Charity registration number NIC106151
Company registration number NI024698 (Northern Ireland)
ARGYLE BUSINESS CENTRE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ARGYLE BUSINESS CENTRE
LEGAL AND 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 Byrne
Mr W G McAllister
(Appointed 24 January 2024)
Secretary
Mr Brian Kingston
Charity number
NIC106151
Company number
NI024698
Registered office
39 North Howard Street
Belfast
BT13 2AP
Independent examiner
Harbinson Mulholland
Centrepoint
24 Ormeau Avenue
Belfast
Co. Antrim
Northern Ireland
BT2 8HS
Bankers
Ulster Bank
185-189 Shankill Road
Belfast
Antrim
BT13 1FH
ARGYLE BUSINESS CENTRE
CONTENTS
Page
Trustees' report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Statement of financial position
6
Notes to the financial statements
7 - 15
ARGYLE BUSINESS CENTRE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The trustees present their annual report and financial statements 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's 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.

 

Objectives and activities

The charity's objects are to advance economic regeneration and entrepreneurship, to engage with other organisations in the promotion of local economic development and promotion of relevant charitable objectives.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity 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 82,000sq ft) and 1 other outside compound area.

 

Phase I - 42 units rented, 1 unit used by Argyle

Phase 2 - 12 units rented

Phase 3 – 10 Units rented

Other - 1 compound area rented

 

Achievements and performance

The company believes it achieved its goals of advising and promoting economic regeneration and entrepreneurship throughout the Greater Shankill area.

Financial review

The results are set in full in the financial statements. The unrestricted reserves of Argyle Business Centre have increased by £28,139. The directors have obtained funding for the near future

 

Principal Funding Sources

The principal source of funding was the initial release of capital funding from Invest NI, the International 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 two 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

  • Both 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 reserves.

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 expenses/costs in cash at bank.

 

The charity's surplus funds remain in deposit at bank.

 

 

The trustees have assessed the major risks to which the charity 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
- 2 -

The charity

 

 

 

 

 

 

Structure, governance and management

The charity is a company limited by guarantee, incorporated on 3 January 1990 and was registered as a charity on 28 September 2011. The company was established under a Memorandum of Association.

The Board of Directors of Argyle were dealt two 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 NI economic matters. May and John were very strong advocates and supporters of the economic regeneration work carried out by Argyle, and will be sorely missed by fellow Directors and the whole Argyle family.

 

The 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
- 3 -
Mr David Sims
(Resigned 24 July 2023)
Mr William Ellison
Lord Reg Empey
Mrs Marie Hamill
Pastor Stephen Reynolds
Ms Michelle Manwaring
Ms Lisa Byrne
Mr John Simpson
(Resigned 27 March 2023)
Mr W G McAllister
(Appointed 24 January 2024)

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.

 

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 abilities and background so as to achieve a balance between those from the business, voluntary and charity sectors.

 

Most directors are already aware of the activities of the charity prior to appointment. When 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 regularly and are responsible for the strategic direction and policy of the charity.

 

From the Board of Directors there are formed 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 appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal 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 trustees' report was approved by the Board of Trustees.

Dated: 14 June 2024
Mr William Ellison
Trustee
ARGYLE BUSINESS CENTRE
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ARGYLE BUSINESS CENTRE
- 4 -

We report on the accounts of the charity for the year ended 31 December 2023, which are set out on pages 5 to 15.

Respective responsibilities of trustees and examiner

As the charity trustees (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

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 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.

Basis 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 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.

Independent examiner's 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

(ii)

to prepare financial statements which accord with 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 a proper understanding of the accounts to be reached.

