The Royal Pharmaceutical Society (RPS) made a loss of more than £1.2 million to the year ending December 31, 2018 according to its latest annual financial report.
Pharmacy’s professional leadership body recorded a deficit before interest and tax of £1,209,000 having made a surplus of £272,000 in 2017.
In the report, RPS treasurer Dr Mahendra Patel said it had been “planned that we would make a higher loss for 2018 as we invested in key areas of our business in order to achieve growth and sustainable future revenues and to make the organisation more resilient.”
Patel went on to say that “after incorporating movements on provisions, losses on investments, interest and the tax liability for the year,” the RPS’s deficit stood at £1,637,000 compared with a surplus of £428,000 in 2017.
Figures published under the ‘chief executive and directors’ remuneration, excluding pension contributions,’ revealed that eight individuals earned £100,000 or more.
The report also detailed the expenses claimed by RPS members during the year, with president Ash Soni claiming £52,288, former president Martin Astbury £27,148 and English Pharmacy Board chair Sandra Gidley £32,739.
The RPS pension scheme, according to an FRS102 valuation, had a deficit of £2,972,000, although the report noted that was “an improvement on the deficit declared at the end of 2017 of £4,194,000.”
The report revealed the RPS is making monthly payments of £50,000 until February 29, 2024 and Patel said: “The Assembly and Trustees have agreed that (an) annual contribution of £600,000 will continue to 30 September 2025 when the deficit is predicted to be eliminated.”