Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698136515742.pdf (Malta)
IT-TLETTAX-IL LEĠIŻLATURA P.L.

2901 Dokument imqiegħed fuq il-Mejda tal-Kamra tad-Deputati fis-Seduta Numru 196 tat-12 ta’ Frar 2019 mill-Ministru għall-Enerġija u l- Immaniġġar tal-Ilma, f’isem il-Ministru għall-Edukazzjoni u x-Xogħol.
___________________________ Raymond Scicluna Skrivan tal-Kamra Institute for Education Annual Report and Financial Statements For the Year Ended 31 December 2018 Institute for Education For the Year Ended 31 December 2018 Contents Report of the Chief Executive Officer of the Institute and Statement of Responsibilities Independent Audit Report Sta tement of Comprehensive Income Statement of Financial Position Statement of Changes in EqUity Statement of Cash Flows Notes to the Financ1al Statements 1 - 2 3 - 4 5 6-7 8 9 10 - 16 Institute for Education Report of the Ch ief Executive Officer of the Institute and Statement of Responsibilities For the Year Ended 31 December 2018 The Ch1ef Executive Officer of the Institute subm1t the annual report together w1th the aud1led flnanc1al staten1ents for the year ended 31" December 2018 General In formation The Ins titute for Education ('Institute') was origmally setup as and Institute on 24111 April, 20 15 by v1rtue of Legal N otice 240 of 20 15.
The Institute was reconstituted as an agency by virtue of Legal Not1ce 243 of 2017 with effect from 1" January, 2018 Principal Activity The main funct1ons or the Institute are as follows: i.

To create high level accredited courses at various EQF levels for the needs and interests of educational practitioners and stakeholders ii.

To collaborate with Education Departments.

Colleges and schools and other entitles and Institutions whether government or private.
local or International, in designing and providing quality courses that cate r for all the professional needs of education practitioners and stakeholders iii.

To prov1de professional formation, skills, attitudes and practices consistent with or in support of the Government policies and educational frameworks iv.
To provid e adv1ce 1n relation to issues, needs and practices with reference to European and, or interna tio nal training programmes and furthermore in relation to the socio-economic needs from time to lime v. Through research, to clarify, understand and widen the various aspects of educational leadership vi .

To develop a leadership and autonomous vision for schools vii.

To create a learn ing community for educators to meet and share common expenences, challenges and possibililies viii.
To nurture meaningful.

truly engaging awareness of education in a w1der sense and its dialectal relation s hip with life ix.

To encourage reflective educational leadership that is aware of its qualities.

possibilities, challenges and limits.

personally, socially, and professionally, hence becoming a leadership that nurtures trust and hope x.

To act as a meaningful forum for educational policy discussions xi.
To carry out any other func tion which is related to or ancillary to above functions Results and Review of the Performance of the Institute The Institute based its expenditure for the year under review on its budgeted expenditure in line with the subvention approved by Parliament.

This was the first year for the Institute after its reconstitution as an agency.
It has been very eventful year in which the Institute saw th e development of the first phase of its online information system or portal which once completed will facilitate tremendously the administration and delivery of courses offered.

During the year, the Institute continued to offer short courses for educators and also introduced new opportunities for educators with the development and delivery o f Bachelors and Master degrees in Education.
This year also saw the Institute change premises to Martin King Hall, in Pembroke, a building which promises further potential to the Institute towards achieving its mandate The Institute is reporting an excess of income over expenditure for the year of E 249,899 which is being tra nsferred to reserves.
The surplus for the year is s tated after charging direct and administrative expenditure amounting to €278, 442 & € 146,846 respec tively, against the Government Subventions and Course Fees which amounted to € 600,000 & €6 8,770.

Other income amounted to € 6,417.

Events after balance sheet date There were no particular Important events affecting the Institute which occurred since the end of the reporting period.
Future Developm ents The Institute is not env1sag1ng any changes in operating activities for U1e forthcoming year.

Institute for Education Report of the Chief Executive Officer of the Institute and Statement of Responsibilities For the Year Ended 31 December 2018 Non-Executive Advisory Board of the Institute Members of the Advisory Board who held office during the year were Ms. Salvina Muscat Arch.

Edward Scerri Mr. Glenn Bugeja Bankers Bank of Valletta pic 58, Zachary Street, Valletta.
VL T 1130, Malta Statement of Responsibilities of the Institute Members The Institute is a public agency incorporated by virtue of S.L.497.24 (Legal Notice 243 of 2017) and pursuant to Articl e 40 (1) of the Public Administration Act (Chapter 174, Laws of Malta) it has also entered into an agency performance agr eement with the Ministry for Education and Employment.

