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Costing in Worktribe

Project Partners/Collaborators

Worktribe requires that collaborating institutions are included under the partners tab, this includes:

  • Organisations providing an in-kind or cash contribution
  • Where an external organisation is lead applicant
  • Where an external organisation is a co-applicant.

If the organisation is not in the drop down list under the partners tab, please contact rs.worktribesupport@ucl.ac.uk with the partner name address and website so that a record can be created.

Where UCL is lead applicant the documents tab of the Worktribe must include an authorised costs report as provided by the external partner followed by the costs being included under partner costs within the budget tab.

Foreign Currencies

Euro and US Dollar

See Foreign Currency Projects for the current exchange rate.

UCL’s corporate exchange rate for the Euro and US Dollar is automatically configured within Worktribe.

On the budget tab of your project, select actions then budget settings then select from this list.

This does not edit your budget but allows you to view and export in another currency. Costing is always done in GBP.

Other Currencies

When converting to a currency other than the Euro or US Dollar, a 10% currency buffer should be applied to the mid-rate on the day from the XE Currency Converter to allow for fluctuations in that currency. Volatile currencies may require a larger buffer; please contact Research Services for advice.

Key Facts

  • Funding from overseas may have VAT implications or require UCL to provide additional financial information
  • If UCL are coordinating an application with overseas partners, please ensure they provide costs in GBP
  • The exchange rates within Worktribe will be reviewed on a regular basis
  • European commission grants - The responsibility of exchange rate losses and gains depends on the Framework Programme read more here
  • It is recommended that the project budget on all foreign currency funded projects be reviewed by the department at least annually (through MyFinance). This review should be carried out in conjunction with Adelaide Amoafo. This will assist in limiting exposure to exchange rate variances.

Equipment

The UCL Research Equipment Catalogue is a searchable database containing information about all UCL’s major research equipment and should be accessed prior to requesting equipment within a research application as most funders now request that existing capital equipment should be considered.

The OJEU Procurement threshold is current set at £134,011 inc VAT.

For UKRI a single piece of equipment worth between £10,000 and £400,000 will require an Institutional letter of support and a 50% financial contribution, both of which must be provided for and agreed by your Head of Department.

Please liaise with Research Services in advance for advice regarding equipment in excess of £400,000 as further process will need to be adhered to.