CHARITY REGISTRATION NUMBER: NIC101695 ULSTER COLLEGE OF MUSIC TRUSTEES, ANNUAL REPORT 2024 AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2023
Ulster College of Music TRUSTEES REPORT 2024 AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Page Members of the Management Committee and professional advisers Trustees, Annual report, Structure, Governance, Management, Objectives, Activities Donations, Achievements Exam Results Student Numbers Tutors and Administrators, Founding Principles Maintenance, Signature Independent Examinerfs Report Statement of financial activities Statement of financial position 10 Notes to the financial statements 11
Page 1 Ulster College of Music Year ended 31 December 2023 MEMBERS OF THE MANAGEMENT COMMITTEE AND PROFESSIONAL ADVISERS Registered charity name Ulster College of Music Charity number NIC101695 Principal office 13 Windsor Avenue Beltast County Antrim BT9 6EE TRUSTEES The trustees who served the charity during the period were as follow Ms Angela Alonso Dr Nornian Cairns Mr Ashley Fulton Mrs Astrid King Mrs Ray Mcclay, Ray Mcclay resigned from the Committee shortly after the AGM {2310312023) Mr Kevin McEnoy Mr Conor Maxwell Mr David Preston Mr David Rutherford Ms Catherine Turley, Catherine Turley resigned from the committee at the AGM (2310312023) Ms Nicola Wilson Independent examiner Elaine Mulholland On behalf of Johnston Graham Limited 2161218 Holywood Road Belfast BT4 1 PD
Page 2 Ulster College of Music TRUSTEES ANNUAL REPORT 2024 AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. REFERENCE AND ADMYMSTRATIVE DETAILS Reference and administrative details are shown in the schedule of members of the management committee and professional advisers on page l of the financial statements. AGM 2023 The AGM was held on 29di March 2023. The cornmittee elected at tIie AGM were: Ms Angela Alonso Dr Norman Cairns Mr Ashley Fulton Mrs Astrid King Mrs Ray Mcclay Mr Kevin McEnoy Mr Conor Maxwell Mr David Preston Mr David Rutherford Ms Nicola Wilson STRUCTURE, GOVERNANCE Al MANAGEMENT The college is a registered charity and legally constituted as a Trust. The college is managed on a day to day basis by an administrator, an assistant administrator and a bookkeeper, who are in turn responsible to The Management Committee. This conunittee is made up of tutors, parents and students of the College. OBJECTtVES AND ACTtvrrIES The college's objectives are to promote the following purposes for the public benefit: the advancement of education through the promotion, developmenL maintenance and study, teaching and practice of music and dramatic art in Northern Ireland. It is well established that students of the arts of all ages - learn to think creatively and to solve problems. Musical trdining helps develop brain areas involved in language and reasoning. Playing an instrument requires students to work with others. developing valuable team skills which can be carried over into all aspects of their lives. Since learning an instrument takes time and effo¢ our students learn patience and perseverance. Feedback from students and their parents tells us that playinu music leads to higher concentration levels, improved coordination, reduced stress levels and better social and listening skills. Musical perforniance is an important tool that leads to improved self-expression which, once again, transfers into all aspects of life. The College Trustees and Tutors believe that playing an instrumen¢ singing or acting promotes confidence, self-esteem, improved mental health and leads to greater contentment.
Page 3 Ulster College of Music Year ended 31 December 2023 DONATIONS We received another generous donation of £2500 from Alastair Nelson. We have spent this on instrument maintenance, an up-grade for our student harp, a part payment tr)wards a new professional lever harp and Bluetooth speakers, which are now required for CCEA listening eLams. Fvlr and Mrs McLaughlin donated £200 to assist with the cost of additional levers for the current harp and the purchase of a new harp. Christine Christie kindly donated a Full size classical Guitar and 3 Brass Whistles. These instruments can be used to introduce children to the sounds of different instruments during their attendance in the mini music classes or hired out. Thank you very much, Christine. Kevin Harrell kindly donated a guitar and a double bass with bags. Thank you very much. Kevin. Stefanie Bell kindly donated a concert harp, Oberniayer Meister Harfe No 332, which had fornlally been played by herself and by Derek Bell. This is a beautiful instrument and students are very fortunate to have the opportunity to play it. Thank you very much, Stefanie. The Halifax Foundation for Northern Ireland awarded us a grant of £1890.00 in November 2023 to run the Community Keyboard classes for one more year. We are very grateful for this funding and the Community Keyboard classes were restarted immediately. In October 2023 we received £780.50 gift aid from FtMRC ACIIIEVEMEKfS AThD PERFORMANCE The College provides music and drama lessons to people of all ages from all nationalities. social and religious backgroLmds. We welcome students from all the equal opportunities groups based on race, gender. age, sexual orientation, gender reaSs1ment disability, religion or belief, pregnancy and arital status. We provide individual lessons, group tuition, children's classes and GCSE and A-level music. The Chamber Music Class is a truly inclusive group of niusicians from primary school to pension age. Our Musical Fun Foundation Course starts with Mini Music for the youngest children and progresses to Musical Games for the school age children. Many adults enjoy taking up lessons for the first time to learn a new skill or take up an instrument once more which they had not played for a while. We conduct lessons at times that suit people's busy lives weekends. including afternoons, evenings and Our Easter Recital on 1st April 2023 was very well attended and raised 24.50 towards expenses. The End of Year recital was held at St. Thomas Parish Church on 17th June 2023. Ticket sales raised £330 and we received a donation of £20. The costs of putting on the recital were- £155 church hire, £60 piano tuning, £60 accompanist's fee, plus refreshments. The two Christmas recitals on 9th December 2023 were very well received. We raised £151.67 in donations towards expenses and the accompanist's fee £87.50 Our annual carol concert at the Kennedy Centre on 17th December 2023 was great fun and raised £180.30. Thank you to the College Choir, the Chamber Music Group, guest perforn]ers and PatrÉcia and with the collection box and jingle bells for making it such a successful event. The Chamber Music GroLLP perfonned in Glen¢raig Camphill Community on 26th November. Our soloists played very well and the audien¢¢ enjoyed the concert. We received a donation of £400 for the College. Another perforn]ance at St Brigid's Miscellany on 3rd February was well attended and enjoyed by players and audience. We have been promised a donation of £150. Then the group played their prograrnme again on 24tIL February in Holywood Care Home.
