Annual General Meeting Financial Review

Financial Targets To balance the income and expenditure position To absorb the cost of Capital at a rate of 3.5% of average relevant net assets To remain within the approved External Financing Limit To remain within the approved Capital Resource Limit

Financial Performance To balance the income and expenditure position £2,104,000 Surplus To absorb the cost of Capital at a rate of 3.5% of average relevant net assets 3.40% To remain within the approved External Financing Limit Achieved exactly To remain within the approved Capital Resource Limit £4,000 Underspend

Income Income increased by £11.9 million or 5.8% to £215.3 million 2.5% of the increase in income was to fund inflationary pressures and the balance was increased investment in service developments. Trust income predominantly comes from Primary Care Trust contracts(89%) for the provision of clinical services.

Expenditure Staff Costs increased by 4.1% of which 1.9% was due to the cost of pay awards. Average total staff numbers employed increased by 147 and included an increase in clinical staff numbers of 173 Capital expenditure on buildings and equipment was £6.1million. This was funded by a combination of new Public Dividend Capital(£3m) and from the Trust’s own internally generated resources(£3.1m)

Balance Sheet The value of the Trust’s Tangible Assets increased by £7.9 million. The Trust’s working capital position moved from a net current liability of £1.2 million to a net current asset of £3.4 million in 2007/08. Debtors reduced by £5.1 million and there was no change in creditor levels.

Charitable Funds The Trust manages Charitable Funds on behalf of the services it provides. These funds total approximately £500,000 and are used for a variety of purposes e.g. Social activities for patients, purchase of equipment, research, environmental improvements. On behalf of the Charitable Funds Committee I would like to thank everybody who has raised or donated money over the last year. If anybody wishes to know more about either accessing the funds or raising money please contact Rose McNulty at the Flatts Lane Centre.