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 reaSs1￿ment 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 baCk￿ounds, 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
MA￿￿ENANCE
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 De￿rnber 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 con￿mIng 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 ServI￿S 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
be￿een 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. I￿ere 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 re￿iVed 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 defe￿ed 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