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2025-09-30-accounts

Charity number: 1060431

The College of Optometrists

Report and financial statements For the year ended 30 September 2025

The College of Optometrists

Contents

For the year ended 30 September 2025

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 10 Statement of financial activities (incorporating an income and expenditure account) ................... 14 Balance sheet ............................................................................................................................... 15 Statement of cashflows ................................................................................................................ 16 Notes to the financial statements ................................................................................................. 17

The College of Optometrists

Reference and administrative information

For the year ended 30 September 2025

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 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
Mr Andrew Kitchen
Mr Mark Redhead
Professor Kathryn Saunders
Professor Irene Ctori
Ms Kyla Black
Mr Matt Roney
Mr Hassnain Safdar
Professor Joy Myint
Ms Kathryn Trimmer
Mr Lewes James Hambrey Appointed 29 April 2025
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 2025

The trustees present their report and the audited financial statements for the year ended 30 September 2025.

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 75 KPIs (2024: 72) that the SLT set and monitored for the 2024 / 2025 business year, 71% have been achieved (2024: 74%), 23% (2024:15%) are progressing but did not achieve targets/milestones (but are not at a level for significant concern), 2% (2024: 3%) are significantly behind their targets or milestones and 5% (2024: 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 these outcomes continue to represent a credible achievement given the ambitious nature of our business plan.

The Trustees have set a new five -year strategy (for 2025-2030) and an associated three-year annual business plan which will incorporate any outstanding or continuing activities and associated KPIs have been rolled forward into the new plan.

2

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2025

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.

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.

Financial review

The College had a deficit for the year of £5,945 (2024: Surplus £518,448). The 2025 result was a significant negative outturn compared to 2024. This was mainly due to a reduction in Membership income and a significant increase in the costs of delivering the Scheme for Registration (SfR). In particular the replacement of a virtual assessment with a face-to-face assessment increased costs but did improve trainee pass rates.

The cost budgets for the 2025-26 SfR costs have been reviewed and savings have been made where possible, however there will need to be an increase in Scheme for Registration fees to reflect the higher costs and the reducing numbers of trainees (increasing per capita costs) as the Clinical Learning in Practice programme replaces the SfR.

Membership income totalled £3.35 million for the year ended September 30, 2025 (2024: £3.14m), slightly under budget, contributing to the deficit.

Memberships are due for renewal on 1st October each year and the 2025 renewals are proving to be resilient.

The College continues to develop a strategic membership plan to support all members as well as having introduced Associate Memberships in 2024, to allow wider access to our CPD courses and enable improved oversight of non-Optometrist supervisors.

3

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2025

The other Departments at the College returned positive variances compared to budget, although as they have small budgets compared to Education and Membership, the effect was immaterial on the overall deficit.

Investments generated a surplus of £308,960 (2024:£673,308). Last year’s investment gain did benefit from a recovery from the losses in 2023.

Cash declined, ending the year at £937,192 (2024:£1,032,103), with investments totalling £5,352,949 (2024: £5,072,449). Investments can be converted into cash quickly if required.

When looking at Note 17a, analysis of group net assets between funds, it can be seen that general funds show net current liabilities of £2,913,699 (2024:£2,836,960). This negative 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 will be 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.

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

4

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2025

Reserves policy and going concern

Prior to 2023–24, unrestricted reserves declined 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 reversed the reduction in unrestricted reserves, in line with trustee instruction to have a balanced operating outturn in 2024-25. The 2024-25 year reverted to an operating deficit balanced by a gain on investments, resulting in a very small overall deficit. So the effect on reserves was immaterial.

The Docet restricted reserves were fully used in 2024-2025 in meeting its 2024-25 activities.

The Trustees reviewed their reserves policy in 2023-2024 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[th] September 2025 the reserves policy showed reserves of £m

Free:
Designated (excluding intangibles):		 2.66
3.09
5.75

£5.75m complies with the reserves policy.

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 increase its free reserves. This will be achieved by delivering operating surpluses from the 2027–2028 financial year. The College is on track to meet the trustee instruction.

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

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.

