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As announced by HM Treasury on Friday 5 February, there will be a one year deferral from the Treasury’s Financial Reporting Manual requirement to consolidate charitable funds administered via a corporate trustee arrangement. Monitor will not require NHS foundation trusts to consolidate charities for the purpose of their 2009-10 and 2010-11 accounts.
Monitor is currently consulting on amendments to the Compliance Framework for 2010-11. Section 3.4 includes information on the consolidation of foundation trust accounts and the calculation of the Financial Risk Ratings. As a result of the deferral above, Monitor will not take into account charitable funds in NHS foundation trusts’ Financial Risk Ratings in 2010-11.