Charlty Reglstrallon No. 1186122 THE SPECTACLE MAKERS. CHARITY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 RickardLuckin
THE SPECTACLE MAKERS, CHARITY LEGALAND ADMINISTRATIVE INFORMATION Tru8teo8 Dr D P8rkin$. Chair N RBoof L Hopklns Dr M Conwgy R Lovell-P8181 J MDrrl$. Vlce Chalr F Drasar R t)ufton P KolechB NJ Parker S Vèrmq (Appolnttrd 31 March 20251 IAppolnled 31 March 20251 IAppolDl8d 5 December 20241 Charlty #umber 1186122 Prlnclpal addreJB Apolhec8iles' Hull lack Frlars Lane Londo EC4V 8EL Independ•ni examlnèr Rlckard Luckln Llmlled County Hous8 100 New London Rood Chelmsford E$8ex CM2 ORG B*nker8 Lltsyds 8anklnc Group PLC Inv•8tmént advl8ori Ralhbtsnes Investment Manag8menl LthSled 30 G$haM St London EC2V 7QN
THE SPECTACLE MAKERS, CHARITY CONTENTS Paga Trustèes report Statement ofThJstee$ respon$lbllllleB IndepBndenl &xamln•e6 rèport Stalament of flnanclal actlvllles Bo18nca 8heg1 Note$ to thg financlal 818tem¢n16 10.19
THE SPECTACLE MAKERS, CHARITY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trust888 pres8nl their onnu81 rèport logelher Yllh the fin8nrlal 51atemenls of ThB Speclade Maker8, Ch8rity for the perlod 10 31 Mgrch 2025. The Trustees confirm Ihal the annual report financi81 sl8lemen15 of the Chorlty compty wllh Iha current statutory requlremenls, Ihe requlreinent6 of the Ch3ri1y'5 gov8rnlng doGufflenl 8Nd IhÈ provi51on5 of the Stalem&nt of Recommended Practice ISORPI, 3ppllc8ble lo chari118s preparing Ihelr accounts In accord8nc8 wllh the FlnanGial Reportlno SlaniJard8 applicabl8 In the UK and IhB R8publlc of Ir818nd IFRS 1021 leffecllve 1 J8nuory 2019185 Èmended by Update Bullelln 2 leffeclive January 20191. Obl•¢tlve¥ #nit actlvltlei The Charity 15 8 Chaillgble Incorpor818d Orgonlsallon IncorporBt8d under a foimal Conslllullon qnd Rgi8lerad Ill Engl8nd and W8l&s under ch3rily reglslrallon nutnbgr 1186122 trn 4 November 2019. 11 w8s forrned lo provida the vehlcle for Ihe merger of dll 05s&15 and Ilabllllley ol iwo former tharilie5, The Worshlpful Company of Sp8clacle Makers, Charfty Ireglslered charity tio. 10721721 and ThÉ WCSM Educallon Tru51 Iieglslered charity iio. 11350461,10 reduce dupllcalen of 8dmlnlslrallon and Increas6 gMclÈncles In granl-glvlng. The ConBlllullon è Memorandvm of Understgndlng con181n provlslon8 on the rèlaiionshlp beNveen Ihe Charlty and Ils sole rnember, The Worshlpful Company of Specla¢le MAkers and s8f8guardlng of the maInlenan of the Indepandenca of th& Charlly Trusteo8. The Charlly Is a giani-rnaking oryanltsalloii. Th? Trustees conllnu8 lo keep under rtsvlew iaelr pollcy on granl-g5vlno qnd current priorSlle$. In order lo maKlml8e Ihe beneni the Ch8rlty cBn ggnerale for slyhl Imp8ired people and eye h8gllh profe55ional8 ol the future Irom11s dlslilbulable fund5. In Ihe 86cond holf of Ihe year, the Trustees started lo consldpr Ideas for a polenii&l new bursary schtyme In the p9rlod up lo 2029, when Tlie Worshlplul Company ol Spaclade M8ker8 will c8lebr8le 400bl annlveisary of In¢orporallon. Aoiivllies The oblecls of IhÈ Charlly are 8uch rJ)oillable purpoBe& as the Ch#rlly Tru818e8 mtty In ihelr absolute d18cr¥llon delermlne Includlng. bui not limlled lo.. The re118f ollho8è In need by reason of vlslon IrDpalrmenl andlor $lohl IoB8', 8nd 2. Th8 advancement of study, knoadge Bnd educollon In th8 fleld of opllcs for Ihts publlc benefil, Includlng tha romollon of research In the field of opllcs and IhÈ publlcallon of the u88fv1 result8. The Tru8tee& have Specified that the Charlty will conBlder appllcalbns for gr8nl$ from,, reg181erÈd UK chadlles hBvlng g vl$lble and rneanlngfvl Impact on the Ilve$ of vlulon Impalred people b, IndlvldualB sludying for approvetl qu8lific8llons In eyè GHre al Level 4 ur gbove al a UK Inslllullon, whose 8ppllcallons f911 wllhin the rul8& of Ihe Charlty's bursary and ophlhalmologylprof9551onal developm&nl Bw•id s¢h8mes educatnal In5111ullon% In the UK teaGhlng and feBe8rchlnu In the eye he8llh fl¢ld rÈglsiBted charille5 conne¢l¢d wllh Ilvery comp8nl&s and th8 Clly of London which alm ID InBreaS8 opportunities for educallon or tsmploymenl, or ènloymÈni for Ilfe for those wllh 8erlouG health ¢ondSllon5, $ublect to a maxlmum of 5% ofthe value of gran18 made In any ffn8ncl&l yepr. The Chafity will nol.. other Ihan the Ilmlts gf Idl above, make gr8nls whlch do not re18te dlreGIty lo vlBlon or1088 of v15ion CDn5ider specul8llve requests for hardshlp yrBnl$ oul$lde Ihe tem$ Df the Charfly's Bnnuttl $ludent bursary gw8rd schemes Make dlreol grants eulsldè the UK lund individval r8s8arch projects th81 8r8 unsupeN15ed or un8UPPOrtÈd by a UK unlvetslty or reglsler6d ChatY
