The loss recorded on the car parks at St Vincent’s Hospital in Ballsbridge, Dublin, fell to €475,837 in 2013, from €750,111 a year earlier, according to accounts filed recently.
Consolidated accounts for the St Vincent’s Healthcare Group, which runs two public hospitals and one private hospital, all in Dublin, as well as the car parks, show it made a profit of €3.2 million in 2013, a sharp turnaround on the €10.8 million loss recorded in 2012.
The group is owned by the Religious Sisters of Charity and runs the two St Vincent’s hospitals in Ballsbridge as well as St Michael’s Hospital, Dún Laoghaire. It has charitable status and does not pay tax. A spokeswoman said the group had no comment to make on the 2014 year.
The group recorded an exceptional gain during 2013 of €7.8 million arising from the decision to close the private hospital’s defined benefit pension scheme to future service for its members at the end of 2012.
Increase
Income for the group in 2013 was €373.3 million, an €11 million increase on the previous year. The group had an average of 3,442 employees during the year, up from 3,406 in 2012. Staff costs were €222.4 million (€230 million in 2012). The number of medical, dental and nursing staff increased by 60 in 2013, to 1,875, while the numbers involved in management and administration remained almost static (512 in 2013; 511 in 2012).
Executive directors’ pay was €626,444, up from €569,292. Non-executive directors did not receive any payment for their board membership.
Subsidiary company Pianora Ltd is involved in the development and letting of the car parks at St Vincent’s. While its annual lease income was static, at €297,966, its administrative expenses and interest costs fell, accounting for the lower level of loss recorded in 2013.
Pianora, set up in 2000 to develop and let the ground-level and multi-storey car parks at St Vincent’s, recorded a €20 million valuation for the asset at the end of 2013. The historical cost was €21 million.
Leasehold
St Vincent’s Private Hospital paid rent of €1.2 million to the Religious Sisters of Charity. The order was paid €1.3 million in relation to the purchase of a leasehold.
