Society declares “robust” financial state, despite deficit in 2005
The Royal Pharmaceutical Society has announced its financial results for 2005 with an operating deficit of £137,000 after making gift aid payments of £2.9m and before the reporting of the pension fund deficit.
The Society has been required to report its financial statements after
incorporating Financial Reporting Standards 17 (FRS17), under which any
company or organisation offering a defined pension scheme must report
the current status of the pension fund in the accounts and balance sheet. The
Society’s accounts now reflect this change and previous year accounts
have been amended to reflect this requirement.
After incorporating the current year deficit on the pension fund of £457,000,
the Society’s financial statements record a net deficit of £594,000.
The Society says that, despite incorporating the pension fund deficit,
its finances remain robust and the long-term financial strategy established
in 2004 continues to be implemented. The Society’s balance
sheet is now as strong as — if not stronger than — in previous
years with higher levels of cash, as well as increased investments in
fixed assets. It is envisaged that the balance sheet will continue
to strengthen as the agreed financial strategy is pursued.
The financial statements are now available on the Society’s website
(www.rpsgb.org). Four separate documents cover the finances of the Society,
its educational and parliamentary funds, the Pharmaceutical Trust for
Educations and Charitable Objects and the the Benevolent Funds.
A full presentation on the financial results will be given at the Society’s
annual general meeting on 24 May, when questions submitted by members
will be answered.
Members are invited to submit questions to Graham Duncan, financial controller,
by
e-mail (accounts2005@rpsgb.org) or by post (1 Lambeth High Street, London
SE1 7JN) by Wednesday 17 May. Any questions received after 17 May
will be answered individually after the AGM.
As part of the AGM procedures, members will be asked to accept the 2005
financial statements. No vote will be take place to approve the
accounts.
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The
Pharmaceutical Journal