Page 4 Ulster College of Music Year ended 31 December 2023 EXAM RESULTS The College enters students for ABRSM and LCM examinations, GCSE. AS and A level ekaminations and festivals throughout the year. The theory students have been entering for online exams individually, and feedback has been good. Practical Exams Summary 2023 Total numberof Candidatss. (UCM & Board .Period Results UCM 'Results other other ABRSM Private Visit at UCM m?h 2023 36 UCM 4 other Pass 12 Merit 12 Distinction 12 Absent 2 Pass 12 Merit 14 Distinction 13 P&ss 27 Merit 14 Distinction 8 Pass I Merit I Distinction 2 ABRSM Private Visit at UCM June 2023 41 ABRSM Private Visit at UCM December 2023 49 GCSE and A level results 2023 SUBJECT NUMBER OF CANDIDATES GCSE AS LEVEL A2 LEVEL
Page 5 Ulster College of Music Year ended 31 December 2023 Student Numbers 2024 Lesson Numbers Date 11/031 2017 83 28 28 021031 2018 102 31 37 141031 2019 81 36 27 071021 2020 78 25 24 25/031 2021 74 22 25 101021 2022 105 23 37 li 40 48 24/02/ 2023 99 28 33 15 40 52 261021 2024 115 30 30 19 Piano Voice Woodwind Brass Guitar/Harp Strings/Violin Viola Cello/Bass Individual Theory Drama Musical Games Mini Music Recorder Suzuki Violin Group Theory GCSE/As/ A level Aural Chamber Music Traditional Percussion Choir Sound Art Composition Total 27 59 29 74 36 64 32 56 28 48 71 16 21 19 20 20 21 11 li 13 li 10 19 19 11 12 12 14 15 15 15 15 21 26 13 23 21 15 17 io 12 13 li 13 12 10 22 25 16 li 23 12 18 io 13 io li 10 14 13 15 li 12 348 399 369 368 316 385 377 24 Number of Students 314 321 317 319 289 360 354 383
Page 6 Ulster College of Music Year ended 31 December 2023 TUTORS AND ADMINISTRATORS We entratye services of highly qualified and experienced tutors from all over the world and make this expertise available and affordable to &s many people as possible. We are very ple&sed that the following tutors have joined us: Thomas Alford, double bass, covered lessons for Michele Strong and joined the College as a permanent tutor in 2023. Nathan Howe started teaching clarinet and saxophone in February 2023. Niamh Keeney, oboe, joined the College in September 2023. Ruts Mazolyte-Aghaunor started teaching violirl in June 2023. Neil McErlean, violin, and Michael Hartin, trumpe¢ joined the College in September 2023. Richard Allen taught the harp from September to October 2023. Ruth Millar joined as our new tutor for concert harp and celtic harp in October 2023. Richard McDennott started teaching piano in January 2024. Eva Ricliards started teaching cello in February 2024. We would like to thank the tutors who have left for their contribution to the College: William Curra clarine¢ left in March 2023. Clara Taaffe, haTP, left in June 2023. Elizabeth Edwards left in January 2024 to work in Kenya. Andrew Nesbitt left in February 2024 to take up a contract with the Ulster Orchestra. We would like to thank our administrators, Patricia Pepper and Emily Knowles and our bookkeeper, Paul Megarity for their wonderful work. They make the College a pleasant place to visit and work in, ensure excellent communicatiotl and keep on top of a very diverse range of duties. We are very fortunate to have an excellent cleaner, Monika KoniL who has been keeping the College beautifully clean for the last decade. FOtINDING PRThCIPLES The College's philosophy reflects that of its founder Daphne Bell MBE, Hon. FTCL LIIAM LTCL - that music should be accessible to all and we work hard to achieve this. 4 bursaries are available to some faTnilAes and students who may othenvise not be able to afford music lessons. One bursary is available for a refugee to allow them to restart their music education. The Community Keyboard Skills class is available whenever we can get funding for IL to allow free access to music to people from diverse baCkounds, xn¢luding refugees. The wellbeing of children and young people is of the greatsst importance to all the tutors and staff &8 well as the trustees of the College and our designated child protection officer atranges Access M checks and child protection trainintr for tutors and staff. Our designated officer is Miss Sheila Kerr. All our tutors have attended child protection and fwe safety training courses and we have designated fire wardens on every floor of the building. The next refresher course will be held at the College in 2024.
