FINANCE: Hertfordshire Community Trust has set itself a £5.4m cost improvement plan for the 2011-12 financial year.

The trust’s board papers for March said: “Clearly the opportunity to reduce the risk and increase the savings is a stretch target and will generate contingency for the trust but a realistic level of risk has been recognised based on past performance.

Further management savings of up to £600,000 are under review as a means to close any gap on funding and enable the generation of a surplus.”

Enter the inaugural HSJ efficiency awards – designed to celebrate those initiatives which have improved quality and delivered cost savings – at www.hsjefficiency.com