Risk Management and Financial Analysis for Wastewater Reuse Projects

The given text is a compilation of various resources related to risk management, financial analysis, and funding for wastewater and stormwater reuse projects. It includes references to academic articles, patents, government documents, and books on topics such as cost-benefit analysis, carbon budget modeling, and enterprise culture. The assignment likely requires students to apply these concepts to a case study or project, demonstrating their understanding of risk management principles and financial evaluation methods in the context of wastewater reuse.

RUNNING HEAD: Managing Financial Resources in Health and Social Care
FINANCIAL RESOURCE MANAGEMENT
CareTech PLC

Managing financial resources in health and social care 1
Contents
Introduction...........................................................................................................................................2
Task 1....................................................................................................................................................2
1.1 Costing principles and business control systems.........................................................................2
1.2 Information need to manage financial resources..........................................................................4
1.3 Regulatory Requirements............................................................................................................5
1.4 System evaluation for managing resources in CareTech PLC.....................................................6
Task 2....................................................................................................................................................6
2.1 Sources of Income.......................................................................................................................6
2.2 Factors that influence the availability of financial resources.......................................................7
2.3 Types of budget expenditures in CareTech PLC..........................................................................8
2.4 Evaluating the decisions made regarding expenditures................................................................9
Task 3..................................................................................................................................................10
3.1 Managing the Financial Shortfall...............................................................................................10
3.2 Actions to be taken against the occurrence of financial fraud....................................................11
3.3 Evaluating budget monitoring arrangements.............................................................................12
Task 4..................................................................................................................................................13
4.1 Information required for taking financial decisions...................................................................13
4.2 Relationship between care service provided and ‘cost and expenses’........................................14
4.3 Impact of financial consideration on a service user...................................................................15
4.4 Changes in the financial system to improve the care services of CareTech PLC.......................16
Conclusion...........................................................................................................................................16
References...........................................................................................................................................18

Managing financial resources in health and social care 2
Introduction
Care Tech Holdings PLC is a social care services provider operating in United Kingdom. The
company offers Adult Services which include Adult Learning Disabilities (ALD) and Mental
Health (MH) segments. It also provide Child Services that consist of Young People
Residential Services (YPR), Learning Services and Foster Care (FC). Care Tech offers
support to those people who have mental issues and illness (Caretech-uk.com. 2018). This
report contains a discussion based on financial aspects of the company. It explains the ways
in which Care Tech manages its budgets and various sources of funds. Costing principles and
business control system are also explained in the report. In the later part, various sources of
generating revenue, ways to improve the services and other aspect of finance are also
discussed.
Task 1
1.1 Costing principles and business control systems
According to the National Health Services, the approved costing guidance provides a set of
standards and principles that should be adopted by all the organizations operating in health
sector, including Care Tech also (Improvement.nhs.uk. 2018). These are as follows:
 Consistency: There should be consistency in the method of costing employed by the
organization. This will enable the management to calculate the correct cost of all the
activities according to the expense incurred by the organization.
 Accuracy of data: This principle deals with the level of accuracy in the data entered in
the costing system. Thus, it is vital that the data input must be accurate to the costing
process because inaccuracy will lead to the huge repercussions and the company may
have to face big challenges in maintaining accurate costing system.

Managing financial resources in health and social care 3
 Involvement of shareholders: The people who invest their money in a company are
known as the shareholders. In order to have an effective costing system, Care Tech
should take inputs from its shareholders and apply them in procedure.
 Materiality: This principle states that the prime cost should be included while
determining the overall cost of the organization. The process should follow the prime
cost and expenditure of the firm.
 Transparency: The review of each and every element of costing utilized by the
company, should be done in depth in order to establish transparency in the system.
Business activities should be carried in such a manner that every element can be
identified.
 Objectivity and Causality: The principle of causality implies that the organization
must be aware about the concept of cause and effect. Objectivity deals with setting of
the objectives by the company in order to achieve the same in an efficient manner
(Assets.publishing.service.gov.uk. 2012).
Apart from applying above principles, Care Tech should also install some business control
system so to assure the smooth functioning of the entity. The following control system are
recommended for Care Tech PLC:
 Personnel Control: Care Tech must employ an effective and efficient procedure for
sourcing good staff, training and retirement. It should avoid high turnover of staff and
for that the company must establish a control in the recruitment process and make a
security check on personnel.
 Payroll Control: This take care of the system which involves payment of employees’
remuneration. It also controls the authority which is responsible for making such
payments.

