Our Strategy 2024-2030

By maintaining strong financial grip and control, we will deliver services within our budget, providing the best value for money. This will enable greater control and responsibility for our organisation and its development.

We are committed to sound management of our financial resources.

Why

We must deliver the best services within budget.

How

We will maintain recurrent financial balance, spending no more than our available funding.

We will embed a cost and effectiveness improvement program into our operations.

We will ensure strong financial awareness throughout the organisation to maximise the value of our funding and pursue opportunities to increase our income.

We will maintain robust planning and business case processes to ensure our financial resources are used to deliver clinical excellence, providing the best service possible for those we serve.

Measuring success

We will measure success by consistently achieving a balanced budget against allocated funds.

By 31 March 2026, our financial performance will mirror our Medium-Term Financial Plan, securing financial stability and ensuring responsible investment in care.

Efficiency will be demonstrated through:

Financial recovery plans: Successfully implementing cost improvement programmes to support sustainability
Smarter financial management: Reducing unnecessary spending and improving procurement processes
Stronger financial leadership: Developing our finance teams to support long-term efficiency and transformation
Training and engagement: Providing nonfinance staff with tools and training to improve financial accountability

Performance will be continuously monitored through key financial metrics and reporting mechanisms.

Financial sustainability

Case study

In 2023/24, a Financial Improvement Team was formed to support Cost Improvement Programmes across the Trust. Collaborating with operational leads and the Finance Business Partner team, they gathered data for reporting and strategic planning.

By late 2023, the Trust created a revised Financial Recovery Plan with new initiatives to meet national requirements, providing momentum and effective systems for the new financial year. This preparation was crucial given the significant financial challenges faced by the Trust and the wider NHS.

Actions taken

The 2024/25 plan included a £9m deficit supported by a £29.5m efficiency programme. During the first half of 2024/25, the Trust reported an average deficit of £3.5m per month. In November 2024, an external turnaround team was brought in to support financial recovery. Weekly Financial Improvement and Recovery Meetings helped divisions reduce the monthly run rate and improve the overall financial position.

The Trust aims to achieve a breakeven position for 2025/26, with an £18m efficiency target, relying on the continued efforts of our teams.