THE SPECTACLE MAKERS, CHARITY TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Grants givpn by the Chaiity are usualty between £1,000 and £5.000 for organi58lions. with 8xceptk)nal grants of up to E10,000 and bursary and profosslon81 developmenl qwgrd5 with a value of up lo £1,QOO for Indivlduals. In tha year lo 31 March 2025 the Trustees made 22 gran15 to organSsallons 12024'.241 ulldei 7 dlfferpnl h8adlngs Ilnformalion and 5UPPOrt, Aris afjd culture, Sport, Support foi the prov151oll of eye heallh care oulslde Ihp iJK. Iiilernauonal eye health educallon and iralnlng, Employment and Re5earGh and provlded bu18aries or awafd5 10 24 yDung eye heallh profe551onals 12024.. 181. More Informallon on gran15 given appears In note 8 ID the finandal s181emenls on pag8 15. In selllng gblpcllvÈs and plannlng for acllvllles, the TwsloEs have glvèn due conslderallon lo yeneral guid8nce published by the ChaTlly Commlssion relallng lo publlG benefit. Includlng the guidance 'Publlc beDèfll.- runnlng a chailly IPB21' 1 applicHllon5 retelved are re¥l8wed wlih publlc benefil a$ one ol the prinopal cTlleT18. Applic8llon8 are 8ubmitted via the Ch8rlly'S wÈbsilÈ port81. All gran18 have lo be agreèd by th8 Board ofTfus18es. Achlevernents Hhd performanc M4ln #chlgvem•nts ol th8 ChBrlty The Speciocle M8kgr$' GhArlly, was rag151erod wllh the ChaNly Commlgslon under no. 1188122 on 4 Novamber 2019 and. by merg$r, acquiied the asse18 of the Iwo foimer chaFllle8 888OCl8led wllh thè Spe¢locI8 Makers, Company.11 $lartÈd 11$ malTh gr8nt-olving acllvllle5 wllh effect fiom 30 September 2020. Slnce Ihen, the ChatY h88 8sl8bllshed good relallofjshlps wllh many org8nl8allon5 and Bmall charlll•$ In the 819hl 103s spGlor 48 well as sUPPOrtlng reques15 for fin8ncig1 H551518nc8 lo support beller occ8ss to ¢ullure, 181sure, sport and etnpltsymonl for people wllh 8 vlslon ImpalTffjenl. In the yaar lo 31 March 2025, the Ch8rfty's gr8nls lolalled £81,712 12024.. £69,513), Includlng £21,283 12024.. £18,482) In Ihe form of bursHde5 to sludenl oplomeli1518, orfhopiisls dlÈpenslng opllclan5. profèssSong1 davelopmenl or Iravel awards lo ophlhalmolDgl&l& In tralnliig and pilze5. Students applylng for bur58ries were ask8d to SP8cIfy the exacl &irounl Ih8y would need lo support Ihelr sludles, wlilch r8Èull8d in dlfferent amounls btrlnp awarded, wllhln the Tngxlmuffl allowed of £1,000 per appllc&nl. Tha hlgher lolal for grant-glvlng wflecled tha u88 of ca8h recelved from a P898ty lo Incre858 Ihe number and value of awards given. Th15 1$ nvl expected to conllnuÈ In the current year, Ihouyh The Charlly continu95 to alm to InereM¥8 Ils grant-glvlng to £100.000 por Jnnum by the end of 2029. Th& Charlly now makes only one prlze BwBrd Èach ytrar, lo Ile bursary xiudtsnl who, In the oplnlon of the TfV$te89, Submlls the be81 report on thelr sludIfr5 how IhBy have benefiled from a bur58ry, The Wor8hlplul Company of Speclade Makers has a separate prograrnme of unlvÈr811y 8nd college priie5 lo rgwgrd achl8v&menl al the Ilme ol sludenl$' graduallon. Th8 Charlly wlll relaln ils focus on provldlng 8UPPOrt io siudenls whll&l In educatlon and. In pqrtIGul81, Ihots& 8xperl¢ndng hardshlp. Flnanclal r8vI8W Reserves pDII¢y The Truslee5 con51der that, In ordBr lo g8n8rata Inv851menl retuffl$ whlGh 8re sufficlenl lo finonce JppropH818 level of charilable gfanl8 on a Gonllnulng basls, the expendablÈ endowm8nl fund 8hould be mainlalnÈd al a mlnlmum of £700,000 and the fund5 i¢slrlEted for 8due81ional and reyeprth purpuses should be malnlalned >t mlnSmum of £SOO.000. The Charity expeds to rètaln In 115 current Bnd Immedlalg 8CCaS8 s8ng& 8c¢ounl, Hfter grants, a balance sufflclanl to cover at least 6 months. oper81Sng costs. At IhB ye8r8nd th8 Charlty held fund5 tolalllng E1,876.496 (2024.. £1,9W2,4871, ofwhkh Ire8 r858Nes were £15,186 12024.. £IB,1181. b. Surplu& The result for th8 period lo 31 March 2025 was a loss of £26.971 12024.. surplus DI £108,854), reflecllng the hlgh volallllly In in¥e$tmenl markets during thè year ènd a higher level of grants made. The loss from ordlnBry Bcllv5118$ was £9,70812024.. loss of £1,052). ThÈ Charfly r8a115ed a loss on InvÈstm8nl8 of £16,26612024.' unregllsèd galns of £107,802).