Managing financial resources in health and social care 4
 Framework of regulations: There should be a regulatory framework which helps in
regulating and controlling the activities of the business, integrate them and establish a
control within the organization.
 Forecasting: Care Tech must apply forecasting technique in its business in order to
know about the future contingencies, future performance and cost expenditure. The
data derived from making forecasts is highly beneficial for the company as it can help
in planning out the future strategies.
1.2 Information need to manage financial resources
Following information is required to maintain the financial resources:
Management Accounting
 Cost and price related data: It is very much needed to ascertain the price per unit and
to have an idea about the cost incurred on each unit of production.
 Budgets: preparation of budgets help in estimating the future cost and revenue of the
operations. The data derived from them is used in evaluating the firm’s performance
by comparing budgeted outcomes with the actual ones (Clowes and Scriven, 2015).
 Cost benefit and Variance analysis: cost benefit analysis helps in determining the
benefits earned by the business over the cost incurred by it. Variance analysis measure
the performance of the different segments against the predetermined targets (Nas,
2016).
Financial Accounting
 Income Statement: It contains the data related to the profit earned by the company
during a fiscal year. CareTech’s Annual report of year 2017 shows that company had
performed pretty well in 2017 as its revenue increase by 11.4% and dividend per
share rises by 5.6% (Caretech-uk.com. 2017).

Managing financial resources in health and social care 5
 Balance sheet: It gives an overview of total assets and liabilities of the company
including the value of shareholders’ equity. It shows the overall financial position of
the company (Ittelson, 2009).
 Cash flow statement: It represents the inflow and outflow of the cash in a business.
CareTech reported a cash inflow of £32.7 million from its operating activities in 2017
(Caretech-uk.com. 2017).
These information thereby helps in taking important decisions regarding management of
financial resources.
1.3 Regulatory Requirements
Care Tech being working in a health sector, needs to comply with the provisions mentioned
in the Health and Social Care Act 2012. These regulations help the company to perform its
functions effectively and efficiently. The following requirements are:
 Accountability
 Code of Practice
 Consumer protection
 Appropriate organization structure (Legislation.gov.uk. 2018).
Following are the regulatory authorities who monitors the activities of health care industry:
 NHS Litigation Authority
 Audit Commission
 Financial reporting council
 HMRC
 Care Quality Commission

Managing financial resources in health and social care 6
1.4 System evaluation for managing resources
To manage its financial resources, CareTech is required to be cost efficient and effective,
creating and implementing the systems consistently to reduce the cost and increase the
productivity. The systems developed by CareTech PLC are IT system, auditing, training and
payment system, financial accounting and budgeting system.
 IT system will stimulates easy processing, sharing and storage of files by various
departments of the company. Such as electronic payment system, SAGE accounting
software and so on.
 Budgeting will help in dealing with future contingencies and prevents the wastage of
resources (Weikart, Chen and Sermier, 2012).
 Audit system deals with the collection of data, scrutinise all internal financial
information and helps in preparing final reports (Loughran, 2010).
Task 2
2.1 Sources of Income
In a health care industry, there are various sources from which income is generated. These
include government funding and many more. In 2016, CareTech had generated most of its
revenue from its Adult services worth £90.1 million, Adult Learning Services made £79.4
million, Young people residential services generated £39.0 million, Children services made
£58.9 million and revenue from Foster care was worth £8.7 million (Caretech-uk.com. 2017).
In addition to the sale of services, CareTech has earned £28,854,000 from the sale of
property. Also some grant and funding was received by NHS and its agencies from the
government. Another source of income is the proceeds from issue of share worth £75,000.
The company issued 64,196,903 ordinary shares at 0.5p each (Caretech-uk.com. 2017).

Managing financial resources in health and social care 7
2.2 Factors that influence the availability of financial resources
Various internal and external factors affects the accessibility of finances in an organization
(Mason, 2015). For CareTech PLC, these factors are:
 Goodwill: The reputation or goodwill of the company plays an important role in
attracting the customers, investors and creditors (Aguilera-Caracuel, et. al, 2015).
Having a positive and good reputation will make it easy for CareTech to attract
equity as well as lenders such as banks.
 Policies of Government: modifications and changes in the government policies
may affect the availability of the financial resources of a company. The funding
made by government depends upon the policies made which can increase or
decrease the amount of fund allocated to the health care industries.
 Organization policies: each and every entity has different policies. CareTech has
also framed some polices, which it follows to meet the requirements of its
patients. The income of the organization totally depends upon the policies and
procedures made by it (Kumar and Sharma, 2000).
 Locations: The accessibility of finance is highly affected by the geographical
locations of an organization. The area in which a company is operating sets outs
its nature of services and it customers as well as the funding opportunities (Young,
et. al, 2015).
 Creditworthiness: This factor basically shows the ability of a firm to meet its
financial obligation quickly. Company having a good history of paying its
creditors on time will attract more lenders and more finances.
 Legal Form: The form of business ownership decides the type of funding an entity
will receive (Bruton, et. al, 2015). CareTech PLC being a health care company,
can raise huge funds by issuing shares and selling out its property and equipment.

