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johnk View Drop Down
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Joined: 25 March 2006
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Post Options Post Options   Thanks (0) Thanks(0)   Quote johnk Quote  Post ReplyReply Direct Link To This Post Posted: 29 December 2006 at 8:24am

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

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Post Options Post Options   Thanks (0) Thanks(0)   Quote medusa Quote  Post ReplyReply Direct Link To This Post Posted: 29 December 2006 at 10:01am

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
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johnk View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote johnk Quote  Post ReplyReply Direct Link To This Post Posted: 29 December 2006 at 2:48pm

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

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