INSTITUTE OF PROFESSIONAL AUCTIONEERS AND VALUERS

Global oes Annual Report 2016/17 G V A IP CEPI TEGoVA NAR Erasmus+ Speakers at the 2016 Annual Conference were (l – r): Ivan Yates, Facilitator; John Jockey, TEGoVA; Tánaiste Frances Fitzgerald TD; Alan Redmond, IPAV President; Frank Quinn, Blackrock Further Education Institute (BFEI) and Dr Lorcan Sirr, Institute of Technology.

IPAV YPN members pictured with President Alan Redmond at the 2016 Cork Seminar launch (l – r): Stephen Blanc, Sherry FitzGerald Blanc; Marie Lehane, Bowe Property; Raymond Smith, Padraig Smith Auctioneers; William Bradshaw, DNG and Niamh Giffney, DNG Royal County. Contents

Agenda of the Annual General Meeting Page 2 to be held at 11.00 am on Saturday 10th June, 2017 in Powerscourt Hotel, , , Co. Wicklow.

Minutes of the Annual General Meeting Page 3 held at 11.00 am on Saturday 11th June, 2016 in Castleknock Hotel & Country Club, Porterstown Road, Castleknock, Dublin 15.

Retirements from Council 2017 Page 7

Message from the Chief Executive Page 8

Annual Report 2016/2017 Page 10

Financial Statement Page 18

Powercourt House, Co. Wicklow

1 Powercourt House, Co. Wicklow

NOTICE OF ANNUAL GENERAL MEETING 2017

NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Institute of Professional Auctioneers & Valuers Limited will be held at 11.00 am on Saturday, 10th June, 2017 in Powerscourt Hotel, Powerscourt Estate, Enniskerry, Co. Wicklow.

AGENDA

1. minutes of 2016 Annual General Meeting.

2. President’s Address.

3. to receive and consider Report of Council and Statement of Accounts and Balance Sheet and the Auditor’s Report for the year ended 28th February, 2017.

4. election of Council Members..

(1) Appointment of Scrutineers.

(2) Nominations and election.

5. Reappointment of Auditors.

6. Any Other Business.

7. to fix Annual Subscription for 2018/2019.

Council will meet immediately after the AGM to elect officers of Council. The results of these elections will be announced at the afternoon Convention.

BY ORDER OF COUNCIL

ALAN REDMOND PRESIDENT 2 THE INSTITUTE OF PROFESSIONAL AUCTIONEERS AND VALUERS LIMITED

MINUTES OF THE ANNUAL GENERAL MEETING HELD AT 11.00AM ON SATURDAY 11TH JUNE 2016, IN CASTLEKNOCK HOTEL & COUNTRY CLUB, PORTERSTOWN ROAD, CASTLEKNOCK, DUBLIN 15.

The Minutes of the 2015 AGM held in be the start of a process that would see the main Hotel, , Co. Kildare were adopted on the threshold increase to €500,000 over a three to five proposal of John Farrelly and seconded by Billy year period. Johnston. For the past few years, he said IPAV had also been President’s address to the fore in promoting the notion of a Vacant Site levy which we believe is a major hindrance In his address outgoing President Eamon to increasing the housing output. This has also O’Flaherty said it had been a great honour and a been agreed by Government and from 1 January huge privilege for him to serve as IPAV President. 2017 all local authorities would be obliged to keep a register of vacant sites in their area. The annual In a brief review of his term, he said IPAV was now charge, which would be 3% of the market price of a stronger and more robust institute than it was 12 the land, would be introduced from 2018 and was months previously. Having inevitably lost a number designed to force landowners and developers to of members during the recession period, it was utilize land for housing. now seeing its membership more than make up for that loss. Over the past 12 months he said IPAV’s close association with TEGoVA, The European Group He said one of the issues of concern to him of Valuers’ Associations, continued to gather as President was the whole notion of rural momentum. IPAV was the pilot body for the regeneration. He was acutely conscious of the introduction of the new Residential Property serious deterioration of rural towns and villages Valuation Standard (TRV) with the first group throughout the country. He said he was glad to say undertaking the prescribed course in the Institute that the Programme for Government specifically of Technology Tallaght in September. This group stated that the renewal of towns and villages “will was subsequently followed by two more and further be a top priority” for the new Minister for Regional courses were planned for the autumn and into Development and Rural Affairs. Specific funding 2017. for this programme was also promised and he very much looked forward to the details of this scheme. Wednesday, 4th November 2015 was also a very special day for IPAV he said, when over 300 IPAV On Tuesday, May 3rd 2016 he said he was members, along with many European guests, privileged, along with our CEO Pat Davitt, to make gathered in Chartered Accountants House on a presentation to the new Oireachtas Committee Dublin’s Pearse St. for IPAV’s first Valuation Summit. on Housing and the Homeless where they outlined This was a record historic gathering of IPAV a number of proposals. He said the report and members. recommendations of this Committee will play a key part in the formulation of Government thinking in Over the past year IPAV also continued its series of this area. Continuous Professional Development, or CPD, for members and seminars were held in Cork, Laois Another issue he said he had raised at the 2015 and Dublin in topics of interest to members. Conference was the unfairness and inequity of the rates of Inheritance Tax. In Budget 2016, the Minister for Finance increased the tax free threshold for asset transfers from a parent to a child by 24% to €280,000. The increase in the inheritance or gift tax threshold was expected to 3 IPAV President Alan Redmond is congratulated by his predecessor Eamon IPAV President Alan Redmond with Tom and Pearl Crosse, O’Flaherty. Limerick.

