RPS in profit for second consecutive year
The Royal Pharmaceutical Society (RPS) made a net profit of £47,000 in 2013, despite predicted losses of £230,000, its annual general meeting (AGM) heard on 23 June 2014.
Simon Redman, the RPS director of finance, told the AGM that the society’s balance sheet remained “robust”.
Total funds continue to grow, he said. Fixed assets have increased substantially owing to the acquisition of the new London headquarters in Tower Hill, bringing the society’s net assets to £14.8m. Alongside this has come a temporary drop in net current assets that will be resolved when the sale of 1 Lambeth High Street completes in 2015.
In 2013, the RPS started a £1.5m investment programme to support the RPS Faculty, enhanced member benefits, the re-launch of The Pharmaceutical Journal and new digital products from Pharmaceutical Press. Redman told the AGM that the benefit of much of this work will be evident in 2014.
The RPS’s financial statements for 2013 show that membership related revenues were down £304,000; 87% of RPS members who are registered as pharmacists were retained with 4,150 new paying members being recruited. Publishing revenues fell by £485,000; digital products and licensing accounted for £605,000 of extra revenues.
- This article was amended on 9 July 2014 to clarify the percentage of RPS members registered as pharmacists who were retained in 2013.
Citation: The Pharmaceutical Journal DOI: 10.1211/PJ.2014.20065639
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