRM information system, which is now enabling more efficient day to day operations will continue to be developed to enable us to better engage with our members and stakeholders.

The challenges of working with a wide number and variety of stakeholders has delayed some of our projects, however, we have maintained good relationships and used our values to shape how we work with stakeholders, which has helped ensure the projects are ultimately successful.

In common with other employers in the UK, the College experienced historically high staff turnover during the year. Although this has now reduced it meant that there were periods when there was insufficient capacity to take forward all of our planned activities.

Member engagement in our work remains relatively lower than targeted, but we hope that the new Viewpoint section on the website, plans for online communities in 2023/24 and the better use of the Dynamics CRM will improve engagement.

The activities above are part of the current three-year business plan and will continue into the new financial year. Trustees have agreed to increase expenditure to improve member engagement.

The Trustees recognise that during the 2022 – 23 year the College has delivered significant positive outcomes for patients and the profession and wish to thank all those involved, particularly the staff of the College and our partners.

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 members to serve their patients and thus contribute to the wellbeing of

4

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2023

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 and the provision of national Guidance for Professional Practice

Financial review

The College had a deficit for the year of £359,328 (2022: Deficit of £763,255). The 2023 result was a significant improvement over the 2022 result, predominantly due to the reversal of the performance in investments. Investments generated a surplus of £260,391 in 2023 compared to a loss of £504,218 in 2022.

An operating deficit was expected as the Trustees set a deficit budget to enable plans to improve engagement with and long-term benefits for members. The loss for the year was worse than budgeted due to the 4[th] OSCE of the year being held in October, rather than September 2023. This change of date moves the benefit to the 2024 year and so has no impact on overall financial performance.

Cash remained satisfactory, ending the year at £707,916 (2022: £1,047,437), with investments totalling £4,431,604 (2022: £4,200,847). Investments can be converted into cash quickly if required.

Cash was lower than forecast due to late payment by a trade debtor due to internal issues. The funds were received before the calendar year end.

Memberships are due for renewal on 1st October each year and the 2023 renewals are proving to be resilient. For the first time in 12 years the College increased its membership fees (by 4-5% depending on payment method) and retention has remained as similar to previous years, increasing income to help address the budget deficits.

The College is developing a strategic membership plan to support all members.

With the move to hybrid working the College has surplus office space. From the Summer of 2023 a floor in the College’s building has been let to Orbis UK, an international eye health charity. This was the first time that the College has let space and it has proved successful and not as disruptive as some feared. This was due to choosing a tenant that aligned with the goals, ethos and values of the College.

When looking at Note 17a, analysis of group net assets between funds, it can be seen that general funds show net current liabilities of £3,506,536 (2022: £2,848,606). This balance is expected as there is a delay in earning the income in respect of cash already received for the Scheme for Registration. As the number of trainees joining the Scheme increases, especially towards the end of the financial year (as the trainees join after graduation in the Summer), then current net

5

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2023

liabilities are expected. As the Trainees move through the Scheme the College recognises the income earned. There are very few trainees who do not complete the Scheme.

The current net liabilities risk is further mitigated by the College’s investments which could be liquidated, at 10 working days’ notice if additional cash were to be required. The College also has a secured overdraft, which was not used during the year.

Principal risks and uncertainties

At the strategic level, Trustees continually review the major risks to which the College is exposed, and systems have been established to manage and mitigate these risks. The last full 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 next full review is due in the Summer of 2024.

The major strategic risks facing the College are: Number and composition of membership, long term diversity of income, regulatory compliance, loss of reputation through clinical errors and a poor implementation of the Clinical Learning in Practice project.

All papers presented to the Board of Trustees include a section on the risks, and mitigations, of the subject under discussion.

The risk section of the Trustee papers is based on the individual operational risk registers held for each project. The individual registers are an integral part of the project management methodology that the College has introduced across all of its activities.

The project risks are discussed regularly by the Senior Management Team.

Reserves policy and going concern

Unrestricted reserves have declined over the past few years as the Trustees utilised reserves to maintain the College’s capability during the pandemic, invest in the new CRM, develop software to support the new Clinical Learning in Practice activity, and refurbish the building which the College owns.

Consequently, unrestricted reserves are below the level set by the policy of maintaining reserves equal to 5 months of operating costs: £0.9m (2022: £1.4m) compared to a target of £3.75m.

