Report on Financial Resource Management in HSC: Principles and Systems

This report examines financial resource management within the context of the Silloth Nursing and Residential Care Home, delving into principles of costing, business control systems, and regulatory requirements. It explores diverse income sources, factors influencing financial resource availability, and budget expenditures, including operational and cash flow budgets. The report analyzes how financial decisions are made, the relationship between service delivery, expenditure, and costs, and the impact of financial considerations on service users. Furthermore, it discusses strategies for managing financial shortfalls, actions for suspected fraud, and budget monitoring arrangements, culminating in suggestions for improving healthcare services through financial system and process changes. The report highlights the importance of transparent accounting information and audit reports in managing financial resources effectively within the healthcare sector.

MANAGING FINANCIAL
RESOURCES

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Explain the principles of costing and business control systems...........................................3
1.3 Explain the regulatory requirements for managing financial resources................................5
1.4 Evaluate system for managing financial resources in HSC..................................................5
TASK 2............................................................................................................................................6
2.1 Describing the diverse source of income that are encountered in HSC................................6
2.2 Analysis the factors that influencing the financial resource availability..............................6
2.3 Reviewing the type of budget expenditure in HSC...............................................................7
2.4 Evaluating how decision about expenditure are made within the HSC................................8
TASK 3............................................................................................................................................8
3.1 Explain on how the financial shortfalls can be maintained...................................................8
3.2 Explain the actions to be taken in the event of suspected fraud............................................9
3.3 Evaluate budget monitoring arrangements in HSC...............................................................9
TASK 4..........................................................................................................................................10
4.1 Identify the information that are needed to make financial decisions.................................10
4.2 Analyse the relationship among the HSC service delivered, expenditure and cost............10
4.3 Evaluate how financial consideration impact upon an individual using the HSC services 11
4.4 Suggest the various ways to improvement the HSC service through changes to financial
system and process....................................................................................................................12
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Financial resources are needed for the organisation for the purpose of maintaining their
day to day business operation. For this, most of the firms manage their working capital for this
they maintain their cash, inventory, bills receivable and payable. Thereafter, most of the firm
generating the fund from both type of sources are internal and external. It includes various such
as bank loan, debentures, retained earning, working capital, sale of an assets, venture capital,
leasing and hire purchasing etc. In present research there is a study on the assignment in the
context of Silloth Nursing and Residential Care Home. Under which there is mainly discussion
on the various principles of costing and business control system. Furthermore, there is also a
study on the Identifying the information needed to manage financial resources.
TASK 1
1.1 Explain the principles of costing and business control systems
Silloth Nursing and Residential Care Home are considering the 5 most important
principles of costing that are as follows-
Cause- effect relationship- In which there is cause- effect relationship that are created
cost for each item. Therefore, this costing is transferred only through units that are passing under
the departments that are mainly incurred of cost.
Charge cost only after it occurrence- Charging cost for only after when it occurred in
which unit cost are involve in it only those type of cost that incurred originally. For instance,
Unit cost charged in a factory only and selling cost are not to be considered as a original cost
after it occurrence.
Abnormal cost charge in a costing- A cost are mainly incurred in the organization when
there is any kind of loss due to riot, theft, accident and fire. It is to be considered as an abnormal
cost and it is not to be charged in the production process as it is not a part of it. Therefore, any
type of incident that are arises in the production process are to be considered as a normal cost.
Business control system
Business control system is that type of process under which most of the organisation can
able to manage their environment. Thus, it can be free from corruption and discourages

misappropriate activities through staff and management. The Silloth Nursing and Residential
Care Home adopts business control system that are as follows-
Internal control- The Silloth Nursing and Residential care adopts the internal control in
which they go through the evaluation procedure at the time of planning stage. Thus, these are
mainly involves a financial statement auditing and provide a detailed information of audit
testing.
Manuals- It is one of the most effective business control system under which the cited
company utilizes manual policy which able them to gives training to the staff members in most
effective manner.
Recruitment procedure- The effective use of recruiting process by the company allows
the employment of skilled staff worker in the workplace (Madura, 2011). Beside this, the
organization adopted the business control system that able to retaining its services for a longer
time period. It able them to maintain the financial records and auditor observes staff reliability
while they review the accounting records.
Intangible record- The Silloth Nursing and Residential care adopts the safeguard in the
organization that preventing the entry of intruders. Thus, there are mainly two type of safeguard
tangible and intangible as they are the main feature of business control system. Therefore,
tangible safeguard record involves a locked on doors and intangible record are mainly involves a
programms or computer password.
1.2 Identifying the information needed to manage financial resources
The Silloth Nursery and Residential care home considering various information for the
purpose of managing the financial resources which are described as follows-
Transparent and accurate accounting information- It is the vital data through which
enhance the confidence among its users. The main benefits from the transparent and accurate
information able them to taken an appropriate decision. It will directly enhance the company
welfare and it shows the clear image of a company (O'Riain, Curry and Harth, 2012). Thus, it
included as efficiency, profitability and liquidity of the organisation that able to maintain their
financial resources in most effective manner.

