St George's reports financial surplus for the second year running
Date of issue: 28 May 2009
For the second year in succession St George's Healthcare NHS Trust has achieved a modest operating surplus. The Trust achieved a surplus of ?1.7m for the 2008/09 financial year, 0.3% of the hospital's annual turnover.
The financial stability of the Trust is crucial in maintaining St George's dual position as a local healthcare provider and also that of a leading teaching hospital providing education to healthcare professionals of the future.
St George's Director of Finance Richard Eley said:
"This achievement is the result of hard work by all the staff at the Trust, ensuring value in everything they do and identifying cost savings while at the same time maintaining the highest standards of patient care.
"Tough financial challenges still lie ahead in the next financial year when we must prove we can maintain financial stability, to support our application for Foundation Trust status in 2010.
"With a committed team and a very robust financial framework the future looks good for St George's."
Notes to Editors
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In 2007 St George's received loans from the Department of Health totalling ?34m to finance the deficits it had accumulated in the four year period 2003/04 - 2006/07.
The loans are repayable in full by March 2012. Since the Trust has stabilised its financial position it has been able to repay ?10m of these loans over the last two financial years - ?2m in 2007/08 and a further ?8m in 2008/09. Further repayments of ?8m per year are due next year and the following two years to finally eliminate this debt.