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← The College Of Optometrists

2024-09-30-accounts

Charity number: 1060431

The College of Optometrists

Report and financial statements For the year ended 30 September 2024

The College of Optometrists

Contents

For the year ended 30 September 2024

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 12 Statement of financial activities (incorporating an income and expenditure account) .................. 16 Balance sheet ............................................................................................................................... 17 Statement of cashflows ................................................................................................................ 18 Notes to the financial statements ................................................................................................ 19

The College of Optometrists

Reference and administrative information

For the year ended 30 September 2024

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:

Dr Gillian Rudduck President
Professor Leon Davies Chair and Immediate Past President
Dr Aleksandra Mankowska Treasurer
Professor Irene Ctori Vice President
Ms Kyla Black
Mr Colin Davidson Resigned 29 April 2024
Dr George Anthony Gibson Resigned 29 April 2024
Mr Andrew Kitchen
Professor Joy Myint Appointed 29 April 2024
Mr Mark Redhead
Mr Matt Roney
Mr Hassnain Safdar Appointed 29 April 2024
Professor Kathryn Saunders
Dr Mary-Ann Sherratt Resigned 29 April 2024
Ms Kathryn Trimmer Appointed 29 April 2024
Mr Johnathan Waugh Resigned 29 April 2024
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 2024

The trustees present their report and the audited financial statements for the year ended 30 September 2024.

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 72 KPIs (2023: 58) that the SLT set and monitored for the 2023 / 2024 business year, 74% have been achieved (2023: 55%), 15% (2023:45%) are progressing but did not achieve targets/milestones (but are not at a level for significant concern), 3% are significantly behind their targets or milestones and 8% have either not been initiated or are not yet measured, with some metrics not due until after this report is written.

The Senior Leadership Team and trustees believe this represents a credible achievement given the ambitious nature of our business plan. With the three-year business plan in place, ongoing work will continue into the new business year.

Lessons learned regarding the usefulness of the KPIs and milestones set for 2023/24 will continue to be applied to improve those for the next 2024/25 business year, ensuring they are meaningful, measurable, and adaptable.

2

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2024

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.

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.

The trustees, with the Council and Senior Leadership Team, have a started the process of writing the new Strategic Plan, to be in place from October 2025.

Achievements and performance

The College works to a three-year Business Plan, covering the strategic pillars 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.

Membership income totalled £3.14 million for the year ending September 30, 2024 (2023: £2.84m), slightly surpassing the budget The small percentage increase in fees, our first increase in 13 years, did not have a detrimental effect on recruitment nor retention, with very few members citing it as a reason for not renewing. Board and Council have agreed that the same percentage increase will be applied to the 2024/25 year.

Clinical Learning in Practice (CLiP) is the College’s placement programme which is part of the new master’s degrees in optometry. The programme has been shaped by extensive sector consultation to meet the needs of future students and their universities and employers. The College will be facilitating, supporting and quality-assuring CLiP placements and assessing students in the workplace on behalf of our university partners. This will all be supported and monitored through the CLiP Portal. The first phase of the Portal was issued to the College by the developers in April 2024, allowing university partners to import students and trial the logbook with real data. The trial went well and the system went live in October 2024. The second phase is nearly complete and will enable students from the eight CLiP partner universities who began their master’s degrees in 2023 to apply for placements early in 2025.

On behalf of the GOC and our partners, the College delivers SPOKE (Sector Partnership for Optical Knowledge and Education) to support the successful implementation of the new GOC education requirements. The Public Standards Authority’s annual report on the GOC’s performance highlighted SPOKE as a key mechanism for stakeholder engagement with the GOC’s Education and Training Requirements. Our work continues to expand, evidenced by the delivery of SPOKE projects 4 (Supervision Guidance) and 5 (Developing Autonomy in Student Optical Professionals). We have also made progress on SPOKE projects 1 and 2 (Indicative Guidance) for the specialist qualifications (Prescribing and Contact Lens) Hub. The SPOKE Topic of the Month, launched in October 2023, has also been very well received.

3

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2024

Our vibrant CPD programme continues to grow with a mix of new online courses and recorded lectures. All courses, webinars, podcasts, peer review sessions, and events are now fully visible on our website, along with guidance on meeting GOC CPD requirements ahead of the end of cycle which was in December 2024.

