Applications can be costed in the currency that, in the view of the applicant(s), best enables the activity on the grant to be undertaken.
In most cases, the Trust would expect that the currency specified is the local currency. However, where an alternative currency is sought, the applicant(s) must clearly state the rationale for selecting the chosen currency.
Where an application is successful, the award will be made in the currency specified, provided the Trust is able to purchase the required currency. If the Trust is unable to purchase the requested currency, discussions will be held with the administering organisation to decide on alternative arrangements.
Once an award has been made, the currency in which the grant is administered may not be changed by the grantholder or administering organisation.
If, during the application process, there are concerns that the preferred currency may not be readily available for purchase, organisations should contact the Trust.
Applicants must provide figures based on current known costs and should not factor in an allowance for inflation into the costings. The Trust will provide an inflation allowance, the value of which will depend on the currency requested.
As grants awarded under these arrangements will be made in the currency the applicant and the administering organisation chooses, any costs of foreign currency movements will be borne by the organisation. Supplementations for foreign currency related movements will only be considered in exceptional circumstances, where the Trust has been notified in advance of likely shortfalls.
However, if an award has been made in a particular currency due to the Trust being unable to purchase the original requested currency, the Trust may be willing to bear the cost of the resulting foreign currency movements. In these cases, the applicant will need to apply to the Trust for a supplement to the grant.