UK Research and Innovation: Loans
(asked on 2nd June 2025) - View Source
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government what proportion of the £1.3 billion in co-investment reported by UK Research and Innovation in the report Annual Report and Accounts 2023–24, published on 24 July 2024, was independently verified after project award.
Answered by
Lord Vallance of Balham
Minister of State (Department for Science, Innovation and Technology)
UKRI verifies co-investment commitments at several stages of the grant lifecycle. Verification processes are managed according to the terms and conditions of specific grant awards and vary depending on the size of the awards. For large co-investment commitments, UKRI engages third parties to conduct verification.
At the application stage, UKRI portfolio managers verify co-investment commitments as part of usual due diligence checks, with host research organisation also undertaking due diligence to confirm that information included in applications is accurate. For completed awards, grant holders are able to report actual co-investment values via the research outcomes process.
The co-investment figure of £1.3 billion provided in the 2023-24 UKRI Annual Report and Accounts reflects project partner contributions declared at the point of application.