RPS plunges into the red
The Royal Pharmaceutical Society recorded a deficit before interest and taxation of Â£1.209m for 2018, according to its annual financial report, published before the AGM on Wednesday (April 10). The organisation made a surplus of Â£272,000 in 2017.
After incorporating movements on provisions, losses on investments, interest and the tax liability for the year, the final deficit was Â£1.637m compared to a surplus of Â£428,000 in 2017.
Total revenues from operating activities were stable at Â£23.594m, according to the report. â€œThe main reason for the change from the previous year was the investment projects and the success of reducing our staff turnover,â€ it states.
Excluding pension scheme deficit adjustments, the RPS had net assets of Â£31.56m (Â£32.414m in 2017).
â€œThe balance sheet is stronger than in the history of the RPS through a program of good investment and has allowed us to reposition the organisation to respond to the needs of our members and customers,â€ the report continues.
Salaries increased by almost Â£1m to Â£9.316m and the number of employees rose from 196 to 219. Eight directors earned Â£100,000 a year or more.
The report lists the expenses claimed by RPS board and assembly members for 2018, with president Ash Soni claiming Â£52,288, English Pharmacy Board chair Sandra Gidley Â£32,739 and former president Martin Astbury Â£27,148.
Explaining the results in more detail at the AGM, finance director Simon Redman said the Society was one year into a three-year plan to return its budget into surplus and several significant development costs had been incurred in 2018, contributing to the deficit. Next year is also expected to be loss-making with the balance sheet anticipated to go back into the black in 2020.
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