A survey of charities with at least £1m in investable assets has revealed that just under two thirds (64%) have had to sell or cash in some of their investments due to a fall of income amid the Covid-19 pandemic.

Also more four out of ten (42%) leaders surveyed also revealed that they have been forced to sell investments to meet growing demand for services during the health crisis

The survey of 100 charity leaders in the UK has been carried out by investment firm James Hambro and Partners. Those taking part have a combined £3bn in investible assets.

The investment firm adds that while charities generate £53.5bn annually they spend around 96% of this.

“For those charities with investment assets, not only are they important to their overall financial strength, but they also provide a very important source of income to help them meet their objectives and provide the services they offer,” said James Hambro and Partners head of charities Nicola Barber.

Their survey also found that 15% of charity leaders say the value of their investment assets has “increased dramatically” since the pandemic started. The same proportion said the value of their investments had dropped.

Meanwhile, the majority (59%) said the value of their investments has risen, but only “slightly”.

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