Harbinson Mulholland
Chartered Accountants
Centrepoint
24 Ormeau Avenue
Belfast
Co. Antrim
BT2 8HS
Northern Ireland
Dated: 14 June 2024
ARGYLE BUSINESS CENTRE
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Unrestricted
Restricted
Total
Total
funds
funds
2023
2023
2023
2022
Notes
£
£
£
£
Income from:
Donations and legacies
3
2,350
13,590
15,940
250
Charitable activities
4
366,220
20,696
386,916
562,391
Total income
368,570
34,286
402,856
562,641
Expenditure on:
Charitable activities
5
340,431
71,586
412,017
336,048
Net income/(expenditure) for the year/
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 expenditure 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 Companies Act 2006.
The notes on pages 7 to 15 form part of these financial statements.
ARGYLE BUSINESS CENTRE
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
2,119,036
2,025,215
Investments
11
1
1
2,119,037
2,025,216
Current assets
Debtors
12
17,668
94,524
Cash at bank and in hand
453,039
465,217
470,707
559,741
Creditors: amounts falling due within one year
13
36,836
23,138
Net current assets
433,871
536,603
Total assets less current liabilities
2,552,908
2,561,819
The funds of the charity
Restricted income funds
14
854,222
891,522
Unrestricted funds
1,698,686
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 with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements 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.

The financial statements were approved by the trustees on 14 June 2024
Mr William Ellison
Trustee
Company registration number NI024698 (Northern Ireland)
ARGYLE BUSINESS CENTRE
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
1
Accounting policies
Charity information

Argyle Business Centre is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 39 North Howard Street, Belfast, BT13 2AP.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's memorandum and articles of association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity 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 Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional 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
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion 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 capital must be maintained by the charity.
1.4
Incoming resources
Income is recognised when the charity is legally entitled to it after any performance 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 deferral 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 distribution, 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
1
Accounting policies
(Continued)
- 8 -
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 activity. 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 to specific activities 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 time spent by staff on those activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently 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
4% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
33% straight line
Phase 3 Development

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
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) 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
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

ARGYLE BUSINESS CENTRE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
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
Financial 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 charity's balance sheet when the charity becomes party 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes 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 financial liabilities

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 creditors are obligations to pay for goods or services 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-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

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
- 10 -
2
Critical accounting estimates and judgements

In the application of the charity’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 differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised 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 where the revision affects both current and future periods.

Key sources of estimation uncertainty
Tangible fixed 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.

3
Donations and legacies
2023
2023
2023
2022
£
£
£
£
Donations and gifts
2,350
13,590
15,940
250
For the year ended 31 December 2022
250
-
250
ARGYLE BUSINESS CENTRE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
4
Income from charitable activities
2023
2022
£
£

Service charge

93,657
66,478

Rental income

272,363
259,751
SIF funding
-
229,112
Other income
20,896
7,050
386,916
562,391
Analysis by fund
Unrestricted funds
366,220
Restricted funds
20,696
386,916
For the year ended 31 December 2022
Unrestricted funds
333,279
Restricted funds
229,112
562,391
5
Expenditure on charitable activities
2023
2022
£
£
Staff costs
127,650
118,268

Rates and water

3,387
3,151

Light and heat

9,015
11,591

Repairs and maintenance

12,446
16,245

Bursaries awarded

19,075
-

ArtEZ expenses

35,918
-
207,491
149,255
Share of support costs (see note 6)
204,526
186,793
412,017
336,048
ARGYLE BUSINESS CENTRE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
6
Support costs
Support costs
Governance costs
2023
2022
£
£
£
£
Depreciation
143,407
-
143,407
133,918

Insurance

10,255
-
10,255
9,169

Telephone

630
-
630
579

General expenses

25,290
-
25,290
12,141

Bad debt

(994)
-
(994)
(406)
Sponsorship and donations
10,020
-
10,020
3,000

Management fee

5,000
-
5,000
5,000

Legal and professional

7,850
-
7,850
19,932

Accountancy fees

2,500
-
2,500
3,000

Bank interest

568
-
568
460
204,527
-
204,527
186,793
Analysed between
Charitable activities
204,526
-
204,526
186,793
7
Trustees

There were no payments to Trustees during the year to 31 December 2023.