THE SPECTACLE MAKERS. CHARITY TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 c. Materlal Investments pallty The Triislees hav& a foimal Inve81ment pollcy which sels out the performance benchmark and rlsk lovel and CLinl8lns a restriction on direct 5nVe$i8nI Ill tobacco slo¢kÈ, The TfUSlees have appolnled Ralhbone Assel 8nagernEnl as prolesslon81 Inveslmenl managers, wllh 8 dl$Grellonary mandala largeled al achievlng lolal felurn equlvalonl lo CPI plus 3% pa over a long-lerm Inveslmani borizon 110 years +1. In June 2024 the Truste&& commenGed a 5-year revlew of lllweslmenl manogeTDenl [VIces. In Ilne wih oovern8nce guidellnes. d. Independent examlnktlon The Trust8es ran 8 lendei process for Indapendenl examlnallon setvlces In the second half ol the yeHr. Rlck8rd Luckln Lld were oppolnled 88 Independent examiner8 In June 2024, su¢ceedlng Kre81on R8OV¥. 6. Legacy In¢omo A 8mall balance p3ymenl of E18 was recelv8d follDwlfjB the wlndlng-up or t8K affalrs relallng lo the eslgle of M186 Annè MaGklfilosh. fomierly a Freeman of the Worshlplul Cornpofiy of Spect8¢1tr Moker$. No other Income from leg8cI8s w45 recelved In th8 year lo 31 Mgfch 2Q25. Stru¢tureb govorn*ncè and minau8m8nt The Speclaclè MHker8' Charlty Is a r8ylslered charity In England knd Wre8. number 1188122 &nd wa$ coDBllluled aB a Charitable IncorporaleLI Organlsallon on 4 November 2019. The sole membor of the CIO IÈ The Wotshlpful Compony of Sp¢¢lg¢le Makers. The Tru81888 who Belved durlng Ihb year gnd up lo the data of 8lgnaiure olthe financl818lalBmenl8 were.. Df D Paikln5. Chalr N Rooof L Hopklns Dr M Conway R Lov&ll-PalÉl J Morrls. Vlce Chalr Dr R Cubbldpe F Drasar R Dufton P KtrlÈrha NJ Parker S Verma (Resluned 4 S8Ptèmber 20241 (Appolnied 31 March 20251 IAppolnled 31 March ?0251 (Appolnlad 5 December 20241
THE SPECTACLE MAKERS, CHARITY TRUSTEES REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Recrultmenl and appolnlmtnl ofirus188s The man8gemenl of the Charlty 15 the responslbllily ol IhB Trustees who ère appDlnt6d by resoluuon of Ihe $ole mpmber. und&r th8 lerm5 of the Conslllullon, A siandard lerm of office for o Trustèe Is 3 year8. Appolnlm$nlS may be renewed In attordance wllh the provlslon5 of the Conslllulion. Duiing the year Mr Robert Cubbldge retlred 85 8 Trustee on the grounds of 111-health, Ml55 Seema Verma was appolnled on S tlecemb8r 2024 In compllance wllh the r&qulretnenl for the Trustee Board lo Include at 168sI one member of the Court of The Woishiplul Compaiiy of Spectacle Makers. Following an gdvertisemenl for appllcanlB and Inlervlew, M5 Prill Koiotha 8nd Mr Nick Parkei lolned the Tiuslbe Board wllh errecl from 31 March 2025. All new appolnlment5 are fgr a Ih186-year term. E8ch Trusleo h35 a duly to ttKerclse hls or her powe and lo p8rfDrm hls or her funcllons 05 8 TIu510È In the way he or Bhe dedde$ In uood fallh would be most Ilkew lo further the purposes ef the CIO. Under the term$ of Ihe Charlly's con5111ullon. a malorlly Df tho Charlty Trustees MUBI be Frgem6n or Llverymen of the Worshipful Cotnpany of SpeclB¢l8 Makers 81 least one Ibul not 8 malorllyl of the Trusl8es Should be curreiil membei of Ihts Court of A8818lanls of Ihe Worshlpful Company ol Speclade MgkÉrs, There musl be at 1685t four Charity Tru51eoy. The Quorum for dec5sion rnaklng Is thre8 Trustees, of whom 81 leH51 one shall b8 the Charity Chalr or a rngmbfyr of th8 Court of A851slanl8 of the Wor$hlpful Comp8ny of Spacloole Moker$, Vacancles 8re advort4sed wllhln 8nd oulslde The Worshlpful CompAny of Spectacle M8kers. a$ n8C8888ry, for people wllh 5peclflc 5kllls. lo m8Sntsln Ihe balance of experlpnc8 8nd relevant knowledgB rnqulr¢d for the Trustee Board lo fulfll118 granl-glvlng and governance re5POD51blllll8$. Tho Trv51085 report wa$ opprovad by the BoBrd of Tiusle81. Truitee O&ie'.
THE SPECTACLE MAKERS, CHARITY STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2Q25 The Tru81e88 8re rÈsponsible for prepadDg the Trustees Roport and the financlal stolernenls in accordancè wlth applicabla Igw and Unlted K4nodDm Accounllng Standards Iunlled Klngdotn Generally Accepted Accounling Pracllcel. The law appllcable to charities In England and Wales rÉqulres the Tru81ea8 lo prtrp3re financlal 51at8menls for each financlal yBar which glve a Irue and falr vlew of the st8le of affalrs of the Charlty 8nd of the incomlnu resource5 and appllc8Von of resourc88 of tha Charlly lor that y?$r. In preparliig Ihese financlal slalemenis. the Trustees are rtqulred lo.. select sullable accounllng pollde$ and Ihen apply them cons151enlly'. observe the melhods and prlndples In the CharSUès SORP,. make ludgemenls and esllmales that are r68sonable and prudent.. 81ole whether applic8bl¥ gtcounling 51and8rds have been followed, ÈvbleGt to any rnaleil81 depttrtures dl8cIo8ad and èxplBlned In Ihe finHnGlal 51Blemenls', and prepare the financl8181alewenls on Ihe golng ¢oncem b8818 unles5 1119 In8pproprf818 lo piesurne Ihal the ch8rSty wlll wnunue In operallon. The Tru81888 Bre ie¥pon51ble for keoplnll sufflcl8nl Be¢puntlng records IhBI dlsclose wllh reasonable arturgcy al ny Ilme the flnantlal posll1011 of Ihè Charlly and enllble them lo ensure Ihal Ihe ftnBncig18lalemenl& comply wllh the Clisilllès AGt 2011. the Chailty IAGcounls ond Rtportsl Regulallon8 2(K18 Ihp provisions ol th& Iiu81 deed. They are also r88pon51ble lor s8feguardlng tho as8el8 of the Charlly and hence for laklng reasonsbl8 81&p& for th• prevenllon 8nd detocuon of fraud and olher Iriegu16rllle$.
