To calculate project costs for grant applications effectively, you need a budget that is accurate, well justified, and aligned with delivery. While innovation and impact often take centre stage, assessors place significant weight on your cost breakdown. A thoughtful, transparent approach to budgeting shows that your proposal is not only ambitious but also feasible and cost-effective.
This step will guide you through how to calculate project costs for grant applications in a way that builds funder confidence and aligns with programme expectations from Innovate UK, Horizon Europe, and the EIC Accelerator.
A strong cost section should do two things:
Demonstrate financial realism — showing that your activities are properly resourced and achievable.
Show value for money — assuring the funder that their investment will generate maximum return, both in terms of outcomes and public benefit.
Even if final numbers are subject to refinement, a clear and justifiable estimate is critical to writing a winning bid.
FI Group Guides
The FI Group’s International Grants Guide 2025 is a comprehensive reference for businesses and institutions looking to leverage public funding opportunities worldwide. Covering over a dozen countries, the guide breaks down national and regional schemes that support R&D, innovation, energy efficiency, sustainability, and industrial transformation.
The FI Group’s International Grants Guide 2025 is a comprehensive reference for businesses and institutions looking to leverage public funding opportunities worldwide. Covering over a dozen countries, the guide breaks down national and regional schemes that support R&D, innovation, energy efficiency, sustainability, and industrial transformation.
Common Mistakes
Our Grants Guide is designed to help you every step of the way, from identifying funding to final submission.
FI Group is there during every step of your funding journey, we are specialists in UK and International grant applications.
Related
