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2021-03-31-accounts

Charity number.. 1186122 The Spectacle Makers. Charity Unaudited Trustees. report and financial statements For the year ended 31 March 2021

The Spectacle Makers. Charity Contents Page Reference and administrativ8 dotail$ ol the Charlty, Its Trustees and advisers Trustee5' report Indgpendent examinet's report Statemènt of finan¢ial activities Balance sheet Notes to the financial stat&m8nts 8-23

The Spectacle Makers. Charity Reference and administrative detalls of th& Charity, its Trustees and advisers For th? year ended 31 March 2021 Tru$tee$ E A Shilling, Chair lappoinled 29 September 20201 F E Andeison lappointed 29 September 20201 Dr M N Briggs, Joint Chair (resigned 29 September 20201 Dr R Cubbidge (appointed 29 September 2020) I P Davies, Joint Chair (resigned 29 September 2020) F Drasar (appointed 29 September 20201 R Dufton (appointed 25 August 20201 N Haig-Brown I￿$19ned 29 September 20201 A Light5tone (appointed 29 September 20201 J Morris (appointed 29 September 20201 Dr D J Parkins (appointed 25 August 20201 Professor M S Sagoo lapptsinled 29 September 20201 H Taylor {resigned 29 Septerrlber 20201 Charity ￿giStered number Registered in England and Wales, no. 1186122 Principal offi¢0 Apothecaries, Hall Black Friars Lane London EC4V 6EL A¢¢ountants Kreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoreditch High Street London E1 6RA Investment managers Rathbones Investment Management Limited 8 Fin5bury Circu5 London EC2M 7A2 Bankers Uoyds Banking Group PLC Page 1

The Spectacle Makers' Charity

Trustees' report For the year ended 31 March 2021

The Trustees present their annual report together with the financial statements of the The Spectacle Makers' Charity for the period to 31 March 2021. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019) as amended by Update Bulletin 2 (effective January 2019).

Objectives and activities

a. Policies and objectives

The Charity is a Charitable Incorporated Organisation incorporated under a formal Constitution and registered in England and Wales under charity registration number 1186122 on 4 November 2019. It was formed to provide the vehicle for the merger of all assets and liabilities of The Worshipful Company of Spectacle Makers' Charity (registered charity no. 1072172) and The WCSM Education Trust (registered charity no,. 1135045), to reduce duplication of administration and increase efficiencies in grant-giving.

The Constitution and a Memorandum of Understanding contain provisions on the positions of the Charity and its sole member, The Worshipful Company of Spectacle Makers.

The objects of the charity are such charitable purposes as the charity trustees may in their absolute discretion determine including, but not limited to:

  1. The relief of those in need by reason of vision impairment and/or sight loss; and

  2. The advancement of study, knowledge and education in the field of optics for the public benefit, including the promotion of research in the field of optics and the publication of the useful results.

The Trustees have specified that the Charity will consider applications for grants from:

registered charities connected with livery companies of the City of London which aim to increase opportunities for education or employment, or enjoyment for life for those with serious health conditions, subject to a maximum of 5% of the value of grants made in any financial year".

The Charity will not:

make grants which do not relate directly to vision or loss of vision

make direct grants outside the UK

The Charity will consider applications both for grants towards specific projects and for co-funding of larger projects in which it can make a meaningful contribution. Grants given by the Charity are usually between £2,000 and £10,000 for organisations and up to £1,000 for individuals.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. All applications received are reviewed with public benefit as one of the principal criteria.