THE SPECTACLE MAKERS, CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SPECTACLE MAKERS, CHARITY I report to the TIu51ees on my exaMinaOn of Iht fln8nclal slalement5 of The Spectacle Makers, Chailty Ilhe Charltyl forthe year ended 31 March 2025. Th1$ report Is made solety to Ihe charily's Iru51ees, a¥ 9 body. In accordance wllh 5eGlion 145 of the Chg1i1195 Acl 2011. My work h85 been undertaken so that I mlght Slale to chartty'8 Irusleg9 IhosÈ ma119rs l 8m qU1rPd lo 51alÈ lo them In Ihls report and for no other purpose. To the fulle51 exlenl p8imilled by law, I do not accept or assume iesponslblllly lo &nyone olhef than the c118rlly and Ihe Gharity'$ IruBttreB as a body. for my work. for th15 report, or for IhB opinlon& I have formed. Responslbllltle• •nd ba818 of report A8 the Trustee5 of the Charlly you ore r8spon$lble for the propaiallon of the finandal 818lemenl8 in acCoanCe wllh ihè r8quiremenl8 of the Ch8rllles Act 2011. I report In respecl ol my oKamln8llon ol the Charlly'$ nn8nd81 slalemenls c8rrfed ovl under 88c14vn 145 of th8 2011 Acl. In aarrylng oul my e%amlndlion I have followed all the appllcable Dlrecllons glvan by the Charfty Comml$slon under 88cllon 14Sl5llbl of the 2011 Act. An Ind&pand8nl eKamln8llon do89 not Involve gglhBrlng 011 th¢ 8vldenc& IhBI would be requlred In an audll ano ¢onsequenlly does not cover all the m811ar5 th81 an 8ui5ilor conslder6 In glvlng Ihelr oplnion on IhÈ financlal slalerntrn18. The planning gnd conduct of an audll 9oe5 btryond the Ilm51e(J assurance th81 an indgpend8nl e%amln81ion can provldo. Cons¢quenlly l express no oplnlon 88 to whether Iho flnanGlal slalements presenl a 'lrua Bnd falr. vlew and my report Is Ilmlled lo those 5perlfic tnaiters Sel out In the Independ¥nl 8xamlner's ylatetnenl. Indopendent •xamlnelts statement I have completed my Bx8mln8llon. I confltm IhBI no m8tlers h8ve come lo my 8118nllon In conne¢llon wllh tha 8xamlnallon givlng mg ¢8u$e to bell6Ye Ihal In any mBlerl81 resp8cI'. occounllng records wer& not kepl In re8pecl of the ChorSty 88 requlred by 6eGllon 130 of the Chari1S68 Act 2011. th¢ nnan¢191 stal&menl8 do not aGcord wllh those records,, or the ffngnclal slalemenls do not cornply w41h the 8ppllcable requlremènl8 ¢onc8rnlng the form and conl8nt ol flnanclal ¥18lemÈnis sel out In the Chèrlllès (Accoun18 and Rèports) Regulallons 20D8 other ihan any requlrerneni Ihal Ihe finand818laternenls glva 8 Irua 8nd 181r vlew, whlch 18 nol a rnallei conslder8d 88 part of an Independent examln8110n. I have no concerns and have come acros8 no other mallers In ¢oon6cllon wllh the ex8mln8llon lo whlch attenllon should be drown In IhSs report In order lo enable a proper under3lHndlnu of the finandal gtslements to be reach8d. Janlne M8nsfleld RIGkard Luckln Llmlled 1s1 Floor County Hou8e 100 New London Road Chelmsford Essex CM2 ORG D8ted'.
THE SPECTACLE MAKERS, CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Current flnan¢lal year Vnr6Strfcted funds 2026 Rèstrlcted Endowrnent funds lunds 2028 2025 Toial Tot•1 2025 2024 Not815 Income and endowment$ frorn.. Donations and 18g8cieB Inveslmanlts Other Incorne 66,827 20.586 4,750 56,827 35.619 4.760 47,339 43,045 4,700 15.053 rotal Income 82.143 15,053 97,158 95,084 E¥peThdltur• on.. Ralsing funds 7,885 84,807 5,772 28,638 13.657 93,245 14,297 79,735 Total èxp•ndlturo 72.492 34.410 106,902 94,032 Nel oalnBIIIo88È&1 on Inveslffjelll8 11 18,3471 19,9181 116,2651 107.802 Ilot Incomollexpendltutel and movomomt In funds 9,661 125,7041 (0,0181 125,8711 108,854 R8¢ohclllatlon of lund¥'. Fund bo18nc88 al 1 Aprll 2024 13,439 804,021 1.085,007 1.902,467 1,793,013 Fund b41an¢e8 at 31 March 2026 2J,ODO 776,317 1,075,089 1,876,4a6 1,902,487 The slalemenl of nnanclal tycllvllloy Include$ All g81nB and lo$¥¥$ recogn18ed In the year. All In¢ome 8nd expenditure derlve from coniinulng acllvllles.
