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2022-12-31-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 2022

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 2022

Directors/trustees Mr A Gasson
Miss J A Morris
Dr M Wolffe
Mr D P Ehrlich (resigned 27 May 2022)
Company registered number 05159638
Charity registered number 1104744
Registered office 56-62 Newington Causeway
London SE1 6DS
Independent examiner Amy Healey FCA CTA DchA
Lindeyer Francis Ferguson Limited
Chartered Accountants
North House
198 High Street
Tonbridge
Kent TN9 1BE
Bankers Lloyds Bank plc
243-245 Elephant and Castle Shopping Centre
London SE1 6TE
Solicitors Chaplin & Co Solicitors
"The Firs"
Valencia Road
Stanmore
Middlesex HA7 4JL

Page 1

I.O.O. LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022. 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 as a company limited by guarantee. It 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 C0-2549, and as an Institution for the Training of Optometrists.

Linked charity and custodian trusteeship

I.O.O. Limited is the corporate Trustee of the Institute of Optometry (charity number 1104744-1). The Institute of Optometry is an unincorporated charitable trust governed under a Charity Commission Scheme dated 3 August 1988 and amended by a Scheme dated 14 September 2007, which contain the charitable trusts and objects of the charity. The charities are linked for accounting and reporting purposes.

The freehold property shown in these financial statements was transferred by Charity Commission orders dated 19 October 2018 and 3 June 2019 from the Official Custodian for Charities to I.O.O. Limited as the custodian trustee in trust for the Institute of Optometry. The freehold property comprises permanent endowment funds of the Institute of Optometry, which is used for the charitable purposes of I.O.O. Limited.

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 2022

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:

Page 3

I.O.O. LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Activities in furtherance of those objects include:

• Courses and Education

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

Page 4

I.O.O. LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

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 clinical team in 2022 was a mix of full and part-time staff and consisted of the practice manager (who is also the Institute’s business operations manager), 4 optometrists 3 dispensing opticians, 2 administrative assistants and 1 clinical typist.

The Primary Eye Care and Specialist Clinic provides eye care for the routine patient, together with occupational colour investigations and corporate VDU contracts. Clinics increased from 3 clinics a week in 2021 to 5 clinics in 2022.

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

Page 5

I.O.O. LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022 and nearly 70% 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.

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. The DoR is Director of Studies (principal supervisor) for the Institute’s Dr Optom students.

Close collaborative links continue with a major international optical company, and links continue to be fostered with other companies and with several university optometry departments.

The academic output of the research department in 2022 was six conference presentations and eight publications.

Financial review

The charity's results for the year are shown in the Statement of Financial activities. The deficit for the year was £101,658 compared to a deficit of £100,035 in 2021. The reserves at the balance sheet date were in deficit of £261,258 (2021: £159,600) of which £383,711 (2021: £383,711) are endowment funds in relation to the property. There were no free reserves at the balance sheet date (2021: £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.

The major risks and uncertainties facing the charity are insufficient donations and a lack in demand for the services.

Plans for the future

On Friday 15 September 2023, the freehold of 56, 58, 60 and 62 Newington Causeway was sold for £4,500,000. After payment of costs, the total amount payable to the charity is £4,355,941. As the property is a permanent endowment, Charity Commission approval has been obtained to use £225,000 of these proceeds to repay the bank overdraft. A lease has been agreed for the charity to remain in the building at nil rent for up to two years. During this period, it is envisaged that new premises will be acquired.

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).

Page 6

I.O.O. LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

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 28 September 2023 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 2022

I report to the charity directors on my examination of the accounts of the company for the year ended 31 December 2022.

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 post year end the charity has sold the freehold property for £4,500,000. As the property is a permanent endowment approval from the Charity Commission has been obtained to use part of the proceeds to repay the bank overdraft of £225,000. The remaining funds will be held on deposit and investment returns will be used to assist with cashflow, but this will remain negative for some time. 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.

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 2022

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.

