More than six months after the five museums of the Science Museum Group had to close their doors to the public as part of a nationwide effort to control the spread of COVID-19, we remain in the grip of a global crisis.
Like the communities we serve, and so many other cultural organisations, the Science Museum Group has been hit very hard.
The entrepreneurial spirit behind the transformation of our Group over the past decade, that saw us grow the proportion of self-generated income to cover half of our annual turnover, cannot resist the financial impact of this pandemic.
We have lost around £23 million in expected revenues this year from hugely successful activities such as corporate events, licensing, fundraising and retail.
With ongoing restrictions and the deep impact on international tourism, it will be several years before we can return to a position of strength; for the time-being our museums will only be open for five days a week outside of holiday periods.
The support of Government through emergency funding and the Job Retention Scheme, alongside our loyal supporters and partners, has been vital in allowing us to navigate the past six months, but self-generated revenues will remain severely depressed for some years.
So, despite significant cost-saving measures already taken and others planned, we have no choice but to reduce the scale of our organisation. During November, we will provide a further update about how we will consult on the changes that need to be made.
Detailed work is underway to determine the level of payroll savings required – and therefore the number of roles that will be impacted – alongside wider measures to significantly reduce our annual costs.
This is a step we take with huge reluctance; recognising the pain it will cause colleagues who contribute so deeply to our mission. This concern will inform our approach to this difficult period, including giving advance notice of what will be a phased process and constructive engagement with colleagues and our recognised trade unions.
While the road to recovery may be long, we will remain focused on the great benefit we bring to our audiences: to the wellbeing of communities across the country; to the wider economy and tourism industry; and through inspiring future generations of scientists, technicians and engineers whose vital importance in addressing global challenges has been so starkly illustrated by this terrible pandemic.