THE SPECTACLE MAKERS, CHARITY STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Pflor flnanclal year Unreslricted funds 2024 Re8tTlcted Endowment fund8 fundB 2024 2024 Total 2024 NoieB Incorne and Èndowment8 from: Oonalions and legacl8É Inve51tnenls Other Income 47,339 24,472 4,700 47,339 43,045 4,7DO 18,573 rotal Income 76,511 18,573 95,OB4 Expendlturo on: Ralslng fund& 8,129 54.943 6,168 24.792 14,297 79,735 Tot•1 6xp8ndlturn 63,072 30,960 94,032 N81 g8ln8llloBoesl on Inv881menls 11 42,495 85,307 107,802 Nfrt Incomo and movement In lund• 13,439 30,108 65,307 108,854 Raconclllatlon of fundi.. Fund balances al 1 April 2023 773,913 1.019,700 1,783,613 Fund balances at 31 MNr¢h 2024 13.439 BO4,021 1.085,007 1,902.467
THE SPECTACLE MAKERS, CHARITY BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notos Flxod •¥¥eis Inve51m8nt$ 13 1,861,310 1,884,349 Current 868?t8 Debtors Cash #t bank and In hand 16 8,893 15.435 7,392 24,968 24,128 Credltor8'. •mount8 lalllng duo wlthln on• year 32,380 16 18,9421 114,2421 N•t current ai••tB 15.188 Total ao•ts 188• currnt Ilabllltlev 1,876,496 1,902,467 Thè lunds ttl tho Charlty Endowment funds ReslilclÈd Incom¥ fund Unre$lrlcled funds 17 18 f9 1,07S,089 778,317 23.ljgo 1.085.007 804,021 13,439 1,676,496 1.802.487 Th6 flngndal Blalemenis wère approved by th¢ TrusleÈ$ on........... s. ChaSr rru8t•¥
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcle8 Charlty Ir>formatlon The Spectacle MakÉrB' Charlty Is 8 Ch&rllable Incorporated Organlsallon. 1.1 Accountlng convantlon The financlal slaletnenls have been prepared In accordance wllh the Charlty'6 Collslllullon. the Chgrilias Act 2011, FRS 102 '1'h& FSnantlal Reporling slandrd applicable In the UK and Republlc of Ireland l FRS 102,1 and the Ch8rllles SORP 'A¢counling and Reportlng by Charllle5.' sial8ment of Recommended Pracllce appllGab18 10 ch8rilles preparlng IhelT accoullls In accordance ¥th the Flnana81 Reportlng Sland3id 8ppllcable In th6 UK and Republlc of Ire18nd IFRS 1021" 18ffecllv8 1 January 20191. The Chgrlty Is a Publlc Benefit Enwiy #$ defined by FRS 102. The Charlty ha6 takèn advantsge of the provlslons In the SORP for charjleg not 1¢ prepare a Stslement of Cash Flows. The finHn¢l81 $ts18m8nl& have depArt8d from the CharSlle$ (Account5 and R&port81 Regul8lknn$ 2008 only lo the exlenl requlred lo provido 8 tru8 and lair vlew, Thls dep8rture h85 Involvbd followlng the Sl8tem8nl of Recornmended P18cllc8 for charlllB$ 8pplylng FRS 102 r81her than Ihe verslon of the Stalemanl or Recommended Pr8cIIc8 whlch15 ref8Yr8d to In the R8gulaVon8 bul whlch has Blnce baen wllhdrawn. The fln8ncl81818lemenl$ Ar& prepared In slerllnu, whlch 18 the funcllonal currew of the Ch8rlly. MonBtary amounts In Ihe8e finanGlal $lal8menlB are rounded lo the ne8resl £. The finanGI818lalomenl8 boèn prepared under th8 hl8lorlcal colt convenllon. wllh ¢*rtaln financlol Inslrufflen19 al falr value. The prInPol acceunllng poll¢lÈts 8dopt8d are strt out below. 1.2 Golng concorn Al the Ilme of gpprovlng th9 financl81 sl8lemeDI$. the Tnjslees hgve a teH80nable expgGI8IIDn th81 the Chgrlty haB gdequate resourc88 lo ¢oniinu6 In operallonyl eK18t6nce for Ihe foreseeable fuiurÈ. Thus the Truslees cOnnU• lo adopt the golng ¢on¢orn b8818 of accounllng In preparlng the Inanclal &laiemoni$. 1.3 Charltable fynds Unreslrlcled funds org 8vallable for use al the dlscrellon of the Trustees In Ivrth8r8nce of Ihelr ch8rllBble obl&cllveB. RBstrlct8d funds are subl&¢t lo speclflc condltlons by donors or grantors as to how Ih&y rnay be used. purposes and uses of Ihtr restilctad fund5 ar¢ sel out In the nota$ to th8 finan¢lwl 51al¢mant8. Endowm8nl funds Bre subl?cl lo &pedffc condlllonB by donors that th¢ capiial Tnu$l be malnt8lned by the Charity. 1.4 lllcome InGotne 18 Tecognl¥ed when th8 Charity Is leg8lly enlllled to 11 gfter 8ny perfo8¢ condlllong have been fflel, the amounts can be mÈ88ur8d rellHbly, and11 Is probable Ihgt Income be re¢elved. Cash donatlon8 are recoBn5s¢d on recelpl. Olhei dgnallons are Fecognlsed once the Charfty has been noiintrd of the donallon, unle8s perforrn8nc8 condillons r8quSre delerral of Ihe amount. Income tax recovergblo In relatlon tl) don811ons recelved und¢r GIftAd or deed$ of covenant 1$ recognl8ed al Ihe lime of the dong11on. 10-
