AN appeal to raise £5 million for Glasgow's new Riverside Museum from the public and business has fallen foul of the economic downturn, its chairman said yesterday as he revealed the drive will now fall £400,000 short of its target.
The Riverside Museum Appeal (RMA) is still receiving major donations, but chairman Lord Smith of Kelvin said it will probably close in the autumn having not reached its target.
He said the four-year appeal was deeply affected by the banking crisis and ensuing financial meltdown, and the effect that had on the spending capabilities of trust funds and charitable foundations.
Individual donations from members of the public have totalled more than £400,000, with 3000 people contributing, which he said was a great success.
The museum, designed by the famed “starchitect” Zaha Hadid, has so far been a success, with 300,000 visitors last month.
Lord Smith said: “We started off rather well, we got FirstGroup on board, then the crisis came along. It has been difficult, but on the corporate side we have exceeded all expectations.
“Our target was to raise £1m from corporate giving, and we have got to almost £2m. The sort of companies involved are not the natural givers to these things – FirstGroup, British Aerospace, Arnold Clark – these are not the companies you would ordinarily associate with culture areas.
“What the recession and the banking crisis really hit hard were the trusts and foundations, with share portfolios coming down and dividends cut, it’s been very tough for them.
“But the other success side was the public appeal, and I love that, because it tells you the people of Glasgow care about the transport museum, and the visit numbers tell you something about that too.”
Yesterday the appeal announced three large corporate gifts have been received to boost the total to £4.6m “despite some of the worst economic conditions in living memory”.
The appeal has received £75,000 from Caledonian MacBrayne and £50,000 from Rolls Royce and an undisclosed donation from Royal Bank of Scotland.
All three corporate donors are on the Patrons Wall at the Riverside Museum where they join the RMA’s founder patron FirstGroup and the largest corporate donor BAE Systems. However, Lord Smith said the £5m target won’t be reached. As the Glasgow City Council underwrote the appeal, the difference is paid out of council coffers.
Lord Smith said: “We will probably not get there [to the target]. I am probably quite happy with having got to £4.6m in this climate, I am pretty comfortable with that. We are going to keep the appeal open for a few months, and who knows.
“We undertook to raise up to £5m and three years ago we were utterly confident in getting there, because we started with a big bang.
“I don’t think you should force these things, I think it is coming to a natural end – we might get to £4.7m, £4.8m, but I think it will be £4.6m. It was a contribution to the total cost and £4.6m is there, and it might be more.”
In a statement he added: “Nobody could know the extent of the economic downturn we would be facing when we launched the Riverside Museum Appeal four years ago, but we are very close to achieving our target.
“We are enormously grateful for the support we have received from individuals, corporate donors and trusts who have given so generously for a museum which is already one of Britain’s most popular attractions.”
A Glasgow City Council spokesman said: “Our current approved financial commitment for the Riverside Museum is forecast to cover all costs for the project, including the potential shortfall in fundraising.
“The cost of the museum was £74m, and the council’s contribution was always going to be the total cost less the £21.6m from the Heritage Lottery Fund and the sum raised by the Riverside Museum Appeal.
“It should be noted that the Riverside Museum Appeal, which remains open until September, has already raised more than 90% of its target in the most challenging financial environment for many decades and we believe this is a very significant achievement.”
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