The SNP is facing mounting financial difficulties, driven by a drop in membership and the loss of MPs following last year’s general election.
The accounts, published on Thursday, state that a deficit of £455,254 during 2024, compared with a surplus of £661,568 in 2023, is “not unusual” during an election year.
New accounts show membership dropped to 56,011 as of June, a fall of over 8,500 since 2023 and far below the 125,000 claimed in 2019.
The accounts stated: “While we remain by far and away Scotland’s largest political party... we continue to face the challenge of membership numbers declining from historic and extraordinary highs, for a variety of economic, political and other reasons.
"Not only does this impact on membership income, but also other income streams too.”
The documents reveal party finances have declined by more than £1million in under two years.
Meanwhile, a £100,000 motorhome bought in 2021 -still held by police- has lost more than half its value, and a £60,000 loan from former CEO Peter Murrell may be "written off."
Treasurer Stuart McDonald said the party had made the "very difficult" decision to cut backroom staff, but that the move would result in "significant spending reductions".
Despite financial pressures, the SNP remains Scotland’s largest party by membership.