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 MARCH 2025 Actounllng pollcles Icohtlnuedl The recognlllon of income fiom legac1È5 15 dependent on estab1I5hlng en151lem2nl, the probablllly of recelpl and the abllity lo esllmaie with sufficlèni accuracy Ihe amount re1Vable. Ewldenoe of enllllemtrni lo a legacy exisls when the ChaTlly ha8 suffitlÈnl evldence Ihal a glrt has been lert lo Ihern Ilhrough knowledge ul Ihe exlslènse of a v81id Will and the death of the benefactorl and the 8xecuior 15 sallsfied Ihal the property In quesiion wlll not bo required lo s8115fy clalms in the eslale. Recelpl of legacy musl be r8cognis8d whBn 1115 probable Ihal 11 wlll be recolved and Ih8 falr value of the amount recelv8ble, whlch ¥1] generally be the expected c8&h arnount lo ba dlsirlbuled lo Iho Charfty, ¢an be reliably measured. Income tax ro¢overabl8 In relallon to donallons r8¢elvod und8f Glft Ald Is rec(>gnlsed 81 the 14rne of Ihe don811on, 1.6 Exp8ndltur• Exp8ndllur8 Is rpGognlsed onGe there 15 8 legg1 or con&lruclive obllgallon lo transfer eGonornlc b&nenl lo a Ihlrd parfy, 1118 pfDbable that o Iiansfer of e¢onomlc banofits will be r¥gulre¢J In 8etll&menl, and th6 amount of Ihe obNgallon can be rneasured rèllably. Central 518ff cost$ uro allocal8d on the b8818 of Ilme spent, and depr¢caibn chBrg88 allo¢pled on the portlon of the a55el'8 use. Expend51ure on ralslny fund8 Indudes g118xp&ndiiJre Incurred by the Ch811ty to ro15e funds for Ils chartt&ble purpo$¢$ and Includa$ coBls of 311 fundr8lslng a¢lSvllle5 evenl$ non-chaillable Iradlng. Expendllure on charll8bl8 &cll¥llle8 Is InCurd on dIre und8rt8klng Ihe 8cllvlll8$ whlch further the Ch8rllV6 obl#cllve5, a$ well 98 any 8550clated support CO818. Gr8nls payab19 #r? charged In Ihg year when Ihe oNèr Is made excèpi In Ihose casey wher8 offer 18 condlllonal, such 9ranls belng recogn15ed a5 exp6ndllurè when IhB ¢vndlllons allBching ara ILJlflllÉd. Grant$ offèred uublecl lo ¢ondlllons whlGh hss not been mttl al tre year end gie aa a cornmlim¢ni, bul not accTuÈd a5 8xp8ntiiiura, All expendllure Is In¢lu$lv? of Irr6covtrrable VAT. 1.6 FIx8d a8•trt Inv881mèni• Flxgd asset InvÈsltnenl8 8re Inlllally measured al Iran&8cllon prtce èxdudlng IrBnsgctlon cost•, and ar8 subsequently measurgd 81 falr vglue &1 each reporting dk19. Change8 In fglr valu8 ate recogn18ed in net Incomellexpandllurel for Ihe year. Transacllon COBls ar8 ¥xpen¥ed as In¢urred. 1.7 C8$h •nd ca6h oqulvAlonts Cash and cash equlv81enls Include c8$b In hand, dEpog115 held 91 Gall whh banks. Dlher 8hort-term Ilquld Inveylments wllh orlglnal m8iurille5 of thrBe month$ or le55, and b8Dk overdr8fts. 8ynk overdr&n5 are show Ihln borrowlngy In cuirenl Ilabllllles. 1.8 Flnlnelal In8trumefits The Charity has elecl8d lo apply thè prDvlslon& trf Section fl 'Ba¥lc Flnanclal Instruments. Sedon 12 'Olher FlnanGlal Inslrum8nl$ Issues, of FRS 102 to all gf ils financlal Inslrvments. FnancIal InÈlrumgllls are r8cognlsed In IhB Charlty's balanc8 8heet when the Charlty b8comty$ party lo the onlraclual prov151ons of Ihg Instrument. Flnancial assets and 118bllllles are offset, wllh lh8 nel amounts pre5Bnied In Ihè financlal slat•ments, when there15 a legally Ènforceable rlght to set off Ihe recognlsed amounts Bnd Ihere Is 8n Inteniion to Strttle on o net bas1$ or to rea115e the a3sel and 5elile the Ilabllity 5imullaneously.