He said the Third President’s Charity Lunch took : place on Friday, December 4th 2015 when the Lord Mayor of Dublin, Críona Ní Dhálaigh; the Rose of The meeting was informed that there was on Tralee, Elysha Brennan and Professor Mary King retirement by rota in Ulster, Dara Furey, who was from Temple Street Children’s University Hospital offering himself for re-election. There were no other were Special Guests. IPAV’s chosen charity in candidates. 2015 was Temple Street in appreciation of the Elected: Dara Furey. magnificent work carried out there and he was delighted to subsequently present a cheque to them to help with their work. Connaught: The meeting was informed that there was on The outgoing President concluded by thanking all retirement by rota in Connaught, Mervyn Lloyd, who the members of National Council, the CEO and staff was offering himself for re-election. There were no for their support during his term of office. other candidates. Statement of Accounts Elected: Mervyn Lloyd. The IPAV Accounts for 2015/16 were presented to Munster: the AGM by Mark Tully of PKF and were adopted on the proposition of Fintan McGill, seconded by The meeting was told that there were three Paul Gartlan. retirements by rota, Pat Carroll, Tom Crosse and John Shaw who were all offering themselves for re-election. John Hodnett was offering himself as a Election of Council members new candidate. Solicitor Darragh O’Donovan, Accountant Mark Tully and IPAV members Pat Finn, Robert Rackard Pat Carroll told the meeting he was a member and Raymond Smith were appointed as scrutineers of IPAV since 1980. He said he had served as for the election counts. President in the past and was always there when needed by IPAV and its members. : The meeting was informed that there was on Tom Crosse told the meeting he was on National retirement by rota in Leinster, Ella Dunphy, who was Council for 30 years and had served as President offering herself for re-election. There were no other 20 years ago. He was currently Chairman of the candidates. Agri-Committee. He said his membership of IPAV had been a rewarding journey and he enjoyed it. Elected: Ella Dunphy

4 Pictured at the 2016 IPAV Gala Dinner were (l –r): Brian Dempsey, IPAV Senior Vice-President; Paddy Sheerin, Swords; Alan Redmond, IPAV President; Paul O’Connell PINERGY Brand Ambassador, Guest of Honour and Paul Lappin, Phibsboro.

John Shaw told the meeting he had served on Institute. Council members Pat Carroll and Paul National Council for a long number of years and Reynolds also expressed their appreciation to John had also served as President. He said he would Shaw for his work on Council. like to continue to be part of the ongoing good work at the Institute and he, too, sought the support of Kanturk member Desmond Daly suggested the members. law on selling properties with tenants need to be examined. John Hodnett told the meeting he was based in Clonakilty and had a deep understanding Concern was also expressed by members at the of the problems faced by small and medium- continued operation by unlicensed agents and the sized agencies. If elected, he promised to be of need for the Regulator to address this issue as a assistance to all members. He said he would be the matter of urgency. first Council member from West Cork and promised to be an independent voice for members. Fixing of Annual Subscription Elected: Pat Carroll, Tom Crosse and John Hodnett. It was agreed on the proposal of Gerry Coffey and seconded by Ella Dunphy to keep the annual Presentation membership subscription at €400 per annum for principals and €200 for employees. A presentation to members by Val Sorohan of Daft. ie was made to the meeting while the votes were being counted. The meeting then concluded. Appointment of Auditors Auditors PKF were re-appointed on the proposal of Tom Crosse seconded by Paul McCourtney. AOB Outgoing National Council member John Shaw thanked the members for their support during his term on National Council. Re-elected member Tom Crosse said it had been a difficult day for John Shaw and his “day may come again”. He said John had been a fantastic ambassador for the

5 IPAV CEO Pat Davitt was elected to the Board of Directors at TEGoVA’s Spring General Assembly gathered in Belgrade, Serbia, on April 22, 2017. (Pictured l-r): Wolfgang Kälberer, Roger Messenger, Danijela Ilić, Krzysztof Grzesik, Silvia Cappelli, Jean-François Drouets, Konstantinos P. Pallis and Pat Davitt.

Pictured at the Property Industry Excellence Awards ceremony at Pat Davitt, IPAV CEO presenting the overall award for Best the Conference Centre Dublin on Thursday, 10 November were Regional Agency to Colm O’Donnellan and Tony Joyce of IPAV National Council members Ella Dunphy and Keith Anderson O’Donnellan & Joyce Auctioneers, Mary St., Galway, at the who were both shortlisted in the Regional Excellence award Property Industry Excellence Awards. category.

6 Pictured at the 2016 Conference were: Paul Gartlan, Re/Max Ireland, Tánaiste Frances Fitzgerald and IPAV President Alan Redmond. COUNCIL RETIREMENTS, AGM 2017

Leinster Munster Connaught • Brian Dempsey • Pat Carroll • Gerry Coffey Longest serving; • Ronald Duff • Tom Crosse Retires, offers himself • Ella Dunphy • Patrick Durkan for re-election Longest serving; Retires, offers • Paul McCourtney • Gerard Hanley himself for re-election Longest serving; Retires, • Mervyn Lloyd offers himself for re-election • John Hodnett • David McDonnell • Tim O’Connell Longest serving; Retires,

offers himself for re-election Ulster • Eamon O’Flaherty Longest serving; Retires, • Keith Anderson offers himself for re-election • Dara Furey • Michael O’Leary • Paul Gartlan • Alan Redmond • Paul Reynolds Longest serving; Retires, offers himself for re-election

7 Message from the Chief Executive

Dear Member I am delighted to present to you the 2016/17 Annual Report and Financial Statement. I am very happy to confirm that the finances of theI nstitute are in a very healthy state. Details of the accounts are contained elsewhere in this Annual Report.

