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Payments & Financial Monitoring

IESD New Awards Event

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Payment Schedule

• Payments are usually made bi-annually (subject to Grants Hub approval). For larger projects you may receive quarterly payments

1.Quarter 1 and 2 (April – September)2.Quarter 3 and 4 (October – March)

• However, your payment schedule may change throughout the lifetime of the project due to changes to your reporting requirements. This will be discussed beforehand by your Account Manager.

• Your payment may be pro-rated for a number of reasons such as delays with start date. Therefore your project may slip into another year.

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Financial Monitoring

What do we want?

• An expenditure sheet explaining your activities from April to March.

• It must be submitted by the end of April.

• The template must include your original/revised budget.

• Clear explanations for variances/movements over £1,000 between your budget and actual expenditure, against each line expenditure

• Clear explanations for underspends.

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Example – Expenditure sheet

Please only complete cells highlighted in blue

ORIGINAL BUDGET AMOUNT

£

ACTUAL EXPENDITURE

AMOUNT £

VARIANCE (See Note 3)

£ COMMENTSINCOME

Grant requested from Department of Health 50,000 50,000 - Any grant c/f from previous year(s) (1) - Other sources of funding for this project - Total Income 50,000 50,000 -

EXPENDITURE

CAPITAL EXPENDITUREFixtures/ fittings - Office Equipment(s) - Computer(s) 1,000 800 200 Software/programmes -

REVENUE EXPENDITURESalary (please provide a breakdown by post name giving salary cost by whole time equivalent)

Project Manager 23,500 23,500 - Project Worker 12,000 12,000 - On cost of salary (NI & Pension) 4,260 4,260 - Travel & Subsistence (staff) 500 900 400- Recruitment 1,200 600 600 Volunteers training - Staff Training 800 1,000 200- Volunteers’ Costs (travel & subsistence) - Evaluation - Dissemination - Consultancy (excluding marketing) - Rent 1,000 1,000 - Rates 600 600 - Telephone 300 300 - Postage 340 740 400-

Communication Costs (See Note 3)

Production and distribution of Disks/CDs 2,000 500 1,500

Event to be held in next financial year. Underspend discussed and agreed with Account Manager 15/1/13.

Events (Conference & Seminars) - Market Research 2,500 2,100 400 Marketing Consultancy - Marketing/Promotion/Publicity - Printing - Digital activities (see Note 3) - Mobile App including design/upgrade - E-learning platforms including design/upgrade but not content changes - Website Design/changing functionality but not including content changes -

Governance Costs - Administrative Staff - Audit and Accountancy - Database Maintainance - Finance/HRGovernance CostsITLegal ExpensesManagement Meetings CostPostageRates/RentTelephoneTrusteesUtilities

Other (you must provide a full description)

- -

TOTAL EXPENDITURE 50,000 48,300 1,700

Underspend (1) - 1,700 1,700-

INNOVATION EXCELLENCE AND STRATEGIC DEVELOPMENT FUND - MONITORING PACK 20114/15ANNEX D - ACTUAL EXPENDITURE

Organisation Name: Project Title:Reference number:

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Continued…Underspends

• We would like you to communicate as early as possible if you have any underspends to prevent any delays in future payments or project.

• Underspends are not automatically carried forward. It must be discussed beforehand with your Account Manager.

• You must provide a business case and revised budget template clearly explaining how you intend to spend the remaining funds.

• Your next payment may be pro-rated accordingly i.e. a 3 year project may slip into a 4th financial year, or we may consider that you require less funding in the subsequent year.

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Financial Monitoring

• Communications/Digital activities are restricted and any changes in expenditure against these categories may require additional approvals.

• Capital expenditure is to be restricted to under £5,000 (unless agreed by your Account Manager).

• Indirect costs to be clearly identifiable i.e. rents, rates etc. They should be reasonable and in line with your original budget.

• Effective management of your budget. We do not give extra funding for overspends.

• If you have any significant changes to the project plan we will require a revised budget plan.

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Financial Monitoring - Accounts

• A copy of your most recent financial accounts to be submitted no later than six months after your financial year ends.

• You must separately identify the grant as restricted funds in your full annual accounts, audited, reported on by a reporting accountant or independently examined in accordance with current legal requirements. You must provide one copy for the Department.

• If your accounts do not separately identify your grant then you must provide a copy of a statement of expenditure signed by a Trustee or Reporting Accountant.

• Any underspends must be highlighted within your accounts.

• As the funds are restricted you are not permitted to transfer any of the funds to other activities or move the funding to unrestricted. This would ministerial approval.

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Example – How grants should be shown in Accounts

Balance at 1 April 2014 Income Expenditure Transfers

Balance at March 2015

£ £ £ £ £Grant A - 10,000 (10,000) - -Grant B 25,000 15,500 (20,000) - 21,000

Department of Health, Name of Project - 50000 50000 - -

Restricted Funds

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Summary

• Payments are usually made bi-annually unless we have .

• Expenditure sheet must to be completed from April to March.

• Variances of £1,000 or more between budget and expenditure must be clearly explained.

• Underspends are not automatically carried forward. It must be discussed with your Account Manager.

• Financial Accounts must identify the grant as restricted funds