The Christie Foundation Trust Annual Report and Accounts 2021-22

The Christie NHS Foundation Trust Annual Report & Accounts 2021-22

Joint ventures The Christie Clinic LLP was formed on 15 th September 2010 and is a joint venture partnership with HCA (HCA International Limited) for the provision of private oncology activity. In 2017/18 the LLP was renamed The Christie Private Clinic LLP. The joint venture profit share in 2021/22 is £4.2m, as per the terms of the LLP membership agreement. In June 2014 we entered into a joint venture partnership with Synlab UK, the UK division of one of the largest European independent providers of pathology services. The Christie Pathology Partnership LLP will allow the Trust to develop further its pathology services drawing on the European expertise of Synlab UK combined with the established cancer expertise at The Christie. The joint venture profit share in 2021/22 is £0.7m as per the terms of the LLP membership agreement. Subsidiary companies On 11 th December 2017, The Christie Pharmacy Limited (Company Number: 11027496) was formed, to provide pharmacy dispensing services to the Trust. The company is a wholly owned subsidiary of the Trust and its financial performance is included in the consolidated group accounts. For 2021/22 the principal impact for the group has been a financial surplus of £0.5m which is in line with the Trust’s expectation. Charitable funding We are supported in our activities by The Christie Charity. These funds are administered by a separate Charity for which the Board of Directors acts as a corporate trustee. The Charity is considered a subsidiary and therefore there is a requirement to consolidate its accounts with that of the Foundation Trust.

The Charity accounts will be reported in its separate annual report. As with many Charities, the COVID-19 pandemic has had a significant impact on the Charity’s income in the year. Despite this, the Charity has been able to support the Trust and maintain its financial commitments to the Trust during the year. Over the past year, we spent £15.6m on capital projects from charitable grants and we received a charitable revenue contribution of £6.3m to enable us to enhance our services. Value of our buildings and land All property, plant and equipment are measured initially by cost. Our land and building assets are subsequently measured at fair value in line with our accounting policies. As part of this, the Trust’s land value is based on an alternative site methodology. To ensure an independent and fair value of our estate we engage with the District Valuer, who reviews our asset values. As a result of market factors, our property, plant and equipment have had an upward valuation (impairment reversal) by a net £7.9m at 31 st March 2022. Capital investment Despite the COVID-19 pandemic, the Trust has been able to continue to invest in its estate and equipment assets with a comprehensive capital investment programme for 2021/22. The development of an ambitious integrated research facility on the site of the fire damaged Paterson research building is progressing at pace. The Trust is working in partnership with the University of Manchester and Cancer Research UK to ensure Manchester remains at the forefront of research to support better outcomes for patients. Construction of the new research

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