SHETLAND Charitable Trust (SCT) members are this week expected to rubber-stamp its grants for the next financial year as the trust continues on its plan to reduce spending.
The isles’ amenity trust, arts development agency and recreational trust will see their core funding reduce as part of the SCT’s drive to cut expenditure significantly by 2020.
The value of the charitable trust’s investments, meanwhile, rose to £258 million at the end of October thanks to a strong performance from the financial markets.
Investments yielded an 8.2 per cent return over the six-month period to September – equating to a boost of £19 million.
The overall disbursements proposed for 2018/19 is set to total a maximum of £7,720,979 – a decrease of £340,260 on the previous year.
Shetland Amenity Trust – which has been shedding jobs to reduce its own spending – is in line to be given just over £1.189 million in 2018/19, which is a reduction from £1.235 million.
Shetland Recreational Trust is due to take a hit of around £110,000 and Shetland Arts would see its grant reduce by around £30,000.
Charitable trust members are being asked to approve funding of £2,091,516 for Shetland’s rural care homes, a decrease of around £105,000.
The Swan Trust will see its funding reduce to £17,913 from the current grant of £35,825, while the Shetland Churches Council Trust is also set to see its funding half to £13,501.
A number of organisations are set to maintain their funding, such as the local Citizens Advice Bureau, COPE Limited and Shetland Link Up.
SCT members are due to sign off its budget and disbursements at a meeting in Lerwick on Thursday evening.