THE SPECTACLE MAKERS. CHARITY NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 AGcounilng pollcS88 Icontlnuedl Baslc linHnclal J$$ets Baslc finandal assets. which Include debtors and cash and bAnk balanceB, qre InSllally moa8ured al trans8cllon prlcb Includlng transacllon costs 8nd are subsèqvenlly m888ured al thelr settlement valu$. Trade and Dlher dgblors ar8 r8cognised al Ihe selllernenl 2mounl 8fLer 8ny IFade dlscouni offered. Prepayments ale Valued al Ihe amounl prepald nel of any trade dlscounls duo. 8asl¢ Ilninclol Ilabllltles me8sured al Ihelr selllemenl value wlih tho 8XCEpllon of b8nk108n8 whlch ore sub5ÈqueDIIy m8asur8d 818mort18ed c05t U8lng Ihe eltetllvtt Inler8st melhod. Llabllllles ar8 recognls8d when there Is an oblloallon 81 th8 881anc8 Bheel dale ag a result of o past avenl,1118 pfob8ble that a Ir8fi$far of economlc benefit wlll be tequlred In 8ettlgmenl, and the omounl of IhB $ettl8men¢ be 6sllmBled r6118bly. Liabllllles arg r6cognl$ed Bl Ihe 8rnounl Ihal the Ch8rlly 8nll¢lp8188 11 11 pay to sallle Ihe debt or the amount 11 hgs rec8lv8d 0$ odvanced payments lorthts 9ood$ or $etvlces11 musl provlde. ProvlÈlons are m8asured al the best esllmg1È of Ihe amounts requlred 10 88llle the obllu8llon. Ihe effecl of IhB Ilm& valu8 of mon6y Is malerlal, the PTovlslon l¥ bastrd on Ihe present value of Ih05e 8mounls. dls¢ouni8d Èl Iht pre-tax dlscounl r818 Ihal reflects thè rlsk$ spaclfic lo the 118bllSly. The unwlndlng ol the discount 1$ recognlsed In Ihe Slalement of fln8ncSal •clivllle8 gB a n8n¢8 co81. Crltlcal accounllnll •$llrnate• And judgements In the 8ppllcallon of Ihe Charlty's accounllng polltles, the Tiuslees are requlrod lo make ludgemenls, esllma188 è8sumpllon8 abovl the ¢arrySno amount of 88881s and Ilabllllles Ihat pre not resdlly 8pparent frotn olher $ourcè8. Thp esllmBle8 and 85sociBltrd Hs6umpllons 8r8 b85ed on hlslorlcgl experl¥n¢e gnd other faGlors IhBI are ¢on$ld8r8¢5 to ba relevalll. A¢iu8I $11$ moy dlff8r from thes8 eyllmales. The osllmote9 ond undErtylng 088umpllon4 ore revltswed on 8n ongolng b8815. Revlslons lo aGwunlng e511fflole$ &r8 r8GognSsad In tha peilod ID whlGh the eÈllrDale 18 revl88d where the revSslon affe¢ls only th81 period, or In the period Of th8 revlslon and fuluie peilo(Js where Ihtr r8vl8lon affecls bolh curfeDI and lulure p8rSods. Incorn? from doD•tlons Ind lauaclo8 Unre¥irlcted fund* 2025 Unr88lrl¢t6d funds 2024 Donollon8 and glft8 Legacles other 48.082 18 ,747 3U,362 520 7,457 5B,827 47,339
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 31 MARCH 2025 Income from Inve$tmant8 Unr&8trf¢ted Restrlclèd fund8 fynds 2025 2025 Total Unrotstrlcted Re8trlcted funds fund8 2024 2024 Total 2026 2021 Incom8 froTll1151ed Inve81ments 20,586 15,053 35.619 24.472 18.573 43,045 Othèr In¢omo Un¥e8trlcted Unfastrlctèd lund8 fund8 2026 2024 Olher In¢orne 4.760 4.700 Expfrndlturq <¥n r•lglng lund• Unrestrlcted R•$trlttod fuTrd$ funds 2025 2025 Totil Llnr08trl¢ted R¢•lrlct8d lunds fund8 2024 2024 202S 2024 Fundralslnll 4nd publlclty AdvertS5Sng Olherfundra181ng costs 639 4B 1.250 775 587 1,362 Investment m8nag&ment 7.885 5,772 13,657 7.354 5.581 12.935 Tol81 ¢oslJ 7,885 5,772 13,857 8,129 8,166 14.297
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Exp•ndlture on ¢harltabl• actlvltles Grant Fundlng 2026 Grant Fundlng 2024 Dlrect costs Gr8nl fundlng of sclltIes1see note 01 81.712 68.513 Share of 8UPPOrt and gov•inance ¢o$t•1$oo note 81 Support Govemance 8,541 4,992 5,430 4,792 93,245 79,735 An•lyil• by fund Unre51rlcled fundB R8Èlrlcled funds 84,807 28,638 54,943 24,792 93,245 79.735 Support ¢oiti allo¢)ted to octlvltles 2026 2024 AdrnlnlslmtÉ ExpEndknro Sundry ExpeDdllurtr Gov•rnance co818 5.845 696 4.992 6,050 380 4,792 11,533 10,222 Analy•ed bètwÈ¢n'. Grant Fundlng 11,533 1Q.222 Gov8rnance c0818 Includes PHym&nts trj Ih8 Bccounlanls of £4,992 12024.. £4.7821 for It)depend8nl exomln&llon 1888. 14-
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Grantts payable Grant Fundlng 2026 Gr•nt Fundlng 2024 Grants to In$iiiullon8'. Mgglc91 Toxi Tour 81on 2020 Llnks N8llonal Science & Medlg Mu5eurn HenshaW8 Sluhl Loss Shrop%hlr RNC Hereford TlmeBanks UK 4Slohl Vlslon Support Barts Charity 8ppeal Wa18rloo iinttovered CBllbr8 Audlo Nawcag11g Vlslon supptsrt Bllnd Veterans 1,500 10,062 3,000 869 1,500 2,000 3,000 1.000 900 2.000 1.000 1.ODO 1,500 1,500 1,500 1.DOD 1.200 2,000 1.000 4,000 3,500 3,500 1,OOCI 1,600 9,9B8 1.436 Impact Foundalb Oxford H05pllals Charlty AndeHn Medlcal Mls#lon The Guru Piole¢t YPAG 8lon AGllon 0rt)18 MACS SOS Chlldren Deafbllnd UK Bucks V1510 Rellna UK Nollon81 Theglre Croydon V151on Seo Kenya Egsl Sussex VI8IDn Support 81bllly Scollan(J Fen Tigers l Goalballl Vislon C8re for HDmeless People J8rmyn Sl Thealre Llncoln & Llnd8ey 811nd Sodely Northern Ballet Treloars VocalEye5 NorthaMPtonÈhlrÈ Soclely for the 8llnd Malvern Thealres Pleasance Theatr8 Trust N81Ion81 Archlvts Tru51 ITnp8cI Foundallon Keyna Clearvlslon Project 1,000 2.600 5,000 1,100 2,000 3,500 3,500 2,000 1.820 800 2.055 3,000 3,250 2,000 3,000 2,000 1.800 2,100 3,500 3,500 60,449 51,031 15-
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Grants payable IContSnLt6dl Grants to Indfviduals 21,263 18.482 61.712 09,513 10 Trustts•¥ None of the Trusl8es lor ary persons ¢anne¢ted Yllh them) recelved any remuneration or benefi15 from the Charlty durlng the y&8r. 11 Oalnj 8nd 1085eB on Inve8lmeni$ R•8trlcted Endowment fundA funds 2026 2025 Tot41 R&Btrlcted endowmpnt lunds lunds 2024 2024 Total 2025 2024 G8ln51llosse¥l arlslng on., Rovglu8llon of Inveslm&n18 18.3471 19,9181 116,2851 42,495 65,307 107,802 12 Taxallon Tho ch811ty l& Bxémpl from taxallon on Its a¢llvlllÈ8 bg¢8u8e 91118 Income l& spplled lor ¢h8rlt8ble purpo88B. 13 Flxod a86ot lllv8Btmont8 Ut)Il&t6d Inv68tmgnts Cost or valuatlon Al 1 Aprll 2024 1.884,349 617,751 40,998 113,0511 1668,7371 VAluallon changeB Other mov8menl DIsp08al8 Al 31 March 2025 1,881.310 Carrylng amount At 31 March 2025 1,861,310 At 31 MarGh 2024 1,884.349 16.
