The value of Shetland Charitable Trust’s externally managed investments tumbled in October due to the major drop in world equity markets.
They dropped by £20 million from £283 million to £263 million during that month as continued political uncertainty, trade disputes and Brexit damaged confidence.
The downturn followed moderate growth over the three-month period from the end of June of 1.6 per cent.
“The Trust views its investments over the long term, as short term fluctuations in markets are inevitable,” said trust chairman Bobby Hunter.
“We also view our spending decisions over the long term so that we can pass on the reserves, preserved against inflation, to future generations.”
Meanwhile, trustees have agreed to disbursements for 2019/20 worth just under £7.4 million – money which, it says, will benefit people in the isles “of all ages and in all walks of life”.
“That brings the Trust’s spending since it was established in 1976 to well over £320 million,” said Mr Hunter.