Asset valuation for financial reporting
Cluttons was instructed by North Middlesex University Hospital NHS Trust to carry out a review of the valuation of the hospital’s entire estate for capital accounting purposes as at 1 April 2010.
The valuation was required to meet the trust’s accounting obligations under International Financial Reporting Standards (IFRS). The assets are located on the hospital campus site in Edmonton. These comprise of approximately 600,000 sq ft of specialist buildings, on 22 acres of land and include general wards, operating theatres, A&E department, outpatients and diagnostics.
We undertook the valuations using the Depreciated Replacement Cost (DRC) method. Utilising team members from both Cluttons’ project and building consultancy division and multi-disciplinary healthcare sector team, we were able to produce accurate building cost components. The valuation, totalling approximately £76m, was reported within the agreed time frame.
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