5

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2025

The College did not use professional fundraisers nor commercial participators in 2024-25. 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.

In 2025-26 the College recruited a Sponsorship and Fundraising Manager. Initially this member of staff is concentrating on raising sponsorship for the College’s events and accessing grants to support the College’s research activity. However it is intended that the post will move into general fundraising and consequently the College will register with the Fundraising Regulator as and when appropriate.

Plans for the future

The College instituted a new five-year strategic plan in October 2025, which sets out its vision “to eliminate preventable sight loss”. The strategy is based on 4 strategic pillars:

With four Foundations:

The strategic plan informs a rolling three-year business plan, from which the annual budgets are developed, with the work to deliver the Plan being organised in cross-departmental workstreams, each led by a director.

The College has transitioned to a new accounting system – Sage Intacct – which enables budgeting by both departments and workstreams.

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.

6

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2025

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 abide by 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 and up to three persons co-opted as Trustees subject to the approval of the Council. The Chair of the Board is appointed and serves for an initial term of 3 years (renewable for a further 3 years). 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, Membership Marketing 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 virtually 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.

7

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2025

After a review of the Benevolent Fund's financial position, it was decided that a donation of £10,000 to the Fund would be accrued for in these accounts (2024:£ nil).

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 the trustees of the European Academy of Optometry and Optics is nominated by the College. The current nominee is not a trustee of the College.

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 Chief Executive and Directors’ level of pay as that applied to all other employees of the College.

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 2025 was higher than at September 2024, this was in line with market movements. The College did not draw down any investments in 2024-25.

8

The College of Optometrists

Trustees’ annual report

For the year ended 30 September 2025

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.

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 7[th] May 2026 and signed on their behalf by

Professor Leon Davies

Chair

9

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 2025 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.

10

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.

11

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:

12

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.

20 May 2026

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

13

The College of Optometrists

Statement of financial activities

For the year ended 30 September 2025

For the year ended 30 September 2025
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 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
£
4,698
-
-
-
-
-
-		 Other
Restricted
funds
£
-
-
526,379
-
-
-
-		 Unrestricted
funds
£
215
3,346,773
5,957,379
244,832
85,026
126,965
89,023		 2025
£
4,913
3,346,773
6,483,758
244,832
85,026
126,965
89,023		 College
Research
Fund
£
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
4,698 526,379 9,850,212 10,381,290 858 579,379 9,645,404 10,225,641
-
-
-
-		 -
-
703,001
10,220		 37,831
1,665,835
6,792,664
1,486,645		 37,831
1,665,835
7,495,664
1,496,865		 -
-
-
-		 -
-
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
- 713,221 9,982,974 10,696,195 - 953,905 9,426,596 10,380,501
4,698
-		 (186,842)
-		 (132,762)
308,960		 (314,905)
308,960		 858
-		 (374,526)
-		 218,808
673,308		 (154,860)
673,308
4,698
-		 (186,842)
6,751		 176,198
(6,751)		 (5,945)
-		 858
-		 (374,526)
(101,818)		 892,116
101,818		 518,448
-
4,698
2,228		 (180,091)
180,091		 169,447
7,409,043		 (5,945)
7,591,362		 858
1,370		 (476,344)
656,435		 993,934
6,415,109		 518,448
7,072,914
6,926 - 7,578,490 7,585,417 2,228 180,091 7,409,043 7,591,362

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.

14

The College of Optometrists

Balance Sheet

As at 30 September 2025

As at 30 September 2025
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		 2025
£
1,829,213
3,139,568
5,352,949		 2024
£
1,897,141
3,276,413
5,072,449
10,321,730 10,246,003
2,134,306
937,192		 2,178,704
1,032,103
3,071,497
5,807,810		 3,210,807
5,865,448
(2,736,313) (2,654,641)
7,585,417 7,591,362
-
6,926		 169,871
12,448
6,926
5,139,241
2,439,250		 182,319
5,406,309
2,002,734
7,578,491 7,409,043
7,585,417 7,591,362