Page 7 Ulster College of Music Year ended 31 December 2023 MAENANCE During the summer break and at other times volunteers helped with repairing the exit doors, replacin(T lighfy decorating and carpeting Ehrlich after water damage as well as gardening and line painting in the car park. Thank you to all the volunteers for their time and hard work. We paid £1 1000.00 for the replacement of the remaining windows: Ground floor: office, corridor, toilet First floor: corridor Top floor: corridor, National Youth, Petcu, Shannon, Hunt. We now have double glazing throughout the building. J.B. Mccoy Bullding and Decorating service was engaged to fit boards to level the floor in Ehrlich and fix the garden wall. The cost was £1134. We had an emergeney repatr when a radÉator fell off the wall in Hunt. This cost £1673.88, but we got an insurdnce payment of £1,423.88 - tliis is the total less the policy excess of £250. In May Mid Ulster Security installed CCTV caTneras at a cost of £1716. This has been a great help in solving questions of loss and damage already. NANC REV]EW The College received a total income of £238,370 for the year 2023 frotn which there w&s a surplus of £15,511. Reserve as 31° December 2023 totalled £168,085 PLANS FOR FUTIJRE PERIODS The college will continue to focus on enhancing the range of music tuition to. be offered to students. As the building is often fully booked we are planning to add an extra teaching room by converting the garage into a sound proof studio. The trustee's annual report was approved on 19th March 2024 and signed on behalf of the trustees by: Mrs Astrid King Trustee
Page 8 Ulster College of Music Independent Examiner's Report to the Trustees of Ulster College of Music Year ended 31 December 2023 I report to the trustees on my examination of the financial statements of Ulster College of Music ('the charity,) for the year ended 31 Dernber 2023. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act (Northem Ireland) 2008 (the .2008 Act,). You are satisfied that your charity is not required by charity law to be audited and have chosen instead to have an independent examination. I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northem Ireland under section 65(9)(b) of the 2008 Act. Independent examiner's statement I have completed my examination. I confimi that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect: accounting records were not kept as required by with section 63 of the 2008 Act,. or the financial statements do not accord with those records", or the financial statements do not comply with the accounting requirements of the 2008 Act" or the financial statements do not comply with the applicable requirements conmIng the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I confimi that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Elaine Mulholland for and on behalf of Johnston Graham Limited Independent Examiner 2161218 Holywood Road Belfast BT4 1PD 19 March 2024
Page 9 Ulster College of Music Statement of Financial Activities Year ended 31 December 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Note Income and endowments Donations and legacies Other trading activities Investment income 1,593 231,477 570 4,730 6,323 231,477 570 8,822 212,596 337 Total income 233,640 4,730 238.370 221.755 Expenditure Expenditure on charitable activities Total expenditure 221,379 1,480 222,859 197,703 221.379 1,480 222,859 197,703 Net income and net movement in funds 12,261 3,250 15,511 24,052 Reconciliation of funds Total funds brought forward Total funds carried fonNard 149,424 3,150 152,574 168,085 128,522 152,574 161,685 6.400 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notss on pages 11 to 17 fonn part of these financial ststsments.
Page 10 Ulster College of Music Statement of Financial Position 31 December 2023 2023 2022 Note Fixed assets Tangible fixed assets 12 69.655 74,897 Current assets Debtors Cash at bank and in hand 13 112,893) 127.149 55 96,023 96,078 114,256 Creditors: amounts falling due within one year Net current assets 14 15,826 18,401 98,430 77,677 Total assets less current ljabilities 168,085 152,574 Net assets 168,085 152,574 Funds of the charity Restricted funds Unrestricted funds 6,400 161,685 168,085 3,150 149,424 152,574 Total charity funds 16 These financial statements were approved by the board of trustees and authorised for issue on 19 March 2024, and are signed on behalf of the board by: Mrs A King Trustee The notes on pages 11 to 17 fomi part of these financial statements.
Page 11 Ulster College of Music Notes to the Financial Statements Year ended 31 December 2023 General infomiation The charity is a public benefit entity and a registered charity in Northem Ireland and is unincorporated. The address of the principal office is 13 Windsor Avenue, Belfas( County Antrim, BT9 6EE. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Stsndard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterfing, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other fadors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted ftjnds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrtctions on their expenditure declared by the donor or through the tems of an appeal, and fall into one of fwo sub-classes.. restricted income funds or endowment nds.