Managing financial resources in health and social care 8
All the above factors affect the availability of financial resources to a great extent. However,
most of them can be easily controlled by the organization such as its reputation, policies and
creditworthiness. Thus, in order to have an easy access to finance, CareTech can control these
factors.
2.3 Types of budget expenditures in CareTech PLC
Budgets are basically an estimation of income and expenses for a certain period of time.
Company prepare budgets to have an idea about the expenditures which are going to be
incurred in future and to know about the future income (Daniels and Glorieux, 2015).
Generally, entities operating in health and social care industries spent most of their income on
purchasing medical goods and services, so it is very important for them to prepare budgets for
its operations, expenditures and for other aspects (Ding, Niu and Lichtenberg, 2014).
CareTech prepare various annual budgets which are been used by the company for measuring
its actual performance against the projected one. Different types of budgets prepared by the
entity are:
 Operational budget: It deals with the approximation of the finances that are been used
for the day to day operations of the business (Kull, et. al, 2014). It shows estimated
income and expenditure incurred by CareTech on monthly, quarterly or annual basis.
 Overhead budget: This budget shows the distribution of income among various
overheads of the company (Wagner, et. al, 2015).
 Resources budget: It defines the amount of resources required for the effective
operations of the business. It shows how income will be spent on acquiring such
resources.
 HR budget: Man power is the vital resource of CareTech PLC, hence human
resource budget is prepared to ensure that the best man power is employed. This

Managing financial resources in health and social care 9
budget reflects various costs such as training cost, recruitment and selection cost,
payroll and other related costs (Hofmann, Lux and Schultz, 2014).
 Marketing budget: This budget covers the cost of marketing, advertisement and
communication incurred by CareTech PLC.
2.4 Evaluating the decisions made regarding expenditures
Following analysis is done by CareTech for evaluating its decisions made in respect of the
expenditures incurred by the company:
 Cost-Benefit analysis: under this, cost related to a certain project is been measured
and compared against the benefits that will be earned by spending on the particular
project (Larkey, 2015). This analysis helps in determining both the cost and benefit
related to a project, on the basis of which organization takes decision regarding the
same.
 SWOT and PESTEL analysis: These two techniques critically scan the internal and
external environment of the entity and let the management know about the present
opportunity and threat to the entity. These analysis helps the organization in setting
priorities in respect of spending the money (Nekrasov and Melnyk, 2017). However,
conduct of such analysis may be costly and time consuming but they do provide a
basis for evaluating expenditure related decisions.
 Avoiding Emotionalism: It is that factor which is to be avoided by the company while
making decisions regarding expenditure. CareTech must set a limit to the expenses
against the projected returns in order to avoid the over spending (Carota and
Bogousslavsky, 2018). Expenditure must be based on the logics and facts and not on
emotions.

Managing financial resources in health and social care 10
 Prioritizing the activities: It is not necessary that all the activities are equally
important for the company. Therefore, CareTech must identify and prioritize its
activities for making better decisions related to its expenses.
Apart from the above methods, CareTech must also decide about the accountability and
reporting of the project. The company should make sure that the money is spent only on that
project to which it is allocated. This will eventually help CareTech in taking better decisions
regarding its expenditures.
Task 3
3.1 Managing the Financial Shortfall
When an organization lack the ability to pay for its financial liability or obligation, then the
situation is termed as financial shortfall. This situation can have severe consequences on the
company and may result in increasing cost (Furlong, et. al, 2017). However, there are many
ways in which CareTech can manage the financial shortfall, if it faces any. They are as
follows:
 Company can keep some of its funds as reserves, to be used in the situations of
shortfall.
 The entity is required to control its financial resources in order to avoid the situation
of financial shortfall. It must carefully invest in the projects to protect its funds.
 Promoting equity financing: One of the method, entity can seek into is to raise funds
from its shareholders or equity holders by selling out the additional shares.
 Prioritise: To manage the crisis, CareTech must evaluate and appraise every project in
order to know about its viability and profitability. It will help the company to lay
more emphasis on the projects which are more viable and which generates more
returns.

