Thursday, March 21, 2013

Royal Institution given ?4.4m gift

The Royal Institution has received an anonymous ?4.4m donation to help ease its financial troubles.

It means that one of the oldest scientific organisations in the world can hang on to its home in Mayfair, London, for a while yet.

The institution, founded in 1799 to link science with wider society, has been in difficulty for several years.

In January, the charity said it was considering selling its 21 Albemarle Street home because of its woes.

In a statement, the organisation's chairman, Sir Richard Sykes, said: "This donation is very timely and will clear the RI's bank debt, as well as giving us the breathing room to explore other options more fully."

He stressed though that the organisation's financial situation was far from resolved.

Members are also being informed about the latest efforts in developing a new vision for the RI.

This is being led by the Future Direction Committee, chaired by the Labour peer Lord Winston and includes Professor Brian Cox and the President of the Royal Society, Professor Sir Paul Nurse .

The RI ran into difficulties as a result of the board's decision five years ago to re-fit its 18th Century building, and provide an upmarket restaurant and bar on the site.

The ?22m project was intended to help attract more people to the institution and promote its work.

The plan failed and built up a multi-million-pound debt that led to the RI sacking its then director, Baroness Susan Greenfield.

Many notable scientists have worked at the Royal Institution, including Michael Faraday.

The organisation provided the setting for much of the research by Mr Faraday that led to the practical exploitation of electricity.

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Source: http://www.bbc.co.uk/news/science-environment-21850896#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa

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