The Scheme for Registration has benefited from new frameworks for in-person visits, the Autumn OSCE being held in Liverpool, the launch of Stage 2 rubrics and revamped feedback collection processes to boost trainee engagement.

We are continuously improving our Scheme for Registration and CLiP supervisor support package to enhance the experience for all participants. Key updates include ongoing drop-in sessions and targeted 1:1 support, new podcasts to support anxious trainees, a comprehensive training programme for new, additional, and advanced supervisors, introduction of the Optometric Practice Educator (OptPE) affix and recognition and support for supervisors from other optical professions through our new Associate Membership package.

Following a ministerial request from the Department of Health and Social Care, the College provided clinical leadership for, and endorsed, a Clinical Council for Eye Health Commissioning and LOCSU-led Standard Clinical Specification for community minor and urgent eye care in England. This specification aims to enhance local access to eye care across England by recognising and more effectively utilising the skills of primary care optometrists, including prescribing.

We released national guidance on infectious disease outbreaks (measles, whooping cough and mpox) and issued the fourth edition of the Guidance for Professional Practice.

The College has grown our influencing and public affairs activity, with notable results. Ahead of the Westminster General Election, we published our first manifesto addressing the eye care crisis in England. We urged the new government to prioritise optometrists as primary health professionals, to expand and appropriately fund community eye care services, and to enhance digital connectivity within the NHS to expedite diagnosis and treatment. We have also briefed key policy-makers in both the Westminster government and the shadow cabinet, in relation to both eye care and headlight glare.

The College, in partnership with the Royal College of Ophthalmologists, continued to co-chair a national working group focused on establishing DICOM imaging standards in eye care. Collaborating with manufacturers and NHS England, the group aims to identify and test UK-wide standards to ensure compatibility across all machines. The group has secured NHSE funding for the next two years.

The NIHR funded eLearning for Clinicians Research Skills modules were successfully launched and have begun to be promoted. Members are starting to log into the NIHR platform and complete the modules.

In 2023/24 Docet, a service providing high-quality CPD to all UK-based optometrists, continued to be delivered by the College, under a contract from NHSE but with funding from all four nations. Sadly, with effect from October 2024, Scottish Optometrists will no longer be able to the access the CPD as NHS Scotland, due solely to funding pressures, withdrew from the service.

4

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2024

The project to identify a new IT Support Services Company was completed effectively, and the new company has worked well with the College so far.

With space being freed by the move to hybrid working, the College has begun renting out a floor of its Craven Street building, to Orbis UK Ltd – the UK fundraising arm of the Orbis Flying Eye Hospital. 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.

Additionally, we have switched to a new electricity supplier that provides 100% renewable energy.

Our ongoing data visualisation project, integrating CRM data into Power BI, is crucial for the College. We have demonstrated its benefits by creating a membership dashboard, providing live data and trends to inform our offerings and communications. This advancement significantly improves efficiency, as data that previously took days to extract is now instantly accessible to everyone. The first of our new online communities were launched in early September, alongside the new App.

We maintain a high level of engagement at Board and Council meetings, with an average attendance rate of 80%. This strong participation ensures a high standard of accountability and effectively propels the College towards achieving its goals.

Enhancements to the College’s staff appraisal system have been developed and implemented to support the performance element of the new pay scheme. Data from our regular staff surveys has shown an increase in staff satisfaction: support to develop career has increased by 12.5% points, opportunities to develop and grow by 12% points and support and training to do the job by 6% points.

Our EDI strategy was developed, approved by trustees and published. 85% of respondents to our staff survey continue to positively indicate we are an inclusive employer. We have selected an external partner called ENEI to work with the College to help secure external EDI accreditation.

Financial review

The College had a surplus for the year of £518,448 (2023: Deficit of £359,328). The 2024 result was a significant improvement over the 2023 result, with both operational and investment performance improving. Investments generated a surplus of £673,308 (2023:£260,391) with College operations improving from a deficit of £619,720 in 2023 to a 2024 deficit of £154,860. An operating deficit was expected as the trustees set a deficit budget to fund plans to improve engagement with and deliver longterm benefits for members. The operating deficit was significantly less than budgeted due to improvements in the Membership Support and Communications Department.

