An Award Winner receives an agreed sum of money at the start and, with amounts over £500, these will always be in instalments agreed in advance.
The sum is based on the needs of the social venture and the type of award. A spending plan will have been approved by UnLtd and the spending will be monitored. UnLtd needs to see evidence such as bank statements, invoices and receipts. If plans change, the Award Manager should be consulted to make any spending changes.
Top Tip: To receive payment, an Award Winner needs a bank account. Many Award Winners open new accounts for their ventures. This keeps their business finances separate from their own and their families’ personal finances. Managing money is an important part of the learning experience.
If it is not possible for the Award Winner to have their own bank account and if everyone agrees, the money can be paid into an adult’s bank account but UnLtd will need to see that person’s bank statements.