The Pharmaceutical Journal
Vol 270 No 7247 p627
3 May 2003

Society summary

Society shows £2.6m surplus in 2002

The Royal Pharmaceutical Society's accounts for 2002 show a surplus before tax of £2.63m, compared with a surplus of £0.91m in 2001 and a pre-tax deficit of £0.88m in 2000. The surplus after taxation was £2.23m.

Among the factors affecting the Society's financial position for 2002 was another successful year for publications activities, which showed a 19 per cent growth in contribution. Much of the growth arose from better than expected book sales and cost savings in journal publishing.

Income from retention fees rose by about 26 per cent as a result of the Council's decision to increase the membership retention fee substantially to fund ongoing and future activities and to reduce the Society's dependence on risk-related income from publishing. One of the activities that required additional funding was continuing professional development, on which expenditure rose from £40,000 to £230,000.

Wages and salaries rose by only 2 per cent despite an increase from 224 to 256 in the average number of employees during the year.

The full accounts for 2002 have been placed on the annual general meeting page of the Society's website so that the figures can be viewed before the meeting (which is to be held at the Society's headquarters on Wednesday 14 May at 7.30pm). Copies of the accounts can also be obtained from the Society's finance administrator (tel 020 7572 2245). A summary of financial information appears in the Society's annual review 2002, which is being distributed to all members of the Society with this issue of The Pharmaceutical Journal. The review highlights work undertaken by the Society in 2002 across its areas of activity.

This year, the Society is inviting questions about the financial statements in advance of the AGM in order to allow full responses to be researched and provided at the meeting. Questions should be submitted in writing to Hugh Mitchell, Director of Resources, Royal Pharmaceutical Society, 1 Lambeth High Street, London SE1 7JN (e-mail accounts2002@rpsgb.org.uk) no later than 4pm on Friday 9 May.