WHAT HAPPENED TO THE RIPA

The financial history of the RIPA from its incorporation as a company in 1976 to 1989 was a volatile one; but there had been sufficient good years to justify cautious optimism as we entered 1990/91. However, a combination of circumstances - which, if they had occurred separately might have been overcome - were, taken together, to deliver the Institute a mortal blow. These led to a deteriorating cash-flow position. This looked to have been eased by a major restructuring and the sale of the International Division, but when the 1991/92 accounts were finalized the loss for the year was revealed as 241,000 pound and there was an excess of liabilities over assets of 231,000 pound. An appeal was launched to corporate members, but before the results of this could be fully tested, the cash-flow position once again became critical and the bank lost confidence in the Institute's ability to trade out of its difficulties. The Council had no alternative but to proceed to receivership.