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Oxfam has been left with £24m to protect itself against future costs.

Oxfam has a surplus of £24m this financial year, thanks to fewer disasters, cost cutting measures and successful fundraising efforts, according to its annual report.

Oxfam said it cut some 125 jobs and saw a decrease in spending on humanitarian work as well as an increase in donations.

Chief executive Mark Goldring said: "2012/13 was a tough year for Oxfam's finances. In 2013/14, we've done much better. The overall effect of some fundraising successes, better trading, and intensive cost control has meant that we have ended 2013/14 in a stronger position than when we started it."

Goldring, who became chief executive in May 2013 after joining from Mencap, said spending on aid fell by over £20m to £269m, as a result of fewer humanitarian tragedies.

"We spent 7% less on charitable activities in 2013/14 than we did in 2012/13. Partly this reflects the unprecedented number of concurrent emergencies that we responded to in 2012/13."

Oxfam said it needs to keep a surplus of funds in order to manage "unforeseeable" future costs.

Oxfam chairwoman Karen Brown said: "We will continue to look at more cost-effective ways of working and have already started to simplify and consolidate the way we operate programmes in countries and regions around the world."

She said Oxfam will continue to drive fundraising efforts, adding there would be an emphasis on women's rights for the coming year.

"We know that continuing to put women's rights at the heart of all we do is critical to achieving maximum impact on our efforts to reduce poverty and suffering."

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