Page 2

The Spectacle IAakers' Charity Trustees. report (Gontinuedl Forthe year ended 31 March 2021 Achlev&ments and perfom)anco a. Main achievements of the Charity A new Charitable Incorporated Organisalion, The Spectsde Makers. Charity, was registered with the Charity Commission under no. 1186122 on 4 November 2019. In February 2020. the Trustees of The WCSM Educatson Trust Icharity registered number 11350451 and The Worshipful Company of Spectsde Makers. Charity Icharity registered number 10721721 resolved that il would be in the best interests of both charities and in the public benefrt lo transfer their 8ssets to The Spectacle Makers, Charity. A Deed of Transfer was approved tts transfer the assets of both Worshipful Company of Speclade Maker5, Ch81ity and The WCSM Education Trust into The Spectacle Makers. Charily, subject to formal recognition of The Speda¢le Makers, Charity as a charity by HMRC. The transfer was executed on 25 August 2020 with an effectsve date of 30 September 2020. Financial review . Going concern The Trustee5 have a reasonable expectation that the Charity hag adequate resources to continue in operational existence for the foreseeable future. For this reas¢7n, they continue to adopt the going concern basis in preparing the financial slalemenls. Further details regarding the adoption of the going concern basis can be found in the accounting poliGie5. The TIust¢es expect the impact of Covid 19 on the aclivitses of the Gharily lo be insignificant. Some charitable projects for which grants have been made may be delayed bul the income of the Charity itsetf hag not been affected by the pandemic. b. Ros&rve$ poli¢y The Truslees consider that, in order to generate investment ￿t￿m$ which are sufficient to finance an appropriate level of charitable grants on a continuing basis. the expendable endowment fund shoLkld be maintained al minimum of £700,000 and the funds restricted for educational and research purposes 5hDuld be maintained at a minimum of £500,000. The Charity expects to relain in its current bank account, after grants. a balance sufficient lo ¢over at least 6 months, operating costs. . Surplus The result for the period lo 31 March 2021 was a gain of £398,509 12020.. loss of £147,424) largely as a result of moveTnents in investment values. The ChaTily recognised unrealised gains of £313,87312020' unrealised lo$ses of £150,529). d. Alaterlal investments policy The Trustees have a fomial investment policy which sets out the perfomance benchmark and risk level and contains a restrictiC>n on direct investment in tobacco 51oGks. The Trustees have appointed Rathbone Investment Management a5 professional investment managers, with a discretionary mandate targeted at achieving total return equivalent to CPI plu5 3% pa over a long-lerm investment horizon110 years +1. e. Legacy incom¥ The accounts show receipt of an interim payrnenl of £100.000 in January 2021 as part of a legacy from Freeman of the Worshipful Company of Spectacle Makers. A second interim payment ol £100,000 was received after the year end. in August 2021. The lynds were immediately transferred to the investment managers for investment. Page 3

The Spectacle Makers. Charlty Trustèès, report l¢ontinuedl For thè yéar ended 31 March 2021 Structure, governance and manag&mgnt a. Constitution The Spectacle Makers. Charity is a registered charity in England and Wales, number 1186122 and was constituted as a Charitable Incorporated Organisation on 4 November 2019. The 501e member of the CIO is The Vvorshipful Company of Spectacle Makers. b. Methods of appointment or election of Trustee5 The management of the Charity is the respDnsibility of the Trustees who are appointed by resolution of the 501e membeT, under the terms of the Conslitulion. Each Trustee has a duty to exercise his or her powers and to perform his or her functions as a Trustee in the way he or She decides in good faith would be most likely to further the Purposes of the CIO. A majority of the charity trustees shall be Freemen or Liverymen of the Worshipful Company of Spectacle Makers and at least one Ibul, from the first anniversary of the incorporation of the CIO. not a majorilyl of the Trustees shall be a current member of the Court of Assistants ol the Worshipful Company of Spectacle Makers. There must be at least four Charity Trustees. The quorum for decision making is three Trustees. of whom al least one shall be the Charity Chair or a member of the Court of Assistants of the Worshipful Ctsmpany of Spectacle Makers. stst*ment of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in a¢¢ordanee wth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements fur each financial year whi¢h give a Irve and fair view of the 51ale of affair5 of the Chanty and of its incoming resources and applicatyon of resources. including Its income and expendrture. for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them ¢onsistenlly". observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting e51imales that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, Subject to any material departures disc105ed and explained in the financial statements., prepare the financial slalements on tre going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Cha￿ty.$ transactions and disclose wth reasonable accuracy at any tirne the financial position of the Charity and enable them lo ensure that the financial Statements comply wth the Charities Act 2011. the Charity (Accounts an(J Reports) Regulations 2008 and the provisions of the Trust deed. Thèy are also Tesponsible for safeguarding the a55et5 Of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustee5 and signed on their behalf by.. E A Shilling Ichair of Tru51eesl Oate.. Page 4

