Capability to fore-warn of future concerns Benchmarking Better dissemination and utilisation of benchmarking information Use benchmarking data to inform performance reporting and to explore opportunities for development/improvement Key planning assumptions Finance Introduction Financial planning is an embedded part of the Trust’s planning cycle thus ensuring an integrated approach between activity, workforce and finance is achieved. Clinical and corporate teams are part of the cycle to deliver a financial plan that represents the priorities, risks and assumptions agreed as part of the overall process. The key financial metrics for 2017/18 (unaudited) and 2018/19 (planned) are: 2017/18 2018/19 Key Financial Metrics £m £m Net surplus/(deficit) (84.8) (79.4) As part of the Trust’s planning process the Board has considered the financial parameters it wishes to STF funding 0 0 operate within with a balanced view between challenge, risk and long terms sustainability. The plan is Turnover 429.6 439.8 therefore predicated on the following key assumptions: Expenditure (514.4) (519.2) A £3m contingency along with £4m quality investment fund are held representing 1.5% of turnover. The Trust’s Single Oversight Framework risk rating remains at a 4. CIP savings 16 19.7 Inflation assumptions have been on national guidance unless the Trust has specific knowledge to Gross Capital the contrary. Programme 23.0 37.7 Cash support through DHSC loans continues to be available to the Trust to cover the deficit. Cash position 1.5 1.6 The key operational priorities set out in the national planning guidance are achieved during 2018/19. Contingency 4.0 2.0 Financial Forecasts SOF Rating 4 4 The bridge below shows the impact of the assumptions form 2017/18 to 2018/19.
Capability to fore-warn of future concerns Benchmarking Better dissemination and utilisation of benchmarking information Use benchmarking data to inform performance reporting and to explore opportunities for development/improvement Key planning assumptions Finance Introduction Financial planning is an embedded part of the Trust’s planning cycle thus ensuring an integrated approach between activity, workforce and finance is achieved. Clinical and corporate teams are part of the cycle to deliver a financial plan that represents the priorities, risks and assumptions agreed as part of the overall process. The key financial metrics for 2017/18 (unaudited) and 2018/19 (planned) are: Key Financial Metrics 2017/18 £m 2018/19 £m Net surplus/(deficit) (84.8) (79.4) STF funding 0 0 Turnover 429.6 439.8 Expenditure (514.4) (519.2) CIP savings 16 19.7 Gross Capital Programme 23.0 37.7 Cash position 1.5 1.6 Contingency 4.0 2.0 SOF Rating 4 4 As part of the Trust’s planning process the Board has considered the financial parameters it wishes to operate within with a balanced view between challenge, risk and long terms sustainability. The plan is therefore predicated on the following key assumptions: A £3m contingency along with £4m quality investment fund are held representing 1.5% of turnover. The Trust’s Single Oversight Framework risk rating remains at a 4. Inflation assumptions have been on national guidance unless the Trust has specific knowledge to the contrary. Cash support through DHSC loans continues to be available to the Trust to cover the deficit. The key operational priorities set out in the national planning guidance are achieved during 2018/19. Financial Forecasts The bridge below shows the impact of the assumptions form 2017/18 to 2018/19.
Item-11.3-RWD-ULHT-Annual-Plan-Narrative-2018-19.docx