Charity Rgglstrdtlon N 1186122 THE SPECTACLE MAKERS. CHARITY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 RickardLuckin
THE SPECTACLE MAKERS. CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Truslev¥ Dr D Parkin3. Chair N Raoof L Hopkins (Appointed 31 October 20231 (Appointéd 1 September 2023 Dr M Gonway R Lovell-P8lel J mo18, Vice Chair Dr R Cubbidge F Drasar R Dufton Charlty number 11B6122 Princlpal address Apothecaries, Hall Black Friars Lane London EC4V6EL Indepondent examSner Rickard Luckin Limited 1st Floor County Hou$0 100 New London Road Chelmsford Essex CM2 ORG Bank•rs Lloyds Bann9 Group PLC Investment advisorn Rathbones Investment Management Limited 30 Gresham St London EC2V7QN
THE SPECTACLE MAKERS, CHARITY CONTENTS P•yè Trustees report Independent examinerfs report ststement of finanaal actt.¥*s Balance sheet Notes to the financial ststements 10-20
THE SPECTACLE MAKERS. CHARITY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Thè Trustees present their annual report tO9ether wth the ffinandal ststements of The Spectade Makers, Charity for the period to 31 March 2024. The ffinancial Statents have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and compty wilh the Charity's goveming docurnent, the Charities Act 2011 and'Accounting and Reporknng by Charities.. Ststèment of Recommended Pracbce lamended for bulletin 21 applicable to thaiib'es pparIng th8ir accounts in aGcord4nce with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021" leffective 1 January 20191. Objectlves and actlvltles The Charity is a Ch81itable Incorporated Organisation incorporated under 8 fomal Consts'tution 8nd registered in England and Vvales under tharity registration number 1186122 on 4 November 2019. 11 wa5 forrned to provide the vehicle for the merger of all asset5 and liabilities of former charities. The Worshipful Company of Spectacle Makers, Charity Iiegistered ch8rity no. 10721721 and The WCSM Education Trust (registered chaiity no. 11350451,to reduce duplication of administration and increase effcienues in grant-giving_ The Constitution and a Memorandurn of Understanding contain piovisions on the relationship betswn the Charity and ils sole member, The Worshipfvl Company of Spectack Makers and 88fèguArding of the maintenance of the Independence of the Charity Trustees. During the year the Trustees reviewed all currèni policles. Small thanges to the grant-rnaking policy and a new statement of policy on equty, diverslty and indusion were approved at a Trustee rneeting on 4 June 2024. Public b8nefit The TTUStees have paid due regard to guidance Issued by the Charity Commission in deciding what activities the Charity should undertake. Activities The objects of the Chafity are such charitable purposes as the Charity Trustees may in theiT absolute discretion detemine including, but not lirnrted to.. The relief of those In need ty reason of vision impairment andlor sight loss,. and 2. The adVanceent of study, knowledge and education in the field of optics for the public beneffiL including the promotion of research in the ffield of optics and the publication of the useful results. The Trustee5 have specThled that the Charity wll conslder application5 for gronls from.. registered UK charities having a visible and meaningful imp8¢t on the lives of vision impaired people individuals studying for approved qualth¢ations in eye care at Level 4 or above at a UK institub"on, whose applications fall within the rules Df Ihe Charity's bursary and ophthalmoltsgylprofessional development award schemes educatiorial institutions in the UK teaching and researrthing in the eye health ffield registered tharities connected wlth livery cornpallies and the City of London which aim to increase opportunitieg lor education or employment, OT enjoyment for life for those wth Serious heath ca)nditions, subject to a maximum of 5% 01 the value of grants made in any financial year. The Charity will not.. other Ihan the 1Smits of Idl above. make grgnts vthich do not rèlate diredy to vision or loss of w5ion onsider speculative requests for haTdship grants outside the tem)s of the Charty's annual Student bursary and award 5themes Make dired grants outside the UK lund individual research projects that are unsupèrvised or unsupported by a UK univeT5ty or registered chaiity The Chamty will consider application5 both for grants lowards specttic projects and for ctrfunding of larger projects in whlch it can make a meaningful contnbution.
