Financial Report
Principal Activity
LOCSU’s purpose and principal activity is to support Local Optical Committees (LOCs) across a spectrum of activities. This support is delivered through practical hands-on engagement via a network of leads, as well as through services provided to LOCs remotely by the national team.
The members of LOCSU (its “shareholders”) are the 3 optical sector bodies, being Association of Optometrists (“AOP”), The Association of British Dispensing Opticians (“ABDO”) and FODO – The Association for Eye Care Providers.
LOCSU is funded almost entirely by levy payments from LOCs, and the audited figures in this review show how this funding has been used.
LOCSU is the sole member of 92 primary eyecare companies. The majority of these companies have now consolidated their operations within Primary Eyecare Services Limited, of which LOCSU is also the sole member. Primary eyecare companies act as contracting bodies which sit between commissioners and individual practices. The results of primary eyecare companies are not consolidated within these audited figures.
Directors
The directors who served during the year were:
Mr M M Fegan (Chair) (resigned 28 April 2022)
Dr J M Tweed (Chair) (appointed 1 June 2022)
Mr C P Bill (resigned 31 March 2023)
Mr A J Bridge (appointed 1 January 2023)
Mrs S Fazal (appointed 1 April 2023)
Mrs T A Fellows (appointed 1 April 2023)
Mr A M Halford (appointed 1 January 2023)
Mr P G Hampson
Mr D D Hewlett
Mr M I Jinkinson (resigned 31 March 2023)
Ms S E Joyce
Mrs R Malik (appointed 1 April 2023)
Ms D H Mcgill (resigned 5 December 2022)
Mrs A P Page (resigned 31 March 2023)
Mr S J Pell (appointed 28 April 2022, resigned 3 November 2022)
Mr A E Sampson
Mr J Singh (appointed 1 April 2023)
Ms E J Spofforth (resigned 7 June 2023)
Financial Results
The audited results for the year ended 31 March 2023 are shown below. These are compared to the audited results for the prior year.
The result for the year ended 31 March 2023 is a surplus of £297,720 on a turnover of £1,439,626 (compared with a surplus of £428,000 on a turnover of £1,497,00 in the prior year). Company reserves at the end of 31 March 2023 are £1,670,467.
The secondment of a member of staff to NHSE concluded during the year, resulting in a reduction in Other Income for the period. Other income is supplemented by sponsorship and registration to the NOC – this accounts for £35,900 of Other Income.
2022–23 experienced a continued period of recovery following the Covid-19 pandemic and a year of NHS transformation. LOCSU continued to support LOCs through this period of change with staged activity culminating in the return of NOC22 as the first in-person event since 2019. Alongside the continued recovery, LOCSU experienced a great deal of internal change including the recruitment of a new Chair and CEO. During a 6-month period with an interim CEO, LOCSU operated in a holding position with consolidated activity and reduced projects undertaken. As such costs incurred in this financial period were lower than anticipated.
The reduced activity and associated expenditure have contributed to the surplus in the year, and this combined with a full year of income results in the surplus presented.
The strong reserve position that has been built in recent periods ensures that LOCSU has a financial stability to enable the continued delivery of support to LOCs. This also allows for flexibility in responding to new requirements for support where needed.
LOCSU undertook a strategic review and revisited LOCs and stakeholders feedback provided prior to the pandemic. They were assessed for feasibility and pertinence, post pandemic and NHS transformation, and developed into an interim strategy focussed upon ensuring reserves are appropriately invested directly into LOCs. Primary eye care and the NHS continues in a state of transition; utilisation of reserves will ensure that all LOCs are fully supported to maximise opportunities for the benefit of professionals and practices across the country.
