ANDERSONSTOWN TRADITIONAL & CONTEMPORARY MUSIC SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 ( A COMPANY LIlITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) COMPANY REGISTRATION NUMBER NI 036660 CHARITY REGISTRATION NUMBER NIC 103431 O'HARA SHEARER CHARTERED ACCOUNTANTS AND STATUTORY AUDITORS 547 FALLS ROAD BELFAST BTII 9AB
ANDERSONSTOWN TRADITIONAL & CONTEMPORARY MUSIC SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 CONTENTS Page Members and Professional Advisors Ti'ustees AnnLial Report (incliid ing tlie Staleinent of Directors Responsibil ities in I'e5pect of financial statements) Report of the Independent Auditors to the Members, 9-11 Accounting Policies 12-14 Statement of Financial Activities (incorporating tlie income and expenditure accoun Balance Sheet 16 Statement of Cash Flows 17 Notes to the Financial Statements 18-23
ANDERSONSTOWN TRADITIONAL & CONTEMPORARY MUSIC SCHOOL REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 OFFICERS AND OTHER INFORMATION Direetors O Benson {Chair) V Quinn (Treasurer) P Tohill G Rajasingh Joseph N O'Donnell T Gilmore {Appointed 0710312025) Conor McKay Company Secretary Conor McKay (Appointed 12105/2024) Registered Offiee Westcourt Centre 8-30 Barrack Street Belfast BT12 4AH Auditors O'Hara Shearer Chartei'ed Accountant5 & Slalutory Auditors 547 Falls Road Belfast, BTI19AB Bunkers Bank of Ireland 202 Andersonstown Road Belfast, BTI19EB Company Registration Number Nl 036660 Charity Registration Number XR 33007 Charity Commission for Northern Irelund Registration iyumber NIC 103431 Registered Charity Nthme Andersonstown Traditional & Contemporary Music School Page I
ANDERSONSTOWN TRADITIONAL & CONTEMPORARY MUSIC SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 STATEMENT OF ACCOUNTING POLICIES Accounting Convention and Basis of Accounting The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Repoiting Standard which applies in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in tlie UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Going Concern At the time of approving tlie financial statements, the financial statements are not prepared on a going concern basis. The Trustees, made the decision on 7th August 2025 to wind down and close the Charity because of difficulties securing sufficient funding to meetttt budget and cash flow forecasts for 202512026 and meet the requirements of the charity's unrestricted reserves policy. The Trustees, have made the decision to voluntarliy cease to operate. The Trustees, Consider it no longyer appropriate to prepare the financial statements on a going concern basis. Income Recognition InLoine is recogynised when the Charity has entitlement to the funds. any perfomiance conditions attached to the itein(s) of income have been met, it is probable tliat the income will be received and tlie amount can be measured reliably. Interest Receivable Interest on funds held is included when receivable and the amount can be measured reliably. this is normally upon notification of the interest paid or payable by the Bank. Resources Expended All expenditure is accounted for on an accruals basis and is classified under headings that aggregate all costs related to the category. Fundraising costs include the costs of advertising, producing publications, printing and mailing fundraising material, and staff costs in these areas. Costs of charitable activities include direct expenditure incurred through operational activities. Governance costs represent the costs associated with the governance arrangements of the charity which relate to the general running of the charity as opposed to those costs associated with fundraising or charitable activity. Fixed Assets All tangible fixed assets are recorded at cost. Page 12
