Do you urgently need a grant audit to draw down project funds?

15th February 2024 | Audit

Do you require an Innovate UK Independent Accountants Report?

Introduction:

Innovate UK stands as the beacon of innovation, offering grants to propel ground-breaking projects across various sectors. Yet, securing these grants is just the beginning of a meticulous journey. In this article, we delve into the critical role of Independent Accountants Reports (IARs) in the Innovate UK grant process and how firms like ARK Accountants navigate these waters to ensure compliance and success.

Understanding Innovate UK Grants:

As the UK's national innovation agency, Innovate UK fuels business-led innovation by providing grants to support projects across all sectors. These grants cover crucial costs involved in developing innovative ideas, driving forward the government's vision for the UK to become a global innovation powerhouse by 2035.

Grants offered by Innovate UK range from £25,000 to £10 million, complemented by separate innovation loans ranging from £100,000 to £1 million. While specifications regarding business size, type, and region typically apply, some projects accept applications from UK-registered businesses of any size.

The Importance of Independent Accountants:

Once a project is accepted for Innovate UK funding, the next vital step is engaging an Independent Accountant to prepare the IAR. Innovate UK mandates that the Independent Accountant must be a registered auditor listed on the audit register. This ensures credibility and reliability in the audit process. An Independent Accountant will put together the Independent Accountants Report (IAR) – including annexes 5, 6 and 7 and Statement of Expenditure.

Audit requirements are determined by Innovate UK and outlined in grant agreements. While terms are typically standard, exceptions may apply on a project-by-project basis. The type of audit required also varies based on the grant size.

Role of Independent Accountants:

The Independent Accountant plays a pivotal role in ensuring compliance with Innovate UK grant terms. They meticulously review accounting records and correspondence to verify expenses, conduct reasonableness checks, and ensure adherence to grant guidelines. Additionally, they are tasked with testing overheads, confirming the absence of other public funding, and ensuring that claimed amounts exclude VAT, interest, and profit.

ARK Accountants: Your Trusted Partner:

At ARK, we are registered auditors with the Institute of Chartered Certified Accountants in England and Wales, authorized to undertake audits of all sizes. With extensive experience in providing Independent Accountants Reports for various grants, including Innovate UK, we stand as your trusted partner in navigating the intricacies of grant compliance.

Conclusion:

Innovate UK grants hold immense potential for driving innovation and growth across the UK economy. However, securing and utilizing these grants require meticulous attention to detail and compliance with grant terms. By partnering with experienced Independent Accountants like ARK, businesses can navigate the grant process with confidence, ensuring success in their innovative endeavours.

Get in touch: 

We understand the significance of Innovate UK funding for your limited company. Project funding is often contingent upon audit completion, underscoring the urgency.

Contact us for more information or inquiries regarding your grant auditing needs.