Income for Tearfund reached a record high of £76.3m last year, the charity’s latest accounts show.
Figures for the year to 31 March, filed with Companies House this week, show spending at the Christian poverty charity also reached a record amount of £82.8m.
A spokeswoman for the charity said the reason for the rise in expenditure was that funds received in the previous financial year were carried over and spent in 2018/19. There had also been an increase in institutional grants expenditure, she said.
The charity reached 2.5 million people through community development work in 2018/19, the accounts show, and 1.2 million people in disaster response.
The main reason for the rise in income was an increase in the value of institutional grants and legacies, with grants rising from £17.1m to £22.8m and legacies from £5.9m to £7.8m.
The charity was also able to use its reserves to invest additional money into priority areas, the spokeswoman said, specifically environmental and economic sustainability, church and community transformation, and fragile states, systems and leadership training.
The accounts show there was fall in donations from individuals of about 10 per cent, from £31.9m to £28.4m.
The spokeswoman said that differences in the timing of two UK aid match appeals were the reason behind this fall.
The charity has also strengthened its approach to safeguarding, the accounts say, in response to the crisis at Oxfam and the alleged misconduct in Oxfam’s Haiti programme in 2011.
In her introduction to the annual report, Anna Laszlo, chair of Tearfund, says the charity has given all staff mandatory additional training on safeguarding, set up a whistleblowing hotline, appointed a new safeguarding adviser and created a safeguarding committee to oversee Tearfund’s work and standards in this area.