Re: "but no one seems quite sure where such a sizeable amount is being spent."
Thought it was obvious:
"Funding for the NGI will come from £38m from the Government, as part of £50m allocated for graphene research, and the University has applied for £23m from the European Regional Development Fund (ERDF)." [http://www.manchester.ac.uk/discover/news/first-look-at-world-leading-graphene-institute ]
The NCI is a new build started in 2013, so a significant amount of money has been spent on glass, bricks and mortar. So practically zero monies todate spent on product R&D...
"The University of Manchester is to build a £60m Graphene Engineering Innovation Centre (GEIC)." [http://www.manchester.ac.uk/discover/news/new-60m-engineering-innovation-centre-to-be-based-in-manchester ]
This also is a new build started in 2013, so once again a significant amount of money spent on glass, bricks and mortar...
Things aren't quite so clear about the Graphene Applications Centre located at NETPark in Sedgfield, (perhaps readers in Sedgefield could clarify...), but given the £50m price tag, suspect this also is being spent on construction etc..
So yes it would seem that much has been spent on 'pencils' by architects et al. with graphene 'researchers' only being able to buy 'pencils' when the additional £40m "collaboration and investment fund" is established...