The combined organisation will be called The Prince’s Trust and will help around 50,000 young people over the course of the next year.
The two charities say the decision to merge will cut costs and help provide more funding to support disadvantaged and unemployed young people.
The Prince’s Trust had an income of £36m in 2010 but spent more than £38m, according to the Charity Commission. Its income has fallen sharply from £56m in 2006. Fairbridge’s income was £11.3m last year but it spent almost £11.5m.
Martina Milburn, chief executive of The Prince’s Trust, will become chief executive of the combined organisation and Andrew Purvis, chief executive of Fairbridge, will step down at the end of March.
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