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AN AAB GROUP COMPANY
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Company Registration Number: N1028840
HMRC Charity Number: 916/T7878
CCNI Registration Number: 100270
Mayfair Business Centre Ltd
(A company limited by guarantee)
Report and Financial Statements
for the year ended 30 September 2022
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CHARTERED
ACCOUNTANIS
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FPM ACCOUNTANTS LIMITEO, AN AIBGROUPCOMPANY
No.. TrIID22968 1 VAT R￿j.. GB18F4499491 IE 3283821 FH
100
llESTSMA
COMPANIES
pjmw
2020

Mayfair Business Centre Limited
{A company limited by guarantee)
CONTENTS
Page
Reference and administrative details of the charity, Lts trustees and advisers
Trustees, report
Directors, Report
Independent auditors, report
9-11
Statement of financial activities
12
Balance sheet
13
Cash Flow Statement
14
Notes to financial statements

Mayfair Business Centre Limited
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Trustees and Company Directors
Cllr K Twyble
B Lindsay
JP Hagan
B G McKeown
C Whiteside
P Kelly
Cllr P Duffy
M Bingham (deceased 121011221
C Mercer
C Tennyson
l Milne (appointed 05109122)
C Murphy (appointed 05/09/22)
Company registered number
Nl 028840
Charity reglstered number
100270
Inland Revenue Charity Number
916tr7878
Registered office
193-205 Garvaghy Road
Portadown
Co. Armagh
BT62 IHA
Northern Ireland
Auditors
FPM Accountants Limited
Chartered Accountants and Statutory Auditors
Dromalane Mill
The Quays
Newry
Co. Down
BT35 8QS
Northern Ireland
Bankers
Bank of Ireland
43 High Street
Portadown
BT62 IHY

Mayfair Business Centre Limited
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISER5
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Solicitors
JPH Law Ltd
17 Church Street
Portadown
BT62 3LN
Company secretary
B Mac Cionnaith
CEO
B Mac Cionnaith

Mayfair Business Centre Limited
(A company limited by guarantee)
TRUSTEES. REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Directors {who are also directors of the charity for the purposes of the Companies Act) present their
annual report together with the audited financial statements of Mayfair Business Centre Limited for the
year ended 30 September 2022.
The Directors confirm that the Annual report and financial statements of the company comply with the
Charities Act INI) 2008, the Companies Act 2006, the Memorandum and Articles of Association, and
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
Charities SORP IFRS 102)).
Structure. governance and management
Constitution
The company is registered as a charitable company limited by guarantee (NI 028840) and was set up
by a Memorandum of Association on 6 October 1994 as Mayfair Business Centre Limited.
The company is constituted under a Memorandum of Association dated 6 October 1994 and became a
registered charity on 25 June 2014 (Northern Ireland Charity Number NIC 100270), having previously
been granted charttable status for tax purposes by HMRC.
Method of appointment of election of Directors
The Directors are appointed annually by the members of the Company at an Annual General Meeting.
Any Director so appointed shall hold office until the next following Annual General Meeting and shall
then be eligible for re-election. The Directors have the power at any time and from time to time to
appoint any person to be a Director, either to fill a casual vacancy or as an addition to the existing
Directors.
Unless othe￿iSe determined by the Company in the General Meeting, the number of Directors shall
not be more than sixteen nor less than five.
Organisatlonal structure and decision making
None of the Directors have any beneficial interest in the company. All of the directors are members of
the company and guarantee to contribute £1 in the event of a winding up.
Decisions at General Meetings shall be made by passing resolutions. Decisions involving an alteration
of the Memorandum and Articles of Association of the Company and other decLSLons so required by
statute shall be made by special resolution. A special resolution is one passed by a majority of not less
than three-fourths of members present and voting at a General Meeting.
All other decisions shall be made by ordinary resolution requiring a simple majority of members present
and voting.
Risk management
The Directors have assessed the major risks to whtch the company is exposed, in particular those related
to the operations and finances of the company and are satisfied that systems and procedures are in
place to mitigate our exposure to the major risks.

