The People's Dispensary for Sick Animals


To care for the pets of people in need by providing free veterinary services to their sick and injured animals and promoting responsible pet ownership. We currently restrict our activities to the UK. Our free PetAid services are offered primarily to pet owners in receipt of Housing Benefit or Council Tax Benefit and cover up to three of their companion animals.

Professional Advisers

Auditors Deloitte
Legal Advisers Wragge & Co
Investment Managers Newton Investment Management


Mr Michael Bolton (Chairman), Brigadier (Rtd) Andrew Warde (Deputy Chairman), Mr Richard Clowes, Mr Mike Dernie, Ms Catherine Dixon, Mr Gary Ennis, Mr Noel Guilford, Mr Roger Hills, Ms Laurie Mayers, Mr John Miller, Mr John Murphy, Mr Mike Radford


Mr Graham Pick (Director of Finance)

Investment Policy

The investments comprise an externally managed investment fund, investment properties managed by the charity and interest-bearing deposit accounts. At the end of 2011 investments totalled £71.5 million (2009: £77.6 million) and mainly consist of the externally managed investment fund. Day-to-day management of the fund is delegated, with the consent of the Charity Commission, to a professional manager whose performance is regularly reviewed by the Finance & Investment Committee; the manager is instructed to comply with an ethical investment policy that precludes investing in those organisations involved in testing on animals for cosmetic and other non-medical purposes.The investment fund is managed on a total return basis, but subject to the charityís ethical investment policy and increased income target. The fundís Statement of Investment Principles states a target asset allocation. There is no target allocation for the No. 2 account, which is more liquid and less volatile than the main fund and, therefore, more available to meet any short-term operational cash needs as well as supporting the Business Plan to maintain and expand the delivery of PDSAís veterinary services. Investment markets were volatile in 2011 and ultimately provided a reduction of £4.9 million (2010: £6.1 million gain) in the investment fund valuation. The main fundís total performance for 2011 showed a deficit of 3.6% (2010: surplus 14.6%), compared to the composite benchmark deficit of 1.1% and reflects market volatility. The level of income generated by the investment fund was targeted for growth in 2011, with the investment manager refining the portfolio accordingly. This was successful and investment income grew by 37% to £3.9 million (2010: £2.8 million). Investment properties held are revalued each year by external surveyors. The value at 31 December 2011 was £2.5 million (2010: £2.4 million).


Council reviews its reserves policy regularly as part of its business planning process and this year redefined its policy. It seeks to ensure that it retains sufficient reserves to fund planned activity agreed in the Business Plan, be responsive to unforeseen and unplanned activity and to protect PDSA from unexpected events such as fluctuations in income and the valuation of investments that are not anticipated in the Business. The reserves policy will be supported by contingency planning to determine the potential impact on the level of free reserves of defined risk factors. Contingency planning will determine the minimum level of free reserves that are considered necessary to protect from any prolonged financial risks and consider measures that may need to be addressed should reserves fall below agreed levels. On this basis, the minimum level of free reserves is set, as planned, at £49 million. At 31 December 2011 the charity had total free reserves of £66 million (2010: £73 million) in addition to the contingent assets of the legacy pipeline of £23.6 million.

General Review

At the time of her death in 1951, at the age of 81, Maria Dickin had received both the OBE and the CBE in recognition of her work. She was a strenuous organiser and her legacy to her charity was her determination, enthusiasm and pioneering spirit; qualities that continue to bolster PDSA long after her death. Maria Dickin devoted her life to raising the status of animals in society and worked tirelessly to eradicate animal suffering. Not having the skill to treat animals herself, she did the next best thing and created PDSA. Her reward was the sight of animalís no longer in pain and the thanks of grateful owners. In her writing for children she revealed her vision of the future. Demand for PetAid services increased in 2011. We treated 413,000 sick and injured animals through PetAid hospitals, PetAid practices and PetAid Special Requests, representing a 1.5% increase on 2010. We will continue to see growth throughout 2012. Managing this growth will be assisted by completing the rollout of new digital telephone systems, which will help improve customer service and access to our services. During 2011, branches were opened for Belfast and Stoke-on-Trent PetAid hospitals. We have also identified a branch location in Sheffield which will open in mid-2012, and a combined retail and veterinary branch operation in Southampton. We will continue to investigate PetAid branch opportunities to support our principal PetAid hospital operations strategically in locations where a branch could, costeffectively, help expand service availability.

Whitechapel Way

Tel: 01952 290999
Fax: 01952 291035

CC number: 208217

Performance Guide Rankings

investment assets 163 / 1000
investment income 91 / 995
return on investments 86 / 995
investment management costs 88 / 743
inv mgmt costs as % of inv assets 169 / 743

inv mgmt costs as % of inv income 408 / 743
investment property 145 / 361
income from investment property 107 / 325
inv property inc as % of investment property 72 / 225

income from listed investments 60 / 661
income from short-term investments 41 / 726
listed investment inc as % of inv income 452 / 661
short-term investment assets 120 / 988

legacy income 7 / 226
grants received - / 88
total voluntary income 23 / 628

grants made - / 668
charitable expenditure 36 / 638
charitable expenditure as % of total expenditure - / 335
support costs - / 230
management & administration fees 108 / 970
audit fee per £m of income 851 / 949

total incoming resources 39 / 1000
total resources expended 34 / 1000
total assets 146 / 1000
period ending 2010 2011
legacies 39.28 38.07
grants - -
other voluntary income 22.53 21.65
total voluntary income 61.81 59.72
activities, furtherance of charities objects 4.63 5.05
activities for generating funds 23.46 24.64
trading subsidiaries - -
sales and fees from operating activities 28.08 29.69
investment property 0.60 0.58
dividends 2.12 2.85
total listed investments 2.12 2.85
income from subsidiaries - -
interest on cash & short term inv 0.10 0.44
total investment income 2.82 3.87

fundraising costs 9.23 9.61
trading subsidiaries & associates 23.26 22.78
investment management costs 0.40 0.35
Investment costs 0.40 0.35
cost of generating funds 32.90 32.74
activities, furtherance of charities objects 60.79 61.61
management and admin 0.31 0.25
total charitable expenditure 61.10 61.85

ASSETS £m £m
intangible assets - -
tangible fixed 27.60 27.42
investment property 7.64 8.61
equities 49.06 39.68
bonds 7.27 8.43
listed investments 60.91 52.54
investment portfolio cash & settlements 9.09 10.32
investment assets 77.64 71.47
other fixed assets - -
total fixed assets 105.24 98.88
stock 2.08 1.73
debtors 6.55 5.92
cash 2.35 2.60
short-term investments 0.02 0.02
current assets 11.00 10.28
bank loans & overdrafts - -
trade & other creditors, accruals 6.78 8.07
creditors falling due within one year 6.78 8.07
net current assets 4.23 2.21
loans - -
future long-term grant commitments - -
trade creditors - -
subsidiary & associated undertakings - -
creditors falling due after one year - 0.03
provisions for liabilities and charges 2.69 3.02
TOTAL ASSETS 106.77 98.04

ASSETS £m £m
income funds 102.25 93.28
endowment funds - -
restricted funds 4.53 4.77
TOTAL FUNDS 106.77 98.04