FINANCE: The north London specialist trust has a £1.8m deficit despite delivering £2.1m saving plan, according to February board papers.
The documents said the specialist trust “has not achieved its activity and income growth as a result of delays to its capacity-increasing projects”.
They added that “actions have been taken to address this through a series of non-recurrent measures”, and that the £2.1m saving made between April and December was £700,000 ahead of the financial plan agreed with NHS London.
The trust said a deficit of £1m had been recorded for December, which was down to an “adverse casemix” for the month.
Minutes to the previous meeting of the board in January reported a £700,000 decrease in stock value after a stocktake.
The minutes reported: “Some stock had become obsolete and some supplies were thought to be in stock but were not. This had happened because the manual system had failed and that there was no electronic management system in place.”
The board were advised that buying an electronic system would cost £100,000 plus project management costs.
The director of finance said: ”It was not unusual to have stock that goes past its sell by date but the scale of this issue and the cost in financial terms was significant.
“[Chief executive] Rob Hurd said he felt this incident should be recorded and investigated as a non-clinical serious untoward incident and that the trust’s internal auditors would undertake this investigation.”