Mayfair Business Centre Limited
(A company limited by guarantee)
TRUSTEES. REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Objectives and ActlVLties
Charitable Objects
Mayfair Business Centre Limited is committed to encouraging and assisting business enterprtse in the
Portadown area for the benefit of the local economy. Mayfair Business Centre Limited was established
in 1994 to a5$￿t in the social and economic regeneration within the Portadown area of Craigavon. The
company seeks to cultivate a spirit of entrepreneurship and is pro-active in providing help and guidance
and in seeking to attract investment in order to stimulate local enterprise development. The main areas
in which Mayfair Business Centre Limited are involved with include:
Enterprise development including mentoring and small business initiatives,.
Workspace provision and property management,.
Infrastructural improvement,. and
Community development.
Strategic Outcomes
Mayfair Business Centre Limited previously reviewed and updated its Strategic Plan in which it sets out
how the organisation will achieve the following strategic outcome..
the promotion for the public benefit of urban regeneration in the Portadown sector of
Craigavon and its environs (the "area of benefit"), being an area of social and economic
deprivation, by all or any of the following means..
the relief of poverty in such ways as may be thought fit,.
the relief of unemployment in such ways as may be thought fit, including assistance to
find employment,.
the advancement of education, training or retraining, particularLy among unemployed
people, and providing unemployed people w(th work experience,.
the provision of financial assistance, technical assistance or business advice or
consultancy in order to provide training and employment opportunities for
unemployed people in cases of financial or other charitable need through help: lil in
setting up their own business, or (li) to existing businesses,. and
the creation of training and employment opportunities by the provision of workspace,
buildings and/or land for use on favourable terms.
Achievements and performance
Investment income of £133K12021: £126K) was generated for the year ended 30 September 2022. A
summary of Mayfair Business Centre Limited's achievements during the year are set out in the Annual
Review 2022 which is due to be presented to the members at Mayfair's AGM. At the annual review, the
financial statements will be approved by the Directors.
Business Operations
The main activities of the company remain unchanged and are set out in our mission statement and
objectives. These include the promotion of business development and the creation of employment
opportunities to businesses and persons, including the unemployed, and the letting of office, service
and industrial units at preferential rates.
The business operations carried on by our tenants remain varied and include one charitable business
operating 2 shops and associated 'upcycling' activities,. food (meat) preparation; specialist bakery,. a
mini-call centre; fitness centre; solicitor's office,. beautician,. training and education company;
hairdresser, financial services, physiotherapist,. packaging importer and wholesaler,. migrant support &
advice services and associated ESOL centre,. Portuguese Consular office,. horticulturalist,. carpet supplier
and fitter,, St John's Ambulance service,. school of music,. automotive repair; photographic studio,.
cabinet-makers., and a food preparation and supply business.

Mayfair Business Centre Limited
(A company Limited by guarantee)
TRUSTEES. REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The continued presence and expansion of the Clanrye Group within Mayfair Business Centre, has
ensured the delivery of a comprehensive range of on-site high-quality programmes and seNices,
including Training and Qualifications, Health and Wellbeing seNices and Employment programmes to
residents from across the Portadown and wider Craigavon area.
In order to maintain hygienic working conditions, the Business Centre still continued to have hand
sanitising stations, protective screens and signage in place and PPE and sanitLSLng equipment are
renewed as requested.
The approximate number of persons employed either full-time/part-time by tenant businesses within
Mayfair Business Centre has remained within the vicinity of 130.
During the financial year ending September 2022, Mayfair Business Centre assisted a number of local
organisations including a local secondary school to continue the del(very of a health and well-being
programme for pupils, a local amateur dramatic club and a number of other local community
enterprises.
In keeping with the company's charitable objectives, the Business Centre has also worked in conjunction
with other community-based organisations and statutory bodies across the Portadown area.
Overall, the Board of Mayfair Bus(ness Centre Ltd has made a positive contribution to local enterprise,
business development, education and community development during the course of the year.
Occupancy
Only one unit remained vacant at the end of September 2022 which has increased the overall occupancy
level to 97 %. This remaining unit has been retained to permit the possible expansion of the existing
on-site specialist bakery. However, it has been agreed that if this does not occur by a fixed date, the
unit will be available for letting.
Our total property base performed well over the last year with continuing high occupancy levels within
both the office space and industrial units.
OveralL the occupancy rates across the site demonstrated both the quality of our facillties and the
desirability of Mayfair Business Centre as a preferred business locatLOn.
Sustainability
The Board has continued to fulfil many of its original objectives. To date, the business has been self-
supporting and had required no assistance from external bodies in respect of staffing or other revenue
costs.
Nevertheless, the directors are mindful that the possibility of wider adverse economic conditions
globally could undoubtedly have an adverse "trickle-down" impact upon a number of our tenants.
To date, we have been very fortunate that all of our on-site tenants have been able to continue to trade
and maintain their employment and customer levels, despite three consecutive years of adverse trading
condittons. That, in turn, has helped to maintain occupancy levels and the companls income
generating abilities.
As in the past, we will continue to work closely with any of our tenants who may be facing unforeseen
challenges.

