The UK Research and Innovation (UKRI) is a grant-awarding body that is sponsored by BEIS the Department for Business Energy Industrial Strategy and is also responsible for the UK’s innovation agency Innovate UK.
Claims must be for costs incurred and paid for during the period, except for the final quarter where the awardee may submit a claim for costs incurred but not necessarily paid.
We are registered auditors, and we can carry out the procedures required by the UKRI for validating grants.
We will compile the Independent Accountants Report (IAR), which includes the Statement of Expenditure and Annexes 5, 6, and 7. An Independent Accountant must be a registered auditor who is listed on the audit registry, according to Innovate UK.
To ensure that your company’s expenses are compliant with the grant’s requirements, Innovate UK requires the Independent Accountant to conduct a reasonableness check on such expenses. We will inform Innovate UK of our results.
As the Independent Accountant, we will examine your financial documents and correspondence and gather all the data required to carry out these inspections.
Additionally, Innovate UK requests that the Independent Accountant:
- Verify the overheads claimed in the funding application.
- Verify you have not received any other public funding.
- Verify the sums are VAT-free.
- Verify that the amounts do not contain interest from credit agreements, hire buy agreements, or contract hire.
Make sure that none of the sums reported includes any business profit.
Please contact us if you would like to discuss your requirements. Your call will be treated in the strictest confidence.