Charity registration number: 101695
ULSTER COLLEGE OF MUSIC TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Ulster College of Music Contents
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2—6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Comparative Statement of Financial Activities | 9 |
| Statement of Financial Position | 10 |
| Notes to the Financial Statements | 11—16 |
Ulster College of Music Reference and Administrative Details For The Year Ended 31 December 2025
| Trustees | Mr Ashley Fulton |
|---|---|
| Mr David Rutherford | |
| Ms Angela Alonso (resigned 02/04/2025) | |
| Dr Norman Cairns | |
| Mrs Astrid King | |
| Mr Kevin McEnoy (resigned 02/04/2025) | |
| Mr Conor Maxwell (resigned 30/11/2025) | |
| Mr Nicola Wilson (resigned 02/04/2025) | |
| Ms Kate Coyle (resigned 29/04/2025) | |
| Mr Sean Walsh | |
| Ms Christine Christie (appointed 02/04/2025) | |
| Mrs Joy McCormick (appointed 30/09/2025) | |
| Mr Sean McQuillan (appointed 02/04/2025) (resigned 30/09/2025) | |
| Mrs Moira Mullaly (appointed 02/04/2025) | |
| Ms Oksana Shelest (appointed 30/09/2025) | |
| Dr Orly Watson (appointed 02/04/2025) | |
| Charity Number | 101695 |
| Principal Address | 13 Windsor Avenue |
| Belfast | |
| BT9 6EE | |
| Independent Examiner | Brian Stewart |
| RBCA Limited | |
| Chartered Accountants | |
| Linenhall Exchange | |
| 26 Linenhall Street | |
| Belfast | |
| BT2 8BG |
Page 1
Ulster College of Music
Trustees' Report For The Year Ended 31 December 2025
The trustees present their report and the financial statements for the year ended 31 December 2025.
Objectives and Activities
Aims and Objectives
The college is dedicated to advancing education for the public benefit by fostering the promotion, development, study, teaching, and practice of music and dramatic arts in Northern Ireland.
It is widely recognized that students engaged in the arts, regardless of age, develop creative thinking and problem-solving abilities. Music education enhances brain functions related to language and reasoning, while learning to play an instrument encourages teamwork and collaboration, skills that benefit various life contexts. The discipline required for mastering an instrument instills patience and perseverance in students. Feedback from both students and their families indicates that music participation leads to increased concentration, improved coordination, reduced stress, and enhanced social and listening skills. Furthermore, musical performance is a powerful means of self-expression, positively impacting all areas of life. The College Trustees and Tutors firmly believe that engaging in music or drama fosters confidence, boosts self-esteem, supports mental well-being, and contributes to greater life satisfaction.
Public Benefit
Ulster College of Music meets the Public Benefit as follows:
Advancement of education
The college's objectives are to promote the advancement of education through the promotion, development, maintenance and study, teaching and practice of music and dramatic art in Northern Ireland.
Advancement of the Arts and Culture
The Ulster College of Music meets this purpose by engaging students in musical activities and performing concerts to the public.
It is well established that students of the arts - of all ages - learn to think creatively and to solve problems. Musical training 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 effort, our students learn patience and perseverance. Feedback from students and their parents tells us that playing music leads to higher concentration levels, improved coordination, reduced stress levels and better social and listening skills. Musical performance 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 instrument, singing or acting promotes confidence, self-esteem, improved mental health and leads to greater contentment.
Donations
We received another generous donation of £2,500 from Alastair Nelson. We have put this aside for the conversion of the old garage into a soundproof studio. Stefanie Bell donated £250 towards the garage conversion. We are very grateful for these generous donations and hope to be able to finish the project during this, our 60th anniversary year.
The National Lottery Fund awarded us a grant of £4,282.00 in October 2024 to run the Community Keyboard classes for two more years, which is now well into its second year and much appreciated by all the participants. We are very fortunate to have Jane Knowles in charge of this important work for the community.
