THE UNNAMED LENDER
The party checked its own donors. The auditor asked no questions. The lender has no name.
Reform UK received nearly £6 million in donations in 2024. Almost half of it never went near the Electoral Commission. The party's auditor signed it off. The party checked its own donors. And a director lent the party £883,000 without being named in the accounts.
The accounts
The accounts of Reform 2025 Ltd for the year ended 31 December 2024 were filed at Companies House on 29 August 2025. They were audited by Ravi Koppa of CK Partnership, signed off on 5 July 2025. The audit report is unqualified.
Note 2 of those accounts contains the following disclosure on 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."
The Verified Receipts has cross-referenced this figure against the Electoral Commission's public donations register. The £2,995,660 reported figure is confirmed. The register matches the accounts exactly.
That leaves £2,866,290 in donations received in 2024 that were never reported to the Electoral Commission, because they fell below the £11,180 reporting threshold.
Who checked them?
Reform UK's own administrative staff.
Not the Electoral Commission. Not the auditor. The party itself.
Under PPERA, parties are required to check the permissibility of all donors giving more than £500. Permissibility means the donor must be on the UK electoral register, or be a UK-registered company, trade union, or other qualifying entity. Foreign donations are prohibited.
The Electoral Commission publishes what it receives. It does not audit what it doesn't. For nearly £2.9 million in donations received by Reform UK in 2024, the only check on permissibility was carried out by the party's own staff.
CK Partnership, as auditor, certified the accounts as giving a true and fair view. The accounts contain no commentary on the adequacy of the party's own permissibility checking process for sub-threshold donations.
The unnamed director
Note 14 of the same accounts contains the following disclosure:
"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."
The loan is non-interest bearing. There is no fixed repayment date. Repayments are made when the party can afford them.
The accounts do not name which director provided the loan.
Reform 2025 Ltd has two directors on its Companies House register: Nigel Paul Farage and Richard James Sunley Tice. Both were appointed in 2019 and remain active.
The accounts were signed by R Tice on 5 July 2025.
CK Partnership has signed off six sets of accounts across UKIP and Reform UK containing an unnamed director’s loan. In no year has the lender been identified by name.
The structure
Until 19 February 2025, both Farage and Tice were listed as Persons with Significant Control of Reform 2025 Ltd. On that date both were removed. The s”
The structure
Until 19 February 2025, both Farage and Tice were listed as Persons with Significant Control of Reform 2025 Ltd. On that date both were removed. The sole PSC is now Reform UK Party Limited, company number 16260766.
Reform UK Party Limited has filed no accounts. Its officers include Farage, appointed as director on 18 February 2025, one day before the PSC restructure at Reform 2025 Ltd took effect.
The controlling company that sits above Reform 2025 Ltd has no published financial record.
The pattern
This investigation has now established the following across Reform UK's audit history:
CK Partnership signed off anonymous loans and donations across UKIP and Reform UK without identifying the connected party by name, reported 27 April 2026.
Azets established the same anonymous formula in the Brexit Party accounts for 2020, describing a £990,000 donation from Leave Means Leave Limited only as coming from "a connected company with mutual director." The donation was named to the Electoral Commission. It was not named in the accounts, reported 27 April 2026.
The 2024 accounts of Reform 2025 Ltd contain £2,866,290 in donations with no public scrutiny, a £883,000 director's loan with no named lender, and a controlling company with no filed accounts. CK Partnership signed all of it off as giving a true and fair view.
Right of reply
The Verified Receipts contacted Reform UK, Richard Tice and CK Partnership this morning with specific questions about the director's loan, the sub-threshold donation checking process, and CK Partnership's approach to donor permissibility verification. The deadline for response is 5pm today. Neither Reform UK, Richard Tice nor CK Partnership had responded at the time of publication.
