The Committee considered a Report of the Principal concerning the Audited Financial Statements for the eight months to 31 March 2021.
Officers confirmed that, given the departure of Lynne Williams, the finalised statements would be submitted under the name of the newly appointed Principal, Jonathan Vaughan.
The Chairman asked that reference be made about the grant provided by the Arts and Humanities Research Council (AHRC) in support of the school’s ‘Music for Social Impact: practitioners’ contexts, work, and belief’ research project.
In response to a query around the nature of the “delays to national decision making” referenced on page 13, officers confirmed that this referred to areas such as undergraduate fee levels and a return to in-person teaching at the School.
The Chairman proposed that the wording under the Board of Governor’s sub-heading on page 14 be amended from ‘….. and who bring expertise to the Board from the arts and education sectors’ to ‘… the cultural, education and other sectors’.
Referring to the first main paragraph on page 16, the Chairman proposed that the wording should insert “taught” before degree, i.e. ‘Following granting of taught degree-awarding powers in 2014…’ this was to in order to clarify the School’s degree courses provision (the School does not offer research degrees).
The independent auditor confirmed that pages 19 – 22 still needed to be finalised as it currently included references to the previous financial year. Whilst some checking was still to be undertaken, no material changes were expected.
Officers reiterated that, as the employer of staff at the School, pensions liabilities sat with the City of London Corporation.
In response to a query, officers confirmed that both an update for the Access and Participation plan and the associated spend were reported to the Board and the Office for Students (OfS) on an annual basis.
RESOLVED – that the Committee endorsed the Statements to the Board.