In 2025 we were awarded another grant by the national Lottery Community Fund, this time for Sustainable Buildings. This grant of £35,659 will allow us to make our building more environmentally sustainable by fitting solar panels, extra insulation, more sustainable lighting, draught proofing and better heating controls. This will result in 3,221 reductions in carbon emissions and £2,199 cost savings over one year.
A former chairman of the trustees of the College, Brian Johnston kindly donated a lot of piano music to the College. Thank you very much.
We also received donations of oboe music from Ros Wilson, violin music from Claire Blake and violin and chamber music from Ottoline Maas. This music is very welcome, thank you.
Page 2
Ulster College of Music Trustees' Report (continued) For The Year Ended 31 December 2025
Achievements and Performance
Main Achievements
The College provides music and drama lessons to people of all ages from all nationalities, social and religious backgrounds. We welcome students from all the equal opportunities groups based on race, gender, age, sexual orientation, gender reassignment, disability, religion or belief, pregnancy and marital 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 musicians 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 - including afternoons, evenings and weekends. We also offer community keyboard classes which are funded by the National Lottery Community Fund.
This year one of our tutors started a new initiative giving our members, the local community as well as the wider public the opportunity to hear young aspiring musicians as well as established professionals in a series of chamber music recitals at the College. These recitals have proved popular and much appreciated.
Our Spring recital 12th April 2025 was well attended. We raised £4.05 towards expenses of £65.50. The End of Year recital was held at Fisherwick Presbyterian Church on 14th June 2025. The church was very beautiful with a great acoustic for our students to sound their best.
We raised £367.70 from ticket sales. Expenses were £507.93; (£395 for church hire plus accompanist fee and refreshments)
The Chamber Music Group performed in Glencraig Camphill Community on 15th November 2025. The audience truly enjoyed the music. We received a donation of £300 to add to our refugee bursary fund.
The three Christmas recitals on 13th December 2025 were very well received. Donations £62.00, Expenses £173.51
Our annual carol concert at the Kennedy Centre on 14th December 2025 was very enjoyable and raised £211.70. Thank you to the Chamber Music Group and their families as well as Patricia and Colin who helped with the collection box and jingle bells for making it such a successful event.
The College entered several students for the Holywood Music Festival and our students won two silver medals and one gold plus the Sinfonietta cup.
Exam Results
The College enters students for ABRSM examinations, GCSE, AS and A level examinations and festivals throughout the year. The theory students have been entering for online exams individually, and feedback has been good. Practical Exams Summary 2025
| Board | Period | Total number of Candidates (UCM & other) |
Results UCM | Results online |
|---|---|---|---|---|
| ABRSM Private Visit at UCM |
April 2025 |
38 | Pass 22 Merit 16 |
Pass 1 |
| ABRSM Private Visit at UCM |
June 2025 |
48 | Fail 1 Pass 11 Merit 20 Distinction 16 |
|
| ABRSM Private Visit at UCM |
December 2025 | 28 | Fail 1 Pass 15 Merit 11 Absent 1 |
GCSE and A level results 2025
| SUBJECT | NUMBER OF CANDIDATES |
A* | A | B | C* | C | D | E | U |
|---|---|---|---|---|---|---|---|---|---|
| GCSE | 6 | 2 | 2 | 2 | |||||
| AS LEVEL | 1 | 1 | |||||||
| A2 LEVEL | 3 | 1 | 2 |
Page 3
Ulster College of Music Trustees' Report (continued) For The Year Ended 31 December 2025
Main Achievements - continued
----- Start of picture text -----
Student Numbers 2026
Lesson
Numbers
Date 14/03/ 07/02/ 25/03/ 10/02/ 24/02/ 26/02/ 03/03/ 03/03/
2019 2020 2021 2022 2023 2024 2025 2026
Piano 81 78 74 105 99 115 147 125
Voice 36 25 22 23 28 30 33 31
Woodwind 27 24 25 37 33 30 32 33
Brass 6 6 7 11 15 19 24 22