Approved by the Trustees on 7 May 2026 and signed on their behalf by

Aleksandra Mankowska Treasurer

15

The College of Optometrists

Statement of cash flows

For the year ended 30 September 2025

For the year ended 30 September 2025
Cash flows from operating activities
Net (expenditure) / income
Depreciation charges
Amortisation charges
Gains on investments
Dividends and interest from investments
Investment fees deducted from portfolio
Decrease in debtors
(Decrease) / increase 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 operating activities		 2025
£
(5,945)
171,494
258,858
(308,960)
(126,965)
28,460
44,398
(57,638)		 2024
£
518,448
179,213
211,465
(673,308)
(133,755)
32,463
61,186
328,478
3,701
126,965
(34,649)
(190,930)
3		 524,191
133,755
(97,636)
(237,264)
1,143
(98,611)
(94,910)
1,032,103		 200,002
324,188
707,916
937,192 1,032,103

16

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

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).

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.

17

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

1 Accounting policies (continued)

There are net current liabilities of £2,736,313 as at the balance sheet date (2024: £2,654,641 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 £5,352,949 of Investments (2023: £5,072,449), 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.

18

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

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 CLiP system 10 years

19

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

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.

20

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

2
Membership
Subscriptions
Total
3
Examination and pre-registration fees
College Events
Other events and activities
Total
4
Total
Other
Health Departments' funding for DOCET
Publications - OPO
Research
Education		 £
-
Restricted		 Unrestricted
£
3,346,773		 2025
Total
£
3,346,773		 Restricted
£
-		 Unrestricted
£
3,138,587		 2024
Total
£
3,138,587
- 3,346,773 3,346,773 - 3,138,587 3,138,587
£
-
526,379
-
-
Restricted		 Unrestricted
£
5,571,158
-
-
386,221		 2025
Total
£
5,571,158
526,379
-
386,221		 Restricted
£
-
579,379
-
-		 Unrestricted
£
5,298,448
-
374,359
257,140		 2024
Total
£
5,298,448
579,379
374,359
257,140
526,379 5,957,378 6,483,758 579,379 5,929,947 6,509,326
£
-
-
Restricted		 Unrestricted
£
243,826
1,006		 2025
Total
£
243,826
1,006		 Restricted
£
-
-		 Unrestricted
£
232,446
25,738		 2024
Total
£
232,446
25,738
- 244,832 244,832 - 258,184 258,184

21

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

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
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 2025
Total Expenditure 2024		 Raising
Funds
£
-
-
-
-
-
-
-
-		 £
705,549
-
-
225,198
322,443
-
-
Membership		 Education Policy &
Research
£
877,419
-
-
40,122
-
67,631
54,960
85,944		 Governance
costs
£
110,787
-
-
-
-
-
-
-		 £
867,117
-
-
-
-
-
-
-
Support costs		 2025
£
4,134,656
3,454,112
384,712
299,744
191,877
390,074
54,960
85,944		 2024
£
3,900,763
3,282,659
507,172
320,165
301,800
356,726
41,078
80,358
Education
£
1,405,343
3,454,112
58,718
-
191,877
-
-
-		 DOCET
£
168,442
-
325,995
34,424
-
-
-
-
- 1,253,190 5,110,050 528,860 1,126,076 110,787 867,117 8,996,080 8,790,720
-
-
28,460
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-		 -
86,995
32,076
-
-
-
-
21,009
-
-
-		 70,018
-
106,324
165,790
67,163
7,790
611,537
20,034
52,566
171,494
258,858		 70,018
86,995
166,859
165,790
67,163
7,790
611,537
41,043
52,566
171,494
258,858		 54,509
108,839
291,465
164,107
72,120
13,684
400,358
47,573
46,446
179,214
211,465
28,460 - - - - 140,080 1,531,574 1,700,113 1,589,781
28,460 1,253,190 5,110,050 528,860 1,126,076 250,868 2,398,691 10,696,195 10,380,501
9,371 412,645 1,682,614 174,141 370,789 (250,868) (2,398,691) - -
37,831 1,665,835 6,792,664 703,001 1,496,865 - - 10,696,195 10,380,501
42,761 1,572,884 6,463,824 943,716 1,357,316 - -

