## **ULSTER COLLEGE OF MUSIC FINANCIAL ACCOUNTS YEAR ENDED 31 DECEMBER 2023** ## **Johnston Graham Limited** _Chartered Accountants 216/218 Holywood Road Belfast BT4 1PD_ ## **ULSTER COLLEGE OF MUSIC** ## **PROFIT & LOSS ACCOUNT YEAR ENDED 31 DECEMBER 2023** |**Note**
**INCOME**
Fees
Exam entry fees
Instrument hire
Hire of rooms
Recital income
Sundry income
Donations
Gift Aid
Grants received
Other investment income
**EXPENSES**
Examination fees paid
Tutor fees
Administration salaries
Staff pensions
Water rates
Heat & light
Insurance
Building repairs
Telephone
Postage & stationery
Advertising
Computer expenses
Professional fees
Staff training
Repairs & maintenance
Bursary
Bank charges
Bad & doubtful debts
Sundry expenses
Depreciation
**NET INCOME RESOURCES FOR THE YEAR**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted Restricted**
**Total**
214,151
214,151
9,801
9,801
1,094
1,094
5,929
5,929
502
502
-
-
812
2,840
3,652
781
781
-
1,890
1,890
570
570
233,639
4,730
238,369
9,676
9,676
148,775
275
149,050
16,694
16,694
268
268
638
638
4,880
4,880
1,901
1,901
15,176
15,176
1,205
1,205
326
326
-
-
482
482
12,100
12,100
-
-
1,915
1,030
2,945
-
175
175
171
171
-
-
1,534
1,534
5,242
5,242
221,378
1,480
222,858
12,261
3,250
15,511
149,424
3,150
152,574
161,685
6,400
168,085
**2023**
**£**|**2022**
**£**
**Total**
198,929
8,291
1,098
3,954
262
62
7,352
-
1,470
337| |---|---|---| |||221,754| |||8,093
138,498
16,069
265
563
3,618
1,524
6,970
964
417
-
584
8,141
-
3,571
-
165
-
2,412
5,849| |||197,702| |||24,051
128,522| |||152,574| ## **ULSTER COLLEGE OF MUSIC** ## **BALANCE SHEET AS AT 31 DECEMBER 2023** |**Note**
**FIXED ASSETS**
**2**
Tangible Assets
**CURRENT ASSETS**
Debtors & Prepayments
**3**
Cash at Bank
**CREDITORS**: amounts falling due
**4**
within one year
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
**Represented By**
Restricted income funds
Unrestricted income funds|69,654
(12,892)
127,149
114,257
(15,827)
98,430
168,085
6,400
161,685
168,085
**£**
**2023**|**2022**
**£**
74,897
55
96,023| |---|---|---| |||96,078
(18,401)| |||77,677| |||152,574| |||3,150
149,424| |||152,574| **ULSTER COLLEGE OF MUSIC** ## **NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023** ## **1. ACCOUNTING POLICIES** - (a) Fixed assets are initially recorded at cost. (b) Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows : Land & Buildings - 2% Straight Line Other Plant & Machinery - 25% Reducing Balance ## **2. FIXED ASSETS** |**FIXED ASSETS**
COST
At 1 January 2023
Additions
At 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for the year
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022|**Other**
**Land &**
**Plant &**
**Buildings**
**Machinery**
**£**
**£**
171,169
42,590
-
-
171,169
42,590
103,548
35,315
3,423
1,819
106,971
37,134
64,198
5,457
67,621
7,275|**Total**
**£**
213,759
-| |---|---|---| |||213,759| |||138,863
5,242| |||144,105| |||69,654| |||74,897| ## **ULSTER COLLEGE OF MUSIC** ## **NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023** |**3.**
**DEBTORS**
Trade Debtors
Prepayments
**4.**
**CREDITORS :**amounts falling due within one year
Trade Creditors
PAYE/NIC & Pension Payable
Sundry Creditors & Accruals|**2023**
**£**
(14,922)
2,029
(12,892)
322
1,053
14,452
15,827|**2022**
**£**
0
55| |---|---|---| |||55| |||4,438
655
13,308| |||18,401|