Oxfam’s work reached 1.2 million more people last year despite drop in income

The international organisation’s annual report, published today, shows that income for the year to end of March 2024 dropped to £368 million, from £400.6 million in the previous financial year. The fall is mostly due to the fact there were two major fundraising appeals in 2022/23 - for the Türkiye Syria earthquake and Pakistan floods – which bolstered donations as well as continued income from the Ukraine appeal. 

Through the year, Oxfam helped over 9.2 million people facing humanitarian emergencies, 900,000 more than in 2022/23. Despite immense risks to staff and partners, Oxfam worked to deliver life-saving support to people affected by the war in Gaza as well as other ongoing conflicts including Ukraine and Yemen. It also worked alongside partners and communities to support people affected by droughts and flooding across East Africa.   

Oxfam’s retail activities including high street shops remained stable, generating gross income of £102.8m up from £98m the previous year. Sales of women’s fashion rose 19 per cent on year with revenues from Oxfam’s online shop rising to exceed £10 million. Book sales also grew, accounting for £21 million – over 20 per cent of total trading revenue.   

However, net retail income was lower than the previous year due to investment in properties, upgrades to tills and IT systems, and increasing paid hours for shop teams. These investments, essential to ensure that the shops are more efficient, come on top of the rising property and utility costs affecting many high street retailers.    

As a result of those investments and rising costs, Oxfam’s general reserves dropped below the target range of £35m - £45m to £32.9m, reporting a £5.2m deficit at the end of March 2024. To rebuild reserves over the next few years, and in light of an external environment which remains challenging, Oxfam is continuing to invest in unrestricted income growth and has introduced cost saving measures including a recruitment freeze in non-business critical roles, travel restrictions and limits on the use of consultants.  

Halima Begum, Chief Executive of Oxfam GB, who joined the organisation in April 2024, said: “The past year has been extremely difficult with the world facing the triple threats of conflict, climate change and the cost-of-living crisis. Just as we have been for more than 80 years, Oxfam and our partners are there to support, whether providing desperately needed aid to those caught up in the humanitarian catastrophe caused by the war in Gaza or helping farming communities in Somalia adapt their crops amid the devasting impacts of climate change.

“At the same time, we are facing a very challenging fundraising environment compounded by the sustained burden of rising costs. However, it is incredibly heartening to see so many of our donors continue providing their invaluable support to Oxfam. Equally, our retail network continues to attract shoppers both on the high street and online, particularly with the growing interest in buying pre-loved items including clothes and books. We’ve made significant investments in our shops this year to help sustain our life-saving and life-changing work with communities and partners around the world.”

In 2023/24 almost 290,000 people took Oxfam campaigning actions, from calling for a ceasefire in Gaza to seeking justice for the communities worst affected by climate change. More than 20,000 people volunteered in Oxfam shops in 2023/24, while over 7,000 gave their time to support Oxfam by stewarding or campaigning at festivals and events.  

Oxfam increased its charitable spending by £18.9 million up to £272.3 million including more crucial, flexible funding going directly to countries and local partners as part of the organisation’s drive to shift power to communities in the Global South. In 2023/24 Oxfam worked with 475 partner organisations, including 90 organisations dedicated to women’s rights.

Begum said: “I’ve seen first-hand the incredible work Oxfam and our partners do, from supporting communities in the West Bank, to displaced refugees on the South Sudan border. What has really struck me is the solidarity we share, which is mirrored by the people in the UK who support our campaigns and give so generously to fund our work.

 “Without that support and the generosity of our remarkable volunteers and donors, we simply wouldn’t be able to do what we do. Given the scale and number of crises the world currently faces, our collective efforts are more important than ever.”  

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For more information, please contact: the Oxfam press office on 07748 761999 or email media.unit@oxfam.org.uk