Annual Report and Accounts - The Great Western Hospital

Great Western Hospitals NHS Foundation Trust
Accounts for the year ended 31 March 2012
28.5 Fair Values of Financial Instruments
All the financial assets and all the financial liabilities of the Trust are measured at fair value on recognition and subsequently at
amortised cost.
The following table is a comparison by category of the carrying amounts and the fair values of the Trust’s financial assets and
financial liabilities at 31 March 2012 and 31 March 2011.
Carrying Value Fair Value Carrying Value Fair Value
31 March 31 March 31 March 31 March
2012 2012 2011 2011
£000 £000 £000 £000
Current financial assets
Cash and cash equivalents 14,482 14,482 11,216 11,216
Loans and receivables:
Trade and receivables 7,540 7,540 12,141 12,141
22,022 22,022 23,357 23,357
Non-current financial assets
Loans and receivables:
Trade and receivables 0 0 0 0
Total financial assets 22,022 22,022 23,357 23,357
Current financial liabilities
Financial liabilities measured at amortised cost:
Obligations under PFI 4,430 4,430 1,425 1,425
Obligations under Finance Leases 103 103 0 0
Trade and other payables 22,917 22,917 12,704 12,704
Provisions under contract
27,450 27,450 14,129 14,129
Non-current financial liabilities
Financial liabilities measured at amortised cost:
Obligations under PFI 127,605 127,605 132,036 132,036
Obligations under Finance Leases 528 528 0 0
Provisions under contract 2,900 2,900 2,900 2,900
131,033 131,033 134,936 134,936
Total financial liabilities 158,483 158,380 149,065 149,065
Net financial assets (136,461) (136,358) (125,708) (125,708)
The fair value on all these financial assets and financial liabilities approximate to their carrying value.
The following table reconciles the financial assets and financial liabilities that fall within the scope of IAS 39 to the relevant on-
Statement of Financial Position amounts. Cash and cash equivalents and finance lease liabilities fall wholly within the scope
of IAS 39.
Current
Non-current
31 March 31 March 31 March 31 March
2012 2011 2012 2011
£000 £000 £000 £000
Trade and other receivables: 1,474 347 0 0
Non-financial assets 114 49 0 0
Prepayments 4,450 1,009 0 1,733
6,038 1,406 0 1,733
Trade and other payables:
Taxes payable 3,430 2,056 0 0
Non-financial liabilities 0 0 0 0
3,430 2,056 0 0
Provisions:
Financial liabilities 0 206 0 0
Provisions under legislation 147 144 1,783 1,732
147 350 1,783 1,732
The provisions under legislation are for personal injury pensions £519,266 (31 March 2011: £538,845) and early retirement
pensions £1,411,343 (31 March 2011: £1,199,428). These liabilities are not contracted, but are defined by legislation and are
owed to the NHS Pensions Agency.
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