Registered number: NI019579 Charity number: NIC107421
Brookfield Business Centre Ltd (A Company Limited by Guarantee)
Unaudited
Trustees' Report and Financial Statements
For the Year Ended 31 March 2024
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 - 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 18 |
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Reference and Administrative Details of the Charity, its Trustees and Advisers For the Year Ended 31 March 2024
| Trustees | Mr Cletus McCloskey |
|---|---|
| Mrs Anne Tanney | |
| Sr Mary Turley | |
| Mr Jeffe Jeffers | |
| Fr Myles Kavanagh C.P. | |
| Mr John Patterson | |
| Company registered number NI019579 Charity registered number NIC107421 Registered office 333 Crumlin Road Belfast Northern Ireland BT14 7EA Company secretary Mrs Maura Lundy Accountants Sumer Accountants NI Ltd 4th Floor, Glendinning House 6 Murray St Belfast Northern Ireland BT1 6DN Bankers AIB Group 35 University Road Belfast BT7 1ND |
Page 1
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Trustees' Report For the Year Ended 31 March 2024
The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Reference and Administrative Details
Reference and administrative details are shown in the schedule of Reference and Administrative details of the company, its Trustees and Advisers on page 1 of the financial statements.
The Trustees
The Trustees (who are also the directors for company law purposes) who served the company during the period were as follows:
Mr Cletus McCloskey Mrs Anne Tanney Sr Mary Turley Mr Jeffe Jeffers Fr Myles Kavanagh C.P Mr John Patterson
Objectives and Activities
The principal objective of the Brookfield Business Centre Ltd (BBC Ltd) in the year ending 31 March 2024 was to focus its staff resources on providing administrative support and assistance to associated Charity, Community and Other Organisations, who are undertaking programmes or activities resulting in the achievement of the BBC Limited objects:
In addition the charity has provided support in organising Community Based concerts, Musical Award programmes and Inter Schools Choral Awards through their Musical Director and support team, in addition to undertaking maintenance work on buildings occupied by other charity and community organisations.
Structure, Governance and Management
The governing document of the company is its Memorandum of Association. Its structure is a Company limited by Guarantee. The company has been registered as a charity with HMRC since 2002 and gained charity status from the Northern Ireland Charity Commission on 11th May 2020.
Members
The number of members with which the Company is registered is 8 but the directors may from time to time register an increase of members and at no time shall the directors be less than 2 in number.
Rotation of Trustees
At the first annual general meeting of the Company all the directors retired from office, and at the annual general meeting in every subsequent year one-third of the directors retire from office. All retiring Directors offer themselves for re-election, and are deemed to be re-elected.
Page 2
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
Organisational Structure, and how Decisions are Made
Day to day operations of Brookfield Business Centre Ltd are delegated to the Manager, within the policy and budgetary parameters agreed by the Board of Directors.
Governance and internal control
Statement of Trustees' Responsiblities
The Trustees (who are also the directors of Brookfield Business Centre Ltd for the purposes of company law) are responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the income and expenditure of the charitable company for that period.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 at any time the financial position of the charitable company, and to enable them to ensure that the financial statements 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 prevention and detection of fraud and other irregularities.
Relationships between the Charity and Related Parties
Flax Trust is a charity with similar objects to that of Brookfield Business Centre Ltd. There are Trustees and Directors common to both charities.
The Brookfield Business Centre Ltd Accounts reflect a £200,000 donation from Flax Trust to assist Brookfield Business Centre Ltd to provide financial and staff resources to a wide range of charity, community and educational organisations, including support in organising Community Based concerts, Musical Award programmes and Inter Schools Choral Awards through their Musical Director and support team.
In the 2023/24 year, Brookfield Business Centre did not levy any water or electric recharges. BBC Ltd did levy £10,996 of maintenance charges for work undertaken on Flax Trust Properties (2022/23: £10,496) and North Belfast Co Operative Ltd - Flax Centre £227 (2022/23: £5,498). Also note, the Flax Centre Land was subject to sale and no further maintenance was undertaken, the land is still under contract for sale.
Page 3
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
Risk Assessment
A risk assessment review has been presented and considered by the Board of Directors. Accordingly the major risks to which the Charity is exposed, as identified by the Directors have been reviewed and systems and procedures have been established to manage those risks.
Objectives and Activities : Summary of the Objects of the Charity as Set out in Governing Documents
The objects for which the Company is established can be summarised 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;
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the advancement of education, training or retraining, particularly among unemployed people;
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the provision of financial assistance;
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the provision of housing and the renewal of housing stock;
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assist the recovery of people who are sick, convalescent, disabled or infirm;
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the maintenance, improvement or provision of public amenities;
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the provision or assistance in the provision of recreational facilities;
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the protection or conservation of the environment;
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the provision of public health facilities and childcare; and
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the promotion of public safety and prevention of crime.
Charity’s main objectives for the year - Principal activities
Brookfield Business Centre Ltd is a company limited by guarantee not having a share capital. The principal activities of the company in the year under review involved a focus of its staff resources on providing support and assistance to associated Charity, Community and Other Organisations, who are undertaking programmes or activities resulting in the achievement of the BBC Limited objects.
