- 20th February 2013Historic day as independent trustees take up seats
- 25th October 2012Governance of Shetland Charitable Trust - Appointment of Independent Trustees
- 18th October 2012Governance of Shetland Charitable Trust's Subsidiary Companies
Shetland Charitable Trust invests in 3 active subsidiary companies: Shetland Leasing and Property Developments Limited, known as SLAP; Shetland Heat Energy and Power Limited, known as SHEAP; and Viking Energy Limited, known as VEL or just Viking Energy.
SLAP has around 30 properties, a small plane and a vessel that are leased on commercial terms. SLAP completed a 3,000m² office development at the North Ness in Lerwick in April 2012, which has been let to Shetland Islands Council. The lead contractor was Hunter and Morrisons. SLAP has a development project on site for a new air traffic control tower and the refurbishment and extension of the terminal building at Scatsta Airport.
The Shetland Charitable Trust owns the Infrastructure of the Lerwick District Heating Scheme. The Scheme converts heat from the Council’s energy recovery plant (incinerator) into hot water which is piped around most of Lerwick to provide heat and hot water for both commercial and domestic buildings. The Scheme is operated by SHEAP. Although the heat supplied is generally around 30% cheaper than alternatives, SHEAP makes profits which are returned to Shetland Charitable Trust. Those profits are high enough to justify the continuing investment in the Scheme, since April 2002, on a commercial basis. SHEAP recently connected it’s 1,000th customer.
The most recent Annual Report & Financial Statements for SHEAP can be found here.
Trustees have received regular updates on progress of the Viking Energy project. A progress report to Trustees in November 2012 can be found here. A briefing note on project finance to Trustees in October 2010 can be found here.