Guitar/Harp 36 32 28 40 40 49 46 46
Strings/Violin 64 56 48 48 52 71 59 61
Viola
Cello/Bass 16 21 19 20 20 21 27 28
Individual 5 2 2 3 6 5 8 8
Theory
Drama 5 9 6 5 4 4 6 4
Musical Games 9 13 5 8 11 10 11 9
Mini Music
Recorder 15 15 13 15 12 13 14 9
Suzuki Violin 15 21 23 17 13 0 0 0
Group Theory 15 26 21 10 11 12 15 11
GCSE/As/ 25 16 11 23 12 18 14 8
A level
Aural 0 1 1 0 0 0 1 0
Chamber 10 11 10 14 13 15 13 14
Music
Traditional 2 1 1 0 0 0 0 0
Percussion 0 0 0 0 0 0 1 2
Choir 11 0 0 8 12 10 10
Sound Art - - - 6 0 0 0 0
Composition
Total 369 368 316 385 377 424 461 421
Number of 317 319 289 360 354 383 392 392
Students
----- End of picture text -----
Page 4
Ulster College of Music Trustees' Report (continued) For The Year Ended 31 December 2025
Tutors and Administrators
We engage services of highly qualified and experienced tutors from all over the world and make this expertise available and affordable to as many people as possible. We are very pleased that the following tutors have joined us:
-
Nicholas Montgomery has returned to the College from April 2025, Therese McKinney started teaching in September 2025, Shonagh Lyons joined us in September 2025, Mafalda Galante started in October 2025 and Ryan Garnham started teaching in February 2026.
-
Sinead Kelly kindly covered several of our singing students from November 2025-February 2026’ We are very grateful for her help and dedication.
We would like to thank the tutors who have left for their contribution to the College: Giselle Allen, who left in June 2025 after 6 ½ years!
Niamh Keeney who left in June 2025, Maebh Martin, who left in September 2025 and Ciara Thompson, who left in December 2025 after 7 years at the College!
We would like to thank our administrators, Patricia Pepper. Emily Knowles and Anna Hutchinson and our bookkeeper, Paul Megarity for their wonderful work. They cheerfully manage all the day to day tasks and any number of emergencies!
We are very fortunate to have an excellent cleaner, Monika Konik, who has been keeping the College beautifully clean for over a decade.
Founding principles
The College's philosophy reflects that of its founder Daphne Bell MBE, Hon. FTCL LRAM LTCL - that music should be accessible to all and we work hard to achieve this. 4 bursaries are available to some families and students who may otherwise not be able to afford music lessons. One bursary is available for a refugee to allow them to restart their music education. We have been fortunate to get nearly continuous finding for the Community Keyboard Skills class for a few years. This allows free access to music to people from diverse backgrounds, including refugees.
The wellbeing of children and young people is of the greatest importance to all the tutors and staff as well as the trustees of the College and our designated child protection officer arranges Access NI checks and child protection training for tutors and staff. Our designated officer is Miss Sheila Kerr. All our tutors have attended child protection and fire safety training courses and we have designated fire wardens on every floor of the building.
Maintenance
Chris McCoy was contracted to replace the roof, soffit /fascia boards and some of the guttering and down pipes. The cost was 43500
We are working on a conversion of the Garage and so far we have paid the architect £559.40 and the acoustic engineer £1080.00. Planning permission is still outstanding.
During the summer a group of volunteers tidied the garden, trimmed hedges, painted the lines and removed weeds from the carpark, cleaned the carpets together with our leaner and repaired upholstery. We couldn’t keep the building and garden fresh and clean without their help.
Financial Review
Financial Position
The College received a total income of £270,482 (2024:£257,331) for the year 2025 from which there was a deficit of £17,035 (2024: surplus £31,007). Reserves as 31st December 2025 totalled £182,057 (2024:£199,092).
Plans for future 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 hoping to add an extra teaching room by converting the garage into a sound proof studio. Planning permission has been applied for.
