Children’s charity Barnardo’s has reported a 25% rise in net profit from its retail stores to £15m, contributing to its overall trading income of £74.9m for the year.
The charity’s total income for the year ending 31 March 2018 came to £304.3m while its charitable expenditure was £210.3m, down from the previous year’s figure of £212.6m. Its total expenditure was £299.3m.
The charity said its reduction in charitable expenditure was partially due to a reduction in its central overheads and some of its new Core Priority Programmes starting a little later than expected.
Javed Khan, chief executive of the charity said: I am pleased that in the past year we achieved a net profit of £15m in our retail stores, 25% up on last year, and our net voluntary income increased by 4%. These are good results but there is no question of us resting on our laurels. We will continue to innovate, to look at new and creative ways of delivering services, at the best possible value.
“We understand how important it is to demonstrate our impact, to innovate, and to develop new ways of working. There is a fundamental rethink underway in terms of how children’s services are best developed and delivered. That includes exploring exciting concepts such as co-production of solutions and services, and Barnardo’s is pleased to be at the forefront of that work.”