Summary financial performance
In 2016/17, there was a significant change in the funding of provider Trusts. NHS Improvement now agrees financial control totals and clinical performance trajectories with Trusts, with Sustainability and Transformation Funding (STF) being dependent on achieving the financial targets as a primary requirement, and the clinical targets as a secondary means of allocating STF. The changes also saw the threat of fines for failure to meet certain clinical targets removed. This new form of financial incentivisation will continue for 2017/18 and 2018/19.
We earned £12.4m in STF, receiving the maximum payment available each quarter and £2.1m for exceeding our financial control total for the year. This was an excellent result for the Trust, showing us consistently hitting our financial and clinical performance throughout the year.
For the year overall, income exceeded expenditure and we reported a £4.7m surplus, compared with a planned surplus of £6.4m. However, after excluding one-off transactions not related to day-to-day operations, the reportable surplus against our financial control total was £6.9m, £0.5m in excess of plan.
We treated more patients than anticipated, meaning that clinical income was £2.8m higher than expected. Despite a significant growth in urgent and emergency activity, improved clinical productivity meant we were able to largely protect the delivery of our elective programme.
Pay costs for the year were £0.7m higher than planned. Demand for beds was high all year, with an increasing number being occupied by medically fit patients waiting for discharge. Due to this and national recruitment problems in some professions, we had to employ more agency staff than usual, who cost significantly more than comparable permanent staff.
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