Registered number- N1019579 Charity number: NIG107421 Brookfield Business Centre Ltd (A Company Limited by Guarantee) Unaudited Trustees, Report and Financial Statements For the Year Ended 31 March 2023
Brookfleld Business Centre Ltd (A Company Limlted by Guarantea} Contents Pase Reference and Administrative Details of the Charity, Its Trustees and Advisers Trustees. Report Independent Examiner's Report statement of Financial Activities Balance Sheet Notes to the Financial Statements *a- 21)
Brookfield Bu51ness Centre Ltd (A Company Limited by Guarantee) Reference and Administrative Details of the Charity, its Trustees and Advisers For the Year Ended 31 March 2023 Trustees Mr Cletus Mccloskey Mrs Anne Tanney Sr Mary Turley Mr Jeffe Jeffers Fr Myles Kavanagh C.P. Mr John Patterson Company registered number N1019579 Charity registered number NIC107421 Registered office 333 Crumlin Road Belfast Northern Ireland BT14 7EA Company secretary Mr5 Maura Lundy Independent Examiner Mr Brian Clerkin FCA 4th Floor, Glendinning House 6 Murray Sl Belfast Northern Ireland BT1 6DN Bankers AIB Group 35 University Road Belfast BT71ND ASM CXAR7ERED AILUiINIAI¢I Page 1
Brookfleld Business Centre Ltd (A Company Limited by Guarantee} Trustees. Report For the Year Ended 31 March 2023 The Tiustees present their report and Ihe financial slalemenls of the company for the year ended 31 March 2023. Reference and Administrative Details Reference and adminislralive details are shown in the schedule ol Reference and Administrative details of the company, ils Trustees and Advisers on page 1 of the financial slalemenls. The Trustees The Trustees (who are also Ihe directors for company law purposes) who setved the company during the périod were as follows-. Mr Cletus Mccloskey Mrs Anne Tanney Sr MaryTudey Mr Jelfe Jeffers Fr Myles Kavanagh C.P Mr John Pallerson Objectives and Activities The principal objective of Ihe Brookfield Business Centre Ltd (BBC Lldl in Ihe year ending 31 March 2023 was lo focus ils staff resources on providing administrative support and assistance lo associated Charity, Community and Other Organisalions, who are Lindertaking programmes or activities resulting iii the achievomenl of the BBC Limited objp.r.Is". In addition the company has provided considerable support in organising Community Based concerts, Musical Award programmes and Inter Schools Choral Awards through their Musical Director and support team, in addilion lo undertaking maintenance work on buildings occupied by other charity and community organisalions. Structure, Governance and Management The governing document of the company is ils Memorandum ol Association. Ils structure is a Company limited by Guaranlee. The company has been registered as a charity with HMRC since 2002 and gained charity slalus from the Northern Ireland Charily Commission on 11 th May 2020. Members The number of members with which the Company is registered is 6 but the directors may from lime ta lime regisler an increase of members and at no lime shall the directors be less than 2 in number. Rolation of Trustees Al the lirsl annual general meeting of the Company all the Trustees retired from office. and al the annua5 general meeting in every subsequenl year one-third ol the Trustees retire from office. All retiring Trustee5 offer theselveS for re-election, and are deemed lo be re-elected. Organisational Structure and how Decisions are made Day to day operations of Brookfield Business Centre Ltd are delegated lo the Manager, within the policy and budgetary parameters agreed by the Board of Directors. ASM CHARTEllkD ACCWN'fANIS Page 2
