Trust funds drop by over £7 million

Shetland Charitable Trust has seen its funds drop by £7.3 million over the course of the year.

Trustees will discuss the shortfall in investment growth for the year up until March when they meet on Thursday.

However, the shortfall follows a strong performance for the funds during the previous year – with an “inflow” of £141.4 million recorded for 2021.

In his introduction to the report, chairman Andrew Cooper states: “Our investments continue to be buffeted by external events; the Ukraine crisis and the economic turmoil which followed has knocked back the large gains achieved in the first half of the year to leave us approximately where the year started.

“Nevertheless, over a five-year timescale, the funds have grown in line with the targets originally set.

“During the year, we successfully moved a significant block of our funds into an ethical portfolio.”

The trust’s main grant scheme has disbursed £8.3 million over the year, the report states, with funds going to more organisations (26 awards) than formerly.

The report also points to some £600,000 being paid out by the Covid contingency fund.

More is likely be disbursed during the current year.

The Trust has also initiated a capital grant scheme to help the large funded bodies with essential repair and maintenance work, with a budget of £12 million over the next three years.