Northern Ireland

UUP records a deficit of £94,000

The Ulster Unionist Party had a deficit of £94,000 last year due to a fall in the value of its share in an investment property.

The party owns 70% of Cunningham House, its former headquarters.

Its value was written down from £1.1m to £875,000.

The UUP said the move "reflects market conditions but does not represent cash outgoings."

Without the writedown the party would have shown its best financial performance in many years with a surplus of £126,000.

It added that it has now reduced its net debt situation to £231,000 compared to £1.1m "only a few years ago."

Sinn Féin returned to profit, after recording a loss last year because of a libel action taken by a former director of Northern Ireland Water, Declan Gormley.

The party recorded a surplus of £38,410 with an income of just over £1m.

The largest party in Northern Ireland, the Democratic Unionist Party, recorded a surplus of £65,000 and the SDLP a loss of just over £10,000.