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2020-12-31-accounts

Charity number: 1104744 Company number: 05159638

Registered number: 2626039Registered number: 2626039

I.O.O. LIMITED

DIRECTORS’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

I.O.O. LIMITED

CONTENTS

Legal and administrative information 1
Directors’ report 2
Independent examiner’s report 8
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 13

Detailed income and expenditure account and summaries

I.O.O. LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2020

Directors/trustees Mr A Gasson
Miss J A Morris
Dr M Wolffe
Mr D P Ehrlich
Company registered number 05159638
Charity registered number 1104744
Registered office 56-62 Newington Causeway
London
SE1 6DS
Independent auditors Lindeyer Francis Ferguson Limited
Chartered Accountants
Statutory Auditors
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Bankers Lloyds Bank plc
243-245 Elephant and Castle Shopping Centre
London
SE1 6TE
Solicitors Bates Wells Braithwaite
2-6 Cannon Street
London
EC4M 6YH

Page 1

I.O.O. LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Directors, who are also the Trustees for the purposes of charity law, present their annual report together with the financial statements of I.O.O. Limited for the year ended 31 December 2020. The Directors confirm that the annual report and financial statements of the company comply with the current statutory requirements, the requirements of the governing document and the provisions of "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (Charities SORP (FRS 102)). The information on page 1 forms part of this report.

Structure, governance and management

I.O.O. Limited

I.O.O. Limited was incorporated on 22 June 2004 in order to convert the Institute of Optometry, an unincorporated Charity (registered number 207965) into a company limited by guarantee.

The general trust funds of the Institute of Optometry were transferred to I.O.O. Limited on 12 July 2004. The freehold property, and restricted funds of the Institute of Optometry have been transferred with the agreement of the Charity Commission.

Governing document

The company is governed by its Memorandum and Articles of Association and registered as a Charity under number 1104744. The company has also been registered with the General Optical Council as a Body Corporate carrying on business as Ophthalmic Opticians registered number CO-2549, and as an Institution for the Training of Optometrists.

Directors

I.O.O. Limited has a board of up to seven non-executive Directors who meet on a quarterly basis. Directors' responsibilities are set out in the Memorandum and Articles of Association of IOO Limited.

In brief, the Directors

Recruitment and appointment of Directors

Page 2

I.O.O. LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Directors are mindful of the need in the future to recruit more trustees to ensure that the board has the full range of skills that are required.

Training of Directors

When new Directors join the Board a meeting with current Board Members is arranged at which the roles and responsibilities of a Director are fully explained. The current structure, strategies and financial position are described in detail along with current documentation relating to the Institute, including the latest Board minutes and accounts. New Directors are encouraged to ask any questions they might have, and full answers are given, along with full explanations of procedures and matters which might be unfamiliar to a new Director to fully prepare them to take over the Directors duties. Directors are encouraged to keep up-to-date with publications and training courses provided by the Charity Commission. Should any matters arise where specialist advice is required, they are encouraged to seek this advice through the relevant bodies, i.e. the charity commission, legal services etc.

Management

The day-to-day management of the I.O.O. Limited is conducted by a Management Team comprising of the heads of the various activities the I.O.O. Limited undertakes. Areas of responsibility include the managing of finance, staffing, activities relating to charitable objectives, health & safety, insurance and compliance with various charity and company reporting.

IOO (Sales) Ltd

IOO (Sales) Ltd is a wholly owned subsidiary of I.O.O. Limited. The principal activity of the company is that of marketing optometric goods and providing associated services.

IOO (Sales) Ltd contributes funds to I.O.O. Limited via Gift Aid.

Objectives and activities

The Objects of the company as set out in the Memorandum and Articles of Association are:

Activities in furtherance of those objects include:

Page 3

I.O.O. LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees continue to review the future services which the charity will be providing.

Public benefit

In setting objectives and planning for activities, the Directors have given due consideration to general guidance published by the Charity Commission relating to public benefit.

IOO Limited’s activities are considered by the Directors to meet the public benefit requirement. The charity provides specialist eye care services, develops and delivers educational materials for the field and undertakes research with the aim of understanding and overcoming visual impairment. Services are open to all with State funded examinations for NHS patients, and there is a particular emphasis on providing eye examinations for people with learning difficulties. The clinicians at the IOO pride themselves on being prepared to spend more time, effort and skills when investigating patients’ symptoms, or providing advice on the optimal methods of alleviating these symptoms.

The charity’s strategies for achieving its principle aims and objectives

• Courses and Education

Page 4

I.O.O. LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Principle Funding Sources

Achievements and performance

Clinics

The Institute of Optometry is a recognised centre of excellence for vision care. It is open to everyone, regardless of their visual needs, and people from across the UK attend its London clinic. Although some are referred by their own optometrist, or through their GP or local hospital, most come through personal recommendation.

The COVID-19 Pandemic during 2020 had a significant impact on the amount of patients that could be seen during 2020. The Institute’s clinics closed at the end of March 2020 following government and professional guidance during the ‘Red Phase’ of the pandemic. The Institute re-opened in September 2020 as the professional guidance for the pandemic moved into the ‘amber’ phase and routine eye examinations were allowed to restart. However patient demand was significantly reduced and the Institute clinics only opened for three days a week until the end of the year as the country began to enter the 2nd and third waves of the pandemic. Many patients were triaged or reviewed by telephone consultation during this period.

The clinical team in 2020 was a mix of full and part-time staff and consisted of the practice manager (who is also the Institute’s business operations manager), 8 optometrists (2 voluntary), 3 dispensing opticians, 1 administrative assistant and 1 clinical typist.

The Primary Eye Care Specialist Clinic provides eye care for the routine patient, together with occupational colour investigations and corporate VDU contracts. There were on average 3 clinics a week, and about 1,020 patients were seen. Approximately 25% of these patients bought spectacles. If a patient suffering from diabetes or glaucoma needs a binocular or low vision assessment, has been referred by an external

Page 5

I.O.O. LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

optometrist, or is requesting a second opinion or glaucoma assessment, an appointment is booked in the Specialist Clinic.

Patients who have Specific Learning Difficulties, or who suffer from Migraines, Pattern Glare, Light sensitivity, Flickering Lights, Meares-Irlen Syndrome, Scotopic Sensitivity Syndrome, Dyslexia, Dyspraxia, and any other visual symptoms not related to spectacles were generally booked into the Specific Learning Difficulties and Visual Stress Clinic. There were up to 2 clinics a week in 2020 prior to lockdown in March and similarly during the last four months of the year and 59% of patients were issued with Precision Tinted Spectacles.

The Contact Lens Clinic was set up to provide routine and specialist care for those who wear contact lenses, but in particular for those who experience difficulties that cannot be addressed by the high street optometrist/optician, and particularly the more specialist areas of keratoconic, multifocal/bifocal, toric and ortho-k fitting. Routine Contact lens aftercare appointments did not resume until guidance allowed during the amber phase of the pandemic. There were up to 0.5 clinics a week and there were 250 individual sales of contact lenses, this was down by approximately 50% compared with the previous year. This is attributed to patients moving out of London during the pandemic and patients wearing contact lenses less during the lockdown period. Sales are expected to increase again as the country moves into the ‘green phase’ of the pandemic.

The practice has continued to move towards a “paperless” system for its patient records in 2020.

Research, Education and Training

The Research Department is led by the Director of Research (DoR), Professor Bruce Evans, who is employed 1.5 days a week.

Close collaborative links continue with major international optical companies, and a new project is in progress, but owing to the pandemic progress for projects that required attendance of patients was severely delayed.

Links continue to be fostered with other companies and with several university optometry departments.

Applications for research projects continue to be received throughout the year. Each of these applications are assessed and reviewed by the institute’s Research Ethical Committee, which is comprised of experts from a number of different disciplines.

Financial review

The charity's results for the year are shown in the Statement of Financial activities. The deficit for the year was £126,100 compared to a deficit of £29,965 in 2019. The reserves at the balance sheet date were in deficit of £59,565 (2019: Reserves held of £66,535) of which £8,711 (2019: £8,711) are endowment funds. There were no free reserves at the balance sheet date (2019: £Nil).

The directors have considered the reserves policy and consider it prudent that the charity maintains reserves of between 2 and 6 months’ turnover. In the past reserves of this magnitude have not been held by the charity, but the directors consider when the funds become available that the above policy should be pursued.

Page 6

I.O.O. LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The major risk and uncertainty facing the charity continues to be in relation to cash flow. The charity is currently using a bank overdraft and is supported by loans from directors (see note 18). As set out in Note 1.1, the directors remain in discussion with Berkeley Homes regarding the sale of the property but will continue to operate with a negative cash flow until this sale is agreed. The bank has been supportive of the charity, but a formal overdraft agreement is only in place until early 2021. It is expected that this will be renewed on the basis of using the property as security. The directors are of the opinion that following some restructuring, the charity is viable.

