Charities which lost their deposits following the 2008 collapse of Icelandic bank Kaupthing Singer and Friedlander have so far recovered 63 per cent of their funds through the administration process, with another payout expected in May.

Dominic Sullivan, Cats Protection’s director of legal services told civilsociety.co.uk that administrators Ernst & Young has announced that it will make a further distribution at the start of May.

“This will take recover of funds for all charities affected to over 72 per cent,” he said.

The administrators currently put total expected recovery at between 78 per cent and 86 per cent.

Cats Protection has so far recovered £7.1m of its original investment of £11.4m. By May it will have recovered more than £8.2m of the original sum.

Cats Protection and many other UK charities lost millions in deposits when Icelandic bank Kaupthing Singer and Friedlander went under four years ago. Cats Protection took the lead in establishing Save Our Savings, a group of 30 UK charities fighting to retrieve all lost funds, estimated at around £50m. Cats Protection was one of a handful of charities that went public on its loss at the time.

Children's hospice Naomi House, which also went public on its loss, led an investigation after another charity, Christie, got compensation on its lost deposits of £6.5m by NHS North West.

According to Christie's most recent annual accounts it is recovering its funds from administrators.