Where does the "Welsh" Unionist parties election funding originate?

Over at political betting, psephologist Welsh Liberal Democrat  (he's a ceredigion community councillor) Harry Hayfield  gives a reasonable assessment  of the result of the Newport West By-Election.

Newport West by-election, 2019^[18]

Party		Candidate	Votes	%	±
	Labour	Ruth Jones	9,308	39.6	-12.7
	Conservative	Matthew Evans	7,357	31.3	-8.0
	UKIP	Neil Hamilton	2,023	8.6	+6.1
	Plaid Cymru	Jonathan Clarke	1,185	5.0	+2.5
	Liberal Democrat	Ryan Jones	1,088	4.6	+2.4
	Green	Amelia Womack	924	3.9	+2.8
	Renew	June Davies	879	3.7	N/A
	Abolish the Welsh Assembly	Richard Suchorzewski	205	0.9	N/A
	SDP	Ian McLean	202	0.9	N/A
	Democrats and Veterans	Philip Taylor	185	0.8	N/A
	For Britain	Hugh Nicklin	159	0.7	N/A
Majority			1,951	8.3	-4.7
Turnout			23,515	37.1	-30.5
Registered electors			63,623
	Labour hold		Swing	-2.4

He writes..

...Labour’s vote fell by 13% on the general election, the fourth biggest drop in the Labour vote share in a Labour defence since 1950 (Caerphilly 1967 -29%, Rhondda West 1968 -27%, Carmarthen 1966 -13%), the turnout was down 30% (on a par with Islwyn in 1995) and the 2.4% swing to Con was the first swing to Con in a Lab defence where the Conservatives came second since Abertillery in 1965 which means that the Conservatives would be rubbing their hands with glee, right?Wrong! The Conservative vote fell by 8% (2% worse than the average change in every Welsh by-election since 1950) and their worst performance in a Con target since the 1956 Newport by-election (which only needed a 3.71% swing to gain).So, if Labour’s vote was falling and the Conservatives were not picking it up, then who was you might ask? Well, UKIP gained an extra 6%, breaking their rather lacklustre performances in Welsh by-elections since Islwyn in 1995, the Greens gained 3% (just a fraction behind their increase in Cardiff South in 2012) and Plaid picked up 3% as well (although that is by far one of their smallest increases in recent times and will bring some to wonder whether Adam Price is having the effect in the Labour heartlands that they hoped for).The main people who gained were the myriad of Others who stood, combining to a total increase of 6% (their highest increase in any Welsh by-election ever).Does this mean that Wales is rejecting the two mass powers of British politics and standing up for those less likely to be represented in Parliament? Well, it’s a bit early to tell, but if Wales was, it would not be the first time. Pontypool in 1958 saw the time that Plaid Cymru polled double digits in the share of the vote, Carmarthen in 1966 was the first seat to elect a Plaid Cymru MP, Blaenau Gwent in 2006 was the first constituency to stay non party at a by-election, and of course what review of Welsh by-elections cocking a snook at the mainstream would there be if reference to Brecon and Radnor in 1985 wasn’t given.

Notice there seems to be no reference to the Liberal Democrats third place , in a seat that they have previously (well before they became Cameron's bag carriers) of the poor performance of the Liberal Democrat (or is it Welsh Liberal Democrat's) candidate

Don't worry  because he goes on to say 

What we need is another by-election in a constituency where all three main parties have an reasonable chance of winning the seat, where the constituency voted LEAVE by roughly the same margin as the United Kingdom as a whole and has a history of giving Westminster what for!. And wouldn’t you know it, such a seat is in the offing, if the sentencing of Chris Davis MP (Con, Brecon and Radnorshire) triggers either a by-election or a recall petition.

Of course Harry's Bell-weather Seat is a "Welsh"Liberal Democrat target and one they throw the kitchen sink  backing their candidate "Welsh" Leader Jane Dodds, and if they are hoping for an chance  of returning to their Pre-2010 standings it will be a must win.

Elections in the 2010s[edit]

General Election 2017: Brecon and Radnorshire^[8]

Party		Candidate	Votes	%	±
	Conservative	Christopher Davies	20,081	48.6	+7.5
	Liberal Democrat	James Gibson-Watt	12,043	29.1	+0.8
	Labour	Dan Lodge	7,335	17.7	+3.0
	Plaid Cymru	Kate Heneghan	1,299	3.1	-1.3
	UKIP	Peter Gilbert	576	1.4	-6.9
Majority			8,038	19.5	+6.7
Turnout			41,334	76.9	+3.1
Registered electors			56,010
	Conservative hold		Swing	+3.4

General Election 2015: Brecon and Radnorshire^[9][10]

Party		Candidate	Votes	%	±
	Conservative	Christopher Davies	16,453	41.1	+4.5
	Liberal Democrat	Roger Williams	11,351	28.3	−17.8
	Labour	Matthew Dorrance	5,904	14.7	+4.2
	UKIP	Darran Thomas[11]	3,338	8.3	+6.1
	Plaid Cymru	Freddy Greaves	1,767	4.4	+1.9
	Green	Chris Carmichael	1,261	3.1	+2.3
Majority			5,102	12.7	N/A
Turnout			40,074	73.8	+1.3
Registered electors			54,441
	Conservative gain from Liberal Democrat		Swing	+11.1

General Election 2010: Brecon and Radnorshire^[12][13]

Party		Candidate	Votes	%	±
	Liberal Democrat	Roger Williams	17,929	46.2	+1.3
	Conservative	Suzy Davies	14,182	36.5	+1.9
	Labour	Chris Lloyd	4,096	10.4	−4.5
	Plaid Cymru	Janet Davies	989	2.5	−1.1
	UKIP	Clive Easton	876	2.3	+0.4
	Green	Dorienne Robinson	341	0.9	N/A
	Christian	Jeffery Green	222	0.6	N/A
	Monster Raving Loony	Chris "Lord Offa of the Dyke" Rogers	210	0.5	N/A
Majority			3,747	9.6	-0.6
Turnout			38,845	72.5	+3.0
Registered electors			53,589
	Liberal Democrat hold		Swing	−

Whether much will be made of the "Welsh"  part of Liberal Democrats  is unclear.

In theory the The Welsh Liberal Democrats (is a political party in Wales and a member of the federal Liberal Democrats, along with the Scottish Liberal Democrats and the English Liberal Democrats. So the "Welsh" part  may have a bit more authenticity  that the "Welsh" of the other Unionist parties.

Call me an old cynic (and you will be right) but I doubt the tens of thousands  of pounds that the Lib Dems  pour  (and probably have started) into the Brecon and Radnorshire will not come from the 15th floor of Brunel House in Cardiff.

I suspect the same was true of Newport West and the only party not to be financed purely in Wales was Plaid.

There may be an argument that this is a Westminster Election, but I wonder if it is not the case in Welsh Assembly and Scottish Parliamentary Election.

Of course if you are a Unionist party you will see no problem , but then why try and claim a "Welsh" or "Scottish"  identity.