The past year was again a very busy one for the Institute as we continued our range of activities in a number of areas. Given our increasing recognition as the major and only exclusive representative body for auctioneers and valuers nationwide, the Institute continued to attract an increasing number of members and we are proud to have over 1,100 members stretching across all 32 counties. However, there are a still a large number of licensed auctioneers and agents who would benefit from membership of a professional institute and I would appeal to all members to highlight these benefits.

During the past year IPAV has again lobbied government on issues of concern to members, notably on the need to use more innovative and dynamic measures to increase output in the housing sector. Given the sharp contrast in the figures given by the Central Statistics Office (CSO) to the official figures for approximately the same period from the Department of Housing, Planning, Community & Local Government, we have called for a transparent national housing register as the only realistic solution. The economy demands a much greater supply of homes for both rental and purchase. That demand is growing in intensity with supply continuing to fall well short of the 25,000 to 30,000 units required annually. I assure you that IPAV will be very active in continuing to lobby on this issue during the year ahead.

Within the Institute’s own activities, we continued our ongoing series of Continuous Professional Development (CPD) for members. Details are summarized in this report.

IPAV’s close association with TEGoVA, the European Group of Valuers Associations continued to grow over the past year, the highlight being the 21st October last, when IPAV was delighted to host a record 420 valuers and other real estate professionals from 30 countries, including Canada and USA at a European Valuation Conference in Malahide, Co. Dublin. In April, I was delighted to be elected onto the Board of TEGoVA at its spring meeting in Belgrade and I look forward to making a major contribution there.

8 The Chairman of the Board of Directors of TEGoVA, Krzysztof Grzesik congratulating IPAV CEO Pat Davitt at the 2017 Spring Meeting which was hosted by the National Association of Valuers of Serbia (NAVS) in Belgrade from 20 – 22 April.

In October, IPAV was pleased to host a visit by a group of US Realtors including members of the Minneapolis Area Association of Realtors (MAAR) who were in Ireland as part of the partnership programme being facilitated by the National Association of Realtors (NAR).

The past year also saw the official launch of IPAV’s Young Professionals Network or YPN which took place in the Rochestown Park Hotel, Cork in October. Under the direction of YPN’s Chairman Raymond Smith and dedicated team, YPN ran a number of events and I look forward to their further development in the years ahead.

IPAV’s very successful Higher Certificate course continued to attract large numbers and I wish to thank Peter Brady, the Chair of the Education Advisory Committee and the dedicated team at the Institute of Technology, Tallaght for their ongoing support and dedication.

On Friday, 9th December 2016, IPAV hosted the Fourth President’s Charity Lunch in Dublin’s Westbury Hotel when the Special Guests were Trinity College Senator David Norris and Br Kevin Crowley of the Capuchin Day Centre on Dublin’s Bow St., IPAV’s chosen charity for the 2016 event.

In conclusion, I wish to thank the outgoing IPAV President, Alan Redmond, for his huge commitment over the past year. Thanks also to the members of National Council who again worked tirelessly throughout the year and to all members nationally for their support.

I hope you will be able to attend this year’s AGM and Annual Conference in the wonderful setting of Enniskerry’s Powerscourt Hotel on Saturday, 10th June when I look forward to meeting you.

Patrick Davitt FIPAV REV MCEI

Chief Executive

9 IPAV Senior Vice-President Brian Dempsey pictured with Limerick IPAV agents at the Portlaoise Spring 2017 Seminar (l-r): Annie FitzGibbon (left) and Aideen Ennis of MyHome.ie at the Declan Barry, GVM Auctioneers; Pat Dooley, Dooley Group and YPN Seminar in Cork in October, 2016 Richard Ryan, GVM Auctioneers Annual Report 2016/2017

National Council Connaught Remuneration The National Council consists of • Gerry Coffey Committee 20 members. The Secretary of • Gerard Hanley The CEO Committee for the National Council is Pat Davitt. • Mervyn Lloyd 2016/2017 was comprised of Following the last AGM of the the following members: Alan Institute on 11th June 2016, the President Redmond, Brian Dempsey, Ella members were: Dunphy, Eamon O’Flaherty, Tom At the National Council meeting Crosse, Ronald Duff, Shane Leinster on Saturday, 11th June, 2016, Grennan (external) and Pat Davitt Alan Redmond was elected (ex officio). • Brian Dempsey President of the Institute. Mr • Ronald Duff Redmond is a Fellow of IPAV Membership Applications’ • Ella Dunphy Committee Vice-Presidents • Paul McCourtney The Membership Applications’ Brian Dempsey was elected • David McDonnell Committee for 2016/2017 was Senior Vice-President for comprised of the following • Eamon O’Flaherty 2016/2017. Ella Dunphy was members: Alan Redmond, Brian elected Junior Vice-President. • Michael J. O’Leary Dempsey, Ella Dunphy, Eamon O’Flaherty, Keith Anderson, Paul • Alan Redmond Treasurers Reynolds, Paul McCourtney, Paul McCourtney and Eamon Patrick Durkan, Gerard Hanley, Munster O’Flaherty were appointed Joint Gerry Coffey, John Hodnett and Pat Davitt (ex officio). • Pat Carroll Treasurers for 2016/2017. • Tom Crosse New Member New Membership • Patrick Durkan Recruitment Committee • John Hodnett One new IPAV member John Hodnett, Emmet Square, The Membership of the New • Timothy O’Connell Clonakilty, Co. Cork was elected Membership Recruitment to represent Munster to National Committee for 2016/2017 was Ulster Council at the AGM on 11th comprised of the following • Keith Anderson June, 2016. members: Alan Redmond, Brian • Dara Furey Dempsey, Ella Dunphy, Eamon O’Flaherty, Dara Furey, David • Paul Gartlan McDonnell, Paul Gartlan, Gerry • Paul Reynolds Coffey and Pat Davitt (ex officio). 10 Pictured at the 2016 Annual Lettings Seminar were Robert Downey, Dun Laoghaire, Rosalind Carroll, Director of the RTB and Alan Redmond, IPAV President.

