The Sunday Times (29 August) reported that the Trust had acquired some retail warehouses in Yorkshire as part of its commercial property invetment portfolio. In today’s Scotsman Kate Mavor defends the decision insisting it was the best way of maximising its income “Commercial property is one of a number of categories of asset that we invest in to support the running costs of our properties. It is a good source of income generation and is currently achieving around a nine per cent return for us. An alternative would be to hold the funds in a bank account – but returns from bank interest are extremely low at the moment.”
ITFS commented on the inexplicable nature of the Trust’s financial dealings. NTS management may consider ordinary members and Trustees too dim to understand such grand financial machinations. However, if it is financially justified to invest in a B&Q store in Dewsbury, why was it not beneficial to invest in Charlotte Square? Indeed, at Charlotte Square the NTS had the benefit of a £7m perpetual interest-free loan and there’s no rule to say that the Trust can’t invest in its own properties for a proper return.
The ITFS Motion for the AGM states: “Transparency and accountability to the membership are not optional.” We hope those attending the AGM will take the opportunity to express their views
