Agenda and minutes

At the beginning of the meeting, the Chairman welcomed Members and Officers as well as Members of the public participating in the meeting via YouTube.

There were no apologies.

There were no declarations.

To agree the public minutes and summary of the meeting held on 23^rd April 2021.

RESOLVED – That the public minutes and non-public summary of the meeting held on 23 April 2021 were approved as a correct record.

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

The Committee received a report of the Principal of the Guildhall School of Music & Drama detailing the Annual Financial Return to the Office of Students and the documents making up the submission. The Principal introduced the report and documents, and drew Members’ attention to the key points. The Committee noted that the Audit & Risk Committee had endorsed the report for submission to the Board of Governors, pending several minor amendments, of which the Committee were advised in turn. The Committee was advised that it was expected that there would be no changes to the accounts, following a session with Members. Members advised of further suggested amendments which they would communicate to officers following the meeting.

The Committee noted that the Management Letter from the External Auditors regarding the Financial Statements had been received too late for circulation as part of the agenda, but would be circulated to Members via email after the meeting and would be included on the agenda for the Board of Governors meeting on 20 September 2021.

In response to a question from a Member, the Committee was advised that the impact of bringing reporting of the Financial Statements forward would become clearer during the Autumn. The Committee noted that there were still some aspects of reporting that were in accordance with the Academic Year rather than the Financial Year. The Principal added that the forthcoming enrolment figures would also have an impact on forecasts.

RESOLVED – That the report and documents be received, and their contents noted.

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

The Committee received a report of the Principal detailing the budget setting process for the Guildhall School of Music & Drama (GSMD) for the 2022/23 financial year. The Principal introduced the report and drew Members’ attention to the key points. The Committee noted that the School was still looking for efficiency savings as part of the Target Operating Model (TOM), but the School would retain savings rather than return them to the corporate centre. The Committee was advised that the draft budget would be submitted in mid-October, with a revised budget to be calculated after the enrolment data had been assessed.

In response to a question from a Member, the Committee was advised that officers were hoping for confirmation of the requested loan from the City of London Corporation to support new income generating activities in the next two weeks. Furthermore, the School had been advised that extra students could be taken on for the ensuing Academic Year.

In response to a question from the Chairman regarding the 12% TOM savings targets, the Committee was advised that most of the savings had been identified, but a significant portion were still to be found. The Principal advised that another line-by-line assessment of each department would be undertaken to identify further savings if necessary.

RESOLVED – That the report be noted.

There were no questions.

There was no other business.

The Chairman then thanked Members of the public for their participation via YouTube.

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 23^rd April 2021.

RESOLVED – That the public minutes and non-public summary of the meeting held on 23 April 2021 were approved as a correct record.

Report of the Principal, Guildhall School of Music and Drama

The Committee received a report of the Principal.

Group Accountant to be heard.

The Committee received an update on Business Rates and VAT.

There were no questions.

There was no other business.