The Formula That Followed the Party
A new discovery raises a question that goes beyond any single auditor: who decided that the lender would never be named?
Yesterday, The Receipts UK published findings showing that CK Partnership, the small London firm that has audited Reform UK's accounts since 2021, signed off anonymous loans across six consecutive sets of accounts without identifying the lender by name.
Within hours, a reader flagged something worth investigating further.
The Brexit Party, the immediate predecessor to Reform UK, led by Nigel Farage, filed its accounts for the year ended 31 December 2020 with a different auditor entirely. Azets Audit Services, a national firm based in Amersham, signed off those accounts in June 2021.
The two firms share no directors, no partners, and no known personnel connections. They operate independently of one another.
Yet in the related party note of the 2020 accounts, Azets used this language:
"During the period, the Party received donations from a connected company with mutual director. During the period, the Party received loans from a connected company with mutual director."
No name. No company number. No further detail.
When CK Partnership took over as auditor the following year, they used this language:
"During the period, the Party did not receive donations from a connected company with mutual director. During the period, the Party did not receive any loans from a connected company with mutual director."
Word for word. The formula did not change when the auditor changed.
The significance of this
Under FRS 102 section 33, related party transactions must identify the nature of the relationship and provide sufficient detail for the reader to understand the transaction. Describing a lender only as a "connected company with mutual director" does not meet that standard, the identity of the connected party is the disclosure.
Two independent firms accepted this formula without modification. This means one of two things: either both firms independently arrived at the same deficient approach, or the party itself determined how its financial relationships would be described, and the auditors accepted it.
The 2023 accounts, audited by CK Partnership, provide a telling contrast. In the going concern note, the auditor names Richard Tice explicitly, the £1,083,000 net liabilities consist mainly of directors loans from Richard Tice. His name appears when going concern obligations require it.
It does not appear in the related party note, where disclosure obligations also require it.
The pattern
The anonymisation formula first appears in accounts covering Nigel Farage's period as leader. It continues unchanged after his departure. It transcends the change of auditor. Across three political entities, UKIP, The Brexit Party, and Reform UK, and across two independent audit firms, the lender has never been named in a related party note.
The question this raises is not principally about CK Partnership or Azets. It is about who decided that the connected company with mutual director would never be identified, and why both firms agreed. One name connects both audit relationships. M A'zami has been Reform UK's registered treasurer throughout, signing the treasurer's report under Azets in 2020 and under CK Partnership from 2021 onwards. The formula didn't change. The treasurer didn't either.
CK Partnership was contacted for comment. No response was received by the time of publication.