Finance and Accounting for Management ECONM1015

During the final plenary session in December you worked on the CIMA case NHS trust: South Ceeland Trust (SCT). Two of the three questions in this individual assessment are based on this case. The case is provided separately.
Question 1 (70%)
After considering best fit with the organisation’s values SCT has decided to use two of Kotter and Schlesinger’s approaches to change in order to deliver the required cost savings over the next three years. The two approaches are:
1. Education and participation
2. Participation and involvement
The recently appointed Chief Executive would like to develop the Trust’s management accounting practices to enable the organisation to deliver a successful cost reduction plan over the next three years and to better understand the cost of treatments they provide.
Discuss how SCT could use strategic management accounting practices to help understand their costs and plan for the next three years.
Your discussion must be no more than 1,200 words, excluding academic references, tables and diagrams. You do not need to research Kotter and Schlesinger’s change approaches, as these should not be the focus of your discussion.
Question 2 (20%)
As detailed in the case scenario the Trust is considering the purchase of three new machines to reduce costs and improve patient care. Based on the following information, use your knowledge of project appraisal methods as well as any other factors that you must consider in order to make an effective decision regarding the new machines. State any assumptions you make.
SCT has hired a financial analyst to help them understand the cost savings better to justify the cost of machine to the central Government. The analyst charged a one-off fee of £5,000 and raised following points:
• The central Government will only approve the cost of machines if savings of £3 million are achieved.
• The machines will be depreciated over three years on a straight-line basis and will be returned to the charity at the end of three years to be sold for a scrap value of approximately £0.2 million per machine.
• SCT is determined to minimize redundancies. Therefore, staff vacancies in other departments must be explored. Currently, the following vacancies are available:
o There are currently 30 administrative vacancies in other departments across the Trust. The salary advertised for these posts is £24,000 per annum.
o There are currently 40 nursing vacancies unfilled in the Trust’s hospitals. The salary for these posts is £30,000 per annum. The nurses will need to undergo training once recruited. The training cost will be £400 per employee.
Write no more than 200 words.
Question 3 (10%)
At the start of the unit you were asked to consider how taking a unit in accounting and finance would help you become a better management professional. You will now revisit this question and reflect on it as you have completed the unit.
Explain how you now think accounting and finance knowledge and skills can help you personally become a better management professional. Connect reflections on your learning from the unit to your programme pathway.
Write no more than 200 words

 

Assumptions

 

• Initial investment of £12 million, (£9 million funded by national charity)
• Life of the investment (3 years)
• Exempt from corporation tax due to being part of the department of health due to sections 985 and 986 of the Corporation tax act 2010 (CTA, 2010).
• 3 Machines costing £12 Million, assuming 1 machine costs £4 Million with a scrap value of £0.2 Million after 3 years
• Discount rate 10%
• Assumption of saving £3 million PA

 

Calculations are all stated in the Appendix and are referred to throughout the report.

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