Income and expenditure account
Cash flow statement
Notes on the accounts
- The 2019/20 Financial Statements for PSNC were audited and prepared by our Chartered Accountants Sawin & Edwards LLP. The above is a summary of the performance and position of the organisation.
- PSNC’s accounts show a surplus of £239k in 2019/20 compared to £265k in 2018/19. This is despite having a flat levy from Local Pharmaceutical Committees in both years and is due to the continuing focus on cost control across the organisation. The Committee again challenged the office with a negative budget, which has been over-achieved. PSNC’s main source of income remains levies gathered from LPCs. All LPCs have paid their invoices in full. Other income generated is minimal.
- The largest item of expenditure has remained administration costs, in particular staff employment. Year on year cost savings have been made in expenditure for legal and other consultancy services and in general administration such as reduced printing and postage expenses.
- PSNC’s balance sheet has strengthened as a result of the cost savings made across the organisation. Debtors did increase solely due to the timing of payments being received, shortly after the year end any outstanding levy invoices were collected in full.
- Current liabilities have reduced because of fewer levies received in advance when compared with last year and lower provisions required for Committee Member expenses and legal consultancy costs.