Audit report information- It is also a one of most important information that able them to
manage the financial resource for the company. Silloth Nursing and Residential care assess the
information that gives them an assurance that the firm has been effectively managing the
financial resources in most effective on the past or not. It assures the company to enhancing the
financial management style that able them to proper allocate the resources which are based upon
the audit report.
1.3 Explain the regulatory requirements for managing financial resources
It is most vital needed the regulatory bodies in the UK that enforced all the healthcare
setting which gives he effective, quality and compassionate healthcare service. It also ensures
that is consistently enhancing the healthcare services delivery. Therefore, it monitoring the health
and social care operations and also regulating the healthcare services (Guthrie, Olson and
Humphrey, 2010). Thus, it is most vital to improves the level of accountability and transparency
of HSC financial resources. In regard to this, Silloth Nursery and Residential care home
considering the legal and regulatory framework that are needed to managing the financial
resources. These are as follows-
NHS Commission board- It is most vital regulatory body which assist the heath care
setting in establishing the budgets, financial plans and managing operational activities. It makes
sure that the financial assets, financial resource can be able to use as per the financial plan. So,
the Silloth Nursery and Residential care home can effectively control the financials that are
setting out in the health and care act.
GAAP- It is also a one of the most important regulatory bodies that are needed the
Silloth Nursery and Residential care home to adopts the accounting principles. It able them to
preparing the accounting records (Van Rooij and et.al., 2011). It ensures the company to made
the financial statement as per the law that can be easily understood by the service users.
Therefore, there are various principles that are accepted in the accounting and made standardized
financial documents that includes such as income statements, cash flow statements and balance
sheet.
1.4 Evaluate system for managing financial resources in HSC
The Silloth Nursery and Residential care home adopts the financial management system
as its helps the company to used the various types of procedures and tools. It authorised the
company to make distribution and investment of scare resources and control of the firm to

generate returns. It is one of the most important that able the cited company to creating the
current financial position. Therefore, they used the accounting principles and procedures for the
purpose of preparing the accounting records. Thus, this current financial status of a company
accounts indicating modification that has been made for each disbursement. Therefore, the
financial resource management system is significant to generating the accurate financial reports.
It reflecting the true state of affairs and the financial statement users can effectively rely on it for
the purpose of decision making.
TASK 2
2.1 Describing the diverse source of income that are encountered in HSC
The Silloth Nursery and Residential care home adopts the internal and external sources of
funds to generate the income in most effective manner. These are as follows- Working capital- The cited company adopts the working capital that are effectively
managed by them for the purpose of run their day to day business operations. It can be
representing the operating liquidity that are made available to the firm (James, E., King,
E.M. and Suryadi, A., 2011. ). It can be possible through managing the accounts
receivable and payable, management of cash as well as inventory. Retained Earning- The care home generating it incomes from the internal sources that is
retained Earning. It is that type of sources that are generated from the part of company'
net profits that are remains after distributing the dividends to its shareholders.
 Bank loan- It is a secured term loan that are company generating their income from the
external sources for which they borrow loan from the banking institution. The care home
have to re-pay it term-loan on the interest rate that are levied by the financial institution.
2.2 Analysis the factors that influencing the financial resource availability Price- Silloth Nursery and Residential care home is competitive in the UK marketplace
and it has a number of home agencies. Therefore, the local authority has been now
increasingly regards to cost conscious. For this, there is a needed to funds has been
declined through central government (James, E., King, E.M. and Suryadi, A., 2011. ).
Therefore, government provide finance to the nursing home care and it has been cut
through almost a Fifth. In regard to this, give the right price that will influencing the
financial resource availability of a Silloth Nursery and Residential care home.

