Financial review

1. 1. 2020/21 was another strong year for the Trust financial achieving an adjusted financial performance surplus of £2.7m against income of £105.2m.  This was the 22nd year the Trust has consecutively achieved a surplus position and exceeding the legal requirements to breakeven by delivering a surplus of 3%.
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   3. We are pleased to report that our financial results for the 2020/21 were better than our plan by £0.1m.  This reflects the hard work and dedication from all of our staff to ensure we deliver quality services in an efficient and effective way.  Good financial management is vital for the success of the Trust and to deliver high quality care for our patients and service users.

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   5. Of the overall surplus, £2.62m (94%) was earned through the allocation of the Provider Sustainability Funding (PSF), which is given to providers who deliver or exceed their Control Total. Whilst this cannot be invested directly into patient care, it can be used to support investment in our Capital Programme, which includes buildings, upgrading our ICT and purchasing equipment in future years. 

2. There have been significant changes to the financial regime implemented nationally to support the response to COVID-19.  Usual operational planning and contract negotiation processes were suspended nationally and a new interim regime was introduced for the period 1st April 2020 to 30th September 2020.  This included a commitment to ensure that NHS Trusts financial breakeven for this period through a national “top up” process.  Planning rounds commenced from 1st October 2020 to 31st March 2021 with the Trust planning to deliver a £2.6m surplus during this period which included a share of system allocated funding.   

   Income in 2020/21 totalled £105m.  The majority of the Trust’s income £82.6m (79%) was delivered from Clinical Commissioning groups and NHS England in relation to healthcare services provided during the year.  Other income relates to services provided to other NHS bodies, primary care, training and education and other miscellaneous fees and charges.

   During 2020/21, the Trust have continued to invest in our estate and assets through our capital programme.  This includes investing in ICT systems, backlog maintenance and dormitory conversion which will continue into 2021/22.  

   We ended the year with a cash balance of £17.8m.  This is an increase on the previous year and reflects the in-year surplus as well as good debtor control practices.  

   The Trust acknowledges that the coming years will be financially challenging with efficiency demands required.  This is driven by the need to improve quality and accessibility of our services whilst maintaining financial balance.  New efficiency programmes are being developed to support this challenge.

3. Further information on our Financial Performance is contained in our Annual Report – available here

Expenditure over £25,000

In accordance with the government’s commitment to greater transparency, the Trust is required to publish online expenditure over £25,000. Expenditure, for the purposes of this exercise, is all individual invoices, grant payments, expense payments or other such transactions that are over £25,000. Certain expenditure, such as that related to the Trust’s payroll and money administered on behalf of clients, is excluded from the scope of these disclosures.

The Trust will publish expenditure over £25,000 on a monthly basis, as stipulated by HM Treasury.

To see the latest expenditure over £25,000 reports, please click here.

Data inclusions

The Trust has included the following within the files showing the expenditure data:

1. 1. • Name of Department (the Department of Health being the Trust’s ‘parent’ department)
      • The name of the Trust (North Staffordshire Combined Healthcare NHS Trust)
      • The Payment date as recorded within the Trust’s Purchase Ledger
      • The Description of the Expenditure (expense type)
      • The area within the Trust that has spent the money (expense area)
      • The full name of the supplier
      • A reference number for each individual expenditure transaction
      • The value of the transaction

Archive

Link to HM Government website

Further information regarding the expenditure of government departments can be found on the HM Government website here.