Plans for the future

The Peabody Trust has sold the land adjacent to our site to Berkeley Homes. Negotiations with Berkeley Homes were opened, but progress has been slow and are currently stalled. The Trustees are therefore actively considering other options to secure the future such as joint ventures with regard to the development of the site and collaborative ventures through the NHS, such Medical Eye Condition Scheme and other similar partnerships.

Directors’ responsibilities statement

The Directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Directors are required to:

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In preparing this report, the Directors have taken advantage of the small companies’ exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Directors on 24 September 2021 and signed on their behalf by:

Mr A Gasson Director

Page 7

I.O.O. LIMITED

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF I.O.O. LIMITED CHARITABLE COMPANY (‘THE COMPANY’) FOR THE YEAR ENDED 31 DECEMBER 2020

I report to the charity directors on my examination of the accounts of the company for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company’s accounts carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement - matter of concern identified

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

In carrying out my examination it has been identified that there is material uncertainty in relation to the charity’s going concern status, as set out in Note 1.1. The contents of the note state that the charity’s cashflow forecasts to 31 December 2022 indicate that the charity will operate in excess of its agreed overdraft facility for a short period. At present the overdraft has been formally agreed until November 2021, but no formal agreement is in place beyond this date. As stated in note 1.1, these conditions indicate that a material uncertainty exists that may cast significant doubt on the charity’s ability to continue as a going concern.

I confirm that there are no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Page 8

I.O.O. LIMITED

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF I.O.O. LIMITED CHARITABLE COMPANY (‘THE COMPANY’) FOR THE YEAR ENDED 31 DECEMBER 2020

Amy Healey FCA CTA DChA Lindeyer Francis Ferguson Limited Chartered Accountants North House 198 High Street Tonbridge Kent TN9 1BE

Dated: 27 September 2021

Page 9

I.O.O. LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2020

Endowment
funds
2020
Notes
£
Income from:
Donations and legacies
2
-
Charitable activities
3
-
Other trading activities
Premises hire
-
Investments
4
-
Other
5
-
Total income
-
Expenditure on:
Raising funds
Premises hire
-
Charitable activities
6
-
Total expenditure
-
Net expenditure and net movement
in funds
-
Reconcilliation of funds:
Total funds brought forward
8,711
Total funds carried forward
16
8,711		 Unrestricted
funds
2020
£
111,776
186,303
755
4
12,736
311,574
273
437,401
437,674
( 126,100)
57,824
( 68,276)		 Total
funds
2020
£
111,776
186,303
755
4
12,736
311,574
273
437,401
437,674
( 126,100)
66,535
( 59,565)		 Total
funds
2019
£
34,791
481,078
841
75
14,736
531,521
322
561,164
561,486
( 29,965)
96,500
66,535

Page 10

I.O.O. LIMITED

BALANCE SHEET AS AT 31 DECEMBER 2020

Notes
£
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
8,389
Debtors
13
15,292
Cash at bank and in hand
9,921
33,602
Liabilities
Creditors: amounts falling due within
one year
14
( 435,100)
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due in more than
one year
15
Total net (liabilities)/assets
Charity funds
Endowment funds
Unrestricted funds
Total funds
16		 Notes
£
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
8,389
Debtors
13
15,292
Cash at bank and in hand
9,921
33,602
Liabilities
Creditors: amounts falling due within
one year
14
( 435,100)
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due in more than
one year
15
Total net (liabilities)/assets
Charity funds
Endowment funds
Unrestricted funds
Total funds
16		 2020
£
377,610
9,323
386,933
( 401,498)
( 14,565)
( 45,000)
( 59,565)
8,711
( 68,276)
( 59,565)		 £
14,095
41,285
330		 2019
£
375,687
9,249
384,936
( 318,401)
33,602
( 435,100)		 55,710
( 374,111)
66,535
-
66,535
8,711
57,824
66,535

Page 11

I.O.O. LIMITED

BALANCE SHEET AS AT 31 DECEMBER 2020

For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of acconts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the board of trustees on 24 September 2021 and signed on its behalf by:

Mr A Gasson Director

Company registration number: 05159638

Page 12

I.O.O. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Basis of preparation

The financial statements have been prepared in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

I.O.O. Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements are presented in pounds sterling and rounded to the nearest pound.

