News

Alexandra Palace in need of extra £2m a year to stay open

21 December 2022
3 Min Read

Alexandra Park and Palace Charitable Trust is seeking more grant money from Haringey Council to be able to continue trading
By Simon Allin, Local Democracy Reporter

Alexandra Palace is Haringey's top visitor attraction
Alexandra Palace is Haringey’s top visitor attraction

The trust that runs Alexandra Palace is seeking an emergency bailout as soaring energy bills are set to leave it more than £2million in the red.

The Alexandra Park and Palace Charitable Trust needs extra financial support to enable it to continue trading as a report warned it is currently unlikely to be considered a ‘going concern’.

An operating deficit of almost £1.1m is being forecast by the trust for the 2022/23 financial year following a 132% costs increase, largely down to rising energy prices. The deficit is expected to spiral to more than £2.3m during the next financial year if the government does not extend a support package offering a rebate on energy bills.

The report, which was presented to a meeting of the Alexandra Palace and Park Board last week, states that the trust will not be able to trade without additional grant funding from Haringey Council – which has also been badly hit by rising inflation. The trust has already made an informal request for extra money.

The report adds: “The trust will do everything it can to control costs and reduce energy consumption in the next twelve months to mitigate the need for the full £2,000,000 in 2023/24 and it will only request what is absolutely necessary for it to be able to meet its financial obligations.”

A spokesperson for Alexandra Park and Palace Charitable Trust said: “We have had one of our most successful years in living memory, with millions of people visiting the park, taking part in our creative learning projects and enjoying events in our cultural programme.

“Like so many, we have been significantly impacted by rising costs, particularly energy costs. We have been ahead of the game in many respects, undertaking a range of projects in recent years to make the palace greener and more energy efficient, which has reduced our energy consumption by 20%. However, due to the exceptional times we are currently living through, we still need to bring in additional funding.

“The palace offers unique learning activities, access to green space, as well as providing thousands of job opportunities each year, while our events offer a huge boost to the local economy. We are continuing to explore savings and revenue opportunities, so that we can continue to operate in the manner that so many people have come to enjoy and benefit from.”

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