Over the last five years, the Department’s PFI project for the redevelopment of the National Physical Laboratory at Teddington was included in the Department’s balance sheet. The PFI contract was terminated in December 2004. The building is now owned outright by the Department and continues to appear on the balance sheet. The value of the building at termination was £86.3 million [the current value is £92.6 million]. The Department had one other PFI during the period—the provision of IT—services—which was and still is off the balance sheet.
The Department of Trade and Industry had two private finance initiative projects during the period—the PFI project for the redevelopment of the National Physical Laboratory (NPL) at Teddington, which was terminated in December 2004, and the provision of its IT services. Service payments for NPL PFI contract were met from a programme budget. Payments for IT services are met from the Department’s administration budget. The figures are as follows:
NPL IT Services 2001-02 7.1 35.2 2002-03 7.4 45.1 2003-04 9.9 52.5 2004-05 9.0 54.6 2005-06 ? 52.5
All payments made under PFI are identifiable. Prior to a PFI contract being signed the profile of unitary charge payments is agreed between the contractor and the public sector, subject to the operation of the payment mechanism.
The Department had two PFI contracts during the period—the redevelopment of the National Physical Laboratory at Teddington which was terminated in December 2004 and the provision of IT services. In the case of the NPL contract, the Department accounted for the unitary fee payments as:
Capital repayment Resource 2001-02 1.4 5.7 2002-03 2.4 5.0 2003-04 0.4 9.5 2004-05 0.3 8.7 2005-06 — —