8
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
5
5
Employment costs
2023
2022
£
£
Wages and salaries
120,482
113,170
Social security costs
7,168
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.
ARGYLE BUSINESS CENTRE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
9
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Phase 3 Development
Total
£
£
£
£
£
£
Cost
At 1 January 2023
3,042,790
61,249
94,147
9,847
1,329,069
4,537,102
Additions
121,456
-
-
-
115,771
237,227
At 31 December 2023
3,164,246
61,249
94,147
9,847
1,444,840
4,774,329
Depreciation and impairment
At 1 January 2023
2,327,827
61,249
60,076
9,571
53,163
2,511,886
Depreciation charged in the year
76,001
-
9,336
276
57,794
143,407
At 31 December 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
Fixed asset investments
2023
2022
Other investments comprise:
Notes
£
£
Investments in subsidiaries
18
1
1
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,668
22,317
Other debtors
-
2,700
Prepayments and accrued income
-
69,507
17,668
94,524
ARGYLE BUSINESS CENTRE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
13
Creditors: amounts falling due within one year
2023
2022
£
£
Other taxation and social security
8,382
1,190
Trade creditors
24,887
17,976
Other creditors
1,067
972
Accruals and deferred income
2,500
3,000
36,836
23,138
14
Restricted funds

The restricted 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
Movement in funds
Balance at
1 January 2022
Incoming resources
Resources expended
Balance at
1 January 2023
Incoming resources
Resources expended
Balance at
31 December 2023
£
£
£
£
£
£
£
SIF Funding
703,741
223,737
(37,099)
890,379
-
(37,099)
853,280
Act Initiative
300
-
-
300
-
-
300
Jobstart
-
4,321
(4,321)
-
-
-
-
Power NI
-
1,054
(211)
843
-
(211)
632
ArtEZ
-
-
-
-
34,286
(34,286)
-
704,041
229,112
(41,631)
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.

15
Unrestricted 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.

At 1 January 2023
Incoming resources
Resources expended
At 31 December 2023
£
£
£
£
General funds
1,670,547
368,570
(340,431)
1,698,686
ARGYLE BUSINESS CENTRE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Unrestricted funds
(Continued)
- 15 -
Previous year:
At 1 January 2022
Incoming resources
Resources expended
At 31 December 2022
£
£
£
£
General funds
1,631,185
333,529
(294,417)
1,670,297
16
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
Fund balances at 31 December 2023 are represented by:
Tangible assets
1,265,114
853,922
2,119,036
Investments
1
-
1
Current assets/(liabilities)
433,571
300
433,871
1,698,686
854,222
2,552,908
Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
£
£
£
Fund balances at 31 December 2022 are represented by:
Tangible assets
1,133,993
891,222
2,025,215
Investments
1
-
1
Current assets/(liabilities)
536,303
300
536,603
1,670,297
891,522
2,561,819
17
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

 

18
Subsidiaries

Details of the charity's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Argyle Business Trust
Northern Ireland
Dormant
Ordinary
100.00
2023-12-312023-01-01falseCCH SoftwareiXBRL Review & Tag 2022.2NI0246982023-01-012023-12-31NI024698bus:CompanySecretaryDirector12023-01-012023-12-31NI024698bus:Director12023-01-012023-12-31NI024698bus:Director32023-01-012023-12-31NI024698bus:Director42023-01-012023-12-31NI024698bus:Director52023-01-012023-12-31NI024698bus:Director62023-01-012023-12-31NI024698bus:Director72023-01-012023-12-31NI024698bus:Director82023-01-012023-12-31NI024698bus:Director102023-01-012023-12-31NI024698bus:CompanySecretary12023-01-012023-12-31NI024698bus:Director22023-01-012023-12-31NI024698bus:Director92023-01-012023-12-31NI0246982023-12-31NI0246982022-12-31NI0246982022-01-012022-12-31NI024698bus:FRS1022023-01-012023-12-31NI024698bus:IndependentExaminationCharity2023-01-012023-12-31NI024698bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP