‘Yes’ admits huge debts

THE official Yes campaign is facing questions after finally admitting it was almost £500,000 in the red after the independence referendum. It had previously filed company accounts stating it was £75,000 in the black.Its financial statements now show it actually had massive debts.

Director Scott Martin said there had been a “technical amendment” to its accounts. Yes Scotland Ltd first filed accounts for the year ending October 31, 2014 in July last year.

These stated it had gross assets of £104,082 (including £69,893 cash at the bank), but owed creditors £28,965, leaving net assets and total reserves of £75,117. But when Yes Scotland Ltd filed its accounts for the year ended October 31, 2015 last month, those figures had changed dramatically. Yes Scotland Ltd said it had owed creditors £600,607, more than 20 times the previously stated debt. And instead of net assets of £75,117, it had emerged from the referendum nursing a £496,525 deficit.

Aside from an SNP start-up fund of £343,000, Yes Scotland said it would be “self-financing” and would not rely on SNP cash.

However, in May 2015, the Sunday Herald revealed the SNP had bailed out Yes Scotland with £275,000 just eight days before the referendum, then another £550,000 in November 2014.

Without the money, Yes Scotland would have been unable to settle its bills. The company’s assets and liabilities are now zero.