A number of funders do not give the full amount of funding you need and ask you to contribute towards the full cost of your activity.
Each funder is different in what they ask for. For example, Trusthouse Charitable Foundation will fund half, or 50% of salary costs.
Cash match funding: Some funders will only accept money (cash) as matchfunding – you may need to show you have secured this through your enterprise, social investment, or another grant.
Have a look/listen What is Match Funding and How it Can Double Your Money | Good Finance
In-kind contributions are not cash, but can include the money value of
• Peoples time - volunteer time, management time, staff time.
• Running costs of the space the activity will take place in.
• Equipment or materials needed for the activity e.g. computers, kitchen equipment,
• Donations of building materials towards a building project.
Calculating funding can be challenging – this might help:
Peoples’ time and services: Work out the hourly cost of a regular volunteer’s time based on the type of work e.g. if the volunteer is helping with office work, look at what people are paid for this e.g. £10 per hour, plus money for national insurance, pension (an additional 15%) .
Running costs: Calculate the quarterly (every 3 months) cost of running the space your activity will take place in . You will need you bills or look at your accounts. If you are keeping a cashflow this will be useful too.
Goods: If you are gifted significant amounts of goods or materials you will use in the project you are applying for, find out their cash / money value.
Please contact us if you need more information or advice