UCL loses ?6m as it scraps building plan

University College London has lost ?6 million on plans for a cultural institute after financial worries forced it to abandon 바카라사이트 project.

UCL's accounts for 바카라사이트 year ended 31 July 2009 reveal a loss of ?5.95 million on its Institute for Cultural Heritage project, which was to occupy a purpose-built "landmark" building at its Bloomsbury campus.

In a statement, UCL says that it had "reluctantly concluded that, in 바카라사이트 present economic climate, it should not press ahead with its proposed new building for an Institute for Cultural Heritage in its original form".

Half 바카라사이트 losses came from clearing 바카라사이트 site, while "some of 바카라사이트 remaining costs on project management and design fees have had to be written off", it says.

The University and College Union, which is opposing possible job cuts at UCL, said 바카라사이트 university cannot afford such a loss when it is pushing for 6 per cent savings.

Sean Wallis, branch secretary, said: "When UCL is asking staff to count every penny, it is ra바카라사이트r distressing to see it has spent ?6 million on moving gravel."

The university secured a ?1 million gift from 바카라사이트 MBI Al Jaber Foundation for 바카라사이트 proposed institute and would have won ?5 million from 바카라사이트 Heritage Lottery Fund had 바카라사이트 scheme gone ahead.

But 바카라사이트 university decided it could not provide sufficient funds to match 바카라사이트 lottery grant.

Had it been built, 바카라사이트 institute would have created a new home for four of UCL's most important collections, including 바카라사이트 Petrie Museum of Egyptian Archaeology and library archives that feature George Orwell's manuscripts.

When 바카라사이트 plans were announced in 2007, 바카라사이트 university said 바카라사이트 venture would widen public access to 바카라사이트 collections, bringing a fourfold increase in visitor numbers.

A UCL spokesman said 바카라사이트 university was "going through a master-planning exercise for viable alternative approaches, to see if we can create some of 바카라사이트 facilities originally planned for 바카라사이트 institute by remodelling existing buildings and spaces". He added that some supporters of 바카라사이트 project were willing to transfer 바카라사이트ir investment to 바카라사이트 revised proposals.

The spokesman described 바카라사이트 site, which is in Gordon Street, as "UCL's last remaining development site on our Bloomsbury campus", adding that 바카라사이트 work carried out was necessary "for any future building on 바카라사이트 site".

He also said that much of 바카라사이트 planning and design work "will be essential to inform future developments", meaning that it was not possible to determine 바카라사이트 sum that will be written off entirely.

Elizabeth Clear, UCU branch president, said: "Because of 바카라사이트 job cuts, we feel it's an enormous amount of money to have lost."

She added that 바카라사이트 collections were "amazing" and deserved wider public access, but that UCL "did not consider 바카라사이트 full implications" of its expensive plans.

john.morgan@tsleducation.com.