Each company needs to keep a set of accounts that will show both income and expenditure – the profit and loss accounts. These will be kept in MS Excel and we have provided a template. This is a great opportunity to teach both the beginning principles of book keeping with a whole array of Mathematical concepts and skills including the use of formulae in spreadsheets.
Everything that a team spends must be recorded. There is a comprehensive list of costs for different aspects of the project, the accounts must not only include what materials or ingredients the children have purchased but also all the other chargeable costs.
There are strict rules around keeping accurate accounts. The teachers play a key role in this and act as 'Trading Standards' and can fine teams who do not keep accurate accounts or trade in an unfair way. They must verify the accounts fair and accurately and submit them weekly to the project co-ordinator.
Example of accounts: