Non profit shops make profit

Profits at Uk’s charity shops broke through the £100m mark in 2007 as consumers struggling with the credit crunch hunted for bargains. Charity shops have enjoyed a strong year with profits up by 7.4 per cent, according to the findings of the Charity Finance Charity Shops Survey 2008.

The income of the 72 charities in the sample rose by 5.7 per cent to £534.3m, and although costs increased by 5.3 per cent, total profits were up to £106.7m. Average profit per shop per week rose from £350 to £370.

Oxfam extended its lead at the top of the league table thanks to a 5.1 per cent increase in profit to £21.1m, while Cancer Research UK held on to second place with a 1.2 per cent increase.

This was despite British Heart Foundation closing the gap in third, up 14.2 per cent, while the Salvation Army Trading Company in fourth position had an outstanding year, increasing its profits by 63.6 per cent to £6.2m.

The survey, sponsored by BDO Stoy Hayward, is in its seventeenth year and covers the latest results from charity shops chains with a total of 5,591 shops.

Ian Allsop, editor of Charity Finance, said: “Though the results largely cover the period before the economic conditions started to worsen, it is nevertheless heartening to see that they had a good year”.

The Charity Shops Survey is free to subscribers of Charity Finance with the September issue or may be purchased individually.