Cameron cuts Tory debts by £23.5million

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However, the Tory accounts also confirmed how much the party has relied on businessman Lord Ashcroft, a deputy chairman of the party, for funding.

They show the party has cut loans from individuals and organisations, but not constituency associations, from just under £32 million in 2006 to slightly more than £8.5 million last year. Its balance sheet deficiency was also reduced from £9 million to £7.75 million and its income rose from just over £31 million to £33.5 million.

Staff numbers, including the hiring of new communications supremo Andy Coulson, the former editor of the News of the World, rose from 226 to 258.

While membership fees increased from £1,191,000 to £1,214,000, Conservative Central Office in Smith Square was sold off to become the new UK headquarters for the European Commission.

Together with the adjoining 67 Tufton Street property it fetched £30million but a loan of £15.6 million on the Smith Square property had to be paid off.

While the Tories are gearing up financiallyfor an election, Labour is still saddled-with millions of pounds of loans which sparked the cash-for-peerages furore under Tony Blair.

Labour last year repaid a £854,000 loan, including interest, from biotechnology entrepreneur Sir Christopher Evans who was arrested, but not charged, by police investigating the Labour funding arrangements.

But as of 31 December last year, it still owed more than £10 million to other businessmen caught up in the scandal.

In addition, Labour still owed £2.24 million to restaurant tycoon Richard Caring and £2.4 million to former science minister Lord Sainsbury. Labour cut its net debt, excluding pension liabilities, from almost £25 million to £18.9 million over the course of last year, but is still heavily reliant on unions for funding.

The party's average staff level was 168 last year, compared with 201 the previous year.