Charities' income from investment has fallen by £239m (€276m) since the beginning of the recession as corporate and individual donations fall, according to research carried out by Cordea Savills, the property fund manager and Rensburg Sheppards, a wealth manager.

But the fall is, according to the research, not as steep as feared, and represents only 6% of the average charity's annual investment income. The UK Civil Society Almanac reports that investment income represented 8% of total charitable income as of 2006/07.