The Social Democratic Liberal Party (SODEPA) incurred expenses of $666,823 which was $220,808 more than its income of $446,015 for the year ending December 31, 2022.
This is according to information submitted to the Fijian Elections Office as required under the Political Parties (Registration, Conduct, and Funding & Disclosures) Act, 2013.
Iowane Naiveli, the auditor in the report, said for the year ended December 19, 2022, the party incurred liabilities to the amount of $297,431.
“There is uncertainty with the party generating adequate cash flows to meet all its commitments and obligations as and when they fall due,” he said.
“As at December 31, 2022, total liabilities of the league exceed total assets resulting in net deficiency in assets of $251,685. The current liabilities exceed the current assets by $312,997. Furthermore, the party may require funding to meet its working capital and capital expenditure requirements.
“The above conditions indicate the existence of a material uncertainty that may cast significant doubt about the party’s ability to continue as a going concern.
“The appropriateness of the going concern assumption on which the financial statements are prepared is critically dependent on the party members’ support and its ability to secure adequate financial backing without violating the regulations that govern the party.”
Out of the total $446,015 income, SODELPA received $107,691 in gifts, $129,475 from candidates as levy, $90,000 as Parliament grant, $37,068 from fundraising and $47,534 listed under “other”.
From the total $666,823 expenses, the highest cost went towards campaign that was pegged at $171,113 followed by $166,030 that was used for salaries and allowances.