 Cost- There is a cost incurred for the staff member which is up to 60% as they are
capable of handling the various type of patients in most effective manner. Thus, it leads
to enhancing the productivity level an minimizing cost of staff per patient. It assist the
Silloth Nursery and Residential care home to identifying the those activities through
which cost in incur and finding out the ways to lower the cost. Thus, it enabling the cited
home care have availability of financial resources. Profitability- The factor of profitability enabling the Silloth Nursery and Residential care
home to enhance the debt and share capital as investors think that contribute in the this
home care gives high rate of returns.
 Brand- Silloth Nursery and Residential care home run their business for a considerable
time periods and take a secured contract from the local authorities for the aim of give the
nursing and home care services. In regards to this, Silloth Nursery and Residential care
home use their brand attributes for the purpose of getting the financial resources from the
suppliers and banks etc.
2.3 Reviewing the type of budget expenditure in HSC
The Silloth Nursery and Residential care home adopts the various types of budget
expenditure which are as described as follows- Operational Budget- The cited company adopts the operational budget in which there is
detailed informations regards to all estimation incomes and expenses which are based
upon the expected sales revenue. It is generally based upon the one year that consists of
various sub-budgets and it is a short term budget in which it excluding capital outflows.
Thus, it is an annual budget of an activity that are classified in terms of functional, cost
accounts and budget classification code etc. Cash flow Budget- The Silloth Nursery and Residential care adopts the cash flow budget
in which there is an estimation of all the cash inflow and cash outflow that are to
expecting in the given time period (Madura, 2011). Thus, the estimation based upon the
monthly, quarterly and bio-monthly. It helps the company to assessing the sufficient
amount of cash which are required to operating the business.
 Capital Budget- It is that of budget that are adopted by the cited care home in which the
firm able to evaluating and determining the potential expenditure that are in huge nature.
Therefore, the long term investment are involves building and venture that are long-term.

There are various capital budgeting that are discounted cash flow, pay back period,
internal rate of return and net present value.
2.4 Evaluating how decision about expenditure are made within the HSC
In the Silloth Nursery and Residential care home if any time of decision made regards to
expenditure. It able them to generating the revenues for this they consider various ways through
which expenditure decisions can be made in most effective manner. These are as describe as
follows- Profitability analysis- It is that type of analysis that are the aspects of Enterprise resource
planning which allow the firm to forecast the profitability of an existing project. Thus, it
can anticipate the potential profits and sales to elements of markets that include such as
geographic regions, customer age groups and product types. The benefits of profitability
analysis is that it effectively identified the profitable customers as well as product or
services (Van Rooij and et.al., 2011). Also, finding out the product mix that able to
enhancing the profits in both term are medium and long term. In regard to this, the cited
company adopts the profitability analysis for the purpose of make investment decisions.
 Net present value- It is a method of capital budgeting in which there is difference among
the present value of cash inflow and outflows. The cited adopts the net present value
through which they able to analysing the profitability of a project. It shows the projected
earning which are generated through the investment. Thus, they can make an investment
decision of invest in the project through which they get higher returns and they invest
only when if the NPV is a positive.
TASK 3
3.1 Explain on how the financial shortfalls can be maintained
Silloth Nursery and Residential care home can manage the shortfalls through adopting
various strategies which are as describing as follows- Discounts- The cited home care should offered discounts that able them to maintain the
shortfalls in most effective manner. For instance, if they offer 3% to pay on due early and
acquired fund earlier allow the Silloth Nursery and Residential care home to effectively
shortfall in the short time period (James, E., King, E.M. and Suryadi, A., 2011. ). In
regard to this, there is a needed to offer discounts that work temporally fulfilling the

financial requirement. Thus, reduce the investment amount the offering discount is the
best way to enhance cash flow in the business.
 Bank overdraft- The cited home care if needed an urgent amount of money then they can
used bank overdraft facility from any banking institution. Therefore, it can be used by the
home care at anytime if they will faces a financial distress. Thus, but it is increase cost to
the firm as the bank charges high rate of interest for the bank overdraft as it is a short
term financing.
3.2 Explain the actions to be taken in the event of suspected fraud
The Silloth Nursery and (James, E., King, E.M. and Suryadi, A., 2011. )Residential care
home will facing any kind of suspected fraud in their workplace. For this, they have to called a
fraud response team for the purpose of handling the situations. Thus, this team includes an
operational manager, senior person and accountant etc. Apart from this, two executives are to be
needed for the purpose of establish and investigate the fraud.
The person who will faced any kind of suspected fraud then they have to asked for the
provide a document evidence and finding a report (Madura, 2011). Thus, under this report it
includes a date and time of suspected fraud and the name of person who commit the fraud.
Therefore, the organisation with prevention control of fraud frequently have to monitoring and
follow up unusual relationship among numbers.
Therefore, the fraud response team needs to look the employment legal provisions as per
the investigation are needs to be done. Thereafter, care home have to claim for the loss from the
employee for the purpose of recovering and terminate the employee from the employment
contract. Further, they complaint directly to the police and preventing the suspected fraud in the
future time period.
3.3 Evaluate budget monitoring arrangements in HSC
The budget monitoring arrangements in the Silloth Nursery and Residential care home
can be monitored through the uses of financial resources. It ensures that they effectively conduct
the external and internel audits that gives the firm an opportunity to prepared a books of accounts
as per the law (O'Riain, Curry and Harth, 2012). Therefore, the internal auditing needs to be done
throughout the year and it can assess by prepare the books of accounts as per the law. Thus, it
provides a fair and true view of company state of affairs and it makes sure that there is not
presence of fraud that commit the suspected frauds in the workplace.

