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.