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 UK charities having a visible and meaningful impact on the lives of vision impaired people individuals studying for approved qualifications in _eye_ care at Level 4 or above at a UK institution, whose applications fall within the rules of the Charity's bursary and award schemes 

- educational institutions in the UK teaching and researching in the _eye_ health field 

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 

- consider speculative requests for hardship grants outside the terms of the Charity's annual student bursary and award schemes 

make direct grants outside the UK 

- fund individual research projects that are unsupervised or unsupported by a UK university or registered charity 

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