The improvement in financial performance is in line with a trustee direction to achieve a break even operating outturn for the 2024/25 year with small annual surpluses thereafter.

Restricted reserves showed a significant movement, from £657,805 to £182,319, as a higher level of Docet activity was undertaken during the year.

5

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2024

Cash improved, ending the year at £1,032,103 (2023: £707,916), with investments totalling £5,072,449 (2023: £4,431, 604). Investments can be converted into cash quickly if required.

Cash was higher than forecast due to a reduction in capital expenditure, better than budgeted operational outturn and the issue with a debtor noted in last year’s accounts being resolved.

Memberships are due for renewal on 1st October each year and the 2024 renewals are proving to be resilient.

The College continues to develop a strategic membership plan to support all members as well as introducing Associate Memberships, to allow wider access to our CPD courses and enable improved oversight of non-Optometrist Scheme for Registration supervisors, as required by last year’s GOC audit of the Scheme.

When looking at Note 17a, analysis of group net assets between funds, it can be seen that general funds show net current liabilities of £2,836,960 (2023: £3,506,536). 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 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. In 2024 there was a full review of the College’s risk position, led by the Audit Committee. The previous full review was in 2021. The Committee discussed the College Strategic Risk Register, format and contents, and the process by which risk is managed at the operational level via specific project or programme level risk registers. Additionally all Board papers include a risks section setting out the risks and mitigations associated with the recommendation(s) in the paper. The risk appreciations in the papers are based on the individual operational risk registers held for each project.

The Audit Committee concluded that the Registers were complete as presented and all the risks identified were appropriately understood and mitigated. This has subsequently been considered and agreed by trustees. The next full review is due in the Summer of 2026.

The major strategic risks facing the College are: Number and composition of membership, lack of diversity of income, regulatory compliance, loss of reputation through clinical errors and not seizing opportunities when they present themselves because of an overly strong risk averse culture.

6

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2024

A previous high risk - a poor implementation of the Clinical Learning in Practice project – has been reduced to a much lower level due to the good management of the project.

Project and programme risks are discussed regularly by the Senior Leadership Team.

Reserves policy and going concern

Prior to 2023 – 24, unrestricted reserves declined over the past few years as 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.

The surplus in 2023-24 has started to reverse the reduction in unrestricted reserves, in line with trustee instruction to have a balanced operating outturn in 2024-25 and slight operating surpluses thereafter. Some of the improvement arose after a reconciliation of the restricted funds contract identified that some College direct costs should have been charged to contract and not to College general funds.

The trustees reviewed their reserves policy in 2024 and amended it from maintaining reserves equal to 5 months of operating costs to a policy of having free and tangible designated reserves in a range, between £4.3m to £6.0m. This range is based on having sufficient liquid reserves that would allow the College to mitigate or overcome financial shocks, or take advantage of opportunities.

As at 30 September 2024 the reserves policy showed reserves of £m

Free:
Designated (excluding intangibles):		 2.24
3.28
5.52

£5.52m complies with the reserves policy.

Full details of the College’s reserves are in Note 18.

The College’s cash flow projections show that the College has sufficient resources to enable it to deliver its business plans and to continue as a going concern.

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

Given the current level of free and tangible designated reserves, 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.

7

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2024

Fundraising

The College only periodically fundraises, through its members to fund Research.

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 works to a five-year strategic plan based on 4 strategic pillars:

The strategic plan informs a rolling three-year business plan, from which the annual budgets are developed.

The current strategic plan expires in September 2025 and the production of a new plan is in process.

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 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 regularly adopts 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

8

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2024

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 is one co-opted trustee.

The Chief Executive is supported in the management of the College by six executive directors heading departmental activity under Finance, IT and Facilities, Human Resources, Member Services and Communications, Policy and Strategy, Education, and Knowledge 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.

Related parties and relationships with other organisations

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 has previously donated £2 from members’ subscriptions annually to the Benevolent Fund. After a review of the Benevolent Fund's financial position, it was decided that a donation was not required in 2023-2024 (2023: £25,134) and that the funds could be used for member benefit elsewhere by the College.

The College continued to reimburse expenses for the College nominated trustees, as well as providing, on a pro bono basis, meeting space, bookkeeping services, management accounts and draft statutory accounts. The College is also active in promoting the Fund.