Mayfair Business Centre Limited
(A company limited by guarantee)
TRUSTEES, REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Future Plans
The Directors are agreed that they will continue to promote Mayfair Business Centre as an ideal location
for new and expanding companies.
The Directors are also committed to driving the company foNard by applying any surplus received on
property acttVLties against charitable objectives.
It was extremely disappointing to learn that the government's latest round of Levelling-up funding was
confined only to those applicants which had successfully completed capital build projects within a
previous five year period.
While it had been intended to submit an application to that funding stream in respect of the provision
of additional office and work spaces on our site, that criteria automatically excluded Mayfair Business
Centre and quite a number of similar projects.
Equally disappointing has been the continued absence of any new capital funding streams within the
Department for Communities due to wider political issues. The Department has previously proven, and
conttnues to be, very supportive of Mayfair Business Centre and other similar economic development
initiatives.
In the longer term, the Directors, and their staff, are committed to securing future investment Wlth a
view to providing additional office/service space on-SLte along with associated car-parking etc.
Liquidity Risk
The company continues to ensure that Lt has suffLCLent available funds for operations and planned
maintenance work.
Interest Rate/Cash Flow Risk
During the year, the company did not acquire any new long term interest bearing liabilities.
Mayfair Business Centre Limited produces financial management reports which highlight the key areas
that need to be monitored to minimise risk. These reports are presented at the company's regular board
meetings.
The company has assessed the major risks to which the charity is exposed, in particular those related to
the operations and finances of the company and is satisfied that systems are in place to mitigate any
exposure to major risks.
Financial review and reserves policy
The results for the year are set out in the attached financial statements. The total funds held at the end
of the year are shown in the notes to the financial statements.
The directors are committed to driving the company foNard by applying any surplus received on
property actLVities against objectives.

Mayfair Business Centre Limited
(A company limited by guarantee)
DIRECTORS. REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Statement of Directors. responsibilitie5
The Directors are responsible for preparing the Directors, report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally
Accepted Accounting Practice).
Company and charity law requires the Directors to prepare financial statements for each financial year
which give a true and fair view of the state of affairs of the charitable company and of the incoming
resources and application of resources, including the income and expenditure, of the charitable
company for that period. In preparing these financial statements, the Directors are required to:
Select suitable accounting policies and then apply them consistently,.
Observe the methods and principles in the Charities SORP;
Make esttmates that are reasonable and prudent.,
Prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in operation.
The Directors are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the charitable company and 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.
Provision of information to auditors
Each of the persons who are Directors at the time when this Directors, report is approved has confirmed
that..
So far as the Directors are aware, there is no relevant audit information of which the charitable
company's auditors are unaware., and
The Directors have taken all the steps that ought to have been taken as Directors in order to be
aware of any information needed by the charitable company's auditors in connection with
preparing their report and to establish that the charitable company's auditors are aware of that
information.
The report of the Directors has been prepared taking advantage of the small companies, exemption of
section 415A of the Companies Act 2006.
This report was approved by the Directors on the 20 June 2023 and signed on their behalf, by:
B Mac Cionnaith
Company Secretary

MAYFAIR BUSINESS CENTRE LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED
Opinion
We have audited the financial statements of Mayfair Business Centre Limited for the year ended 30 September 2022
which comprise the Statement of Financial Activities, the Statement of Total ReCOgn￿ed Gains and Losses, the Balance
Sheet, Cash Flow Statement, the Accounting Policies and the related notes. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the company's affairs as at 30 September 2022 and of its deficit for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the
accounts section of our report. We are independent of the company in accordance with the ethical requirements that
are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting
in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for
a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibillties of the directors with respect to going concern are described in the relevant
sections of this report.

