Registration number:
Insolvency Practitioners Association
(A company limited by guarantee)
for the Year Ended 31 December 2025
Insolvency Practitioners Association
Contents
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Company Information |
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Notice of Annual General Meeting |
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Report of the Board |
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Statement of Board Members' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Insolvency Practitioners Association
Company Information
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Directors |
L Brittain A Hyde R Lai Y L Lee S Leinster B Mochan R J C Paterson R Payne A Thorpe S J Underwood A Wade |
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Company secretary |
M Boo |
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Registered office |
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Auditors |
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Insolvency Practitioners Association
Notice of Annual General Meeting
Notice is hereby given that the fifty-second Annual General Meeting of the Insolvency Practitioners Association (“the Association”) will be held at 46 New Broad Street, London, EC2M 1JH on 21 May 2026 for the following purposes:
1. To receive and adopt the Report of the Board and the Financial Statements of the Association for the year ended 31 December 2025.
2. To receive the result of the ballot for the election of members of the Board.
3. To re-appoint auditors.
4. To transact any other business, which may properly be transacted at an Annual General Meeting, including co-option of members to Board.
By order of the Board
A Wade
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
A member entitled to attend and vote at the above meeting is entitled to appoint a proxy to attend and to speak and to vote instead of him. A proxy must be an individual member. Proxy forms are available from the Secretary on request and must be returned to the registered office (above) 48 hours before the meeting.
Insolvency Practitioners Association
Report of the Board for the Year Ended 31 December 2025
The Board members, who are also Directors for the purpose of company law, have pleasure in submitting its Report and the Financial Statements of the Association for the year ended 31 December 2025. This also represents the Directors' Report under the Companies Act 2006.
Directors of the Company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Insolvency Practitioners Association
Report of the Board for the Year Ended 31 December 2025
Reappointment of auditors
The auditors Bourner Bullock are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Director
Insolvency Practitioners Association
Statement of Directors' Responsibilities
The Board members, who are also the directors for the purpose of company law, are responsible for preparing the report of the Board and the financial statements in accordance with applicable law and regulations.
Company law requires the Board members to prepare financial statements for each financial year. Under that law Board members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).
Under company law the Board members 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 Association and of the surplus or deficit of the Association for that period. In preparing these financial statements the Board is required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures there from being disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Association will continue in business.
The Board members are responsible for keeping adequate accounting records that are sufficient to show and explain the Association’s transactions and disclose with reasonable accuracy at any time the financial position of the Association 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 Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
So far as each of the Board members is aware at the time this report is approved:
• there is no relevant audit information of which the company's auditors are unaware; and
• the Board members have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
In preparing this report, the board has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Insolvency Practitioners Association
Independent Auditor's Report to the Members of Insolvency Practitioners Association
Opinion
We have audited the financial statements of Insolvency Practitioners Association (the 'Company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 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 director's 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 original financial statements were 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.
Insolvency Practitioners Association
Independent Auditor's Report to the Members of Insolvency Practitioners Association
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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Board for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Report of the Board has has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Board.
We have nothing to report in respect of the following matters where 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. |
Insolvency Practitioners Association
Independent Auditor's Report to the Members of Insolvency Practitioners Association
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, and Tax and Pensions legislation.
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include Anti-Money Laundering (AML) regulations, GDPR, Insolvency Service regulations, and the Insolvency Act 1986.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
Insolvency Practitioners Association
Independent Auditor's Report to the Members of Insolvency Practitioners Association
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is located 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.
......................................
For and on behalf of
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
Insolvency Practitioners Association
Profit and Loss Account for the Year Ended 31 December 2025
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2025 |
2024 |
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Turnover |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating surplus |
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Investment valuation Gain |
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Other interest receivable and similar income |
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115,225 |
164,430 |
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Surplus before tax |
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Tax on profit |
( |
( |
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Surplus for the financial year |
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Insolvency Practitioners Association
Statement of Comprehensive Income for the Year Ended 31 December 2025
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2025 |
2024 |
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Surplus for the year |
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Total comprehensive income for the year |
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Insolvency Practitioners Association
(Registration number: 01151132)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Other financial assets |
2,336,306 |
2,240,168 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
- |
( |
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Net assets |
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Reserves |
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Retained earnings |
4,167,041 |
3,502,388 |
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Surplus |
4,167,041 |
3,502,388 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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Insolvency Practitioners Association
Statement of Changes in Equity for the Year Ended 31 December 2025
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Retained earnings |
Total |
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At 1 January 2025 |
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Surplus for the year |
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At 31 December 2025 |
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Retained earnings |
Total |
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At 1 January 2024 |
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Surplus for the year |
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At 31 December 2024 |
3,502,388 |
3,502,388 |
Insolvency Practitioners Association
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The Company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation.
The address of its registered office is:
Principal activity
The Association is a Recognised Professional Body (RPB) under the Insolvency Act 1986 and empowered to grant and renew insolvency authorisations (licences). The principal objects of the Association are: to encourage the recruitment of a body of persons skilled in insolvency administration; to maintain and improve standards of performance and conduct of Insolvency Practitioners (IPs) and their staff; and to regulate and monitor its licensed IPs' practices and where appropriate to discipline those members who bring discredit upon themselves, the Association or the profession by way of misconduct.