The agency agreement requires the institute to keep proper books of accounts and to subject the said accounts to a yearly audit.
The Chief Executive Officer is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Institute and to enable her to ensure that the financial statements have been properly prepared, in accordance with the requirements of International Financial Reporting Standards.

She Is also responsible for safeguarding the assets of the Institute and for taking reasonable steps for the prevention of fraud and other irregularities.
Auditors PKF Malta, Certified Public Accountants and Registered Auditors, have expressed their willingness to continue in office and a resolution for their reappointment will be proposed at the Annual General Meeting.

Approved on behalf of the Institute on the 25111 January 2019 and signed by: ~9 .

.
~ GC_ Ms. Joanne Rita Grima CEO Head Office: Institute for Education Martin Luther King Road Pembroke PBK 1990 2 Ins titu te f or Education Independent Audit Report To the Chief Executive Offic er of the Institute for Education Report on the Audit of the Financi al Statements PKF Accountants & business advisers We have audited the accompanying financial statements of the Institute for Educat1on set out on pages 5 - 16 which comprise the statement of financial position as at 31 December 2018. the statement of comprehensive 1ncome, statement of cha nges in equity and statement of cash flows for the year then ended, and notes to the financial statements , including a summary of significant accounting policies.
Opinion In our opmion.

the accompanying financial statements give a true and fair view of the financial position of the l nst1tute as at 31 December 2018, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union and have been properly prepared m accordance with the requirements of the Public Administration Act, Cap.174 of the Laws of Malta.
Basis for Opinion We conducted our audit in accordance with International Standards on Auditing {ISAs).

Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Institute in accordance wit11 the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are re levant to our audit of the financial statements in accordance with the Accountancy Profession (Code of Ethics for Warra nt Holders) Directive issued in terms of the Accountancy Profession Act (Cap.
281) of the Laws of Malta, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.

We believe that the aud it evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information The Chief Executive Officer is responsible for the other information on pages 1 & 2.

The other information comprises the information included in the annual report.
other than the financial statements and our auditors' report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements.

our responsibility is to read the other informa tion and, in doing so.
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information , we are required to report that fact.

We have nothing to report in this regard.
Responsibilities of the Chief Executive Officer for the financial statements The Chief Executive Officer is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards and the requirements of the Public Administration Act, Cap.174 of the Laws of Malta, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Chief Executive Officer is responsible for assessing the Institute's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern ba sis of accounting unless the members either intend to liquidate the Institute or to cease operations, or has no realistic alternative but to do so.
Auditors' Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement.

whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered m aterial if.

individually or in the aggregate.

they cou ld reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
3 .P KFf MR ita 0 I nst1tute or 'Eaucat1on Independent Audit Report To the Chief Executive Officer of the Institute for Education Report on the Audit of the Financial Statements PKF Accountants & business advisers As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit We also: • • • • • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion , forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Institute's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members.

Conclude on the appropriateness of the members' use of the going concern basis of accounting and based on the audit evidence obtained , whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Institute's ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.

Our conclusions are based on the audit evidence obtained up to the date of our auditor's report.

However, future events or conditions may cause the Institute to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation We comm unicate with management regarding , among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
GeorgeM n~/ for andpFY ehalf of PKF Malta Certified Public Accountants and Registered Auditors 25th January 2019 Tel: +356 2148 4373 · +356 21 49 3041 ·Fax: +356 2148 4375 · Email: info@pkfmalta.com · Web: www.pkfmalta.com PKF Malta • Registered Auditor • 35, Mannarino Road · Birkirkara BKR 9080 • Malta o Accountancy Board Reg.

