Rejecting UCL Masters scholarship

Hi, I have been shortlisted for UCL's International Master's Awards, they are requesting some additional information.
My question is, if I were to get selected for this award, and then later decide to not go to UCL, is there any penalty? I could not find anything related to that on their website, so if someone could help me out it would much appreciated.

Hey I just got my rejection email, have you received the scholarship?

Nope, also got rejected. I assume you have also been placed on the reserve list though?

Yeah I have been placed on reserve list , so does you ?
Maybe everyone who got rejected is placed on reserve list