Charitable trust sees investments rise to almost £490 million

Shetland Charitable Trust’s (SCT) investment fund rose to £487.9 million by the end of 2021.

Trustees heard on Thursday morning that, despite markets being “broadly flat” in the last few months of the year, its investments had still seen a small rise.

The investment fund has risen by £46.1 million since March 2021.

However, the trust has taken in around £380,000 less than it expected to in rent from Sullom Voe Oil Terminal.

Sullom Voe had paid SCT £368,800 in rent between March and December 2021, trustees were told.

But SCT had budgeted to receive £750,000 from Sullom Voe in this time.

Business manager Raymond Mainland accepted that the money from Sullom Voe had been “significantly lower than we anticipated”.

He said he would not expect the money coming in from Sullom in the final three months of the financial year to be “hugely different”.

Mr Mainland said that around £500,000 in rent from Sullom Voe would be the most they could expect to receive.

SCT chief executive Ann Black said they “perhaps should have been a bit more realistic” about the expected figure of £750,000, and said it was probably based on “historic figures”.