Designated Reserves were £5.4m (2022: £5.5m).

6

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2023

The College’s cash flow projections show that the College has sufficient resources to enable it to deliver its business plans.

The Trustees have instructed management that the College should re-establish its unrestricted reserves. This will be achieved by delivering surplus outcomes from the 2025–2026 financial year. The College is on track to meet the Trustee instruction.

The Trustees have asked the Audit Committee to review the reserves policy to ensure that it is relevant and appropriate. This work should be completed for the 2023-24 financial statements.

Given the continuing reduction in deficits and the cash flow projection, the Trustees are satisfied that the level of reserves are sufficient to meet any financial uncertainties that the College is likely to encounter.

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 annual budgets are 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.

7

The College of Optometrists

For the year ended 30 September 2023

Trustees’ annual report

The College is governed by its Charter and Byelaws. 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, 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, Member Services and Communications, Policy and Strategy, Education 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 Byelaws 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, either physically or electronically 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.

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The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2023

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 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 2023 was higher than at September 2022, this was in line with market movements. The College did not draw down any investments in 2023.

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:

9

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2023

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.

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 12 March 2024 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 2023 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).

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.

25 March 2024 Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

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

For the year ended 30 September 2023

For the year ended 30 September 2023
Note
Income from:
Donations
Membership
2
Education
3
4
Other trading activities
Investments
Bank Interest
Total Income
Expenditure on:
Raising funds
5
Charitable activities
5
Membership
Education
Research
Total expenditure
7
Net gains / (losses) on investments
Transfer between funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
17
Charitable activities
Net income / (expenditure) before
net gains / (losses) on investments
Research
Net income / (expenditure) for the
year
Net movement in funds		 College
Research
Fund

£
1,370
-
-
-
-
-
-		 Other
Restricted
funds
£
-
-
579,379
143,406
-
-
-		 Unrestricted
funds
£
240
2,932,539
4,861,548
247,250
18,668
122,308
21,199		 2023
£
1,610
2,932,539
5,440,927
390,656
18,668
122,308
21,199		 College
Research
Fund
£
-
-
-
-
-
-
-		 Other
Restricted
funds
£
-
-
579,379
-
-
-
-		 Unrestricted
funds
£
5,923
2,852,512
5,129,125
113,090
4,300
146,736
235		 2022
£
5,923
2,852,512
5,708,504
113,090
4,300
146,736
235
1,370 722,785 8,203,752 8,927,907 - 579,379 8,251,921 8,831,300
-
-
-
-		 -
-
480,896
21,179		 42,776
2,834,961
4,684,199
1,483,616		 42,776
2,834,961
5,165,094
1,504,795		 -
-
-
-		 -
-
666,886
68,631		 45,149
2,251,167
4,868,453
1,190,051		 45,149
2,251,167
5,535,339
1,258,682
- 502,075 9,045,551 9,547,626 - 735,517 8,354,820 9,090,337
1,370
-		 220,710
-		 (841,799)
260,391		 (619,719)
260,391		 -
-		 (156,138)
-		 (102,899)
(504,218)		 (259,037)
(504,218)
1,370
-		 220,710
-		 (581,408)
-		 (359,328)
-		 -
-		 (156,138)
-		 (607,117)
-		 (763,255)
-
1,370
-		 220,710
435,725		 (581,408)
6,996,517		 (359,328)
7,432,242		 -
-		 (156,138)
591,863		 (607,117)
7,603,634		 (763,255)
8,195,497
1,370 656,435 6,415,109 7,072,914 - 435,725 6,996,517 7,432,242

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 18 to the financial statements.

15

The College of Optometrists

Balance Sheet

As at 30 September 2023

As at 30 September 2023
Note
11
12
13
14
15
17
18
Fixed assets
Intangible fixed assets
Tangible fixed assets
Investments
Current assets
Debtors
Cash at bank and in hand
Liabilities
Creditors due within one year
Net current liabilities
Net assets
Funds
Restricted income funds
DOCET
Other restricted funds
Unrestricted income funds:
Designated funds
General funds
Total charity funds		 2023
£
1,871,341
3,357,990
4,431,604		 2022
£
1,867,473
3,396,169
4,200,847
9,660,935 9,464,489
2,239,890
707,916		 816,740
1,047,437
2,947,806
5,535,827		 1,864,177
3,896,424
(2,588,021) (2,032,247)
7,072,914 7,432,242
534,208
123,597		 435,725
-
657,805
5,490,041
925,068		 435,725
5,644,276
1,352,241
6,415,109 6,996,517
7,072,914 7,432,242

