Full Breakdown
Police Probe into Missing £1.5 million from Yes Scotland's 2014 Accounts
7/5/2026, 9:14:04 PM
Police Probe into Missing £1.5 million
Police Scotland is probing a complaint by former SNP activist David Henry that a £1,524,998 adjustment in Yes Scotland Ltd’s 2014 accounts “just went” and that later accounts show zero balance. The adjustment cut deferred income by £878,978 and raised other income by same. The probe follows Operation Branchform inquiry that led to former SNP chief executive Peter Murrell’s embezzlement conviction.
Background & Key Players
Yes Scotland Ltd, created by former First Minister Alex Salmond in 2012, ran the 2014 independence referendum campaign. The Electoral Commission recorded £2.43 million in donations and £1.42 million in campaign spending during the regulated period (30 May–18 Sept 2014). Its 2015 filing showed zero assets and the company has remained dormant.
Financial Overview
The 2014 accounts show a £1,524,998 adjustment (deferred income cut by £878,978, other income raised by the same). The bank balance fell from £75,117 on 31 Oct 2014 to zero in 2015. Donations in the regulated period totalled £2.43 million, including £1 million from the Weirs, £825,000 from SNP, £250,000 from Angus Tulloch and £125,000 from Randall Foggie; campaign spending £1.42 million.
Official Statements & Responses
Police Scotland said it has received a complaint and inquiries are ongoing. The SNP said Peter Murrell’s criminal actions were uncovered by a police investigation and that party was a victim of embezzlement. Yes Scotland maintains all money was accounted for, that the £1.5 million adjustment stemmed from a change of accountants, and that Murrell never accessed its bank accounts.
Criticism & Opposition
Russell Findlay warned it raises “far too many unanswered questions” and signals a “toxic culture of control” in the SNP. David Henry and Sean Clerkin called the financial gaps “appalling” and said the numbers “don’t match up anywhere,” urging a forensic audit of Yes Scotland’s books.
Conflicting Reports & Gaps
Yes Scotland says the £1.5 million adjustment is an accounting change; Henry says the sum is unaccounted for and vanished after 2016. The Electoral Commission’s data cover only the regulated period and omit staff costs, pre-May spending and donations outside that window, leaving a gap in the picture. No independent audit has yet verified the whereabouts of the £1.5 million.
Verbatim Quotes
- “He told our sister paper: "I visited Edinburgh's Gayfield Square Police Station on Thursday to make a complaint of fraud and received an incident number.” — David Henry, former SNP activist
- “Although legal, the format was an open invitation to fraud in any organisation funded largely by small donations.” — Gordon Millar, tax and accountancy expert
- “'Far too many unanswered questions' Scottish Conservative leader Russell Findlay said: "Peter Murrell's crimes were enabled by the SNP's toxic culture of control and aggressive aversion to basic levels of scrutiny.” — Russell Findlay, Scottish Conservative leader
- “We have received a complaint and inquiries are ongoing.” — Police Scotland
What's Next
Police Scotland will interview Henry, examine his documentary evidence and may broaden the probe into a forensic audit of Yes Scotland’s books, potentially prompting wider scrutiny of SNP-linked finances.
