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.