Goldsmiths Recovery Programme

Set up in 2021, the programme’s goals were to tackle urgent financial challenges, put us on a more sustainable foundation and develop efficient and effective structures and processes across the College. 

Goldsmiths is now emerging from this recovery phase with new structures in place, giving us a platform to grow and be able to address any future tests we may encounter.   

This has been a period of significant change and the College recognises that there have been challenges and complications for students and staff as we have adapted to new ways of working.   

For our sector is has also been a difficult time, with creative institutions like Goldsmiths operating in an increasingly hostile environment as a result of government policy decisions including funding cuts.

Recovery Programme details  

Savings 

A key ambition of the recovery programme was to make £9 million in ongoing savings across the College, to help us tackle an urgent financial situation which included a £12.7 million reported deficit in academic year 2020/21.   

In total, the College achieved £7.6 million in recurrent savings through the programme. Over academic year 2023-24 the College will be working to find the remaining £1.4m of savings.  

Introducing new ways of working   

Relative to other organisations of a similar shape and size, Goldsmiths has not previously undergone significant institutional change. The recovery programme has seen new ways of working introduced, with Professional Services teams in particular continuing to develop how they deliver outputs.

Next steps

Teams will continue developing services across the College, drawing on lessons learned over the last two years. This includes the School Operations teams and Professional Services teams where improvements will be delivered locally.  

We continue to develop and embed processes to assure sustainability and secure areas that are distinct and intrinsically "Goldsmiths" and which find new ways of delivering in our traditional areas of strength like the environment, civic responsibility, and social justice.

At the same time, we are focusing on improving every aspect of the student experience. This includes working on initiatives to ensure that, whatever course they study, our students get the support they need and are helped to develop critical-thinking skills, learn to tackle problems that cross disciplines, and document evidence of transferable skills relevant for a wide range of careers.

In the context that Goldsmiths has never been a wealthy institution, we will need to continue making careful decisions about how we spend our money and will stick to the principles of working efficiently and effectively across all areas.   

This includes how we find the remaining £1.4 million in savings and information about this will be shared in the autumn term. Alongside this we will be looking at areas where we can continue to grow, as part of a plan to diversify income streams.

• Following the closure of the Recovery Programme, this page will no longer be updated.