The IPR has set aside more than pounds 300,000 to complete a rental
deal on its former headquarters. The body must pay pounds 306,900 over
the next eight years to wind up a lease on its old Gate House address
which it vacated in 1990.
When the IPR moved, it sold the remaining 18-year lease to an
undisclosed company which went bankrupt in 1995. Despite having sub-let
the Gate House since 1995, new regulations mean the IPR is now saddled
with an upfront payment allocation for eight years.
The body accepts that while it is attempting to sell the remaining lease
to the freeholder, the amount it is setting aside is greater than that
it could get in market rent. The sum has hit the strength of the IPR’s
balance sheet. Reserves were over pounds 500,000 at the end of 1998, but
had declined to pounds 200,000 by 1999.
IPR president Alison Clarke wrote to members and stressed that ’in the
Council’s view the true reserves of the IPR have not changed
significantly over the year’.
But one IPR member said: ’It is pounds 300,000 that now can’t be spent
on other things. To reduce the balance sheet by over pounds 300,000
seems rather odd.’