The Prince’s Trust plans to cut up to 100 jobs this summer in order to reduce its administration costs.
The charity, which was established in 1976 by the Prince of Wales and works with disadvantaged young people, said that between 50 and 100 employees, mostly based at its headquarters in London, are likely to be made redundant, reducing the total number of staff to about 1,200.
The charity, which had an income of £57.7m in the year to March 2013, said it spent £2.8m of its reserves last year and was making the cuts in an attempt to avoid having to dig into its reserves again. It has reserves totalling £22m.
A Prince’s Trust spokeswoman said the charity was consulting affected staff, so it was too soon to know what the final changes to staff numbers would be. "We are committed to providing as much support as possible to staff at this time," she said.
Despite the cuts, the Prince’s Trust said, it expected to work with 58,000 young people this year, up from the 55,801 people it helped in 2013.
Martina Milburn, chief executive of the charity, said that Prince Charles was aware of the job losses and supportive of the charity’s efforts to focus its resources on its front-line work with young people.
The charity helps disadvantaged young people aged between 13 and 30 to get into work, education, self-employment or training.
The charity’s income and expenditure rose sharply in the financial year 2011/12 to about £55m, from about £39m the previous year.