No.
AB/26/84/40 4 PKF Malta is a member firm of the PKF International Limited lamily ollegally independentllrms and does not accept any responsibility or liability Institute for Education Statement of Comprehens ive Income For th e year end ed 31 December 2018 Revenue Government Subvention Other Income Total Recurrent Revenue D~rect expenditure Administrative expenditure Surplus before taxation Income tax expense Total comprehensive income for the financial year The notes on pages 1 0 to t6 form an integral part of these financial statements Note 4 4 5 2018 € 600,000 75, t87 675,187 (278,442) (146,846) 249,899 249,899 5 Institute for Education Statement of Financial Posrtron As at 31 December 2018 ASSETS Non-current assets Property.
plant and equipment Intangible assets under development Total non-current assets Current assets Trade and other receivables Cash and short-term deposits Total current assets TOTAL ASSETS Note 6 7.
8 9 2018 € 44,447 32, 050 76,497 693 303,732 304 ,425 380,922 6 Institute for Education Statement of Financial Position A s at 31 December 2018 EQUITY AND LIABILITIES Equity Endowment capital Accumulated Fund Total equity Liabilities Non-current liabilities Deferred grants Total non-current liabilities Current liabilities Deferred grants Payables Total current liabilities TOTAL EQUITY AND LIABILITIES Note 10 11 11 12.
2018 € 21.802 249,899 271.701 24.038 24,038 8,012 77.171 85,183 380,922 The notes on pages 10 to 16 form an integral part of these financial slatemenls.
These financial statements on pages 5 to 16 were approved by the Chief Executive Officer of the Institute for Education on 251h January 2019 and were signed by her: Ms. Joanne Rita Grima CEO 7 Institute for Education Statement of Changes in Equity For the Year Ended 31 December 2018 Endowment Accumulated fund cap ital Total Equity € € € Balance as at 1"1 January 2018 Reserves upon enactment of new agency 21,802 21,802 Surplus for the year 249,899 249,899 Balance as at 31 December 2018 21,802 249,899 271,701 The notes on pages 10 to 16 form an 1ntegral part of these financ1al statements.
8 Institute for Education Statement of Cash Flows For the Year Ended 31 December 2018 Cash from operating activities: Surplus from operations Non-caslr adjustments to reconcile surplus to net casl!
flows Depreciation o f property, plant and equipment Profit from operations Movement in inventories Movement in trade and other receivables Movement in trad e and other payables Net cash flows (used in)tfrom operating activities Cash fl ows from investing activities: Payments to acquire intangibles Payments to acquire property.
plant and equipment Net cash fl ows from/(used in) inves ting activities Cash flows from financing activities: Endowment capital Net cas h flows used in Financing ac tivities Net cash (u sed in)/from in cash and cash equivalents Cash and cash equivalents at beginning of year Note 6 12 2018 € 249,899 6,634 256,533 (693) 109,221 365,061 (32 .050) (51.081) (83, 131) 21,802 21,802 Cash and cas h equivalents at end of year 9 303,732 The notes on pages 10 to 16 form an integral part of these financial statements.
9 Institute for Education Notes t o the Financial Statements (continued ) For the Year Ended 31 December 2018 1.

Ins titu te Info rm ation The Institute of Education ("the Institute") is a Government Institute and was originally setL•P as an Ins titute o n 24'h Apnl.

20 t 5 by virtue of Legal Notice 240 of 2015.

The Institute was recon stituted as an agency by Virtue of Lega l Notice 243 of 20 17 with effect from I " January , 2018.

Its registered office is at Martin Luther King Hall.

Pembroke.
Pembroke.

Malta 2.

B asi s of Preparation a.

Statement of compliance The financial statements have been prepared and presented in accordance wit11 the requirem ents of the International Financial Reporting Standards as adopted by the European Union.

and the require m ents o f the LN .


243 of 2017 Public Administration Ac t (Chapter 497), are prepared on a going conce rn b asis This assumes that the Government of Malta will continue to provide the necessary fundmg to the Institu te in o rder to continue with its activities.

b .

Basis of measurement The financial statements have been prepared on the historical cost basis as modified to include the valuation of certain property.

plant and equipment at the date of transfer by the Government.
c. Changes in Accounting Policies and Disclosures During the year under review, the Institute have adopted a number of Standards and Interpretations issued by the International Accounting Standards Board and International Financial Reporting Interpre tation s Committee, and endorsed by the European Union.
The Institute is of the opinion that the adoption of th ese standards and interpretations did not have a material impact on the financial statements There have been no instances of early adoption of Standards and Interpretations ahead of their effective date.

At the date of the statement of financial position.

certain new Standards and Interpretations were in issue and endorsed by the European Union, but not yet effective for the current financial year.
The Institute a nticipate that the initial application of the new standards and interpretations will not have a material impact on the financial statements.

10 Institute for Education Notes to the Financial Statements (continued) For the Year Ended 31 December 2018 3.

Significant Accounting Policies a.

Property, plant and equipment i.


