The SNP has lost more than 8,000 members and its deficit has ballooned to nearly £500,000, the party’s annual accounts show.
The 2024 accounts, published by the Electoral Commission, also show an outstanding £60,000 loan from former chief executive Peter Murrell may be “written off”.
They also show the £100,000 motorhome seized by Police Scotland during its investigation into the SNP’s finances is now worth just £41,284.
As of June this year, the party’s membership had fallen to 56,011 – down from 64,525 the same time last year and less than half of its peak of around 125,000 in 2019.
The SNP remains by far the biggest political party in Scotland in terms of membership.
Amid falling membership numbers, the party’s deficit surged to £455,254 in 2024, compared with a surplus of £661,568 in 2023.
Stuart McDonald, SNP national treasurer, said in the accounts: “It is important to point out that a deficit of this nature is not unusual during a parliamentary election year – for example 2021, 2017 and 2016 all saw similar or greater deficits incurred.”
But he also admitted “challenging” membership numbers and staff redundancies have impacted the party’s finances.
The SNP still owes its former chief executive £60,000 following a loan of £107,620 in 2021, of which the party paid £47,620 back that same year.
However, it suggested Mr Murrell, who has appeared in court charged with alleged embezzlement, may never be paid back.
It states: “There is no formal loan agreement in place, no interest is charged on the outstanding balance, and no specific repayment terms have been agreed.
“The former chief executive has not formally requested repayment of the outstanding balance.
“Due to the absence of agreed repayment terms and the lack of recent communication regarding settlement, there is uncertainty as to when, or if, this loan will be repaid to the former chief executive, and whether it may ultimately be waived or written off.
“This uncertainty regarding the future outflow of economic benefits from the party represents a significant judgment made by the party in assessing the nature of the liability and is disclosed to ensure the financial statements provide a true and fair view of the financial position.”
The motorhome seized by Police Scotland in 2023, which originally cost around £100,000, has also collapsed in value as it remains impounded by officers.
The vehicle is now worth just £41,284, the party estimates.
The accounts were independently audited by MMG Chartered Accountants which identified no “material uncertainties”.
Scottish Conservative MSP Craig Hoy said the report raises “serious questions” for the SNP.
He said: “With a deficit of nearly half a million it is clear the nationalists cannot be trusted to even run their own finances, never mind the ever-growing black hole they are presiding over in Scotland’s finances.”
He said it is “remarkable” the SNP still owes money to Mr Murrell, and he called on party bosses to “come clean” in relation to the campervan.
“It is now worth well over less than half of what they initially paid for it, though they claim they expect it to be released in the future,” he said.
“As even diehard nationalists continue to lose faith in the SNP, it sums up why we must get them out next year and finally move Scotland on from the SNP’s independence obsession.”
A spokesperson for the SNP said: “The SNP is the largest political party in Scotland by far and it is very encouraging to see extraordinary levels of donations over the course of last year – the highest since 2017.
“Our success relies on all of our members and supporters who contribute in whatever way they can.
“We are approaching the 2026 election ahead in the polls and ready to take our positive vision of Scotland’s future as an independent country to the people.”
