The Institute of Residential Property - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06207464 (England and Wales)

THE INSTITUTE OF RESIDENTIAL PROPERTY

MANAGEMENT LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

7

DIRECTOR:

Samantha Massey FRICS FIRPM

REGISTERED OFFICE:

20 Eversley Road

Bexhill-on-Sea

East Sussex

TN40 1HE

REGISTERED NUMBER:

06207464 (England and Wales)

AUDITORS:

GMP Audit Limited, Statutory Auditor

82 High Street

Tenterden

Kent

TN30 6JG

FIXED ASSETS

Intangible assets

4

-

141,681

Tangible assets

5

-

11,657

-

153,338

CURRENT ASSETS

Debtors

6

-

81,728

Cash at bank and in hand

-

1,158,794

-

1,240,522

CREDITORS

Amounts falling due within one year

7

-

254,295

NET CURRENT ASSETS

-

986,227

TOTAL ASSETS LESS CURRENT LIABILITIES

-

1,139,565

RESERVES

Income and expenditure account

8

-

1,139,565

-

1,139,565

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21st September 2022 and were signed by:

Samantha Massey FRICS FIRPM - Director

1.	STATUTORY INFORMATION

The Institute of Residential Property Management Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

On 9th March 2022 The Institute of Residential Property Management Limited (IRPM) and The Association of Residential Managing Agents Limited (ARMA) merged to become The Property Institute (TPI) following the approval of members of both organisations. Both companies ceased trading at this date and therefore IRPM is not a going concern at the balance sheet date. Consequently these accounts have not been prepared on a going concern basis.

Turnover

Turnover represents subscriptions, examination fees, workshop fees and other miscellaneous income, net of VAT where applicable.

Subscriptions are recognised on a due basis. Amounts received at the year end for subscriptions due after the year end are carried forward to the next period.

Member exam income and Associate exam fees are recognised when the exam has been sat. Amounts received before the year end for exams to be sat after the year end are carried forward.

Foundation exam fees for business customers are recognised when invoiced.

Foundation exam fees for individuals are recognised when received.

Workshop income is recognised when the event takes place. Amounts received for workshops due to take place after the year end are carried forward.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Learning material development are being amortised evenly over their estimated useful life of three years.

Computer software is being amortised evenly over its estimated useful life of eight years.

Learning material development

Our learning material will require continuous development and alteration as it ages, with changes to law and best practice. We estimated that, at 5 years of age, the myriad incremental changes will need to be tidied and consolidated into a freshly written document and made fit for purpose. From 1 April 2019 this was revised to be at 3 years of age.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2021 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Learning

material

Computer

development

software

Totals

£

£

£

COST

At 1st April 2021

145,014

116,885

261,899

Additions

4,119

87,158

91,277

Disposals

(1,800

)

-

(1,800

)

Transfer to The Property

Institute

(147,333

)

(204,043

)

(351,376

)

At 31st March 2022

-

-

-

AMORTISATION

At 1st April 2021

93,258

26,960

120,218

Amortisation for year

35,165

14,611

49,776

Eliminated on disposal

(600

)

-

(600

)

Impairments

-

72,879

72,879

Transfer to The Property

Institute

(127,823

)

(114,450

)

(242,273

)

At 31st March 2022

-

-

-

NET BOOK VALUE

At 31st March 2022

-

-

-

At 31st March 2021

51,756

89,925

141,681

The Computer Software comprises the CRM system which was deemed to have a useful life of 8 years when brought into use. The system was not fulfilling the increasing needs and complexity required of the booking system and membership database management and a new CRM system was commissioned during the year. At the point the merger took place there was 2 months of life left in the system and therefore an impairment loss has been recognised in the accounts to reflect this.

The remaining life of both the Computer Software and Learning Material have been transferred to the merged company.The balance remaining on the old CRM was £2,435 and the cost of the replacement CRM still in development at 9th March 2022 has been transferred to the merged company at it's full cost to date of £87,158. The value of Learning Material transferred was £19,510.

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1st April 2021

34,992

Additions

4,207

Disposals

(7,865

)

Transfer to The Property

Institute

(31,334

)

At 31st March 2022

-

DEPRECIATION

At 1st April 2021

23,335

Charge for year

6,595

Eliminated on disposal

(7,865

)

Transfer to The Property

Institute

(22,065

)

At 31st March 2022

-

NET BOOK VALUE

At 31st March 2022

-

At 31st March 2021

11,657

The Equipment was transferred to the merged company at a value of £9,270.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

-

34,766

Other debtors

-

26,012

Prepayments

-

20,950

-

81,728

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Subscriptions received in

advance

-

152,633

Trade creditors

-

54,594

Tax

-

1,234

Social security and other taxes

-

17,390

VAT

-

987

Other creditors

-

5,777

Accrued expenses

-

21,680

-

254,295

As part of the transfer that took place on 9th March 2022, any remaining assets held by The Institute of Residential Property Management Limited are held on trust for The Property Institute Limited (TPI). TPI has agreed to assume responsibility for and pay any remaining liabilities.

8.

RESERVES

Income

and

expenditure

account

£

At 1st April 2021

1,139,565

Deficit for the year

(1,139,565

)

At 31st March 2022

-

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

We draw attention to note 2, basis of preparing the financial statements, in the financial statements, which details a merger that took place on 9th March 2022. The Institute of Residential Property Management Limited (IRPM) and The Association of Residential Managing Agents Limited (ARMA) merged to become The Property Institute (TPI) following the approval of members. Both companies ceased trading at this date and therefore IRPM is not a going concern at the balance sheet date and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 2. Our opinion is not modified in respect of this matter.

Samantha Whiting FCA (Senior Statutory Auditor)

for and on behalf of GMP Audit Limited, Statutory Auditor

10.	OTHER FINANCIAL COMMITMENTS

Commitments in respect of the licence to occupy the business premises were transferred to the merged company.

11.	RELATED PARTY DISCLOSURES

12.	GOING CONCERN

On 9th March 2022 The Institute of Residential Property Management Limited (IRPM) and The Association of Residential Managing Agents Limited (ARMA) merged to become The Property Institute (TPI) following the approval of members. Both companies ceased trading at this date and therefore IRPM is not a going concern at the balance sheet date.

All assets and liabilities are to be transferred to TPI and this process began on 10th March. Monies still held in accounts in the name of The Institute of Residential Property Management Limited are held in trust for The Property Institute.

13.

GUARANTEE

The company is limited by guarantee and therefore has no share capital. Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up while he or she is a member, or within one year afterwards, for the payment of the debts and liabilities of the company contracted before he or she ceases to be a member, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such as may be not exceeding £1.