What to Do After You Win An Innovate UK Grant

Introduction to Managing Your Innovate UK Grant

Congratulations on securing a grant from Innovate UK! Winning this grant is just the beginning, and there's a considerable amount of administrative work to be done to ensure the success and compliance of your project. It's vital to understand that failing to meet Innovate UK's requirements could lead to a withdrawal of the funding, reductions in the grant amount, or future disqualification from grants.

Essential Post-Award Actions

Project Setup

Immediately after receiving your notification email, you will need to initiate the project setup on the Innovation Funding Service (IFS) portal. This setup is crucial as it includes:

• Providing basic administrative data such as your address and contact details.
• The details of your project’s finance officer.
• An updated spend profile based on feedback from assessors or the monitoring officer.
• Necessary financial records and forecasts.
• An exploitation plan and any collaboration agreements if working within a consortium.

You must complete this setup within 90 days of receiving your notification. A monitoring officer will be assigned to your project, reviewing your setup and possibly requesting further details or adjustments.

Quarterly Project and Financial Reporting

Innovate UK releases grant funds quarterly in arrears, and to unlock these payments, you are required to submit detailed project and financial reports every 90 days. These reports should include:

• A quarterly progress report detailing the work undertaken.
• Updates on project exploitation.
• Financial records showing the costs incurred.
• Any significant variances between the forecasted and actual expenditures must be justified.
• An independent accountant report (IAR) alongside your first quarter’s submission

If your quarterly budget and expenditure differ significantly – usually by 10% or more – you will need to justify why this has happened.

End-of-Project Report

This report explains the overall impact of your project. It also proves it has achieved the results you laid out in your application and demonstrates that your exploitation of its outcomes is on track.

Your report should include:

• Final expenditure statement
• Evidence of expenditure, including timesheets and invoices
• Final exploitation plan
• Project impact report
• Plan for future project impact dissemination
• IAR

Any partner that’s incurred total projects over £50,000 must submit their own IAR. You must generally submit the end-of-project report within 90 days of your project’s end date. Innovate UK withholds approximately 10% of your total grant – a significant sum – until it has approved your end-of-project report. So, if Innovate UK does not accept it for whatever reason, you could be waiting a long time to receive a large share of your funding.

Tips for Successful Grant Management

• Early Setup: Complete your project setup as soon as you receive your notification to allow time for any necessary changes.
• Continuous Communication: Maintain regular communication with your monitoring officer and project partners. Address any issues or changes in your project promptly to prevent misunderstandings or delays in funding.
• Documentation and Justification: Keep detailed records of all project activities and expenditures. Be prepared to justify any deviations from the planned budget or project activities in your quarterly and final reports.
• Select the Accountancy Firm that you’re planning to partner with for the IAR before your project starts. Doing this means you won’t have to rush to find one while you’re working on your project
• Record Keeping: Ensure that you keep a formal record of all of your expenditure, in the form of receipts and timesheets

Common Mistakes to Avoid

• Delays in Reporting: Failing to submit timely reports can delay the release of funds and potentially lead to penalties.
• Incomplete or Inaccurate Documentation: Not providing complete and accurate documentation can result in the withholding of funds or the requirement to redo parts of the project setup or reports.
• Underestimating Administrative Requirements: Not allocating sufficient resources to manage the grant's administrative demands can lead to compliance issues and jeopardize future funding opportunities.

Conclusion

If you need assistance, consider reaching out to experts like us at Accountancy Cloud, we can provide comprehensive support and ensure your project complies with all necessary guidelines and deadlines.