Managing financial resources in health and social care 11
 Virement: It is a process of transferring funds from one department to another. It is
used internally by the organization.
Above stated are some ways, in which CareTech PLC can raise the funds and overcome the
situation of financial crisis in the organization.
3.2 Actions to be taken against the occurrence of financial fraud
In books of Serious Fraud Office (SFO), fraud is defined as a criminal activity of false
representation or prejudice and abusing position for the purpose of personal and financial
gain (Arshad, et. al ,2015). This serious offence can be committed by the managers, staff
members or the business partner.
In health and social care industry, company reporting false financial information to HMRC or
refuse to disclose the actual annual financial report to the department, is considered as a
fraud. CareTech can take various steps to deal with such situation, if it suspects any kind of
fraudulent activity in the organization. Most importantly, it can establish a fraud management
control system that will detect and prevent the frauds. Further actions that can be taken are:
 Conducting an in-depth inquiry in order to confirm the existence of the fraud. The
inquiry or the investigation must involve all the relevant people who are involved in
the activities which causes the fraud. After the deep investigation, company should
collect all the facts and then report to the police about the case.
 It is a professional obligation of the staff to report about any fraud happened in the
organization. However, if any staff member is found involving in any kind of
fraudulent activity, then the company should escalate the matter to the top
management for further investigation.
 Another step, CareTech can take is to follow the policies made by the management in
regards of preventing the situation of fraud.

Managing financial resources in health and social care 12
 The company must set up internal control measures which will safeguard its assets,
accounting records and detect the fraud and error. CareTech PLC must segregate the
duties of its employees in order to prevent the fraud from occurring.
Other steps which an organization can take is promoting anti-fraud programs and training as
well as highlighting the code of ethics in fraudulent activities. Monitoring and establishing
control by reconciling the bank and other accounts, managing the financial reports and
approving cash disbursements.
3.3 Evaluating budget monitoring arrangements
According to University of St Andrews, budget monitoring is referred as a continuous
process through which one insures that the action plans are achieved in terms of income and
expenditures. As per USA, the budget holder is responsible for monitoring the budgets but
also has a right to delegate the authorities among the staff members.
Monitoring of budgets is itself an effective way of managing the financial resources of a
company. Organization’s management can use various methods such as evaluating the cash
flows and spreadsheet data, identifying the problems and plans and measuring the progress
(Maltz, et. al ,2016).A certain process is been followed by the CareTech for monitoring its
various annual budgets. The procedure mainly involves four stages starting from the
forecasting to implementing the corrective actions or measures decided. The first stage deals
with the estimation of income and expenditure for the future. On the basis of which, budgets
are prepared and the approved by the relevant authorities.
Comparison of actual performance with the planned one is carried out in the second stage. It
will enable the budget holder to know about the area where the funds are been underinvested
and overinvested. Other variances are also recognized through this comparison. The third
stage comes up with the variance analysis to determine the nature of difference between the

Managing financial resources in health and social care 13
actual and budgeted figures (Bamberger, 2015). It deals with the identification of the action
that is required to be taken for the difference. Such as if the actual expenditure is more than
the projected one, then the budget holder is required to determine those areas where expenses
can be decreased and relative action can be taken. The fourth or final stage deals with the
implementation of the actions identified in third phase. Along with this, the authorities are
also delegated by the budget holder in order to carry out the actions or measures effectively
and efficiently.
The above described process will help the CareTech to monitor all of its budgets in a very
effective manner and also enable the company to avoid the risk of fraud occurring the
organization.
Task 4
4.1 Information required for taking financial decisions
For CareTech PLC to make sound financial decisions, the company requires accurate and
timely information about its finances. This type of data can be easily accessed through the
financial statements presented and prepared by CareTech. Company’s annual report shows
the financial data containing the figures of its assets and liabilities, its revenue and net profit
as well as the amount of expenses incurred during the fiscal year (Cole, Kanz and Klapper,
2015). In taking financial decision, the most important thing to look at is the assets of the
organization. The annual report of CareTech PLC reported that total assets of the company
was £411,978,000 in 2017 and the same was £378,301,000 in 2016. This information is given
in the company’s balance sheet as at September 30, 2017. An increase in the value of
property and equipment is been noticed in the last financial year. Apart from the assets, the
statement also reflects the figures and facts related to the long term and short term liabilities
of the company.

