Ordinary grant - second tranche payment

As previously advised, the balance of your 2015 ordinary grants will be paid in July.

I would remind you that where an institute’s reserves currently exceed 12 month’s operating costs; a reduction is to be applied to the ordinary grant over an agreed period, typically three years, to bring these down to 12 months.

This initial adjustment will be made to the forthcoming July 2015 payments. Please ensure your annual financial returns are sent back by 31 May 2015 to ensure that we can calculate any potential reductions using the most up to date local institute reserve figures.

The amount and timing of the reduction will reflect discussions held with each institute and be agreed with all local institute presidents by week commencing 22 June 2015.