Approved by the Trustees on 12 March 2024 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 2023

Cash flows from operating activities
Net (expenditure)
Depreciation charges
Amortisation charges
(Gain)/ (Loss) on investments
Dividends and interest from investments
Investment fees deducted from portfolio
(Increase) in debtors
Increase / (Decrease) in creditors
Dividends and interest from investments
Purchase of tangible fixed assets
Purchase of intangible fixed assets
Sale of fixed asset investments
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 (used in) operating activities		 2023
2022
£
£
(359,328)
(763,255)
174,009
101,314
209,132
162,272
(260,391)
504,218
(122,308)
(146,736)
31,412
35,952
(1,423,150)
(134,863)
1,639,403
(589,571)
(111,220)
(830,669)
122,308
146,736
(135,830)
(849,301)
(213,000)
(315,989)
-
1,000,000
2,390
(2,240)
(228,301)
(20,794)
(339,521)
(851,463)
1,047,438
1,898,898
707,916
1,047,438

17

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2023

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 2023

There are net current liabilities of £2,299,968 as at the balance sheet date (2022: £2,032,247 net current liabilities). This is due to increasing numbers of trainees on the scheme for registration, which increases the amount of cash received in advance of income recognition. At the balance sheet date the College had £4,431,604 of Investments (2022: £4,200,847), which are convertible into cash at 10 working days notice.

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 2023

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 25%
Education 61%
Research 14%

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

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) Intangible fixed assets

Intangible fixed assets include costs of the membership database and website. Costs over £1,000 are capitalised.

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

Website 3-5 years straight line CRM system 10 years

20

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2023

1 Accounting policies (continued)

l) 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.

m) 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.

n) 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.

o) 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.

p) 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 2023

2
Membership
Subscriptions
Total
3
Examination and pre-registration fees
College Conference
Other events and activities
Total
4
Total
Other
Health Departments' funding for DOCET
Publications - OPO
Research
Education		 £
-
Restricted		 Unrestricted
£
2,932,539		 2023
Total
£
2,932,539		 Restricted
£
-		 Unrestricted
£
2,852,512		 2022
Total
£
2,852,512
- 2,932,539 2,932,539 - 2,852,512 2,852,512
£
-
579,379
-
-
Restricted		 Unrestricted
£
4,672,875
-
-
188,673		 2023
Total
£
4,672,875
579,379
-
188,673		 Restricted
£
-
579,379
-
-		 Unrestricted
£
4,837,545
-
221,280
70,300		 2022
Total
£
4,837,545
579,379
221,280
70,300
579,379 4,861,548 5,440,927 579,379 5,129,125 5,708,504
£
-
143,406
Restricted		 Unrestricted
£
165,000
82,250		 2023
Total
£
165,000
225,656		 Restricted
£
-
-		 Unrestricted
£
113,059
31		 2022
Total
£
113,059
31
143,406 247,250 390,656 - 113,090 113,090

22

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2023

5a Analysis of expenditure (current year)

