City Property Association Limited

(a company limited by guarantee)

 

Annual Report and Financial Statements

 

Year Ended

 

31 December 2025

 

 

 

 

Company Number 08256281

City Property Association Limited

(a company limited by guarantee)

 

Annual report and financial statements

for the year ended 31 December 2025

 

Contents

 

3

Directors' report

 

 

4

Statement of Directors' responsibilities

 

 

5 - 7

Independent auditor's report

 

 

8

Income statement

 

 

9

Balance sheet

 

 

10 - 12

Notes forming part of the financial statements

 

Directors

 

R Sayers

N Dibley

K Cook

 

Secretary and registered office

 

C Begley, City Property Association, Myo, 3 New Street Square, London, EC4A 3BF

 

Company number

 

08256281

 

Auditors

 

Kirk Rice LLP

Zeeta House

200 Upper Richmond Road

Putney

London

SW15 2SH

City Property Association Limited

(a company limited by guarantee)

 

Directors' report

for the year ended 31 December 2025

 

The directors present their report together with the audited financial statements for the year ended 31 December 2025.

 

Results

The income statement is set out on page 6 and shows a surplus for the year.

 

Principal activities

The principal activity of the company is to represent and defend the interests of its members, who are property owners and others with an interest in property in the City of London.

 

Directors

The directors of the company during and subsequent to the year were:

 

Ross Sayers

Nicola Dibley (appointed 29 April 2025)

Karen Cook

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company's auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditor is aware of that information.

 

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

 

By order of the Board

 

C Begley

 

Company Secretary

 

Date 30/03/2026

City Property Association Limited

(a company limited by guarantee)

 

Statement of Directors' Responsibilities

for the year ended 31 December 2025

 

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 

In preparing these financial statements, the directors are required to:

 

•

select suitable accounting policies and then apply them consistently;

•

make judgements and accounting estimates that are reasonable and prudent;

•

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Independent auditor's report

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CITY PROPERTY ASSOCIATION LIMITED

 

Opinion

We have audited the financial statements of City Property Association Limited (“the company”) for the year ended 31 December 2025 which comprise the income statement, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

 

In our opinion the financial statements:

 

•

give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;

•

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

•

have been prepared in accordance with the requirements of the Companies Act 2006.

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

 

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

 

Independent auditor's report (continued)

 

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

•

the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•

the directors' report has been prepared in accordance with applicable legal requirements.

 

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

•

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

•

the financial statements are not in agreement with the accounting records and returns; or

•

certain disclosures of directors' remuneration specified by law are not made; or

•

we have not received all the information and explanations we require for our audit; or

•

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

 

Responsibilities of Directors

As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors 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 directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Auditor's 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Independent auditor's report (continued)

 

Extent to which our procedures are capable of detecting irregularities, including fraud

Our audit approach was developed by obtaining an understanding of the company's activities, the key functions undertaken on behalf of the Board by management and by service organisations, and overall control environment. Based on this understanding we assessed those aspects of the company's transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our audit approach accordingly.

 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, FRS 102, and data protection laws.

 

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

 

We focused on laws and regulations that could give rise to a material misstatement in the company's financial statements. Our tests included, but were not limited to:

 

•

agreement of the financial statements disclosures to underlying supporting documentation;

•

enquiries of management; and

•

considering the effectiveness of control environment in monitoring compliance with laws and regulations.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

 

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

 

 

David Forinton

 

Senior Statutory Auditor

 

For and on behalf of Kirk Rice LLP

Date: 09/04/2026

 

 

Statutory Auditor

Zeeta House

 

200 Upper Richmond Road

 

Putney

 

London

 

SW15 2SH

City Property Association Limited

(a company limited by guarantee)

 

Income statement

for the year ended 31 December 2025

 

 

2025

2025

2024

2024

 

£

£

£

£

Income

 

 

 

 

Ordinary Subscription

 

422,275

 

420,413

Board Subscription

 

40,000

 

30,000

Lunch Income

 

185,454

 

185,320

Dinner Income

 

106,434

 

102,410

Priority 1 Sponsorship (CPA Research)

 

7,500

 

11,000

Priority 2 Sponsorship (Nextgen and LPA)

 

20,000

 

20,000

Other Revenue

 

-

 

10,396

 

 

 

 

 

Total Income

 

781,663

 

779,539

 

 

 

 

 

Core Expenditure

 

 

 

 

Accommodation/IT

(62,823)

 

(48,902)

 

Staff employment costs

(249,527)

 

(224,471)

 

Financial/HR Consultancy

(11,707)

 

(24,095)

 

Receptions, Events and Seminars

(43,771)

 

(25,036)

 

Planning Services

(4,500)

 

(5,000)

 

Admin & Miscellaneous

(25,977)

 

(17,084)

 

Website/Database/Marketing

(15,959)

 

(12,668)

 

Annual luncheon costs

(148,712)

 

(141,000)

 

Annual dinner costs

(90,642)

 

(81,225)

 

 

 

 

 

 

Total Core Expenditure

(653,617)

 

(579,581)

 

 

 

 

 

 

Campaign Expenditure

 

 

 

 

Priority 1 (CPA Research & PR/Comms)

(80,093)

 

(104,427)

 

Priority 2 (Nextgen and LPA)

(39,208)

 

(53,321)

 

One City

-

 

-

 

 

 

 

 

 

Total Campaign Expenditure

(119,301)

 

(157,748)

 

 

 

 

 

 

Total Expenditure

 

(772,918)

 

(737,329)

 

 

 

 

 

Operating Surplus

 

8,745

 

42,210

Bank Interest

 

10,135

 

7,297

 

 

 

 

 

Surplus for the year before taxation

 

18,880

 

49,507

Taxation

 

(1,880)

 

(1,387)

 

 

 

 

 

Surplus for the year after taxation

 

17,000

 

48,120

 

 

The notes on pages 8 to 10 form part of these financial statements.