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

Dated: 28 September 2023

Page 9

I.O.O. LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2022

Endowment
funds
2022
Notes
£
Income from:
Donations and legacies
2
-
Charitable activities
3
-
Other trading activities
Premises hire
-
Investments
4
-
Other
5
-
Total income
-
Expenditure on:
Charitable activities
6
-
Total expenditure
-
Net expenditure and net movement in funds
-
Reconciliation of funds:
Total funds brought forward:
383,711
Total funds carried forward
17
383,711		 Unrestricted
funds
2022
£
14,824
377,665
60
618
14,736
407,903
509,561
509,561
( 101,658)
( 543,311)
( 644,969)		 Total
funds
2022
£
14,824
377,665
60
618
14,736
407,903
509,561
509,561
( 101,658)
( 159,600)
( 261,258)		 Total
funds
2021
£
63,270
273,476
-
68
14,736
351,550
451,585
451,585
( 100,035)
( 59,565)
( 159,600)

Page 10

I.O.O. LIMITED

BALANCE SHEET AS AT 31 DECEMBER 2022

Notes
£
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
13,305
Debtors
13
39,731
Cash at bank and in hand
396
53,432
Liabilities
Creditors: amounts falling due within
one year
14
( 675,753)
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due in more than
one year
15
Total net liabilities
Charity funds
Endowment funds
Unrestricted funds
Total funds
17		 Notes
£
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
13,305
Debtors
13
39,731
Cash at bank and in hand
396
53,432
Liabilities
Creditors: amounts falling due within
one year
14
( 675,753)
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due in more than
one year
15
Total net liabilities
Charity funds
Endowment funds
Unrestricted funds
Total funds
17		 2022
£
392,797
9,400
402,197
( 622,321)
( 220,124)
( 41,134)
( 261,258)
383,711
( 644,969)
( 261,258)		 £
14,798
19,949
1,598		 2021
£
395,863
9,390
405,253
( 517,391)
53,432
( 675,753)		 36,345
( 553,736)
( 112,138)
( 47,462)
( 159,600)
383,711
( 543,311)
( 159,600)

Page 11

I.O.O. LIMITED

BALANCE SHEET AS AT 31 DECEMBER 2022

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 accounts.

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 28 September 2023 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 2022

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.

Linked charity

These financial statements aggregate the activities and funds of I.O.O. Limited and the linked charity, the Institute of Optometry (charity number 1104711-1) and are therefore the combined financial statements of both charities.

Going concern

The last 12 months have continued to be financially challenging but the Directors consider that the sale of the building is a turning point. They believe that revenue can be increased by targeted marketing to secure new income through the Institute’s charitable aims. At the same time all expenditure streams will be reviewed over the next 3 to 6 months.

The Directors are confident that these actions will secure the future of the charity and 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. On 15 September 2023, the overdraft facility was paid off from the proceeds of the sale of the freehold property (see note22) with the prior approval of the Charity Commission. This has significantly reduced the Institutes debt position and the elimination of bank interest and charges will also improve cash flow. As at 31.12.22 the fund statement shows negative reserves, however the sale proceeds of £4,500,000 will be reflected in next year’s accounts showing a significant positive position. This will also be reflected in the balance sheet. The charity continues to be supported by interest-free private loans (as disclosed in note 20). It is intended that these issues will be addressed in the next financial period.

Page 13

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies (continued)

1.1 Basis of preparation (continued)

The charity reported a deficit of £101,658 for the year ended 31 December 2022 and therefore, the major risk and uncertainty facing the charity continues to be in relation to cash flow. The sale proceeds have been placed on deposit and subject to legal advice qualifying interest will aid cash flow. Notwithstanding the above, it is envisaged that cash flow will remain negative for some time pending actions mentioned above to increase revenue and review expenditure. Once such measures have been put in place, the directors are of the opinion that the charity is viable.

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 and its linked charity as a combined 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. It is the sole corporate Trustee of the Institute of Optometry. 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.

Page 14

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies (continued)

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.

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.

Page 15

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies (continued)

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. Concessionary loans are recognised as repayable on demand and shown as short-term creditors.

1.9 Fund accounting (continued)

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.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the provider of the grant or donation.

Endowment funds represent funds which must be held permanently either for use in the charity's charitable activities or to provide a return for the charity. Income received on the endowment investment is taken to unrestricted funds.

1.10 Operating leases

Rentals payable under operating leases are charged to the statement of financial activities on a straight line basis over the lease term.

1.11 Taxation

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

1.12 Pensions

I.O.O. Limited operates defined contribution schemes for the benefit of its employees. The assets of the scheme are held separately from those of I.O.O. Limited in an independently administered fund. The pension cost in the financial statements represents the contributions payable by the charity during the year. Pension costs are allocated between activities on the basis as described in Note 1.4.

1.13 Significant judgements and estimates

The key sources of estimation uncertainty at the balance sheet date relate to the assessment of the useful life and the residual value of the charity's freehold property, which is included in the financial statements at its historical cost of £375,000 including land. The trustees consider that the value of the property is not less than its cost. An impairment review is conducted annually and at the balance sheet date no provision for impairment is required.