The BBC Ltd Charity employs a full time Musical Director and support team who provide support in organising Community Based concerts, Musical Award programmes and Inter Schools Choral Awards.
BBC Ltd also employs a full time maintenance officer who undertakes maintenance work on buildings occupied by other charity and community organisations and maintenance charges are levied to those organisations as appropriate.
Fund accounting
General funds are unrestricted funds, which are available for use at the discretion of the directors in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Grantmaking policies
Brookfield Business Centre Ltd has not embarked upon material grant making activities during the reported financial year.
Page 4
Brookfield Business Centre Ltd (A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
Financial Review - Policy and Reserves
Within the context of available reserves, the Charity is now focused on applying its staff resources in organising Community Based concerts, Musical Award programmes and Inter Schools Choral Awards, in addition to providing maintenance work on buildings occupied by other charities who are undertaking programmes or activities resulting in the achievement of the BBC Ltd objects.
Public Benefit
In setting Brookfield Business Centre Ltd objectives and planning our activities for the year, the Trustees have given careful consideration to the Charity Commission for Northern Ireland’s guidance on public benefit to ensure that the activities have helped to achieve the charity’s purposes and provide a benefit to the beneficiaries. Brookfield Business Centre Ltd has deployed its staff resources during the reported financial year, in order to provide Public benefit by:
- meeting the Trusts Objects,
• supporting a wide range of third-party organisations, including schools and community groups who provide services/activities in areas of high social and economic need; and
• facilitating local beneficiary access to a wide range of activities.
Financial Review for the year ended 31 March 2024
The Brookfield Business Centre Ltd 2023/24 Accounts indicate that total expenditure amounted to £171,479 and total Income in 2023/24 amounted to £211,710.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Approved by order of the members of the board of Trustees on and signed on their behalf by:
Mrs Maura Lundy Company Secretary Dated: 4 December 2024
Page 5
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Independent Examiner's Report For the Year Ended 31 March 2024
Independent Examiner's Report to the Trustees of Brookfield Business Centre Ltd
I report on the financial statements of the charity for the year ended 31 March 2024 which are set out on pages 8 to 18.
Respective Responsibilities of charity Trustees and Examiner
As the charity's trustees (and also the directors of the company for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008;
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follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act; and
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state whether particular matters have come to 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 65(9)(b) of the Charities Act.
My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
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that accounting records were not kept in accordance with section 386 of the Companies Act 2006;
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that the accounts do not accord with those accounting records;
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that the accounts do not comply with the accounting requirements of 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102);
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that there is further information needed for a proper understanding of the accounts to be reached.
Independent Examiner's Statement
I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.
This report is made solely to the charity's Trustees, as a body, in accordance with section 65(3)(a) of the Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that Act. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Page 6
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Independent Examiner's Report (continued) For the Year Ended 31 March 2024
Signed: Dated: 4th December 2024 Amanda McMaw FCA Sumer Accountants NI Ltd 4th Floor Glendinning House 6 Murray Street Belfast BT1 6DN
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 2024
| Note Income from: Donations and legacies 3 Total income Expenditure on: Raising funds Charitable Activities 4 Total expenditure Net movement in funds Reconciliation of funds: 10 Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 211,710 211,710 2,554 171,479 174,033 37,677 95,519 37,677 133,196 |
Total funds 2024 £ 211,710 211,710 2,554 171,479 174,033 37,677 95,519 37,677 133,196 |
Total funds 2023 £ 129,258 129,258 2,887 155,047 157,934 (28,676) 124,195 (28,676) 95,519 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 18 form part of these financial statements.
Page 8
Brookfield Business Centre Ltd (A Company Limited by Guarantee) Registered number: NI019579
Balance Sheet As at 31 March 2024
| Current assets Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds Total funds |
20,207 117,847 138,054 (4,858) |
2024 £ 133,196 133,196 133,196 133,196 133,196 |
27,320 72,976 100,296 (4,777) |
2023 £ 95,519 |
|---|---|---|---|---|
| 95,519 | ||||
| 95,519 | ||||
| 95,519 | ||||
| 95,519 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mr John Patterson Trustee Date: 4 December 2024
The notes on pages 10 to 18 form part of these financial statements.
Page 9
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
1. General information
The Company is a company limited by guarantee incorporated in Northern Ireland and is a public benefit entity. 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 limited to £1 per member of the Company.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Brookfield Business Centre Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees of Brookfield Business Centre Ltd have reviewed the resources available and believe that the charity has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, Brookfield Business Centre Ltd continues to adopt the going concern basis in preparing the financial statements.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Page 10
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
2. Accounting policies (continued)
2.4 Expenditure
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 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 settlement amount after any trade discount offered. Prepayments are valued at 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-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at 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. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to 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 instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 11
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
2. Accounting policies (continued)
2.10 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to 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.
