Congratulations! You’ve secured Innovate UK funding—now what? Managing your grant effectively is key to making the most of your funding and ensuring compliance with Innovate UK’s requirements. This guide walks you through each step, from receiving your Grant Offer Letter (GOL) to successfully closing your project.
Getting Started: What You Need to Do First
Before you can access your grant funding, you’ll need to complete a few essential steps:
- Submit Your Details – Provide project team information, bank details, and financial viability evidence.
- Sign the Collaboration Agreement – If your project involves multiple partners, this agreement must be signed.
- Provide Your Exploitation Plan – Outline how your project will create impact.
- Complete Financial Due Diligence – Expect to submit cash flow projections, subcontractor quotes, and other financial breakdowns.
- Upload Your Signed Grant Offer Letter (GOL) – Once everything is approved, your GOL will be issued. Sign it and upload it to the system.
After these steps, your project moves from the application stage to active project management on the Innovate UK Innovation Funding Service (IFS) platform.
Checklist for a Smooth Start
- Confirm all required documents are submitted and approved.
- Ensure project roles (Finance Contact & Project Manager) are assigned in IFS.
- Schedule your Kick-off Meeting with your Monitoring Officer (MO).
- Set up a system for tracking spend profiles and claim deadlines.
- Review the common pitfalls section to avoid unnecessary delays.
Managing Your Project in IFS
You’ll be using the Projects Dashboard in IFS to manage everything. Here’s what you need to know:
- Assign Key Roles:
- Finance Contact – Responsible for submitting claims.
- Project Manager – Oversees the project, submits claims, and handles Project Change Requests (PCRs).
- Key Functions in IFS:
- Submit and track claims
- Update financial forecasts
- Request changes to the project
Working with Your Monitoring Officer (MO)
Every project is assigned a Monitoring Officer (MO) who will support and oversee your project. They report to Innovate UK and will be your main contact for compliance and reporting.
Monitoring & Review Process
- Kick-off Meeting – Your MO will explain reporting requirements, claim scoring, and cost eligibility.
- Quarterly Review Meetings – You’ll discuss project progress, budget, and risks.
- Claim Scoring – Your MO will score your project on a scale of 1-5:
- 1– Serious issues, requiring urgent attention
- 2/3 – Progressing as expected, but concerns exist
- 4 – Meeting expectations (a good score!)
- 5 – Exceeding expectations (rarely given)
Your MO must approve all claims before they are submitted for payment.
Submitting Claims & Receiving Payments
- Claim Submission: You’ll submit claims via IFS. Payments are processed weekly, with a cut-off every Thursday afternoon.
- Payment Timeline:
- Remittance advice received: Tuesday
- Funds arrive: Following Thursday
(Important: You’ll receive only the grant-funded percentage of your costs—not 100% of your expenses. Innovate UK also holds back 10% of the grant until the final project report is submitted.)
Making Changes to Your Project
Need to adjust your project? You’ll need to submit a Project Change Request (PCR) through IFS.
Common Reasons for a PCR:
✔ Reallocating project costs
✔ Adding/removing a partner
✔ Extending the project timeline
✔ Approving new subcontractors
✔ Manage team members
How to Submit a PCR:
- Only the lead partner’s Project Manager can submit the request.
- Ensure your total grant amount stays the same (especially when shifting funds between SMEs and universities).
- Discuss the changes with your MO before submitting.
- Approval process:
- MO → Innovation Lead → Finance & Legal Team
- If approved, you’ll receive a GOL Variation Letter.
- Processing time: Plan ahead—PCRs aren’t applied retroactively!
Closing Your Project
As your project wraps up, you’ll need to complete a few final steps:
🎉 Final Deliverables:
- Submit your final claim + Project Closure Report
- Provide evidence of achievements (e.g., reports, demonstrations)
- If your grant is over £50k, submit an Independent Accountant Report (IAR) or Statement of Expenditure (SOE) for grants less than £50k
- Complete the final online survey
- Your Innovation Lead may conduct a final review meeting
Once all requirements are met, you’ll receive the final 10% grant payment, and your project will officially close.
Common Pitfalls to Avoid
- Missing claim deadlines – Payments are processed on a fixed schedule, so delays can impact your cash flow.
- Not keeping accurate financial records – Innovate UK may audit your claims, so make sure your expenses are properly documented.
- Making unauthorized changes – Any major project changes (team, costs, scope) need approval via a PCR—don’t assume you can make adjustments without approval.
- Failing to communicate with your MO – Your Monitoring Officer is your key contact—engage with them early and often to avoid compliance issues.
- Not preparing for the final review – Missing reports or incomplete documentation can delay your final payment.
- Forgetting about the final 10% retention – Plan your finances accordingly so that the retained amount doesn’t disrupt your cash flow.
Need Support?
Managing an Innovate UK project can be complex, but you don’t have to navigate it alone. Managing an Innovate UK project can be complex, but you don’t have to navigate it alone. At Elmers Green, we specialise in helping SMEs successfully manage their Innovate UK funding. From grant compliance to financial reporting, we ensure your project stays on track and you receive your payments smoothly.
📩 Get in Touch – If you have any questions or need expert support, contact us:
🌍 Website: www.elmersgreen.co.uk
📧 Email: info@elmersgreen.co.uk
📞 Phone: +44 (0) 1925987030
Good luck with your innovation journey!