One of the main offering bodies we perform grants for our clients on is UKRI (Innovate UK). The frequency of the accountant's reports required for their claims is based upon the size of the grant funding being offered in virtually all circumstances, unless where a very short project, where one would only be required upon completion.

This is summarised below:

• Grant offer in excess of £2,000,000 
  Report required with each claim
• Grant of between £500,000 and £2,000,000
  Report with first claim, last claim, and on each anniversary claim*
• Grant between £100,000 and £500,000
  Report with first claim and last claims only
• Grant between £50,000 and £100,0000
  Report with last claim only

When preparing reports at these intervals, all costs that have not yet been reported must be included. For a "last claim only" grant report, this means that all costs incurred throughout the entire course of the project would need to be reported.

*Anniversary grants refer to cases where 12 months or four quarters have passed since the last accountant's report was submitted. For instance, as per the UKRI example, if a first-quarter report was submitted during the second period, the next report would be due in quarter 6 and would cover costs from Q2 through Q5.