Annual Report - St Vincent's University Hospital

Annual Report 2005 20
FINANCE REPORT 2005
Balance Sheet
Capital Expenditure
Capital expenditure totalled €4m in 2005. €2.6m was
spent in the Radiotherapy area and €1m was spent on
other medical equipment assets.
Other Group Issues
The hospital tendered its audit services during the year
and PricewaterhouseCoopers were appointed.
Financial Reporting Standard 17 “Retirement Benefits”
(FRS17) is now in place. This has obliged the group to
bring pension valuations into the accounts for the first
time. The audit opinion of the accounts has been
qualified in relation to the requirements of FRS17 as they
relate to the publicly funded branches. This situation is
similar to that which exists in the majority of other
publicly funded hospitals.
Future Developments for the Group
• Web based on line requisitioning is being introduced
which will make requisitioning and the production of
purchase orders and issues of stock more efficient
• The Salaries system is under review in order to
provide better analysis and control reports in
conjunction with the improvement in associated
HR systems.
• A new Pharmacy system is being installed which will
greatly enhance the management of pharmacy data
and the control of stock.
• Work is ongoing in the Accounts Payable area to
automate processes and reduce paperwork etc.
Cormac Maloney
Financial Controller.
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