Analysis of expenditure (current year)
Direct Costs
Staff Costs and Temporary Staff (note
8)
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 costs
College Representation
Professional Fees
Building Costs
Bank Charges and Interest
Printing, Postage & Stationery
IT, Telephones and Equipment
Subscriptions and Donations
Insurance
Depreciation
Amortisation
Total Indirect Costs
Total Direct and Indirect Costs
Support\Governance Cost Allocation
Total Expenditure 2023
Total Expenditure 2022		 Raising
Funds
£
-
-
-
-
-
-
-
-		 £
978,994
-
-
289,270
271,780
541,751
-
-
Membership		 Education Research Governance
costs
£
102,429
-
-
-
-
-
-
-		 £
709,670
-
-
-
-
-
-
-
Support costs		 2023
£
3,638,535
2,442,818
196,763
358,492
271,780
639,182
66,949
177,271		 2022
£
3,232,824
2,737,156
548,232
253,042
384,075
515,216
42,951
152,778
Education
£
1,019,332
2,442,818
(22,405)
-
-
-
-
-		 DOCET
£
96,466
-
219,168
37,502
-
-
-
-		 Research
Fund
£
-
-
-
-
-
-
-
-		 Research
£
731,644
-
-
31,720
-
97,431
66,949
177,271
- 2,081,795 3,439,745 353,136 - 1,105,015 102,429 709,670 7,791,790 7,866,274
-
-
-
31,412
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
67,606
-
23,083
-
-
-
-
-
-
-
-		 58,268
-
-
381,970
167,116
69,960
11,902
252,569
53,526
67,991
259,069
311,362		 58,268
67,606
-
436,466
167,116
69,960
11,902
252,569
53,526
67,991
259,069
311,362		 36,901
46,015
-
378,138
169,471
42,299
55,210
171,438
20,179
40,826
101,314
162,272
31,412 - - - - - 90,689 1,633,735 1,755,836 1,224,063
31,412 2,081,795 3,439,745 353,136 - 1,105,015 193,118 2,343,405 9,547,626 9,090,337
11,364 753,166 1,244,454 127,760 - 399,780 (193,118) (2,343,405) - -
42,776 2,834,961 4,684,199 480,896 - 1,504,795 - - 9,547,626 9,090,337
45,149 2,251,167 4,868,453 666,886 - 1,258,682 - -

23

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2023

5b Analysis of expenditure (prior year)

Analysis of expenditure (prior year)
Direct Costs
Staff Costs and Temporary Staff (note 8)
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 costs
College Representation
Professional Fees
Building Costs
Bank Charges and Interest
Printing, Postage & Stationery
IT, Telephones and Equipment
Subscriptions and Donations
Insurance
Depreciation
Amortisation
Total Indirect Costs
Total Direct and Indirect Costs
Support\Governance Cost Allocation
Total Expenditure 2022		 Raising
Funds
£
-
-
-
-
-
-
-
-		 £
779,708
-
-
203,607
384,075
425,217
-
-
Membership		 Education Research Governance
costs
£
72,277
-
-
-
-
-
-
-		 £
591,303
-
-
-
-
-
-
-
Support
costs		 2022
£
3,232,824
2,737,156
548,232
253,042
384,075
515,216
42,951
152,778
Education
£
1,033,045
2,737,156
106,554
-
-
-
-
-		 DOCET
£
89,364
-
441,678
-
-
-
-
-		 Research
Fund
£
-
-
-
-
-
-
-
-		 Research
£
667,127
-
-
49,435
-
89,999
42,951
152,778
- 1,792,607 3,876,755 531,042 - 1,002,290 72,277 591,303 7,866,274
-
-
-
35,952
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
46,015
-
59,062
-
-
-
-
-
-
-
-		 36,901
-
-
283,123
169,471
42,299
55,210
171,438
20,179
40,826
101,314
162,272		 36,901
46,015
-
378,138
169,471
42,299
55,210
171,438
20,179
40,826
101,314
162,272
35,952 - - - - - 105,077 1,083,034 1,224,063
35,952 1,792,607 3,876,755 531,042 - 1,002,290 177,354 1,674,337 9,090,337
9,197 458,560 991,698 135,844 - 256,392 (177,354) (1,674,337) -
45,149 2,251,167 4,868,453 666,886 - 1,258,682 - - 9,090,337

24

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2023

Grant making (Current Year)
Eye Health Research Grants to
institutions
£
-		 Grants to
individuals
£
147,377		 2023
£
147,377
- 147,377 147,377

The College makes grants through 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.

6b Grant making (Prior Year)

Grant making (Prior Year)
Eye Health Research Grants to
institutions
£
-		 Grants to
individuals
£
152,778		 2022
£
152,778
- 152,778 152,778

This is stated after charging:/ crediting

This is stated after charging:/ crediting
2023 2022
£ £
Depreciation 174,009 101,314
Amortisation 209,132 162,272
Operating lease rentals payable 3,561 3,560
Operating lease rentals receivable - Property 19,125 -
Auditors' remuneration (excluding VAT):

Audit - current year		 21,000 23,500

25

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2023

8 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:
Salaries and wages
Redundancy and Termination Costs
Social security costs
Pension contributions
Private health and sickness insurance
Staff costs
Temporary Staff
Staff Costs and Temporary Staff		 2023
£
2,863,527
22,822
315,841
279,309
39,727		 2022
£
2,399,498
-
289,271
242,474
37,969
3,521,226
117,309		 2,969,213
263,612
3,638,535 3,232,824

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


national insurance and pension costs) during the year
between:
2023 2022
No. No.
£60,001 - £70,000 5 2
£70,001 - £80,000 2 1
£80,001 - £90,000 1 4
£90,001 - £100,000 2 -
£105,000 - £110,000 1 -
£120,001 - £130,000 - 1
£130,001 - £140,000 1 0

The total employee benefits (including employer's national insurance contributions and pension contributions) of the key management personnel were £719,856 (2022: £662,624). This does not include any payments to Trustees.

