Financial information 2012
In 2012, the Society reported an operational surplus of £227k, after taking account of the remaining cost of restructuring which represents a significant improvement from the deficit in 2011 of £1,118k reflecting the clear practice of all employees to use our resources wisely.
In 2011 the Society reorganised its services and reduced its cost base so that the RPS would be a sustainable organisation for the future, focusing on delivering the services members want and consequently 2012 was a year of consolidation and further development. In May 2012, the RPS appointed a new Director of Finance and Resources who has worked closely with a strong RPS team to deliver a much improved financial position.
In September 2012, the Assembly approved a bold 3 year plan to invest in new products and services for members and this strategy is supported by a robust financial appraisal that will ensure the projects will deliver.
As a result of the positive financial results, the strength and liquidity of the Society's Balance Sheet has improved significantly. Through cash generation from operations and a real push to get stocks down and debts paid on time, the cash at the end of 2012 was £1,498k better than 2011.
Summary and Outlook
The Society continues to have strong support from the majority of pharmacists and pharmacy students across Great Britain. The benefits from our reengineering process will give relative stability and opportunities for growth in the services delivered.
Pharmaceutical Press, under the new Managing Director, continues the development of its online offering of strong global brands, increasing sales and longer term profitability. The development of the PJ and investment in new products is a priority for 2013.
There are strong financial controls in place to ensure we obtain value for money from everything we do to ensure a productive and sustainable future.