Finance report for the 12 months to 31st March 2016 – FOR NOTING

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Presentation transcript:

Finance report for the 12 months to 31st March 2016 – FOR NOTING Council of Governors Meeting 09th June 2016 Contents Page Overview 2 Statement of Comprehensive Income (SoCI) 3 Statement of Financial Position 4 Statement of Cash Flow Forecast 5 Key Financial Targets/Challenges for 2016/17 6 The month 12 audited main financial statements are presented to the Council of Governors for noting. Also presented is a high level summary of key financial targets for 2016/17

Position Overview – Month 12 General Overview: At the end of March the Trust delivered an EBITDA surplus of £12.53m, £0.6m short of plan. (Last month EBITDA surplus was £12.22m, £1.51m ahead of plan). The actual position (bottom line) at the end of March factoring in £12.4m of profit from planned property sales is a surplus of £2.93m. (Last month was a deficit of £2.56m). Please see page 4 for further details. At end of March the Overall Financial Sustainability Risk Rating (OFSRR) remains unchanged at 3. Statement of Financial Position: The overall year to date impact on Total Tax Payers Equity is £ 18.0m. This is made up a decrease in Retained Earnings of £4.7m from the opening position and revaluation reserve movement of £13.3m. In line with the Trust’s accounting policy a full valuation of the property, plant and equipment was carried out in March 2016 by external valuers. The effect of the revaluation on the SOFP is a total increase of £13.3m. This comprises of a reduction of £17.3m relating to net impairments, an increase of £32.3m relating to the increase in land and buildings values and a reduction of £1.8m relating to the disposal of land and building assets. The revaluation reserve balance is now £67.3m. Statement of Cash Flow The Trust had cash of £27.7m at the end of March in line with plan. The final tranche of the £6.8m loan from the Department of Health was drawn down in March. . CIP/QIPP: The Trust had a CIP/QIPP target for 2015/16 of £27.4 million. £ 21.8 million was recurrently delivered with £ 5.4 million without recurrent plans for delivery. This has been incorporated in to the 2016/17 CIP target.

Statement of Comprehensive Income – 21 months to 31st March 2016

Statement of Financial Position as at end of March 2016

5 Reconciliation of Surplus/(Deficit) to Closing Cash (Plan V Actual) – Mth 12

Key Financial Targets and Challenges for 2016/17 Income £ 425.0 million CIP target £ 23.4 Overall Financial Services Risk Rating of 3 by end of 2016/17 Financial Year Deficit control total of £3.8m Key Financial Challenges: Delivery of CIP target Deliver QIPP in line with contract Workforce: - reduce agency spend by 25%