THE SPECTACLE MAKERS. CHARITY TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Gr3nts given by the Charty are usualty between £1,000 and £5,000 with occasion81 grants of up to £10,000, for organisations.. and up lo £1.000 for individuals. In the year to 31 March 2024 the Trustees made 24 grants to organisation$12023..221 under 9 diffèrent headings Ilnlormation and support, Cty & Livery, Art5 and curture, Sport. Support for the provision of eye health care outside Ihe UK. International eye health education and training. Quality of lrfe, Ernployment and Researchl and provided bursaries or awards to 18 yotsng eye health professionals12023'. 211. More information on grants given appears in note 8 to the finanrjal staleTnents on page 15. In setting objectives and plannlng for actmties. the TtU5tees have given due consideration to general guidance published by the Charity Co[lS$10n relating to public benefit, including the guidance 'Publlc benefrt.. rnnning charfty IPB21'. 1 applications received are reviewed wrth public benefft as one of the prin¢ipal crileria. Applicats'on5 are submitted via the Charity's website portal. All gr8nts have lo be agreed by the Board oé Trustees. Achievements and perfomianc• - Main achievements of the Charity The Spectscle Makers, Charity. was registered with the Charity Commission under no. 1186122 on 4 November 2019 and, by merger, acquired the assets of the foitner charitie5 3ssociated with the Spectade Makers, Company. It started ils main grant-giving activities wrth effect from 30 S8Ptember 2020. Since then. the Chsrity has established good lationShipS wffh many organisation5 and small charflles In the sight loss sector as well as supporting requests for financi81 assistance to support better access to cuKure, leisure. sport and empl¢)ym¥nt for people wth a vision impaiment. In the year to 31 March 2024, the Charity's grants totslled £69.513 12023.. £98,845), including £18,482 12023.. £20.7001 in the form of bursaries to student optometri515, OrthDPtists and dispensing optician5 and professional development or travel awards lo ophlhalTnologists in training. Students applying for bur38ries were asked to spectfy the exact amount they would need to support their studies, whith resulted in diflerent amounts being awarded, rather than a flat £1.000 to each applicant. The previous y88rfs higher total for grant-givlng reflected Ihe use of cash reixived from a lega(¥ to increase thÈ number and value of awards given in that year. The Charrty is aiming to increase its grarf-glvlng to £100,000 pei annum by the end of 2029. During the year under revlew, the Charity did not offer any prfzès, noting the intention of the sole member, The Wotshipful Compgny of Spectacle Make15, to widen its own programme of awarding prize5 for achievement at the time ol students. graduation. The ChBrity will taIn its foous on prowdin9 SUPPOrt to students in education and, in parbcular, th05E experiencing hardship.
THE SPECTACLE MAKERS. CHARITY TRUSTEES REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Financial review a. Reserve5 policy The Trustees consider that. in older to generate investment retumg whSch are suificient to finance Jn appropriate level of charitable grants On a continuing basis, the expendable endowment fund should be maintained at a minimum of £700,000 and th8 funds restricted for educational and research purposes should be maintsined at minimum of £500,000. The Charity expects to retain in its current and immediat8 access savings account, after gr8nts, a balance sufficient lo cover al le8st 6 month5, operaling costs. b. Surplus The resutt for the period to 31 Marth 2024 was a surplus of £108,85412023". loss of £115,747), reflecting strong investment perfomance in the second half of the year. The Charity recognlsed unrealised 98ins of £107,80212023'. unrealised 105ses of £142.5841 c. Material Investments pollcy Th8 Trustees have a fomial investment policy which sets Out the performan benchmark and risk level and contains a re51riction on direct inve8tfflent In lobacco stock5. The Trustees have appointed Rathbone Ast Management as professional investment managews. wlth a discretionary wnandate targeted at achieving total retum equlvant to CPI plus 3Vo pa over A long-term investment horizon 110 years +1. In June 2024 the Trustees commenced a >year review of investment management services, in line wth governan guideline5. d. Indepvndent èxamlnatlon The Trustees ran a tendei proc•ss for independent examination 5eNices in the secA)nd haK of the year. Rickard Luckin Ltd were appointed as independent èxaminers in June 2024, succeeding Kre5ton Reev8. . Legacy income