Improvement since dire warnings from last year with forecast deficit now down to £1.4m, reports Simon Allin, Local Democracy Reporter

The trust that runs Alexandra Palace has seen a marked improvement in its finances just months after forecasting a £2million deficit.

In December, a report warned Alexandra Park and Palace Charitable Trust needed a financial bailout because soaring energy bills were set to leave it £2.3m in the red during 2023/24.

But the trust now expects the deficit to be £1.4m instead, after an uptick in its financial performance and an extension of the government’s energy discount scheme.

A report presented to a meeting of the council’s Alexandra Palace and Park Board on Monday reveals the trust has cut gas and electricity usage to keep costs down. For 2022/23, its operating deficit is expected to be £677,000.

Plans to introduce car parking charges from April are set to raise further cash, although delays to the project have resulted in a net funding gap of £150,000 during the current financial year.

The meeting also heard plans drawn up by Go Ape, which has run an adventure course in the park since 2017, to create a mini-car track for children between the ages of three and eleven. If it wins planning permission, the track will be created in a former deer enclosure. Go Ape has invested around £1m in the park and a report states that the new activity will boost the company’s financial contribution.

A spokesperson for the trust said Go Ape’s proposal had been reviewed by its committees representing residents and local stakeholders, as well as its trustee board, and would now be worked through by its management team.

Speaking after the meeting, trust chair Emine Ibrahim said: “Our financial projections have improved, following good progress since the end of last year. This is thanks to a strong commercial performance in recent months, extension of the energy bill relief scheme and energy efficiencies that have been made.

“We are continuing to explore new revenue opportunities and efficiencies across a range of areas, which will help us to navigate the challenges posed by the energy crisis.

“Spring and summer at the palace are set to be as busy as ever and will include celebrating our 150th anniversary. We are looking forward to providing a packed programme of community events, theatre and live music for people to enjoy, with all activities contributing to the future of Alexandra Park and Palace, as well benefiting the local economy and providing thousands of job opportunities.”

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