ML Medusa |
Post Reply | Page <123 |
Author | |
johnk
Senior Member Joined: 25 March 2006 Location: United Kingdom Status: Offline Points: 1355 |
Post Options
Thanks(0)
|
Hi Alan,
Great to see the above, many thanks for the information, very interested to read about the grant process, particuarly the bit about the two months money! we at Medway Queen better watch out for that one as well. Understand re site, work on the vessel herself most important of course, all the best to you and the team, look forward to seeing her up and running in due course.
Regards
John |
|
medusa
Newbie Joined: 28 December 2006 Location: United Kingdom Status: Offline Points: 15 |
Post Options
Thanks(0)
|
Hi John, as this will be relevant to all on this forum, I will set out how our HLF grant worked. Our grant was for £1m which we had to match fund to the tune of £100K, made up of part cash and part costed volunteer effort. This means that HLF are contributing just under 90% of the total. At intervals of our choosing (we do it monthly) we submit a claim to HLF, this includes costed volunteer labour and invoices (they do not like pro forma invoices and are wary of stage payments). HLF then pay 90% of this claim with a turnround time averaging 4 weeks. This continues until they have paid a total of 90% of their grant (ie in our case £900K of the £1m). They retain the final £100K until the project is signed off as complete. To make it all work you therefore need approx 2 months cash flow in the bank before you start and a means of covering the gap between the final payment and project completion. I'm sure this was all in the small print somewhere but I did not spot it and have had to do a bit of financial footwork to make it all balance. I have yet to work out how to cover the final £100K before project completion. If anyone wants more detail on this I am happy to discuss/advise Alan
|
|
Alan
|
|
johnk
Senior Member Joined: 25 March 2006 Location: United Kingdom Status: Offline Points: 1355 |
Post Options
Thanks(0)
|
Hi Alan,
Very many thanks for the above, as I said, we to will be doing something very similiare in the not to distant future, and your warning on funding is much appreciated. We are in the midst of trying to rasise more partnership funding before we start. Although it's great to get the award, it dose not mean the end of your troubles! as I can see. Thanks again and best of luck for the future,
John |
|
Post Reply | Page <123 |
Tweet
|
Forum Jump | Forum Permissions You cannot post new topics in this forum You cannot reply to topics in this forum You cannot delete your posts in this forum You cannot edit your posts in this forum You cannot create polls in this forum You cannot vote in polls in this forum |