Disciplinary Committee Valuation Committee: Meetings of National The Disciplinary Committee for The Valuation Committee for Council 2016/2017 was comprised of 2016/2017 was comprised of There were five meetings of the the following members: Alan the following members: Alan National Council during the past Redmond, Brian Dempsey, Ella Redmond, Brian Dempsey, Ella year. Four meetings, other than Dunphy, Eamon O’Flaherty, Dunphy, Michael J. O’Leary, that of 11th June, 2016 (held at Ronald Duff, Michael J. O’Leary, Ronald Duff, Tom Crosse, David Castleknock Hotel & Country Myles O’Reilly (external), McDonnell and Pat Davitt (ex Club) were held at 129 Lower Damien Maguire (external), Pat officio) Baggot St., Dublin 2. McGonagle (external), Sean Donnelly (external) and Pat Members’ Assist The Dublin meetings were Davitt (ex officio). Committee held on 9th September and 30th November 2016 and 10th During the past year a new Agri-Committee February and 28th April 2017. Members’ Assist Committee was The Agri- Committee for established whose purpose is to 2016/2017 was comprised of the offer support to members who IPAV New Membership following members: Tom Crosse may be experiencing business 2016 – 2017 (Convenor), Alan Redmond, difficulties, or would simply like IPAV now represents in Brian Dempsey, Ella Dunphy to speak to another experienced excess of 1,100 Members. Ronald Duff, Pat Carroll, member. A problem discussed Once again the number of Mervyn Lloyd, Gerry Coffey, is a problem simplified. The Membership Applications Timothy O’Connell, John Hodnett Committee was comprised considered from June 2016 and Pat Davitt (ex officio). of the following members for to April 2017 guaranteed 2016/2017: Eamon O’Flaherty, IPAV’s continuous growth. Tom Crosse, Mary Halligan, Education Committee: This strong representation Gerardine Reynolds, Ken of membership strengthens The Education Committee for MacDonald and Sean Mason. 2016/2017 was comprised of IPAV’s position as the leading the following members: Peter voice and representative body Brady (Convenor), Brian for Auctioneers & Valuers. Dempsey, Eamon O’Flaherty, IPAV looks forward to seeing Paul Campbell (external), Kira continued growth, with thanks Byrne (external), Gerry Phelan to the on-going support of all (external) and Pat Davitt (ex Members. officio)

11 Stephanie Davy of DFM, Castleknock, Dublin 15 receiving her Declan O’Carroll of Countryside Properties & TRV Certificate from IPAV President Alan Redmond Auctioneers, Carrick on Shannon, Co Leitrim receiving his TRV Certtificate from IPAV CEO Pat Davitt Education and CPD Member Upskilling Over 170 members attended IPAV’s Spring Seminar which took place in the Heritage Hotel, Portlaoise IPAV’s programme of Continuous Professional on Tuesday, 28th February 2017. The principal Development (CPD) continued during 2016/17 with topic for the evening was the many changes to the a number of seminars organised. Regular ongoing Residential Tenancies Act, 2014 and presentations seminars were provided for all members. were made by Rosalind Carroll and Janette Fogarty of the RTB. Many issues surrounding the recent IPAV’s Young Professionals Network was launched amendments including the introduction of Rent officially in Cork on Tuesday, October 5th when Pressurized Zones (RPZs) were explained during a presentation on forestry valuations was given the course of the evening and at the Question & by Joe Codd, Director of Sales at Veon (formerly Answer session which followed. Forest Enterprises Ltd.). The seminar was also addressed by David Ashmore, who is the Irish The Seminar also heard an address on the outlook representative for Sotheby’s International Realty. for the Irish commercial market by Marie Hunt Presentations were also delivered by Neil Reid of Executive Director & Head of Research CBRE. MyHome on Digital Marketing and also by IPAV’s Senior Vice-President Brian Dempsey on issues in IPAV’s new dedicated tax query service for relation to good practice in photography. members, run in conjunction with PKF was continued during 2016/17. IPAV members can Saturday, 5th November 2016 saw another large now email tax queries directly to PKF which will be turnout by IPAV members for the Annual Lettings answered directly by PKF personnel. Refresher Day Seminar which was held in the Maldron Hotel, Tallaght. Agri-Seminar IPAV President Alan Redmond welcomed the There was a large turnout of members from all members to the event which heard talks by over the country for the Spring Agri-Seminar which Rosalind Carroll and Janette Fogarty of the was held in the Landmark Hotel, Carrick-On- Residential Tenancies Board (RTB); Fionnuala Shannon on Thursday, 9th March 2017. Attendees Murphy, Orpen Franks Solicitors; Shay O’Brien, heard contributions from IFA President Joe PKF Tax Advisors; Thomas Gallagher, Assistant Healy (General Agri round-up); Shay O’Brien, Tax Principal Officer, Dept. of the Environment, Manager at PKF (Tax implications for non-resident Community & Local Government and Colm land and property owners); Gary Digney, Personal Smyth, Principal Environmental Officer, Dublin City Insolvency Practitioner (Full and Final Settlement Council. The Lettings Day Seminar is designed Solutions – The role of the Valuer) and Michael to update members on recent changes in the Brady (CAP Update). residential sector and to afford IPAV members who specialise in lettings an opportunity to update their knowledge.

