The RICS benevolent fund, LionHeart, may be forced to sell off portions of its investment portfolio, due to faltering market conditions and dwindling donations.
The 100-year old charity claimed that it expected to report a higher deficit of £185,000 in 2004.
The value of LionHeart’s investment portfolio has fallen from £10.3m in 2000, to £8.7m this year, whilst income from investors has dropped by 22%.
LionHeart also blamed the demise of the RICS branch structure, which suffered a 54% fall in the amount of funds raised locally between 2000 and 2002, and expects to record a further decline for 2003.
However, grants from LionHeart increased over the same period.
Chief Executive, Mike Carter, commented: “Trustees are committed to meeting need as and when it arises, even if this means depleting reserves.”
Source: RICS
