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 Appendix 1 Appendix 2 Appendix 3 14. Monitoring: With a budget set up under cost centres and broken down into monthly income and expenditure you will have all the information you need to monitor the month-by-month performance of individual contracts against your original budget predictions. This is a powerful tool for checking that your calculations were right and that the contract or project is running properly. 15. Notes: sharing ‘indirect costs’ among relevant cost centres (see paragraph 3): There is nothing absolute in the idea of allocating a proportion of core costs to a number of separate cost centres, and you will need to use your judgement and sometimes just informed guesswork to assess how costs should be shared out appropriately. Here are a few tips: • estimate what percentage of the manager’s and administrator’s time is devoted to the work of each cost centre (project or activity), and use this figure to calculate the proportion of the total cost of employing them which should be borne by each cost centre • estimate the portion of the space in the office occupied by (or the amount your office facilities are used by) each cost centre activity; then use these percentage figures to share out the rent and other items such as power and stationery etc • for some items (the annual audit and bank charges, for instance) the share of costs borne by each cost centre can be related to the total turnover of each • try to get agreement among the staff involved – you don’t want grievances that one project is not bearing its fair share of the phone bill, for instance • keep things in proportion – it will make very little difference to unit costs whatever way you share out an annual expenditure of only £50 • if you decide later that the apportioning of costs or time or space could be improved on, don’t be afraid to make individual adjustments. • keep the arithmetic simple: an approximate breakdown of the Administrator’s time, for example, on the lines of 25% headquarters, 50% care attendants scheme and 25% ‘Lottery Project’ could be all you need 258
It’s an idea, but is it business? A guide to third sector trading WCVA is the national umbrella organisation for the third sector in Wales. For over 75 years we have been working with the sector to improve communities and change lives. Join us! Contact our Helpdesk on 0800 2888 329 or help@wcva.org.uk Like us on facebook/walescva Follow our tweets @walescva 259
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A guide to third sector trading - WCVA

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