The 2021/22 PSNC Financial Statements were audited and prepared by our Chartered Accountants Sawin & Edwards LLP.
6.1 | Income and expenditure account
6.2 | Balance sheet and cash flow statement
Notes on the accounts
- The 2021/22 PSNC Financial Statements were once again audited and prepared by our Chartered Accountants Sawin & Edwards LLP. The above summarises PSNC’s performance and financial position.
- The flat levy from LPCs continued, with LPCs also invoiced for their proportion of the £90k contribute towards the Pharmacy Representation Review Steering Group (RSG) project: all income was collected. PSNC has continued to focus on cost control with the Committee again challenging the office with a negative budget. This was over-achieved, with substantial savings primarily due to COVID-19 restrictions. PSNC’s main source of income remained levies from LPCs, and the largest item of expenditure was administration costs.
- There was a sizeable increase in administration costs as more staff were employed during this financial year and an increased number of meetings were held face-to-face, resulting in higher venue costs being incurred compared to holding virtual meetings during pandemic restrictions.
- Professional fees reduced due to fewer specialised consultancy services being required this financial year. PSNC’s balance sheet has strengthened, albeit at a much-reduced rate as the surplus was £35k for 2021/22 compared to £351k for 2020/21. The primary reason for the vast drop was the considerable expenditure incurred for the RSG project work, which was offset against the significant departmental savings from remote working. Debtors remained virtually unchanged; all levies were collected in full prior to the year end. Current liabilities decreased predominantly due to no consultancy provisions for the RSG project work being included within this set of year-end accounts.
- The basement and ground floor ceiling at the Hosier Lane office were damaged by a flood from a sump tank for connecting flats in January 2022. After the year end, the Committee entered into an agreement with a project management company for water damage reinstatement works to be carried out at the property. An insurance claim for the recovery of the full cost of these remedial works was approved after the year end and work has commenced.