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Trust earned £11m last year

SHETLAND Charitable Trust earned around £11 million from its investments of £181 million during 2010/11, a meeting of the trust heard on Thursday morning.

Trustees expressed their dissatisfaction with property managers Schroders who did not meet expectations.

The other two fund managers, Black Rock (equity) and Insight Investment Management (bonds), did meet their performance targets. IIM was congratulated on a “very good performance”.

Financial controller Jeff Goddard told trustees that international markets were continuing to recover and reminded them to take a long term view on investments.

He added that the trust had a further £30 million invested in local companies and property. As of last Friday, the trust had a total value of £211.3 million