SNP may never repay Peter Murrell's loan as party's 'deep deficit' and dwindling membership revealed

The latest accounts show John Swinney’s party was running at a deficit of £455,254 last year, when there was a general election, as the SNP’s financial position deteriorated from the £600,00 surplus it enjoyed in 2023.

One SNP MSP told The Scotsman that the situation “didn’t look the best”, but stressed “election years are always a bit like that”.

The MSP added: “Hopefully, some of the actions we’ve taken means we can have more to play with going into the Holyrood (election) next year.”

In his report attached to the accounts, SNP treasurer Stuart McDonald, insisted that the party was “still able to devote significant resources to competing at the election” last year, but admitted “the sums available were not in the same ballpark as those earlier years”.

He added that “some very difficult but important changes were required” to “improve the party’s finances and to ensure we are in the best place possible to win at forthcoming elections”.

Mr McDonald said: “Redundancies and related restructuring also contributed significantly to the deficit shown in these accounts but will realise significant spending reductions in the months ahead – and indeed, already have.

“These steps, though difficult, have stabilised our finances and will put us in a much better place to invest in winning an extraordinary 5th consecutive term in office at the 2026 elections.”

Mr Murrell, the former SNP chief executive, was arrested and charged over the embezzlement of party funds as part of Operation Branchform.

Mr Murrell loaned the SNP £107,620 in 2021, with £47,670 repaid between August and October that year.

READ MORE: Cost to Crown Office of SNP finances probe soars, as Peter Murrell case prepared

The accounts show that £60,000 is still owed to Mr Murrell, who is married to but separated from former SNP leader Nicola Sturgeon.

But the prospect has been raised that the loan "may ultimately be waived or written off” due to a lack of dialogue and communication between Mr Murrell and the SNP.

The accounts state: "There is no formal loan agreement in place, no interest is charged on the outstanding balance, and no specific repayment terms have been agreed.

"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 executive chief executive, and whether it may ultimately be waived or written off."

The accounts also reveal that the SNP spent £100,790 on a now-infamous motorhome that was seized by police as part of an investigation into the party’s finances, called Operation Branchform.

READ MORE: Peter Murrell: Ex-SNP chief has legal aid approved as taxpayers foot bill for embezzlement charge

The accounts state that the SNP “retains ownership of the vehicle and expects its future release” but adds the party “does not have current information regarding the physical condition or state of repair of the motorhome”.

The vehicle is now estimated to be worth £41,284 to the SNP, less than half of its original cost, with an assumption “there has been no additional impairment beyond normal depreciation” after being seized by Police Scotland.

The SNP had 56,011 members as of June 1 this year, according to the accounts, a fall of more than 8,500 on the 64,525 members the party had in June 2024.

In June 2023, the party recorded 73,936 SNP members, while in 2019, the party had a peak of 125,691 members.

READ MORE: SNP membership drops again as size of fall revealed

The SNP accounts state that “while we remain by far and away Scotland’s largest political party – with 56,011 members as at 1st June 2025 - we continue to face the challenge of membership numbers declining from historic and extraordinary highs, for a variety of economic, political and other reasons”.

The document adds: “Not only does this impact on membership income, but also other income streams too.”

Scottish Labour deputy leader, Jackie Baillie, said: "Eyebrows will be raised about the financial sustainability of the SNP when they have such a deep deficit.”

She added: “Meanwhile, the infamous campervan is estimated to have significantly depreciated in value after sitting in a Police Scotland vehicle pound for over two years.

"Just weeks after the publication of Nicola Sturgeon’s memoir, many Scots will wonder whether the paperback version will have anything to say about the dire financial state the party now finds itself in."

Scottish Conservative shadow finance secretary Craig Hoy MSP said: “The SNP’s latest set of accounts continue to raise serious questions for them.

“With a deficit of nearly half a million it is clear the nationalists cannot be trusted to even run their own finances, nevermind the ever-growing blackhole they are presiding over in Scotland’s finances.

“It is remarkable that they still owe such a large sum of money to their disgraced former chief executive Peter Murrell and appear to be making no efforts to repay it. Scots will be wondering why they have still not severed all ties with him.

“SNP bosses must also urgently come clean over what is happening in relation to their infamous 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.

“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.”

An SNP spokesperson 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."