Certain business growth and capital grant schemes require independent accountants reports to be submitted alongside claim submissions and monitoring reports.
Clive Owen LLP have provided many independent accountants reports to support claims submitted by businesses awarded grants from Tees Valley Capital Grant Scheme, Let’s Grow North East and Regional Growth Fund, among many others, including Post Completion Monitoring Reports.
Does my grant require an audit?
The grant funding agreement or offer letter will usually specify when and how an audit should be carried out. For some schemes a grant audit is required alongside the first and final grant claim submissions, and may also be required on an annual basis for the length of the monitoring period set out in the funding agreement.
How can Clive Owen LLP assist with my grant claim?
Clive Owen LLP have extensive experience in assisting clients with the submission of their grant claims. We will work with you to ensure your grant claim is maximised to its fullest potential whilst remaining compliant with the terms of your grant. Alongside this we can prepare an independent accountants report that will satisfy the conditions of your grant funding agreement and help get you timely receipt of your funding.
How often can I submit grant claims?
The majority of grant schemes operate on the basis of one claim per calendar quarter. The terms of your Grant Offer Letter will outline when claims should be submitted and when they require an audit. Typically, an audit might be required for the first and final claims made, however all project expenditure across the delivery period will need to be covered by however many grant audits are required.
What does defrayed expenditure mean for grant claims?
Defrayed expenditure means that project costs have been invoiced by a supplier and that this invoice has been paid in full. Grant schemes usually only permit grant claims to be based on defrayed expenditure and not against invoices which have not been settled.
What will the audit cover?
Typically, an independent accountants report required alongside a grant claim or monitoring report will include the audit of grant expenditure incurred and / or employment impact where job creation was a requirement of the grant award.
Typical documentation the auditors may expect to see include:
Invoices for capital and other expenditure items
Evidence of payment of invoices
Payroll records evidencing headcount at the commencement of the project and the date of the claim / monitoring period
Employment contracts for employees included within project job creation or safeguarding