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 $lohl IoB8', 8nd
2. Th8 advancement of study, kno￿adge Bnd educollon In th8 fleld of opllcs for Ihts publlc benefil, Includlng tha
romollon of research In the field of opllcs and IhÈ publlcallon of the u88fv1 result8.
The Tru8tee& have Specified that the Charlty will conBlder appllcalbns for gr8nl$ 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
educat￿nal 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
Cha￿tY

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 Cha￿tY 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 s8￿ng& 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$i￿8nI Ill tobacco slo¢kÈ, The TfUSlees have appolnled Ralhbone Assel
8nagernEnl as prolesslon81 Inveslmenl managers, wllh 8 dl$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$. No other Income from
leg8cI8s w45 recelved In th8 year lo 31 Mgfch 2Q25.
Stru¢tureb govorn*ncè and minau8m8nt
The Speclaclè MHker8' Charlty Is a r8ylslered charity In England knd W￿re8. number 1188122 &nd wa$ 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 exaMina￿On 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$lble for the propaiallon of the finandal 818lemenl8 in acCo￿anCe wllh
ihè r8quiremenl8 of the Ch8rllles Act 2011.
I report In respecl ol my oKamln8llon ol the Charlly'$ 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• curr*nt 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 sland￿rd 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 $lal8menlB are rounded lo the ne8resl £.
The finanGI818lalomenl8 boèn prepared under th8 hl8lorlcal colt convenllon. wllh ¢*rtaln financlol
Inslrufflen19 al falr value. The prIn￿Pol acceunllng poll¢lÈts 8dopt8d are strt out below.
1.2 Golng concorn
Al the Ilme of gpprovlng th9 financl81 sl8lemeDI$. the Tnjslees hgve a teH80nable expgGI8IIDn th81 the Chgrlty
haB gdequate resourc88 lo ¢oniinu6 In operallonyl eK18t6nce for Ihe foreseeable fuiurÈ. Thus the Truslees
cOn￿nU• 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$l be malnt8lned by the
Charity.
1.4 lllcome
InGotne 18 Tecognl¥ed when th8 Charity Is leg8lly enlllled to 11 gfter 8ny perfo￿8￿¢￿ condlllong have been
fflel, the amounts can be mÈ88ur8d rellHbly, and11 Is probable Ihgt Income be re¢elved.
Cash donatlon8 are recoBn5s¢d on recelpl. Olhei dgnallons are Fecognlsed once the Charfty has been noiintrd
of the donallon, unle8s perforrn8nc8 condillons r8quSre delerral of Ihe amount. Income tax recovergblo In
relatlon tl) don811ons recelved und¢r GIftAd or deed$ 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 re￿1Vable. 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 InCur￿d 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.
F￿nancIal 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 scl￿ltIes1see 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
Adrnlnlslmt￿É 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
exp*nded
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, knO￿edge 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-