3.1 million ISK deficit in an election year for the Socialists

Last year, the expenses of the Socialist Party of Iceland (Sósíalistaflokkurinn) were 3.1 million ISK higher than its income. The reason is primarily the cost of the parliamentary elections, but also a grant to Alþýðufélagið so that broadcasts on behalf of Samstöðin could begin immediately after the elections. These just over 3 million krónur were drawn from the party's fund. At the beginning of the year, the party had almost 6.8 million ISK in its fund, but 4.4 million ISK at the end of it.

The income of the Socialist Party is primarily contributions from party members and public donations, just over 12.1 million ISK during the year. 4.5 million ISK came from the state treasury in the form of an election grant of 750 thousand ISK per constituency. A grant of just over 1.6 million ISK from Reykjavík City was, as before, transferred to Vorstjarnan, a support fund that supports the advocacy of groups that lack the financial means to fight. Vorstjarnan supports these groups with grants, payment of expenses, loan of premises for meetings, and equipment for protests and meetings.

The party's expenses were mostly, on the one hand, rent for the party's regular operations and meetings in the city and around the country, publication costs for advertisements in media and on social media, travel expenses for trips around the constituencies and other disbursed costs due to elections, in addition to meetings on other matters and costs related to the party's regular activities, such as accounting and auditing. As before, no employee is on the party's payroll, and all work related to the elections was done on a voluntary basis.

In 2022, Vorstjarnan received its ID number, but until now it has been part of the party's accounts. And this also applies to the year 2021. Vorstjarnan's grants and expenses are therefore part of the party's accounts for the year 2021.

The assets of the Socialist Party were 4.6 million ISK at year-end, primarily cash in the bank. Liabilities were 263 thousand ISK, some small bills that were paid immediately after the New Year. The party's equity was 4.3 million ISK.

It was decided before the 2021 elections to allocate the annual state grant to the party, on the one hand, to Vorstjarnan and, on the other hand, to Alþýðufélagið, which operates Samstöðin. In the current year, the state granted the party just over 26 million ISK, and 13 million ISK each have been forwarded to these organizations. These payments belong to the year 2022 and are therefore not included in the 2021 accounts.

The accounts of the Socialist Party will be presented at the party's general meeting at 10:30 AM on Sunday, November 13th, at Breiðfirðingabúð at Faxafen 4. The accounts have been sent to the National Audit Office, which will publish them along with the accounts of other political organizations.