The Royal Institution (RI) may have to sell its Mayfair building and undergo a restructure to ensure it survives a financial crisis brought on by its £22m redevelopment in 2008.
The charity, which was founded in 1799 to promote scientific research and education, is most famous for its televised Christmas lectures. It also runs a large programme of public and school events, and is home to the Faraday Museum.
But chairman Richard Sykes said in a statement that the redevelopment of the building had undermined its financial position.
“The recently appointed trustees have worked hard to put the charity back on a sound financial footing,” he added. “Much has been achieved but more remains to be done financially and operationally to realise the RI’s full potential.”
This may involve the RI subletting or disposing of some or all of its property on Albemarle Street.
“The RI and its advisers are exploring a range of options to ensure it can continue to pursue fully its charitable aims and deploy its resources optimally,” said Sykes.
“It is clear that this is likely to involve a restructuring of the charity and, ideally, a substantial partnership.”
A Save the RI campaign has been launched online and on Twitter (@Save21Albemarle).
The charity, which was founded in 1799 to promote scientific research and education, is most famous for its televised Christmas lectures. It also runs a large programme of public and school events, and is home to the Faraday Museum.
But chairman Richard Sykes said in a statement that the redevelopment of the building had undermined its financial position.
“The recently appointed trustees have worked hard to put the charity back on a sound financial footing,” he added. “Much has been achieved but more remains to be done financially and operationally to realise the RI’s full potential.”
This may involve the RI subletting or disposing of some or all of its property on Albemarle Street.
“The RI and its advisers are exploring a range of options to ensure it can continue to pursue fully its charitable aims and deploy its resources optimally,” said Sykes.
“It is clear that this is likely to involve a restructuring of the charity and, ideally, a substantial partnership.”
A Save the RI campaign has been launched online and on Twitter (@Save21Albemarle).
