Firstly, may I take this opportunity to thank all of you for your support over the years for the work of PRIME. You have all given incredibly generously both in terms of money and, for many of you, many hours of work in preparing and then delivering educational sessions and courses all around the world. Without your hard work and generous financial support PRIME simply wouldn’t exist.
However, like many charities in recent years, PRIME is now experiencing serious financial pressures with our expenditure significantly exceeding our income. Accounts for the year to June 2024 are currently being audited, but they show that PRIME made a loss in excess of £75,000. Sadly, this trend has continued and unless our income increases considerably we project a further £77,500 deficit by the June 2025 year end.
Considerable efforts have been made to secure more funding both from individual supporters, churches and grant funding organisations. However, we know from discussions with other charities that competition for funds is very strong. Despite these efforts we are having to draw on our reserves and clearly this cannot continue indefinitely. If the current financial situation continues, as seems likely, the Trustees will need to make some difficult decisions at the next planned Trustee meeting on 27 January 2025, which will inevitably have very significant consequences for how PRIME operates in the future.
The reason for drawing this to your attention is to be candid and transparent about the challenges we are facing.