Page 12 Ulster College of Music Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting policies (continued) Incoming resources All incoming resou$ are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of ServIS is recognised with the delivery of the contracted servi. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates= expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising fijnds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resou. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contrtbute to on a reasonable, justifiable and consistent basis. Tangible assets All fixed assets are initially recorded at cost. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows= Land and buildings Fixtures and fittings 2 % straight line 250/0 reducing balan
Page 13 Ulster College of Music Notes to the Financial Ststements (¢ontsnuedJ Year ended 31 December 2023 Accounting policies (continued) Impaimient of fixed assets A review for indicators of impaimient is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Iere the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or reiVed and not discounted. Debt instruments are subsequently measured at amortised cosL Vvhere investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond nornial business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest ft)r a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedgirEg relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment. an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significan. and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Page 14 Ulster College of Music Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting policies (continued) Financial instruments (continued) Any reversals of impaimient are recognised immediately, to the extent that the reversal does not result in a carying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related Servi is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. en contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations 1,593 2,840 4,433 Grants Grants 1,890 1,890 1,593 4.730 6,323 Unrestricted Funds Restricted Total Funds Funds 2022 Donations Donations 1,702 5,650 7.352 Grants Grants 1,470 1,470 1,702 7,120 8,822 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Fees Exam entry fees Recital income Hire of rooms Sundry income Instrument hire 214,151 9,801 502 5,929 214,151 9,801 502 5,929 198,929 8,291 262 3,954 62 1,098 198.929 8,291 262 3,954 62 1,098 1,094 1,094 231,477 231,477 212,596 212,596
Page 15 Ulster College of Music Notes to the Financial Statements fcontinued) Year ended 31 December 2023 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other investment income 570 570 337 337 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Charitable Activities 221,379 1,480 222,859 Unrestricted Funds Restrtcted Total Funds Funds 2022 Charitable Activities 193,733 3,970 197,703 Expenditure on charitable activities by activity type Activities undertaken Total funds directly 2023 Totsl fund 2022 Charitable Activities 222,859 222,859 197,703 Net income Net income is stated after chargingl{crediting)= 2023 2022 Depreciation of tangible fixed assets 5,242 5,848 10. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2023 2022 Wages and salaries Ernployer contributions to pension plans 16,694 268 16,069 265 16.962 16,334 The average head count of employees during the year was 2 (2022: 2). The average number of full-time equivalent employees during the year is analysed as follows.. 2023 No. 2022 No. Number of management staff No employee received employee benefits of more than £60,000 during the year (2022.. Nil).
Page 16 Ulster College of Music Notes to the Financial Statements (continued) Year ended 31 December 2023 11. Trustee remuneration and expenses No trustees received remuneration or other benefits through employment with the charity. 12. Tangible fixed assets Land and Fixtures and buildings fittings Total Cost At l January 2023 and 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 171,169 42,590 213,759 103,547 3,423 35,315 1,819 37.134 138,862 5.242 106,970 144,104 Carrying amount At 31 December 2023 64,199 5,456 7,275 69,655 74,897 At 31 December 2022 67,622 13. Debtors 2023 2022 Prepayments and accrued income (12,893) 55 14. Creditors: amounts falling due within one year 2023 2022 Accruals and defeed income Social security and other taxes Other creditors 14,451 1,053 322 13,308 655 4,438 15,826 18,401 15. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £268 {2022'. £265).
Page 17 Ulster College of Music Notes to the Financial Statements (continued) Year ended 31 December 2023 16. Analysis of charitable funds Unrestricted funds At 31 December 2023 At 1 January 2023 Income Expenditure General funds 149,424 233,640 {221,379) 161,685 At 31 December 2 022 At 1 January 2022 Income Expenditure General funds 128,522 214.635 {193,733) 149,424 Restricted funds At 31 December 2023 At 1 January 2023 Income Expenditure Grants 3,150 4,730 (1,480) 6,400 At 31 December 2 022 At l January 2022 Income Expenditure Grants 7,120 (3,970) 3,150 17. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 69.655 107,856 (15,826) 161,685 69,655 114,256 (15,826 168,085 6,400 6,400 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net assets 74,897 92,928 (18,401) 149,424 74,897 96,078 (18,401) 152,574 3.150 3,150