When applying for funding, we are often asked ‘what tips can you give us?’ Helping people/communities is generally the most prominent. Getting value-for-money and applying for the correct costs might be less thought about but is equally as important. This blog therefore gives you the ‘benchmark costs’ for our most popular fund, National Lottery Awards for All.
What is a benchmark cost?
This is the maximum amount we can fund for a particular item. The focus here is on ‘maximum’ – you don’t have to request the full amount. This helps in getting value-for-money.
How does an applicant work out the cost?
This can be done in various way. It might be quotes from suppliers or from Internet shopping research. It also could be from experience of previous or similar projects. Just remember though if this took place a while ago the costs potentially will have changed.
What are the benchmark costs?
Here are the maximum costs (including VAT) for the most popular items that are applied for:
If the organisation applying asks for a higher amount than the benchmark cost, what will happen?
Generally we will lower the amount you requested. For example, if you requested £800 for a laptop, we will reduce this to a maximum of £500. This will be explained in our grant offer to you.
Our equipment is more expensive than the benchmark cost. Can an application still be considered?
Yes, as long as you can make up the remainder from elsewhere, we will consider up to the maximum.Please note there is no guarantee of receiving the maximum.
For further guidance and to make an application to National Lottery Awards for All, head over to our website.