Innovate UK Project Reporting Requirements
You’ve made it thru the due diligence stage and the project is pending kick-off, but what is the best way to make sure that you remain compliant with Innovate UK’s reporting requirements and put your company in a correct position to secure follow-on grant funding? Grant undertaking management ensures your project is managed correctly.
Our project administration team has put together some helpful recommendation for successfully managing your project.
What is Innovate UK project reporting?
The purpose of Innovate UK’s reporting necessities is to ensure your grant-funded project is progressing in line with the scope, timeframes, and costs proposed in the unique application.
Innovate UK Project Reporting Fundamentals
In recent times, Innovate UK have been explicit in their stance to not guide organisations that have previously poorly managed grant-funded projects. This could be via incorrect reporting, a failure to comply with conditions set out in the Grant Offer Letter, not trying to exploit project outputs or having an outstanding Independent Accountant’s Report (Iara).
Setting up the assignment correctly
Before starting your project, ensuring that the right files and mechanisms are in place will reduce the risk of encountering challenges in the course of the project.
Document Set- Throughout the project a set of documents are required to be updated to exhibit effective project management and progress. This includes documents such as an Exploitation Plan, Project Plan and Risk Register. Ensuring that these are built into regular task management meetings and that each record is given an owner will mean you can track, plan and react successfully as the project progresses.
Timesheets- Innovate UK requires evidence of time spent on a project through the project team. Having the team complete timesheets presents the required evidence and, alongside PAYE records, forms the quarterly labour cost claim. This is in particular important for members of the team additionally focused on other projects/company activities the place only a minority percentage of their time is focussed on the IUK project. Ensure that the team is comfy with filling these out before the project begins.
Independent Accountant’s Report (Iara)- At set points of the undertaking an Iara needs to be completed by a appropriate accountant/auditor to confirm project costs. Identify a suitable business enterprise and engage them before the project starts offevolved so that IARs can be processed efficiently and you ultimately are paid sooner.
During the project there are set reporting intervals, with required documentation and milestones. We have supplied details of the core elements of these reporting stages.
Progress Reporting- Provision of an updated file set (see above), GANTT and progress report relating to the things to do of the previous quarter.
Financial Reporting- Identification of incurred project costs to date and up to date forecasts for the remainder of the project.
Independent Accountant’s Report (Iara)- Submission of an Iara to confirm project expenditure, aligning with prices in the financial report (an Iara is typically no longer required for every reporting period).
Project Change Request- Should you require a change in the project price profile or scope a formal Project Change Request needs to be completed. This needs to be supported by a suitably up to date document set.
Accurate reporting is critical to the cash go with the flow of a grant-funded project. Setting up your project correctly, taking action on Project Change Requests, complying with reporting requirements and making a correct impression with your Monitoring Officer sets you in good stead for the development of your project, but all require dedicated attention to whole correctly.
Our project management team has labored with hundreds of innovative companies on the administration of their grant, ensuring they can achieve their project objectives. Our rather knowledgeable team can provide specific, skilled partners across all aspects of challenge management, covering IARs, IP and wider financial support. If you have just been profitable in securing an Innovate UK grant, get in touch to explore how we can assist you in managing your mission reporting.
If you have a disruptive enterprising project or innovation, why not contact us? A brief chat with one of our innovation consultants will help you determine whether grant funding could get your project off the ground.
Why use grant funding experts?
Although there are many benefits to seeking grant funding, the thought of applying can be confusing, time-consuming and stressful. Using the creative and technical skills of a professional Innovation grant writing consultancy will strengthen your business in translating technologies and business models into a language and format assessors understand; increasing the chance of success. If you have a disruptive ambitious project or innovation, why not contact Capti Innovation.