The Jubilee Sailing Trust (JST) has extended its “make-or-break” fundraising appeal for a second time after failing to meet its £500,000 goal over the weekend.
The JST has said the money will go towards saving the 44-year-old charity. Without the funding, it will be forced into administration.
The fundraising appeal was launched on 8 April and the JST wanted to raise £500,000 by 14 April. However, after it only made 69% of the target at that time, the deadline was extended to 19 April.
Yesterday, the charity announced it has raised £425,000 - 85% of its target. Trustees then met with financial advisers and lawyers and decided to extend the deadline once again.
There is no set deadline for this second extension, a spokesperson from the charity told Civil Society News.
All funds raised will be ring-fenced until the £500,000 target is met.
The charity needs to raise £1.2m by September
The JST aims to raise £1.2m by September. Trustees are continuing to work closely with its financial advisers, Grant Thornton, Hill Dickinson and NatWest.
JST said: “With donations continuing to arrive and the target clearly achievable, the trustees wish to seek your support for us to both continue with our fundraising campaign to £500,000 and onward to £1.2m and to use some of the funds raised to meet urgent and immediate financial commitments.”
Due to its financial troubles, the charity is selling one of its tall ships, Lord Nelson, and have received a letter of intent for its purchase.
Financial history
According to its accounts for the year ending 31 March 2021, the JST's income dropped by over £1m in comparison to the previous financial year. Specifically, fundraising income was reduced by £975,045 from the year before.
The charity will be forced into administration if significant funds are not raised in time, it has said.
Over the last year, the charity was unable to run events due to numerous lockdowns and cancelled its Pumpkin Festival for the first time in 21 years.
The sailing charity has seen a steady decline in funds since 2018. Another emergency appeal to save the charity was launched in 2019, which raised over £1m in four weeks.
The 2021 accounts also show the charity employed fewer people than the year before.
In 2020 the average number of employees was 22, but by 2021 this had fallen to 13.
‘Steely determination to keep us going’
CEO of the charity, Patrick Fleming, said: “Our historic journey started with the generous support of the Queen’s Jubilee Fund, and the Royal Household. It is incredibly sad that we face closure, particularly in this, the Queen’s Platinum Jubilee Year.”
Head of fundraising at JST, Kate Lloyd, said: “We are immensely grateful for the superb support we are receiving. It’s been so incredibly heartening to talk to donors about their time onboard and find out what the JST means to so many, coupled with so much steely determination to keep us going. Please we must keep going, we’re so close now!”
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