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Surrey and Borders Partnership NHS Foundation Trust

Surrey Borders

Gary Howes

Partner, Development and Valuation Consultancy

020 7312 7476
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Surrey and Borders Partnership NHS Foundation Trust

The challenge

  • Montagu Evans were instructed by the Surrey and Borders Partnership NHS Foundation Trust to carry out asset valuations and report the Fair Value in accordance with the RICS Red Book and FReM. 
  • The Trust’s properties are found in various locations located throughout Surrey. 
  • The client had previously not been in a position where their asset valuation was reviewed in line with the appropriate guidance. This resulted in principles such as the Modern Equivalent Asset (MEA) not being applied as effectively as is possible. 
  • Montagu Evans was instructed to carry out the asset valuation for financial purposes, which required a full valuation of the portfolio, including inspection of each site. The purpose of our appointment was to review each asset and ensure these were correctly valued in accordance with the correct valuation methodology.

Our solution

  • The team worked closely with the Trust’s Finance and Estates teams to gain an in-depth understanding of each site and the estate strategy. This provided the Trust with the environment in which to interrogate the valuation methodology, thus providing a good grounding for future asset valuations.
  • We evaluated the client’s individual sites and applied MEA principles to both the existing land and buildings.
  • Land which was found to be non-operational and not held for sale was excluded from the asset valuation within the DRC valuations.
  • Buildings which were underutilised or redundant could be excluded from the valuation by the correct application of MEA principles. 

Results achieved

  • In advising the Trust of the appropriate methods of valuing its portfolio, Montagu Evans were able to effectively apply the MEA principles, without determinant to existing service provisions, owing to our in-depth understanding of guidance and experience, position on steering committees at the RICS and work with numerous Trusts. 
  • The valuation team at Montagu Evans prides itself on its ability to liaise successfully with a Trust and its auditors. In this case, the team successfully liaised with external auditors throughout the valuation process to ensure there was clear communication throughout the process.
  • The valuation which Montagu Evans completed provided the Surrey and Borders Partnership NHS Foundation Trust with a reduction of 29% on the previous asset valuation. 

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