Finances

Dudley LOC are committed to being open and honest about the fees it pays itself.

We would like to encourage anyone who wants to be active in trying to shape the future of optometry in Dudley to join the committee.

The work of the LOC is funded by a statutory levy. This is collected as a percentage of sight test fees. The LOC is committed to trying to keep this figure down, and the levy was reduced in March 2011 to 1.5%, and again in 2014 to 1.25%.

Of this, 0.4% is collected to fund the LOC Support unit. LOCSU has provided valuable resources to Dudley LOC, as well as providing a national voice for optometry.

LOC committee members receive payments for work done for the LOC in the form of expenses. They are calculated as follows:

LOC committee meetings attendance fee: £60

Time out of practice on LOC Business: £80 for the first hour then £60 per hour thereafter to a maximum of £400 per day. This includes time spent travelling to and from meetings, but not time spent “socialising” at meetings.

Meetings outside of work time, and admin work at any time, is reimbursed at £50 per hour.

Travelling expenses – 40p per mile OR cost of rail ticket etc.

Honoraria: Chair £600 p.a., Secretary £800 p.a. and Treasurer £400 p.a.

In 2015 the LOC agreed to a mechanism where these fees will now increase in line with increases in GOS fees, thereby to a large extent limiting our freedom to arbitrarily increase these fees. This should also maintain the fees as a fixed percentage of the LOCs budget.

LOC Accounts are maintained by the Honorary Treasurer and professionally audited annually.

Dudley LOC Accounts 2015-16
DUDLEY LOC ACCOUNTS 2014-15
DUDLEY LOC ACCOUNTS 2013-14
DUDLEY LOC ACCOUNTS 2012-13
archive of DUDLEY LOC ACCOUNTS 2007-12