Charlty registratlon number NIC106151 Company registratlon number N1024698 (Northern Ireland} ARGYLE BUSINESS CENTRE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
ARGYLE BUSINESS CENTRE LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr Brian Kingston Mr James Mullan Mr William Ellison Lord Reg Empey Mrs Marie Hamill Pastor Stephen Reynolds Ms Michelle Manwaring Ms Lisa Byme Mr W G McAllister (Appointed 24 January 2024) Secretary Mr Brlan Kingston Charlty number NIC106151 Company number N1024698 Reglgtsred offlce 39 North Howard Street Belfast BT13 2AP Independent examlner Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Iland BT2 8HS Bankers Ulster Bank 185-189 Shankill Road Belfast Antrim BT13 1FH
ARGYLE BUSINESS CENTRE CONTENTS Page Trustees, report Independent examineffs report Statement of financlal activitles Statement of financial position Notes to the financial statements 7-15
ARGYLE BUSINESS CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financial ststements for the year ended 31 December 2023. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity'5 governing document, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities" effective January 2015. This report provides information on Argyle Business Centre's activities and financial performance, it forms part of a range of public information designed to give an open account of our work. Objectlves and actlvlties The charity'5 objects are to advance economic regeneration and entrepreneurship, to engage wlth othar organisats'ons in the promotion of local economic development and promotion of relevant charitable objectives. The trustees have paid due regard to guidance issued by the Charlty Commlssion in declding what activities the charlty should undertake. The main area of activity is the rental of units to local businesses. Including the 10 new Business units completed In January 2022, in total there are 65 business units (totalling 82,OOOsq ft) and 1 other outside compound area. Phase1- 42 units rented, 1 unlt used byArgyle Phase 2 - 12 units rented Phase 3 - 10 Units rented Other- 1 compound area rented Achlevements and performance The company believes it achieved its goals of advising and promoting economic regeneration and entrepreneurship throughout the Greater Shankill area. Financlal revlew The results are set in full in the financial statements. The unrestricted reseNes of Argyle Business Centre have increased by £28,139. The directors have obtained funding for the near future Prlncipal FurKllng Sources The principal source of funding was the initial release of capital funding frorn Invest Nl, the Intsrnational Fund for Ireland, Belfast City Council and ERDF, along with current rental income from the property located on North Howard Street, Belfast. There have been Mo major capital investments in Argyle, £1.2M to open in 1992, of which £250k was a bank loan taken out by Argyle Directors £1.8M expansion in 2007, of which £250k was a bank loan taken out by Argyle Directors 80th these Bank Loans have been repaid in full. Argyle currently has no borrowings. £1.33m expansion in 2022, of which circa £400k was from Argyle r8serves. The directors retain funds in the charity in order to provide sufficient working capital to facilitate the ongoing trading activities, and project development. The minimum target for unrestricted fund reserves is six months expenseslcosts in cash at bank. The charity's surplus funds remain in deposit at bank. The trustees have assessed the major risks to which the charty is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
ARGYLE BUSINESS CENTRE TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The charity wishes to have all units rented. The 10 new units, totalling an extra 9,OOOsq.ft of lettable workspace were handed over on 14th Jan 2022, providing in the region of 30 newjobs on site. The charity which now owns the former Shankill Road Mission building is re-thinking its major project to create a social economy 4 Stsr Hotel with a community base and a focus on training and up-skilling of local people. The worldwide Covid-19 pandemic hit the hospitality and tourism industry hard, and the Shankill Hotel Project is now being re-considered for build in a 'phased' manner, with an initial smaller build, which can be expanded as need arises and is proven, and with more of a focus on training for the devastated hospitality and tourism industry, which may in the short-term become more dependent on local custom. A late development proposed and agreed in December 2022 for the Shankill Mission Building was as a 'meanwhile' home for the Vault Artists Collective, who were having to relocate from their current building In East Belfast, which was due for demolition in June 2023. The plan to rehabilitate the Shankill Mission Building for occupalion after being vacant since July 2009, and enable 30 artist studios, and some large performance spaces to be accommodated in the premises, has been quite successful. TheArgyle Board funded £100k to refurbish the Shankill Mission building, make exterior and roof weatherproof, carry out interior building work and water services refurbishment, upgrade electrical systems, and upgrade Fire Alarm system to the level required by a new risk assessment, for intended occupation and public use in June 2023. The Vault Artists Collective contributed approximately £40k in Internal upgrades and fitting out for their purposes, and the equivalent of £30k in in-kind volunteer hours. Another late development in December 2022 was the linkup with ArtEZ University of the Arts, Arnhem, Netherlands. Argyle Business Centre agreed to be the host partner organization, and centre of operations facilitating cohorts of placement students, 10 BA Degree Students for 8 weeks in Febl March, and 10 IMAE {Internats'onal MasterArtist Educator) for 16 weeks from March to June 2023. These 20 students on residential placement attended classes facilitated in Argyle, and engaged on placement with local community groups in Shankill and North Belfast. The placemants recommenced in Feb 2024. ArtEZ has now been awarded a UNESCO Chair (for at least 4 years) in Issues Based Art Education for its work in Shankill, Morocco and