Tiny socialist party amasses £2.6m in reserves

A tiny socialist party which fights for a moneyless society has amassed reserves of more than £2.6m, newly-published accounts reveal.

The documents, released on Wednesday, show that the Socialist Party of Great Britain holds over £400,000 in cash and a further £800,000 in investment funds.

The party also owns a property in south London, bought in 1951 for £4,000, which is now worth £1.3m.

In the past year it received a £400,000 inheritance from a member who had died.

The organisation was set up in 1904 and campaigns for a "moneyless, stateless worldwide society of common ownership".

It argues that a capitalist drive to use "ever more resources to produce more and more stuff" puts an "increasing strain on the global environment", and that a system of common ownership would ensure the world's resources were used "sustainably".

Party treasurer Robert Cox told the BBC: "None of us like living within capitalism... none of us can choose to live in the way we want to.

"We just have to put up with it and do our best to convince people to get rid of the horrible edifice."

Asked if the party sought to invest its money in areas which aligned with the party's values, he said: "There is nothing ethical about the whole money system."

The party's chief asset is a small building in Clapham High Street, situated between two bars, down the hill from Infernos nightclub.

Mr Cox said the office was rarely bothered by late-night bar-hoppers, other than occasional bits of graffiti scrawled on the building by bored punters waiting to get into one of the bars next door.

A recent revaluation put the value of the property at £1.3m, a big increase on its previous estimate of £900,000.

Despite the property's worth, Mr Cox said there were no plans to sell up.

"If members felt it would suit us to move, we would do that, but I don't see a great upsurge."

Instead the party generally relies on donations from members, and gifts made in supporter's wills.

In the past year, it also collected £5,384 in fees from the party's 300 members.

The party's expenditure increased from £80,000 in 2021 to £114,055 in 2022, in part because the relaxation of Covid rules allowed it to put on more events.

Unlike other some other socialist groups, the party is committed to achieving its aims through democratic means.

"You can't force people to live in a socialist society," said Mr Cox. "We need people to want to do it."

At the last general election, the party fielded two candidates, securing a total of 157 votes, and intends to stand in the next election, expected next year.