Dunard Fund, the philanthropic arts and cultural charitable trust, has today made a welcome announcement that it has increased its financial backing to the proposed performance hall just off St Andrew Square, Edinburgh.
This appears to have come out of the blue from the trustees who simply wish to allocate more money to some of the ventures they have already agreed to fund. It does not seem that building costs have risen or indeed that any additional capital was asked for.
Dunard initially promised £27m, and now the total amount allocated by Dunard Fund Trustees rises to £35m towards the cost of Edinburgh’s first dedicated new space for music and the performing arts in more than a century.
Home to the Scottish Chamber Orchestra, the new performance hall will have a 1,000 seat auditorium at its centre, and include a studio providing rehearsal, recital and recording areas. This is part of an overall strategy by the trustees to increase funding for a range of Dunard Fund’s current beneficiaries internationally.
IMPACT Scotland has also received backing of £25m from the Scottish and UK Governments as part of the Edinburgh and South East Scotland City Regional Deal. The total of £60 million far outstrips the initial estimate of £45 million which was first mentioned.
A spokesperson for the Board of Trustees at Dunard Fund said:“We are delighted to confirm that Dunard Fund has offered to increase its pledge of support to £35m. This must represent one of the largest funding offers from any one Scottish charity to another.
“Dunard is extremely enthusiastic about the performance hall, which recently received planning permission, and that with the additional funding pledged, we have the confidence that IMPACT Scotland can meet its goals.”