Going concern

The charity reported a deficit of £126,101 for the year ended 31 December 2020. The charity is operating within its current overdraft facility and is being supported by interest-free private loans (as disclosed in Note 18). The Directors are also satisfied that the charity has the confidence and support of the bank in terms of meeting its current liabilities.

The Peabody Trust sold the land to Berkeley Homes who are interested in purchasing the charity's site as part of their plans to develop the Borough Triangle. Negotiations are continuing.

The Directors are developing a 4 year business plan which will ensure that the charity’s core activities are enhanced alongside new activities that will produce a secure financial future. The business plan cash flow forecasts indicate that the charity will operate in excess of its agreed overdraft facility for a short period but the directors are confident that the charity’s bank will be provided with the security required to cover further borrowing for this period. An application to the Charity Commission is in hand in this respect.

The Directors are confident that their continued actions will secure the future of the charity and that on this basis the charity is a going concern. However they acknowledge that at the balance sheet date a material uncertainty exists over the charity’s going concern status.

Page 13

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies (continued)

1.1 Basis of preparation (continued)

Group accounts

The company has taken advantage of the exemptions under section 400 of the Companies Act 2006 and section 139 of the Charities Act 2011 not to prepare consolidated accounts. The financial statements present information about the charitable company as an individual entity and not about its group.

1.2 Company status

I.O.O. Limited is a charitable company limited by guarantee incorporated in England and Wales. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is 56-62 Newington Causeway, London, SE1 6DS.

1.3 Income

Income from donations and grants is recognised when the charity is entitled to the funds, the receipt is probable and the amount can be measured reliably. For donations, this is usually on receipt. For grants, this is usually when a formal offer is made in writing, unless the grant contains terms and conditions which must be met before the charity is entitled to the funds. Donated services and facilities are recognised at the date they are utilised and are measured at their fair value.

Income from charitable activities is recognised to the extent that the charity has provided the contracted services, and the sales of spectacles and contact lenses are recognised at the point of collection by the patient. Income received in advance of the provision of services is deferred on a time basis until such time as the services have been performed.

Other income is recognised when receivable on the basis of when the services are provided or the events take place.

1.4 Expenditure

Expenditure is recognised when a present legal or constructive obligation exists as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be measured or estimated reliably.

Expenditure is stated gross of irrecoverable VAT and has been classified under headings that aggregate all costs related to the category.

Expenditure on raising funds includes the costs associated with the provision of services undertaken solely for this purpose.

Page 14

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies (continued)

1.4 Expenditure (continued)

Expenditure on charitable activities includes expenditure on the charity's three main activities: clinics and dispensing, education and training, and research. All costs are allocated between expenditure activities on a basis designed to reflect the use of the resource. Direct costs, including staff costs, which relate to a particular activity are allocated to that activity. Support costs, including staff costs and governance costs, have been allocated to the activities undertaken by the charity on the basis of direct expenditure on those activities.

1.5 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated realisable value, over their expected useful lives, as follows:

Freehold property Not provided Property improvements 10% straight line Fixtures, fittings & equipment 10% straight line and 25% on the reducing balance Computer equipment 20% straight line

The depreciable amount of the freehold property (that is cost less estimated residual value at the end of its estimated useful life) is considered to be immaterial and so depreciation has not been provided.

1.6 Investments

Fixed asset investments includes cash investments which are stated at fair value at the balance sheet date. Investments in subsidiary undertakings are stated at cost less provision for impairment.

1.7

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving stocks.

1.8 Financial instruments

The charity only has financial instruments which are classified as basic financial instruments.

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss. Long term loans are recognised at transaction value and subsequently measured at amortised cost using the effective interest method.

1.9 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Page 15

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies (continued)

Endowment funds represent funds which must be held permanently and provide a return for the charity. Income received on the endowment investment is taken to unrestricted funds.

1.11 Taxation

The charity is exempt from Corporation Tax on its charitable activities.

1.12 Pensions

1.13 Significant judgements and estimates

Page 16

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2
Income from donations and legacies
Donation from subsidiary
Collection boxes - opticians
Legacies and other donations
Grants
Donated services		 2020
£
1,289
1,652
920
107,915
-
111,776		 2019
£
17,139
1,507
12,195
-
3,950
34,791

Donated services relates to time provided freely by a research assistant during the year.

