The total funding package required to save Seaton Delaval Hall is £13.2 million. This is not a purchase price - it comprises acquisition and project costs, and an investment fund to cover long term conservation needs.
We are a charity and completely independent of Government. We rely on membership fees, donations and legacies, and revenue raised from commercial operations to make an income. When we acquire a new property we pledge to look after it forever and can not sell it in the future.
So, acquiring a new property is a big financial responsibility and we must make our decision carefully. In the early stages of a proposed acquisition we look at all of the factors and costs involved, from opening that property to the public, to conserving the land and buildings, now and later. We must be realistic about the costs involved.
Seaton Delaval Hall's £13.2 million
break down:
A £6.9 million endowment fund
We have pledged to provide this element of Seaton Delaval Hall’s funding package from the Trust's own resources. £6.9 million is the largest pledge of this kind that the charity has ever made at this stage of an acquisition. It creates an investment fund to pay for the property's long term conservation needs.
£6.3 million acquisition and project costs
We have had Seaton Delaval Hall, its gardens and 450 acres of land independently valued. Although a final acquisition price has not been agreed with Lord Hastings, it is anticipated that the purchase costs will be around £3 million.
To provide the infrastructure necessary to open Seaton Delaval Hall to the public on a more regular basis than it is at present, there will be a further £3 million project and capital costs such as:
- Re-wiring the property
- Re-roofing the central hall and wings
- Improving sewerage and drainage
- Creating a car park
- Enhancing visitor facilities – e.g. toilets, tea room, educational space, children’s play area
- Additional staff to prepare property for public opening
We are seeking to raise this £6.3 million through support from the nation: £3 million from the general public, charitable trusts and the corporate sector and the remainder from public sector grants bodies.
We are optimistic that the acquisition will be eligible for the 'Acceptance in Lieu' of inheritance tax scheme. This is a private matter between Lord Hastings and the government. He is seeking to move it forward as soon as possible.
When it is finished, we will be able to complete our grant applications to several major public bodies and hopefully meet our £6.3 million goal, but again this will take time.
If the £6.3 million can’t be raised, the Hall and surrounding grounds may be sold privately and public access could be lost.
|
