TREASURER’S REPORT FOR

SOLIHULL LOC

2014/2015

This year has seen some steady activity within Solihull Local Optical Committee (LOC). Expenses were up this year, mostly because of a loan to PEC (Primary Eyecare (Heart of West Midlands)).

Although it was discussed at the last AGM that there may be a need to increase the levy during 2014/2015, it was decided to keep the Statutory Levy at 1.6%.

My plan this last financial year was to modernise the banking for Solihull LOC. After much research in 2013 and 2014, I chose to keep the account with Natwest, but make some changes as agreed by the committee. The Treasurer, Chair, Vice-Chair and Secretary now hold debit cards for the account to make it easier to make transactions as needed. Online facilities have also been set up so that I, the Treasurer, can make online payments to LOCSU, committee members for expenses and other online payments as required.

At the time of completing the accounts 3 committee members and 2 retired committee members have yet to submit expenses including claims dating back to 2012. Also one cheque for 2013-2014 hasn’t been cashed. For the purpose of this report I am going to assume these expenses to total £ 5000.

The NHS are, as of 5th July 2015, in arrears by about £2000 to Solihull LOC for levy payments for June 2015. Consequently Solihull LOC is also in arrears to the Local Optical Committee Support Unit (LOCSU) by around £400. I hope this matter to be resolved by the AGM and will update then.

I will propose going forward that expenses be written off if not claimed within a time period from the end of year date, as agreed by the committee, to be discussed at the next committee meeting. The cheque not cashed for last year’s expenses is profit for Solihull LOC as agreed previously at committee meeting.

Savings were continued this year in room hire costs by having our meetings in conjunction with the Midland Eye lectures.

Assets/reserves are now currently £40478.88. Once adjusted for unclaimed expenses, NHS payments due and LOC levy paid, in real terms the assets are around £37000.

The existing Statutory Levy of 1.6% will maintain surplus funds for Solihull LOC in the short term, but as there is the possibility of services being commissioned by the Regional Optical Committee on behalf of local community Optometrists, there will inevitably need to be some training and accreditation sessions locally that will incur costs to Solihull LOC. With this in mind, Solihull LOC would like to leave the levy unchanged but seek a mandate to increase it to 2% if needs arise, which would be voted on by the committee.

To comply with the LOC Constitutional recommendation that the Accounts are sent to interested parties 42 days in advance of the AGM, this year’s financial year ended on June 30th 2015.

I am hopeful that this year’s Accounts can be finalised and approved by Jerroms (our Auditors) before the AGM.

I will be happy to take any questions relating to these matters at the AGM.

Thank you to the committee for their support and advice during the last 12 months.

Cassandra Kendall

Treasurer

Solihull Local Optical Committee

COMMITTEE MEMBERS EXPENSES

Committee members are paid £30 for attending LOC meetings (which usually last 1 hour) and £40 per hour plus travel allowance for other time spent working for the LOC. It is important that non members of the Committee know the amounts involved to encourage them to join the Committee. Getting paid a realistic fee for the hours spent will hopefully help attract some younger optometrists and dispensing opticians.

LEVIES

For those of you who are unfamiliar with the various different levies that operate, I shall explain them.

A.  Firstly there is a Mandatory Levy of 0.4% of Contractor’s GOS sight test fees paid by NHS England. The funds from this levy go to the LOC Central Support Unit.

B.  Secondly there is the Statutory Levy which goes towards the running costs of Solihull LOC. Again this is deducted from Contractor’s GOS sight test fees. This Statutory Levy is 1.6%. The Mandatory Levy and the Statutory Levy are applied to all practices contracted to NHS England in Solihull.

C.  Finally a Voluntary Levy exists. This Voluntary Levy is 2% of Contractor’s GOS sight test fees. The funds from this Voluntary Levy go to the Central LOC fund. This supports a benevolent fund for optometrists, political consultancy, research grants, donations to AOP & ABDO and the running of the OCCS. At present I am unaware of any Contractors from Solihull subscribing to this but if you wish to do so the paperwork needed to apply is on Solihull LOC’s website at www.solihull-loc.co.uk.