Page 16

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2 Income from donations and legacies

Collection boxes - opticians
Legacies and other donations
Donated assets
Government Grants		 2022
£
769
14,055
-
-
14,824		 2021
£
798
1,504
6,000
54,968
63,270

Donated assets in the prior year relate to an Optical Coherence Tomographer machine donated to the charity.

3 Income from charitable activities

Clinics and dispensing
Research
4
Income from investments
Bank interest
5
Other income
Rent and management recharges to subsidiary		 2022
£
306,072
71,593
377,665
2022
£
618
2022
£
14,736		 2021
£
259,862
13,614
273,476
2021
£
68
2021
£
14,736

Page 17

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

6 Expenditure on charitable activities

6
Expenditure on charitable activities
Clinics and dispensing
Education and training
Research
7
Direct costs		 Direct costs
2022
£
330,636
433
47,521
378,590
Note 7		 Support
costs
2022
£
114,381
150
16,440
130,971
Note 8		 Total
2022
£
445,017
583
63,961
509,561		 Total
2021
£
429,823
405
21,357
451,585
y
Wages and salaries
National insurance
Pension contributions
Freelance staff
Supply of spectacles
Supply of contact lenses & solutions
Special learning difficulties
Cost of courses
Other direct expenses		 Total
2022
£
264,974
17,192
5,405
550
53,348
15,755
806
433
20,127
378,590		 Total
2021
£
245,834
15,627
418
1,925
43,444
12,398
1,278
288
-
321,212

Page 18

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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
Bad debts
Depreciation
Loss on Disposal
Pension contribution write off
Governance costs:
Independent examiners' remuneration
Independent examiners' fees for accounts preparation		 Total
2022
£
12,614
681
164
1,872
1,175
13,003
22,450
-
21,101
13,948
4,128
10,836
3,794
6,035
21,584
7,067
148
3,066
-
( 17,195)
3,840
660
130,971		 Total
2021
£
8,828
604
171
2,068
1,106
11,351
19,760
45
20,768
9,710
4,809
10,537
3,079
5,003
17,597
7,615
-
2,945
27
-
3,690
660
130,373

Page 19

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9
Staff costs
2022
£
Wages and salaries
276,763
Social security costs
17,873
Pension contributions
5,569
Freelance staff
1,375
301,580
2022
No.
Average number of employees
15
No employees (2021: none) received remuneration in excess of £60,000.		 2021
£
254,662
16,231
589
1,925
273,407
2021
No.
13

10 Net expenditure

2022 2021
£ £
This is stated after charging:
Depreciation of tangible fixed assets 3,066 2,945
Operating lease rentals 3,794 3,079
Independent examiners' remuneration 3,840 3,690
Independent examiners' fees for accounts preparation 660 660

Page 20

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

11 Tangible fixed assets

Cost
At 1 January 2022
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
On disposals
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Freehold
property
£
375,000
-
375,000
-
-
-
-
375,000
375,000		 Property
improve-
ments
£
216,994
-
216,994
216,994
-
-
216,994
-
-		 Fixtures,
fittings &
equipment
£
133,076
( 1,356)
131,720
112,213
3,066
( 1,356)
113,923
17,797
20,863		 Total
£
725,070
( 1,356)
723,714
329,207
3,066
( 1,356)
330,917
392,797
395,863

The trustees have not adopted a policy of revaluation in respect of tangible fixed assets which are, therefore, stated as their historical cost less depreciation in accordance with the Charities SORP (FRS 102). The financial statements show that the freehold property has a depreciated cost of £375,000. As at the date of approval of these financial statements, and as disclosed in note 22, the trustees have sold the freehold property for £4,500,000.

Page 21

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

12 Fixed asset investments

Cost
At 1 January 2022
Additions
At 31 December 2022		 Shares in
subsidiary
£
2
-
2		 Cash
investments
£
9,388
10
9,398		 Total
£
9,390
10
9,400

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
Loss 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		 2022
£
44,725
( 7,378)
( 42,371)
( 488)
-
( 5,512)
( 8,934)
2022
£
5,282
11,528
22,921
39,731		 2021
£
42,528
( 11,146)
( 39,701)
( 263)
5,158
( 3,424)
( 3,422)
2021
£
7,113
4,380
8,456
19,949

Page 22

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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		 2022
£
223,045
6,328
24,205
93,364
281,506
16,983
30,322
675,753
22,536
38,738
( 22,536)
38,738		 2021
£
224,011
3,166
32,104
70,863
177,545
3,630
42,417
553,736
17,244
18,906
( 13,614)
22,536

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 12). The aggregate debt secured at the balance sheet date was £223,045 (2021: £224,011). The property was sold post year end, as set out in note 22, and the overdraft repaid.