The Spects¢le Makers. Charity Independent examiner's report Forthe year gnded 31 March 2021 Independent examin&rfs report to the Trustees of The Spectacle Maker5. Charity I'the Gharlty, I report to the charity Trustees on my examination of the a¢counts of the Charity for the year ended 31 March 2021. Responsibllities and basls of report A$ the Trustees of the Charity you are responsible for the Preparation of the account5 in acsordan¢e wth the requirements of the Charities Act 2011 I'the 2011 Act'i. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Chartty Commission under section 14515llbl of the 2011 Act. Independent examinerf$ $tstement Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporb"ng by Charities". Slalement of Recommended Practice applicable to chaTIt'es preparing their accounts in accor(4an¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) in preference to the Accounting and Repo￿ng by Charities.. Statement of Recommended Practice Issued on 1 Apiil 2005 which is referred to in the extant regulations bul has been withdrawn. l understsnd that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Pra¢tice effective for reporting periods beginning on or after 1 January 2015. I have completed my examinab"on. l ¢onfirm that no matters have come to my attention in connection with the examination givin9 me Cause to believe that in any material respect.. accounting records were not kept in respect ol the Charity a$ required by section 130 of the 2011 Act,. or the a¢¢ounts do not accord wth those records.. or the accounts do not comply wlh the applicable requirements Conretning the form and content of accounts set out in the Charities (Accounts and Report51 Regulations 2008 other than any requirement that the accounts give a Irue and faiv view vthich is not a maller considered a5 part of an independent examination. I have no concerns and have come across no other mattefs in connection wlh the examination to which attention should be drawn in this report in order to enable a proper undetstsnding of the a¢￿Unts lo be rea¢hed. This reptsrt is made solely to the Charity's Trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regtjlations 2008. My work has been undertaken so that l rnigttt stale lo the Charitys Trustees those matters l am required to stale to Ihem in an Independent examinerfs report and for no other purpose. To the fullest exient permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Swned.. S. P. Tanner Bsc (Econ) FCA Kreston Reeve$ LLP 2nd Floor, 168 Shoreditch High Street London. E16RA Page 5

The Spectacle Makers. Charity Statement of financial activities For the year ended 31 March 2021 Endovdm8nt funds 2021 R8$trlctgd Unrg$trl¢tsd funds funds 2021 2021 Totsl funds 2021 Total fufjds 2020 lote Income and •ndowments from: Donations and legaryes Investments 146,916 756 18,273 147,672 27,098 900 60,974 37.406 8,825 Other income 900 1.600 Totsl income and ¢ndowments Expènditur8 on: Raising funds Gharitable activities 147,816 8,825 19,029 175,670 99.980 5,781 39,807 9,869 67,791 15,650 107,598 10.908 87.581 Total expgnditurn 45,588 77,660 123,248 98.489 Net incorne I lèxpenditurÈl before nèt gains I Ilossesl on investments 147,816 136.7631 IS8,631 S2,422 1.491 Net gains / Ilosses) on investments 183,500 163,643 {1.OS61 346,087 (748.915) Net income I lexpenditurel Transfers between nds 331.316 126,880 159,6871 398,509 (147,424) 16 162,1191 610.189 1548.0701 N&t movement In funds Reconciliation of funds: Total funds brought fo￿ard 269,197 737,069 1607,7S71 398,509 (t47.424) 659,023 269,197 133,928 737.069 607,757 1607,7571 1,400,708 398,509 1.548. 132 (147,424) Nel movement in fund5 Total funds carriad forward 928,220 870,997 1,799,217 1.400. 7Q8 The Statement of financial activities indudes all gains and losses recognised in the year. The notes on pages 8 to 23 form part of these financial 5tstemenls. Page 6

Tho Spe¢tscle Makèrs. Charity Balance sheat A$ at 31 2021 2021 2020 Noto Fixed a55ets Investments 13 1,763,022 1,345,866 1,763,022 1,345,866 Current a$sgts Debtors Cash at bank and in hand 14 6.833 56.338 7,311 62.887 63,171 70,198 Creditors.. amounts falling due ¥Mthin one year 15 126,9761 (15,356) Net current assets 36.195 54,842 Total assets less current liabilitie$ 1.799.217 1,400,708 Total net assets 1,799.217 1,400, 708 Charlty fund$ Endowment funds Restricted funds Unrestricted funds 16 16 16 928.220 870,997 659,023 133,928 607.757 Total funds 1,799,217 1,400,708 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by." E A Shilling (Trusteel Date.. YK) 20 The notes on pages 8 to 23 form part of these financial statement5. Page 7

