Financial Transparency Statement

Walsall LOC are committed to being open and honest about our finances

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

The work of the LOC is funded by a statutory levy. This levy is collected as a percentage of GOS sight test fees (GOS 1). Walsall LOC is committed to maintaining a fair and reasonable levy on GOS for contractors and practices, as well as ensuring suitable remittance for LOC work undertaken by members.

0.5% of the levy is used to fund the LOC Support Unit. LOCSU has provided valuable resources to Walsall LOC, as well as providing a national voice for optometry.

Walsall LOC reviews the levy on a regular basis, allowing for decrease or increase as required. In addition, committee members fees are reviewed annually at our AGM. Walsall LOC has been able to maintain a extremely low levy for a number of years; however, due to increasing work for LOC members involved in commissioning of additional services, it was deemed necessary to increase the levy to 3.5% in 2022 at an EGM.

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

• LOC committee meetings attendance fee: £40 per hour
• Meetings outside of work time, and admin. work at any time: £40 per hour
• Time out of practice on LOC business: £80 for the first hour, then £40 thereafter to a maximum of £400 per day
• These payments include time spent travelling to and from meetings, but not time spent “socialising” at meetings
• Walsall LOC does not operate an honorarium for any officers

LOC accounts are maintained by the Walsall LOC Treasurer.