Foundation Trust suffers £27m hit from rail delays and Brexit

A specialist trust which has been a major beneficiary of the current financial regime is at risk of missing its “control total” by £27m, after an expected accounting adjustment was scuppered by delays to a rail project and Brexit uncertainties. Royal Brompton and Harefield Foundation Trust was expecting to report a near breakeven position in 2018-19, after benefitting from an upward revaluation of Chelsea Farmers Market, an investment property it owns. The value of the property was expected to rise by £20m, which would have scored within the trust’s income and expenditure position for the year. However, according to a finance paper to the trust board on 27 March, there has been a downward revaluation of £7m.