21.10.21 Funding Requirements

Innovate UK Project Reporting Requirements

The importance of ensuring your project reporting is managed correctly.

You’ve made it through the due diligence stage and the project is pending kick-off, but what is the best way to ensure that you remain compliant with Innovate UK’s reporting requirements and also put your company in a good position to secure follow-on grant funding?

Our Project Management Team has put together some helpful advice for successfully managing your project.

What is Innovate UK project reporting?

The purpose of Innovate UK’s reporting requirements are to ensure your grant funded project is progressing in line with the scope, timeframes, and costs proposed in the original application.

Reporting Fundamentals

In recent times, Innovate UK has been explicit in their stance to not support organisations that have previously poorly managed grant funded projects. This could be through incorrect reporting, a failure to comply with conditions set out in the Grant Offer Letter, not attempting to exploit project outputs or having an outstanding Independent Accountant’s Report (IAR).

Setting up the project correctly

Before starting your project, ensuring that the right documents and mechanisms are in place will reduce the risk of encountering challenges during the project.

  • Document Set- Throughout the project a set of documents are required to be updated to show 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 project management meetings and that each document is given an owner will mean you can track, plan and react effectively as the project progresses.
  • Timesheets- Innovate UK requires evidence of time spent on a project by the project team. Having the team complete timesheets provides the required evidence and, alongside PAYE records, forms the quarterly Labour cost claim. This is particularly important for members of the team also focused on other projects/company activities where only a minority percentage of their time is focussed on the IUK project. Ensure that the team is comfortable with filling these out before the project begins.
  • Independent Accountant’s Report (IAR)- At set points of the project an IAR needs to be completed by a suitable accountant/auditor to confirm project costs. Identify a suitable organisation and engage them before the project begins so that IARs can be processed efficiently and you ultimately are paid sooner.

In-Project Compliance

During the project there are set reporting intervals, with required documentation and milestones. We have provided details of the core elements of these reporting stages.

  • Progress Reporting- Provision of an updated document set (see above), GANTT and progress report relating to the activities of the previous quarter.
  • Financial Reporting- Identification of incurred project costs to date and updated forecasts for the remainder of the project.
  • Independent Accountant’s Report (IAR)- Submission of an IAR to confirm project expenditure, aligning with costs in the financial report (an IAR is typically not required for every reporting period).
  • Project Change Request- Should you require a change in the project cost profile or scope a formal Project Change Request needs to be completed. This needs to be supported by a suitably updated document set.
Our Support

Accurate reporting is critical to the cash flow of a grant funded project. Setting up your project correctly, taking action on Project Change Requests, complying with reporting requirements and making a good impression with your Monitoring Officer sets you in good stead for the progression of your project, but all require dedicated attention to complete correctly.

Our Project Management Team has worked with hundreds of innovative companies on the management of their grant, ensuring they can achieve their project objectives. We have a highly knowledgeable Project Management Team and can provide specific, experienced partners across all aspects of Project Management, covering IARs, IP and wider financial support. If you have just been successful in securing an Innovate UK grant, get in touch to explore how we can assist you in managing your project reporting.

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