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

Council of Governors Meeting 09 th June 2016. Finance report for the 12 months to 31 st March 2016 – FOR NOTING. 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.

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

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  1. Council of Governors Meeting 09th June 2016 Finance report for the 12 months to 31st March 2016– FOR NOTING 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

  2. 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.

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

  4. Statement of Financial Position as at end of March 2016

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

  6. 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%

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