The SNP's financial accounts for 2025 show a surplus of £500,000, a turnaround from the £383,707 deficit in 2024. First Minister John Swinney hailed this as evidence of "formidable financial strength."
Surplus Achieved Through Cost Cutting
However, the surplus came in a year without a national election, unlike 2024 when the party fought a gruelling Westminster campaign and lost dozens of MPs. Treasurer Peter Grant said the turnaround was achieved "thanks to some very difficult cost cutting decisions," including fewer staff at SNP HQ in Edinburgh.
Struggling to Attract Donors
The party is also struggling to attract donors. In a March email to members, Swinney wrote, "there are moments in politics when your party needs you" and "this is one of them." He warned opponents were "raising huge sums of money from millionaires and billionaires," while the SNP was not "powered" by "wealthy donors or corporate interests."
This was not always the case. The SNP previously relied on donations from figures like Sean Connery, bus tycoon Brian Souter, and Lotto millionaire Colin Weir. From 1995 for six years, Connery contributed about £5,000 a month, funded by interest on £750,000 he had placed in an offshore account.
No Major Donations in 2025
In the third quarter of 2025, the SNP received no major donations. In the final quarter, they raised £42,691, largely from a bequest by a long-time donor who died in 2024. The accounts only cover 2025, so the impact of May's election on party finances is not yet known.
Potential Refund Claims Over Referendum Fund
Another financial headache could come from donors to the "ring-fenced" referendum fighting fund in 2017 and 2019 demanding refunds. A prominent Scots KC previously argued donors could claim back the original amount plus interest. Senior SNP figures repeatedly claimed the cash was for a referendum campaign that never happened. Swinney later admitted the donations were spent on "ongoing activities" and "independence objectives."
In July, Stuart Campbell of Wings Over Scotland published a draft summons from legal firm Halliday Campbell on behalf of donors demanding their money back. The SNP is awaiting his next move. An SNP spokeswoman said last month: "These were issues which were fully explored during the course of the forensic police investigation - and which resulted in no action taken against the SNP. A small number of donors to this independence campaign requested refunds and all those making a legitimate request received a full refund. Anyone else who donated and wishes their money back can request a refund by contacting the SNP."