The Spectacle Makers. Charity Notes to the financial Statements For th& yèar ended 31 MarGh 2021 General information The Charity is constituted as a Charitable Incorporated Organisalion under the laws of England and Wales with a wntten constitution approved by the Charity Commissioners. Its registered office and principal place of business Is Apothecaries, Hall, Black Friars Lane. London, EC4V 6EL. The objects of the charity are such thantable purposes as the Charity Trustees may in their absolute discreb'on determine including, but not limited to.. 1. The relief of those in need by reason of vision irnpaimient andlor sight loss.. anrl 2. The advancement of Study. kno¥Medge and education In the field of optics for the public benefit. including the promotion tsf research in the field of optics and the publication of the useful results. Accounting policles 2.1 Basis of preparatlon ol financial statements The financial statements have been prepared in accordan¢e with the Charities SORP IFRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo Charities preparing theiT accounts In accordance with the Financial Reporting Standard applicable the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charttie5 Act 2011. As explainecs more fully in note 19, during the year, the net assets Df The Worshipful Company of Spectacle Makers Charity and The WCSM Educational Trust were merged into this charity. Under the Charities SORP the accounts 3re required lo be presented as though they have always been combined. As a result the comparats've figures lor the year ended 31st March 2020 have been restated. The financial statements have been prepared lo give a 'lrue and fairf 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 invoSved followng the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effedive from 1 Apnl 2005 which has since been withdrawn. The Spectacle Maker5, Charity meets the definition ol a public benefit entity under FRS 102. Assets and liabilities are inits.ally recognised at historical cost or transaction value unle55 Otherwise stated in the relevant accounting policy. 2.2 Going concem These accounts have been prepared on a going concem basis which the trustees consider to be appropriate. Page 8

The Spectacle Makers. Charity Notes to the financial statements For the year ended 31 March 2021 Accounting pollclgs (¢onllnugd) 2.3 Income All income is recognised once the Charty has entitlement lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. The Tecognilion of income from legacies is dependent on establishing enb'tlemenl, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Chaiity has sufficient evidence that a gift has been left to them Ilhrough kno￿edge of the existence of a valid ￿rill and the death of the benefactor) and the executor is satisfied th31 the property in queslitsn ￿111 not be required to satisfy claims in the estate. Receipt tsf a legacy must be recognised when it is probable that it wll be received and the fair value of the amount Teceivable, which wll generally be the expected cash arnount lo be distributed to the Charity. can be reliably measured. Income tax recoverable in relation to donations received under Gbft Aid is recognised at the time of the donation. 2.4 Expènditur Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. il is probable that a transfer of economic benefits will be Tequired in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared ¢ost5. including support costs involved in undertaking each activity. Direct C051s attributable to a $i￿gIe a¢livity are allocated directly to that aclivily. Sha￿d costs which Contribute to more than one activity and support Costs uthich are not attributable to a Single activity are apportioned be￿een those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of ts.me spent. and depreciab.on d)aryes allocated on the portion of the asset's use. Expenditure on raising funds include5 all expendituie incurred by the Charity to Taise fvnds for its charitable purp05e5 and inGludes costs of all ft*ndraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directty undertaking the activities which further the Charitys obje¢lives, as well as any associated support costs. Grants payable are charged in the year when the offer Is made except in those cases where the offer is conditional, such grant5 being Trcognised as eKpendilure then the conditions attaching are fulfilled. Grants offered subject lo ¢onditlOll5 which have not been mel al the year end are noted as a commitment, but not accrued os expendrture. All expenditure is inclusive of irrecoverable VAT. 2.$ Investments Fixed asset investments are a form of financial instrument and are in((ially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet dale, unless the value cannot be measured reliably in which case it 55 measured at COSt les5 Impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of financjal aclivilies. 2.6 Debtors Trade and Qther debtors are recognised at the settiernent amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 9

