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Reply To: Crucial test for Horizon Projects

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There is no question that maintaining existing facilities is the first charge on our capital spend. For example, we have just started a thorough renovation of the north face of the Main House and will do the same on the south face next year. The maintenance spending has been considerably increased from past levels. We undertook a comprehensive engineer- and surveyor-informed review of our estate and equipment and this has informed the amounts included in the financial forecasts for maintenance expenditure and investment.

The result, of course, is to reduce the availability of funds for projects to improve or expand facilities, and this is why some of the programme options we have developed involve increases in subscriptions if we are to undertake them.