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NHS Resolution Annual report and accounts 2021/22 63

Capital
£3 million was spent on capital purchases in the year,
an underspend of £5.4 million against the budget of
£8.4 million.
The majority of capital expenditure and budget is
for the Core Systems Programme, set up to replace
our main operational IT systems. The start of the
implementation phase of the project was delayed by
half a year due to the delay in approval from DHSC as
the department prioritised the Covid-19 response.

Cash
The balance has increased by £251 million to
£549 million by the end of the year due to the
in-year underspend on the member funded schemes.
We continue to discuss with DHSC the options for
utilising cash surpluses in the context of limited
opportunities for budgetary cover to enable reductions
in contributions for members in future years. Funding
for member-funded schemes is provided through the
NHS finance regime, and any underspends incurred
by NHS Resolution contribute to the management
of the overall DHSC group financial position.
I am satisfied that this Performance report is a
true and fair reflection of the work undertaken
by NHS Resolution throughout 2021/22.

Helen Vernon
Chief Executive and Accounting Officer
Date: 14 July 2022