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		 2022
£
41,134
15,820		 2021
£
47,462
22,149

The loan bears interest of 2.5% and is repayable over 10 years. The loan is unsecured.

Page 23

I.O.O. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

16 Linked charity

The linked charity, the Institute of Optometry, had no income or expenditure in the current nor preceding period. Its balance sheet was as follows:

preceding period. Its balance sheet was as follows:
Fixed assets
Tangible fixed assets
Total net assets
Charity funds
Endowment funds
Total funds		 2022
£
375,000
375,000
375,000
375,000		 2021
£
375,000
375,000
375,000
375,000

The freehold property is used for the charitable activities of I.O.O. Limited. Any income generated from the freehold property must also be applied for those charitable activities.

Page 24

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

17
Statement of movement in funds
Current year
Unrestricted funds
General fund
Endowment funds
J. Stephen Dawson Memorial Fund
Institute of Optometry 1104744-1
Total endowment funds
Total funds
Prior year
Unrestricted funds
General fund
Endowment funds
J. Stephen Dawson Memorial Fund
Institute of Optometry 1104744-1
Total endowment funds
Total funds		 Brought
forward
£
( 543,311)
8,711
375,000
383,711
( 159,600)
Brought
forward
£
( 443,276)
8,711
375,000
383,711
( 59,565)		 Income
£
407,903
-
-
-
407,903
Income
£
351,550
-
-
-
351,550		 £
( 509,561)
-
-
-
( 509,561)
£
( 451,585)
-
-
-
( 451,585)
Expenditure
Expenditure		 Carried
forward
£
( 644,969)
8,711
375,000
383,711
( 261,258)
Carried
forward
£
( 543,311)
8,711
375,000
383,711
( 159,600)

Page 25

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

18 Analysis of net assets between funds

Current year
Tangible fixed assets
Fixed asset investments
Current assets
Creditors: within one year
Creditors: more than one year
Prior year
Tangible fixed assets
Fixed asset investments
Current assets
Creditors: within one year
Creditors: more than one year		 Restricted
funds
2022
£
-
-
-
-
-
Restricted
funds
2021
£
-
-
-
-		 Endowment
funds
2022
£
375,000
8,711
-
-
-
383,711
Endowment
funds
2021
£
375,000
8,711
-
-
383,711		 Unrestricted
funds
2022
£
17,797
689
53,432
( 675,753)
( 41,134)
( 644,969)
Unrestricted
funds
2021
£
20,863
679
36,345
( 553,736)
( 47,462)
( 543,311)		 Total
funds
2022
£
392,797
9,400
53,432
( 675,753)
( 41,134)
( 261,258)
Total
funds
2021
£
395,863
9,390
36,345
( 553,736)
( 47,462)
- ( 159,600)

19 Operating lease commitments

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

Due not later than one year
Due later than one year but not later than five years		 2022
£
3,930
3,549
7,479		 2021
£
3,930
7,349
11,279

Page 26

I.O.O. LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

20 Contingent assets

During 2021 the charity received notification of a legacy. The final value of the estate has yet to be determined and no provision is included in the accounts.

21 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 (2021: £Nil).

The total amount of employee benefits received by key management personnel during the year was £50,876 (2021: £49,667).

As at 31.12.21 there were loans outstanding due to three trustees, Dr M. Wolffe, Mr A. Gasson and Miss J. Morris, amounting to £133,009. During the year the charity received further loans from these trustees totalling £68,200. Interest was charged on one of these loans at £137. The total amount outstanding at the year end was £201,346 which is shown in creditors due within one year.

During the year the charity charged its subsidiary I.O.O. Sales Limited £9,600 (2021: £9,600) for rental of office space, and £5,136 (2021: £5,136) for office and management charges. During the year the charity also recharged I.O.O. Sales Limited £21,511 (2021: £19,537) for staff costs, and £4,360 (2021: £4,508) for postage and other costs. I.O.O. Sales Limited also charged I.O.O. Limited £1,127 (2021: £234) in PDQ charges and £NIL for furlough claims (2021: £5,158). At the balance sheet date I.O.O. Sales Limited owed the charity £11,528 (2021: £4,380).

22 Post balance sheet events

After the balance sheet date the trustees made further loans of £122,336 to help support the charity’s cashflow.

On 15 September 2023 the charity sold the freehold property for a value of £4,500,000.

Page 27