Hurrah! You’ve been accepted to full application with your project, more than likely the first thing you will be thinking about is getting the large number of quotes together but before you start please read the information below (taken from the handbook!).
When you submit your full application to the Dorset LEADER team we begin a very thorough quote checking process – there are over 20 things we check each quote for, if you don’t follow the rules below then we’ll send the quote back to you asking for more information; delaying your application.
How many quotes do I need for each item?
A note about VAT – the thresholds below are based on what you will actually pay – so if you are VAT registered and able to reclaim VAT, it will be the net price of the item; if not it will be the gross price. If you can’t supply the number of quotes required below then contact your sponsor to discuss.
|Value of item or service
||How to show value for money
|£1,500 or less
||2 quotes or references to 2 catalogue listings (including online suppliers)
|£1,501 to £10,000
||3 quotes or references to 3 catalogue listings (including online suppliers)
|£10,001 – £50,000
||3 quotes or 2 quotes and a reference to a catalogue listing (including online suppliers)
|£50,001 or more
- Come from different suppliers
- Come from suppliers that are not linked to the applicant or the applicant’s business
- Be comparable in terms of quality, size, quantity, units and specification
- Be still valid and dated within the last 6 months
- Include an itemised break down of costs, if this is not possible then the applicant must provide the specification that the supplier quoted against
- Include the suppliers name/a contact name, address and telephone number
- Include company registration number (if they are a limited company)
- Include the VAT number (if they are VAT registered)
- Be addressed to the applicant or their business
Print outs from online catalogues or photocopies of paper catalogues are acceptable, they must conform to all of the above and also show the date they were printed/copied and the full web address/page number.
Have a look at an example: Quotes.pdf
Notes on preparing a cash flow
A cash flow forecast is a standard tool to help organisations plan and manage their income and expenditure. It is a normal part of any business plan for both commercial and non-profit companies. A forecast normally covers a 12 month period – but it is good practice to up-date this on a monthly basis with the actual amounts, once you have got the basic information the updating of the cash flow is relatively simple and a really useful tool for business planning. For your LEADER grant it shows us when the ‘outputs’ from the project will occur e.g. increase in sales.
- First, gather your bank statements and records for your last financial year.
- Go through each month and work out what money went in and out of your accounts in that month. Record the amount of income received and expenditure paid out in the month by category/type of expenditure. Your accounts may already have this information in them.
- Add rows to the cash flow statement if necessary to account for all of your income and expenditure
Do this exercise in some detail – even if this is tedious, this will be the worst of it. Remember that you are accounting for the month in which money actually left or entered your accounts. And not when an invoice was received or issued. The result is that you will get a picture of the last financial year. Use last year as a template for the cash flow moving forward.
Now think about forecasting for the future.
- What differences in income do you expect? And what differences in the timing of income do you expect?
- Look at your expenditure. What changes are you expecting in your expenditure? And what differences in timing do you expect?
Once you have your forecast income and expenditure,
- You need to include the opening cash balance amount as at the beginning of the year as a starting point for the month in your cash flow statement. The LEADER template should then automatically update the closing balance and other totals.
By Jessica Saunters, Project Officer for the Northern Dorset Local Action Group
by Sarah Harbige, Dorset LEADER Programme Manager
Funding for tourist accommodation projects is low priority for Southern Dorset LAG. As a result there are more hoops to jump through to be considered eligible for our support:
We are often asked what you should think about to help make your project a higher priority. Ask yourself:
- Can my project show strong economic benefits? – that is does it create year round, high quality employment (at least 1FTE for every £25K of funding and increase GVA by 5% per annum
- Are my proposed accommodation units of sufficient quality?
- Is there demand for additional accommodation in my locality and will the the impact on my competition be low?
- Is LEADER funding really my last resort? – I have exhausted all other possibilities.
The project also needs to ensure that it does not create second homes. It would also be a stronger fit with our local priorities if it supported tourism sector growth in inland areas.
Any questions: contact James (01305 225525) to talk through your project in more detail or come along to our next roadshow.