Losses for NHS Property Services, the company set up to help the NHS dispose of surplus property assets, were £32.8m in the year to March 2017, down from £224.2m the year before.
According to its annual accounts, the reduced loss was driven by a reduction in the impairment of property, plant and equipment – which had been £143m higher the year before.
During the year it said it disposed of 72 properties, which released land for 800 homes and generated £54m in capital funds. Since 2013/14, the company has delivered £204m through the sale of 295 properties, with land released land for an estimated 3,749 homes.
Net cash inflow increased to £157m compared to a net cash outflow last year of £55m. Revenue increased by 16% year-on-year to £792m following the move to market-based rent charging.
However, administrative costs rose by £21m to £139m, reflecting what the company described as an investment in capability and transformation programme.
Chief executive officer Elaine Hewitt took home £210,000-215,000 in basic salary for the year, with a potential £60,000-65,000 bonus. Board chairman Ian Ellis received £60,000-65,000, while non-executive director Mike Strong earned £25,000-30,000.
It said throughout the year is has strengthened its strategic estates planning capability and capacity supported the development of 44 sustainability and transformation estate plans.
It also said it was exploring new occupational models, such as sessional space – essentially hot-desking for NHS space – to ensure the NHS estate is used more efficiently and flexibly.
The report said it fully supported the views expressed by Sir Robert Naylor in his review which said the NHS needs a stronger national property voice, and which recommended the creation of a national NHS property board that would subsume functions of the organisations.
Click here to read the full report.
To send feedback, e-mail alex.peace@egi.co.uk or tweet @egalexpeace or @estatesgazette
