A G E N D A 1. APOLOGIES FOR ABSENCE Ian Metcalfe 2 ...
A G E N D A 1. APOLOGIES FOR ABSENCE Ian Metcalfe 2 ... A G E N D A 1. APOLOGIES FOR ABSENCE Ian Metcalfe 2 ...
Board of DirectorsJune 2013Financial Performance1. IntroductionThis report summarises the Trust’s financial performance for April 2013. A financialoverview is attached at Annex A.2. OverviewThe Trust is planning a cumulative surplus for the year of £1.25 million, representing asmall proportion (half a percent) of the Trust’s £250 million turnover. Thisdemonstrates sound and prudent financial planning, allowing the capacity to invest infuture years.This budget plan does however include a further 4% efficiency requirement in order tocover the many cost pressures experienced by the acute sector. As indicated inprevious reports, the achievement of these further efficiencies becomes more difficultin time as the Trust has transformed services over many years and benchmarks well at91% on the reference cost indicator.3. Key FinancialsNet SurplusThe Trust has delivered a net surplus of £347,000 during April, against a budgetedsurplus of £248,000. This represents a favourable variance to plan of £98,000.Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA)The EBITDA ratio is one of the key performance indicators the Foundation Trust ismonitored against. April reported a return of 6.7% against a plan of 6.3%. Theforecast for the year is a return of 5.5%.Transformation ProgrammeThe Trust has a strong track record of delivering significant efficiency savings, and asa result, has a Reference Cost Index of 91. This means that the Trust provides a mixof services at lower than the national average cost, indicated by an index of 100.It is recognised, however, that to continue to deliver such levels is becoming ever moredifficult as a single organisation. As a result, all transformation schemes are subject toa comprehensive Quality Impact Assessment. The process of monitoring these planshas been enhanced further in 2013, with a monthly mechanism to measure whetherthere is any potential adverse effect on the quality of the service provided.The savings requirement for 2013/14 is £10.3 million, with savings recorded duringApril amounting to £632,000 against a target of £754,000. Whilst it is expected thatfurther schemes will come on stream throughout the year, some concerns areapparent within a small number of directorates.Financial Performance Page 1 of 3For information
Board of DirectorsJune 2013The Service Improvement and Transformation Team continue to support directoratesin the identification of further savings opportunities.Capital expenditureCapital expenditure in April totalled £169,000 against a plan of £130,000. This smallover spend is due to a number of schemes commencing ahead of plan. The Trust isplanning total capital expenditure of £9.475 million during 2013/14.4. Financial Risk RatingThe Trust’s overall financial risk rating as at 30 April was a rating of 4. This strongperformance reflects the favourable variance to plan for month one; however theexpectation is that the Trust will end the year with a rating of 3. The best possible(lowest risk) rating is a rating of 5.5. ActivityOverall, activity was 1.9% above budgeted levels in April, continuing the trend seenthroughout 2012/13. The key pressures in relation to non elective activity remain, withactivity above the 2008/09 threshold attracting only 30% of the PbR tariff.Activity in April was 3.3% above that seen in April last year, with elective admissionsand emergency department attendances being the main drivers of this. Outpatient andnon elective activity were both below the same period last year.6. Income and ExpenditureDuring April the Trust earned income of £21.1 million against a budget of £20.6 million,being a favourable variance of £0.5 million. Expenditure during April totalled £20.7million against a budget of £20.4 million, being an adverse variance of £0.4 million.These variances are mainly attributable to a number of additional activities that theTrust has resourced and implemented to support the management of emergencypatient flow given the ongoing pressures experienced. This has been recognisedthrough the agreement of additional income from the Dorset Clinical CommissioningGroup.7. WorkforceUnfilled vacancies within clinical directorates’ year to date stand at 43 Whole TimeEquivalents, equating to a vacancy rate of 1.5%. Recorded sickness increasedmarginally from 3.55% in March to 3.58% in April, increasing the rolling twelve monthcumulative sickness level to 3.75%.Financial Performance Page 2 of 3For information
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Board of DirectorsJune 2013The Service Improvement and Transformation Team continue to support directoratesin the identification of further savings opportunities.Capital expenditureCapital expenditure in April totalled £169,000 against a plan of £130,000. This smallover spend is due to a number of schemes commencing ahead of plan. The Trust isplanning total capital expenditure of £9.475 million during 2013/14.4. Financial Risk RatingThe Trust’s overall financial risk rating as at 30 April was a rating of 4. This strongperformance reflects the favourable variance to plan for month one; however theexpectation is that the Trust will end the year with a rating of 3. The best possible(lowest risk) rating is a rating of 5.5. ActivityOverall, activity was <strong>1.</strong>9% above budgeted levels in April, continuing the trend seenthroughout 2012/13. The key pressures in relation to non elective activity remain, withactivity above the 2008/09 threshold attracting only 30% of the PbR tariff.Activity in April was 3.3% above that seen in April last year, with elective admissionsand emergency department attendances being the main drivers of this. Outpatient andnon elective activity were both below the same period last year.6. Income and ExpenditureDuring April the Trust earned income of £2<strong>1.</strong>1 million against a budget of £20.6 million,being a favourable variance of £0.5 million. Expenditure during April totalled £20.7million against a budget of £20.4 million, being an adverse variance of £0.4 million.These variances are mainly attributable to a number of additional activities that theTrust has resourced and implemented to support the management of emergencypatient flow given the ongoing pressures experienced. This has been recognisedthrough the agreement of additional income from the Dorset Clinical CommissioningGroup.7. WorkforceUnfilled vacancies within clinical directorates’ year to date stand at 43 Whole TimeEquivalents, equating to a vacancy rate of <strong>1.</strong>5%. Recorded sickness increasedmarginally from 3.55% in March to 3.58% in April, increasing the rolling twelve monthcumulative sickness level to 3.75%.Financial Performance Page 2 of 3For information
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