What we spend and how we spend it

Our values strapline

How we are financed 

NHS Trusts are financed in two main ways:

  • Revenue funding for the day-to-day running of the NHS Trust
  • Capital financing, to fund the purchase of assets (buildings and equipment).

The Department of Health allocates funding to Clinical Commissioning Groups (CCG's) on the basis of the local needs of their populations. NHS Trusts receive most of their revenue funding from CCG's via contractual agreements based on the number of patients that the Trust treats.

Capital is generally financed from internally generated resources such as depreciation.
 

What we spend and how we spend it

You can find our latest published annual accounts in our Annual Report

You can find details on our monthly expenditure over £25,000 in our Publication of spend.


Every year, external auditors plan and carry out an audit that meets the requirements of the Audit Commission’s Code of Audit Practice (the Code). IIn December 2017 the Trust appointed Mazars as its external auditors for the financial years 2018/19, 2019/20 and 2020/21. This appointment was decided by the Trust’s Auditor Panel based on a selection process which included  a presentation from the auditor firms. The firms were selected to take part in the process from a framework. The Trust Board accepted the advice from its Auditor Panel in making this appointment. Under the Code, they are required to review and report on:

  • The Trust’s accounts
  • Whether the Trust has made proper arrangements for securing economy, efficiency and effectiveness in its use of resources.


Their annual audit letter summarises the significant issues arising from both these areas of work and highlights the key recommendations that they consider should be addressed by our Trust. To see a copy of the latest Annual Audit Letter, visit the Annual Reports page.
 

Financial responsibilities, policies and procedures

The financial responsibilities, policies and procedures adopted by the Trust are detailed in the Standing Financial Instructions. These are designed to ensure that our financial transactions are carried out in accordance with the law and with Government policy in order to achieve probity, accuracy, economy, efficiency and effectiveness. The procedures for procurement and tendering are contained within the Standing Financial Instructions. The instructions should be read in conjunction with the Scheme of Reservation and Delegation approved by the Trust Board.

Standing orders 2016 [pdf] 363KB

Standing financial instructions 2016 [pdf] 484KB

Scheme of reservation and delegation new 2016 [pdf] 1MB


Information regarding our performance against agreed budgets is contained within the integrated performance report received by the Trust Board.  Visit Minutes and agendas to read Trust Board papers.
 

The Trust annual report details the remuneration paid to Board members. Staff are also entitled to claim appropriate allowances and expenses in line with Trust policy.

 

Pay and Conditions

The Trust employs staff in line with the national terms and conditions of the NHS. This covers national rates for pay scales (as per the national job evaluation scheme) pensions, annual leave provision, redundancy rates etc. More information can be found at nhsemployers.org/your-workforce/pay-and-reward