Charities that invested money with failed Icelandic bank Kaupthing Singer & Friedlander have got 20 per cent of their funds back.
The bank's administrators have estimated that creditors will receive up to half their money back, but the process could take up to four years.
Cats Protection, which lost £11.2m, has had £2.24m returned. A spokesman for the charity, which is leading the campaign by the SOS Group of 30 charities with a total of £50m invested in the bank, said it was still taking legal advice on whether to pursue a judicial review in the hope of retrieving all of its lost funds.
"Cats Protection hopes the 20p in the pound is not a final settlement," the spokesman said.
"The administrators have estimated that the total distributions should be a minimum of 50p in the pound, but the whole process could take four years.
"However, we would view any such estimate with caution because this is the very early stage of a process that could take many years and be significantly affected by market forces."
Earlier this month, children's hospice Naomi House, which had invested £5.5m with the bank, said it had decided to seek its own judicial review.
David Welch, fundraising and communications director at Highland Hospice, said his charity had got back £132,293 of the £661,468 it had invested with KSF.
"We're still lobbying the Government for compensation," he said. "We believe that charities should be protected."