Charity will sell part of its investment portfolio to repay part of £25m loan

St Andrew’s Health Care plans to liquidate part of its investment portfolio to repay part of a multi-million pound loan facility.

According to the charity’s latest accounts, for the year to the end of March 2021, it plans to repay 20% of the £25m bank facility.

The charity, which provides specialist mental health care for people with some of the most difficult mental health needs, described the move as “financially beneficial to the organization at this time”.

He also sold a hospital in Nottingham for £8.4m, leaving him with £2m of site-related redundancy costs in the 2020/21 financial year.

The charity’s total income in 2019/20 was £204m; however, his latest accounts show that figure has fallen to £195.6million.

But income from commercial and charitable activities remained relatively stable.

Total expenditure fell slightly, to almost £207m, as did staff costs for its 3,900 staff, to £190m, including £2.6m in total severance pay.

Spending on charitable activities exceeded £189m.

Despite needing to liquidate part of its portfolio, the charity still has reserves of over £207m.

Accounts show the charity’s chief executive, Katie Fisher, resigned in October.

She received benefits totaling £324,000 during the year.

The charity said she did not receive any severance, severance or bonus payments because she left of her own accord.

Fisher’s predecessor, Gil Baldwin, had been one of the highest paid people in the voluntary sector. He won £496,000 in 2017/18, including six months’ pay in lieu of notice, meaning his base salary was £328,000.

The charity said the search for Sinner the replacement was underway and its deputy managing director, Jess Lievesley, had taken over as interim.

A spokesperson for the charity said: ‘The charity has taken the decision to reduce its loan by liquidating some of its investments as this is more financially beneficial to the organization at this time.

“We remain committed to providing quality care to achieve the best outcomes for our patients in the most efficient way possible. However, over the past year, a number of challenges have impacted our revenue as a charity.

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