Annual Report and Accounts - The Great Western Hospital

14.5 Review of economy, efficiency and effectiveness of the use
of resources
The Trust has robust arrangements in place for setting objectives and targets on a strategic and
annual basis. These arrangements include ensuring Great Western Hospitals NHS Foundation Trust
strategy is affordable, scrutiny of cost savings plans to ensure achievement (whilst maintaining and
improving quality and safety), compliance with terms of authorisation and coordination of individual
objectives with corporate objectives as identified in the Annual Plan 2011/12.
Performance against objectives is monitored and actions identified through a number of channels:
• approval of annual budgets by the Board of Directors;
• monthly reporting to the Patient Safety and Quality Committee on patient safety and quality
indicators; patient safety and clinical risk; clinical effectiveness; regulation; patient experience
and complaints;
• regular reporting to the Board on key performance indicators including finance, activity, patient
safety and human resources targets;
• monthly review of financial targets and contract performance by the Finance and Investment
Committee, which is a committee of the Board;
• monthly reporting to the Executive Committee on directorate and Trust performance; and
• quarterly reporting to Monitor, via the Finance and Investment Committee and compliance
with the terms of authorisation.
The Trust also participates in initiatives to ensure value of money, for example:
• Use of the Institute of Innovation and Improvement data and subscribes to the Foundation
Trust Network benchmarking data to ensure productivity;
• Achieving Level 2 in the NHS Litigation Authority’s Risk Management Standards for Acute
Trusts and Level 2 in maternity standards;
• Quarterly reporting to Monitor, via the Finance and Investment Committee and compliance
with terms of authorisation.
Value for money is an important component of the internal and external audit plans. These provide
assurance to the Trust that processes in place are effective and efficient in the use of resources.
The Trust has an assessment process for future annual plans to ensure value for money and full
appraisal processes are employed when considering the effect on the organisation. Procedures are
in place to ensure all strategic decisions are considered at Executive and Board level and there is
wider consultation with governors and stakeholders.
The emphasis in Internal Audit work is providing assurances on internal controls, risk management
and governance systems to the Audit, Risk and Assurance Committee and to the Board.
14.6 Annual Quality Report
The directors are required under the Health Act 2009 and the National Health Service (Quality
Accounts) Regulations 2010 (as amended) to prepare Quality Accounts for each financial year.
Monitor has issued guidance to NHS foundation trust boards on the form and content of annual
Quality Reports which incorporate the above legal requirements in the NHS Foundation Trust Annual
Reporting Manual.
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