One of trustee of the European Academy of Optometry and Optics is nominated by the College. The current nominee is not trustee of the College. The College has made a loan of £20,000.

9

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2024

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 2024 was higher than at September 2023, this was in line with market movements. The College did not draw down any investments in 2023 - 2024.

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.

10

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2024

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 19 March 2025 and signed on their behalf by

Professor Leon Davies

Chair

11

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 2024 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.

12

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.

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

13

Independent auditor’s report

To the trustees of

The College of Optometrists

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:

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

14

Independent auditor’s report

To the trustees of

The College of Optometrists

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.

27 March 2025

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

15

The College of Optometrists

Statement of financial activities

For the year ended 30 September 2024

For the year ended 30 September 2024
Not
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
e
£
858
-
-
-
-
-
-		 Other
Restricted
funds
£
-
-
579,379
-
-
-
-		 Unrestricted
funds
£
232
3,138,587
5,929,947
258,184
105,053
133,755
79,646		 2024
£
1,090
3,138,587
6,509,326
258,184
105,053
133,755
79,646		 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
858 579,379 9,645,404 10,225,641 1,370 722,785 8,203,752 8,927,907
-
-
-
-		 -
-
943,716
10,189		 42,761
1,572,884
6,463,824
1,347,127		 42,761
1,572,884
7,407,540
1,357,316		 -
-
-
-		 -
-
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
- 953,905 9,426,596 10,380,501 - 502,075 9,045,551 9,547,626
858
-		 (374,526)
-		 218,808
673,308		 (154,860)
673,308		 1,370
-		 220,710
-		 (841,799)
260,391		 (619,719)
260,391
858
-		 (374,526)
(101,818)		 892,116
101,818		 518,448
-		 1,370
-		 220,710
-		 (581,408)
-		 (359,328)
-
858
1,370		 (476,344)
656,435		 993,934
6,415,109		 518,448
7,072,914		 1,370
-		 220,710
435,725		 (581,408)
6,996,517		 (359,328)
7,432,242
2,228 180,091 7,409,043 7,591,362 1,370 656,435 6,415,109 7,072,914

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.

16

The College of Optometrists

Balance Sheet

As at 30 September 2024

As at 30 September 2024
Note
Fixed assets
Intangible fixed assets
11
Tangible fixed assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Liabilities
15
17
Funds
18
Restricted income funds
DOCET
Other restricted funds
Unrestricted income funds:
Designated funds
General funds
Total charity funds
Creditors due within one year
Net current liabilities
Net assets		 2024
£
1,897,141
3,276,413
5,072,449		 2023
£
1,871,341
3,357,990
4,431,604
10,246,003 9,660,935
2,178,704
1,032,103		 2,239,890
707,916
3,210,807
5,865,448		 2,947,806
5,535,827
(2,654,641) (2,588,021)
7,591,362 7,072,914
169,871
12,448		 534,208
123,597
182,319
5,406,309
2,002,734		 657,805
5,490,041
925,068
7,409,043 6,415,109
7,591,362 7,072,914

Approved by the Trustees on 19 March 2025 and signed on their behalf by

Dr Aleksandra Mankowska

17

The College of Optometrists

Statement of cash flows

For the year ended 30 September 2024

For the year ended 30 September 2024
Cash flows from operating activities
Net income / (expenditure)
Depreciation charges
Amortisation charges
Gains on investments
Dividends and interest from investments
Investment fees deducted from portfolio
Decrease / (Increase) in debtors
Increase / (Decrease) in creditors
Dividends and interest from investments
Purchase of tangible fixed assets
Purchase of intangible fixed assets
Decrease 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 / (used in) operating activities		 2024
£
518,448
179,213
211,465
(673,308)
(133,755)
32,463
61,186
328,478		 2023
£
(359,328)
174,009
209,132
(260,391)
(122,308)
31,412
(1,423,150)
1,639,403
524,190
133,755
(97,636)
(237,264)
1,143		 (111,220)
122,308
(135,830)
(213,000)
2,390
(200,002)
324,188
707,916		 (228,301)
(339,521)
1,047,438
1,032,103 707,916

18

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

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.

19

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

1 Accounting policies (continued)

There are net current liabilities of £2,654,641 as at the balance sheet date (2023: £2,588,021 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 £5,072,449 of Investments (2023: £4,431,604), 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.