The principal place of business is:
46 New Broad Street
London
EC2M 1JH
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Insolvency Practitioners Association
Notes to the Financial Statements for the Year Ended 31 December 2025
Going concern
The financial statements have been prepared on a going concern basis. The company has both a significant operating surplus and a strong net asset postion at year end. Board Members make every effort to ensure reserves held are at an appropriate level.
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Subscriptions
Annual memberships, which are due on 1 January, are included in income in the year to which the subscription relates. Any amounts received in advance are credited to prepaid subscriptions and fees.
Disciplinary and Investigation Costs Recoveries
Costs recovered from members subject to investigation or disciplinary action, are accounted for in the year in which they are due.
Tax
The Association is only liable to tax on its investment income and any profits earned from non-members.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as shown below. A full year's worth of depreciation is charged in the year in which the asset is purchased.
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Asset class |
Depreciation method and rate |
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Computer equipment |
3 years straight line |
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Furniture and fittings |
3 years straight line |
Insolvency Practitioners Association
Notes to the Financial Statements for the Year Ended 31 December 2025
Intangible assets
Intangible assets are recognised from the development phase of a project if, and only if, certain specific criteria are met in order to demonstrate that the asset will generate probable future economic benefits and can be reliably measured.
Amortisation
Intangible assets are amortised on a straight line basis over their estimated useful lives at the rates shown below. A full year's worth of amortisation is charged in the year in which the asset is purchased.
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Asset class |
Amortisation method and rate |
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Computer software |
3 years straight line |
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Website development |
3 years straight line |
Other financial assets
Fixed asset investments are revalued at market value at the balance sheet date on an individual basis. Gains and losses on revaluation are recognised in the Profit and Loss Account.
Financial instruments
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from members for services performed in the ordinary course of business.
Subscription debtors become due from 1 January when the subscription period commences.
Insolvency Practitioners Association
Notes to the Financial Statements for the Year Ended 31 December 2025
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Cash held in investment portfolios which is not for the company’s operational management is included within fixed asset investments.
Creditors
Basic financial liabilities, including trade and other creditors, loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Provisions
Provisions represent a liability of uncertain timing or amount. Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classifed as operating leases. Payments made under operating leases are charged to the profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Insolvency Practitioners Association
Notes to the Financial Statements for the Year Ended 31 December 2025
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Significant judgements and estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Bad debt:
The entity makes an estimate of the recoverable value of its debtors. When carrying out the assessment, the board considers factors including the aging profile of debtors and the historic experience with those debtors. In the current year, the bad debt provision at the year end is £Nil (2024: £19,600).
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Staff numbers |
The average number of persons employed by the company during the year was
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Investment income and revaluations |
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2025 |
2024 |
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Dividend income |
53,714 |
54,961 |
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Revaluation gain |
73,105 |
99,585 |
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Insolvency Practitioners Association
Notes to the Financial Statements for the Year Ended 31 December 2025
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Intangible assets |
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Computer software |
Total |
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Cost or valuation |
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At 1 January 2025 |
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At 31 December 2025 |
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Amortisation |
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At 1 January 2025 |
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Amortisation charge |
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At 31 December 2025 |
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Carrying amount |
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At 31 December 2025 |
- |
- |
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At 31 December 2024 |
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Insolvency Practitioners Association
Notes to the Financial Statements for the Year Ended 31 December 2025
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Tangible assets |
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Computer equipment |
Fixtures and Fittings |
Total |
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Cost or valuation |
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At 1 January 2025 |
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Additions |
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- |
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Disposals |
( |
- |
( |
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At 31 December 2025 |
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Depreciation |
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At 1 January 2025 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
( |
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At 31 December 2025 |
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Carrying amount |
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At 31 December 2025 |
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At 31 December 2024 |
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Insolvency Practitioners Association
Notes to the Financial Statements for the Year Ended 31 December 2025
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Other financial assets |
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Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
||
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At 1 January 2025 |
2,226,572 |
2,226,572 |
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Additions |
1,493,674 |
1,493,674 |
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Disposals |
(1,538,983) |
(1,538,983) |
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Fair value adjustments |
73,105 |
73,105 |
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At 31 December 2025 |
2,254,368 |
2,254,368 |
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Cash |
81,938 |
81,938 |
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At 31 December 2025 |
|
2,336,306 |
|
2025 |
2024 |
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Cost |
Market value |
Cost |
Market value |
|
|
£ |
£ |
£ |
£ |
|
|
UK listed |
1,388,850 |
1,442,897 |
1,342,464 |
1,401,598 |
|
Europe |
123,429 |
126,853 |
88,209 |
84,902 |
|
Rest of world |
586,631 |
684,618 |
629,107 |
740,072 |
|
2,098,910 |
2,254,368 |
2,007,282 |
2,226,572 |
|
Insolvency Practitioners Association
Notes to the Financial Statements for the Year Ended 31 December 2025
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Debtors |
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2025 |
2024 |
|
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2025 |
2024 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Other creditors include deferred income of £2,823,701 (2024: £2,944,929) relating to prepaid licence subscriptions and other fees.
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Operating leases |
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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Insolvency Practitioners Association
Notes to the Financial Statements for the Year Ended 31 December 2025
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Non adjusting events after the financial period |
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