B ut whilst the media consistently reminds us of the predicted deficit of the UK’s funds, now is still a good time to explore potential grant funding options for your business. Amongst our own varied client portfolio, a number have recently been successful in obtaining grant funding, evidencing that there are avenues out there to explore, even at a time when you feel your businesses cost base is expanding rapidly, mostly out of your control. Lesley Aldons, Audit Assistant Manager, looks at the grant opportunities available to the industry and how these could lead to not only a potential improvement of your financial position, but also significant growth. Where To Start? A good starting point in the search for grant funding is the “Home - Find a grant” area of the GOV.UK website, part of the Grants Management Function. This simple search tool allows you to search by sector, and helpfully by location, and often offers a large number of grants available - dependent on where you’re operating within the UK. In terms of the finance available, we’re noticing more opportunities for funding for digital technology, including artificial intelligence and cyber security, both of which are at the forefront of many a company’s future plans.
So, Is A Grant Right For You? It would be a lie to say that the grants process is a quick and easy one, so the time required for the application monitoring and reporting must all be factored in. However, at a time when businesses across all sectors are seeing what feel like never-ending cost increases, particularly with respect to energy and staff costs, there has arguably never been a better use of your time than to research and apply for any grant funding opportunities that may be available. Adding a monthly diary note to check availability for release of any new grants in your sector could be a valuable way to spend your time. Determining whether the funding you’ve applied for will be subject to a grant audit depends on various factors such as who the grant has been provided by, the size of the grant, the complexity of the project, the agreement terms and past performance with other funding. You can find out more here Grant Audit | Scrutton Bland including 5 tips to help you determine whether you need a grant audit or not. So, whether your business is in the process of looking for, applying for, or recording details of grant funding, we’re here to help. Contact Lesley or one of the Audit team by calling 0330 058 6559 or email hello@ scruttonbland.co.uk
The UKRI website offers an interactive platform, and its initial eligibility checking tool is available at an early stage before you delve further into the details of what funding is available. A funding finder tool is then available to narrow down your potential grant options by funding council, including those from the Engineering and Physical Research Council. It’s important not to rule out other grant providers too though, such as the Royal Academy of Engineering and the Institution of Civil Engineers. Is It Worthwhile? Of course, as with all sources of funding for both businesses and individuals, sadly nothing is handed to you on a plate, and the application processes to source such funds can be a very long and drawn out. However, it’s important to hold on to the thought that there are funds out there for the taking, for both small and large businesses, and it’s particularly important to review the grants available on a regular basis as new funding opportunities are continually published. As with the majority of government grants awarded, there are defined reporting schedules to confirm that any costs incurred by the business are eligible and in line with original documentation at award date. The grantor will detail specific criteria which must be met, such as job creation, innovation in a certain area, or carbon reduction. In most cases, to be sure funds are used as intended, the overseeing body may require an audit of the grant claims on an ongoing basis, to confirm that funds have been allocated and spent according to agreed terms. How We Can Help As a registered auditor, this is a service that we have experience in offering, meaning we can support those fortunate enough to have obtained funding to progress and grow their business. This work can involve reviewing both your financial and non-financial information, agreeing compliance with original grant award documentation, agreement to timesheets/ payslips, and invoices and bank payments where applicable. And so long as appropriate records are maintained for the work done and the projects carried out, the task shouldn’t be too onerous.
There’s also a particular focus on environmentally friendly, and carbon-
reducing operations, with the UK Government announcing its desire for the nation to have reached the point of carbon neutrality “net zero” by 2050. And whilst some of us may feel this date seems like a lifetime away at two and half decades, there will be lots of business owners out there who clearly remember “Y2K” like it was yesterday, despite being a date now 25 years in the past! Based on our current client portfolio, some of the largest providers of grants in the manufacturing and engineering sectors are UK Research and Innovation (UKRI), Innovate UK, and regional growth funds. We’ve seen a number of our clients receive grant funding from these bodies in recent years, helping to grow their businesses and use innovation to enhance the products and services they offer.
*Brief Guide to the Public Finances-published October 2024
MANUFACTURING A N D ENGINEERING | SCRUTTON BLAND | 7
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