The children’s charity made £150.7m from fees and grants for service provision, down by about £6m from the previous year. It also raised £43.4m from donations, almost unchanged from last year, and £44.2m from trading, up by about £5m.
The charity recorded a surplus of £4.6m, but this did not include a £16.1m loss on its pension scheme.
The charity’s pension deficit is now £83.9m and its general reserve is £33.6m.
Hilary Keenlyside, chair of the charity, said in her introduction to the annual report: "Like many other third sector organisations, we have been affected by cuts to local authority budgets for children’s services.
"However, while we have stopped or reduced some services, we have expanded other areas of work. Commissioners have continued to value our approach to working with vulnerable children and young people.
"Overall, despite the continuing economic downturn, we are in a very good position to maintain our position as the UK’s leading children’s charity."