Annual Report and Accounts 2012/13 - Royal Devon & Exeter Hospital

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1. ACCOUNTING POLICIES (CONTINUED) 1.15 Financial instruments and financial liabilities (continued) Loans and receivables ROYAL DEVON AND EXETER NHS FOUNDATION TRUST - ANNUAL ACCOUNTS 2012/13 Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets. The Trust’s loans and receivables comprise: cash and cash equivalents, NHS receivables, accrued income and ‘other receivables’. Loans and receivables are recognised initially at fair value, net of transactions costs, and are measured subsequently at amortised cost, using the effective interest method. The effective interest rate is the rate that discounts exactly estimated future cash receipts through the expected life of the financial asset or, when appropriate, a shorter period, to the net carrying amount of the financial asset. Interest on loans and receivables is calculated using the effective interest method and credited to the Statement of Comprehensive Income. Other financial liabilities Other financial liabilities are recognised initially at fair value, net of transaction costs incurred, and measured subsequently at amortised cost using the effective interest method. The effective interest rate is the rate that discounts exactly estimated future cash payments through the expected life of the financial liability or, when appropriate, a shorter period, to the net carrying amount of the financial liability. They are included in current liabilities except for amounts payable more than 12 months after the statement of financial position date, which are classified as non-current liabilities. Interest on financial liabilities carried at amortised cost is calculated using the effective interest method and charged to finance costs. Interest on financial liabilities taken out to finance property, plant and equipment or intangible assets is not capitalised as part of the cost of those assets. Impairment of financial assets NOTES TO THE ACCOUNTS At the Statement of Financial Position date, the Trust assesses whether any financial assets are impaired. Financial assets are impaired and impairment losses are recognised if, and only if, there is objective evidence of impairment as a result of one or more events which occurred after the initial recognition of the asset and which has an impact on the estimated future cash flows of the asset. For financial assets carried at amortised cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of the revised future cash flows discounted at the asset’s original effective interest rate. The loss is recognised in the Statement of Comprehensive Income and the carrying amount of the asset is reduced through the use of a bad debt provision that is determined specifically on individual assets. 1.16 Corporation tax The Trust is a Health Service Body within the meaning of s519A of the Income and Corporation Tax Act 1988 and accordingly is exempt from taxation in respect of income and capital gains within categories covered by this. There is a power for HM Treasury to dis-apply the exemption in relation to specified activities of an NHS foundation trust (s519A (3) to (8) of the Income and Corporation Taxes Act 1988). Accordingly, the FT is potentially within the scope of corporation tax in respect of activities which are not related to, or ancillary to, the provision of healthcare, and where the profits there from exceed £50,000 per annum. Until the exemption is dis-applied then the FT has no corporation tax liability. 1.17 Non-current assets held for sale Non-current assets are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value. 1.18 Consolidation of NHS charitable funds The Trust is the Corporate Trustee of the Royal Devon and Exeter NHS Foundation Trust General Charity. The Charity has not been consolidated within these annual accounts as HM Treasury has granted a dispensation to the application of IAS 27 in relation to the consolidation of NHS charitable funds for 2012/13. Further information relating to transactions between the Trust and the Charity is disclosed in note 25. Page 17
ROYAL DEVON AND EXETER NHS FOUNDATION TRUST - ANNUAL ACCOUNTS 2012/13 NOTES TO THE ACCOUNTS 2. Segmental analysis Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Trust's Board of Directors. The Trust's income and activities are for the provision of health and health related services within the United Kingdom. The services provided by the Trust are designated between directorates. Details of the services provided within each of the Trust's main clinical directorates are included below. The information is a summary of activity by directorate level, similar information is provided to the Trust's Board of Directors each month. Segmental information by assets and liabilities has not been disclosed as this information is not reported to the chief operating decision maker. 2.1 Segmental analysis - explanation of the services provided by directorates Directorates Examples of services provided within each directorate: - Page 18 Medicine (Specialist and General) Critical Care Orthopaedics Surgery 1 Specialist Surgery Women and Child Health Cancer Services Diagnostics Cardiology, Dermatology, Diabetes, Endocrinology, Emergency Department, Elderly Care, Acute Admissions Unit, Gastroenterology, Neurology, Neurophysiology, Renal, Respiratory and General Medicine. Anaesthetics Pain Service, Intensive Care Unit. Orthopaedics, Trauma and Rheumatology. Breast surgery, Colorectal surgery, General surgery, Thoracic and Upper Gastrointestinal surgery, Vascular surgery and Urology. Ear Nose and Throat surgery Ophthalmology, Oral and Maxillofacial surgery, Orthodontics, and Plastic and Reconstructive surgery. Clinical Genetics, Gynaecology, Obstetrics and Midwifery, Neonatology, and Paediatrics. Clinical Haematology, Oncology and Radiotherapy. Elements of Blood transfusion, Cellular Pathology, Clinical Chemistry, Cytopathology, Haematology, Histopathology, Immunology, Microbiology, Mortuary, and Diagnostic imaging services, - where these services are offered direct to patients and not as part of the care delivered by other specialties within the hospital. Professional Services Other Includes Exeter Mobility Centre and elements of Dietetics, Occupational Therapy, Physiotherapy. Included within the "Other" heading is the Patient Transport Service and other financial adjustments such as non payment for emergency readmissions.
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1. Our Year Royal Devon and Exeter
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Annual Report and Accounts 2012/13 - Royal Devon & Exeter Hospital

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