The Spectacle Makers. Charity Notes to the financial statements For tho year trndgd 31 March 2021 Accounting policies Icontinuedl 2.7 Cash at bank and In hand Cash at bank and in hand includes cash and short-temi highly liquid investments urilh 8 short maturity of three months or less from the dale of a¢quisition or opening of the deposit or similar account. 2.8 Liabilities and provisions Liabilits'es are recognised when there is an obligation at the Balance sheet date as a result of a past event, It is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anlicipales il wll pay to settle the debt or the amount it has received as advanced payments for the goods tsr service5 rt musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value ol money is material, the provision is based on the present value of those arnounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Staternent of financial activities as a finance cost. 2.9 Financial instrumènts The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial insttUTnents. Basic financial in51rurnen15 are Initially reGogni5ed al transaction value anLI subsequently measured at their settlement value with the exception of bank loan5 which are subsequently easured at amortised cost using the effective interest method. 2.10 Fund a¢¢ounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purp05e5. Designated funds comprise unreslri¢led ftjnds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes tts the financial statements. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donor5 or which have been raised by the Chanty for particular purposes. The costs of raising and administering such fund5 are charged against the speciliG fund. The aim and use of each restricted fund is set out in the notes lo the financial slalements. Investment income, gains and losses a￿ allocated to the appropriate fund. Page 10

Tho Spèctacle Makèr$. Ch•rity Notes to th• financial Statèments For the year ended 31 March 2021 Income from donations and legacies Endowment Unrestricted funds funds 2021 2021 Total funds 2021 Donab"ons Legacies Gift aid recoverable 41.182 100,000 5.734 605 41,787 100,000 5.885 151 146,916 756 147.672 Endowmenl Unr&slricled funds funds 2920 2020 Tofal funds 2020 Donations 35.539 4.560 20,740 135 56,279 4,695 Gift aid recoverable 40.Q99 20.875 60,974 Invoslm&nt income Restrocted Unre5tri¢ted funds funds 2021 2021 Total funds 2021 Income from local listed investments 8,825 18.273 27.098 Reslncled Unrestricted funds funds 2020 2020 Total funds 2020 Income from local listed Inveslmentg 3. 133 34.273 37,406 other incomlng resources Endovdment funds 2021 Total funds 2021 Other incoming resources 900 900 Pa9e 11

The Spèctacle Mak•rs' Charlty Notes to the financial statements For the year ended 31 March 2021 other incomlng re50urce5 {continued) Endowment fund5 202Q Total funds 2020 Other incoming resources 1.6QO 1, 600 Expenditure on rals5ng funds Costs of raising voluntary income Restricted UnrestTiCted fund5 funds 2021 2021 Total funds 2021 Subscriptions and ctirectories Advertisement and marketing 51 48 99 3,959 2.036 1.923 2,087 1.971 4,058 Restricted Unreslricled funds funds 202Q 202Q Total funds 2020 Subscriptions and directories Advertisement and marketing 24 126 299 750 56 355 80 425 505 Page 12

The Spectacle Makers. Charity Notes to the financial statements For the year ended 31 March 2021 Inve5tsnent management costs Rostri¢ted Unrestricted funds funds 2021 2021 Total funds 2021 Investment management fees 3,694 7,898 11,592 Restricted Unrestricted funds funds 2020 2C120 Total funds 2020 Investment management fees 953 9,450 IQ,403 Analysi$ of grants Grants to Institutions 2021 Grants to Individuals 2021 Total funds 2021 Grants and donations 59,524 18,000 77.$24 Grants to Institutions 2020 GTrnts to IndiV￿￿31S 2020 Total funds 2020 Grant5 and donations 5Q,000 14,294 64,294 Page 13

The Spe¢ta¢le Makers. Charlty Note$ to th• finan¢ial $tatgments For the year ènd8d 31 March 2021 Grants made year ended 31 March 2021 2021 2020 Goalbal Clear Vision Second Sight Royal Society fDT Blind ChildTen National College fDr the Blind Deaf Blind UK NortheitTr Ballet LNery Schools Digital Dmde Fund Sense Scotland Baluji Music Foundation Se•Ability Extant Kent As59cialion foT the Blind Fight for Sight Henshaws Voc3lEyes The Magical Taxi Tour Fight Against 61indTFeSS DealBlind UK Blind in Busines5 Roy31 National College fDr the Blind Sense Intetnalional Nèw Collegè Worcester Vocal Eyès Worfd Sight Foundation 9,507 8.400 3,7 2,203 3,000 3.000 5.600 2,500 2,000 5.000 4.000 2.000 3,￿0 3.(100 B.000 59,524 50.000 Analysi$ of expèndlturè on ¢haritsble a¢tlvitie$ Summary by fund typè Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Governance costs 8,187 24,500 7.120 8.035 53,024 6,732 16,222 77,524 13,852 Charrtable activities Cost of generating funds 39.807 87,791 107,598 Page 14

