Comic Relief's total income fell in the year to July 2014, compared to 2012, the last year its Sport Relief appeal was held, largely as a result of a decision to sell more than half its investment portfolio pending a review.

Accounts for the year up to 31 July 2014 show Comic Relief's total income was £84.4m, which is £5m lower than the last Sports Relief year ending July 2012.

This was despite the Sport Relief appeal itself raising £71.8m, compared to £68m in 2012.

The charity runs Comic Relief and Sport Relief appeals in alternate years, and Comic Relief generates a significantly higher level of funds, meaning that income trends are usually not comparable year-on-year, but every two years.

The charity's fall in income in 2014 was largely down to its decision to divest a significant proportion of its investment portfolio pending a review of its activities.

At the end of 2013 Comic Relief was the subject to heavy criticism following a BBC Panorama investigation which found it had allocate significant funds to alcohol, arms and tobacco.

As a result, Comic Relief undertook a complete financial review, and the organisation's trustees agreed to the sale of a "signifigant portion" of Comic Relief's investment portfolio. Proceeds from the sale "were £3.9m less than the market value recorded in the last accounts", and also exceeded historic costs. 

Comic Relief said on 23 December 2013 that it intended to "withdraw Comic Relief funds from the sections of the investment portfolio which have caused concern".

Because it held money chiefly in pooled funds, this meant it had to sell more than half the portfolio.

This meant that over £70m of the organisation's £135m portfolio was kept in cash at the end of the year, and is unlikely to be fully reinvested until later this year. Extremely low interest rates meant income from the portfolio fell by £2m, compared to the previous year.

Over £30m was spent on operating activities in 2014, an £11m increase from 2012. Grantmaking figures in 2014 saw an increase on grants being made overseas: £57m worth of grants were made internationally in 2014 compared to £27.5m made to organisations in the United Kingdom. In 2012, £47.9m worth of international grants were made compared to £34.3m made in the UK.

In 2014 Charity Projects employed 288 full time staff, contributing £1.6m to a group personal pension scheme. Over £200,000 of this contribution went to 17 employees who earned over £60,000 per annum.

Kevin Cahill, Comic Relief chief executive, was the highest earner at the organisation in 2014, receiving a basic salary of £132,194.