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 mo￿18, 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 Ban￿n9 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 Stat￿￿ents 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
p￿parIng 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 adVance￿ent 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 As￿t
Management as professional investment managews. wlth a discretionary wnandate targeted at achieving total retum
equlva￿nt 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 Inco￿orated 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 m￿riS
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.
Vacan￿e5 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 kn￿edge 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 a￿A)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 finall￿al
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 tse￿een 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 cOnVent￿jn. 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$ed. The
purposes and uses of the re5trid¢d funds aré set out in the notes lo the financial statement5.
Endowment funds are subject to specAfic conditions by donors that the capital must be rnaintsined by tha
Charity.
1.4 Income
Income is recognised when the Chartiy is le9811y entrtled to it after any perfor1nan￿ conditions hav8 been
met, the arnounts can be rneasured reliably, and it is probabte that income will be received.
Cash donallons are recognised on receipt. Other donatiorts are recognised oll￿ the Ch8rity has been notifieil
of the donation, Ljnless perfomiance cond￿0￿$ require deferral of the amount. IncoTne tax recoverable in
relation to donations received undeF Grfl￿d 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 enl￿ernent 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 re￿iVed 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.
Expendi￿re is classified by activrty. The costs of each activty are made vp of the total of d1￿cl costs and
sha￿d 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 bety￿en 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-charita￿e 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 re￿gnised 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$•ts
Basic ffinanaal assets, which indude debtors and cash and bank b81ances, are initialty rneasured at
transaction price induding transadion eosts and are subsequenlty measured at their settlement V81ue.
Trade and oth81 debtOTS are recognised 31 the settlement amount after any trade discount offered.
Prepaym8nt5 are valued at the amount prepaid net of any trade discounts due.
8aslc flnanclal liabilitie5
Basic financial liabilib"es, including creditors ale inib.ally recognised al trans8ction value and subsequentty
meaSU￿d at their settlement valuè with the exception of bank108ns whith a￿ subsequent
measured at arnortised c051 using the effeciive Inte￿ sl method.
Liabiltties are iewgnised when there 15 an obligation atthe Balance sheet date as a re5uIi of a past event, it is
probable that a transfer of economic benefft wlll be req￿Ired in selUèn)ènt, and the amount of the 5¢thement
can be estimated reltabty.
Liabilitres are rtcognised at the amount that the Charity ¥n￿CipateS It will pay to settle the debt or the amount
it has rEcei￿d as advanced payments for the goods or services it must provide.
Provisions are me8$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.
C￿lIcal 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 SoUr￿s. 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•ndS￿le 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
ReSt￿Cted 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
EXpendat￿e Endowment
1.037,674
114,308
156,9661
175.316)
1,019,700
18 R￿trfeted 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
Un￿striCt•d
funds
2024
Re5trfcted Endovmient
funds
funds
2024
2024
Total
2024
At 31 March 2024:
Investrnents
CurTenl assetslllial￿litie$l
804,021
1,080,328
4,679
1,884,349
18.118
13,439
13,439
804,021
1,085,007
1,902.467
Unrestricted
lund$
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-