We supported a social enterprise practice in Stoke-on Trent with vital financial guidance, enabling additional income to be secured

Background

A Community Interest Company (social enterprise) practice in Stoke-on-Trent was concerned that they may not be able to fulfil contractual obligations. There was a danger the company could go into liquidation within seven months.​

Action

• Deep dive 2017/18 financials​ ​
• Long outstanding queries regarding estates resolved​
• Zero based budgeting approach for 2018/19 agreed​
• Set detailed budget for 2018/19​
• Monitoring strengthened​
• Finance committee established to free up the Board to focus on more strategic issues ​
• TORs established for new Finance Committee, lay input into Board provided ​
• Cycle of Business established​
• Key themed discussions held at each meeting e.g. Pay, drugs, QIF, QOF​​
• ‘Heavy lifting’ taken through Finance Committee
• Greater focus on income
• Rigour: monthly reporting​
• Variances reviewed​
• Forward looking​
• Introduced pay award for staff
• Finance policies systematically reviewed (‘CQC ready’)​
• Practice marketed​

Impact

• £220,000 of additional income secured​
• Achieving surplus against budget​
• Financial processes strengthened​
• List size growing​

Further information

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