A charity that supports vulnerable people and those with learning difficulties has announced its closure after more than 30 years due to a lack of financial sustainability, the charity has said.

The Bridge Project will close on 29 March and said rising operational costs, including the increasing National Living Wage, National Insurance contributions and inflation, had made it impossible to continue despite extensive efforts to secure a sustainable future.

The charity, based in Sudbury, Suffolk, cited the unprecedented financial pressures facing charities as the main reason for its closure. Almost 9,500 charities have closed in the past two years, according to the Charity Commission.

“Unfortunately, The Bridge has faced the same harsh reality, as the cost of delivering essential services has grown faster than the ability to generate income,” the charity said.

The Bridge Project recorded an income of £820,877, according to its latest accounts for the year to the end of March 2024, with spending of £904,651 over the same period.

The charity had 23 employees, according to the accounts.

“The trustees, staff and volunteers are working closely with other charities, service providers and funders to transition services and protect jobs wherever possible,” the charity said.

“Discussions are ongoing regarding the future of meal services, student support and other key programmes, with further updates to be shared soon.”

Paul Mackman, chair of The Bridge Project, said there were so many outside factors beyond the charity’s control that meant it had become financially unviable.

“The financial reality has made it impossible to continue,” he said.

“As volunteer trustees, this is an incredibly difficult and heartbreaking decision, but one we have had to make after exploring every possible avenue to keep the charity running.

“Our absolute priority now is ensuring a smooth transition for our service users and staff, and we are committed to working closely with partners to achieve that.”

Mackman said The Bridge Project’s team of dedicated staff, volunteers and trustees are at the heart of the charity and have worked tirelessly to support some of the most vulnerable members of the community.

“Their professionalism and commitment, given so freely, have made an extraordinary difference, and we cannot thank them enough.”