| Registered number |
| Registered number: | |||||||
| Statement of Financial Position | |||||||
| as at |
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| Notes | 2024 | 2023 | |||||
| £ | £ | ||||||
| Fixed assets | |||||||
| Tangible assets | 11 | ||||||
| Current assets | |||||||
| Debtors | 12 | ||||||
| Cash at bank and in hand | |||||||
| Creditors: amounts falling due within one year | 13 | ( |
( |
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| Net current assets | |||||||
| Total assets less current liabilities | |||||||
| Creditors: amounts falling due after more than one year | 14 | ( |
( |
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| Net assets/(liabilities) | ( |
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| Capital and reserves | |||||||
| Called up share capital | |||||||
| General Fund | ( |
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| ( |
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| The financial statements were approved by the Board Members on 5 July 2025 and signed on their behalf by: | |||||||
| ………………………. | |||||||
| R Tice | |||||||
| Notes to the Accounts | ||||||||
| for the year ended |
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| 1 | Accounting policies | |||||||
| General information and basis of preparation | ||||||||
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. | ||||||||
| Going concern | ||||||||
The Directors and Treasurer have reviewed the forecasts and budgets for the Party for the period of 12 months from the date of signing the financial statements and are satisfied that sufficient donations, fundraising income and funds from other sources will be available for the Party to meet its financial obligations and to achieve its organisational and political objectives. On this basis, the Directors considers that it is appropriate to prepare the accounts on a going concern basis. The directors loans are to help grow the party and are expected to remain in place for the next twelve months minimum. |
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| Financial accounting | ||||||||
| Income recognition | ||||||||
| Income is measured at the fair value of the consideration received or receivable net of trade discounts. | ||||||||
| Income is recognised when all of the following conditions have been met: | ||||||||
| The Party is entitled to the asset; | ||||||||
| There is reasonable certainty that the asset will be received; and | ||||||||
| The value of the asset can be measured with reasonable certainty. | ||||||||
| Applying these criteria to specific types of income results in the following treatment: | ||||||||
| Donations of monetary assets and fundraising income are recognised at market value in the income and expenditure account on receipts. | ||||||||
| Interest receivable is recognised in the income and expenditure account on an accrual basis; | ||||||||
| Commercial income is recognised in the income and expenditure account on an accrual basis. | ||||||||
| The Party's share of income from membership fees and levies are recognised when they are received. Renewals are only recognised if they have been received before the approval of the financial statement and it is clear that the receipt is not related to events that occured since the relevant financial year end. Loans payable that are waived are treated as donations in the period in which the loans are waived. All incoming resources are reported gross in the accounts. | ||||||||
| Where an organisation or individual bears the costs of goods or services that the Party would otherwise have been liable for, that cost is referred to as notional expenditure and the Party is deemed to have received notional income.Notional income and expenditure are presented separately in the income and expenditure account. Gifts of tangible fixed assets are recognised as income according to their current value on the date they are received. Work carried out for the Party by volunteers who provide their own time free of charge is not treated as a notional income. | ||||||||
| Government grants | ||||||||
| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant which does not specify performance conditions is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
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| Tangible fixed assets | ||||||||
| Computer equipment | 25% straight line per annum | |||||||
| Fixtures and equipment | 25% straight line per annum | |||||||
| Debtors | ||||||||
| Creditors | ||||||||
| Taxation | ||||||||
| Provisions | ||||||||
| Cash and cash equivalents | ||||||||