Managing financial resources in health and social care 14
For making profitability decisions, CareTech requires the data presented in its statement of
comprehensive income (Eickhoff and Muntermann, 2016). The total revenue earned by the
organization in 2017 was £166,018,000 and in 2016 was £148,979,000. The same increasing
trend was observed in its net profit available to the shareholders. In 2017, NPAT was
£26,636,000 and in 2016, it was £24,047,000. Apart from the revenue and profit, the income
statement also reflects the total amount of operating and financial expenses incurred by the
company during that particular year. In order to decide upon the cash flow position in the
business, the cash flow statement prepared is been used by CareTech PLC. The statement
shows the inflow and outflow of cash in the business. CareTech PLC’s CFS reported net cash
inflow from operating activities and financing activities is £22,117,000 and £17,537,000
respectively in year 2017. Whereas, the total cash used in investing activities was
£37,560,000 in the same fiscal year.
CareTech PLC need all such information for taking crucial financial decisions that will
eventually affect and improve its financial performance and position.
4.2 Relationship between care service provided and ‘cost and expenses’
There is a direct relation between the quality care services and its cost and expenditure. For
an organization operating in health and social care sector, it is very important to offer quality
care services (Bazemore, et. al, 2015). For doing this, CareTech need to invest in its people,
equipment and facilities. This implies that quality services required increased investment.
Along with this, the company also have to focus on monitoring the performance of staff and
identifies the area of improvement. It is very important for CareTech to address all the issues
in order to justify the cost and expenditure against the quality services provided.
However, in order to have a positive link between the cost and quality service, the care
service should be suitable, proficient, comprehensible, continuous and well organized. It

Managing financial resources in health and social care 15
should also be sustainable, safe and responsive and should meet the criteria of national health
performance committee. The cost and expenses of the services are also positively correlated
to the demand of services. As there is an upsurge in the demand for services, the total
expenses incurred by the company also increases. So it can be said that the quality care
services and its cost and expenditure has positive and direct relationship among them.
4.3 Impact of financial consideration on a service user
While taking decision, a company is require to take into account some financial consideration
such as source of funds, important expenditures, viability and profitability of services and
many more. Such considerations affect the health and social care service users to a great
extent. The sources chosen by the company to raise funds may directly and indirectly affect
the service users. For instance, an organization raises its finance by increasing the price of its
services (Faulkner, 2017). This may have a negative impact on the user as he or she has to
pay high prices to meet the cost incurred on the services. CareTech, being a profit making
company focuses only on those services which are profitable to it. A service which is making
loss is closed despite of the fact that it is very crucial and essential for the customer. This
clearly defines the accessibility of the services, the one which make profits are easily
accessible whereas the loss making ones are difficult to access. Thus, it can be said that
financial considerations do affect the service users.
4.4 Changes in the financial system to improve the care services of CareTech PLC
Some modifications should be made in company’s financial system in order to improve the
quality of care services offered to the customers. First and the foremost thing, CareTech
should do is properly managing its financial resources, so that the manager could be able to
evaluate and monitor the real time performance of the organization (McWilliams, et. al,
2014). The financial system can be improved by integrating ICT in different management
system such as cost control and financial control system. ICT helps in enabling the real time

Managing financial resources in health and social care 16
recording and reporting of financial transaction and performance which eventually enhances
the decision making process. Along with this, CareTech can manage its financial resources
by providing proper training to its workforce and hiring competent staff.
Due to such changes, CareTech PLC will be able to offer good quality care services to its
patients and can also improve its overall performance.
Conclusion
From the above report, it can be concluded that it is very important for an organization to
establish certain measures and control to manage its financial resources. The first section
concludes that CareTech have to keep some control system in place and should comply with
the regulatory requirements to have an effective management of financial resources. The
discussion in the second part concludes that preparation of budgets and planning at every
stage is required for the smooth functioning of the organization. It helps in identifying the
sources of income and the manner in which the income should be spend.
From the third part, it is observed that issues like fraud and financial shortfall can impact the
effective process of financial resource management. However, the same can be avoided
through proper monitoring and budgeting techniques or procedures. The last part concludes
that process adopted in managing resources do affect the delivery of health and care services.
The consideration made also impact the users of services. So, CareTech must make some
changes in financial systems to improve its overall care services.

Managing financial resources in health and social care 17
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