Financial Information – Key Control Procedures

The NPHDB Board has taken steps to ensure an appropriate environment by:

  • Clearly defining the respective responsibilities of management and of Third Party Providers;
  • Establishing formal procedures for reporting significant control failures;
  • Ensuring appropriate corrective action; and
  • Implementing internal audit.

The Board has established formal processes to identify and evaluate risk associated with planning and development of the new children’s hospital by identifying the nature, extent and financial implications of such risks facing the body. This includes the extent and categories which it regards as acceptable, assessing the likelihood of identified risks occurring, assessing the body’s ability to manage and mitigate the risks that do occur.

The system of internal financial control is based on a framework of regular management information, administrative procedures including segregation of duties, and a system of delegation and accountability.

In particular, it includes:

  • A comprehensive budgeting system with an annual budget which is reviewed and agreed by the Board;
  • Accounts and annual financial reports which indicate financial performance against forecasts;
  • Clearly defined capital investment control guidelines.

The Board has delegated responsibility for the development and maintenance of the financial control framework to management. The Board has established a formal process for monitoring and reviewing the effectiveness of the system of internal financial control.

Financial Statements

Financial Statements 2012, 2013 are included within the NPHDB Annual Reports which are available on the publications section of the website.

Plans for Major Capital Expenditure

Information on Capital Expenditure noted in financial statements referenced above.

Governance Board Member Remuneration

Details of governance remuneration to board members is included within the NPHDB Annual reports which are contained within the publications section of the website.

Funding/Sponsorship of Non-Public Bodies

The NPHDB does not receive any funding/sponsorship from any non-public bodies at present.