Finances

Walsall 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 Walsall 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. This currently stands at 2.5% (this was increased at the EGM).

Of this, 0.4% (previously 0.5%) is collected to fund the LOC Support unit. LOCSU has provided valuable resources to Walsall 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:

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 £40 per hour.

LOC officers meetings are capped to £80.00.

Honoraria: Chair £300 p.a., Secretary £400 p.a. and Treasurer £200 p.a.

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