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Non-SNP members and supporters did not donate to a ring-fenced referendum fund so that their money could quietly slide into the SNP’s general coffers as “part of the resources available” to the party. They gave it with a clear, explicit understanding: this was ring-fenced for one purpose a future independence referendum campaign. It was not a general top-up for party running costs, salaries, legal bills, or day-to-day politics. That distinction was not a vague suggestion; it was the entire basis on which many ordinary people reached into their pockets. And now that money is gone. Not “reallocated.” Not “spent in good faith.” Simply gone despite the explicit terms on which it was raised. That is not creative accounting or a technical breach. It is a fundamental breach of trust with thousands of donors who believed they were funding a democratic campaign, not subsidising a political party’s general operations. The SNP took money given in good faith under a specific, restricted purpose and treated it as a flexible slush fund. When the referendum never materialised and the money disappeared, the public and donors were left with neither the campaign nor the cash. That demands answers, not euphemisms.