**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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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;
- the advancement of education, training or retraining, particularly among unemployed people;
- the provision of financial assistance;
- the provision of housing and the renewal of housing stock;
- assist the recovery of people who are sick, convalescent, disabled or infirm;
- the maintenance, improvement or provision of public amenities;
- the provision or assistance in the provision of recreational facilities;
- the protection or conservation of the environment;
- the provision of public health facilities and childcare; and
- 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:
- examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008;
- follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act; and
- 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:
1. that accounting records were not kept in accordance with section 386 of the Companies Act 2006;
2. that the accounts do not accord with those accounting records;
3. 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);
4. 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.
Page 18