Arnhem, and Argyle is looking forward to this continuing successful collaboration. Following the passing of founding Director Baroness May Blood, the Argyle Board felt that a fitting legacy would be the setting up of the 'Baroness May Blood Third-Level education Bursaries, to help local student overcome some of the financial barriers of conlinuing education. For academic year 2023124 the Bursary Scheme, fully funded by Argyle. awarded £21,000 to 24 Shankill students, {£1.000 for full-tlme courses. £500 for part-time courses. For 2024125 the scheme will be expanded with extra local sponsors. structure, governance and management The charity is a company limited by guarantee, incorporated on 3 January 1990 and was registered a5 a charity on 28 September 2011. The company was established under a Memorandum of Association. The Board of Directors ofArgyle were dealt severe blows with the passing on 21 October 2022 of one of its founding Directors, Baroness May Blood at age 84 years, and the passing only a few months later on 27 March 2023, of John Simpson, a Director of 10 years standing, and noted as a regular contributor to local newspapers and BBC Television.on Nl economic matters. May and John were very strong advocates and supporters of the economic regeneration work Caled out by Argyle, and will be sorely missed by fellow Directors and the whole Argyle family. Th8 trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. Mr Brian Kingston Mr James Mullan
ARGYLE BUSINESS CENTRE TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Mr David Sims Mr Wlliam Ellison Lord Reg Empey Mrs Marie Hamill Pastor Stephen Reynolds Ms Michelle Manwaring Ms Lisa Byme Mr John Simpson Mr W G McAllister (Resigned 24 July 2023) (Resigned 27 March 2023) (Appointed 24 January 2024) Under the requirements of the Memorandum and Articles of Associatlon the directors, subject to artide 38, hold office until the next Annual General Meeting and are eligible for re-election. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association the directors, subject to Article 38, hold office until the next annual general meeting and are eligible for re-election. Individuals are invited to serve as directors on the basis of their abilltles and background so as to achieve a balance betsveen those from the business, voluntary and charity sectors. Most directors are already aware of the activities of the charity prior to appointment. INhen invited to serve they are provided with the charity's objectives and its day to day operations. At present Argyle Business Centre has a Board of Directors of 9 members who meet regularfy and are responsible for the strategic direction and policy of the charity. From the Board of Directors there are fomied occasional sub-committee or working groups, who work on the policies and structures within the organisation, and also on particular projects to expand the facilities and scope of Argyle Business Centre. The director's review major risks to the company on an ongoing basis. Where approprlate, systems or procedures have been established to mitigate the risks the charity faces. Intemal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to the premises. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. The trustl s, /epért was approved by the Board of Trustees. Mr William Ellison Trustee
ARGYLE BUSINESS CENTRE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ARGYLE BUSINESS CENTRE We report on the accounts of the charity for the year ended 31 December 2023, which are set out on pages 5 to 15. Respectlve responsibllltles of trustees and examlner As the charity trustees land also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance wilh the requirements of the Companies Act 2006 (the 2006 Act). We are satisfied that the accounts of the charity are not requlred to be audited under Part 16 of the 2006 Act and are eligible fof independent examlnation. we report in respect of our examination of the charily's accounts carried out under section 65 of the Charities Act. In carrying out our examination we have followed all the applicable Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. Basls of Independent examiner's report We are satisfied that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. we report in respect of our examination of the charity's accounts carried out under section 85 of the Charities Act. In carrying out our examination we have followed all the applicable Dlrections given by the Charity Commisslon for Northern Ireland under section 65(9)<b) of the Charitles Act. Independent examlnerf$ statement In connection with our examination, no matter has come to our attention: (a) which gives us reasonable cause to believe that in any material respect the requirements: (i) to keep accounting records in accordance with section 386 of the Companies Act 2006; and (li) to prepare financial stalements which accord wilh the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice.. Accounting and Reporting by Charities; have not been met or (b) to which, in my opinion, attention should be drawn in order to enable 8 proper understanding of accounts to be reached. k-LoyUe&li Harblnson Mulholland Chartered Accountants Centrepoint 24 Ormeau Avenue Belfast Co. Antrim BT2 8HS Northem Ireland
ARGYLE BUSINESS CENTRE STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restrlcted funds funds 2023 2023 Total Total 2023 2022 Notes Donations and legacies Charitable activities 2,350 366,220 13,590 20,696 15,940 386,918 250 562,391 Totsl income 368,570 34,286 402,856 562.641 Charitable activities 340,431 71,586 412,017 336,048 Net Incomellexpendlturel for the yearl Net movement In funds 28,139 (37.300) (9,161) 226,593 Fund balances at 1 January 2023 1,670,547 891,522 2,562,069 2,335,226 Fund balances at 31 December 2023 1,698,686 854,222 2,552,908 2,561,819 The statement of financial activities includes all gains and losses recognised in the year. All income and expendlture derive from continuing activities and is unrestricted. The statement of financial activities also complies with the requirements for an income and expenditure account under the CompaniesAct 2006. The notes on pages 7 to 15 form part of these flnancial ststements.
