Trust gets richer

THE VALUE of Shetland Charitable Trust increased by £15.9 million during the last financial year to almost £220 million.

On Thursday morning trustees were told the success was mainly due to the recovery of the global money markets, as they approved the 2012/13 accounts.

The meeting also heard that the trust had saved on staffing costs with subsidiary companies like SLAP, Shetland Heat Energy and Power Ltd (SHEAP), and Viking Energy now managing their own staff.

Some other key figures in last year’s accounts were:

• Total charitable expenditure in 2012/13 was £10.7 million, a decrease of £400,000 on 2011/12;
• The trust received £6 million in profits from SLAP, and £0.4 million from SHEAP;
• £1.8 million of the £6.3 million of further investment into Viking Energy was drawn down in 2012/13.

The draft accounts can be viewed here.