We've today published our Annual Report for 2021, which outlines financial statements and membership numbers, as well as a letter from the President and Chief Executive.
The financial performance was strong for 2021, exceeding revenue budgets by £1.2m (5 per cent) and having an operating surplus of £0.9m after impairments. The second consecutive year of surplus generation.
Membership revenues grew to £4,697,000 (2020: £4,623,000), owing to improved upgrades from Foundation Trainee (Associate) to RPS member.
The report states that we had 38,630 members at the end of 2021, compared to 40,194 the previous year. However, despite a challenge with Associate membership, there has been a growth in Member, Student, Fellow and Pharmaceutical Scientist membership, and a further growth on previous years.
Return from financial investments continued to be healthy. As well as this, we announced a Declaration of Climate and Ecological Emergency. As part of this declaration, we made the decision to cease all remaining financial investments in fossil fuels as soon as possible and by the end of 2022 at the latest.
RPS Chief Executive Paul Bennett said: “We’re delighted to have had such a strong year financially in 2021, despite a number of challenges very much beyond our control, not least the global COVID-19 pandemic and its knock-on effects.
“With the rise in inflation, energy prices soaring, and the hangover from the pandemic it is not a surprise that many have had to tighten their budgets.
“We’ve recently addressed queries about Royal College status, FIP membership and recent restructuring in the organisation to coincide with our five-year strategy published in March 2021, and strongly believe membership numbers and account figures will be healthy once again.”
If you have more questions about the Annual Report, please join the Annual General Meeting at the end of May. Confirm your place here.
Read the 2021 RPS Annual Report.
See more on the Annual Review webpage.