A group’s long-held dream to own the whole of Settle’s finest old building is heading for fruition.

For 25 years, The North Craven Building Preservation Trust has wanted to acquire the whole of The Folly, a grade one listed building constructed in 1679 by Richard Preston, a wealthy merchant In 1996, with help from the Heritage Lottery Fund, the trust bought part of the building and it became home to the Museum of North Craven Life.

But the other part – the North Range – remained in separate ownership.

Now, using a loan from the Architectural Heritage Fund, the trust has bought that too, bringing The Folly back into single ownership for the first time in 18 years.

“In the longer term, the North Range will be a wonderful asset and addition to the Folly project,” said trust secretary and treasurer John Miller.

Plans are at an early stage, but, for the foreseeable future, the trustees intend to continue letting the ground floor as a holiday flat, which the previous owners established five years ago, and will probably convert their former home into another holiday apartment to generate income to pay off the loan.

An appeal is also expected to be launched. Mr Miller said: “To develop and maintain an historic building and a professionally-run museum requires a large investment.

“Unlike many similar projects, the trust does not receive any revenue support from government or local authorities.

“In the current economic climate these are challenging times, but the trustees are looking to the longer term and are determined to bequeath a project of lasting value to the community.”

The trust was formed in 1978 as an offshoot of the former Settle and District Civic Society (now North Craven Heritage Trust).

The first chairman was the late LP Dutton, of Giggleswick.

Mr Miller was a founder member, along with playwright Alan Bennett, who is the trust’s president.

Coun Beth Graham, who was born in the Folly, served as chairman for 12 years before the reins were taken over by James Innerdale, from Clapham.

The trust does not employ staff, but has the professional support of the much larger Heritage Trust for the North West, of which Mr Miller is chief executive. It also relies on many local volunteers for running The Folly.

The trust’s remit is to restore buildings of architectural and historical interest in North Craven and its first project was Grisedale’s former furniture shop in Victoria Street, Settle.

Later, the trust bought a number of houses in Chapel Street and 34 Duke Street. Dr Pam Douglas donated Croft Barn in memory of her husband, John.

But The Folly has been the trust’s main preoccupation and most ambitious project.

It has cost over £750,000 and this has been raised by grants from bodies including Yorkshire Forward, North Yorkshire County Council and the Heritage Lottery Fund, as well as private gifts.

The trust has a valuable property portfolio and also derives rent which helps to fund its projects, in particular the Museum of North Craven Life, said Mr Miller.