Knowledge Transfer Partnerships
Statements, forecasts and LMCs
Guidance for KTP Associates at the University of Birmingham
Body copy – Arial 11pt black
As of 1ST January 2015, Claims for KTP funds must be submitted within 1 month of the period to which they
refer. As a result, the University is tightening up its procedures for providing KTP members with financial
information. It also means that financial information, such as statements and forecasts, will need to be
turned around quickly and accurately. If you have any questions about the following details, please contact
Luke Jones at l.jones.2@bham.ac.uk.
Background.
Rather than receiving a KTP grant in one lump sum, the University of Birmingham’s Finance Office is
required to submit regular Claims via Innovate UK’s _Connect platform. Each Claim covers a 3-month
period of the project, and has to be submitted within 1 month of the period to which it refers. For example,
if a Claim covered 1st January 2015 to 31st March 2015, the Claim would have to be submitted by 31st April
2015.
Before it is submitted, each Claim has to be approved by the Local Management Committee (LMC). Most
often this can be done at the LMC meetings that take place every 4 months. However, as Claims are
submitted every 3 months, at least once per year a ‘Virtual LMC’ will be required; members of the LMC are
contacted by e-mail to approve the corresponding Claim.
In order to submit each Claim, UoB Finance needs to have the following:
1) An up-to-date financial statement
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2)
A detailed expenditure forecast for _Connect
3) Evidence of approval from the LMC of the above two items, either in the form of approved
minutes from an LMC or e-mail approvals from a ‘virtual LMC’
What is expected of KTP Associates?
It is important that each Associate, along with their Academic Supervisor, keeps a record of expenses
accrued over the course of the KTP. What is equally important is to keep a record of when these expenses
are charged to the KTP account that is set up at the University of Birmingham. Charged expenses can take
some time to show on the University’s systems, and so keeping accurate records can help to quickly settle
any discrepancies that may arise.
It is advisable to set up a simple Excel spreadsheet with the following headings, and update it throughout
the project as items are purchased:
Date of
purchase
23/11/2014
Date charged to
KTP account
10/12/2014
Description of item
Cost
Return train ticket Birmingham to London for £33.30
Associate
As part of each LMC and Virtual LMC, Associates will be provided with a Financial Statement (including
Detailed Expenditure Forecast) and Project Costs Analysis (PCA) document detailing information that is held
on the University’s systems. Each Associate must look at these documents, and update them accordingly to
reflect any costs that are not already recorded by the University. This means:
A. Updating sections E and F of the Financial Statement (confusingly also marked as forecast) to
reflect orders placed but not yet invoiced (Accrued costs) and identified and planned future
expenditure approved by the LMC for which orders have not yet been placed (Planned spend)
B. Updating the Detailed Expenditure Forecast for the remaining time on the project. Only Travel &
Subsistence, Consumables and Associate Development need to be updated; all other information is
provided by Finance
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LMC process.
2 weeks before LMC
UoB Finance will send a financial statement, including detailed expenditure
forecast, and a project costs analysis (PCA) document to the Associate
The Associate will need to look at the statement and forecast, and update any
items that show IN YELLOW ONLY
1 week before LMC
Associate returns the updated statement and forecast to their designated UoB
Finance contact. The Associate should also copy in Luke Jones
(l.jones.2@bham.ac.uk)
Luke will forward the updated statement and forecast to the rest of the LMC,
along with other agenda items
LMC
The LMC looks at the statement and forecast. They will either approve it
outright, or suggest changes that need to be made.
Up to 1 week after LMC
The approved financial statement and forecast should be sent to Luke, and any
changes that have been requested by the LMC should be highlighted.
Virtual LMC process.
2 weeks before Virtual UoB Finance will send a financial statement, including forecast template, and a
LMC
project costs analysis (PCA) document to the Associate
The Associate will need to look at the statement and forecast, and update any
items that show IN YELLOW ONLY
1 week before Virtual Associate returns the updated statement and forecast to their designated UoB
LMC
Finance contact. The Associate should also copy in Luke Jones
(l.jones.2@bham.ac.uk)
Virtual LMC
Luke will e-mail the updated statement and forecast to the rest of the LMC for
their approval. The LMC will either approve, or suggest changes that need to be
made
Once all changes are made, Luke will send the statement and forecast to UoB
finance so that the Claim can proceed as normal
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