I’m grateful to Quincey for highlighting the publication of political parties 2010 accounts by the electoral commission.
Here (a small PDF file) is the UUP statement:
That’s worth a browse.
As always it’s the notes that are interesting.
Notes 12, 13 and 14 show:
1) A bank overdraft of £33k
2) Longer term bank and other loans of £454k
Note 17 shows this debt fell by £60k over the year. Good going in a General Election year that…..
These loans are secured by the valuation of the UUP’s 80% stake in Cunningham House after the 2008 creation of a Limited Liability Partnership to take ownership of Party HQ. Note 20 records 2010 rental income of £23k from this source. I’ll call that the CH LLP.
These days such assets need to be recorded at market value in the Balance Sheet. Note 9 shows the market value movement of the CH LLP in the year – down £8k from £1.320m to £1.312m. I looked back at the 09 statement and no impairment charge was made then. The valuation “only” guarantees £575k of borrowing as per note 14 so the risk is not severe however I’m a little surprised that the market value should remain almost exactly the same through 2009 and 2010 giving what’s happened to property prices over this period.
Any experts care to tell me what I’m missing here?