Brookfield Buslness Centre Ltd (A Company Limited by Guarantee) Trustees. Report (continued) For the Year Ended 31 March 2023 Governance and internal control Statement of Trustees, Responsiblities The Trustees (who are also the dirèctors of Brookfield Business Centre Ltd for the purposes of company law) are responsible for preparing the Trustee's Report and the finanaal statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements for each financial year. Under that law the Trustees have elected lo prepare the financial slalemenls in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Under company law the Tnjslees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and the income and expenditure ol the charitable company for that period. In preparing these financial stalemenls, the Truslees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP.. make judgments and accounting eslimales that are reasonable and prudenl., state whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial slatemenls. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that e Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy al any time the financial position of the charitable company's and to enable them to ensure that the financial slatemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevenb'on and detection of fraud and other irregularities. Relationships between the Charity and Related Parties Flax Trust Is a charity with similar objects to Ihal of Brookfield Business Centre Ltd. There are Trustees and Directors common to both charities. The Brookfield Business Centre Ltd Accounts reflect a £100,000 donation from Flax Trust to assist Brookfield Business Centre Lld to provide financial and staff resources lo a wide range of charity, community and educational organisations, including the considerable support in organising Community Based concerts. Musical Award programmes and Inter Schools Choral Awards through their Musical Director and support team. Brookfield Business Centre Ltd levied £15,994 of maintenance rechar9es in 2022123 in respect of maintenance work undertaken on Flax Trust Properties (£10,496) and North Belfast Co Operative Ltd - Flax Cenlre1£5,4981. The North Belfast Co Operative Ltd also has Trustees and Directors in common and is controlled by the Flax Trust. Risk Assessment A risk assessment review has been presented and considered by the Board ol Direclors. Accordingly the major risks lo which the Charity is exposed, as identified by the Direclor5 have been reviewed and systems and proc8dures have been established lo manage those risks. ASM rM4r<rENpD JNLWUPIT'{E Page 3
Brookfleld Buslness Centre Ltd IA Company Limited by Guaranteg) Trustees. Report (continued) For the Year Ended 31 March 2023 Objectives and Activities: Summary of the Objects of the Charity as Set out in Governing Documents The objects for which the Charitable Company is established can be sumrnarised as follows.. The promotion for the public benefit of urban or rural regeneration in areas of social and economic deprivation in Northern Ireland and in particular North Belfast, including= the relief of poverty and unemployment- the advancement of education, training or retraining, particularly arnong unemployed people- the provision of financial assistance- the provision ol housing and the renewal of housing stock- • assist the recovery of people who are sick. convalescent. disabled or infirm., the mainlen3nGe, improvemeril or provision of public amenities- the provision or assis12nce in the provision of recreational facilities., the protection or conservation of Ihe environment., the provision of public health facilities 2nd child¢are-, and the promotion of public safety and prevention of crime. Charity's main objectives for the year - Principal Activities The principal activities of the company in the year under review involved a focus of its financial and staff resoLJrces on providing support and assis13nce lo assoGialed Charity, Communily and Other Organisalions, who are undertaking programmes or activities resulting in Ihe achievemenl ol Ihe Brookfield Business Cenlrc Ltd objects. The Charity employs a full lime Musical Director and support team who provide considerable support in org2nising Community Based concerts, Musical Award programmes and Inter Schools Choral Awards. Brookfield Business Centre Ltd also employs a full lime rnainlenance officer who undertake5 maintenance work on buildings occupied by otlier charity and community organisalions and maintenance charges are levied lo those organisations as appropriate. Fund accounting General funds are unrestricled funds, which are available for use al the di5Grelion of (he directors in furlherance of the general objectives of the charily and which have not been designated for other purposes. Grantmaking policies Brookfield Business Centre Ltd has not embarked upon malerial grantmaking activities during the reported financial year. Financial Review - Policy and Reserves Within the context of available reserves, the Charity is now focused on applying ils staff resource5 in organising Communily Based concerts, Musical Award programmes and Inter Schools Choral Awards, in addition lo providing maintenance work on buildings occupied by olher charities who are undertaking programmes or aclivilies resulting in the achievement of the Brookfield Business Centre Ltd objects. ASM Page 4
Brookfield Businèss Centre Ltd {A Company Llmltad by Guaranlee) Trustees. Report Icontlnued) For the Year Ended 31 March 2023 Public Benefit In setting Brookfield Business Centre Ltd objectives anw planning our activities for the year. the fruslees have given careful consideration lo Ihe Charity Commission for Northern Ireland's guidance on publiG benefit lo ensure that Ihe aclivi116s hav8 helped lo achi6V6 the charilrfs purposes and provide a b6nefil lo the beneficlaries. Brookfield Business Centre Ltd has deployed ils staff resources during the reporied financial year, In order lo provide Public Benefit by.. meeting Ihe Trust obje¢ls', supporting a wlde range of Ihird-party organlsalion, including schools and community groups who provlde servlceslaclivilles in areas of high social and eGonomic need; and facilllaling local beneficlary access lo a wlde range of aclivilles, Flnanclal Review for the year endod 31 March 2023 Durlng the year. expenditure for 8rookfield Buslness Cenlre Ltd amounted to £157,934 and gross Income In 2022123 amounted to £129,258. Golng Concern After maklng appropilale enqulries, the Truslegs have a reasonable expectation Ihal Ihg Charlly has adequate resources lo Continue in operational exlsl8nG8 for the foreseeable future. For Ihis reason, they continue to adopt Ihe going concern basis In preparing the financial slalemonls. Further details regarding the adoption of the goln9 concern basls can be found in the accounling policies. The Irusle6s regularly review reserves lo ensure Ihal there ar& adequate funds available lo m881 futur& plans and commilmonts. The financial slalemenls were approved and aulhorlsed for issue by the trustees on 13 De¢ember 2023 and sl9ned on their behalf by.. L4 Mrs Maura Lundy Company Secretary ASM CYJIATGRED ACCOUt4"14NTS Page 5
Brookfield Business Centre Ltd IA Company Limited by Guarantee) Independent Examinerfs Report For the Year Ended 31 March 2023 Independent Examiner's Report to the Trustees of Brookfield Business Centre Ltd report on the financial statements of the charity for the year ended 31 March 2023 which are set out on pages 8 to 20. Respective Responsibilitie5 Of charity Trustees and Examiner As the Charitable Company's trustees land also the directors of the company for the purpose of company lawl you are responsible for the preparation of the ac¢oLJnls in accordance with the requirements of the Companies Act 2006_ Having satisfied myself that the charity is not subject lo audit under company law, and is eligible for independent examination, il is my responsibility to.. examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008., lollow Ihe procedures laid down in the general Directions given by the Comrnission under section 6519)Ibl of the Charities Acl-, and slate whether particular matters have come lo my attention. Basis of 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 65191{bl of the Charities Act. My &xaminalion included a review of the accounting rocords kept by the charity and a comparison of the accounts presented with those records. 11 also includes consideralion of any unusual items or disclosures in the accounts, and seeking explanalions from you as charity Iruslees con¢erning any such mallers. My role is lo slate whelher any material malters have corne lo my allenlion giving me cause lo believe.. that accounling records were not kept in accordance wilh section 386 of the Companies Act 2006., Ihat the accounts do not accord with those accounting records., Ihal the accounts do nol comply with the accounting requiremenls ol section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Fiepublic of Ireland (FRS 1021., that there is further informalion needed for a proper understanding of the accounts to be reached. ASM Page 6