We are very grateful for the opportunity given to us by the National Lottery Community fund to become a leader in sustainable building in our community. We have already installed solar panels and a battery and we have made progress on finding contractors to install extra insulation, better lighting, draught-proof doors and better heating controls with the help of a dedicated group of volunteers to co-ordinate all this.
Page 5
Ulster College of Music Trustees' Report (continued) For The Year Ended 31 December 2025
Structure, governance and 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, two assistant administrators and a bookkeeper, who are in turn responsible to The Management Committee. This committee is made up of tutors, parents, students and volunteers of the college.
AGM 2025 The AGM was held on 2nd April 2025. The committee elected at the AGM were: Dr Norman Cairns Ms Christine Christie Ms Kate Coyle Mr Ashley Fulton Mrs Astrid King Mr Sean McQuillan Mr Conor Maxwell Mrs Moira Mullaly Mr David Rutherford Mr Sean Walsh Dr Orly Watson
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act (Northem Ireland) 2008, the Charity (Accounts and Reports) Regulations (Northerm Ireland) 2015 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the committee and signed on its behalf by:
Navid Rang
Mrs Astrid King Trustee Date
17 Mar 2026
Page 6
Ulster College of Music Independent Examiner's Report to the Trustees of Ulster College of Music For The Year Ended 31 December 2025
I report to the trustees on my examination of the accounts of Ulster College of Music (the Trust) for the year ended 31 December 2025.
Responsibilities and Basis of Report
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act (Northern Ireland) 2008.
It is my responsibility to:
-
examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008;follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act; and
-
state whether particular matters have come to my attention.
Independent Examiner's Statement
I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.
My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
-
That accounting records were not kept in accordance with section 63 of the Charities Act
-
That the accounts do not accord with those accounting records
-
That the accounts do not comply with the accounting requirements of the Charities Act
-
That there is further information needed for a proper understanding of the accounts to be reached.
I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.
Brian Stewart
Brian Stewart Date 17 Mar 2026 RBCA Limited Chartered Accountants Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG
Page 7
Ulster College of Music Statement of Financial Activities For The Year Ended 31 December 2025
| Notes INCOME AND ENDOWMENTS FROM: Donations and legacies 4 Other trading activities 5 Investments 6 EXPENDITURE ON: Charitable activities: 7 Charitable Activity NET (EXPENDITURE)/INCOME NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD 16 |
Unrestricted funds £ 3,014 262,723 581 |
Restricted funds £ 4,164 - - |
2025 Total funds £ 7,178 262,723 581 |
2024 Total funds £ 7,815 248,650 866 |
|---|---|---|---|---|
| 266,318 | 4,164 |
270,482 |
257,331 |
|
| (285,528) | (1,989) | (287,517) | (226,324) | |
| (19,210) | 2,175 | (17,035) |
31,007 | |
| (19,210) 191,302 |
2,175 7,790 |
(17,035) 199,092 |
31,007 168,085 |
|
| 172,092 | 9,965 |
182,057 |
199,092 |
The notes on pages 11 to 16 form part of these financial statements.
Page 8
Ulster College of Music Comparative Statement of Financial Activities For The Year Ended 31 December 2025
| Notes INCOME AND ENDOWMENTS FROM: Donations and legacies 4 Other trading activities 5 Investments 6 EXPENDITURE ON: Charitable activities: 7 Charitable Activity NET INCOME NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD 16 |
Unrestricted funds £ 3,233 248,650 866 |
Restricted funds £ 4,582 - - |
2024 Total funds £ 7,815 248,650 866 |
|---|---|---|---|
| 252,749 | 4,582 |
257,331 |
|
| (223,133) | (3,191) | (226,324) | |
| 29,617 | 1,390 |
31,007 |
|
| 29,617 161,685 |
1,390 6,400 |
31,007 168,085 |
|
| 191,302 | 7,790 |
199,092 |
The notes on pages 11 to 16 form part of these financial statements.
