The Liberal Democrats misplaced up to £200,000 after the last-minute cancellation of its social gathering conference due to the death of the Queen, i can reveal.
The conference was due to start on Saturday 17 September, two days earlier than Elizabeth II’s funeral, however the conference had to be cancelled six days earlier than it had been due to begin.
Since the Lib Dems did not have insurance cover for cancellation within the occasion of a monarch’s death, the social gathering will probably be compelled to take the substantial monetary hit.
The social gathering additionally missed out on greater than £200,000 in revenue, which means it has suffered greater than a £400,000 swing from revenue to loss.
However, social gathering insiders advised i that, regardless of the monetary loss, the social gathering will stay on a sound monetary footing and that it’s nonetheless ready to fund campaigns round any by-election that could be known as earlier than the subsequent basic election.
Over the previous 15 months the Liberal Democrats have taken three seats from the Conservative Party at by-elections within the constituencies of Chesham and Amersham, North Shropshire and Tiverton and Honiton.
The group is hoping the losses will probably be lowered from the preliminary £200,000 after providing delegates the chance to donate their ticket charges, which averaged round £85 for the four-day conference, to the social gathering.
This means the ultimate loss will not be recognized for a number of weeks.
A Lib Dem supply mentioned: “We decided that this period of national mourning and the date of the funeral meant we had to cancel the conference. Many members and suppliers have been generous and supportive of that decision, which has reduced the financial loss.
“Conference is an important part of our budget, but we remain on a sound financial footing and this loss won’t stop us from holding this out of touch Government to account especially on the cost-of-living catastrophe.”
At the Lib Dems final pre-pandemic conference, which happened in Bournemouth in September 2019, the social gathering offered 5,118 delegate tickets.
If the social gathering had attracted comparable numbers to this 12 months’s occasion, it could have taken in income of round £435,000, which means it could have profited to the tune of round £235,000.
Due to this 12 months’s conference being scheduled to happen in Brighton, many delegates could have opted for cheaper day tickets from London. This would have led to a decrease common ticket gross sales over the course of all the occasion.
Along with different political events, this 12 months’s Lib Dems conference was due to be its first absolutely attended one for 3 years after Covid restrictions led to cancelled and scaled-down occasions.
A spokeswoman for the Association for British Insurers (ABI) confirmed cover for the cancellation of an occasion due to a interval of nationwide mourning following the death of a monarch was obtainable from a number of corporations. The insurance market Lloyds of London additionally underwrites such cover.
“Cancellation cover is available in the market for periods of national mourning and ABI members will take a sympathetic and pragmatic view to any claims,” mentioned the spokeswoman for the ABI. “If you have this cover in place and haven’t already done so, speak to your insurer or broker to understand what you’re covered for.”