Our finances

Andrew Hopkins

The key elements of the Trust’s financial plans for 2016/17 were to build on the strong performance of 2015/16 through:

(1) The generation of a £1.77m adjusted surplus (this is the Trust’s surplus adjusted for items that are outside the Trust’s control);

(2) The delivery of an ambitious £5.4m efficiency programme; and

(3) The delivery of a £4.3M programme of capital investment.

The adjusted surplus actually delivered in 2016/17 was £2.695m. The surplus was higher than the original planned adjusted surplus mainly due to £0.8m of additional income received from NHS England for exceeding the planned level of surplus. This was received through the Sustainability and Transformation Fund bonus and incentive payments.

Recurrent (that is, ongoing) efficiency savings of £2.3m were achieved during the year through the Trust’s Cost Improvement Programme. Much of the saving was achieved through the continued redesign and modernisation of clinical services, as well as non-clinical savings from estates rationalisation and procurement initiatives. The shortfall against plan was mitigated by also delivering non-recurrent (that is, one-off) savings during the year.

The sustainable delivery of savings continues to present a challenge to the Trust. Achieving sustainable recurrent efficiency savings will enable the Trust to continue delivering sustainable services in the long-term, which is why it forms a key component of our long-term strategy.

During the year, NCHC invested £4.3m in capital schemes.  One key area of investment to support the efficient delivery of patient care was the maintenance programme for the Trust’s estate. The Trust has also invested £0.6m in new and replacement clinical equipment to support quality patient care, and £1.2m in Information Technology which includes investment in mobile working to maximise the time staff spend with patients.

The Trust remains committed to prompt payment of suppliers by aiming to comply with the Confederation of British Industry (CBI) Better Payments Practice Code and is a signatory to the government’s Prompt Payments Code. The Code requires us to aim to pay all valid invoices by the due date or within 30 days of receipt of a valid invoice, whichever is later. The Trust is also committed to paying all invoices relating to small and medium businesses and individuals within 10 days, wherever practical. During 2016/17 85% of non-NHS trade payable invoices were paid within 30 days and 77% of NHS payable invoices were paid within 30 days. The Trust will aim to improve its performance against the Code during 2017/18.

Over the coming year the Trust will revisit its financial strategy, with a focus on strengthening the financial and business position to continue to provide sustainable and high quality care to our patients.

Ongoing financial sustainability will be achieved through the continued development and delivery of the Cost Improvement Programme, mitigation of cost pressures, strengthening core business and developing new service opportunities.  The Trust is also working closely with other providers and commissioners to develop proposals and make improvements to health and care across the Norfolk and Waveney region as part of the Norfolk and Waveney Sustainability and Transformation Partnership.

The Trust will continue to focus on capital investment to support the delivery of healthcare to the community.  In particular, the Trust is currently consulting on plans for the redevelopment of the Norwich Community Hospital site, to provide a new hospital for our communities.  Further information is available on the Trust’s website.  

 

Annual Report

annualreport chunk

Full details of our finances can be found in our Annual Report and Annual Accounts.

Expenditure over £25,000

Graph icon

The HM Treasury require all NHS organisations to publish their expenditure over £25,000 on a monthly basis.

Agency Expenditure

Graph icon

In support of the government’s Transparency Agenda, the Trust will publish quarterly reports detailing agencies used and staff groups they relate to...

Related Pages

Related Sites

This is a printable version of http://surestartnorfolk.co.uk/About-us/Our-finances/our-finances.htm?pr=