4 Trustees (2022: 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.

None of the trustees are remunerated for their role as a trustee.

26

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2023

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


(cont.)
Kyla Black
Irene Ctori
Colin Davidson
Leon Davis
Edward Mallen
Aleksandra Mankowska
Matt Roney
Gillian Rudduck
Kathryn Saunders
Jonathan Waugh
Trustee Remuneration		 2023
£
108
-
5,337
-
-
108
648
-
-
-		 2022
£
110
110
-
9,000
769
-
432
364
110
327
6,201 11,222

Travel or accommodation expenses of £31,616 were paid directly by the College or reimbursed to 14 Trustees (2022: £21,721 to 14). 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 61 (2022: 55).

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


follows:
Membership
Education
Research and Policy
Support and Governance		 2023
No.
16
19
10
10		 2022
No.
14
18
9
8
55 49

10 Taxation

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

27

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2023

11 Intangible fixed assets

Intangible fixed assets
COST
Additions in year
AMORTISATION
Charge for the year
NET BOOK VALUE
At 30 September 2023
At 30 September 2023
At 30 September 2022
At 1 October 2022
At 30 September 2023
At 1 October 2022		 Software
under
Construction
£
-
213,000		 Website &
CRM
£
2,291,359
-		 Total
£
2,291,359
213,000
213,000 2,291,359 2,504,359
-
-		 423,885
209,132		 423,885
209,132
633,017
- 633,017
213,000 1,658,341 1,871,341
- 1,867,473 1,867,473

All the above assets are used for charitable purposes.

12 Tangible fixed assets

Tangible fixed assets
COST OR VALUATION
Additions in year
DEPRECIATION
Charge for the year
NET BOOK VALUE
At 30 September 2023
At 30 September 2023
At 1 October 2022
At 30 September 2022
At 30 September 2023
At 1 October 2022		 Freehold
land and
property
£
2,611,250
-		 £
444,398
60,844
Building
improvements		 Equipment,
furniture and
computers
£
848,192
74,985		 College
heritage
£
2,137
-		 Library books
£
104,250
-		 Museum
exhibits
£
303,076
-		 Total
£
4,313,304
135,829
2,611,250 505,242 923,177 2,137 104,250 303,076 4,449,133
644,977
-		 57,761
42,810		 214,396
131,199		 -
-		 -
-		 -
-		 917,134
174,009
644,977 100,571 345,595 - - - 1,091,143
1,966,273 404,671 577,582 2,137 104,250 303,076 3,357,990
1,966,273 386,638 633,796 2,137 104,250 303,076 3,396,170

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. A third-party valuation of this land and property was obtained and reviewed by the trustees in 2023.

All the above assets are used for charitable purposes.

28

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2023

13 Listed investments

13
Listed investments
Fair value at 1 October
Additions at cost
Investment fees deducted from portfolio
Disposals in year
Net gain / (loss) on change in fair value
Fair value at 30 September
14
Trade debtors
Other debtors
Prepayments
Accrued income
15
Trade creditors
Grants Payable
Accruals
Taxation and social security costs
Deferred Income
Other creditors
Cash held by investment brokers
Investments are all UK Common investment funds
Creditors : amounts falling due within one year
Debtors		 2023
£
4,196,176
4,169
(31,412)
-
260,391		 2022
£
5,736,346
-
(35,952)
(1,000,000)
(504,218)
4,429,323
2,281		 4,196,176
4,671
4,431,604 4,200,847
2023
£
1,930,571
4,664
139,654
165,000		 2022
£
334,442
12,549
237,931
231,819
2,239,890 816,740
2023
£
576,713
260,711
336,315
107,616
4,215,869
38,604		 2022
£
590,466
380,634
324,269
100,062
2,464,269
36,724
5,535,827 3,896,424

