The Award Letter provided by the Wellcome Trust will provide a breakdown of the funds awarded, by category.
Prior to December 2015, budgets were categorised as either 'Ring Fenced' or 'Transferable'.
From 1st December 2015 this distinction will no longer apply; grant holders will be able to move funds in and out of budgets, giving the flexibility to spend funds in the best interests of their research.
This amendment will also apply retrospectively to existing awards. More on this change in policy can be found here.
Transferring costs between budget headings
Though awarded funds are considered transferrable, some restrictions do apply; small scale transfers do not need approval, however any significant transfer of funds should be discussed with the Trust.
Generally, what constitutes significant is to be determined by the grant holder's judgement. Examples given by the Trust of significant transfers are as follows:
- fellows and students being employed for less time (eg six months or longer) than awarded and the resulting salary (and fee) budget underspends being used for other purposes
- staff spending less time working overseas than anticipated and no longer needing the awarded overseas allowances
- funding for research management support costs being spent on other activities
- funding for public engagement activities being spent on other activities
- major changes to research staffing levels
- major changes in animal usage and equipment purchases.