3. Income from donations and legacies
| Unrestricted funds 2024 £ Donations 200,000 Bank Interest 487 Maintenance Recharges 11,223 211,710 Unrestricted funds 2023 £ Donations 100,000 Bank Interest 79 Maintenance Recharges 29,179 129,258 |
Total funds 2024 £ 200,000 487 11,223 211,710 |
|---|---|
| Total funds 2023 £ 100,000 79 29,179 129,258 |
Page 12
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
4. Charitable Activities
| Unrestricted funds 2024 £ Telephone and Lease of equipment 7,438 Cleaning 386 Water and Sewage (607) Repairs and Maintenance 4,148 Legal and Professional Fees 2,287 Postage and Stationery 8,754 Motor Vehicle Expenses 5,142 Light and Heat 7,069 Insurance 4,768 Wages and Salaries 124,679 Employer's NIC 4,842 Employer's Pension 1,956 Miscellaneous 617 171,479 |
Total funds 2024 £ 7,438 386 (607) 4,148 2,287 8,754 5,142 7,069 4,768 124,679 4,842 1,956 617 171,479 |
|---|---|
Page 13
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
4. Charitable Activities (continued)
| Telephone and Lease of equipment Cleaning Water and Sewage Repairs and Maintenance Legal and Professional Fees Postage and Stationery Motor Vehicle Expenses Light and Heat Insurance Wages and Salaries Employer's NIC Employer's Pension Miscellaneous |
Unrestricted funds 2023 £ 7,214 247 3,207 2,903 2,346 5,196 5,784 7,977 2,885 111,135 3,558 1,888 707 155,047 |
Total funds 2023 £ 7,214 247 3,207 2,903 2,346 5,196 5,784 7,977 2,885 111,135 3,558 1,888 707 155,047 |
|---|---|---|
5. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 124,679 4,842 1,956 131,477 |
2023 £ 111,135 3,558 1,888 |
|---|---|---|
| 116,581 |
The average number of persons employed by the Charity during the year was as follows:
Administritive staff
| 2024 | 2023 |
|---|---|
| No. | No. |
| 6 | 6 |
Page 14
Brookfield Business Centre Ltd (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
5. Staff costs (continued)
No employee received remuneration amounting to more than £60,000 in either year.
6. Governance Costs
| Unrestricted funds 2024 £ Bank Charges 274 Accountancy 2,280 2,554 Unrestricted funds 2023 £ Bank Charges 167 Accountancy 2,720 2,887 |
Total funds 2024 £ 274 2,280 2,554 |
|---|---|
| Total funds 2023 £ 167 2,720 2,887 |
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year expenses totalling £6,231 were reimbursed to Trustees (2023: £5,678).
8. Debtors
| Due within one year Other debtors Prepayments and accrued income |
2024 £ 18,271 1,936 20,207 |
2023 £ 24,309 3,011 |
|---|---|---|
| 27,320 |
Page 15
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
9. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income 10. Statement of funds Statement of funds - current year Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds |
Balance at 1 April 2023 £ 95,519 Balance at 1 April 2022 £ 124,195 |
Income £ 211,710 Income £ 129,258 |
2024 £ - 4,858 4,858 Expenditure £ (174,033) Expenditure £ (157,934) |
2023 £ 392 4,385 |
|---|---|---|---|---|
| 4,777 | ||||
| Balance at 31 March 2024 £ 133,196 |
||||
| Balance at 31 March 2023 £ 95,519 |
Page 16
Brookfield Business Centre Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
11. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Current assets 138,054 Creditors due within one year (4,858) Total 133,196 Unrestricted funds 2023 £ Current assets 100,296 Creditors due within one year (4,777) Total 95,519 |
Total funds 2024 £ 138,054 (4,858) 133,196 |
|---|---|
| Total funds 2023 £ 100,296 (4,777) 95,519 |
12. Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,956 (2023: £1,888).
13. Operating lease commitments
At 31 March 2024 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years |
2024 £ 6,701 19,157 25,858 |
2023 £ 7,487 7,872 15,359 |
|---|---|---|
Page 17
Brookfield Business Centre Ltd (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
14. Company Limited by Gurantee
The Company is limited by guarantee and does not have share capital. Every member undertakes to contribute such amounts not exceeding £1 to the Charitable Company's assets if it should be wound up while being a member, or within one year of ceasing to be a member.
15. Related Party Transactions
The Flax Trust, a local charity, has trustees in common with the directors of Brookfield Business Centre Ltd. During the year the Charity charged the Flax Trust £10,996 (2023: £10,496) in respect of Maintenance Recharges associated with the Flax Trust properties. At the balance sheet date, the company is owed £13,994 (2023: £13,683) from the Flax Trust.
The Flax Trust donated £200,000 (2023: £100,000) to Brookfield Business Centre Ltd to help achieve their objectives.
Brookfield Business Centre Ltd trustees 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 £227 (2023: £5,498) in respect of recharges of the Flax Centre on behalf of the Flax Trust who own the premises. At the balance sheet date, the company is owed £Nil (2023: £5,498) from the North Belfast Co Operative Ltd.
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