20

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

1 Accounting policies (continued)

i) Allocation of support and governance costs

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

21

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

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.

22

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

Membership
2024 2023
Restricted Unrestricted Total Restricted Unrestricted Total
£ £ £ £ £ £
Subscriptions - 3,138,587 3,138,587 - 2,932,539 2,932,539
Total - 3,138,587 3,138,587 - 2,932,539 2,932,539
3
Education
Examination and pre-registration fees
College Events
Other events and activities
Total
4
Total
Other
Health Departments' funding for DOCET
Publications - OPO
Research		 £
-
579,379
-
-
Restricted		 Unrestricted
£
5,298,448
-
374,359
257,140		 2024
Total
£
5,298,448
579,379
374,359
257,140		 Restricted
£
-
579,379
-
-		 Unrestricted
£
4,672,875
-
-
188,673		 2023
Total
£
4,672,875
579,379
-
188,673
579,379 5,929,947 6,509,326 579,379 4,861,548 5,440,927
£
-
-
Restricted		 Unrestricted
£
232,446
25,738		 2024
Total
£
232,446
25,738		 Restricted
£
-
143,406		 Unrestricted
£
165,000
82,250		 2023
Total
£
165,000
225,656
- 258,184 258,184 143,406 247,250 390,656

23

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

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
Clinical 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 2024
Total Expenditure 2023		 Raising
Funds
£
-
-
-
-
-
-
-
-		 £
661,271
-
-
219,569
313,257
-
-
Membership		 Education Policy &
Research
£
834,690
-
-
30,848
-
43,469
41,078
80,358		 Governance
costs
£
105,591
-
-
-
-
-
-
-		 £
836,958
-
-
-
-
-
-
-
Support costs		 2024
£
3,900,763
3,282,659
507,172
320,165
301,800
356,726
41,078
80,358		 2023
£
3,638,535
2,442,818
196,763
358,492
271,780
639,182
66,949
177,271
Education
£
1,277,905
3,282,659
44,820
-
301,800
-
-
-		 DOCET
£
184,347
-
462,352
69,747
-
-
-
-
- 1,194,097 4,907,185 716,447 1,030,443 105,591 836,958 8,790,720 7,791,790
-
-
-
32,463
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
108,839
-
45,243
-
-
-
-
28,156
-
-
-		 54,509
-
-
213,759
164,107
72,120
13,684
400,358
19,417
46,446
179,214
211,465		 54,509
108,839
-
291,465
164,107
72,120
13,684
400,358
47,573
46,446
179,214
211,465		 58,268
67,606
-
436,466
167,116
69,960
11,902
252,569
53,526
67,991
259,069
311,362
32,463 - - - - 182,238 1,375,080 1,589,781 1,755,836
32,463 1,194,097 4,907,185 716,447 1,030,443 287,829 2,212,037 10,380,501 9,547,626
10,298 378,787 1,556,639 227,269 326,873 (287,829) (2,212,037) - -
42,761 1,572,884 6,463,824 943,716 1,357,316 - - 10,380,501 9,547,626
42,776 2,834,961 4,684,199 480,896 1,504,795 - -

24

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

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
Clinical 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		 Raising
Funds
£
-
-
-
-
-
-
-
-		 £
978,994
-
-
289,270
271,780
541,751
-
-
Membership		 Education Policy &
Research
£
731,644
-
-
31,720
-
97,431
66,949
177,271		 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
Education
£
1,019,332
2,442,818
(22,405)
-
-
-
-
-		 DOCET
£
96,466
-
219,168
37,502
-
-
-
-
- 2,081,795 3,439,745 353,136 1,105,015 102,429 709,670 7,791,790
-
-
-
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
31,412 - - - - 90,689 1,633,735 1,755,836
31,412 2,081,795 3,439,745 353,136 1,105,015 193,118 2,343,405 9,547,626
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

25

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

Grant making (Current Year)
Eye Health Research Grants to
institutions
£
-		 Grants to
members
£
6,020		 2024
£
6,020
- 6,020 6,020

The College provided small grants to members to help with their research activities