12 IPAV President Alan Redmond and CEO Pat Davitt at the 12th Viennese Annual Real Estate Charity Ball at Hofburg Palace, Vienna on 24 February, 2017.

TEGoVA The highpoint was a presentation by UK’s Professor Neil Crosby on the Impact of Long Term IPAV’s association with TEGoVA,The European Valuations on Financial Stability. Other speakers Group of Valuers’ Associations, continued to included Krzysztof Grzesik, Chairman, TEGoVA, expand over the past year. Since March 2016, Roger Messenger, Chairman, European Valuation when the new European Mortgage Directive was Qualifications Board, Nick Millard, President transposed into Irish Law, any member wishing CAAV, Jeremy Moody, Secretary and Advisor to to undertake residential valuations for banks, is CAAV, Dan Brewer, President Appraisal Institute obliged to complete valuations to a recommended of Canada, M. Lance Coyle, Immediate Past valuation standard. President, Appraisal Institute and David Magor, CEO, IRRV. The Conference Moderator was Luke A number of CPD modules were provided for Brucato from Italy. existing TRV and REV members. These were held in ITT, Tallaght on 10th June and 26th November Throughout 2016 and 2017 IPAV’s CEO Pat Davitt 2016 and on 3rd March, 4th May and 9th June continued to be heavily involved in cementing 2017. IPAV’s membership of TEGoVA. Pat is a member of the TEGoVA Recognition Committee and is a In addition, 55 IPAV members undertook the TRV member of the nine-strong European Valuation course over four weekends in September 2016 Quality Board which is chaired by Roger while an additional 28 members undertook the REV Messenger. At its Spring Assembly meeting in course held over five days in March 2017. There Belgrade, Serbia on 22nd April, 2017, Pat Davitt are now a total of 384 IPAV members qualified to was elected to the Board of TEGoVA which was either REV or TRV status. a huge honour for him and the Institute. IPAV continues to be an active member in furthering the A record 420 valuers and other real estate aims and objectives of TEGoVA at European level. professionals from 30 countries, including Canada and USA attended a European Valuation CEPI Conference in Malahide Co. Dublin on 21st October 2016, organised by IPAV. The conference During the past year IPAV continued its active titled “Valuation Quality - A Pillar of Financial membership of CEPI. CEPI now represents 24 Stability in Europe & Beyond” was opened by Alan national associations and more than 300,000 real Redmond, President IPAV and a keynote address estate professionals in the EU and European Free on “The Important Role of Valuers” was delivered Trade Association (EFTA) countries. Its objective by John Curran TD, Ireland Chair of the Joint is to voice the interests of the real estate sector Oireachtas Committee on Social Protection and and professions to the European institutions, former Chairman of the Oireachtas Committee on improve market knowledge, strengthen working Housing & Homelessness. relationships between professionals and oversee their professional ethics, professional practices and quality of education. During the year IPAV CEO Pat Davitt was elected to the CEPI Board of Directors. 13 The NAR Delegation which visited IPAV in mid October, 2016

National Association of Realtors Regulatory Authority for licensing purposes. The course is delivered on Saturdays over two (NAR) consecutive academic years. The Professional During 2016/17 IPAV continued its affiliation with Practice Module is mandatory and must be the National Association of Realtors (NAR). completed by all students to obtain a Level 6 qualification. There are currently 60 participants in The Association is America’s largest trade Year 1 of the course and 48 in Year 2. association, representing over 1.1 million members, including NAR’s institutes, societies, and councils, Graduates who have successfully completed IPAV’s involved in all aspects of the residential and Certificate in Estate Agency are eligible to apply commercial real estate industries. for the Higher Certificate in Real Estate Top-Up Course, using a process of RPL (Recognition of In Mid-October 2016, IPAV was privileged to Prior Learning). host a visit by a group of US Realtors including members of the Minneapolis Area Association of Young Professionals Network (YPN) Realtors (MAAR) who were in Ireland as part of the partnership programme being facilitated by The official launch of IPAV’s Young Professionals the NAR Ambassador Association Programme Network or YPN took place in the Rochestown which operates in almost 60 countries worldwide. Park Hotel, Cork on Wednesday 5th October The delegation included NAR 2016 President Tom 2016. YPN’s Chairman Raymond Smith performed Salome, MAAR President Judy Shields, NAR CEO the official launch. He told the members present Dale A. Stinton and Claire Killen, NAR President’s that YPN is intended to be a point of contact for Liaison to Ireland. young members and its aims include encouraging networking through education, social and charitable events as well as providing advice and Higher Certificate in Real Estate support to younger members in their work. (Valuation, Sale and Management) YPN’s Summer BBQ took place on Friday, 8th The annual conferring of the Higher Certificate in July, 2016 in IPAV HQ and was well attended. Business Real Estate at the Institute of Technology Almost 40 young members were joined by IPAV’s Tallaght took place on Wednesday, 9th November, President, Alan Redmond together with the former 2016. The special awards for excellence took President, Eamon O’Flaherty, Valerie Mogerley IPAV place on Tuesday, 8th November, 2016 and were membership manager and many others. presented by IPAV President Alan Redmond. YPN held their Christmas gathering in December, The course is run in conjunction with ITT. The in Dublin’s McGrattan’s Café Bar. There was a great course is a Level 6 award (120 ECTS) and is turnout from both members and supporters. approved by the National Property Services 14 Julia Browne, Dún Laoghaire, Co. Dublin who received a Senator David Norris with Hugh Morris, Castle St., Trim, Co. Meath Certificate in the Fine and Decorative Arts with her parents at the Fourth President’s Charity Lunch. Vincent and Jean.