THE SPECTACLE MAKERS. CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Flnanclal Instrumtrnts 2C125 2024 C4rrySng #mount ol flnanclal •isets In$trumènls rnea&ured al Talr value through profil or loss 1,881,310 1.684,349 15 D?biof8 2026 2024 AmDunt8 falllng du6 wlthln one ye&r'. Olher d8blor8 8,893 7,392 16 Credltor&.' •mount8 lalllng duo wlthln on8 yè•r 2026 2024 Accru818 and d8feNed Income 8,942 14.242 17 Enrfowmont lundi Endownienl fund5 represent agsels whlcli mvsl be held permanently by Ihe Charlty. IncomÈ 81151ng on th8 endowmeiil fund5 tan be used Sn aword8nce wllh Ihtr objec18 of the ChBrlly 4nd15 Includbd ax unre8lrlcled Income. Any capllol golns or1088es ai151ng on th8 a$sel$ form part of the fund. At 1 Aprll 2024 and At 31 March 10gBe• 2025 Permanont ondowment• Expend8bl8 Endowment 1,085.007 19,9181 1.075,089 Prevlou8 ya8r'. At f Aprll 2023 Galns and At 31 March Ip¥Je¥ 2024 Pomianent endowment• Expendable Endowment 1,019,700 85,307 1,085,007 17-
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 18 R?strlcttd fund8 The reslriGled fuNd5 of Ihe tharlly comprlse the un$xpended balances of dongllon5 8nd grants held on trust subject10 5peclflc condlllon5 by donors as lo how they fflay b8 used. At l Aprll 2024 IDGomlng Resources oxponded Galnty •nd At 31 Mor¢h lo$$a8 2025 Tfevorwhlte Educallon 109,829 694.392 2,052 13,001 13,9521 130.4581 107,729 870.588 16.3471 804,021 15,053 134.4101 16.3471 778.317 Prevlouo yeBr- At l Aprll 2023 Incomlng reBOiITCe8 Resour¢e expnded Galn8 and At 31 March 10s885 2024 Trevor Whlte Educ8llon 110,388 663,525 2,849 16,924 13,4061 127,5521 109,629 694,392 42,496 773.813 18,573 130,9801 42,495 804,021 R#sirkled fund8 8r8 used for the followlng purpo8e9'. Trevor Whllt Fund lo adv8n¢É study, knOedge 8TFd educallon In the field of Opllcs for th8 publlc benefit InGludlnu bul not Ilmlled by conlrfbullng towards malnlglnlno or In8lllullng reyearch, rtrsegrch fellowshlp5, or8nt$ Of 8cholarBhlpB In Iho field af opllcs. Edu¢811on Fund- lo malnly provlde burlarles and travel wward$ In relatlon lo educallon h) the fleld of optlc8. 19 Unrostrlctod fund• The unresld¢ied funds of the charity comprl$È the unexpended balances of donallons and grdnls whw A not 8ublecl 10 5pe¢lflc condlllons by dofjory gnd uranlor8 88 to how they m8y used. These Includ0 deslgnaled funds whlch have b88n Eet aslde Dut ofunreslrlcled funds by th& tiu$tga8 for 5peclfi¢ purpos88. At 1 Apr51 2024 In¢omlng Resoyr¢BS At 31 March r••our¢s xponded 2025 G8n8ral fund5 13,439 82,143 172,4821 23,Qg0 ProvlouB yoar- At 1 Aprll 2023 Incomlng Ro8ource8 At 31 PAorch reBourG¢$ ¢xpended 2024 Genero1 76,511 163,0721 13,439 18.
THE SPECTACLE MAKERS, CHARITY NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 20 Anply61s of net 4s$ets botween funds Unreslrlcted lunds 2026 Ro¥trl¢ted Endowment fund funds 2026 2026 Total 2025 At 31 March 2026.. InVes&M1$ 778,317 1.082,993 17,9041 1.881.310 15.1BS 23,090 23.090 778.317 1,075,089 1.878,496 Vnrestrlcted fund¥ 2024 Rogtrlcted Endgwment fund¥ fund8 2024 Total 2024 2024 At 31 March 2024.. Inv8slmtrDIs 804,021 1,080,328 4,679 1,884,349 18,118 13,439 13.439 04.021 1,085,007 1,902.467 21 R•lol8d p#rty tr•n8&¢llon8 Thare wÈrn no dl8c108able related party IraniBctlon8 durlng the year12024. none). .19-