A payment of £520 w8s recèived in respect of the final 5ettlernent of a legacy from a Freeman of the Worshipful Company of Spect8de Makers. The fvnds received from that legacy amounted to £261.698 in total, £200.000 of which was re-invested for future year5. The balance has been used for grant giving. Structurg, go¥•rnance and management The Spectade Makers, Charity is a Tegistered charity in England and Wales. number 1186122 and was consliluted as a Charitable Incoorated OTganisation on 4 Novetnb¢r 2019. The stsle member of the CIO is The Worshipful Company of Spectacle Makers. The Trustees who served during the year and up to the date of signature ofthe financial ststernents wère= Dr D Parkins, Chalr N Raoof L Hopkins Dr M Conway R Lovell-Patel J Morri5. Vice Chair Dr R Cubbidge F Drasar R Dufton E A Shllling Prof. M S Sogoo (Appointed 31 October 20231 (Appointed 1 Septembei 2023 (Resigned 6 June 20231 (Resigned 6 June 20231
THE SPECTACLE MAKERS. CHARITY TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Recruitment and appointmÈnl of twstees The rnanagement of the Charity is the responsibility of the Trustees who are appointed by resolution of the sole rnember, under the term8 of the Constitution. A standard term of office for a Trustee is 3 years. Appointments may be Tenewed in accordance with the provisions ol the Constitution. During the year Professor Mandeep Sagoo and Mrs Elitabeth Shilling resigned from the Board. M5 Lisa Hopkins, 9 charity CEO and Miss Naz Raoof,a consutsnt ophthalmologist, were appointed. The appoinlment of Robert Cubbidge was extended for one year to 31 M8rth 2025. the appointments of Francis Drasar and Robert Dufton were renewed for a second term, to 30 Septernber 2026 an4Y the appoinknents ol David Parkins and Judith mriS as Chaii and Wi¢e4hair, respectivety, were confirmed for a 3-year period frotll 6 June 2023. Each Trustee has a duty to exercise his or her powers and to perforrn hi5 Dr her bjnclions as a Trustee in the way he or she decides in good faith would be most likety to fvrther the purposes ol the CIO. Under Ihe terns of the Charity'5 Constitution, a m3jority of the Charity Trustee5 must be FTeemen or LivÈrymen of the Worshipftjl Company of Spectacle Makers and at least one Ibut not ¥ malorityl of the Trustees shDuld be a CUTTent rnember of the Court of Assistants of the Worshipful Company of Speetade Makers. The must be at least four Charity Trustees. The quorum for decision making is thr8e TtU5tees, of whom at least ¢ne shall be the Charty Chai¥ or a member of the Court of Assistants of the Worshipful Company ol Spectade M3k2rs. Vacane5 are adveitised within and outside The Worshipful Company of Spectsde Makers. as neeessary, for people with specific skills. to maintain the balance ol experience and relevant knedge required for the Trustee Board to fulfil its grant4Jiving governance responsibilibg$. The Trustees report was approved by the Board ofTru$tees. DfD Trustee rkins, Chair Date.. Page 23 of 72
THE SPECTACLE MAKERS. CHARITY STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees 8re responsible for preparing Ihe Trustees Report ond the financial statèments in 8CCOTdance with applicable law and united lfjngdorr Ac¢ounb"ng Standards (United Kingdom Generalty Accepted Accounting Practicel. The law applicable to charities in England and Wales requires the Trustees its prepare financial statements for each finanraal year which give a true and fair view of the slate of affairs of Ihe Charity and of the incoming resour$ and applicatkjn of resources of the Charity for that year. In preparing these financial stslements, the Trustee3 are required to: select suitable accounts'ng polityes and then appty Ihtrm consi51enUy', - observe the methods and pMnciple5 in the Gh8rfOes SORP., make judgement$ and esb"mates that are rèasonable and prudent., state whether applicable aA)untIng standards havè been followed. subl¢¢t to any material departures éisdosed and èxplained in the financial slalemenis., and prepare the fin3nci81 statements on the golng concem basi$ unle55 it is inappropriate to presume th81 the charity will continue in operation. The Trustees are responsib18 for keeping suffiuent accounting recorfjs that disclose with re8sonable accur8ty at 8ny time the financial position of the Charity and enable them to ensure that the financial statements comply vhth the Charities Act 2011, the Charity IAccounts and Report81 Regulatons 2008 and the provisions of the trust deed. They aTe also sponsible for safeguarding the a55ets of the Charty and hen¢¢ foT taking reasonable steps for the preventlon and detection of fraud and other irregularili85.
