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

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16.5 Impairment and revaluation of land, buildings and dwellings 17. Inventories 17.1 Inventories held at year end 31 March 2013 31 March 2012 £000 £000 Drugs 1,567 1,282 Work in progress 53 55 Consumables 2,111 1,863 Energy 330 304 Inventories carried at fair value less costs to sell 398 577 Total inventories 4,459 4,081 17.2 Inventories recognised in expenses 2012/13 2011/12 £000 £000 Inventories recognised in expenses 49,854 43,029 Write-down of inventories recognised in expenses 37 68 Total inventories recognised in expenses 49,891 43,097 18. Trade and other receivables Current 31 March 2013 31 March 2012 £000 £000 NHS receivables 13,809 8,277 Non-NHS receivables 2,427 1,847 Provision for impaired receivables (67) (68) Prepayments 2,591 2,318 Accrued income 2,293 942 Other receivables 334 241 PDC dividend receivable 473 14 VAT receivable 188 379 Total current trade and other receivables 22,048 13,950 Prior to signing the accounts x% of NHS receivables had been paid since the year end. Non-current ROYAL DEVON AND EXETER NHS FOUNDATION TRUST - ANNUAL ACCOUNTS 2012/13 Accrued income 944 960 Total trade and other receivables 22,992 14,910 Provision for impairment of receivables At 1 April 68 27 Increase in provision 52 94 Unused amounts reversed (53) (53) At 31 March 67 68 The provision for impairment of receivables relates to specific receivables over 3 months old. 18.1 Analysis of impaired receivables 31 March 2013 31 March 2012 £000 £000 Ageing of impaired receivables Over three months 143 173 18.2 Ageing of non-impaired receivables NOTES TO THE ACCOUNTS The Trust's land, buildings and dwellings were revalued by the District Valuation Office as at 31 March 2013. The Trust's specialised buildings and associated land have been valued using the depreciated replacement cost method, based upon providing a modern equivalent asset (MEA). A fundamental principal of MEA valuations is that a hypothetical buyer would purchase the least expensive site that would be suitable and appropriate for the existing operations. The valuation of the Trust's specialised land and buildings has therefore been based upon the Trust hypothetically being located on a suitable alternative site away from the city centre, where the cost of the land would be significantly lower, but where the Trust would still be able to re-provide its services. Applying these MEA revaluations has resulted in a net overall decrease of £46.3m in the value of the Trust's Estate. This reduction in value of the Trust's Estate is recorded in the property plant and equipment note 16.1. £22.8m has been recognised as an impairment charged to the Statement of Comprehensive Income and the remaining £23.5m has been recognised as a reduction to the revaluation reserve. Up to three months 2,534 1,674 Page 27
19. Current trade and other payables 31 March 2013 31 March 2012 £000 £000 NHS payables 2,564 1,661 Trade payables - capital 3,276 1,476 Other trade payables 5,615 2,384 Other taxes payable 4,398 4,379 Other payables 2,938 2,688 Accruals 13,138 10,868 31,929 23,456 Other liabilities Other deferred income 1,899 2,835 19.1 Non-current other liabilities Other deferred income 9,036 - 20. Borrowings ROYAL DEVON AND EXETER NHS FOUNDATION TRUST - ANNUAL ACCOUNTS 2012/13 NOTES TO THE ACCOUNTS Relates to income received from the University of Exeter towards their part of the construction of the Research, Innovation, Learning and Development building. Current 31 March 2013 31 March 2012 £000 £000 Loans from Foundation Trust Financing Facility 1,270 1,270 Non-current Loans from Foundation Trust Financing Facility 17,672 18,943 Total borrowings 18,942 20,213 Amounts falling due within: - In one year or less by instalments 1,270 1,270 Between one and five years by instalments 5,084 5,084 Over five years by instalments 12,588 13,859 18,942 20,213 Two loans are repayable to the Secretary of State for Health. The first loan of £17 million, was entered into in the year ended 31 March 2006. It is a repayable over a 20 year period, ending 30 March 2026, by equal quarterly instalments. The interest rate of the loan is fixed at 4.55% per annum. The second loan of £10 million, was entered into in the year ended 31 March 2007, and is repayable over a 25 year period, ending 30 March 2032, by equal quarterly instalments. The interest rate of the loan is fixed at 5.05% per annum. 21. Provisions Early retirements Legal claims Other Total £000 £000 £000 £000 At 1 April 2012 120 211 1,408 1,739 Arising during the year 11 206 9 226 Utilised during the year (11) (108) (15) (134) Reversed unused - (69) (1,155) (1,224) Unwinding of discount 3 - 7 10 At 31 March 2013 123 240 254 617 Expected timing of cash flows: 31 March 2013 31 March 2012 £000 £000 In one year or less 265 1,392 Between one and five years 96 92 Over five years 256 255 617 1,739 Legal claims relate to employee and public liability claims. The "Other" category relates to injury benefit claims against the Trust. There were no contingent liabilities relating to legal claims. The NHS Litigation Authority is carrying provisions as at 31 March 2013 in relation to the Existing Liabilities Scheme and in relation to the Clinical Negligence Scheme on behalf of the Trust of £39,056,000 (2012 - £24,329,000). Page 28
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1. Our Year Royal Devon and Exeter
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26 2. Our Trust Royal Devon and Exe
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4. Annex A Royal Devon and Exeter N
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Annual Report and Accounts 2012/13 - Royal Devon & Exeter Hospital

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