FINANCE: The mental health foundation trust has reported finishing the 2010-11 financial year with a surplus of £5.2m, according to board papers.
Executive director of finance and performance Sally Flint advised the board of directors on 27 April that the trust was reporting a surplus of £5.2m against a planned surplus of £5.4m.
As a result, the trust has a Monitor finance risk rating of four.
She added that during 2010-11 the trust had delivered savings of £10.3m but acknowledged this was less than planned and included some that were non recurrent.
“Although behind plan this is a significant achievement for the year. However £3.5m of these savings have been found on a non recurrent basis, and will be added to next year savings placing additional pressure on next year’s cost improvement programme,” she told the board.
Ms Flint also told directors that the trust had an estimated saving target of £14m for 2011-12, which she said “will be even more challenging”.
Additionally, the papers note that the trust delivered a capital programme of £11.8m for the year against a plan of £13.1m. A number of variances against the schemes have been taken into account in the planning of the capital programme for 2011-12.
The trust reported a year-end cash balance of £33.6m against a plan of £33.8m.
An external audit of the trust’s accounts for 2010-11 was underway at the time of writing, the papers noted, with the “main issue being around the verification of the valuation of fixed assets and the resulting impairment”.
27 April 2011