THE SPECTACLE MAKERS. CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SPECTACLE MAKERS, CHARITY I report to the Trustees on rny examination of the financial $tatements of The Spects¢l8 Makers, Charity (the Charity) for the year ended 31 March 2D24. This report is made sol¢ly to the charity's trustees, as a boty, in accordan section 145 of the Charities Act 2011. My work has been undertaken so that l fflight 5tat8 to the charity's tnjstees those matters l arn required to state to them in this report and for no other purpose. To the fullest extent pettnitted by law, I do not accept or assume SPonsIbl11ty to anyone other than the Gh8rW and the charity'5 INsts8s as a body, for my work, for Ihis report. 01 foi the opinions I have fomied. Responslbllltles and basis of report As the Trustees of the Charity you are responsible for tha pteparation of the financial statements in accordance with the requirement5 of the Charities Act 2011 Ilhe 2011 Acti. I report in r•s¢t of my examination of the Charty's financial statements carried out under section 145 of the 2011 Act. In carying out my examination I havè followed all the applicable Directions given by the Charity Commission under sectlon 145lSllbl of the 2011 Act. An independent exarnination does not involve gathering 811 thè evidence that would b8 required in an audit and consequentW does not cover all the matters that an auditor considers in gwing thelr opinion on the finallal statement5. The planning and conduct of an audit goes beyond the limrted a5suranTr thal an independent examination can provKle. Consequenuy l express no opinion as to whether the financial statement5 present a 'true and lair. view and my report Is Ilmftèd to those speufic matters sel gut in the independent ex?rnin8r'5 5taternent. Independent ÈxamSnÈr's statement I have completed my examination. I confirm that no matters have come to my attention in connection th the examination glvlng me cause to believe Ihat in 8ny rnaterial respecl.. accounling records were not kept in respect of the Charity a5 required by section 130 of the 2011 Act.. or the financial statements do not accx>rd wllh those records.. or the financial statefflents do not compty wth Ihe applicable requirements conceming the form and content ol account5 Set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts gwe a true and fair view which is not a matter considered as part of an independent exatnination. I have no concems and have come across no other matters in conneclion wNh the eyarnlnalion to which attention should be drawn In this report in order lo enable a proper understanding of the finanaal statements to be reached. Janine Mansfield Rickard Luckin Limrted 1st Floor County House 100 New London Road Chelmsford Essex CM2 ORG Datèd.. 202 4
THE SPECTACLE MAKERS. CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Current flnanclal ygor Unrestrict•d funds 2024 Restricted Endowment funds fund 2024 2024 Total Totsl 2024 2023 Notès Income and endovmients from: Donations and legacies Inv8Stments Other income 47,339 24.472 4,700 47,339 43,045 4.700 110,258 37,694 4.050 18.573 Total income and endowments 76,511 18.573 95,084 152,002 Expenditur• on.. Raising funds Charitable activities 8,129 54,943 6.168 24.792 14,297 79,735 13.912 111,253 Total expendlture 63,072 30.960 94,032 125,165 Net gainslllosse31 on investments 11 42,495 65.307 107.802 1142,5B41 Net Incomellexpendlturel 13,439 30,108 65.307 108.854 1115,747 Not mov•ment In funds 13.439 30,108 65,307 108.854 111 S.7471 Reconciliation of funds: Fund balances at 1 April 2023 773,913 1,019,700 1.793.613 1.909,360 Fund balances at 31 March 2024 13.439 804,021 1,085.007 1,902.467 1,793,813 The slalpm8nt of financial activities includes all gains and lo$s¢s recognised in the year. All income and expendrtu d¢rive from continuing ac*vities.
