Youth Scotland provides a clarification on a recent press article
Following the publication of a press article on 16 January 2017, regarding the funding of a number of Scotland’s charities, we would like to reassure our membership and stakeholders of the true position in relation to Youth Scotland.
The press article contains a headline “£780k for Named Person training.”
Youth Scotland did not receive £780,000 for Named Person training in 2015-16. The organisation did receive a smaller amount of £8,900 towards Getting It Right For Every Child (GIRFEC) and Curriculum for Excellence training of youth workers which only provided a brief reference to the role of the Named Person.
The press article also made reference to our historic investments as “a hedge fund investment portfolio worth £695,000”.
At one point in the past, the investment portfolio did contain just over 5% in a hedge fund investment, as selected by the external investment manager we used at that time. Over the last two years, a number of proactive steps have been taken by the Board of Youth Scotland in relation to its investment policy. The investments have been reviewed, a new ethical investment policy has been adopted, and a new external Investment Manager appointed.
As part of a transition process moving from the previous Investment Manager to a new Investment Manager in 2016, a number of investments were sold, in line with the new investment policy. Our new Investment Manager confirmed in June 2016 that we do not hold any Vanguard funds.
Taken together, these changes were referred to in Youth Scotland’s annual report and accounts for 2015-16, and will be fully reflected in the forthcoming annual report and accounts for the current financial year.