5 Boroughs Partnership NHS Foundation Trust Annual ... - Monitor

Financial Review of the Year
We have had another successful year (our second full year as a Foundation
Trust) in terms of our financial performance. Readers of the accounts will see
an underlying surplus of £4.4m. This surplus enables the Trust to continue to
invest in improving its buildings and environment for the benefit of staff and
service users.
This surplus compares favourably with the £2.8million surplus we made in
2010-11 and shows that the Trust goes from strength to strength - particularly
when set against our improvements in the quality of the services we provide.
We have met all of our financial duties through creating an underlying surplus
- keeping enough cash in the bank during the year to cover our outgoings and
paid more than 95 per cent of our invoices within 30 days in accordance with
the Better Payment Practice Code.
Our Monitor Risk Rating at the year end was 4, which represents an excellent
achievement and stands us in good stead for the years to come.
Our income comes almost exclusively from our primary care trust contracts,
with no private patient income or endowment income. This means that we do
not have any problems arising from cost allocation or subsidisation of our
services from different income sources.
Like all organisations we have faced, and continue to face, financial and
business risks - in particular the difficult financial position of some our main
commissioners, the reduction in our NHS contracts and the need to drive out
significant efficiency savings in the future.
However, as our financial performance for last year demonstrates, the Trust
has the right skills and staff to ensure that these risks are managed
successfully in the future.
Dean Marsh
Director of Finance and Informatics
Annual Report and Annual Accounts 2011-12 71