FEX Position Statement

Foreign Currency Exchange

The Academy awards all of its grants in GBP value and are unable to increase the value of an award in GBP to compensate for fluctuations in exchange rates. To minimise the impact of exchange rates, international awardees are asked to report on their expenditure in their local currency and based upon the funding that they received in local currency.  

As standard, the Academy holds back final payments on all of its grants.  Any final payment will be released on receipt of all necessary final reports and will be calculated based on the actual expenditure incurred.  This expenditure will be translated to its GBP value at the point of reconciliation using Xe Currency Converter and any final payment will either compensate for the full expenditure (if within the available remaining GBP budget) or be equal to the final GBP value contracted.   ​

Should currency fluctuations materially affect the awardee’s ability to deliver the project as initially scoped, the Recipient must immediately liaise with the Academy to discuss options for mitigation.