Financial Performance

January 2016 update

We note that Monitor has published their ‘lessons learned’ report following foundation trust status being granted to St George’s on 1 February 2015.

The period covered in Monitor’s report is now more than a year ago. A great deal has changed at the trust since then. Over the course of the last 12 months a substantial amount of effort has gone into strengthening the financial systems and management of the trust. An independent report by PwC identified 75 recommendations for improvement. More than 80 per cent of these have now been implemented with the remainder in progress for completion by the end of March.

As well as improving financial and management systems, the trust’s turnaround programme is generating improvements in the underlying financial position. The deficit is reducing and we are taking the action required to return to financial balance. This has been as a result of the tremendous effort from the trust’s staff and advisers. We have worked hard to ensure the savings have not come at the expense of quality and patient experience.

Attached documents:

The trust’s commentary on the PwC report

PwC report at a glance including recommendations

Covering letter from PwC to St George’s University Hospitals NHS Foundation Trust

EY commentary letter