As you will be aware, last year a change to the Ordinary grant process was introduced. This saw the replacement of the fixed payment of 12% of members' subscription fees, with a performance-related payment based on the annual assessment completed by each institute.
As advised at that time, where an institute’s reserves exceed its annual operating costs (as stated in its latest annual return), an adjustment is to be made to the second instalment of the Ordinary grant.
This adjustment is designed to bring reserves down to the equivalent of 12 months operating costs by 2017.
The balance of each institute's Ordinary grant has now been paid.