Brookfield Business Centre Ltd {A Company Limited by Guarantee) Independent Examiner's Report (continued) For the Year Ended 31 March 2023 Independent Examiner's Statement I have completed my examination and have no concerns in respect of the matters {1 } 10 (41 listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing lo your allenlion. Signed.. _ COL ..,,.....,-, Brian Clerkin FCA ASM Chartered Accountanls 4th Floor Glendinning House 6 Murray Street Belfast BT16DN ASM CHARTERED ACCOUNTANYS Page 7
Brookfield Business Centre Ltd (A Company Limited by Guarantee) Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 March 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies 129.258 129,258 188,346 Total income 129,258 129.258 188.346 Expenditure on: Raising funds Charitable activities 2.887 155,047 2,887 155,047 1.811 152.730 Total expenditure 157.934 157,934 154,541 Net movement in funds 128.6761 {28,6761 33,805 Reconciliation of funds.. Total funds broughl forward Nel movement in funds 124,195 128,6761 124.195 {28,6761 90,390 33,805 Total funds carried forward 95,519 95.519 124.195 The Slalemenl of Financial Activities includes all gains and losses recogni5ed in the year. The notes on pages 10 10 20 lorm parl of these finanGial slatemenls. ASM LTrb4IJlL.IILD rticvuNIAfvJr Page 8
Broukflpld Su%lno¥s CÈnlre Ltd IA Company Llmltod by Guarinlool Roglstorod numb¢r: N1019579 BalHnra Sh881 A at 31 Mar¢l12ts23 2023 2Q23 }.<i).). 2022 Nol• Lurierit 4199ols Detylors C&411 at boiik <liid ii) haii 27,320 72,97G 22,434 109.73J3 10Q,296 112.112 Crodilor4. amoiinls Ililllnfj dija wllhli) i)n 14,7771 Nol ourrent arysots 95, Jf19 Totiil ITrS8Ots lo$$ curront Illibllltles 95,519 124.10r Yotul ogs&Ig 95,519 124.1&5 Charlly flind¥ UnriAirlet&il fun<i 5.519 Totlil fund 95.519 Tl'.L) c1)r[lY Kva.) 01)Pillgd lo trxoniplloii froin aLidil under 59=1I9Th ¢177 of IhH G(IrlTI)rilpS AL'I 20rJ•. eociloii 476 of Coni?onl.)& Aol 2rJ0fj. I'llo Tru31LJL) Jf IwliilOIS'lodg4) Il iolf fL56POn7bfjlI1joo icli ccounling recorKI. nd p-'ep,g." cori'iplilnlJ li ooon pioi)?E,"Cfrl In 4lC-¢nr¢ 4n¢'.p iiill., Iliv I;r(Ivl:, Yhé sin.I',l ¢omp¥l.Y':f4S regim lid slgned OTr Ih¥lT by". Mr Cletus fylcClosk•y Tn note Qli iioges 10 to 20 fo'.ni oi InF4?. lir)Afiuiè14 yl3)ILJifiL*nlJ. ASM
Brookfield Buslness Centre Ltd IA Company Limited by Guarantee) Notes to the Financial Statements For thè Year Ended 31 March 2023 General Information The Company is a company limited by guarantee incorporated in Northern Ireland and is a public benefit enlily. The members of the company are the Trustees named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limiled lo £1 per member of the Company. Accounting policies 2.1 Basis of preparation of financial statements The financial slatemenls have been prepared in accordance with the Charities SORP {FRS 1021 Accourlting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} {effeclive 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and Ihe Companie5 Act 2006. Brookfield Business Centre LldBrookfield Business Centre Ltd meets the definition of a public benefit entily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accouniing policy. 2.2 Going concern The Trustees of Brookfield Business Centre Ltd have reviewed the resources available and believe that the charity has adeqLJate resources lo continue in operational exislence for the foreseeable fulLJre. Accordingly, Brookfield Business Centre Ltd continues lo adopt the going concern basis in preparing the financial statements. 2.3 Income All income is recognised once the Charity has enlillemenl lo the income, it is probable Ihal the income will be received and the amount of income receivable can be measured reliably. The recognition of incorne from legacies is dependent on establishing enlillemenl, the probability of receipt and the ability lo estimate with sufficient accuracy the amount receivable. Evidonce of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left lo them (through knowledge of the existence of a valid will and the death of the benefaclorl and the execulor is sali5fied that Ihe property in question will not be required 10 Satisfy claims in the eslale. Receipt of a legacy must be recognised when il is probable that it will be received and the fair valu9 of the amount receivable, which will generally be the expected cash amount lo be distributed lo the Charity, can be reliably measured. 2.4 Expenditure ASM lAfR&i) ACCOUNTANTS Page 10
Brookfield Business Centre Ltd (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2023 Accounting policies (continued) Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that 8 transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. 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 allributable to a single a¢livity are allocated directly to that aclivily. Shared cosls which contribute to more than one activity and support costs which are not allribulable to a single activity are apportioned between those activities on a basis consislernt with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. All expenditure is inclusive of irrecoverable VAT. Charitable activities and Governance costs are costs incurred on the Company's educational operations, including support costs and costs relating to the governance of the Company apportioned to charitable activities. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the Bank. 2.6 Debtors Trade and other debtors are recognised at the seltlement amount after any trgde discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or sirnilar account. 2.8 Liabililies and provisions Liabilities are recognised when there is an obligation al the Balance Sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilitigs are recognised at the amount that the Company anticipates it will pay to sellle the debt or the amount it ha5 received as advanced payments for the goods or services il must provide. Provisions are measured at the best estimate of the amounts required to settle the obligalion. Where the effect of the lime value of mon8y Is material, the provision is based on the present value of those amounts. discounted at the pre-tax discosjnt rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised within interest payable and similar charges. 2.9 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured al Iheir selllement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ASM Page11
Brookfield Business Centre Ltd (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2023 Accounting policies {continuedl 2.10 Pensions The Company operates a defined contribution pension scheme and Ihe pension charge represents the amounts payable by the Company lo the fund in respect of the year. 2.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. ASM Page 12
Brookfield Business Centre Ltd (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2023 Income from donations and legacies Unrestricted funds 2023 Total funds 2023 Donalions Bank Interest Maintenance Recharges 100,000 79 100.000 79 29,179 29,179 129,258 129,258 Unreslricled funds 2022 Total funds 2022 Donations 150,000 38,346 150.000 38.346 Maintenance Recharges 188,346 188,346 ASM HAk¢LIIEL) ALLLYJNfwiTb-. Page13
Brookfield Business Centre Ltd (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2023 Charitable activities Unrestricted funds 2023 Total funds 2023 Telephone and Lease of equipment Cleaning Water and Sewage Repairs and Maintanence Legal and Professional Fees Poslage and Slalionery Molor Vehicle Expenses Light and Heal Insurance 7,214 247 7,214 247 3.207 2.903 2.346 5.196 5,784 7,977 2,885 111.135 3.558 1,888 707 3,207 2.903 2.346 5,196 5,784 7,977 2,885 111,135 3,558 1,888 707 Wage5 and Salaries Employers NIC Employers Pension Costs Miscellaneous 155,047 155,047 ASM Page 14
Brookfield Business Centre Ltd (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2023 Charitable activities {continued) Unreslricled funds 2022 Total funds 2022 Telephone and Lease ofequipmenl Cleaning Water and Sewage Repairs and Mainlanence Legal and Professional Fees Postage and Stationery Motor Vehicle Expenses Light and Heat Insurance Wages and Salaries Employers NIC Employers Pension Costs Miscellaneous 7,340 245 7.340 245 6,490 2,534 810 6.490 2.534 810 8,934 1,523 22,376 4.465 94,116 2.088 1,434 375 8,934 1,523 22,376 4,465 94,116 2,088 1,434 375 152,730 152,730 Governance Costs Unrestricted funds 2023 Total funds 2023 Bank Charges Accountancy 167 167 2,720 2,720 2,887 2,887 ASM CIIARfERED ACCfJVF1¥4f4r5 Page 15
