PDSA spent more than it earned for past four years

03 Sep 2014 News

Animal charity the People’s Dispensary for Sick Animals spent more than it earned for four years running, according to its recently published accounts.

PDSA

Animal charity the People’s Dispensary for Sick Animals spent more than it earned for four years running, according to its recently published accounts.

But the charity still retains healthy reserves of £67m, held mostly in listed investments.

Figures in the accounts for the year ending December 2013 show that the charity earned £90.2m but spent a total of £92.4m – a deficit of £2.2m.

In 2012, the charity earned £94.3m but spent a total of £97.6m - a deficit of £3.3m. In 2010 and 2011, the charity spent more than it earned by £1.1m and £1.2m respectively.

The charity also made gains based on the value of its listed investments, however.

Legacies provided the largest source of income this year – with a rise of 4 per cent from 2012 to £40.6m.

Michael Bolton, chair of the charity, said in his introduction to the report: “I’m pleased to report that 2013 was a year of continued progress for PDSA with important new initiatives being launched or progressed.

"All this was undertaken against the background of a challenging financial environment."

More on