ANDERSONSTOWN TRADITIONAL & CONTEMPORARY MUSIC SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 STATEMENT OF ACCOUNTING POLICIES Conlinued Depreciation Depreciation is calculated to write off the cost of fixed assets over their estimated useful lives at the following rates: Office equipment 33.33 % straight line Repairs and Renewals All repairs and ren¢wals are written off as incurred Pension Costs The charity does currently operate a defined contribution pension scheme. Debtors and Prepayments Trade debtors and otlier debtors are recognised at tlie settlement amount due after any discount offered. Prepayments are valiied at the amount prepaid net of any trade discounts due. Creditors and Provisions Creditors and provisions are recogynised wliere the cliarity has a present obligFation resulting from a past event that will probably resu It in the transfer of funds to a tli ird party and the ainount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recogJnised at their settlement amount after allowing t.or any trade discounts due. Financial Instruments Tlie Charity only has tinancial assets and financial liabil ities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recogyn ised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost usingi the effective interest method. Foreign Currencies Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds. Page 13
ANDERSONSTOWN TRADITIONAL & CONTEMPORARY MUSIC SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 STATEMENT OF ACCOUNTING POLICIES Conlinued Fund Accounting Unrestricted fiinds are general funds that are available for use at the Trustees, discretion in furtherance of tlie objectives of the charity. Designated funds are unrestricted funds set aside by the trustees out of unrestricted funds for specific future purposes. Restricted funds are Ihose given for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. The income received from funders depends on the charity Ineeting detailed criteria on expenses plans. Grants given under such conditions are also giveii subject to tliein being obtained for in connection with the furtherance of the charity's aims and objectives, Such income can be repayable to the funder if sucli expenses plans and criteria are not met. Sucli iiicoine is oiily deferred wlien tlie donor specifies that ilie graiiLldonation must only be Lised in future accounting periods; or the donor has iimposed conditions which must be met before the charity has iiiiconditional entitlement. Incoine fi'oin charitable activities iiiclLides incoine received under contract or wliere entitlement to grant funding is subject to specific performance conditions is recogynised as earned as the related goods/services are provided. Grant income included in tliis category provides funding to SUPPOrt performance activities and is recognised where tliere is entitleinent, certainty of receipt and the amount can be measLired with sufficient reliability. Incoine is deferred when.. feeslperformance related byrants are received in advance of the performance/event to which they relate. Reserves Poliey Unrestricted funds are needed to provide funds which can be applied to specific projects to enable tliese projects to be undertaken at sliort notice, to cover tlie running costs of the Charity for a limiled period should tliere be a significant shortfall in projected income, and to allow for investment in Changyelstrategic Developinent initiatives. This policy is Clirrently under review. Page 14
ANDERSONSTOIVN TRADITIONAL & COINTENIPOIURI. IIISIC SCHOOL STATEIIENT OF FIN.4NCI,11, ACTII'II'IES the income #nd e FOR TIII I E.411 ENDF.D 31ST r¥i.IRCH 2Q25 ineor oralin enditure aeeount Ilnrestricted Re5trieted Endiiivnment TOTAL TOT.4L Funds Fundy 2025 2024 NOTES INCOttrlE AND ENI DoWNlENT5 FRO1. Donations and legaci¢s Income from investmenis Incoiiie froin charituble activities Incoine from oth¢r trading activiti¢s 3,755 3,755 357 35,041 125.451 160,492 98,800 TOTAL INCONIE AND ENDOWNEIE1¥Ts 38.796 125,451 164,247 91),157 EXPENDITL:RI ON: Expendittire on raising funds Expenditure on Churituble aciivitie5 Otlier expenditure Net gaIn(lOsses) on investnients 1.220 16.596 1.220 167,181 126,987 50,585 TOTAL RESOURCES E,XPENDED 50,585 117,816 168,401 126,987 NET INC.ofwlEIIEXPENDITUREI 111,789) 7.635 (4,154) 127,830) Translers bett¥een funds NET 10.[[NT IN FI,'NDS (11,781)) 14,1541 {27,8301 RECONC.ILI,II'ION 01," I,'[INDS TOTAL fiiNDS BROIIGIIT FORW,IIID 26.5111 12.(J15 39,416 67,24 TOTAL fiirDS CARRIF.D FORWARD 14,712 2fl,Sfll 39,416 The St#temLbnt of Finuneilll AetivitifS includes all giiins And 108ses in tho ytfjr and ih¢r¢fore Stiitement of 'fotAI Rccolynised Glliny Ln55¢5 hh4 not been prepmred All of the xhnvL #mounts relote to eontinuing 4ctivitieg The 4e¢ornpunying ¢counlin¥ polici£s And ihe note¥ p8rt of thtte nll4nciul Jlulern¢ntJ Page 15
