Read on Twitter
The Independent Business Review (IBR) carried out by KPMG has been shared with Goldsmiths UCU. After giving the report careful attention, in this thread we can report the following headlines: 
KPMG sees Goldsmiths as a successful institution that has increased its ‘market share’ over the last 5 years- they see opportunities for growth and revenue generation; Home/EU recruitment has slipped a bit, but is compensated for by strong overseas & postgrad recruitment;
The report concurs with prior GUCU research that last year’s deficit (c.£8 million) is largely a result of high capital expenditure 2015-18, and increase in USS pension contributions that VCs refused to challenge; 
The suspension of the Enterprise Hub and of non-critical capital expenditure (estates + IT) would save the College roughly £10 million;
if the College considered selling some of the estate at least another £7 million could be raised;
if the College considered selling some of the estate at least another £7 million could be raised;
These savings alongside staff cost savings from VSS + redundancies of casualised staff comes to close to £20 million. This would cover the current deficit of £8 million, leaving £12 million for any funding gap that emerges post-Covid.
Will a loan even be necessary?
Will a loan even be necessary?
This Independent Business Review (IBR) was commissioned at a moment of great uncertainty, before the reforecast from this year was done, and before any actual loans were sought.
GUCU calls on SMT to:
Follow KPMG advice to address the deficit through suspending the Enterprise Hub and other capital expenditure in the short term;
Reassure staff that there will be no further redundancies; 
Follow KPMG advice to address the deficit through suspending the Enterprise Hub and other capital expenditure in the short term; Reassure staff that there will be no further redundancies;
SMT should:
Postpone any portfolio and service review until a time when we are not in the middle of a pandemic, so as to enable careful decision-making;
Open up the books- share the July 2020 end of year report and the now overdue October reforecast;
Postpone any portfolio and service review until a time when we are not in the middle of a pandemic, so as to enable careful decision-making; Open up the books- share the July 2020 end of year report and the now overdue October reforecast;
SMT should focus their time and resources now on keeping students, staff and our local community safe from Covid-19.
Spending time and resources on an unnecessary restructure as Covid cases are spreading on campus and in our community is inappropriate and irresponsible.
Spending time and resources on an unnecessary restructure as Covid cases are spreading on campus and in our community is inappropriate and irresponsible.