On the night a collection was held in aid of the In autumn 2016, the new compact two-day Fine Neo-Natal Unit at The Rotunda Hospital. YPN’s and Decorative Arts Diploma course commenced. Vice-Chair, Niamh Giffney said IPAV’s YPN were The aim of this course is to give a modern very happy to be associated with such a worthwhile approach introducing different topics enabling the charity and she hoped that the donation would go Fine Art students to have a wider vision of the Arts some way towards research to help babies in the and Ancillary Arts. In addition, two new courses, Neo-Natal Unit. namely a lecture series on 20th Century Irish Art and Genius of Germany – Art and Design from On Thursday 30th March 2017, YPN organised a the Renaissance to Today were introduced. Both seminar in the Ashling Hotel Dublin. YPN Chairman courses were run in the evenings over a 16 week Raymond Smith gave an outline to IPAV members period. of its aims and ambitions. The Seminar also heard presentations from Fergal McGrath, CEO and Co- founder of Dilosk on their Buy-to-Let product for President’s Charity Lunch property investors; from Michael Cryan, co-founder On Friday 9th December 2016, IPAV hosted of VMS Ltd on their Valuation Panel Criteria; from the fourth President’s Charity Lunch in Dublin’s estate agent and interior designer Paul Tobin on Westbury Hotel when the Special Guests were how to spruce up a property for sale and letting Trinity College Senator David Norris, who was purposes and from Will O’Reilly of Domavue on an the Guest Speaker and Br Kevin Crowley of the IT marketing tool for show houses. A Q & A session Capuchin Day Centre on Dublin’s Bow St., IPAV’s followed. chosen charity for the 2016 event.

The Fine & Decorative Arts Well-known racing commentator and Waterford IPAV member Brian Gleeson was MC for the event IPAV’s very popular Fine and Decorative Arts which saw a large attendance of IPAV members courses continued during 2016/17. The courses, and guests from all parts of the country. At the which attract a broad level of interest, are run in the event, an outline of the huge workload carried out lecture theatre at No 129, Lower Baggot St. daily at the Capuchin Day Centre was given by Brother Crowley. A cheque for €8,000 was later On the evening of Thursday 19th May 2016, IPAV’s presented to Br Crowley by IPAV President, Alan annual presentation of Certificates took place Redmond. in the Stephen’s Green Hibernian Club, Dublin. IPAV outgoing President Eamon O’Flaherty, in what was his last official function in office, made the presentations. He paid tribute to the Course Director Roxane Moorhead and all the lecturers for their ongoing commitment to the courses.

15 At the 2016 President’s Charity Lunch were (l –r): Alan Redmond, IPAV President; Paul O’Brien, Clondalkin; Senator David Norris and Paul Reddy, Swords.

Public Relations and Public Affairs

Budget 2017 Throughout 2016/17 IPAV again lobbied Government, TDs and Senators on issues of relevance to the Institute. A pre-Budget submission was prepared which contained a number of proposals including an outline of a larger fund for Village and Urban Renewal, tax incentives to encourage landlords to refurbish vacant properties, equality of treatment between Landlords and Vulture Funds and tax incentives to encourage Landlords to give long-term leases.

Publications IPAV’s official magazine, The Property Professional, was published quarterly during 2016/17. To coincide with IPAV’s current calendar of activities it was decided to alter the publication dates to January, April, July and November. The magazine carries items and articles of interest to auctioneers and estate agents and continues to be one of the Institute’s flagship tools of communications. It is circulated to members, members of parallel professions, government departments, relevant bodies and institutions, IPAV students and the media. The magazine is edited by Tim Ryan and published by the Design Room, on behalf of IPAV. Past issues of the magazine in digital format are available on IPAV’s website www.ipav.ie.

The Property Diary 2017 was published in December 2016. The A4-sized Diary continues to be popular with members, parallel professions and numerous organizations and individuals.

16 April 2017 marked the 47th edition of IPAV’s newsletter, a publication which continues to be a valued source of information to members.

Press releases on a number of relevant topics were issued throughout the year to both national and local media. Photographs from IPAV’s Annual Conference 2016 and other key events, including the presentation of Diplomas and Certificates, were circulated to the print media and received widespread coverage.

IPAV Social Media & Website 2016 – 2017 IPAV has increased its following on its LinkedIn, Facebook & Twitter accounts offering the latest up to date Industry News, IPAV social events and the various courses that IPAV run throughout the year. IPAV recommends Members connect with IPAV through their preferred social medium, whether Facebook, Twitter &/or LinkedIn to receive instant updates from IPAV and the wider Industry, as well as regularly checking in to www.ipav. ie. IPAV’s website continues to grow apace; exclusive to IPAV Members in the sign in area are valuable articles and documents such as IPAV’s Practice Handbook, exclusive email access to PKF Accountants for professional financial /tax queries, as well as access to Blue Book valuation templates. Also available in the public domain is access to publications such as IPAV’s Property Professional Magazine, latest news, monthly newsletters, press releases, media coverage, industry presentations, upcoming events and much more.

