You will need to provide some Core Supporting Documents with your 'Developed Proposal,' as detailed below. Further Supporting Information may also be required if they are relevant to your project, as also mentioned. Please do not submit documents that do not appear in our list of requirements as we will not use them in the assessment of your proposal.
6.1 Core supporting documents
You must provide the following mandatory documents:
Governing Document for your Business
Business Accounts information
Project Delivery Plan (timetable/Gantt chart)
Project Risk Register
Full Cost Plan detailing all eligible project costs.
A Business Case for your Project; to include a Cashflow Forecast
6.1.1 Governing document
You must provide a copy of your business' governing document. You must have at least two people on your board or management committee who are not related by blood or marriage or living at the same address. Your governing document should include the following:
the legal name and aims of your business.
a statement that prevents your business from distributing income or property to its members during its lifetime
a statement which confirms that, if your business is wound up or dissolves, how the business' assets will be disposed of
the date when it was adopted and the signature of your chairperson or other authorised person.
6.1.2 Business accounts
You must provide your most recently audited or accountant verified accounts for the last three years and your management accounts for the current year. If your business' accounts are older than 18 months, or your business was set up less than 14 months ago and does not have a set of audited accounts, you must provide your last three bank statements or a signed letter from your bank.
6.1.3 Project delivery plan (Timetable/Gantt Chart)
You must provide a timetable/Gantt chart for your project. This should include information about the development and delivery of your proposals, as it runs through RIBA Stages 0 to 6 inclusive. It should importantly include timelines for the creation of your Business Case for the Project.
You should identify key milestones you expect your project to pass, providing a comprehensive overview of how you expect your project to evolve over time.
We have created a Gantt Chart template for you to use but would equally accept a Project Delivery Plan in an alternative format, provided it communicates planned activity effectively.
6.1.4 Project Risk Register
You must submit a fully evaluated Project Risk Register. This is a document, usually set out as a table, which lists all the risks identified by a business, prioritised in order of impact and therefore importance to control closely.
All projects will face threats and opportunities that you need to identify and manage. We want you to be realistic about the risks your project and business may face so that you are in an acceptable position to manage and deliver the project successfully.
We have created a Risk Register template for you to use but would equally accept a Risk Register in an alternative format, provided it communicates such risks effectively.
6.1.5 Detailed project cost plan
Your project costings will evolve and become clearer the more you understand and articulate your requirements.
The info-graphic here illustrates the increasing level of cost detail that should emerge as your proposals progress through the RIBA Stages.
By the time you are ready to submit your 'Developed Proposal' your cost advisers must be able to provide a 'Detailed Project Cost Plan' for our assessment.
We require a detailed spreadsheet of project expenditure, with reference to the budget headings used in your application, itemising each aspect clearly.
You should also carefully consider inflation and contingency costs within your cost plan.
Inflation for capital projects is likely to remain high for the foreseeable future. You should account for inflation based on the project timescale, plus other factors such as material costs, labour demands and location.
We have created a template Financial Appraisal and Cashflow Proposal template which MUST be submitted with your proposal. The supporting 'Detailed Project Cost Plan' can be in any format but MUST reference the budget headings in the Financial Appraisal Form detailing each aspect clearly. Your 'Detailed Project Cost Plan' MUST be prepared by a suitably qualified Quantity Surveyor.
Particular guidance is available on Eligible Capital Costs that can be included.
6.1.6 RIBA Stage 3 Financial Risk Transfer
The level of grant being sought from the Mid Wales Commercial Property Investment Fund should be clearly set out in your full bid. This must be related to the costings you have established by that time. If successful, your grant award will be in line with your request.
There is a financial risk to consider once a grant award has been made. You may develop the technical design further, bringing about a change of scope, or tender costs may return higher than your expectations.
You will not be able to revert to the Fund for additional grant beyond the initial award should your project costs increase, so you will need to manage that risk accordingly.
6.1.7 Full cost recovery
Full cost recovery means securing funding for all the costs involved in running a project. We have provided some guidance on Eligible Capital Costs that can be included, for you to consider.
In any event Value Added Tax (VAT) should be excluded from your project costs and all VAT liability must be met by yourselves unless you can clearly demonstrate to us that certain VAT costs are irrecoverable by you.
6.1.8 Cashflow Forecast
You must provide a complete overview of the cash flow of your business throughout the duration of your project. This should include a forecast income and expenditure account that is representative of your day-to-day operation and your financial model; a cashflow forecast showing the expected quarterly cashflow and statements of assumptions underlying the forecasts.
Include detail of assumptions made in your calculations. An assumption is anything that you are relying on to make forecasts. For example, the anticipated growth in income the previous year. Make sure you also include details of any reserves that may be impacted as the project proceeds.
If you have a trading subsidiary, please tell us and seek further guidance on any additional information you may need to include in your forecast.
We have created a template Financial Appraisal and Cashflow Proposal template which MUST be used for this purpose.
6.1.9 Project Business Case
For all projects supported by the Mid Wales Growth Deal, including this fund, there is a mandatory requirement to submit a developed business case supporting the need for your project, what benefits it will bring to your business and the wider region, how you will commission the work, how you will meet the costs of the project and how you will oversee and manage its delivery.
We have created a Business Case template for you to use which includes some supporting guidance for its successful completion. Our Fund Management Team will also be able to support you through the process, but you will have to retain full accountability for its content.
6.2 Other supporting information
6.2.1 Project images (if applicable)
If relevant, please provide up to six images that help illustrate your project.
Please make sure you have all the permissions required, such as copyright ownership and participant consent forms, to share these images with us, as we may use them to tell people about your project, including our decision makers.
6.2.2 Evidence of support (if applicable)
Provide up to six pieces of evidence of support, for example letters, emails, or feedback forms, from other businesses or individuals who are supporting or taking part in your project.
Providing evidence of support is an effective way of showing us that you have spoken to other people and that they are interested and committed to your project.
6.2.3 Partnership Agreements (mandatory if applicable)
If you do plan to work with another business to conduct a significant proportion of your project you must formalise your relationship with a partnership agreement. This document should reflect the needs of your project, and you may need to seek independent advice on how to best write an agreement.
6.2.4 Ownership documents (mandatory if applicable)
If you are planning any capital works, or intending to purchase buildings or land, you will need to provide copies of any documents relevant to your ownership. Requirements are set out in more detail in this regard (see 'Ownership' and 'Security for a Grant').
If your project includes the acquisition of a new site this must already be allocated for Employment Use (or other established and relevant use) from a Local Development Plan perspective.
6.2.5 Management and Maintenance Plan (mandatory if applicable)
Where you are the owner (or intended owner) of the property, we will ask you to prepare a Management and Maintenance Plan (MMP) as part of your Business Case.
The MMP tells us how you will look after the new facilities once your project is complete, including how you expect to maintain the benefits of your project in the future. We will expect you to make sure that the work we have funded is kept in good condition. We will expect your business to adopt the MMP and to provide financial resources needed to implement it.