THE SPECTACLE MAKERS, CHARITY STATEMENT OF FINANCIALACTIVITIES (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Prfor Ilnanelal yèar UnreslTl¢ttrd funds 2023 Restrocted Endowment funds fund$ 2023 2023 Total 2023 Notes Income and endovmients from.. Donations and legacies Investments other inco 110,258 110,258 37,694 4,050 20,485 17,209 4,050 Total Income Ènd endowments 20,485 17,209 114.308 152.002 Expenditure on: Raising funds Charitable activities 7,S81 69,890 6.351 41,363 13.912 111,253 Totsl expenditure 77.451 47.714 125,165 Net gainslllosses} on investments 11 167,2681 175.3161 1142,5841 Net Incomellexpenditurel 156.9681 197,7731 38,992 1115,7471 Transfers tseeen funds 56,966 (56,9681 Met movement In funds 197,7731 {17,9741 1115,7471 Reconclllatlon of funds= Fund balances at 1 April 2022 871,686 1,037,674 1,WJ9.360 Fund balances at 31 March 2023 773,913 1,019,700 1,793.fj13
THE SPECTACLE MAKERS. CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Flxed assets InvestTnents 13 1,884.349 1,743,882 Current assets Debtors Cash at bank and in hand 15 7,392 24,968 10,328 48.136 32.360 58,464 Creditors- amounts lalllng dug wothln one year 16 114,2421 18.733) Ngt Current assets 18,118 49,731 Total assets less current Ilabilitlos 1,902,467 1,793,613 Net assets gxcludlng penslon Ilablllty 1,902,467 1.793,613 The funds of th8 Charlty Endowment funds Restricted income fvnds Unrestricted fvnds 17 18 1.085,007 804.021 13,439 1,019,700 773,913 1.902.467 1,793,613 Thtr financial statements re approved by the TnJ5tees on .. DrD Trustee Ins, Chair Page 28 of 72
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polleles Charlty Infom)atlon The Spectack Mak¢rs' Charity is a Charitable Incorporated Organi5ation. 1.1 Accounting convantlon The financial statements have been prepared in 8ccordance wilh the Charitys Constitubon, th¢ Charthes Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102.1 and the Charrties SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK ancl Republic of Ireland IFRS 1021. (effective 1 January 20191. The Ch8rity is a Public Benefit Entity a5 d?fined by FRS 102. The Charity has taken advantsge of the provisions in the SORP for charities not to prepare a Ststement Of Cash Flows. The financial statements have departed from thè Charities (Accounts and Report51 Regulation5 2008 onty to the extent required to provide a true and fair wew. This departure has involved follo*ring the Statement of Ftewmmended Prath"ce for charities apptylng FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulab"ons but which has since been withdrawn. The financial Statements are prepared in steding, which is the fundion81 currency of the charity. Monetary amounts in thesÈ financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost cOnVentjn. with certain fjnandol instruments at fair value. The principal 9¢UntIng policie5 adopted a set out below. 1.2 Golng concern At the time of approving the finanoal slalewnents, the Trustees have a reasonable expertslion that the Charity has adequate resources to continue in operational existence for the foTeseeable future. Thus the Trustees conlinue to adopt the going concem basis of accounting in preparing the finaneial statements. 1.3 Charitable funds Unrestricted fund5 are available for use at the discretion of the Trustees in furtheran¢e ol thèiT charitable objectives. Restricted funds a subject to specffic conditkjns by donors or grantors as to how they m8y be u$ed. The purposes and uses of the re5trid¢d funds aré set out in the notes lo the financial statement5. Endowment funds are subject to specAfic conditions by donors that the capital must be rnaintsined by tha Charity. 1.4 Income Income is recognised when the Chartiy is le9811y entrtled to it after any perfor1nan conditions hav8 been met, the arnounts can be rneasured reliably, and it is probabte that income will be received. Cash donallons are recognised on receipt. Other donatiorts are recognised oll the Ch8rity has been notifieil of the donation, Ljnless perfomiance cond0$ require deferral of the amount. IncoTne tax recoverable in relation to donations received undeF Grfld or deeds of covenant Is recognised at the tim8 of the donation. 10-