17 The Institute of Professional Auctioneers and Valuers CLG

Financial Statement TO THE MEMBERS OF THE INSTITUTE OF PROFESSIONAL AUCTIONEERS AND VALUERS CLG

COMPANY INFORMATION

PKF O'Connor, Leddy & Holmes Directors Patrick Carroll Independent auditors Limited Paul Reynolds Century House Mervyn Lloyd Harold's Cross Road Paul McCourtney Dublin 6w Gerard Hanley John Shaw (resigned 11 June 2016) Ronald Duff Bankers Allied Irish Bank plc. Thomas Crosse 1 Lower Baggot Street Micheal O'Leary Dublin 2 Gerry Coffey Paul Gartlan Alan Redmond Bank of Scotland plc. Keith Anderson PO Box 793 Eamon John O' Flaherty Leeds LS1 9LU Dara Furey England Brian Dempsey Ella Dunphy David McDonnell Solicitors Orpen Franks & Co. Patrick Durkan 28/30 Burlington Road Timothy O'Connell Dublin 4

Company secretary Patrick Davitt

Registered number 34768

Registered office 129 Lower Baggot Street Dublin 2 D02 HC84

18 The Institute of Professional Auctioneers and Valuers CLG Registered number: 34768

Directors' REPORT TO THE MEMBERS OF THE INSTITUTE OF PROFESSIONAL AUCTIONEERS AND VALUERS CLG

The Directors present their annual report and the audited financial statements for the year ended 28 February 2017.

PKF O'Connor, Leddy & Holmes Independent Directors' responsibilities statement auditors Limited Century House The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with Irish law Harold's Cross Road and regulations. Dublin 6w Irish company law requires the Directors to prepare the financial statements for each financial year giving a true and fair view of the state of affairs of the Company. Under the law, the Directors have elected to prepare the financial statements in accordance with Irish Generally Accepted Accounting Practice in Ireland, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and ’ and promulgated by the Institute of Chartered Bankers Allied Irish Bank plc. Accountants in Ireland and Irish law. 1 Lower Baggot Street Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true Dublin 2 and fair view of the assets, liabilities and financial position of the Company as at the financial year end date, of the profit and loss of the Company for that financial year and otherwise comply with the Companies Act 2014. In preparing these financial statements, the Directors are required to:

Bank of Scotland plc. • select suitable accounting policies and then apply them consistently; PO Box 793 • make judgments and accounting estimates that are reasonable and prudent; Leeds LS1 9LU England • state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company Solicitors Orpen Franks & Co. 28/30 Burlington Road will continue in business. Dublin 4 The Directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the Company, enable at any time the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy, enable them to ensure that the financial statements and Directors' Report comply with the Companies Act 2014 and enable the financial statements to be audited. 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.

Principal Activities

The institute is engaged in the promotion of professional standards of auctioneers valuers and estate agents.

19 The Institute of Professional Auctioneers and Valuers CLG

Directors' Report (CONTInued)

TO THE MEMBERS OF THE INSTITUTE OF PROFESSIONAL AUCTIONEERS AND VALUERS CLG

FAIR REVIEW OF THE RESULTS FOR THE Year And The Financial PositiON

The trading results for the year and the financial position at the year end were considered satisfactory by the directors.

The Institute made a surplus before tax of €525,768 during the year, compared with a deficit of €233,205 in the prior year. The turnover has increased from €1,003,568 to €1,129,784. The company had total assets of €3,223,806, total liabilities of €457,320 resulting in a net asset position of €2,766,486. The Directors are confident of sustained revenues and to remain profitable in the foreseeable future.

Results and dividends

The surplus for the year, after taxation, amounted to €515,622 (2016 ‑ deficit €248,906).

Principal risks and uncertainties

The Directors confirm that there is an ongoing process for identifying, evaluating and managing the significant risks faced by the Company and that this process has been in place for the year under review and up to the date of the approval of the financial statements.

The Directors have assessed the risks of the Company and have taken measures to manage these risks as follows: Liquidity risk This risk is mitigated by ensuring that there is cash available to cover expenses in the short‑term future. Cash is collected on a timely basis and cash payments are monitored closely. Fraud risk This risk is mitigated by maintaining strict segregation of duties for the receipt of funds and the payment of creditors.

Accounting records

The measures taken by the Directors to ensure compliance with the requirements of Sections 281 to 285 of the Companies Act 2014 with regard to the keeping of accounting records, are the employment of appropriately qualified accounting personnel and the maintenance of computerised accounting systems. The company’s accounting records are maintained at the company’s registered office at 129 Lower Baggot Street, Dublin 2.

Future developments

There are no significant future developments anticipated.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

20 The Institute of Professional Auctioneers and Valuers CLG Registered number: 34768

Directors' Report (CONTInued)

TO THE MEMBERS OF THE INSTITUTE OF PROFESSIONAL AUCTIONEERS AND VALUERS CLG

Statement on relevant audit information

Each of the persons who are Directors at the time when this Directors’ Report is approved has confirmed that: so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

• the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, PKF O’Connor, Leddy & Holmes Limited, continue in office in accordance with section 383(2) of the Companies Act 2014. This report was approved by the board and signed on its behalf.

...... Eamon John O’ Flaherty Alan Redmond Director Director

Date: 28 April 2017 Date: 28 April 2017

21 The Institute of Professional Auctioneers and Valuers CLG

INDEPENDENT AUDITORS’ REPORT We have audited the financial statements of The Institute of Professional Auctioneers and Valuers CLG for the year ended 28 February 2017, which comprise the Income and Expenditure Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes. The relevant financial reporting framework that has been applied in their preparation is the Companies Act 2014 and Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council. This report is made solely to the Company’s members, as a body, in accordance with Section 391 of the Companies Act 2014. 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 Auditors’ 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.

Respective responsibilities of Directors and Auditors As explained more fully in the Directors’ Responsibilities Statement on page 1, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act 2014. Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council’s Ethical Standards for Auditors.

Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of whether the accounting policies are appropriate to the Company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the financial statements. In addition, we read all the financial and non‑financial information in the Directors’ Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements In our opinion the financial statements: • give a true and fair view, of the assets, liabilities and financial position of the Company as at 28 February 2017 and of its income and expenditure for the year ended; and • have been properly prepared in accordance with relevant financial reporting framework and in particular with the requirements of the Companies Act 2014.