The cited care home have to employ the external auditor for the purpose of monitoring
the firm expenditure and incomes. Thus, it able them to reveal intentional mistakes and financial
misuse that reduce the company financial performance.
TASK 4
4.1 Identify the information that are needed to make financial decisions
The Silloth Nursery and Residential care home needs the information that able to make
the financial decisions in most effective manner. These are as follows- Income statement- The cited company have to used the income statement in which they
assess the company sales revenue year by year. Thus, if the sales revenue is increasing
year by year which indicate that the care home can able to sell the high amount of
healthcare services to its customers and they are willing to purchase at high price.
Therefore, according to this they can able to make financial decisions in most effective
manner. Gross profit margin- The another financial information is the gross profit margin shows
the company profits after deducting all type of costs which are closely relates to the sales.
Therefore, the Silloth Nursery and Residential care home surplus margin was 9% in year
2012 which are against the 2011 is a 9% (Guthrie, Olson and Humphrey, 2010). Thus, the
reduction of gross profit only because there is an increase in the costs as they are unable
to acquired higher charges from the local authorities which increase cost. Thus, this
information able the cited home care to make financial decisions in most effective
manner.
 Current ratio- The current ratio is one of the vital information through which the cited
care home able to make their financial decision in most effective manner. Thus, the
calculation the current ratio will provide the Silloth Nursery and Residential care home
an adequate current assets for the purpose to pay its current liabilities. Thus, it show the
cited care home short-term liability that able to pay for a business that able them to make
financial decisions in most effective manner.
4.2 Analyse the relationship among the HSC service delivered, expenditure and cost
The amount that are to be paid for the purpose of receiving the healthcare services or
products of Silloth Nursery and Residential care home. In regard to this, the cost is occurred
from the healthcare services which are operation for the purpose of earn sales revenues. Thus, it

affecting the quality of healthcare services that are delivered to each customers (Madura, 2011).
Thus, this healthcare services or products generate the a possible results which are from the
customers that is depends upon the management of amount of funds available.
Therefore, there are various factors that mainly includes a safeguarding customers form
the abuse, involving and respecting the people, infection control and cleanliness, meeting
nutritional needs and management of medicines. Thus, all such are needed to contributing to the
quality care services delivery. All such factors required a huge amount of money for the purpose
of applied. Therefore, it is scarcity of financial resources due to which it incur cost and
expenditure at the time of management of money in order to make sure that the delivering of care
service quality.
Therefore, the National health performance committee finding out the areas which show
the healthcare services quality such as efficient, sustainable, accessible and continuous. For this,
the Silloth Nursery and Residential care home needs to implement in these areas for managed
the effectively through the usage of expenditure and cost budgets. Thus, it minimizing the
shortfalls and wastage that leads improves services quality and maximising the profitability.
4.3 Evaluate how financial consideration impact upon an individual using the HSC services
The financial consideration can directly impacting the healthcare service of Silloth
Nursery and Residential care home in many various ways. There is an financial consideration of
personnel which are as describe as follows- Cost of staff training- The cited care home adopts methods for the purpose of training to
its staff members under they e-learning or workshops mode of training. Therefore, there
is consideration on which they think whether to spend or not to spend on the effective
staff on training which may impact on the user of service (Lusardi & Mitchell and et.al.,
2008) There is needed to spend a hue of training if they does not then it the staff worker
are not able to get a knowledge and skills of quality care as they are unable to perform
their function is desired manner. Cost of strict recruitment procedure- There is a financial consideration that are needed a
large amount of cost and expenditure for the purpose of allocating the recruitment and
selection process. This, there is need of strict recruitment procedures that would able to
provide a staff workers which is suitable for performing the job.