Value method Property, plant and equipment invo1ced are in1!1ally recorded at cost and subsequently stated at cost less accumulated depreciation and 1mpainnent losses Property, plant and equipment are derecogn1sed on disposal or when no future econom1c benefits are expected from their use or disposal.

Gains or losses arising from derecogn1t10n represent the difference between the net disposal proceeds.
if any, and the carrying amoun t. and are 1ncluded in the Statement or Income and Expenditure in the period of derecognition The carrying values or property, plant and eqUipment are reviewed for 1mpa1rment when events or changes in circumstances indicate that the carrying value may not be recoverable ii.
Depreciation Depreciation is charged to the statement of comprehensive income and is calculated using the straigh t-line method to write off the value or property, plant and equipment, other than land and capital works in progress, to their anticipated residual values over their estimated useful lives.

Residual va lues.

useful lives and methods of depreciation are reviewed at each financial year-end adjusted prospectively.
if appropriate The annual rates or depreciation used are as follows Computer Equipment Office Equipment Furniture and Fittings Air Conditioning Equipment 20% 20% 10% 10% 11 Institute for Education Notes to the Financial Statements (continued) For the Year Ended 31 December 2018 3.
Significant Accounting Policies (continued) b. Intangible assets Intangible assets acquired separately are measured on initial recognition at cost The cost of intangible assets acquired in a business combination are their fair value as at the date of acquisition Following initia l recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment tosses.

Internally generated intangible assets.


excluding capitalised development costs , are not capitalised and expenditure is renected in the statement of comprehensive 111come (income statement) in the year in which the expenditure is incurred.

The useful lives of Intangible assets are assessed as either finite or Indefinite Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired.
The amortisa tion period and the amortisation method for an intangible asset w1th a finite useful life is reviewed at least at the end of each reporting period.

Changes in the expected useful life or the expected pattern of consumption of future econom1c benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
The amortisation expense on intangible assets with finite lives is recognised in the statement of comprehensive income (income statement) in the expense category consistent with the function of the intangible assets Ga ins or losses arising from derecognition or an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the s tatement of comprehensive income when the asset is derecognised The intangible asset held by the Institute represents the cost of phase one of development of the Institute's information system.
Amortisation on this asset will commence in year or completion or project.

c. Trade and other receivables Receivables are recognised and carried at original invoice amount less provisions made for impairment of these rece ivables.

d .

Cash and s hort-term deposits Cash and short- term deposits in the statement or financia l position comprise cash at banks and on hand and short-term deposits with an original maturity or twelve months or less.

For the purpose of the statement of cash flows.


cash and cash equivalents consist of cash at banks and on hand, net of negative bank balance.

e. Trade and other payables Liabilities for trade and other amounts payable are carried at cost which is the fair value of the consideration to be paid in the future for good and services received, whether or not billed to the Institute.

12 Institute for Education Notes to the Financial Statements (continued) For the Year Ended 31 December 2018 3.
Significant Accounting Policies (continued) f. European Union and Government grants European Un1on and Government grants are recognised at their fair value where there is reasonabl e assurance that the grant will be received and all attaching condit1ons will be complied with When the grant r elates to an expense item, it is recognised as income over the periods necessary to match the grant on a systematic basis to the costs that it is intended to compensate Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of comprehensive mcome (income sta t ement) over the expected useful hfe of the relevant asset by equal annual instalments The Institute is beneficiary for one project 1nvolving customization, development and implemen tation of its Information System co-funded under the European Structural and Investment Funds 2014-2020 proj ect and also forming a part of Converge project.
The project is part financed by the European Union through the European Regional Development Fund with a co-financing rate of 80% European Union 20% National Funds.

The grants received are being deferred and will be released to income statement yearly.

over the project's useful life .

commencing 1n year of completion of completion of the project.
g. Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Institute and the revenue can be reliably measured.

Revenue is measured at fair value of the consideration received, excluding discounts, rebates and other sales taxes or duty.

Income derived from Governments subvention is recognised when it occurs.

All other revenue is recognised upon the performance of the service, net of sales taxes and discounts.
h. Endowment capital Represents course fees collected by the Institute prior to its reconstitution as an agency.

The Endowment capital is classified as equity.

13 Institute for Education Notes to the Financia l Statemen ts (continued) For t h e Year Ended 31 December 20 18 4.

Revenue Government Subvention (Note 1) Course Fees (Note 2) Other Income (Note 3) Total 2018 € 600,000 68,770 6 ,417 675,1 87 Note 1 - The Institute for Education is entitled to a yearly subvention from the government of Malta.
This consists of the subvention from the consolidated fund under the recurrent vote 13 item 6828.

