The Institute of Residential Property - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06207464 (England and Wales)

THE INSTITUTE OF RESIDENTIAL PROPERTY

MANAGEMENT LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

Felix Keen FIRPM

Martin Rochfort FIRPM FRICS

Matthew Ashley CIHM MIRPM

Samantha Massey MRICS FIRPM

Peter Devere-Catt MRICS FIRPM

Carrick Johnson FIRPM

Christopher Wiles FIRPM

Andrew Bulmer FIRPM FRICS MARLA

Emily Orner FIRPM Assoc RICS

Nicholas Basra MIRPM ACA

Paul Taylor FIRPM Assoc RICS

Tracey Hartley FIRPM MRICS

REGISTERED OFFICE:

20 Eversley Road

Bexhill-on-Sea

East Sussex

TN40 1HE

REGISTERED NUMBER:

06207464 (England and Wales)

AUDITORS:

Gibbons Mannington & Phipps LLP

Statutory Auditor

20 Eversley Road

Bexhill-on-Sea

East Sussex

TN40 1HE

FIXED ASSETS

Intangible assets

4

29,579

9,600

Tangible assets

5

7,742

2,848

37,321

12,448

CURRENT ASSETS

Debtors

6

57,215

33,987

Cash at bank and in hand

700,794

582,023

758,009

616,010

CREDITORS

Amounts falling due within one year

7

276,100

220,895

NET CURRENT ASSETS

481,909

395,115

TOTAL ASSETS LESS CURRENT LIABILITIES

519,230

407,563

RESERVES

Income and expenditure account

8

519,230

407,563

519,230

407,563

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 6th August 2018 and were signed on its behalf by:

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

Turnover

Turnover represents subscriptions, examination fees, workshop fees and other miscellaneous

income.

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.

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

Learning material development

Our learning material will require continuous development and alteration as it ages, with changes

to law and best practice. We estimate 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.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

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 6 (2017 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Learning

material

development

£

COST

At 1st April 2017

12,000

Additions

29,839

At 31st March 2018

41,839

AMORTISATION

At 1st April 2017

2,400

Amortisation for year

9,860

At 31st March 2018

12,260

NET BOOK VALUE

At 31st March 2018

29,579

At 31st March 2017

9,600

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1st April 2017

12,165

Additions

8,000

Disposals

(3,386

)

At 31st March 2018

16,779

DEPRECIATION

At 1st April 2017

9,317

Charge for year

3,106

Eliminated on disposal

(3,386

)

At 31st March 2018

9,037

NET BOOK VALUE

At 31st March 2018

7,742

At 31st March 2017

2,848

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,677

4,499

Other debtors

9,940

350

Prepayments

45,598

29,138

57,215

33,987

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Subscriptions received in

advance

212,077

176,073

Trade creditors

20,882

17,217

Tax

309

495

Social security and other taxes

9,380

-

Accrued expenses

33,452

27,110

276,100

220,895

8.

RESERVES

Income

and

expenditure

account

£

At 1st April 2017

407,563

Surplus for the year

111,667

At 31st March 2018

519,230

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

The Report of the Auditors was unqualified.

David Hawkins FCA (Senior Statutory Auditor)

for and on behalf of Gibbons Mannington & Phipps LLP

10.	OTHER FINANCIAL COMMITMENTS

The company had total commitments at the balance sheet date of £58,844.

11.	RELATED PARTY DISCLOSURES

12.	POST BALANCE SHEET EVENTS

2017-18 saw continued growth in membership numbers, training and exam purchases, indicates

that the IRPM qualification continues to strengthen its position as the market choice in the

leasehold and Build-to-Rent PRS sectors. "Business as usual" remains strong and shows growth.

In 2018 Government announced proposals for the regulation of managing agents, both firms and

individuals and the requirement for a nationally recognised qualification and CPD for property

managers.

IRPM is well placed to provide training and qualifications for such regulation. We await and will

work with government to develop their detailed proposals, which are thought likely to come into

force in 2020-21.

Irrespective of Government intervention, industry is demonstrating a flight to quality, with

increased demand for a wider range of learning. This is creating a need for a wider and deeper

suite of learning materials, together with new technology to deliver our products and services to

our customers in the way they desire. This will require substantial investment during 2018-20.

Prudently, IRPM is preparing the appropriate resources and reserves in readiness for this

investment round, to ensure it can deliver the right qualifications, service and products to its

customers and market during the biggest cultural and technical changes the sector has seen in a

generation. In summary, IRPM is well positioned and prepared to meet the challenges arriving

soon and to capitalise on the opportunities they will present.

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.