City Property Association Limited

(a company limited by guarantee)

 

Balance sheet

at 31 December 2025

 

 

Note

2025

2025

2024

2024

 

 

£

£

£

£

 

 

 

 

 

 

Fixed assets

 

 

 

 

 

Tangible fixed assets

4

 

507

 

771

 

 

 

 

 

 

Current assets

 

 

 

 

 

Debtors

5

424,963

 

454,629

 

Cash at bank

 

775,357

 

697,141

 

 

 

 

 

 

 

 

 

1,200,320

 

1,151,770

 

Creditors: amounts falling due within one year

6

(615,304)

 

(584,018)

 

 

 

 

 

 

 

Net current assets

 

 

585,016

 

567,752

 

 

 

 

 

 

Net assets

 

 

585,523

 

568,523

 

 

 

 

 

 

Represented by

 

 

 

 

 

 

 

 

 

 

 

Profit and loss reserve

 

 

 

 

 

Balance at beginning of year

 

 

568,523

 

520,403

Surplus for the year

 

 

17,000

 

48,120

 

 

 

 

 

 

Balance at end of year

8

 

585,523

 

568,523

 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

 

The financial statements were approved and authorised for issue by the Board of Directors on 31/03/2026 and were signed on its behalf by:

 

 

 

 

Chair

R Sayers

………………………..

 

 

 

Hon. Treasurer

K Cook

………………………..

 

Company registration number: 08256281 (England and Wales)

 

The notes on pages 8 to 10 form part of these financial statements.

City Property Association Limited

(a company limited by guarantee)

 

Notes forming part of the financial statements

for the year ended 31 December 2025

 

1     Accounting policies

 

Company information

City Property Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Myo/CPA, 3 New Street Square, London, EC4A 3BF.

 

Accounting Convention

The financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirement of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.

 

Basis of preparation

The financial statements have been prepared on the going concern basis which assumes that the entity is able to meet it liabilities through its current assets over the going concern review period.

 

Income

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The subscriptions income from members of the association is accounted for on an accruals basis. Other income such as sponsorship and events income are also accounted for on an accrual basis.

 

Bank interest is accounted for on an accrual basis.

 

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and impairment losses.

 

Depreciation

Depreciation is provided to write off the cost, less estimated residual values, of all tangible fixed assets, except for freehold land, evenly over their expected useful lives. It is calculated at the following rates:

 

Office equipment

-

33% per annum straight line

Computer equipment

-

33% per annum straight line

 

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other shirt-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

City Property Association Limited

(a company limited by guarantee)

 

Notes forming part of the financial statements

for the year ended 31 December 2025 (continued)

 

1     Accounting policies (Continued)

 

Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

2     Judgements in applying accounting policies and key sources of estimation uncertainty

 

The Directors have determined that there are no critical accounting judgments or material estimation uncertainties associated with these financial statements.

 

3     Employees

 

 

2025

2024

 

Number

Number

 

 

 

Total

1213

 

4     Tangible fixed assets

 

 

Office

Computer

 

 

Equipment

Equipment

Total

 

£

£

£

 

 

 

 

Cost

 

 

 

At 1 January 2025

1,7884,7206,508

Disposals

(994)

(4,720)

(5,714)

 

 

 

 

At 31 December 2025

794

-

794

 

 

 

 

Depreciation

 

 

 

At 1 January 2025

1,0174,7205,737

Charge for the year

264

-

264

Disposals

(994)

(4,720)

(5,714)

 

 

 

 

At 31 December 2025

287

-

287

 

 

 

 

Net book value

 

 

 

At 31 December 2025

507

-

507

 

 

 

 

At 31 December 2024

771

-

771

 

City Property Association Limited

(a company limited by guarantee)

 

Notes forming part of the financial statements

for the year ended 31 December 2025 (continued)

 

5     Debtors

 

2025

2024

 

£

£

 

 

 

Trade debtors

414,167445,006

Prepayments, accrued income and other debtors

10,7969,623

 

 

 

 

424,963454,629

 

6     Creditors: amounts falling due within one year

 

2025

2024

 

£

£

 

 

 

Due to Westminster Property Association Limited

30,23418,709

Taxation

77,90378,002

Accrued expenses & other creditors

11,35414,277

Income received in advance

495,813473,030

 

 

 

 

615,304584,018

 

7     Company status

 

The company is a private company limited by guarantee and consequently does not have a share capital. In the event of the company being wound up, every member of the company shall contribute to the company's assets an amount not exceeding £1 for payment of the debts and liabilities outstanding.

 

At 31 December 2025, there were 169 (2024 - 165) members.

 

8     Profit and loss reserve

 

£

 

 

At 1 January 2025

568,523

Surplus for the year

17,000

 

 

At 31 December 2025

585,523

 

9     Related party transactions

 

Recharges of £517,961 (2024 - £492,144) were made during the year by Westminster Property Association to City Property Association, a UK company which shares key management personnel with City Property Association Limited.

Recharges of £15,951 (2024 - £10,934) were made during the year by City Property Association to Westminster Property Association.

All transactions were conducted on an arm's length basis on normal trading terms.

As at 31 December 2025, £29,827 (2024 - £18,596) was owed by this company.