I.O.O. LIMITED
Financial health, per its FY2023 accounts
The accounts state that unrestricted funds were in deficit by £605,589 at the balance sheet date, and the auditors identified a material uncertainty regarding the charity's ability to continue as a going concern. However, the trustees consider the charity viable following the sale of its freehold property and the securing of a rent-free lease, with the charity currently supported by permanent endowment income and interest-free trustee loans.
What the accounts disclose
“Free reserves were in deficit at the balance sheet date by £619,446 (2022: £675,414).”
“We draw attention to Note 1 in the financial statements, which indicates that the charitable company incurred a deficit of £182,372 on unrestricted funds and, as of the balance sheet date, unrestricted funds were in deficit by £605,589. As stated in Note 1, these events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the charitable company’s ability to continue as a going concern.” — page 10
“As at 31 December 2023 there were loans outstanding due to three trustees, Dr M. Wolffe, Mr A. Gasson and Miss J. Morris, amounting to £201,345. During the year the charity received further loans from these trustees totalling £154,336.” — page 32
“During the year the charity charged its subsidiary I.O.O. Sales Limited £9,000 (2022: £9,600) for rental of office space, and £17,698 (2022: £31,033) for staff, office and management recharges.” — page 32
“As at 31 December 2023 there were loans outstanding due to three trustees, Dr M. Wolffe, Mr A. Gasson and Miss J. Morris, amounting to £201,345. During the year the charity received further loans from these trustees totalling £154,336.” — page 32
“During the year the charity charged its subsidiary I.O.O. Sales Limited £9,000 (2022: £9,600) for rental of office space, and £17,698 (2022: £31,033) for staff, office and management recharges.” — page 32
“As at 31 December 2023 there were loans outstanding due to three trustees, Dr M. Wolffe, Mr A. Gasson and Miss J. Morris, amounting to £201,345. During the year the charity received further loans from these trustees totalling £154,336.” — page 32
“During the year the charity charged its subsidiary I.O.O. Sales Limited £9,000 (2022: £9,600) for rental of office space, and £17,698 (2022: £31,033) for staff, office and management recharges.” — page 32
“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.” — page 5
Structured financials (annual return, FY ending 31/12/2023)
Trustees
- DR Michael Wolffechair
- Andrew Gasson
- Jayshree Rajdev Varia
- Judith Anne Morris
- Professor Nigel Andrew Simon Barnard
- Rosemary Eleanor Bailey
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/12/2024 | — | — |
| 31/12/2023 | £4.4m | £567k |
| 31/12/2022 | £408k | £510k |
| 31/12/2021 | £352k | £452k |
| 31/12/2020 | £312k | £438k |
Common questions
Is I.O.O. LIMITED financially healthy?
The accounts state that unrestricted funds were in deficit by £605,589 at the balance sheet date, and the auditors identified a material uncertainty regarding the charity's ability to continue as a going concern. However, the trustees consider the charity viable following the sale of its freehold property and the securing of a rent-free lease, with the charity currently supported by permanent endowment income and interest-free trustee loans. Its FY2023 accounts were audited by Lindeyer Francis Ferguson Limited.