FINANCE: Imperial College Healthcare Trust has achieved a surplus of £8.4m at the end of February and the year-end forecast “has been revised to £9.745m following agreement with NHS London over reporting of a number of technical accounting adjustments”, a report to the board said.

The report from chief executive Mark Davies said: “[the month 11 surplus] is based on a surplus in month of £0.1m.

“The forecast outturn for the year has been revised to £9.745m following agreement with NHS London over reporting of a number of technical accounting adjustments. The surplus to date has been achieved by the over-achievement of the cost improvement plan, which is expected to deliver £54m in-year savings, £2m more than the plan requires and through cost control therefore not requiring the contingency set aside at the beginning of the year.”

The report added: “The continued focus on cost improvement is required into 2013-14, despite the over-achievement in-year. The trust has also paid off one of its Department of Health loans due to the improved cash position, which has a resulting positive impact upon expenditure next year.”