29

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2023

16a Deferred Income (Current Year)

eferred 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
£
488,303
(488,303)
484,271		 Education
Fees
£
1,975,966
(1,975,966)
3,731,598		 2023
£
2,464,269
(2,464,269)
4,215,869
484,271 3,731,598 4,215,869

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

16b 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
£
564,222
(564,222)
488,303		 Education
Fees
£
2,448,867
(2,448,867)
1,975,966		 2022
£
3,013,089
(3,013,089)
2,464,269
488,303 1,975,966 2,464,269

17a Analysis of net assets between funds (current year)

Intangible fixed assets
Tangible fixed assets
Investments
Net current assets / (liabilities)
Net assets at 30 September 2023		 £
-
-
-
657,805
Restricted
funds		 £
1,871,341
3,357,990
-
260,710
Designated
funds		 General funds
£
-
-
4,431,604
(3,506,536)		 2023
Total funds
£
1,871,341
3,357,990
4,431,604
(2,588,021)
657,805 5,490,041 925,068 7,072,914

17b Analysis of net assets between funds (prior year)

Intangible fixed assets
Net assets at 30 September 2022
Investments
Net current assets / (liabilities)
Tangible fixed assets		 £
-
-
-
435,725
Restricted
funds		 £
1,867,473
3,396,169
-
380,634
Designated
funds		 General funds
£
-
-
4,200,847
(2,848,606)		 2022
Total funds
£
1,867,473
3,396,169
4,200,847
(2,032,248)
435,725 5,644,276 1,352,241 7,432,243

30

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2023

18a Movements in funds (current year)

Restricted funds:
Research
DOCET
Total restricted funds
Unrestricted funds:
Designated funds:
Fixed asset fund
Research Fund
Total designated funds
General funds
Total funds
Total unrestricted funds
NIHR		 At 1 October
2022
£
-
-
435,725		 Income and
investment
gains
£
1,370
143,406
579,379		 Expenditure
and
Investment
losses
£
-
(21,179)
(480,896)		 Transfers
£
-
-
-		 At 30
September
2023
£
1,370
122,227
534,208
435,725 724,155 (502,075) - 657,805
5,263,642
380,634		 -
-		 (383,141)
(119,923)		 348,829
-		 5,229,330
260,711
5,644,276
1,352,241		 -
8,464,143		 (503,064)
(8,542,487)		 348,829
(348,829)		 5,490,041
925,068
6,996,517 8,464,143 (9,045,551) - 6,415,109
7,432,242 9,188,298 (9,547,626) - 7,072,914

18b Movements in funds (prior year)

Restricted funds:
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
2021
£
14,485
54,146
523,232		 Income and
investment
gains
£
-
-
579,379		 Expenditure
£
(14,485)
(54,146)
(666,886)		 Transfers
£
-
-
-		 At 30
September
2022
£
-
-
435,725
591,863 579,379 (735,517) - 435,725
4,361,939
291,827		 -
-		 (263,586)
(152,778)		 1,165,290
241,585		 5,263,642
380,634
4,653,766
2,949,868		 -
8,251,921		 (416,364)
(8,442,673)		 1,406,875
(1,406,875)		 5,644,276
1,352,241
7,603,634 8,251,921 (8,859,038) - 6,996,517
8,195,497 8,831,300 (9,594,555) - 7,432,242

31

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2023

18 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.

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. NIHR This is funding received from NIHR for research projects. 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 This represents the value of grants the College has committed to paying. 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. Grants awarded in the year are charged against this fund. Transfers to this are reviewed by Trustees on an annual basis.

19 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 £25,134 to the Fund during the year (2022: £24,000). The College also provides basic accounting services on a pro bono basis.

20 Operating Leases payable as a lessee

Future commitments in respect of operating leases for printers

Future commitments in respect of operating leases for printers
Within one year
Within two - five years
Total commitment		 2023
£
3,561
10,096		 2022
£
3,561
13,657
13,657 17,218

32

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2023

21 Operating lease commitments receivable as a lessor

Amounts Receivable under non-cancellable operating leases are as follows for each of the following periods


periods
Less than one year
One to five years
Over five years
Total receivable		 2023
2022
£
£
70,125
-
376,125
-
-
-
446,250
-
Property
446,250 -

33