The Daily Telegraph reports that the Diamond Family Foundation, whose directors include Diamond, his wife, Jennifer, and their three children, paid out $605,000 in grants in the year to March 2014, down from nearly $700,000 in the prior year.
The overall value of the charity’s assets fell from $2.2m to $1.5m as grants and investment losses were not replaced, although it pointed out in the accounts that it is not required to hold a certain amount of cash.
The foundation sold off 25,000 shares in Morgan Stanley, generating more than $500,000, but it was not enough to offset the drop of about 10% in the value of Barclays’ shares, which now represent the charity’s only investment. Since the end of March, the shares have gained 2.5%.
To access the complete Daily Telegraph article hit the link below: