Animal charity PDSA might dip into its reserves to take advantage of property bargains during the recession, according to its director general.
Jan McLoughlin told a charity investment seminar last week that her organisation would consider dipping into its reserves if it could "spend for the future".
She said that PDSA's cash flow forecasts remained positive, and the charity had not yet drawn on its reserves, which in December 2007 totalled almost £110m.
She said the charity would consider buying property if it felt it would subsequently become considerably more expensive.
"But we shouldn't say we won't do it now and then spend three times as much in the future," she told the Newton Investment Management event.
McLoughlin said that her charity had not seen a fall in revenue from legacy giving, which makes up about 70 per cent of the PDSA's income.