22

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

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
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		 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
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
-
-
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
32,463 - - - - 182,238 1,375,080 1,589,781
32,463 1,194,097 4,907,185 716,447 1,030,443 287,829 2,212,037 10,380,501
10,298 378,787 1,556,639 227,269 326,873 (287,829) (2,212,037) 10,380,501
42,761 1,572,884 6,463,824 943,716 1,357,316

23

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

Grant making (Current Year)
he year ended 30 September 2025
Eye Health Research Grants to
institutions
£
-		 Grants to
members
£
-		 2025
£
-
- - -

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
£
6,020		 2024
£
6,020
- 6,020 6,020

This is stated after charging:/ crediting

This is stated after charging:/ crediting
2025 2024
£ £
Depreciation 171,494 179,213
Amortisation 258,858 211,465
Operating lease rentals payable 3,827 3,776
Operating lease rentals receivable - Property 82,850 70,125
Auditors' remuneration (excluding VAT):

Audit - current year		 23,100 22,000

24

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

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		 2025
£
3,352,884
-
400,960
312,348
54,631		 2024
£
3,170,443
4,781
355,361
306,953
46,607
4,120,824
13,832		 3,884,145
16,618
4,134,656 3,900,763

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:
2025 2024
No. No.
£60,001 - £70,000 4 4
£70,001 - £80,000 4 4
£80,001 - £90,000 3 1
£90,001 - £100,000 2 3
£100,001 - £110,000 1 -
£120,001 - £130,000 - -
£130,001 - £140,000 - -
£140,001 - £150,000 1 1

The total employee benefits (including employer's national insurance contributions and pension contributions) of the key management personnel were £846,902 (2024: £793,326).

4 Trustees (2024:8 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.

25

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025


(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		 2025
£
948
-
-
137
880
-
-
600
-		 2024
£
330
8,132
-
1,060
770
364
500
71
453
2,565 11,680

Travel or accommodation expenses of £26,200 were paid directly by the College or reimbursed to 16 Trustees (2024: £28,250). 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 70 (2024: 67).

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		 2025
No.
17
22
12
12		 2024
No.
16
20
12
12
63 60

10 Taxation

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

26

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025 11 Intangible fixed assets

COST
Additions in year
Transfer of completed software
AMORTISATION
Charge for the year
NET BOOK VALUE
All the above assets are used for charitable purposes.
At 30 September 2025
At 30 September 2025
At 30 September 2024
At 1 October 2024
At 30 September 2025
At 1 October 2024		 Software under
Construction
£
403,608
190,930
(518,942)		 Website &
Software
£
2,338,015
-
518,942		 Total
£
2,741,623
190,930
-
75,596 2,856,957 2,932,553
-
-		 844,482
258,858		 844,482
258,858
- 1,103,340 1,103,340
75,596 1,753,617 1,829,213
403,608 1,493,533 1,897,141
12
COST OR VALUATION
Additions in year
DEPRECIATION
Charge for the year
NET BOOK VALUE
At 30 September 2025
At 30 September 2025
At 1 October 2024
At 30 September 2024
At 30 September 2025
At 1 October 2024
Tangible fixed assets		 Freehold land
and property
£
2,611,250
-		 £
556,442
-
Building
improvements		 Equipment,
furniture and
computers
£
969,613
34,649		 College
heritage
£
2,137
-		 Library books
£
104,250
-		 Museum
exhibits
£
303,076
-		 Total
£
4,546,769
34,649
2,611,250 556,442 1,004,262 2,137 104,250 303,076 4,581,418
644,977
-		 149,575
51,688		 475,804
119,806		 -
-		 -
-		 -
-		 1,270,356
171,494
644,977 201,263 595,610 - - - 1,441,850
1,966,273 355,179 408,653 2,137 104,250 303,076 3,139,568
1,966,273 406,867 493,809 2,137 104,250 303,076 3,276,413

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.