Page 9
Ulster College of Music Statement of Financial Position As At 31 December 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted funds |
Restricted funds |
Total funds | Total funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 12 | 63,304 | - | 63,304 | 68,711 |
| 63,304 | - | 63,304 | 68,711 | ||
| CURRENT ASSETS | |||||
| Debtors | 13 | 51,339 | - | 51,339 | 2,453 |
| Cash at bank and in hand | 144,941 | 9,965 | 154,906 | 162,743 | |
| 196,280 | 9,965 | 206,245 | 165,196 | ||
| Creditors: Amounts Falling Due Within One Year | 14 | (87,492) | - | (87,492 ) | (34,815 ) |
| NET CURRENT ASSETS (LIABILITIES) | 108,788 | 9,965 | 118,753 | 130,381 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 172,092 | 9,965 | 182,057 | 199,092 | |
| NET ASSETS | 172,092 | 9,965 | 182,057 | 199,092 | |
| FUNDS OF THE CHARITY | |||||
| Restricted Funds | 9,965 | 7,790 | |||
| Unrestricted Funds | 172,092 | 191,302 | |||
| TOTAL FUNDS | 16 | 182,057 | 199,092 | ||
| On behalf of the committee |
| Mrs Astrid King Trustee |
17 Mar 2026 |
|---|---|
| Date | |
| The notes on pages 11 to 16 form part of these financial statements. |
Page 10
Ulster College of Music Notes to the Financial Statements For The Year Ended 31 December 2025
1. General Information
Ulster College of Music is an unincorporated charity registered with the Charity Commission, registered charity number 101695. The principal address is 13 Windsor Avenue, Belfast, BT9 6EE.
2. Statement of Compliance
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: 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) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2008.
3. Accounting Policies
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.
The charity is a Public Benefit Entity as defined by FRS 102.
3.2. Going Concern Disclosure
The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern.
3.3. Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Designated funds comprise unrestricted funds that have been set aside by the trustees for a specific purpose.
Restricted funds are to be used for specific purposes as laid down by the donor.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
3.4. Incoming Resources
All incoming resources 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 services is recognised with the delivery of the contracted service. 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.
3.5. 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 governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Page 11
Ulster College of Music Notes to the Financial Statements (continued) For The Year Ended 31 December 2025
3.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Fixtures & Fittings
25% reducing balance
3.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.8. Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
3.9. Trade creditors
are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
3.10. Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service 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.
When 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.
4. Income from Donations and Legacies
| Donations and gifts Grants |
Unrestricted funds £ 3,014 - |
Restricted funds £ 250 3,914 |
2025 Total funds £ 3,264 3,914 |
|---|---|---|---|
| 3,014 | 4,164 |
7,178 |
Page 12
Ulster College of Music Notes to the Financial Statements (continued) For The Year Ended 31 December 2025
| Donations and gifts Grants 5. Income from Other Trading Activities Fees Exam entry fees Recital income Hire of rooms Instrument hire 6. Investment Income Interest from investments 7. Analysis of Expenditure Charitable Activity Charitable Activity |
2024 Unrestricted Restricted Total funds funds funds £ £ £ 3,233 300 3,533 - 4,282 4,282 3,233 4,582 7,815 2025 2024 Unrestricted funds Unrestricted funds £ £ 244,698 233,573 10,803 8,815 1,965 358 4,549 4,518 708 1,386 262,723 248,650 2025 2024 Unrestricted Unrestricted funds funds £ £ 581 866 2025 Support costs (see note8) £ 287,517 2024 Support costs (see note8) £ 226,324 |
Unrestricted funds £ 3,233 - |
Restricted funds £ 300 4,282 |
Restricted funds £ 300 4,282 |
Restricted funds £ 300 4,282 |
2024 Total funds £ 3,533 4,282 |
|---|---|---|---|---|---|---|
| 3,233 | 4,582 | 7,815 |
||||
| 262,723 | ||||||
| 2025 Unrestricted funds £ 581 |
||||||
| 2025 Support costs (see note8) £ 287,517 2024 Support costs (see note8) £ 226,324 |
Page 13
Ulster College of Music Notes to the Financial Statements (continued) For The Year Ended 31 December 2025
8. Support Costs
| Employee costs Premises expenses General administration Depreciation Employee costs Premises expenses General administration Depreciation 9. Independent Examiner's Remuneration Independent examination of the financial statements 10. Staff Costs Staff costs were as follows: Wages and salaries Other pension costs |
2025 £ 1,066 2025 £ 28,166 443 28,609 |
2025 Charitable Activity £ 29,606 51,850 200,653 5,408 |
|---|---|---|
| 287,517 | ||
| 2024 Charitable Activity £ 23,251 9,137 188,689 5,247 |
||
| 226,324 2024 £ 1,015 |
||
| 2024 £ 21,596 274 |
||
| 21,870 |
No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.