| Pension costs | ||||||||
| Financial Instruments | ||||||||
| Expenditure recognition | ||||||||
| In accordance with General accepted accounting principles all expenditure and costs are accounted for on an accrual basis. | ||||||||
| 2 | Donation income | |||||||
| Under section 62 PPERA single or aggregated donations from an individual greater than £11,180 in any calendar year are reportable to The Electoral Commission. During the year the company received cash donations of £5,861,950 (2023: £1,345,614), of which £2,995,660 were reported to the Electoral Commission during the period (2023: £295,000). The party's administrative staff check the permissibility of all donors (as defined by Section 54 PPERA) who make individual donations of more than £500. | ||||||||
| 3 | Income from commercial activities | 2024 | 2023 | |||||
| £ | £ | |||||||
| Merchandise sales and events | 438,296 | - | ||||||
| 438,296 | - | |||||||
| 4 | Membership income | 2024 | 2023 | |||||
| £ | £ | |||||||
| Membership fees received directly by the party | 4,344,371 | - | ||||||
| 4,344,371 | - | |||||||
| 5 | Investment income | 2024 | 2023 | |||||
| £ | £ | |||||||
| Bank interest received | 1,874 | - | ||||||
| 1,874 | - | |||||||
| Investment income, when it arises, consists of bank interest income. | ||||||||
| 6 | Miscellaneous income | 2024 | 2023 | |||||
| £ | £ | |||||||
| Parliamentary activities | 186,225 | 7,417 | ||||||
| 186,225 | 7,417 | |||||||
| 7 | Surplus (Deficit) before and after taxation | 2024 | 2023 | |||||
| £ | £ | |||||||
| The deficit before and after taxation is stated after charging: | ||||||||
| Auditors remuneration - audit services | 21,000 | 21,000 | ||||||
| Depreciation | 1,710 | - | ||||||
| 8 | Audit information | |||||||
| Senior statutory auditor: | ||||||||
| Firm: | ||||||||
| Date of audit report: | ||||||||
| 9 | Staff costs and remuneration | |||||||
Staff costs for the above persons comprise: |
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| 2024 | 2023 | |||||||
| £ | £ | |||||||
| Wages and Salaries | 655,298 | 402,108 | ||||||
| Social Security | 76,255 | 34,005 | ||||||
| Pension | 9,593 | 8,472 | ||||||
| 741,146 | 444,585 | |||||||
| Neither the Leader nor the Party President received any remuneration from the Party. | ||||||||
| 2024 | 2023 | |||||||
| Number | Number | |||||||
| Average number of persons employed by the company | ||||||||
| 2024 | 2023 | |||||||
| £ | £ | |||||||
| Average Cost of each staff member | 52,939 | 37,049 | ||||||
| 10 | Financing charges | 2024 | 2023 | |||||
| £ | £ | |||||||
| Bank charges and payment processing charges | 236,167 | 56,515 | ||||||
| 236,167 | 56,515 | |||||||
| 11 | Tangible fixed assets | |||||||
| Fixtures & equipment | Computer equipment | Total | ||||||
| £ | £ | £ | ||||||
| Cost | ||||||||
| At 1 January 2024 | ||||||||
| Additions | ||||||||
| At 31 December 2024 | ||||||||
| Depreciation | ||||||||
| At 1 January 2024 | ||||||||
| Charge for the year | ||||||||
| At 31 December 2024 | ||||||||
| Net book value | ||||||||
| At 31 December 2024 | ||||||||
| At 31 December 2023 | - | |||||||
| 12 | Debtors | 2024 | 2023 | |||||
| £ | £ | |||||||
| Prepayments | 73,383 | 2,225 | ||||||
| Other debtors | ||||||||
| 13 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Trade creditors | ||||||||
| Taxation and social security costs | ||||||||
| Other creditors | ||||||||
| 14 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Loans from related parties | 883,000 | 1,083,000 | ||||||
| There is a Directors loan to the party outstanding at 31 December 2024 for £883,000 (2023: £1,083,000) The loan is a non interest bearing loan, with no fixed repayment date and is subject to regular reviews and repayments are made by the Party ad hoc when sufficient financial resources are available. | ||||||||
| 15 | General Fund | 2024 | 2023 | |||||
| £ | £ | |||||||
| Balance at 1 January 2024 | (1,079,627) | (1,106,065) | ||||||
| Surplus (Deficit) for the year | 1,518,129 | 26,438 | ||||||
| Balance at 31 December 2024 | 438,502 | (1,079,627) | ||||||
| 16 | Capital commitments | |||||||
| There were no capital commitments at the period end. | ||||||||
| 17 | Contingent liabilities | |||||||
| 18 | Post balance sheet events | |||||||
| As of 10 June 2024 £200,000 repayment was made against the outstanding director's loan balance of £1,083,000. | ||||||||
| 19 | Controlling party | |||||||
| 20 | Other information | |||||||
| REFORM 2025 LTD is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
| Milbank Tower | ||||||||
| 21-24 Millbank | ||||||||
| London | ||||||||
| SW1P 4QP | ||||||||