 Adequate staff wages due to which the far for an acceptance- The staff ratio to the staff
consideration on the staff wages amount which incur expenses and there is a requirement
of the staffing levels as per the individual requirements. Therefore, if the high skilled
workers provided then there is a need to implement the personal centred approach. Beside
this, if there is lack of adequate amount of staff ratio than it resultant to institutional
abuse.
4.4 Suggest the various ways to improvement the HSC service through changes to financial
system and process
There are various ways that are adopted by the Silloth Nursery and Residential care for
for the purpose of improvement the healthcare services through changes to their financial process
and systems. These are as follows-
Payment through results- Silloth Nursery and Residential care home in which there is a
local authorities that appointed an officer to verify and to come the results.
NHS charging oversees visitors- Silloth Nursery and Residential care home charges a
high prices for their healthcare services to its visitors and those who are seeking of home care
service.
Benefit cap- Silloth Nursery and Residential care home could lobby the UK Government
for the purpose of higher benefits cap from the patients.
CONCLUSION
Summarising the whole report it has been concluded that The budget monitoring
arrangements in the Silloth Nursery and Residential care home can be monitored through the
uses of financial resources. It ensures that they effectively conduct the external and internel
audits that gives the firm an opportunity to prepared a books of accounts as per the law.
Therefore, the internal auditing needs to be done throughout the year and it can assess by prepare
the books of accounts as per the law. It has been furthermore analysed that The budget
monitoring arrangements in the Silloth Nursery and Residential care home can be monitored
through the uses of financial resources. It ensures that they effectively conduct the external and
internel audits that gives the firm an opportunity to prepared a books of accounts as per the law.
Therefore, the internal auditing needs to be done throughout the year and it can assess by prepare
the books of accounts as per the law.

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activity and independence on corporate fraud”, Managerial Finance. 26(11). pp. 55-67.
Abrahamson, E.1994. “Concealment of negative organizational outcomes: an agency theory
perspective”, Academy of Management Journal. 37(5). pp. 1302-1334.
Bernheim. et.al., 2001.What accounts for the variation in retirement wealth among U.S.
Households? American Economic Review. 91(4). pp. 832–857.
Campbell .et.al., 2006. Household finance. Journal of Finance. 61(4). pp. 1553–1604.
Epstein, B.J. and Jermakowicz, E.K., 2010. WILEY Interpretation and Application of
International Financial Reporting Standards 2010. John Wiley & Sons.
Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
Guthrie, J., Olson, O. and Humphrey, C., 2010. Debating developments in new public financial
management: the limits of global theorising and some new ways forward. Financial
Accountability & Management.15(3‐4).pp. .209-228.
Healy, P.M. and Palepu, K.G., 2012. Business analysis valuation: Using financial statements.
Cengage Learning.
Israelsen. et.al., 1991. Family research: A sixty year review. 1930–1990. 1. pp.68–73.
James, E., King, E.M. and Suryadi, A., 2011. Finance, management, and costs of public and
private schools in Indonesia. Economics of Education Review. 15(4).pp. .387-398.
Kieso, D.E., Weygandt, J.J. and Warfield, T.D., 2010. Intermediate accounting: IFRS
edition (Vol. 2). John Wiley & Sons.
Lusardi & Mitchell .et.al., 2008. Planning and financial literacy. American Economic Review.
(98). pp. 413–417.

Madura, J., 2011. International financial management. Cengage Learning.
McGregor .et.al., 2011. Consumer acumen: Augmenting consumer literacy. The Journal for
Consumer Affairs.45(2). pp. 344–357.
Nobes, C., 2014. International Classification of Financial Reporting 3e. Routledge.
O'Riain, S., Curry, E. and Harth, A., 2012. XBRL and open data for global financial ecosystems:
A linked data app. roach. International Journal of Accounting Information Systems.
13(2).pp. .141-162.
Sandikci & Ger. et.al., 2010. Veiling in style: How does a stigmatized practice become
fashionable? Journal of Consumer Research. (37). pp. 15–36.
Tang, O. and Musa, S.N., 2011. Identifying risk issues and research advancements in supp. ly
chain risk management. International journal of production economics.133(1).pp. .25-34.
Upton, J and et.al., 2015. Investment appraisal of technology innovations on dairy farm
electricity consumption. Journal of dairy science,98(2), pp.898-909.
Van Rooij.et.al., 2011. Financial literacy and stock market participation. Journal of Financial
Economics. 101(2). pp. 449–472.racy and stock market participation. Journal of
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