ARGYLE BUSINESS CENTRE STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 2023 2022 Nots8 Fixed assets Tangible assets Investments 10 11 2,119,036 2,025,215 2,119,037 2,025,216 Current assets Debtors Cash at bank and in hand 12 17,668 453,039 94,524 465,217 470,707 559,741 Credltors: amounts falllng due wlthln one year 13 36,836 23,138 Net current assets 433,871 536,603 Totsl assets less current Ilabllltles 2,552,908 2,561,819 The funds of the charlty Restricted income funds Unrestricted funds 14 854,222 1,698,686 891,522 1,670,297 2,552,908 2,561,819 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023. The director acknowledges his responsibilities for complying vdith the requirements of the Companles Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtsin an audit of its flnancial ststements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 14•..l.£ l.aLF The financial statements were approved by the trustees on ...... Mr Willi Tr.u ee Ilison Company registration number N1024698 (Northern Ireland)
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies Charity Information Argyle Business Centre is a private company limited by guarantee incorpoTh8ted in Northem Ireland. The registered Offi is 39 North Howard Street, Belfast, BT13 2AP. 1.1 Accounting conventlon The financial statements have been prepared In accordance with the charity's memorandum and articles of association the Companies Act 2006 and "Accounling and Reporting by Charitles: 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 IFRS 102}. {as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Enlity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statem8nt of Cash Flows. The financial stat8ments are prepared in sterling, which Is the functlonal currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements. the trustees have a reasonable expectatlon that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretlon of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the Capltal must be maintained by the charity. 1.4 Incomlng resources Income is recognised when the charity Is legally entitled to it after any perfomance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the charity has been notified of the donation, unless performance conditions require def8rral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribLrtion, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles (Contlnued) 1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by adivity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Resources expended are included in the Statement of Financial Activities on an accruals basis, exclusive of any VAT which can be recovered. Certain expenditure Is directly attributable lo specific actlvities and has been included In those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of tima spent by staff on those activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charlty. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequ8ntly measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Plant and equipment Fixtures and fittings Computers Phase 3 Development 40A straight line 200/0 Straight line 200/0 Straight line 33% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. 1.7 Flxed asset Investments Fixed asset investments are initially measured at transadion price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel{expenditurel for the year. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. 1.8 Impalrnient of flxed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indicatr'on that those assets have suffered an impairment loss. If any such indallOn exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any).
