It found efficiency savings worth 9 per cent of its total budget, which it invested in hiring eight new staff, mostly providing front-line services in its community nursing team.
The hospice found cost savings in a number of areas, such as passing the management of its trading subsidiary to the finance director and cutting down a series of management processes to a single one-hour meeting.
The charity also devolved more power to individual managers, giving them greater scope to cut costs. In particular, it introduced a series of 'easy accounts', which summarise performance against target and forecast income using weather pictograms (sunshine and clouds) to indicate the financial outlook.
"The introduction and implementation of relevant and tailored systems allowed individuals to be more productive and enabled finances to be managed more effectively," the charity said in its entry.
"As well as enhanced efficiency across processes and procedures, there was also a need to focus on a shift in organisational culture."
The charity said that this shift involved delegating more power to individuals, giving them more say to ensure efficiency and allowing them to develop ideas to improve services. By instituting monthly meetings between the finance team and budget holders, it has been able to ensure money is being spent as effectively as possible.
"The knock-on effect that this has had on planning ahead is that the whole organisation has a role in the strategic process, which has had a significant impact on organisational buy-in," the charity's entry said.
John Kelly, head of client investments at CCLA Investment Management and a category judge, said: "This was a demonstration of how good, effective financial management enabled a charity to do more. Even though it was starting from a reasonably effective base, it was still able to find significant savings."
Awarded to the voluntary organisation that has done the most to improve its financial management
Lyeloon Kazi, co-founder, Livity
John Kelly, head of client investments, CCLA Investment Management
Helen Verney, finance director, Diocese of London
Therese Wilson, head of retail, St Peter and St James Hospice and Continuing Care Centre