Introduction:
Blackpool Teaching Hospitals NHS Foundation Trust is a reputable healthcare provider delivering essential services in North Lancashire, England. Comprising Blackpool Victoria Hospital and the Blackpool FT Outpatients and Diagnostic Centre, the trust is an NHS foundation trust that serves over 1 million patients annually. With a workforce of more than 4,000 dedicated professionals, Blackpool Teaching Hospitals NHS Foundation Trust sought the expertise of TaxStats to enhance financial management, compliance, and reporting capabilities.
Engagement Details:
TaxStats assigned a highly skilled Technical & Capital Accountant to support Blackpool Teaching Hospitals NHS Foundation Trust from December 2018 to February 2019. The Technical & Capital Accountant collaborated closely with the Head of Financial Services to ensure the production of accurate financial statements in compliance with accounting standards, legislation, and regulatory guidelines. Additionally, the Accountant provided comprehensive financial management support, enabling stakeholders to effectively manage the Capital Program and fulfil the Trust’s financial obligations. Line management support was also provided to the Financial Services Technical Accounting function to ensure high-quality and timely completion of financial accounting duties.
Key Contributions:
Accurate and Compliant Annual Accounts: TaxStats successfully produced the Trust’s Annual Accounts, FTCs (Foundation Trust Company accounts), and Charitable Fund Accounts in strict compliance with accounting standards, legislation, and regulatory guidance. The accuracy and adherence to financial reporting requirements underscored the Trust’s commitment to transparency and accountability.
Strategic Financial Management Support: The Accountant played a pivotal role in providing financial management support, information, and advice to stakeholders, empowering them to effectively manage the Capital Program and fulfil the Trust’s financial duties. Through expert guidance, TaxStats ensured sound financial decision-making across the organisation.
Efficient Control Account Management: TaxStats took lead responsibility for managing the collation and validation of all the Trust’s control accounts. By completing this crucial task in a timely, consistent, and meaningful format, TaxStats contributed to the trust’s financial integrity and internal controls.
Effective Line Management Support: The Technical & Capital Accountant provided effective line management support to the Financial Services Technical Accounting function. This support ensured the completion of all financial accounting duties to a high professional standard, reinforcing the trust’s commitment to excellence in financial reporting.
Strategic Decision Support: TaxStats supported the Director of Finance and other members of the Senior Finance Team in decision-making processes and overall strategies for the Finance Department. By leveraging their financial expertise, TaxStats contributed to well-informed decision-making that positively impacted non-financial services throughout the Trust.
Timely and Compliant Reporting: The Accountant successfully delivered all statutory/NHS accounts and returns, supported by detailed working papers that adhered to appropriate accounting standards and regulatory guidelines. This comprehensive approach ensured compliance with reporting requirements and provided a robust foundation for financial transparency.
Conclusion:
TaxStats collaborated closely with Blackpool Teaching Hospitals NHS Foundation Trust to strengthen financial management, compliance, and reporting capabilities. Through the production of accurate annual accounts, strategic financial management support, efficient control account management, effective line management support, strategic decision support, and timely and compliant reporting, TaxStats demonstrated their commitment to excellence and client success. By leveraging TaxStats’ financial expertise, Blackpool Teaching Hospitals NHS Foundation Trust was able to enhance financial transparency, compliance, and decision-making processes. This ultimately positioned the Trust to provide exceptional healthcare services while maintaining the highest standards of financial management and accountability.