Th& Spfy¢tscle Makgrs. Charlty Not8s to the financial $tatamonts For the year ended 31 March 2021 Analysis of expenditure on charitable activities Icontinuedl Summary by fund type Icontinuedl Restncled Unrestricted funds funds 2020 2020 Total funds 2020 Govemance costs Charitable activities Cosl gf generating funds 4, 100 5,5QO 64,544 13,437 9,600 64,544 13,437 4.100 83,481 87,581 10. Analy$is of expenditure by activities Grant funding of activities 2021 Support costs 2021 Total funds 2021 Govemance costs Charitable activities C05t of generating funds 1 S,222 16,222 77,524 13,852 77,524 13,852 77,524 30,074 107.598 ActiVit￿S ndertaken direGtIy 2020 Grant lunding ol aclwities 2020 Support cosls 2020 Total funds 2020 Governance costs Charitable activities Cost of generats.ng funds 9,600 9,600 64,544 13,437 250 64,294 13.437 250 64,294 23,037 87,581 11. Independfrnt gxamin•rf$ remuneration The independent examiner's remuneration amounts to an independent examiner fee of £4.500 12020 - £6,000). Page 15

Thè Spoctacle Makers. Charity Notes to thè financial ststèmènts For the year ended 31 March 2021 12. Trustees. remuneration and expenses During the year. no Tru51ee5 received any remuneration, benefits in kind ur reimbursement of expenses 12020." £NilJ. 13. Fixed asset investmenls Listed Invg$tments Cost or valuation Al 1 April 2020 Addits"ons Oisposals Revaluations 1,345.866 424,0S5 1320,772) 313,873 At 31 March 2021 1,763.022 Nèt book value At 31 March 2021 1,763,022 At 31 March 2020 1,345.866 14. Debtors 2021 2020 Other debtors Prepayments and accrued income Tax recoverable soo 3,914 2,419 2,206 5, 105 6,833 7,311 15. Creditors- Amounts falling due within one year 2021 2020 Accruals and deferred income 26,976 15,356 Page 16

The Spectacle Makers. Charity Notes to the financial statements For the year ended 31 March 2021 16. Statement of funds Statsment of funds - current year Balance at 31 March 2021 Balance at 1 Aprll 2020 Transfers inloul Gainsl {L¢)s$e$l Income Expenditure Unrosth¢tsd funds Designated fund$ Designated funds 4.972 14.9721 Genèral funds General funds Total Unrestricted funds 602.785 19.029 177.6601 1543,0981 11,056) 607.757 19,029 177,6601 1548,0701 11.056} Endowment funds Endowment fund 6S9.023 147,816 {62,1191 183,500 928.220 Restricted funds Restricted fund- Trevor White 133.928 2,198 111.0691 125,057 Restricted fund- Education Tru51 6,627 134,5191 610,189 163,643 745,940 133,928 8,825 14S,5881 610,189 163,643 870,997 Totsl of funds 1,400,708 175,670 1123.2481 346.087 1.799,217 Page 17

The Spectacle Makers, Charity Notes to the financial statements For the year ended 31 March 2021 16. Statement of funds {continued} statement of funds - prior year Balance al 31 March 2020 alance al l Apnl 2019 Transfety in/out Gains/ (Losses) Income Expenditure Unrestrictèd funds Designate¢J funds Designated Fund 5,222 (250J General funds General Funds 664.281 55. 148 193. lQ5J 41.601 (65. 140) 602. 785 Total Unrestricted funds 669,503 f93.355J 41.601 (65. 140) 607. 757 Endovdmènt funds Endowment Funds 742, 70Q 41,699 (41,601) (83, 775) 659,023 Restricted funds Restricted Funds t35.939 3, 133 (5, 134) 733, 928 Total of funds 1.548. 732 44,832 (98,489) (148.915) 1,400. 7Q8 Page18

