Securing an Innovate UK grant is an exciting milestone, but it also brings with it a range of responsibilities to ensure the successful execution of your project. Understanding the steps required after receiving the grant will help you navigate the administrative process smoothly and ensure that you comply with all the necessary guidelines. Here’s what you need to do next.

Getting Started with Your Innovate UK Grant

Congratulations on your Innovate UK grant! This is just the beginning of the journey, and there’s a lot of work ahead. It’s essential to be aware that failure to follow Innovate UK’s requirements can result in your funding being reduced, withdrawn, or affect your eligibility for future grants.

Key Steps After Winning the Grant

1. Project Setup

After receiving the notification of your grant award, the first step is to set up your project through the Innovation Funding Service (IFS) portal. This process involves submitting key details, such as:

• Your company’s address and contact information
• The finance officer’s contact details
• An updated spending profile (based on feedback from assessors)
• Relevant financial records and forecasts
• A detailed exploitation plan and any collaboration agreements if you’re working with other partners in a consortium

You must complete the project setup within 90 days of the award notification. A monitoring officer will be assigned to your project to review the setup, and they may request further information or adjustments.

2. Quarterly Reporting

Innovate UK releases grant funds quarterly, but payments are made in arrears. To unlock these funds, you need to submit comprehensive reports every 90 days. These should include:

• A progress report on the work completed
• Updates on how the project’s results are being exploited
• Financial records detailing the costs incurred
• Explanations for any significant variances in the budget (typically if the difference is 10% or more)
• An Independent Accountant’s Report (IAR) submitted with the first quarterly report

3. End-of-Project Report

At the conclusion of your project, you’ll need to submit an end-of-project report, which should include:

• A final expenditure statement
• Evidence of expenses (such as timesheets and invoices)
• A final exploitation plan
• A project impact report
• A plan for disseminating the results and ensuring future impact
• The IAR

Any project partner with total project expenditure over £50,000 must submit their own IAR. Typically, the end-of-project report should be submitted within 90 days of the project’s completion. Innovate UK holds back around 10% of the total grant until they approve your final report, so it’s crucial that this report is accepted to release the remaining funds.

Tips for Effective Grant Management

• Early Setup: Complete the project setup as soon as you receive the grant notification to allow time for any adjustments.
• Keep Communication Open: Stay in regular contact with your monitoring officer and project partners. Address issues as soon as they arise to avoid delays.
• Documentation is Key: Maintain detailed records of your activities and spending. Be ready to explain any changes from the planned budget or project scope in your reports.
• Choose Your Accountant Early: Select the accountancy firm to handle your IAR before your project begins. This will help prevent delays during the project.
• Keep Good Records: Save all receipts and timesheets as evidence of your expenditures. This documentation is essential for submitting your reports.

Common Mistakes to Avoid

• Late Reporting: Delays in submitting reports can lead to delayed payments and potential penalties.
• Incomplete or Incorrect Documentation: Missing or inaccurate documentation can result in funding being withheld or the need to resubmit reports.
• Underestimating Administrative Demands: Failing to allocate sufficient resources for managing the administrative workload can lead to compliance issues and jeopardize future funding.

Conclusion

Managing an Innovate UK grant requires careful planning, thorough documentation, and consistent communication. By staying organized and on top of your reporting obligations, you can ensure the successful delivery of your project. If you need support navigating this process, experts like us at Accountancy Cloud are here to help ensure your project stays on track and complies with all necessary guidelines.