GUCU Note on Goldsmiths’ Finances (March 2020)

Please see >attached PDF< which provides a counter-narrative to the official report on Goldsmiths’ finances that are at the heart of ‘Evolving Goldsmiths’ proposals.  We will be publishing appendices which add to this analysis. We are also seeking further data from the relevant Council sub-committees.

Here is the summary but please do read the full document.


Current financial difficulties stem largely from an over optimistic budget from 2019-20, which aside from a stretch target in fees income, which was not met, contained a number of assumptions that were difficult to justify. Their removal has created a substantial deficit in budget versus revised forecast. These assumptions have been replaced by some identified savings, but their presentation is marred and suggests some serious errors and omissions. The proposed re-structure, far from being a cost-saving exercise will be a costly operation that will plunge us further into debt and/or demand large-scale redundancies. The Evolving Goldsmiths process undermines our largest existing income stream (tuition fees) in order to pursue high risk strategies (distance learning, corporate training, knowledge exchange, philanthropic giving, rental income…) at high speed without a sound business plan in place. Far from securing Goldsmiths’ future, these proposals could instead jeopardise it.