ANDERSONSTOWN TRADITIONAL & CONTEMPORARY MUSIC SCHOOL BALANCE SHEET AS AT 31ST MARCH 2025 2025 2024 NOTES FIXED ASSETS Tangible assets CURRENT ASSETS Debtors and prepayments Cash at bank Cash on deposit Cash in hand 10 8,414 33,253 6,254 40,932 70 70 41,737 47,256 Creditors; amounts falling due within one year (6,476) (7,841) NET CURRENT ASSETS/(LIABILITIES} 35,261 39,415 TOTAL ASSETS LESS CURRENT ASSETS/( LIABILITIES ) 35,262 39,416 Creditors: amounts falling due after more than one year NET ASSETS/(LIABILITIES) 35,262 39,416 FUNDS: ENDOWNMENT FUNDS UNRESTRICTED INCOME FUNDS 12114 14,712 26,501 RESTRICTED INCOME FUNDS 12115 20,550 12,915 35,262 39,416 These financial statements were approved by the Trustees on 4th December 2025 and are signed on their behalf by: VALERIE QUINN TREASURER DATE 4th December 2025 The xceompanying aecounting policies And notes form part of these financial statements Page 16
ANDERSONSTOWN TRADITIONAL & CONTEMPORARY MUSIC SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2025 2025 2024 NOTES CASHFLOWS FROM OPERATING ACTIVITIES Cash generated from operations 13 (7,679) (22,289) Net cash inflowl(outflow) from operating activities (7,679) (22,289) Investing activities Investment incoine Purcliase of tangible fixed assets Acquisition of investiments Disposal of investments Disposal of tangible fixed assets Net cash from investing aclivities Increasel{decrease) in cash and cash equivalents in the year (7,679) (22,289) Cash and cash equivalents at the beginning of the year 41,002 63,291 Cash and cash equivalents at the end of the year 33 J23 41,002 Relating to: Cash &t bank and in hand 33,323 41,002 The accomplnying xecounting polieies notes form part of these finAnci81 statements Page 17
ANDERSONSTOWN TRADITIONAL AND CONTEMPOIL4RY MUSIC SCHOOL NOTES TO THE FINANCIAL STATEfvIENTS FOR THE YEAR ENDED 31ST IWIARCH 202S I. DONATIONS AND LEGACIES Unrestricted Restricted Funds Funds Unrestricted Restricted Funds Fund5 202S 2024 Dona(ions General grants providcd by governmcniloiher Charities Legacies 3,755 3,755 357 357 3.755 3.755 357 357 2. INCOME FROM INVESTMENTS Unrestricted Restricted Funds Funds Unrestricted Restricted Funds Funds 2025 2024 Income from UK listed investments Income from cash 3. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted Fund5 Funds Unrestricted Restri¢led Fund5 Funds 2025 2024 Arts CounLiI ofNarihLrn IrLland Arts Council ol NorihLrn I.land - Equipment Dormant ALLounls Fund Arts and BusinL55 - Blueprint Programm¢ Afls and Business - MatLhinbY Investinenl Prograrnme ScrL*n Nl Class fees SLfvicL Pri)vi5ion Examinution lees 46.791 3.561 35.561 18.000 500 21.038 46.791 3,561 35.561 18.000 500 21,038 34.347 46.891 46.891 1,710 21.273 1.710 21,273 28.354 34,347 28.354 694 694 572 572 35.1141 125.451 160.492 28.Y26 69.874 98.800 4. INCOME FROM OTHER TRADING ACTIVITIES Unrestricted Restricted Funds Funds Unrestricted Restricted Funds Funds 2025 2024 Fundraising Page 18
ANDERSONSTOWN TRADITIONAL AND CONTEMPORARY MUSIC SCHOOL NOTES TO THE FIIYANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 S. EXPENDITURE ON RAISING FUNDS Unrestrieted Restricted Funds Fund5 Unrestricted Restricted Funds Funds 2025 2024 Promotional and fundraising costs 1.220 1,220 1,220 1.220 6. EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restrieted Funds Funds Unrestricted Restricted Funds Fund5 2025 2024 Wages and salaries (See Not¢ 81 Travel costs Artisti¢ costs VenuL hirL Examination f¢e5 Membership tees Workshop and closs materials Postage, printingF and slalionery oirictt Iitout ReLruiimenl ¢osts Sundry expcnses Maintenan¢¢ ol. equipment 9,577 129 14.750 4,200 689 914 84,801 94,378 129 29,050 4,200 689 914 3,827 225 9.774 4,1110 474 917 50.007 53,834 225 28,711 4,010 474 917 14,300 18,937 906 906 530 530 6,177 6,177 935 1.()85 935 1.985 377 1.475 230 607 1.475 34,085 99,101 133,186 21,60(J 75.3SI 96,960 Support Co$ls and GoverMMn¢e costs ManagyLmLnt iruining TelLphone and internet Repuirs and maini¢nan¢e Equipfftenl Sii)ragFe costs Light and h¢ul R¢nl and scrviLes Insurance Audit fees Legal an(i other professional f¥es Annual return lee Bank inlLrest and char¥cs Website support und IT support Depr¢iiation (Nofe 9) 1,285 432 804 3.561 1.285 2,556 878 3,561 864 1,081 192 447 1.081 2,219 447 2,124 74 2.027 864 4,303 4,596 1,034 1,500 864 4,718 4,596 1,025 1,500 864 4,762 15,396 1,025 1.5UO 554 13 186 1.980 613 10,800 44 10,800 15.396 ,1134 1.500 554 34 34 186 1.980 1,800 1,800 16,SOO 17,495 33,995 16.909 13,118 30,027 TOTAL EXPENDITURE ON CHARITABLE ACTIVITIES 50,585 116.596 167,181 38,518 88,469 126,987 Page 19
