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RPS plunges into the red

RPS plunges into the red

The Royal Pharmaceutical Society recorded a deficit before interest and taxation of £1.209m for 2018, according to its annual financial report, published before the AGM on Wednesday (April 10). The organisation made a surplus of £272,000 in 2017.

After incorporating movements on provisions, losses on investments, interest and the tax liability for the year, the final deficit was £1.637m compared to a surplus of £428,000 in 2017.

Total revenues from operating activities were stable at £23.594m, according to the report. €The main reason for the change from the previous year was the investment projects and the success of reducing our staff turnover,€ it states.

Excluding pension scheme deficit adjustments, the RPS had net assets of £31.56m (£32.414m in 2017).

€The 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,€ the report continues.

Salaries increased by almost £1m to £9.316m and the number of employees rose from 196 to 219. Eight directors earned £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 £52,288, English Pharmacy Board chair Sandra Gidley £32,739 and former president Martin Astbury £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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