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3. Financial and funding information

How we manage our financial resources

Almost all of the Trust’s income is provided from public funds.  In the 2004/05 financial year, the Trust had a total income of £480.5 million.

The Trust operates as a district general hospital to east London – and in particular Tower Hamlets – but also provides a range of tertiary and specialist services to a wider population in north east London, Essex and beyond.  As a consequence, the Trust has service agreements with approximately 60 PCTs, which provided £342.7 million of the Trust’s income in 2004/05.  As an important teaching, training and research Trust, the Trust also received £89.4 million from the Department of Health to provide these services in 2004/05. 

The table below summarises the Trust’s sources of income for 2004/05.  The Trust is set a capital expenditure target funded by a mix of retained income and additional public borrowing.  Further information can be found in the Trust’s Annual Report .

SOURCES OF INCOME 2004/05

£ millions

Service level agreement income

342.709

Education, training and research

89.386

Other income

20.328

Transfer from donation income in respect of depreciation and impairment of donated assets

3.026

Services to other NHS bodies

20.024

Private and overseas patients income

1.430

Charitable income

2.157

Road Traffic Act income

1.148

TOTAL

480.4788

Director of Finance and Finance Directorate

The Director of Finance and ICT heads the Finance function and has corporate responsibility for the oversight of the Trust’s finances. The directorate can be contacted at the Finance Department, Barts and The London NHS Trust, 9 Prescot Street, Aldgate, London E1 8PR.

Reporting on our finances

The Trust Board receives regular updates on the financial position of the organisation, and makes decisions regarding the allocation of these resources.  Regular reports on activity, finance, the workforce and other performance indicators are presented to the Trust Board (see Sections 2 and 9). 
 
A summary of the Trust’s financial performance is included in the Trust’s Annual Report, which is available on the Trust website. Hard copies of the Trust’s Annual Report and annual accounts can be obtained by by emailing FOI@bartsandthelondon.nhs.uk

Please note: The Trust makes available as much information as possible about the sources of and state of our finances.  In certain circumstances information intended for future publication, audit material, personal information, commercial or confidential information and criminal and regulatory investigative material or law enforcement material may be exempt from publication.

How we purchase our equipment and supplies

The Trust follows the guidance established by the NHS Purchasing and Supply Agency (PASA), whose website can be found at www.pasa.doh.gov.uk. The PASA guidance sets out the standard terms and conditions that NHS organisations should follow in regard to purchasing our equipment and supplies. 

The Trust will advertise tenders for goods or services worth over £93,738  through the Official Journal of the European Union (OJEU) procedures.  The website for OJEU is http://ted.publications.eu.int/official/