An insolvency firm has been appointed to wind up the employment charity, Tomorrow’s People.
Lane Bednash from CMB Partners has now taken over the running of the charity from its board and executive team, according to an update on the charity’s website.
Tomorrow’s People announced it was would close earlier this month because the fundraising environment is “increasingly tough”.
In an updated announcing the appointment of administrators it said: “We are truly sorry to be closing our doors and send our heartfelt best wishes for the future to all the fantastic staff, volunteers and most importantly the young people and adults we have worked with over the last 30 years.”
The charity had an income of £4.8m for the year ending March 2017 and employed 135 people at the end of that year, according to its page on the Charity Commission website.
Announcing the closure earlier this month it said: “"The charity fundraising landscape has been increasingly tough in recent years, particularly for organisations of the size of Tomorrow’s People."
"There has been a significant reduction in the money available across public and private sectors.
"Tomorrow’s People has been materially impacted by this, and we closed a number of operations during the past two years as a result. During 2017, our general fundraising efforts did not pay off as we hoped, and in recent months we tried to bring in emergency fundraising and reduce our overheads to try and stay afloat. Unfortunately, we were not successful enough.”
Tomorrow’s People’s accounts for the year ending March 2017 show its income significantly declined on the previous year and its spending outstripped its income.
Income fell by nearly £4m from £8.7m in 2015/16. Spending was £7.2m.