1. Finance report for the 12 months to 31st March 2016 – FOR NOTING
Council of Governors Meeting
09th June 2016
Contents
Page
Overview 2
Statement of Comprehensive Income (SoCI) 3
Statement of Financial Position 4
Statement of Cash Flow Forecast 5
Key Financial Targets/Challenges for 2016/17 6
The month 12 audited main financial statements are presented to the Council of Governors for noting.
Also presented is a high level summary of key financial targets for 2016/17

2. Position Overview – Month 12
General Overview:
At the end of March the Trust delivered an EBITDA surplus of £12.53m, £0.6m short of plan. (Last month EBITDA surplus was £12.22m, £1.51m ahead of plan).
The actual position (bottom line) at the end of March factoring in £12.4m of profit from planned property sales is a surplus of £2.93m. (Last month was a deficit of £2.56m). Please see page 4 for further details.
At end of March the Overall Financial Sustainability Risk Rating (OFSRR) remains unchanged at 3.
Statement of Financial Position:
The overall year to date impact on Total Tax Payers Equity is £ 18.0m. This is made up a decrease in Retained Earnings of £4.7m from the opening position and revaluation reserve movement of £13.3m.
In line with the Trust’s accounting policy a full valuation of the property, plant and equipment was carried out in March 2016 by external valuers. The effect of the revaluation on the SOFP is a total increase of £13.3m. This comprises of a reduction of £17.3m relating to net impairments, an increase of £32.3m relating to the increase in land and buildings values and a reduction of £1.8m relating to the disposal of land and building assets. The revaluation reserve balance is now £67.3m.
Statement of Cash Flow
The Trust had cash of £27.7m at the end of March in line with plan. The final tranche of the £6.8m loan from the Department of Health was drawn down in March. .
CIP/QIPP:
The Trust had a CIP/QIPP target for 2015/16 of £27.4 million.
£ 21.8 million was recurrently delivered with £ 5.4 million without recurrent plans for delivery. This has been incorporated in to the 2016/17 CIP target.

3. Statement of Comprehensive Income – 21 months to 31st March 2016

4. Statement of Financial Position as at end of March 2016

5. 5
Reconciliation of Surplus/(Deficit) to Closing Cash (Plan V Actual) – Mth 12

6. Key Financial Targets and Challenges for 2016/17
Income £ million
CIP target £ 23.4
Overall Financial Services Risk Rating of 3 by end of 2016/17 Financial Year
Deficit control total of £3.8m
Key Financial Challenges:
Delivery of CIP target
Deliver QIPP in line with contract
Workforce: - reduce agency spend by 25%