3
Income from charitable activities
Clinics and dispensing
Research
4
Income from investments
Bank interest
5
Other income
Rent and management recharges to subsidiary		 2020
£
180,857
5,446
186,303
2020
£
4
2020
£
12,736		 2019
£
438,837
42,241
481,078
2019
£
75
2019
£
14,736

Page 17

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6 Expenditure on charitable activities

6
Expenditure on charitable activities
Clinics and dispensing
Education and training
Research
7
Direct costs		 Direct costs
2020
£
287,528
260
14,051
301,839
Note 7		 Support
costs
2020
£
129,134
117
6,311
135,562
Note 8		 Total
2020
£
416,662
377
20,362
437,401		 Total
2019
£
503,206
996
56,962
561,164
y
Wages and salaries
National insurance
Pension contributions
Supply of spectacles
Supply of contact lenses & solutions
Special learning difficulties
Cost of courses
Bad debts
Other direct expenses		 Total
2020
£
234,017
14,245
5,507
34,278
13,199
234
260
-
99
301,839		 Total
2019
£
277,943
18,750
6,488
77,866
27,810
3,091
732
( 416)
341
412,605

Page 18

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8 Support costs

Support costs
Wages and salaries
National insurance
Pension contributions
Premises repairs and maintenance
Equipment repairs and maintenance
Computer maintenance
Insurance
Miscellaneous expenses
Rates
Light and heat
Telephone
Printing, post and stationery
Leasing of equipment
Cleaning and laundry
Bank charges and interest
Legal and professional fees
Depreciation
Governance costs:
Independent examiners' remuneration
Independent examiners' fees for accounts preparation		 Total
2020
£
21,246
580
169
7,681
1,742
12,594
15,084
216
19,206
8,655
5,780
7,149
3,693
5,167
14,715
6,899
816
3,510
660
135,562		 Total
2019
£
22,335
669
125
5,996
1,742
12,001
14,962
133
19,079
10,336
6,148
12,891
3,696
4,430
16,217
12,238
731
4,170
660
148,559

Page 19

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

9
Staff costs
2020
£
Wages and salaries
255,263
Social security costs
14,825
Pension contributions
5,676
275,764
2020
No.
Average number of employees
15
10
Net expenditure
2020
£
This is stated after charging:
Depreciation of tangible fixed assets
816
Operating lease rentals
3,693
Auditors' remuneration
3,510
Auditors' remuneration - non-audit services
660
No employees (2019: none) received remuneration in excess of £60,000.		 2019
£
300,278
19,419
6,613
326,310
2019
No.
18
2019
£
731
3,696
4,170
660

Page 20

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

11
Tangible fixed assets
Cost
At 1 January 2020
Additions
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Freehold
property
£
375,000
-
375,000
-
-
-
375,000
375,000		 Property
improve-
ments
£
216,994
-
216,994
216,994
-
216,994
-
-		 Fixtures,
fittings &
equipment
£
110,694
2,739
113,433
110,007
816
110,823
2,610
687		 Total
£
702,688
2,739
705,427
327,001
816
327,817
377,610
375,687

Page 21

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12 Fixed asset investments

Cost
At 1 January 2020
Additions
At 31 December 2020		 Shares in
subsidiary
£
2
-
2		 Cash
investments
£
9,247
74
9,321		 Total
£
9,249
74
9,323

The shares in subsidiary relate to I.O.O. Sales Limited which is a wholly owned subsidiary undertaking of I.O.O. Limited, with an issued share capital of two ordinary shares of £1 each. I.O.O. Sales Limited is registered in England, and has the same registered office address as I.O.O Limited. Its trading activity is to market optometric goods and services. Summary trading results for I.O.O. Sales Limited are shown below.

I.O.O. Sales Limited
Turnover
Cost of sales
Distribution and administration costs
Interest receivable or payable
Other operating income
Gift Aid to I.O.O. Limited
Profit for the financial year ended 31 December
13
Debtors
Fees receivable
Amounts owed by group undertakings
Prepayments and accrued income
Capital and reserves at 31 December		 2020
£
40,333
( 8,278)
( 35,313)
1
4,546
( 1,289)
-
2
2020
£
5,440
1,073
8,779
15,292		 2019
£
71,797
( 11,945)
( 42,629)
( 136)
-
( 17,087)
-
2
2019
£
11,199
20,207
9,879
41,285

Page 22

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14 Creditors: amounts falling due within one year

Bank overdraft
Bank loan
Trade creditors
Taxation and social security
Other creditors
Payments received on account for research contracts
Accruals and deferred income
Deferred income brought forward
Income deferred in the year
Income released in the year
Deferred income carried forward		 2020
£
218,803
5,000
27,032
33,001
107,991
17,224
26,049
435,100
5,810
-
( 5,810)
-		 2019
£
246,959
-
16,725
7,466
71,736
-
31,225
374,111
21,051
5,810
( 21,051)
5,810

Deferred income relates to deposits received for spectacles and contact lenses which were not collected until after the year end and research income deferred based on the stage of completion.

