Oxfam's overall income has increased despite a reduction in its voluntary income, with a significant boost in statutory funding.

The charity's accounts for year end 31 March 2012, published today, show that the overall total combined income rose to £385.5m from £367.5 the previous year.

While voluntary income decreased by almost 7 per cent from £138.4m to £129.7m, resources from the government, institutional donors and other public authorities rose by almost 16 per cent from £138.1m to £159.8m.

The change means Oxfam's statutory income is now 23 per cent greater than its voluntary income, where last year voluntary income was marginally (£0.3m) greater. Statutory funding now represents 41.5 per cent of the charity's total income, greater than any other source.

Oxfam currently receives statutory funding from the Department for International Development, the Department for Work and Pensions, the Scottish government, the Foreign and Commonwealth Office and the United Nations amongst its portfolio of supporters.

While its funding from the UK government decreased from £17.7m in year 2010/2011 to £12.6m in year 2011/2012, it saw significant increases in funding from the EU (a boost from £40m to £49.8m) and income from non-UK governments increased by 77 per cent to £28.8m.

The statutory income increase contributed to an overall rise in Oxfam's fundraising income of 8 per cent to £282.8m. Another strong contributor was retail income, with a rise of £5m for the year to £89.9m, despite suffering a fire in one of its Wastesaver warehouse in May last year, losing around £100,000 worth of donated goods.

Bob Humphreys, finance director at Oxfam took the opportunity to thank the public for their continued support despite challenging times: "We are pleased to see our income levels grow in spite of the unrelenting challenges of the external environment. Fundraising is tough, and may continue to be so, but we have seen a terrific response from the public - from financial donations to crises funds to responding to our drive to replace stock destroyed by the Wastesaver fire."

Oxfam now aims to increase its unrestricted funds by £75.3m and its restricted funds by £201m in this financial year. However moves to increase voluntary income hit a stumbling block when earlier this month Oxfam was forced to halt a planned return to street fundraising. The organisation it had employed for a six-month trial fell into public scrutiny over unscrupulous training uncovered by the Sunday Telegraph. Oxfam was just one week into its contract with Tag when it postponed its contract, pending an investigation by the Fundraising Standards Board.

Moving forward the charity also plans to increase its corporate support by increasing engagement with the private sector, and rolling out its Small Enterprise Impact Investing Fund to raise an additional £9.5m towards supporting  enterprises in the developing world.