A guide to third sector trading - WCVA

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It’s an idea, but is it business? A guide to third sector trading 1: Getting started 2: First steps 3: Business planning 4: Legal and governance 5: Funding and resourcing 6: Financial controls 7: Managing growth 8: Management and governance 9: Social enterprise 10: Sources of support • local authority economic development departments • Communities First partnerships in qualifying Welsh communities. Sources of information on grants: Sources of information about funding are easier to locate than grants. They include: • County Voluntary Councils (CVCs) provide a comprehensive funding advice service to third sector organisations - identifying funding opportunities, writing successful funding applications, preparing business plans and financial costings to support bids • WCVA and the CVCs produce a common set of regularly updated information sheets on funding, located via WCVA or CVC websites • WCVA’s Funding news bulletin provides all the latest news on funding issues affecting the third sector and signposts readers to funding opportunities, training and events. Sign up to receive Funding news – www.sustainablefundingcymru.org.uk/news • WCVA’s Funding Portal provides access to a searchable database of UK funding opportunities, advice and support on raising funds and tips on how to diversify funding – www.sustainablefundingcymru.org.uk/fundingportal • Database software for identifying funding sources can be accessed through your local county voluntary councils (CVC). Some databases can also be purchased or licensed: − Grantfinder - searchable database on EU and UK Government grants and loans, charitable trusts and corporate sponsors used by many CVCs – www.grantfinder.co.uk WCVA members qualify for free grantfinder searches – contact WCVA Helpdesk on 0800 2888 329. − Funder Finder is a familar package used by many CVCs, which groups can access at reasonable cost 24 hours at a time, at www.funderfinder.org.uk − trustfunding.org.uk is a substantial and highly regarded database of trust funds produced by the Directory of Social Change offering annual subscriptions (though it is not cheap); go to www.trustfunding.org.uk • Development Trusts Association Wales, Enterprise agencies, Social Firms Wales, The Welsh Social Enterprise Coalition, and the Wales Co-operative Centre (see 10.1 for contact details) • Expensive directories in book form are published annually by the Directory for Social Change and are available from Amazon or direct from DSC at www.dsc.org.uk. 112
It’s an idea, but is it business? A guide to third sector trading 1: Getting started 2: First steps 3: Business planning 4: Legal and governance 5: Funding and resourcing 6: Financial controls 7: Managing growth 8: Management and governance 9: Social enterprise 10: Sources of support Planning for future growth Wider funding options: Don’t let your horizons be restricted by the grant dependent thinking of so many third sector organisations. While newly established organisations are unlikely to have the confidence or credibility to go for loans, existing charities and groups which are planning to trade can consider wider funding options. The following list gives a flavour of the wider possibilities. Some are considered separately in sections 5.3 and 5.4, and Chapter 7 considers the possibilities for growth in established trading organisations. • grants without strings • earned income and funding from profits • contracts with capital funding • grants linked to loans Towards a strategy for funding and resources: The business plan should be clear about your approach towards resourcing your business activities. Potential supporters will expect it, and your own directors and staff will need it to guide their decisions. The issues the plan should cover include: • a statement of where your trading activity stands and where it is heading (ideally with targets) on the huge continuum between grant dependency and total financial independence • the extent to which earned income (from whatever sources) will contribute to the organisation • the purpose and nature of additional funding (grants or loans or both) if you need it. You will need to decide what you want to aspire to and what in the short to medium term is actually achievable. • unsecured loans • mortgages and secured loans • bonds and shares • voluntary effort. 113
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