Introducing a steady improvement in how quickly we respond to complaints and a renewed focus on learning from these important aspects of feedback from service users, Continued stability in our financial position in the despite a national picture of worsening fiscal deficit. 2.4 Financial Position of the Trust 2.4.1 Financial Position The Trust has reported a retained deficit of £4,456,000 in 2014/15. The retained deficit is after an impairment charge of £393,000 and the elimination of the donated assets reserve of £161,000. As per the Department of Health guidance on break-even duty for NHS Trusts, the costs relating to impairments and donated assets are excluded when measuring a Trust’s break-even performance (see Note 43.1 of the Annual Accounts). Therefore taking this into account the Trust has recorded a deficit of £3,902,000 an improvement of £1,048,000 when compared to the planned deficit of £4,950,000. To get to this position savings of £4,504,000 were achieved during the year. 2.4.2 Financial Position 2015/16 The is planning to deliver a deficit of £7,950,000 in 2015/16. 2.4.3 Financial Recovery A budget for 2015/16 has been approved by the Trust Board and includes details of risks and clear assumptions. Further significant savings of £3,750,000 are planned to be delivered in 2015/16. These plans are identified and will be closely monitored and reported through the Executive Review of Business Planning Delivery Group meetings which will include a focus on all aspects the savings plans. 2.4.4 Accounting Policies These set out the accounting rules that all NHS trusts are required to follow. They explain the basis on which all entries in the accounts are made. The policies are largely dictated by the Department of Health’s Manual For Accounts, although the Trust is able to tailor the policies as it sees fit. One of the main requirements is for the accounts to be reported on an accruals basis, which means that income and expenditure are recorded in the year they arise, regardless of when the cash is transferred. These accounting policies follow International Financial Reporting Standards (IFRS) and HM Treasury’s Resource Accounting Manual to the extent that they are meaningful and appropriate to the NHS. The accounting policies have been applied consistently in dealing with items considered material in relation to the accounts. 2.5 Emergency Preparedness
Introducing a steady improvement in how quickly we respond to complaints and a renewed focus on learning from these important aspects of feedback from service users, Continued stability in our financial position in the despite a national picture of worsening fiscal deficit. 2.4 Financial Position of the Trust 2.4.1 Financial Position The Trust has reported a retained deficit of £4,456,000 in 2014/15. The retained deficit is after an impairment charge of £393,000 and the elimination of the donated assets reserve of £161,000. As per the Department of Health guidance on break-even duty for NHS Trusts, the costs relating to impairments and donated assets are excluded when measuring a Trust’s break-even performance (see Note 43.1 of the Annual Accounts). Therefore taking this into account the Trust has recorded a deficit of £3,902,000 an improvement of £1,048,000 when compared to the planned deficit of £4,950,000. To get to this position savings of £4,504,000 were achieved during the year. 2.4.2 Financial Position 2015/16 The is planning to deliver a deficit of £7,950,000 in 2015/16. 2.4.3 Financial Recovery A budget for 2015/16 has been approved by the Trust Board and includes details of risks and clear assumptions. Further significant savings of £3,750,000 are planned to be delivered in 2015/16. These plans are identified and will be closely monitored and reported through the Executive Review of Business Planning Delivery Group meetings which will include a focus on all aspects the savings plans. 2.4.4 Accounting Policies These set out the accounting rules that all NHS trusts are required to follow. They explain the basis on which all entries in the accounts are made. The policies are largely dictated by the Department of Health’s Manual For Accounts, although the Trust is able to tailor the policies as it sees fit. One of the main requirements is for the accounts to be reported on an accruals basis, which means that income and expenditure are recorded in the year they arise, regardless of when the cash is transferred. These accounting policies follow International Financial Reporting Standards (IFRS) and HM Treasury’s Resource Accounting Manual to the extent that they are meaningful and appropriate to the NHS. The accounting policies have been applied consistently in dealing with items considered material in relation to the accounts. 2.5 Emergency Preparedness