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

This is stated after charging:/ crediting

This is stated after charging:/ crediting
2024 2023
£ £
Depreciation 179,213 174,009
Amortisation 211,465 209,132
Operating lease rentals payable 3,776 3,561
Operating lease rentals receivable - Property 70,125 19,125
Auditors' remuneration (excluding VAT):

Audit - current year		 22,000 21,000

26

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

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		 2024
£
3,170,443
4,781
355,361
306,953
46,607		 2023
£
2,863,527
22,822
315,841
279,309
39,727
3,884,145
16,618		 3,521,226
117,309
3,900,763 3,638,535

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:
2024 2023
No. No.
£60,001 - £70,000 4 5
£70,001 - £80,000 4 2
£80,001 - £90,000 1 1
£90,001 - £100,000 3 2
£105,000 - £110,000 - 1
£120,001 - £130,000 - -
£130,001 - £140,000 1 1

The total employee benefits (including employer's national insurance contributions and pension contributions) of the key management personnel were £793,326 (2023: £719,856).

8 Trustees (2023:4 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.

27

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

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


(cont.)
Kyla Black
Colin Davidson
Aleksandra Mankowska
Joy Myint
Matt Roney
Hassnain Safdar
Kathryn Saunders
Kathryn Trimmer
Jonathan Waugh
Payment of fees to Trustees for non Trustee services		 2024
£
330
8,132
-
1,060
770
364
500
71
453		 2023
£
108
5,337
108
-
648
-
-
-
-
11,680 6,201

Travel or accommodation expenses of £28,250 were paid directly by the College or reimbursed to 16 Trustees (2023: £31,616 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 67 (2023: 61).

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		 2024
No.
16
20
12
12		 2023
No.
16
19
10
10
60 55

10 Taxation

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

28

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

11 Intangible fixed assets

COST
Additions in year
AMORTISATION
Charge for the year
NET BOOK VALUE
At 30 September 2024
At 30 September 2023
At 1 October 2023
At 30 September 2024
At 1 October 2023
At 30 September 2024		 Software under
Construction
£
213,000
190,608		 Website & CRM
£
2,291,359
46,656		 Total
£
2,504,359
237,264
403,608 2,338,015 2,741,623
-
-		 633,017
211,465		 633,017
211,465
- 844,482 844,482
403,608 1,493,533 1,897,141
213,000 1,658,341 1,871,341

All the above assets are used for charitable purposes.

Tangible fixed assets
COST OR VALUATION
Additions in year
DEPRECIATION
Charge for the year
NET BOOK VALUE
At 30 September 2023
At 30 September 2024
At 1 October 2023
At 30 September 2024
At 30 September 2024
At 1 October 2023		 Freehold land
and property
£
2,611,250
-		 £
505,242
51,200
Building
improvements		 Equipment,
furniture and
computers
£
923,177
46,436		 College
heritage
£
2,137
-		 Library books
£
104,250
-		 Museum
exhibits
£
303,076
-		 Total
£
4,449,133
97,636
2,611,250 556,442 969,613 2,137 104,250 303,076 4,546,769
644,977
-		 100,571
49,004		 345,595
130,209		 -
-		 -
-		 -
-		 1,091,143
179,213
644,977 149,575 475,804 - - - 1,270,356
1,966,273 406,867 493,809 2,137 104,250 303,076 3,276,413
1,966,273 404,671 577,582 2,137 104,250 303,076 3,357,990

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, and they remain satisfied that there is no indication of impairment and that the value at which the property is held in the accounts is exceeded by its market value.

All the above assets are used for charitable purposes.

29

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

13 Listed investments

13
Listed investments
Fair value at 1 October
Additions at cost
Investment fees deducted from portfolio
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
Investments are all UK Common investment funds
Creditors : amounts falling due within one year
Debtors
Cash held by investment brokers		 2024
£
4,431,604
4,496
(32,463)
667,674
5,071,311
1,138
5,072,449
2024
£
1,612,671
1,511
347,634
216,888
2,178,704
2024
£
409,622
232,756
399,710
92,509
4,658,134
72,717
5,865,448		 2023
£
4,196,176
4,169
(31,412)
260,391
4,429,323
2,281
4,431,604
2023
£
1,930,571
4,664
139,654
165,000
2,239,890
2023
£
576,713
260,711
336,315
107,616
4,215,869
38,604
5,535,827

