Comment 022 March 1987

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King's College London (KQC) newsletter

PRINCIPAL SPEAKS OUT ON FINANCIAL CRISIS Thi edition of COMME T contains a clear explanation from the Finance Officer of the perilous financial tate which face us now, and into the forseeable future. Earlier this e ion we had already identified a erie of co t-cutting mea ures nece sary to financial tability: mea ure that are now totally inadequate a we contend with payment of the recently agreed academic salary award. The Government' contribution rowards this works out at well under 50% and out of a total co t of ÂŁ3.3M incurred by thi pay award, King' will have to find ÂŁ2M. All univer itie will encounter significant difficulties in implementing this etUement: King's particular ituation mean that we will have to borrow money now to pay the rise. The Finance Committee were in no doubt that a package of additional and drastic cost-cutting mea ures mu t be implemented immediately and the Finan e Officer's article itemises the main target. It i an undeniably depressing picture and

will hold implications for every section of the College. I t will not be easy to find areas of reduction and it will pre ent us with ome very difficult decision. These are, however, decision we literally cannot afford to hirk. The package of cuts is not an ideal olution, it is an essential and a coherent one. Failure to meet any of the targets et will mean cuts in other place: we have to make it work. I have already poken with union representative and intend to talk widely with

taff on all ampu e '. Everyone' help i important and I want to ensure that detailed and con tru tlve discussion can take pIa eat all level throughout the College. I shall be asking tho e for whom early retirement is a possibility to consider their position and discu the matter with myelf or the College ecretary on a "no preJudice" basis. Equally important is the ability of individuals to "earn" part or the whole of their salary from ex ternal sources. There are anum ber of options here, including re-training and re-deployment. We have a talented and flexible staff who will have their own suggestions about how to help the College through this very difficult period. I shall be writing to staff further about this. Planning for consolidation till goes on, and with increased urgency. We have no intention of losing sight of our long-term aims for Cornwall Hou e: it is the most sensible way to recover financial stability, a the Finance Officer's figures clearly indicate. A note in thi edition will bring you up-to-date with the latest news on that front.

In the meantime, our ta k I to cure the hort-term in order that the long-term go I are reached. Be in no doubt about the seriou ne ~ ot our current po it ion. The fman ial proje tion are quite unpalatable and we mu t put ever)- effort into the cost-cutting programme before u .

Events in the Cornwall Hou e i ue took a disappointing turn on March 4 when the College received news from Kenneth Baker that fund were not available to uppon our development plan. He tated that he was not mclined to pre s the PSA to extend the March 31 t deadline and that the lease could not be acquired in advance ut further d tailed con ideration of the co ted propo al the College ha prepared "at I a t not with funds lhat have to be accounted for to Parliament". 11, however, i not 10 t. Certain a pect of the ecretary of State's letter indicate a po sible mi interpretation of the true nature of the College's proposals and the Principal hopes to have an early opportunity to clarify these point. More dramatically, Profes or Sutherland wa able to announce an immediate respon e to the bad news. The College is in discussion with private backer and will now urgently pursue this avenue of self-help in an attempt to go ahead with the purcha e of the Cornwall House lease within the March 31 t deadline. Member of staff have already had circulated a recent tatement made to the pres and will be kept fully informed of further development as and when they occur. To let the Cornwall Hou e option pa s would gravely diminish the College's ability to provide the powerful contribution to future teachlJlg and research of which it is so obviously capable.

PROFESSOR PETER B KER TIle College wa greatly saddened to hear of the tragic death of Profe or Peter Baker, Head of the Department of Phy iology, on 10 March. The funeral, at which the Principal will be pre ent, will be held on Thursday 19 March. An appreciation will appear in the next edition of Comment.

Sir Yehudi Menuhin OM meets Miron Crindea before delivering this year's AD IAt lecture.

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Comment 022 March 1987 by King's College London - Issuu