It warns: "Whilst the accounts have been prepared on the basis that the party is a going concern, given the fact that for the last two years the party has incurred a deficit, and that the balance sheet is now in deficit, there is an element of doubt as to its ability to continue as a going concern."
BNP leaders have shrugged off the mounting crisis and claim their debts are no worse than any other political party.
"The party is not bust and it is not broke," said treasurer John Walker.
But the official BNP accounts for the year ending December 2005 paint a bleak picture.
They have been published on the Electoral Commission's website, alongside an accountancy report by Silver and Co.
The party's annual turnover was listed as £672,000 - down by £50,000 from 2004 - yet expenditure rose to £767,000.
The financial outlay included £250,000 on staff costs, including a massive £171,000 spent on unexplained 'professional fees'.
A whopping £70,000 was splashed out on leaflet printing for the 2005 General Election when the BNP contested 118 seats. A further £63,216 went on 'travel and entertainment' costs and £30,000 on telephone calls.
The deficit for the year is £94,711 - up from £20,233 in 2004 - and total BNP debts now stand at £52,512.
Fundraising appears to be the cause of much of the cash problems.
Paid-up membership has fallen from 7,916 to 6,008 in 12 months, while donations for the first quarter of 2006 were a measly £1,028 and £5,500 for the second.
Even BNP party chairman Nick Griffin was forced to recognise the financial problems in the introduction to the auditor's report.
"The downside of this raft of record [General Election] results was that the party centre seriously overstretched itself financially," he admitted. "Potential for growth in the second part of the year was seriously hampered by the resulting fiscal austerity."
Last week, former Birmingham BNP councillor Sharon Ebanks had been kicked out of the party following a row over finances.