Brookfield Business Centre Ltd (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2023 Unrestricted funds 2022 Total funds 2022 Bank Charges Accountancy 211 1,600 211 1,600 1.811 1.811 staff cost5 2023 2022 Wages and salaries Social securily costs Contribution lo defined contribution pension schemes 111,135 3.558 1,888 94,116 2,088 1,434 116,581 97,638 The average nurnber of persons employed by the Charily during the year was as follows= 2023 2022 Administrative staff No employee received remuneration amounting lo more than £60,000 in either year. Trustees. remuneration and expenses During Ihe year, no Trustees received any remuneration or other benefils12022'. £NIL}. During the year expenses lolalling £5,678 were reimbursed to Truslees12022'. £3.436). ASM LHfLKl&FikO *LLIJLI?I IS Page 16
Brookfield Bu51ness Centre Ltd (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2023 Debtors 2023 2022 Due within one year Other debtors Prepayments and accrued income 24,309 3,011 19,821 2,613 27,320 22,434 Creditors: Arnounts falling due within one year 2023 2022 Other creditor Accruals and deferred income 392 4.385 7.977 4,777 7.977 ASM "'IIARFÈRÉ.D ALCOUNfADITJ P8gp 17
Brookfield Business Centre Ltd {A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2023 10. Statement of funds Statement of funds - current year Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure Unrestricted funds General Funds 124,195 129.258 1157,934) 95,519 Statement of funds - prior year Balance al 31 March 2022 Balance al 1 April 2021 Incorne Expendilure Unrestricted funds General Funds - all funds 90,390 188,346 1154.5411 124,195 11. Analysis Of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Current assets Creditors due within one year 100.296 (4.777} 100,296 {4.777) Total 95,519 95,519 ASM LHalLIÈRLLI ALLliUN(.%fll. Page 18
Brookfield Business Centre Ltd (A Company Llmlted by Guarantee) Notes to the Flnancial Statements For the Year Ended 31 March 2023 Analysis of net assets between funds {continued) Analysis of net assets between funds - prior year Unrestricted funds 2022 Totsl funds 2022 Current assets Creditors due within one year 132.172 (7.977) 132,172 17,9771 Total 124.195 124,195 12. Pension commitments The company operates a defined contributions pension scheme. The assets of Ihe scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company lo the fund and amounted lo £1,888 (2022.- £1.434). Contributions of £392 were yet lo be paid at year end. 13. Operating lease commitments At 31 March 2023 the Charity had comrnitmenls to make future minimum lease payments under non- cancellable operating leases as follows.. 2023 2022 Within 1 year Beeen 1 and 5 years 5,632 8,987 4,176 3,420 14,619 7.596 ASM CHARTERED ACCOUNTANTS Page 19
Brookfield Business Centre Ltd IA Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2023 14. Related party transactions Flax Trust, a local charity, has trustees in common with the directors of Brookfield Business Centre Lld. During Ihe year the Charity charged the Flax Trust £10,49512022.' £11,995) in respect of Maintenance Recharges associated with the Flax Trust properties_ Al the balance sheet dale Ihe company is owed £13,683 12022.. NIL) from the Flax Trust. The Flax Trust donaled £100,000 (2022- £150,000110 Brookfield Business Centre Ltd lo help achieve their objectives. Brookfield Business Centre Ltd Iruslees are represented on the board of the North Belfast Co Operative Ltd, a registered Society. During the year the Charity charged the North Belfast Co Operative Ltd £5.498 (2022.. £4,839) in respect of Maintenance Recharges of the Flax Centre on behalf of the Flax Trust who own the premises. At the balance sheet dale the company is owed £5,49812022= NIL} from the North Belfast Co Operative Ltd. Company Limited by Guarantee The Company is limited by guarantee and does not have sharo capital. Every member undertakes lo contribute such amounts not cxceoding £1 to the Charitable Company'5 assets if il should be wound up while being a mernber, or within one year of ceasing lo be a member. ASM LKANIERÈLI ACCOUPIIANrs Page 20