National Health Service Property Services Ltd.’s Annual Report and Accounts for 2013-14, including its income and expenditure accounts, are published on the company’s website at:
The Income and Expenditure Account shows a deficit of £159 million. This was almost exclusively due to non-cash expenditure items such as the writing down of certain balances transferred in from primary care trusts (PCTs) when the company was established and the PCTs were abolished.
In general though, the company operated on a cost-recovery basis, recovering the costs of holding, managing and servicing properties from tenants and commissioning budgets, effectively continuing the arrangements operated by PCTs. On this basis, the company’s income in 2013-14 was £791 million.
Similar arrangements are operating in 2014-15, and the income budget for this year is £771 million. This is lower than in the previous year because the company has delivered a reduction in the cost to the NHS of holding and operating the portfolio.