Vital funding kept the sector afloat
A survey conducted for Charity Finance Magazine shows charity retail was saved by government funding.
The annual survey revealed that funding via government schemes such as furlough boosted the sector by tens of millions and enabled many to survive the devastating effects of the UK’s lockdowns.
Charity retail recived more than £80m was through the furlough with millions more given through other government programmes.
Detailed data was collected from 28 charities including information about income from the furlough scheme, as well as three other sources of government support set up at the start of the pandemic.
This revealed that 25 out of 28 charity retailers recorded an operational loss last year but that, once government help is factored in, all but three of those charities showed an overall surplus.
While furlough was especially important at some of the smaller charity shop networks, the big four hight street charity retailers received the most cash.
Barnardo’s recorded a £13m trading loss, but government funding meant its retail operations showed an £11.8m surplus.
Losses of just under £10m at Cancer Research UK shops became a surplus of more than £3m while the British Heart Foundation and Oxfam GB, saw their losses substantially reduced.