The COVID-19 pandemic continued to provide challenges for longer than expected, particularly during the early part of the year due to the extended lockdown and the delayed resumption of some expected activities.

We made significant progress towards delivering key strategic priorities such as implementing education standards and developing the managing concerns and EDI strategies. Our attention was also focused on improving how we work by using a more flexible approach.

During the year we carried out a comprehensive assessment of the strategic plan and longer-term vision. This allowed us to reprioritise and align our activities more effectively to ensure efficient delivery. In some cases, this meant resources had to be refocused or pushed forward to future years. This also helped with the further development of the medium-term to long-term financial strategy. This aims to ensure a sustainable financial position, with the ability to fund longer-term plans and maintain an appropriate level of reserves.

Renewal fees paid by pharmacists, pharmacy technicians and pharmacy premises provide the main source of income for the organisation. Fees are paid annually in advance and are recognised over the span of the registration year in line with the relevant accounting principles. Therefore, actual monies received for the year does not reflect the income recognised from renewal fees for the financial year.