30

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

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
£
484,271
(484,271)
539,805		 Education
Fees
£
3,731,598
(3,731,598)
4,118,329
4,118,329		 2024
£
4,215,869
(4,215,869)
4,658,134
539,805 4,658,134

Deferred income relates to subscriptions for membership received before the year end. It also relates to advance payment of examination 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
£
488,303
(488,303)
484,271		 Education
Fees
£
1,975,966
(1,975,966)
3,731,598
3,731,598		 2023
£
2,464,269
(2,464,269)
4,215,869
484,271 4,215,869

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

2024
Restricted
funds		 Designated
funds		 General funds Total funds
£ £ £ £
Intangible fixed assets - 1,897,141 - 1,897,141
Tangible fixed assets - 3,276,413 - 3,276,413
Investments - - 5,072,449 5,072,449
Net current assets / (liabilities) 182,319 232,756 (3,069,716) (2,654,641)
Net assets at 30 September 2024 182,319 5,406,309 2,002,734 7,591,362

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

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

31

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

For theyear ended 30 September 2024 For theyear ended 30 September 2024
18a
At 1 October
2023
£
Restricted funds:
Research
1,370
122,227
DOCET
534,208
Total restricted funds
657,805
Unrestricted funds:
Designated funds:
Fixed asset fund
5,229,330
Research Fund
260,711
Total designated funds
5,490,041
General funds
925,068
6,415,109
Total funds
7,072,914
18b
At 1 October
2022
£
Restricted funds:
Research
-
-
DOCET
435,725
Total restricted funds
435,725
Unrestricted funds:
Designated funds:
Fixed asset fund
5,263,642
Research Fund
380,634
Total designated funds
5,644,276
General funds
1,352,241
6,996,517
Total funds
7,432,242
Total unrestricted funds
NIHR
Movements in funds (current year)
Movements in funds (prior year)
NIHR
Total unrestricted funds		 Income and
investment
gains
£
858
-
579,379		 Expenditure
and
Investment
losses
£
-
(10,189)
(943,716)		 Transfers
£
-
(101,818)
-
(101,818)
334,901
-
334,901
(233,083)
101,818
-
Transfers
£
-
-
-
-
348,829
-
348,829
(348,829)
-
-		 At 30
September
2024
£
2,228
10,220
169,871
657,805 580,237 (953,905) 182,319
5,229,330
260,711		 -
-		 (390,678)
(27,955)		 5,173,553
232,756
5,490,041
925,068		 -
10,318,712		 (418,633)
(9,007,963)		 5,406,309
2,002,734
6,415,109 10,318,712 (9,426,596) 7,409,043
7,072,914 10,898,949 (10,380,501) 7,591,362
Income and
investment
gains
£
1,370
143,406
579,379		 Expenditure
£
-
(21,179)
(480,896)		 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)		 5,229,330
260,711
5,644,276
1,352,241		 -
8,464,143		 (503,064)
(8,542,487)		 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

32

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

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 The Directorate for Optometric Continuing Education and Training (DOCET), provides free CPD courses for all optometrists. The services are delivered by the College under a contract with NHS England, under Section 98 of the Care Act 2014. There are proportional financial contributions from the four Health Departments of the United Kingdom. NIHR This is the balance of funding received from NIHR for research projects. The transfer this year represents costs relating to the NIHR projects and their administration which had in error been charged to unrestricted funds in previous years.

Purposes of designated funds

Fixed assets fund This represents the net book value of fixed assets held by the College. Depreciation and amortisation 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 and matches the value of the grants payable creditor. 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 and the reduction in the fund represents grant payments made. 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 has previously donated £2 from members’ subscriptions annually to the Benevolent Fund. After a review of the Benevolent Fund's financial position, it was decided that a donation was not required in 2023-2024 (2023: £25,134) and that the funds could be used for member benefit elsewhere by the College.

The College continued to reimburse expenses for the College nominated trustees, as well as providing, on a pro bono basis, meeting space, bookkeeping services, management accounts and draft statutory accounts. The College is also active in promoting the Fund.

33

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2024

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		 2024
£
3,776
6,608
10,384		 2023
£
3,561
10,096
13,657

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
Total receivable		 2024
2023
£
£
70,125
70,125
114,750
376,125
184,875
446,250
Property
446,250

34