Note 2 - These are fees for various courses being provided by the Institute for the needs and interest o f education practitioners and stakeholders.

Note 3- The other income relates to sponsorship to attend international events through the Europea n Social Fu n d project 5.

Income tax expense As the Agency operates in the Educational sector, is primarily financed from consolidated fund.
and its equity is en tirely held by the Government of Malta the Institute decided not to provide for tax at 35% in the Agency's financial statem ents The Agency will apply to register as a tax-exempt status to formalize this position.

6.

Property, plant and equipm ent Computer Equipment Equipment Office Furniture & Air- Cond.
Fittings Equipment Total € € € € € Cost Additions Balance at 31 December 2018 14,261 14.261 994 994 24 ,796 24,796 11,030 51,081 11,030 51,081 Depreciation Charge for the year Carrying amount At 01 January 2018 2,852 199 2,480 1.103 6,634 At 31 December 2018 11,409 795 22,316 9,927 44,447 14 Institute fo r Educatio n Notes t o th e Financ1al Statem ents (continued) For the Year Ended 31 December 2018 7.
Intangible Assets Cost Opening balance Additions Balance at 31 December 2018 Amortization Amortization for the year Carrying amount At 1 January 2018 At 31 December 2018 8.

Trade and other receivables Amount due from related parties (Note 1) Total Portal under development Tota l € € 32.050 32,050 32.050 32,050 32,050 32,050 2018 € 693 693 Note 1 - This being amount receivable from the Foundation for Educational Services & the Department for the Curriculum.
Lifelong Learning and Employability amounting to €352 & €3 41 respectively 9.

Cash and short-term deposits Cash and ca sh equivalents for tile purpose of the cash now statement are as follows: Cash at bank and on hand Petty cash Total 20 18 € 303,203 529 303,732 15 Institute for Education Notes to the Financial Statements (continued) For the Year Ended 31 December 2018 10.
Endowment Capital Endowment capital represents course fees collected by the lnslitute prior to its reconstitution as an agency and 1s classified as eqwty 11 .
Deferred Incom e Non-current liabili ties Deferred income - Grants -on intangible assets bemg developed To tal Current Liabilities De ferred income - Grants - on intangible assets being developed Total TOTAL 2018 € 24,038 32,050 8,01 2 8,01 2 32,050 The Institute is beneficiary for one project involving customization, development and implementa tion of its Information System co-funded under the European Structu ral and Investment Funds 201 4-2020 project and also forming a part of Converge Project.
The project is part financed by the European Union through the European Reg ional Develo pment Fund with a co-financing rate of 80% European Union 20% National Funds.

The project is to be developed in 4 phases with an estimated completion date in June 2019.

The cost of the project will be amortised at the rate of 25% straight line commencing in year of completion.

12.
Trade and other payables Payables Accruals Total 2018 € 15,582 6 1,590 77, 172 16 Institute for Education For the Year Ended 31 December 2018 Supplementary Statement I Detailed Direct Expenditure Statement Short courses programme Bachelor 1n educat1on programmes Master degree & applied educational leadership Funding courses Other Expenditure Advertising Course co-ordinators Subscriptions Library books Licences Hosp1tality Total 2018 € 45,519 73,794 44 ,756 16,546 6,41 7 15, 189 30,588 30,560 8,493 671 5,910 278,442 Institute for Education For the Year Ended 31 December 2018 Su pplementary Statement II Detailed Administrative Statement Adm inistrative expenditure Ministry allocat1on for salaries Advisory Board Honoraria Staff Train111g Health, safety and security expenses Aud1tors' remuneration Office Stationery Photocopy lease agreement Telecommunications Water and electricity Cleaning expenses Repairs and maintenance Refurbishment works Bank cha rges Depreciation European co-financed projects 2018 € 79.625 3,000 1,690 1,707 1,180 5,401 5,615 494 10,000 1,880 t ,343 27,85 1 429 6,634 146.846 The Institute is beneficiary for two projects which are part financed by the European Umon Co- financing rate for the projects is European Union (80%) and National Funds (20%) An amount of €5 1,280, are not recorded in the accounts of the Institute.
These relate to the provision of customization.

development and Implementation for Institute for Education Information System - European Structural and Investments Funds 2014-2020 project and part of Converge project - annual license.

These were paid by the Ministry for Education & Employmen t on behalf of the Institute, and are not repayable.