SNP voter badges, Scottish banknotes and coins illustrating Scottish National Party political funding and campaigning.

Scottish National Party and Scottish independence campaign badges are arranged across Scottish banknotes and coins, creating an editorial illustration of political fundraising, party finances and the long-running controversy surrounding money raised for a proposed second Scottish independence referendum. More than £600, 000 was raised from supporters from 2017 for an independence campaign, with donors expecting the money to support a future referendum. Questions about how those donations were accounted for ultimately contributed to Police Scotland's Operation Branchform investigation into SNP finances. The issue became commonly described in political and media coverage as the SNP's missing money or missing referendum fund, although the party maintained that independence donations were earmarked for campaigning rather than held in a separate bank account. The financial controversy later developed into a criminal case involving former SNP chief executive Peter Murrell. In May 2026 Murrell admitted embezzling £400, 310.65 from the party over more than a decade, using SNP money for personal purchases including vehicles, watches, electronics and a motorhome. He was sentenced in June 2026 to five years and three months in prison. The case renewed scrutiny of SNP governance, accounting controls, donor confidence and the handling of money intended for Scotland's independence campaign. Former SNP leader and Scottish First Minister Nicola Sturgeon had also been arrested during the wider police inquiry in 2023, but Police Scotland confirmed in March 2025 that she had not been charged and was no longer under investigation. Sturgeon has said she did not know about Murrell's theft and has described herself as deceived and betrayed by him. The badges shown include SNP voting messages, Yes2 independence branding and a pro-European “I Voted Yes” design, placing questions of party finance alongside Scotland's continuing constitutional debate over independence, referendums, nationalism