The Spoctacle Makers. Charity Notgs to thè financial stat&mènts Forthe year ended 31 March 2021 17. Summary offunds Summary offunds-currentyear Balance at 31 March 2021 Balance at I April 2020 Trdn5fer5 inlout Gainsl IL05sesl Income Expenditure Designated fLJnds General fiJnd$ Endowment funds Restricted funds 4.972 602.785 (4.9721 177,6601 IS43.0981 19.029 11.0561 6S9.023 133,928 147,816 8,825 162,1191 610.189 183,SOO 163.643 928,220 870,997 145.5881 1,400.708 175,670 1123,2481 346.087 1.799,217 Summary offunds- prior year Balance al 31 Ma￿h 2020 Balance at 1 AprAI 2019 Transfer5 in/out Gain51 (Losses) Income Expenditu Designated funds General funds Endowment funds Reslricled lund5 5,222 664,281 (250) (93. 105) 4,972 602,785 55, 148 41,6Ql (65, 140J 742, 700 135,929 41,699 3,133 (41,6Ql) (83,775J 659,023 133,928 (5, 134) 1,548, 132 99,980 (98,489) (148,915) 1,400, 708 18. Analysi$ of nèt ass•ts b&t￿On funds Analysis of not assots between funds - currant year Endovmient Restricted funds funds 2021 2021 Total funds 2021 Fixed asset investments CurTenl a55et5 910,753 30,485 (13,0181 852,269 32,686 113,9581 1.763.022 63,171 126,9761 Creditor5 dLJe ￿thin one year Total 928.220 870,997 1.799,217 Page 19

The Spg¢ts¢lè Makers. Charlty Notes to the financial statomants For the year ended 31 March 2021 18. Analysis of net assets between funds (continued? Analysis of net assets between funds . prior year Endowment funds 2020 Restncled Unrestricted funds ltsnds 2020 2020 To181 funds 2020 Fixed asset investments 620.554 49.881 [71,4121 133.928 591.384 1.345, 866 70,198 (15,356) Currefil assets Creditors due wlthin one year 20,317 (3,944? Total 659.023 133.928 607. 757 1,400.708 Page 20

The Spectacle Makers, Charity Notès to thè financlal statemfrnts for the year ended 31 March 2021 19. Merger accounting On the 301b September 202LI. two charities, The Worshipful Cornpany of Spectacle Makers, Charity and The WCSM Education Trust. merged the assets held into The Spectacle Makers, Charity. The accounts have been prepared under merger a¢¢ounling to reflect the assets transferred on the basis that.. The beneficiary class Is not significantly ¢han9ed', The purposes for which funds are held are not significantly ohanged., The persons who conslilule the Iruslee body are not significantly changed., and No non-controlling interest in the nel assets ol the charity is altered by the transfer. Analysis of principal SOFA components for Ihe ourrgnt period The Worshipful Company of Spectacle Makers, Charity 2021 Th¢ Spèctacle Makers. Charity 2021 The WCSM Education Trust 2021 Combinèd Total 2021 Total income Total expenditlJTe 145,382 23,402 6,886 175,670 99,550 3,398 123,248 N81 incgme I {expenditurel 45,832 3.102 3.488 52.422 Other gain51llossesl 347,143 {1,0561 34S,087 Net movements in funds 392,975 3,102 2.432 398,509 Page 21

The Spectacle Mak•rs' Charity Notes to the financial statements for thg ygar end•d 31 March 2021 19. Merger accountlng Icontlnuodl Analysis of principal SOFA components for the prfor porlod The Worshipful Company The Spe¢ta¢le Makers. Charity 2020 Spectacle Makers. Charity 2020 The WCSM Education Trust 2020 Comblned Total 2020 Total incom8 Total expenditure 61.279 38,701 99,98D 63,182 35.307 98,489 Net income I lexpenditurel 1.903 3.394 1,491 Other gains I Ilossesl 183.7751 165.1401 1148,91 $1 Net movements in funds 85,678 61,746 147,424 Page 22

The Spects¢lg Makers, Charity Notès to the financial statèments lor the year ended 31 March 2021 19. Merger accounting Icontinuedl Analysis of net assets at the date of the merger The Worshipful Company of Spects¢l¢ Maker5, Charity 2020 The Spectacle Makers, Charity 2020 The WCSM Education Trust 2020 Combinèd Total 2020 Net assets 796,054 610,189 1,406,243 Flx&d asset inv*$tmants Current assets Creditors due within one year 747,679 590,329 1.338,008 57,161 21.051 78,212 18,7861 11.1911 {9,9771 796,054 610,189 1.406,243 R¢prgs¢nt¢d by: Unrestricted funds Endowment fund$ R9Strlctgd funds Total funds 610,189 610.189 661.113 661.113 134,941 134,941 796.054 610,189 1,406,243 Page 23