The Prince’s Trust has seen its income rise by 40 per cent to £50m following its merger with Fairbridge, and has revealed plans for "vigorous growth".
The merger took place in April 2011 and Fairbridge was fully integrated into the Prince’s Trust in March 2012 when net assets valued at £4.6m were transferred to the Trust.
The total income for 2011/12 was £55.3m (2010/11: £39.6m) with an expenditure of £55.4m.
Last year the charity was 40th in civilsociety.co.uk’s Charity 250 Index, but reporting an income of £55m will probably see it appear in the 100 Index next year. In 2012, having an income of £55m would have seen it ranked as the 81st largest charity in the 100 Index.
Voluntary income also increased by 9 per cent after the merger. The combined voluntary income figure for the Prince’s Trust and Fairbridge in 2010/11 was £24.7m, rising to £27m in 2011/12.
The charity's accounts state that: “This increase in voluntary income reflects our strategy to replace our income from public sector contracts which has been reducing for a number of years.”
It cited an increase in corporate donations as one of the reasons for the rise in voluntary income, the proportion of income derived from corporate donations going from 12 per cent in 2010/11 to 20 per cent in 2011/12.
Public sector contracts still represent the charity’s largest income stream, at 29 per cent, but this is a slight fall on the previous year, when it was 31 per cent.
Plans for growth
The charity also revealed that it plans to expand further over the next three years.
Sir Charles Dunstone, chairman of the Trust, wrote: “Looking ahead, we have vigorous plans for growth as we deliver our strategy over the next three years. We will grow our income and delivery year-on-year. We will expand our network of Prince’s Trust centres and offer more effective support for our young people.”
Other plans outlined in the report include focusing on securing more major gifts, developing new funding models such as social investment bonds and building the charity’s brand.
