Sheffield Local Optometric Committee

Treasurer’s Report 2007-2008

The collection of the voluntary levy was stopped after the July 07 collection was made due to a misunderstanding by myself ( and many other treasurers !) that the new 0.5% increase in the statutory levy to fund the LOCSU would also cover the costs of the LOC Central Fund. This is not the case and I have therefore sent a reduced contribution for this year. The Central Fund is still responsible for national negotiations and will remain in existence as a separate entity to the LOCSU and thus we need to decide on the reintroduction of the 0.5% voluntary levy to support it.

The statutory levy was increased from 3/4% to 1%, as agreed at last year’s AGM to fund the 0.5% contribution to the newly created LOCSU and also to help reduce the increasing reserves of the Sheffield LOC ( by effectively reducing our income by 0.25% ). The accounts do indeed show a small surplus of expenditure over income which would have been greater if I had received further entitled claims from committee members (estimate of £1500 ), I therefore feel that the statutory levy should remain at 1%.

LOC total financial reserves are £29,674.51

LOC expenditure increased by £7024. which would have been 10,000 if we had retained the voluntary levy and thus with the new payment of ~£7000 to LOCSU this means an increase in payments to committee members and the secretary of some £3000 which reflects activity surrounding Glaucoma, Triage, Children’s eyecare. Clinical governance and diabetes.

The accounting period was extended to April 22nd 2008 due to the late processing of a significant no. of cheques which would have distorted the accounts.

M E N Daybell,

LOC Treasurer.
18/04/08

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