Royal Institution home granted stay of execution But the £60m building, which was once the workplace of Michael Faraday and is the premises on which 10 chemical elements were discovered, could yet be preserved for science after the donation allowed the RI to balance its bank debts. Sir Richard Sykes, Ri chairman, 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. However, our financial issues are far from being resolved. The Royal Institution was founded in 1799 for the purpose of basic scientific studies and improving society's understanding of science through public lectures and exhibitions. When reports surfaced that the Ri's historic home had been opened up to potential buyers a campaign was launched to raise funds and prevent the sale, with Prof Brian Cox, Lord Winston and Sir David Attenborough among the leading names lending their weight to the cause. One alternative to selling the building which was considered by the Ri was a merger with its academic rival, the Royal Society, which could take on its debts in exchange for the use of its building for public events, but there is no agreement in place.