27

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

13 Listed investments

Listed investments
Fair value at 1 October
Additions at cost
Investment fees deducted from portfolio
Net gain on change in fair value
Fair value at 30 September
Trade debtors
Other debtors
Prepayments
Accrued income
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		 2025
£
5,072,449
-
(28,460)
308,960
5,352,949
-
5,352,949
2025
£
1,413,236
1,470
502,600
217,000
2,134,306
2025
£
501,252
170,460
425,315
120,457
4,553,254
37,072
5,807,810		 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

14 Debtors

15 Creditors : amounts falling due within one year

28

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

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
£
539,805
(539,805)
568,200		 Education Fees
£
4,118,329
(4,118,329)
3,985,054
3,985,054		 2025
£
4,658,134
(4,658,134)
4,553,254
568,200 4,553,254

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)

Deferred Income (Prior Year) Deferred 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
£
Intangible fixed assets
-
Tangible fixed assets
-
Investments
-
Net current assets / (liabilities)
6,926
Net assets at 30 September 2025
6,926
£
-
Intangible fixed assets
-
-
-
182,319
Net assets at 30 September 2024
182,319
Analysis of net assets between funds (prior year)
Restricted
funds
Analysis of net assets between funds (current year)
Investments
Net current assets / (liabilities)
Tangible fixed assets
Restricted
funds		 Subscriptions
£
484,271
(484,271)
539,805		 Education
Fees
£
3,731,598
(3,731,598)
4,118,329
4,118,329
General funds
£
-
-
5,352,949
(2,913,699)
2,439,250
General funds
£
-
-
-
5,072,449
(3,069,716)
2,002,733		 2024
£
4,215,869
(4,215,869)
4,658,134
539,805 4,658,134
£
1,829,213
3,139,568
-
170,460
Designated
funds		 2025
Total funds
£
1,829,213
3,139,568
5,352,949
(2,736,313)
6,926 5,139,241 7,585,417
£
-
1,897,141
3,276,413
-
232,756
Designated
funds		 2024
Total funds
£
1,897,141
3,276,413
5,072,449
(2,654,641)
182,319 5,406,309 7,591,362

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

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

29

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

18a Movements in funds (current year)

Movements in funds (current year) t year)
At 1 October
2024
£
Restricted funds:
Research
2,228
10,220
DOCET
169,871
Total restricted funds
182,319
Unrestricted funds:
Designated funds:
Fixed asset fund
5,173,553
Research Fund
232,756
Total designated funds
5,406,309
General funds
2,002,734
7,409,043
Total funds
7,591,362
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
Total unrestricted funds
Movements in funds (prior year)
NIHR
Total unrestricted funds
NIHR		 At 1 October
2024
£
2,228
10,220
169,871		 Income and
investment
gains
£
4,698
-
526,379		 Expenditure
and
Investment
losses
£
-
(10,220)
(703,001)		 Transfers
£
-
-
6,751
6,751
225,579
-
225,579
(232,330)
(6,751)
-
Transfers
£
-
(101,818)
-
(101,818)
334,901
-
334,901
(233,083)
101,818
-		 At 30 September
2025
£
6,926
-
-
182,319 531,077 (713,221) 6,926
5,173,553
232,756		 -
-		 (430,352)
(62,296)		 4,968,781
170,460
5,406,309
2,002,734		 -
10,159,172		 (492,647)
(9,490,326)		 5,139,241
2,439,250
7,409,043 10,159,172 (9,982,973) 7,578,491
7,591,362 10,690,248 (10,696,194) 7,585,417
Income and
investment
gains
£
858
-
579,379		 Expenditure
£
-
(10,189)
(943,716)		 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

18b Movements in funds (prior year)

30

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

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 three of the Health Departments of the United Kingdom. NHS Scotland decided to withdraw from DOCET. NIHR Funding received from NIHR for research projects has now been fully spent. 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. After a review of the Benevolent Fund's financial position, it was decided that a donation of £10,000 would be accrued for in these accounts. (2024:£ nil)

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.

31

The College of Optometrists

Notes to the financial statements

For the year ended 30 September 2025

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		 2025
£
3,776
6,608
10,384		 2024
£
3,776
6,608
10,384

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		 2025
2024
£
£
76,500
70,125
38,250
114,750
114,750
184,875
Property
184,875

32