11. Average Number of Employees
Average number of employees during the year was: 2 (2024: 2)
Page 14
Ulster College of Music Notes to the Financial Statements (continued) For The Year Ended 31 December 2025
12. Tangible Assets
| Cost As at 1 January 2025 As at 31 December 2025 Depreciation As at 1 January 2025 Provided during the period As at 31 December 2025 Net Book Value As at 31 December 2025 As at 1 January 2025 13. Debtors Due within one year Trade debtors Other debtors 14. Creditors: Amounts Falling Due Within One Year Trade creditors Other creditors Taxation and social security Accruals and deferred income |
Land & Property Freehold £ 171,169 |
Land & Property Freehold £ 171,169 |
Fixtures & Fittings £ 46,895 |
Total £ 218,064 |
|---|---|---|---|---|
| 171,169 | 46,895 |
218,064 |
||
| 110,395 3,423 |
38,958 1,984 |
149,353 5,407 |
||
| 113,818 | 40,942 |
154,760 |
||
| 57,351 | 5,953 |
63,304 |
||
| 60,774 | 7,937 |
68,711 |
||
| 2025 £ 45,487 5,852 51,339 2025 £ 2,097 176 735 84,484 87,492 |
2024 £ 623 1,830 |
|||
| 2,453 | ||||
| 2024 £ 816 105 1,185 32,709 |
||||
| 34,815 |
15. Pension Commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund.
During the year the charge to the statement of financial activities in respect of defined contribution schemes was £443 (2024: £274).
At the statement of financial position date contributions of £176 (2024: £105) were due to the fund and are included in creditors.
Page 15
Ulster College of Music Notes to the Financial Statements (continued) For The Year Ended 31 December 2025
16. Movement in Funds
| Unrestricted funds General: General unrestricted fund Designated: Designated Fund - Garage Conversion Designated Fund - Glencraig Total unrestricted funds Restricted funds Restricted Fund Total funds Unrestricted funds General: General unrestricted fund Restricted funds Restricted Fund Total funds |
As at 1 January 2025 £ 191,302 - - |
Income £ 266,318 - - |
Expenditure £ (285,528) - - |
Transfers £ (2,800) 2,500 300 |
As at 31 December 2025 £ 169,292 2,500 300 |
|---|---|---|---|---|---|
| - | - | - | 2,800 | 2,800 |
|
| 191,302 | 266,318 |
(285,528) |
- | 172,092 | |
| 7,790 | 4,164 |
(1,989) |
- | 9,965 | |
| 199,092 | 270,482 |
(287,517) |
- | 182,057 | |
| As at 1 January 2024 £ 161,685 6,400 |
Income £ 252,749 4,582 |
Expenditure £ (223,132) (3,192) |
As at 31 December 2024 £ 191,302 7,790 |
||
| 168,085 | 257,331 |
(226,324) |
199,092 |
17. Transactions with Trustees
A number of trustees provid tutor services during the year. The amounts received were as follows;
Astrid King - £9,055 Ashley Fulton - £3,812 David Rutherford - £2,212 Christine Christie - £1,854 Orly Watson - £6,078 No trustee expenses have been incurred.
18. Related Party Disclosures
There was no related party transactions in the year.
Page 16
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