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting poli¢l$ {Contlnuèdl The recognition of income frorn legaaes is dependent on establishing entitlement, the probability of receipt and the ability to esl'mate with suffiaent ac£uracy the 8fflount receivable. Evidence of enlernent lo a legaGy exists when the Charity ha5 suffiuent evidence that a gift ha5 been left to them (through knowledge of the existence of a valid Will and the death of the benetsctorl and the executor is Satisfied that the propety in question wll not be required to satisfy claims in the estate. Receipt of legacy must be recognised when it is probable that it will be reiVed 8nd the fair value of the amount receivable, which will gener81ty be the expected cash amount to be distributed to the Charity, can be reliably measured. Incomè tax rèctsver8ble in relation to donations received under Gift Aid is recognised at the time of the donation. 1.5 Expendlture Expenditure is recognised once there is a legal or constluctive (Iblig3tion lo transfer economic benefit to third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligats'on can be measured reliably. Expendire is classified by activrty. The costs of each activty are made vp of the total of d1cl costs and shad costs, induding support C051s involved in undertaking each activity. Direct f05t5 attributable to a single actNity are allocated directty to that activity. Shared c05t5 which eontribute to more than one activty and support costs which are not attributable lo a single aclivity are apportioned betyen those activities on 8 ba$1$ consistent with the use of resources. Central stsff costs are allocated on the basis of lime spent, 3nd d&piecation charges altocated on the porb'on of the asset's use. Expendrfture on raising funds Indudes all expenditure incurred by the Charity to raise funds for rts charitable purposes and indudes costs of all fundraising activities events and non-charitae trading. Expendrfure on charitable athvitles is Incurred on directty undertaking the activitie5 which fvrther thè Charity's objectives. a5 well as any assoLaated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional. such granls being regnised as expenditure when the conditions attaching are fulfilled. Grant5 offered subject to conditions which has not been met at the year end are noted a5 a commitment, but not a¢crued as expendrture. All expenditure is inclusive of irrecoverable VAT. 1.6 Fixod a¥t inv¥tmgnts Fixed asset investments are initi'ally measured 31 tran5acfjon prir8 exduding transaction costs, and are subsequently measured at fair value at each reporb.ng date. Changes in fair value are recognised in nel incomellexpenditurel for the year. Tran58Ction costs are expens¢d as incurred. 1.7 Cash and cash equivalents Cash and cash equivalent5 include tA5h in hAnd, deposits hebJ at call wth banks, other shDrt-tem liquid investments original maturities ot Ihree months or les5. and bank overdrafts. BaTTk overdrafts are show wtthin boirowings In current liabilities. 11
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles Icontinuodl 1.B Flnanclal Instruments The Charity ha5 elected to apply the provision5 of Section 11 'Basic Finanual Instruments, and Section 12 'Other Finanual Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instDJments are recognised In Ihe Charty's balance sheet when the Charity become5 party lo the ¢ontra¢tual provisions of the instrument. Finanaal assets and liabilities are offset, th the net arnounts presented in the financial 5tatement5. when there is a legalty enforce8ble right to set off the recognised amounts and there is an intention to settle on 8 net basis or to realise thts assèt and settle the liabilty simuhaneousty. Basic financial as$•ts Basic ffinanaal assets, which indude debtors and cash and bank b81ances, are initialty rneasured at transaction price induding transadion eosts and are subsequenlty measured at their settlement V81ue. Trade and oth81 debtOTS are recognised 31 the settlement amount after any trade discount offered. Prepaym8nt5 are valued at the amount prepaid net of any trade discounts due. 8aslc flnanclal liabilitie5 Basic financial liabilib"es, including creditors ale inib.ally recognised al trans8ction value and subsequentty meaSUd at their settlement valuè with the exception of bank108ns whith a subsequent measured at arnortised c051 using the effeciive Inte sl method. Liabiltties are iewgnised when there 15 an obligation atthe Balance sheet date as a re5uIi of a past event, it is probable that a transfer of economic benefft wlll be reqIred in selUèn)ènt, and the amount of the 5¢thement can be estimated reltabty. Liabilitres are rtcognised at the amount that the Charity ¥nCipateS It will pay to settle the debt or the amount it has rEceid as advanced payments for the goods or services it must provide. Provisions are me8$urgd at the b85t estimate of the arnounts required to settle the obligatlDn. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at tho pre-tax discount rale that reflects the rfsks specffjc lo the liabilty. The unwnding of the discount Is recognised in the Ststement of Ilnancial activrties as a finance CDS1. ClIcal a¢countlng estlmatss and ludg*ments In the application of the Charity's accounting policies, the Trustees are required to m¥ke judgements, estimates and assumptions about the carying amount of 8ssets and liabilibe5 that are not readi apparent from other SoUrs. The estimates and assouated assumptions are based on historiral eXperIen and other factor5 that are considered lo be relevant. Actual iesults may differ from these e5tirnates. The e5timale5 and underfying a55umplons 8re reviewed on an ongoing ba515. Revlsions to accounting estimate5 are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the rovision and ftjture periods where the revlsion affects bolh current and future pgrfods. 12
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacl Unre5trfcted Endovmient funds funds 2024 2024 Total Unrestricted Endowment lunds lunds 2023 2023 Total 2024 2023 Donatlofts and grfts Legacies receivable Othèr 39,362 520 7,457 39.362 520 7,457 42,556 81.178 6.524 42,556 61,178 6,524 47.339 47.339 110,258 110,258 Income frorn Invostm•nts UnTestrid8d R•siricted funds funds 2024 2024 Total UnT•strfcted Restricted fund5 funds 2023 2023 Total 2024 2023 Incorne from listed investsn8nts 24.472 18,573 43,045 20,485 17.209 37,694 Other in¢omÈ Unrestrleted EndowTnent funds lunds 2024 2024 Total Unr•strfcted EndovKnent funds funds 2023 2023 Total 2024 2023 Other incryne 4,700 4,700 4,050 4,050 Exp•ndSle on raising funds Unr05trict•d Restricted funds fund5 2024 2024 Total Unrestricted Restrleted funds funds 2023 2023 Total 2024 2023 Fundrai$lng and publlelty Advertising other fundraising ¢osts 711 539 48 1,250 112 747 59 628 49 1,375 108 775 587 1,362 677 1,483 Invèslment management 7.354 5,581 12,935 6,755 5,674 12,429 Total costs 8.129 6,168 14,297 7.561 6.3S1 13,912
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Exp8ndlture on charitable actlvltles Grant Funding 2024 Grnnt Funding 2023 Dlrect costs Grant funding of activf(ies (see note 81 69.513 98,845 Shar8 of support and governanc• costs (see not8 91 Support Governance 5.430 4.792 7,408 5,000 79.735 111,253 Analysls by fund Unrestrfcted funds Restricted funds 54,943 24,792 89,890 41,363 79.735 111,253 14-
THE SPECTACLE MAKERS. CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable Grant Fundlng 2024 Grant Funding 2023 Grants to institutions.. Blind in Business Croydon Vision Drunken Chorus Extant Go8lb811 Kent Association for Ihe Blind LivSng Paintsngs Trust Magical Taxi Tour No Going Back Nystagmus Netsvork The Sherriffs, and Recorderfs Fund Ropyal National College for the Blind Roy81 Society for 81ind Children Sheffield Royal Soriety for the Blind SuttDn V15iD The RMJley Foundation Vision 2020 nkS Vista Worfd Jewish Relief Worfd Sight Foundation JDRF Retina UK National Science & Media Museum Henshaws Sight Loss Shropshire RNC Hereford TimeBanks UK 4Sight Vision Support Barts Charity appeal Waterloo uncovargd Calibre Audio Newcastle Vlsign support 81Snd Veterans Seeabilty Impact Foundation Oxford Hospitals Charlty Andean Medical Mission The Guru Project YPAG W15ion Action Orbis MACS SOS Children Deafblind UK 6,000 2.350 1.000 5.000 5,000 1,000 5.000 1,500 500 1,620 500 1,000 4,000 2,225 5.000 5.000 9.950 2,000 2,000 2,500 10.000 5,(H)O 1,500 10,062 3,000 869 1,500 2,000 3,000 1.000 900 2.000 1,000 1,000 1,500 1.$00 1,500 1,OCN) 1,200 2,0(N) 1,000 4,000 3,500 3.500 1,000 1,S(X) 51.031 78.145 15-