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcies (Contlnued) 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Flnancial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised In the charty's balance sheet when the charlty becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc financial assets Basic financial assets, which include debtors and cash and bank balance5, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conskn'tutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic flnanclal liabllities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are Subsequently carried at amortised cost, using the effective interest rate method. Trade creditor5 are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non<urrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of financlal Ilabilitles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employ8e beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity Is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Crltlcal accountlng estlmates and Judgements In the application of the charty's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may drffer from these estimates. The 8Stimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are racognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods whera the revision affects both current and future periods. Key 8our¢•s of estimatlon uncortalnty Tanglble flxed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. Donations and legacles 2023 2023 2023 2022 Donations and gifts 2,350 13,590 15,940 250 For the year ended 31 December 2022 250 250 10-
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charitable activitles 2023 2022 SeNice charge Rental income SIF funding Other income 93,657 272,363 66,478 259,751 229,112 7,050 20,896 386,916 562,391 Analysis by fund Unrestricted funds Restricted funds 366,220 20,696 388,916 Forthe year ended 31 December 2022 Unrestricted funds Restricted funds 333,279 229,112 562,391 Expondlture on charltable actlvlties 2023 2022 Stsff costs Rates and water Light and heat Repairs and maintenance Bursaties awarded ArtEZ expenses 127,650 3,387 9,015 12,446 19,075 35,918 118,268 3,151 11,591 16,245 207,491 149,255 Share of support costs (see note 6) 204,526 186,793 412,017 336.048 11
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Governance costs costs 2023 2022 Depreciation Insurance Telephone General expenses Bad debt Sponsorship and donations Management fee Legal and professional Accountancy fees Bank interest 143,407 10,255 630 25,290 (994) 143,407 10,255 630 25,290 (994) 133,918 9,169 579 12.141 {406) 10.020 5,000 7,850 2,500 568 10,020 5,000 7,850 2,500 568 3,000 5,000 19,932 3,000 204,527 204,527 186,793 Analysed been Charrtable activities 204,526 204,526 186,793 Trustees There were no payments to Trustees during the year to 31 December 2023. Employees The average monthly number of employees during the year was: 2023 Number 2022 Number Employment costs 2023 2022 Vvages and salaries Social security costs 120,482 7,168 113,170 5,098 127,650 118,268 The total amount of employee benefits received by key management personnel in the year was £36,917 (2022: £35,000). The charity considers its key management personnel comprises of the trustees, the chair and the CEO. There were no employees whose annual remuneration was more than £60,000. 12-
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Taxation The charity is exempt from taxation on rts activities because all its income is applied for charitable purposes. 10 Tangible flxed a888ts Fr•ohold land and buildlng8 Plant and Flxtur8s and •quipment flttlnos Computsrn Phase 3 Dev8lopment Totsl Cost At 1 January 2023 Additions 3,042,790 121.456 61,249 94,147 9,847 1,329,069 4,537,102 115,771 237,227 At 31 December 2023 3,164,246 61,249 94,147 9,847 1,444,840 4,774,329 Depreclatlon and Impaimient At 1 January 2023 Depreciation charged in the year 2,327,827 61,249 60,076 9,571 53,163 2.511,886 76,001 9,336 276 57,794 143,407 At 310ecember 2023 2,403,828 61,249 69,412 9,847 110.957 2,655,293 Carrying amount At 31 December 2023 760,418 24,735 1,333,883 2,119,036 At 31 December 2022 714,963 34,071 276 1,275,905 2,025,215 11 Flxed asset Investments 2023 2022 Other investments comprise.. Notes Investments In subsidiaries 18 12 Debtors 2023 2022 Amounts falling due wlthln one year: Trade debtors other debtors Prepayments and accrued income 17,668 22,317 2,700 69.507 17,668 94,524 13-
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Credltors: amounts falllng due withln on8 year 2023 2022 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 8,382 24,887 1,067 2,500 1,190 17,976 972 3,000 36,836 23,138 14 Restrlcted funds The réstrlcted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Movement In funds Incomlng Resources Balance at ro8ource3 expendgd1 January 2023 Movement In funds Incomlng ResourG BalanGg at resourGes expendod 31 DeceMr 2023 Balancg at 1 January 2022 SIF Funding Act Initiative Jobstart Power Nl ArtEZ 703,741 300 223,737 (37,099) 890,379 300 (37,099) 853,280 300 4,321 1,054 (4,321) (211> (211) (34,286) 632 34,286 704,041 229,112 (41,831) 891,522 34,286 {71,596) 854,222 The SIF funding relates to costs associated with phase 3 of the development. The associated costs have been capitalised and the depreciation on the asset will be charged against this fund. 16 Unrestrfctod funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At31 December 2023 At 1 January 2023 Incomlng resources Resources expended General funds 1,670,547 368,570 (340,431) 1,698,686 14-
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Unrestrlcted funds (Contlnued Previous year: At 1 January 2022 Incoming resourGe8 Resources expended At31 December 2022 General funds 1,631,185 333,529 (294,417) 1,670,297 16 Analys18 of net assets between funds Unfestrlcted funds 2023 Restrlcted funds 2023 Total 2023 Fund balances at 31 December 2023 are represented by: Tangible assets Investments Current assetsllliabilities) 1,265,114 853,922 2,119,036 433,571 300 433,871 1,898,686 854,222 2,552,908 Unrostrlcted funds 2022 Restrlcted funds 2022 Total 2022 Fund balances at 31 December 2022 are represented by: Tangible assets Investments Current assetsllllabilities) 1,133,993 891,222 2,025,215 536,303 300 536,803 1,870,297 891,522 2,561,819 17 Ralated party transactlons There were no disclosable related party transactions during the year (2022 - none). 18 Subsldlarles Details of the charity's subsidiaries at 31 December 2023 are as follows: Name of undertaklng Reglstered office Nature of business Class of Yo Held Shares held Direct Indlrect Argyle Business Trust Northern Ireland Domiant Ordinary 100.00 15-