Agenda and minutes

There were no apologies.

There were no declarations.

To agree the public minutes and non-public summary of the meeting held on 29^th April 2019.

RESOLVED: That - the public minutes and non-public summary of the meeting held on 29 April 2019 be approved. 

Members are asked to note the Committee’s Terms of Reference.

The Committee received its Terms of Reference and, whilst noting that they included reviewing ‘any matters that may affect the finances of the Guildhall School reporting to the main Board’, Governors felt that the Terms of Reference could be more specific in terms of endorsing and recommending the Financial Statements to the Board of Governors. It was subsequently agreed that an amendment to the Committee’s terms of reference should be proposed to the Board.

RESOLVED: That the Board of Governors be recommended to approve an amendment to the Finance & Resources Committee’s Terms of Reference, to reflect its role in reviewing the Financial Statements and recommending them to the Board for approval.

There were no questions.

Date of Next Meeting

Members noted that a provisional date of 22 January 2020 at 1.45pm was proposed for the next meeting of the Committee, subject to the Town Clerk checking and confirming this date was suitable, to allow for the TRAC return to be considered in a timely fashion ahead of annual submission.

MOTION - That under Section 100A(4) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in Part I of Schedule 12A of the Local Government Act.

RESOLVED – That under Section 100A(4) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in Paragraph 3 of Part I of Schedule 12A of the Local Government Act as follows:-

To agree the non-public minutes of the meeting held on 29^th April 2019.

RESOLVED, that – the non-public minutes of the meeting held on 29th April 2019 be approved. 

Report of the Principal of the Guildhall School of Music and Drama.

Members received a report of the Principal of the Guildhall School of Music and Drama

Report of the Principal of the Guildhall School of Music and Drama.

The Committee received the Accounts Direction Guidance from the Office for Students (OfS) in respect of preparing and publishing financial statements.

Report of the Principal of the Guildhall School of Music and Drama.

The Committee considered and endorsed the Draft Reports and Financial Statements for the GSMD, for the Year Ended 31 July 2019, for recommendation to the Board of Governors.

The Principal of the Guildhall School of Music and Drama.

The Committee considered a report of the Principal of the Guildhall School of Music and Drama which provided the financial commentary required, under statute to the OfS, for submission as part of the Annual Accountability Return.  Governors noted that this document would require some adaptation following the recent publication of the guidance, as referred to under agenda item (9) above.

During the discussion on this item, the following points were noted:

·         The school had lost about 50 students as a result of uncertainties surrounding Brexit. Governors noted that there would be implications in respect of expenditure on travel and oversees accommodation if the school had to raise its level of international recruitment.

·         Whilst the report assumed that the school would successfully retain its £4m per annum from the OfS, any reduction would have to be phased in.  Officers explained that any reduction in this income would create further reliance on international students. 

·         The on-going media challenge to high salaries in the Further Education Sector, which was not the case for the GSMD, and a further perception about drama schools discriminating against poorer students.  Governors noted that, as part of a drama pilot, the School were planning to reduce their audition fees; currently £62 for 3 auditions, in line with action taken by Landor and other competitors.  The Principal advised that the GSMD also offered travel bursaries and scholarships.  An officer read out a draft media statement on the plans for a new application fee structure.  Governors also noted that there was a strong message on the GSMD’s website about the School’s commitment to equality.

·         The revised guidance recommended scenario testing and information on risk management activity. 

·         The financial forecast included an assumption of acquiring another building and Governors noted that this would enable more non-student related activities. 

RESOLVED,

Report of the Principal of the Guildhall School of Music and Drama.

The Committee considered and endorsed the provisional 2020/21 budget, for recommendation to the Board of Governors.

There were no questions.

There were no urgent items.