ISPCC halves losses after lay-offs
A LEADING children's charity that had to make 10 staff redundant and impose salary cuts on those that remained halved its losses last year.
Accounts for the Irish Society for the Prevention of Cruelty to Children (ISPCC) show that it has reduced its losses by 49pc from €1m to €517,216.
It plans to halve its deficit again this year with the wage freeze due to deliver further savings.
A spokeswoman for the charity said yesterday that the axing of 10 full-time staff and the imposition of wage freezes have taken €600,000 from the society's cost base. It employs 100 people.
Figures provided by the ISPCC show that even after the cuts, the society's chief executive Ashley Balbirnie's salary totals €144,000.
Explaining the background to the cuts, a spokeswoman said yesterday: "It became apparent early in the year that the fundraising environment was not showing any signs of recovery and this trend continued through the year with income from statutory bodies down almost 9pc and raised voluntary income down almost 5pc."
The figures show that the ISPCC's income last year dipped from €5.9m to €5.8m with expenditure down by 9pc from €6.9m to €6.3m.
The society's reserves at the end of December last totalled €7.96m.
The spokeswoman said: "We have only been able to retain services by eating into our rapidly depleting reserves."