Matters on which we are required to report by the Companies Act 2014 • We have obtained all the information and explanations which we consider necessary for the purposes of our audit. • In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited. • The financial statements are in agreement with the accounting records.

Matters on which we are required to report by exception We have nothing to report in respect of our obligations under the Companies Act 2014 to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions specified by sections 305 to 312 of the Act are not made.” Mark Tully for and on behalf of PKF O’Connor, Leddy & Holmes Limited

Statutory Audit Firm

Century House Harold’s Cross Road Dublin 6w

28 April 2017

22 The Institute of Professional Auctioneers and Valuers CLG Registered number: 34768 Income and expenditure account FOR THE YEAR ENDED 28 FEBRUARY 2017

2017 2016 € €

Turnover 1,129,784 1,003,568

Administrative expenses (648,065) (1,269,333)

Other operating income 40,110 35,279

Operating Surplus/(deficit) 521,829 (230,486)

Interest receivable and similar income 4,404 22,345

Interest payable and similar expenses (465) (25,064)

Surplus/(deficit) before tax 525,768 (233,205)

Tax on surplus/(deficit) (10,146) (15,701)

Surplus/(deficit) for the financial year 515,622 (248,906)

All amounts relate to continuing operations. There were no recognised gains and losses for 2017 or 2016 other than those included in the income and expenditure account.

23 The Institute of Professional Auctioneers and Valuers CLG

StAtement of comprehensive income AS AT 28 FEBRUARY 2017

2017 2016 € €

Surplus/(deficit) for the financial year 515,622 (248,906)

Other comprehensive income

Total comprehensive income for the year 515,622 (248,906)

Signed on behalf of the board:

...... Eamon John O’ Flaherty Alan Redmond Director Director

Date: 28 April 2017 Date: 28 April 2017

24 The Institute of Professional Auctioneers and Valuers CLG Registered number: 34768

BALANCE SHEET AS AT 28 FEBRUARY 2017

2017 2016

€ €

Fixed assets

Tangible assets 1,188,179 1,247,360

Investments 1 1

1,188,180 1,247,361

Current assets Debtors: amounts falling due within 137,176 156,248 one year Cash at bank and in hand 1,898,450 2,004,669

2,035,626 2,160,917 Creditors: amounts falling due within (447,500) (1,104,544) one year 1,588,126 1,056,373 Net current assets 2,776,306 2,303,734 Total assets less current liabilities

Creditors: amounts falling due after more (9,820) (52,870) than one year Net assets 2,766,486 2,250,864

Capital and reserves

Income and expenditure account 2,766,486 2,250,864

Shareholders’ funds 2,766,486 2,250,864

The Financial Statements where approved and authorised for issue by the Board:

...... Eamon John O’ Flaherty Alan Redmond Director Director

Date: 28 April 2017 Date: 28 April 2017

25 The Institute of Professional Auctioneers and Valuers CLG

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2017

Income & Expenditure Total equity Account € €

2,250,864 2,250,864 At 1 March 2016

Comprehensive income for the year

Surplus for the year 515,622 515,622

Total comprehensive income for the year 515,622 515,622

At 28 February 2017 2,766,486 2,766,486

26 The Institute of Professional Auctioneers and Valuers CLG Registered number: 34768

Schedule to the detailed accounts FOR THE YEAR ENDED 28 FEBRUARY 2017 2017 2016

Turnover € €

Membership 324,468 323,721

Courses 611,064 612,100

Sponsorship 53,747 35,451

Events 107,531 32,451

Erasmus grant 32,966 -

1,129,786 1,003,568

Other operation income

Rent receivable 40,110 35,279

40,110 35,279

27 The Institute of Professional Auctioneers and Valuers CLG

Schedule to the detailed accounts FOR THE YEAR ENDED 28 FEBRUARY 2017

Administration Expenses 2017 2016 € €

Staff salaries 134,815 125,309 Employer’s PRSI 13,899 12,024 IPFMA re rev course 90,019 298,456 Motor and travel expenses 15,965 19,321 N.A.R./C.E.I./TEGoVA meetings 21,962 17,156 Chief executive 172,200 116,017 Printing and stationery 36,614 31,866 Postage and couriers 17,371 16,295 Telephone 4,968 3,364 Computer costs 11,734 23,418 Advertising and promotion 67,103 54,489

ITT registration fee 46,780 31,384 Charity donations 5,250 6,670 Professional fees 7,882 22,411 Auditor and accountancy 16,236 10,250 Bank charges 1,657 1,211 Bad debts - 27,153 Difference on foreign exchange (47) 66 Sundry expenses 37,442 20,640 Rates 1,375 16,495 Light and heat 6,007 5,323 Insurances 17,981 7,906 Repairs and maintenance 6,078 4,113 Depreciation 59,181 16,302 AGM Costs 28,577 27,278 Conference Costs 27,016 38,520 Vat Reclaimed - 148,676 Release of compensation fund (200,000) - ‑Loan written off Onview Limited - 167,222 648,065 1,269,334

28 The Institute of Professional Auctioneers and Valuers CLG Registered number: 34768

Schedule to the detailed Accounts FOR THE YEAR ENDED 28 FEBRUARY 2017 2017 2016

Interest receivable € €

Bank interest receivable 4,404 22,345

4,404 22,345

2017 2016

Interest payable € €

Bank loan interest payable 465 958

Other interest - on overdue vat - 24,106

465 25,064

29 The Voice of Auctioneers & Valuers In Ireland

Institute of Professional Auctioneers & Valuers 129 Lower Baggot St., Dublin 2 Tel: 01 - 678 5685 Fax: 01 - 676 2890 e-mail: [email protected] Website: www.ipav.ie