An art gallery plans to set up an endowment fund today by making a one-off payment into the fund. The objective of the fund is to support the gallery's running cost in perpetuity, estimated at £9 million for the upcoming year and will be increasing at 1.75% annually. Given an annual discount rate of 6.25%, what is the minimum one-off payment that must be made to the fund in order to support the gallery's running costs?