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable Icontlnuedl Grants lo indiwduals 18.482 20,700 69,513 98.845 Support costs allocated to activitle$ 2024 2023 Administrative Expenditure Sundry Expendituie Govemance costs 5,050 380 4,792 6,850 558 s.0 10,222 12,408 Analysèd betwean: Grant Fundin9 10.222 12.408 Gov¢manee Costs includes payments to the accounts of £4.792 12023." £4.9801 for independent examination 10 Trustoe$ None of the Trustees lor any persons connectsd bwth thernl recelved any remuneration or benefits from tha Charrty during the year. 11 Galns and losBe¥ on inves¢mgnts ReStCted Endowment funds funds 2024 2024 Totsl R8strict•d EndowThent funds lunds 2023 2023 Total 2024 2023 Gain51llossès1 arislng on.. Revaluation of inve81menis 42,495 65,307 107,802 167,2881 175,3161 1142,5841 12 Taxation The charity 1$ exempt from taxation on rts actmties because all its incomè fis applied for charitsble purposes. 16-
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Flxed asset investments UnlSstÈd Investments C05t or valuatlon At 1 April 2023 Additions Valuation change$ Other movernenl Dispos81$ 1,743,882 1,486,378 53.886 118,0201 11.381,7771 Al 31 March 2024 1,884,349 Carrying amount At 31 March 2024 1,884.349 At 31 March 2023 1,743.882 14 Fin4nelal Instruments 2024 2023 Carrylng amount of flnanclal a¥¥ets Instrumgnts me8sured at fair value through Pfofit or loss 1,884,349 1.743,882 15 Debtors 2024 2023 Amounts falllng due within one year.. Other debtors Pr¢paym8nts and accrued income 7.392 6.516 3.812 7.392 10.328 16 Crtrdltors: Amounts falling due wSthln ono ygar 2024 2023 Accruals and deferred income 14.242 8,733 17-
THE SPECTACLE MAKERS. CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Endowment funds Endowment funds represent assets which rnust be heltt pernianentty by the Charity. Incorne arising on ihe en¢Jowment funds can be used in accordance wlth the objects of the GhaTty and is included as unrestricted incorne. Any capital gain5 or losses arising on the assets fomi part of the fijnd. At 1 April 2023 Incoming resources Transfeys G8lhs and At 31 Mareh losses 2024 Pem)anent endowments Expendable Endowment 1,019,700 65,307 1,085,007 Prèvlous year.. At 1 Aprll 2022 Incomlng regource¥ Transfers Gains and At 31 March losses 2023 Pemanent endowments EXpendate Endowment 1.037,674 114,308 156,9661 175.316) 1,019,700 18 Rtrfeted funds The restricted funds of the chariiy comprisè the unexpended balances of don81ion$ and grants held on trust subject to specffjc conditions by dtynors as to how they rnay be used. At 1 April 2023 Ineomlng resources R¢¥oure•s expended Ga5n$ and At 31 PAarch losses 2024 Trevor Whrte Educ8tK)n 110,388 6S3,525 2,649 15.924 13.4081 127,552) 109,629 694,392 42.495 773.913 18,573 130,9601 42.495 804.021 Previou5 year: At l April 2022 Incomln9 re&our¢ès Resourc expendgd Galns and At 31 March losses 2023 Trevor White Education Trust 124,644 747,042 2.461 14,748 116,7171 130,997) 110,388 663,525 (67.2681 871,686 17,209 147.7141 167,2681 773,913 18-
THE SPECTACLE MAKERS. CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Restricted fvnds Icontlnuedl Rèstricted funds are used for the following purposes.. Trevor rte Fund - to advance study, knowledge and education in the field of opb'cs for the public benefft induding bul not lirnited by contributing towards maintaining or instfjtuting researth, Tesearch fellowships, grants or scholatships in the field of optics. Education Fund- to mainty provide bursaries and travel awards in rolatlon to education in the field of optics. 19 Unrestri¢tgd funds The unrestricted funds of the Charity comprise the unexpended balances of donations and grants which are not subj'ect to specific condrtions by donors and grantors as to how they may be used. The5È include designated fvnds whTr¢h have been sel aside oui ol unrestricted funds by the trustees for specific purposes. At 1 Aprfl 2023 Intomlng resource# Resources expended Transfers At 31 Mareh 2024 GeneTal 76,511 163.0721 13,439 Prevlous year.. At 1 April 2022 Incoming resources Resource# e¥pend8d Transfers At 31 March 2023 General funds 20.485 {77,4511 56,968 20 Analy$l$ of nèt assets betwwn funds UnstriCt•d funds 2024 Re5trfcted Endovmient funds funds 2024 2024 Total 2024 At 31 March 2024: Investrnents CurTenl assetsllliallitie$l 804,021 1,080,328 4,679 1,884,349 18.118 13,439 13,439 804,021 1,085,007 1,902.467 Unrestricted lund$ 2023 Restrtcted Endowmènt funds funds 2023 2023 Totsl 2023 At 31 March 2023.. Investrnents Current ¥ssetsllliabilitiesl 773,913 969,969 49,731 1.743,882 49,731 773.913 1,019,70D 1,793.613 19
THE SPECTACLE MAKERS. CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 21 Relatèd party transactions The were no dlsdosable related party transaction5 during the year12023- none). -20-