The Jubilee Sailing Trust has raised most of the emergency funding it needs this month to secure its immediate survival.
The disability charity launched an appeal among its supporters earlier this month, warning it faced an immediate cash flow crisis due to the Covid pandemic and the cost-of-living crisis.
It estimated that at least £500,000 was needed within days to secure its future.
After raising £425,000 the charity has extended the fundraising push saying that its immediate target to avert closure is "clearly achievable”.
Money raised so far has arrived from 2,000 separate donations.
It is aiming to raise a total of £1.2m by the end of September to ensure it can survive.
“The trustees of the Jubilee Sailing Trust wish to extend their sincere thanks to everyone for the fantastic fundraising commitment to help us raise £4525K so far toward our target of £500K,” said the charity.
“With donations continuing to arrive and the target clearly achievable the trustees wish to seek your support for us to both continue with our fundraising campaign to £500,000 and onward to £1.2m and to use some of the funds raised to meet urgent and immediate financial commitments.”
The financial troubles for the charity were exacerbated after it failed to secure money through the government’s Covid Recovery Loan scheme and other sources of funding.
The charity’s total annual income fell from £3.49m for the year ending March 2017 to £255,000 at the end of March 2021.