Reform says it's raising millions - but what has Farage's party done with the money it's received in the past? I took a deep dive into Reform's 'wholly exceptional' accounts, and found a 'black hole' and some major questions Full story here: democracyforsale.substack.com/p/the-black-... - ThreadSky

petergeoghegan.bsky.social • 111 days ago

Reform says it's raising millions - but what has Farage's party done with the money it's received in the past?

I took a deep dive into Reform's 'wholly exceptional' accounts, and found a 'black hole' and some major questions

Full story here:
https://democracyforsale.substack.com/p/the-black-hole-in-reform-uks-finances

Comments

ledredman.bsky.social•111 days ago

It's a private company. Any money they raise can be paid out in dividends excessive salaries or loans. It's Farage's piggy bank.

christhecatsmum.bsky.social•111 days ago

A private Ltd Company with 1 majority shareholder, who therefore has sole control, what could possibly have happened to the money. Did donors and Party members even know who would decide where/how the funds were to be spent, do they even care?

lobe5.bsky.social•111 days ago

Muppet tax

foxylizard.bsky.social•111 days ago

Is Mrs.C related to posh George ?

martincollard.bsky.social•110 days ago

As it's a PLC and not a political party, I assume all profits have gone to shareholders.

nicolaandfinley.bsky.social•111 days ago

Always follow the money…..

victoria1921.bsky.social•111 days ago

Perhaps Reform, formerly UKIP, then Brexit Party, but always Farage, could explain WHY they need so much money? 9 jobs Farage banked almost £600k in the last 6 months,+ £91k MP salary and, ironically £78k EU pension. Brexit broke Britain. Look at the damage their lies have done. Greedy grifters.

dgboro.bsky.social•111 days ago

Well destroying the NHS isn’t cheap.

tomadam.bsky.social•111 days ago

How is it compliant with reporting requirements but not reporting membership income? Are they bundling it into "other income" like they're doing with expenses? They can't be excluding it entirely, because that would be underreporting income which would surely be non compliance?

Good read, thanks

christhecatsmum.bsky.social•111 days ago

It's a "private" Ltd company with shareholders, not like other Party's Ltd companies that have no shareholders.

tomadam.bsky.social•111 days ago

Even a ltd company is expected to report all income - otherwise you've not produced financial statements.

But, you're definitely right that it's ludicrous that they've not yet closed this loophole. A "substance over form" approach (does it walk and quack like a political party?) is way overdue.

christhecatsmum.bsky.social•111 days ago

It's amazing what can become "legitimate" expenses to reduce income, and result in less or zero profit. Creative accounting.

petergeoghegan.bsky.social•111 days ago

Thanks - the big problem is that the electoral commission has guidelines for how parties should file their accounts, but they are not mandatory. Which means Reform (and others) can file really thin accounts (as small businesses) with minimal detail

rickyj555.bsky.social•111 days ago

But still not enough for 9 jobs Farage

penny2.bsky.social•111 days ago

Omg, that’s an awful lot of red flags. Unfortunately the people who are voting for them, won’t be reading this article 🤷🏻‍♀️

rightarmover.bsky.social•111 days ago

Superb article.

Way above my ability to understand it all but very interesting.

heppy111.bsky.social•111 days ago

📌

brobb.bsky.social•111 days ago

Clearly you need the crack Police Scotland plus unknown UK support team to investigate this Peter. If needs be they can erect a forensic tent outside Reform MPs houses, and prolong the investigation to maximise reputational damage. They could then move on to both Tory and Labour party finances?

petergeoghegan.bsky.social•111 days ago

Reform did not respond to detailed questions about its accounts but a party spokesman said that “the British people see through these silly attacks’….

robwiny.bsky.social•111 days ago

So the British people can all read and understand a set of accounts now? Just asking for a friend here…what happens if you haven’t got a clue?

irritatedllama.bsky.social•111 days ago

The British people? Ask them al did they?

execrable.bsky.social•111 days ago

"The British people" won't even hear about it or even if they do won't care about it because "that's what all politicians do".

execrable.bsky.social•111 days ago

"Malicious compliance". That's a phrase everyone should add to their vocabulary. As for Reform's defence? LOL. I wouldn't trust Farage any further than I could throw him. The whole thing is a total scam, beginning to end. Creation to inevitable demise.