Set out a clear financial plan
Before writing your financial plan, go back and carefully check the guidance. Make sure that all the costs that you propose to include in your financial plan are eligible and that you meet all the matched-funding and other requirements.
Provide detailed costings for the project. Many funding programmes will ask for budgets to be presented according to a specific format.
Whether you are asked to or not, consider breaking down your costs to show both the cost of each key project activity or work-package; and how much money will be spent on staffing, equipment, travel and subsistence, evaluation etc.
When calculating your staff costs, make sure you include employers’ National Insurance contributions and pension costs. If you can, try to check that your project is cost-effective by benchmarking it against other comparable interventions.
Value-for-money is a vital consideration for almost all funding bodies. It can also be quite difficult both to demonstrate and assess. Ideally, value-for-money should be assessed against a project’s outcomes. However, the nature of many projects means the outcomes can be difficult to assess.