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Making the most of every pound we spend

2006/09 objective: ensuring ongoing financial viability and effective governance

Canary Wharf

Barts and The London made a small surplus in 2005/06, and has broken even for the previous five years.  According to statistics published by the Department of Health in June 2006, our surplus was the largest among London NHS acute trusts and the fifth largest in England.  But, in common with all NHS organisations, we face increased financial pressure from the ongoing requirement for all NHS organisations to deliver 2.5% annual efficiency gains, the deflation of national tariffs, changes to NHS research funding mechanisms and the need to assist the London NHS to achieve its overall financial target. 


We are taking proactive measures to address these challenges through our major Best Value programme, which will produce significant savings this year and in the future.  We are also ensuring that we make the most of opportunities for charitable income.  And, as we begin to plan for foundation trust status, we will need to review our governance arrangements to ensure that we maximise the advantages offered by the increased financial freedoms inherent in being a foundation trust.