Agenda item

Report of the Chamberlain.

Members considered an update report on the overall financial position and fundraising activities for the Guildhall School of Music & Drama’s new building at Milton Court as requested by the Sub Committee at its meeting on 23 May 2012.

Members expressed some concerns that any shortfall in funding would be underwritten by the City Corporation. Members also sought assurance that the Guildhall School of Music & Drama (GSMD) was able to meet all of its revenue expenditure as had been stipulated by the City Corporation when it agreed to provide capital funding to develop the Milton Court facility.

The Chamberlain noted these concerns although he suggested that it might be appropriate to review in more detail whether further revenue funding might be needed as the GSMD would need to meet higher operational costs at Milton Court whilst it develops new ways of working and increasing student numbers now that they could be accommodated.

Members requested further updates from the Chamberlain and representatives of the GSMD and were particularly keen to be kept informed on fundraising targets as well as financial performance including variations on the agreed budget.

RESOLVED: That –

      i.        the report be noted;

     ii.        the Chamberlain would issue a report to Members as soon as the GSMD student intake for 2012/13 was finalised; 

    iii.        the Chamberlain would provide an update report on Milton Court fundraising at the next meeting, including a breakdown of funds that had been pledged and those that had been received; and

   iv.        the GSMD’s Principal, Chief Operating & Financial Officer and Chairman of the Board of Governors be invited to attend the 14 November 2012 meeting with a full report.