The bank overdraft is secured on the freehold property (see note 11). The aggregate debt secured at the balance sheet date was £218,803 (2019: £246,959).

15 Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
Bank loan due in more than one year
Amounts repayable after more than 5 years:
By instalments		 2020
£
45,000
5,000		 2019
£
-
-

The loan bears interest of 2.5% and is repayable over 6 years. The first 12 months of interest is payable by the government. The loan is unsecured.

Page 23

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

16
Statement of movement in funds
Current year
Unrestricted funds
General fund
Endowment funds
J. Stephen Dawson Memorial Fund
Total funds
Prior year
Unrestricted funds
General fund
Endowment funds
J. Stephen Dawson Memorial Fund
Restricted funds
Research trials
Total funds		 Brought
forward
£
57,824
8,711
66,535
Brought
forward
£
75,890
8,711
11,899
96,500		 Income
£
311,574
-
311,574
Income
£
531,521
-
-
531,521		 £
( 437,674)
-
( 437,674)
£
( 549,587)
-
( 11,899)
( 561,486)
Expenditure
Expenditure		 Carried
forward
£
( 68,276)
8,711
( 59,565)
Carried
forward
£
57,824
8,711
-
66,535

Restricted funds in 2019 relate to grants received for the 'Referrals from the Community' research project which commenced in 2017. This project was fully expensed by the end of 2019.

Page 24

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17 Analysis of net assets between funds

Current year
Tangible fixed assets
Fixed asset investments
Current assets
Creditors: within one year
Prior year
Tangible fixed assets
Fixed asset investments
Current assets
Creditors: within one year		 Restricted
funds
2020
£
-
-
-
-
-
Restricted
funds
2019
£
-
-
-
-		 Endowment
funds
2020
£
-
8,711
-
-
8,711
Endowment
funds
2019
£
-
8,711
-
-
8,711		 Unrestricted
funds
2020
£
377,610
612
33,602
( 435,100)
( 68,276)
Unrestricted
funds
2019
£
375,687
538
55,710
( 374,111)
57,824		 Total
funds
2020
£
377,610
9,323
33,602
( 435,100)
( 59,565)
Total
funds
2019
£
375,687
9,249
55,710
( 374,111)
- 66,535

18 Operating lease commitments

The charity is committed to future minimum lease payments under non-cancellable operating leases as follows:

as follows:
Due not later than one year 2020
£
-
-		 2019
£
1,416
1,416

Page 25

I.O.O. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

19 Related party transactions

The Directors and the Practice Manager are considered to be key management personnel.

During the year, no Directors received any remuneration nor any reimbursement of expenses (2019: £Nil).

The total amount of employee benefits received by key management personnel during the year was £50,229 (2019: £50,449).

As at 31.12.19 there were loans outstanding due to two trustees, Dr M. Wolffe and Mr A. Gasson, amounting to £55,333. During the year the charity received further loans from both trustees totalling £20,000 and a loan from Miss J A Morris totalling £11,000. The total amount outstanding at the year end was £86,333 which is shown in creditors due within one year.

During the year donations of £NIL (2019: £10,000) were received from a trustee.

During the year the charity charged its subsidiary I.O.O. Sales Limited £7,200 (2019: £9,600) for rental of office space, and £5,134 (2019: £5,100) for office and management charges. During the year the charity also recharged I.O.O. Sales Limited £18,479 (2019: £21,036) for staff costs, and £3,961 (2019: £5,783) for postage and other costs. I.O.O. Sales Limited also charged I.O.O. Limited £810 (2019: £8,311) in PDQ charges and £7,124 for furlough claims (2019: £NIL). During the year I.O.O. Sales Limited donated £1,289 (2019: £17,139) to the charity. At the balance sheet date I.O.O. Sales Limited owed the charity £1,073 (2019: £20,208).

Page 26