Total income at Christian Aid dropped more than £14m in the past financial year, as the charity recorded a £6.5m deficit.
The charity brought in £106m it the year to 31 March 2020, latest accounts show, down from £120.4m a year earlier.
The accounts show a loss of institutional grants accounted for the bulk of the fall in income.
Total expenditure fell from £123.8m to £112.6m over the period.
The figures in the accounts appear to match up with restructure plans announced in the summer last year, which included a withdrawal from 12 countries as part of plans to save £7m a year.
This was followed by an announcement in December that revealed plans to close all of its regional offices in England in the first phase of a global strategy that could lead to up to 200 job losses.
In April the charity announced it was planning to continue its redundancy programme, with more than 160 jobs at risk.
Its accounts show £1.1m was paid out in redundancy payments for 2019/20.
The charity declined to comment on how its restructure plans might be affected by the latest figures, but in her foreword to the accounts the charity's chief executive, Amanda Khozi Mukwashi, said it was still in the middle of its cost-cutting programme.
She said the charity was on track to reduce costs by the £7m a year previously announced, and this would be reflected in Christian Aid’s accounts by 31 March 2022.