ANDERSONSTOWN TRADITIONAL & CONTEMPORARY MUSIC SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 7. NET (OUTGOING)/ INCOMING RESOURCES FOR THE YEAR This is stated after chargingl(crediting) 2025 2024 Auditors remuneration Depreciation 1,500 1,500 3,309 . SALARY COSTS AND EMOLUMENTS 2025 2024 Total staff costs were as follows: Wages and salaries - key management personnel Wagyes and salaries - other staff Einployer social security costs - key management personnel Employer social security costs - other staff Einployer pension costs - key management personnel Einployer pension costs - other staff Employer social security costs - Statutory Maternity Pay Recoverable Employer social security costs - Employment Allowance 34,704 54,975 3,533 4,175 1,041 950 26,748 25,490 2,433 1,441 817 779 (5,000) (3,874) 94,378 53,834 The average monthly number of employees during the year was as follows: 2025 Number 2024 Number No employees had emoluments in excess of £60,000 (2024: £Nil) Trustees, remuneration and benefits There was no trustees, remuneration or other benefits for the year ended 3 1st March 2025. (2024: £Nil) Trustees, Expenses There were no trustees, expenses paid for the year ended 31 st March 2025. (2024: £Nil) Page 20
ANDERSONSTOWN TRADITIONAL & COINTEMPORARY MUSIC SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 9. TANGIBLE FIXED ASSETS Office Equipment Total COST As at I st April 2024 20,381 20,381 Additions Disposals As at 31 st March 2025 20,381 20,381 DEPRECIATION As at I st April 2024 20,380 20,380 Charge for year Eliminated on disposal As at 31 st March 2025 20,380 20,380 Net book value 2025 Net book value 2024 Page 21
ANDERSONSTOWN TRADITIONAL & CONTEMPORARY MUSIC SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 10. DEBTORS; AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Debtors Prepayments Refundable deposits 5,820 1,344 1,250 3,590 ,414 1,250 8,414 6,254 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Social security costs and other taxes Accrued expenses Deferred income 1,995 4,481 417 7,424 6,476 7,841 12. MOVEMENT IN FUNDS Opening Net Movement Balance in Funds 2025 2024 Overall funds 39,416 4,154) 35.262 39,416 39,416 (4,154) 35,262 39,416 13. RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES FROM OPERATING ACTIVITIES 2025 2024 Operating Surplus/(Deficit) for the year Depreciation Movement in debtors Movement in creditors Gain on investments (Profit)/Loss on disposal of Fixed Assets Investment income (4,154) (27,830) (2,160) 3,836 (1,365) 1,705 Net cash inflowl(outflow) from operating activities (7,679) 22,289) Page 22
ANDERSONSTOWN TRADITIONAL & CONTEMPORARY MUSIC SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 14. UNRESTRICTED INCOME FUNDS 2025 2024 Balance at 1st April 2024 26,501 35,736 Incoming resources for the year Resoiirces expended for the year Transfers between t.unds 38,796 29,283 (50,585) (38,518) Balance at 31 st March 2025 14,712 26,501 15. RESTRICTED INCOME FUNDS 2025 2024 Balance at I st April 2024 12,915 31,510 Incoming resources for the year Resources expended for the year Transfers between funds 125,451 69,874 (117,816) (88,469) Balance at 31 st March 2025 20,550 12,915 16. LEGAL STATUS Andersonstown Traditional and Contemporary Music School is a Company Limited by Guarantee. Each member has agi'eed to contribute £ l in the event of a compulsory winding up. Andersonstown Traditional and Contemporary Music School is registered with The Charity Commission for Northern Ireland Charity Number 103431. Date of registration 17th September 2015. Andersonstown Traditional and Contemporary Music School is a recognised Charity within the definition of Section 360(3) Income and Corporation Taxes Act 1970 by the Commissioners of the Inland Revenue. Page 23