Income at the international aging charity HelpAge International fell by about 11 per cent last year, its latest accounts show.
In its accounts for the year to 31 March 2017, which were published on the Companies House website last week, the charity reported an income of £27m, compared with £30.2m the previous year.
Expenditure also fell, from £30.3m to £27.1m, giving the charity a £100,000 loss for 2016/17, the accounts show.
The accounts say that the charity undertook a major organisational change in 2016, which led to the charity exiting from some of its programmes and some countries. It replaced them "with activities designed to strengthen the global network of national organisations in their home countries".
Unrestricted reserves of £200,000 were used to fund the organisational change, the accounts show.
The charity also spent £213,000 on redundancy and termination costs in the year covered by the latest accounts, compared with £289,000 for the previous year.
The charity employed 50 fewer staff worldwide, with overall numbers falling to 561, but the UK workforce fell by only six people, leaving 70 on the payroll.
The charity’s pension liability also increased by 50 per cent to £1.2m, according to the accounts.
The accounts also raise the risk of a loss of funding from the European Union because of last summer’s referendum, with approximately 9 per cent of the charity’s funding coming from EU development and humanitarian funds.
The UK’s Department for International Development’s review of its civil society funding strategy has also led to the charity implementing a new business model and cost structure, the accounts say.