LionHeart hit by tough market conditions (RICS)

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

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