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MAYFAIR BUSINESS CENTRE LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED
Other Information
The other information comprises the information included in the annual report other than the financial statements and
our auditor's report thereon. The directors are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibiltty is to read
the other information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the course of the audit, or othenNise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine
whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have
performed, we conclude that there is a material M￿stateMent of this other information, we are required to report that
fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors, report for the financial year for which the financial statements are
prepared is consistent with the financial statements,. and
the directors, report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the
audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of
the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to
you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns,. or
certain disclosures of directors, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit.
Responsibilitles of dlrectors
As explained more fully in the directors, responsibilities statement, the trustees, who are also the directors of the for the
purpose of company law, are responsible for the preparation of the accounts and for being satisfied that they give a
true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
accounts that are free from material misstatement, whether due to fraud or error.
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AN AAB GROUP COMPANY
MAYFAIR BUSINESS CENTRE LIMITED
(A company Limited by guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED
In preparing the accounts, they are responsible for assessing the company s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they
either intend to ILqULdate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audlt of the financial statements
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance ￿ a high level of assurance but ￿ not a guarantee that an audit conducted in accordance with ISAS (UK} will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, incLuding fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of
management, industry research and the application of cumulative audit knowledge. We identified the following principal
laws and regulations relevant to the company- Companies Act 2006 and the Financial Reporting Standard applicable
in the UK and Republic of Ireland {FRS 1021.
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in
place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may
be susceptible to management bias. Our understanding was obtained through review of the financial statements for
significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry
of management.
Our procedures to respond to those risks identified included, but were not limited to:
Enquiry of management, those charged with governance and the enttty's solicitors {or in-house legal team)
around actual and potential litigation and claims.
Enquiry of enttty staff in tax and VAT functions to identify any instances of non-compliance with laws and
regulations.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
A further description of our respons(bilities for the audit of the accounts is located on the Financial Reporting Council's
website at..
http.'//www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

i_-1
AN AAB GROUP COMPANY
MAYFAIR BUSINESS CENTRE LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED
The purpose of our audlt work and to whom we owe our responslbilities
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might
state to the charity's trustees those matters we are required to state to them in an auditors, report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
charity and the charity's trustees as
ody, for our audit work, for this report, or for the opinions we have formed.
Feargal Mccormack (Senior Statutory Auditor)
for and on behalf of
FPM Accountants Limited
Chartered Accountants and Statutory Auditors
Dromalane Mill
The Quays
Newry
Co. Down
BT35 8QS
20 June 2023

MAYFAIR BUSINESS CENTRE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expenditure Account)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Note
Restricted
funds
2022
Unrestricted
fund
2022
Tolal
funds
2022
Total
funds
2021
Income from:
Charitable Activities
Investment Income
Total income
24,647
126,050
150,697
129.992
129,992
129,992
129.992
Expenditure on:
Charitable Activities
Cost of raising funds
Total expenditure
442
110,261
22,606
132.867
110,703
22,606
133.309
121,282
21,577
142,859
442
Net (deficitl / income and net
movement in funds for the year
(442)
(2.875)
(3,317)
7,838
Reconciliation of funds
Funds Brought Forward
6,722
1,648,710
1,655,432
1,647,594
Total funds carried forward
6.280
1.645.835
1,652,115
1.655.432
The Statement of Financial Activities includes all gains and losses in the year and therefore a Statement
of Total ReCOgn￿ed Gains and Losses has not been prepared.
All income and expenditure derive from continuing activities.
The notes at pages 15 to 24 form part of these financial statements.
12

MAYFAIR BUSINESS CENTRE LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2022
Note
2022
2021
Fixed assets
Tangible assets
1,573,065
1,591,976
Current assets
Debtors
Cash at bank and in hand
io
27,181
63,312
90,493
14,880
57,134
72,014
Creditors: amounts falling due within
one year
li
111,443
{8,5581
Net current assets
79,050
63,456
Net Assets
1,652,115
1,655,432
The funds of the charity
14
Restricted funds
Unrestricted funds
6,280
1,645,835
6,722
1,648,710
Total Charity Funds
1,652,115
1,655.432
These financial statements are prepared in accordance with the special provisions in Part 15 of the
Companies Act 2006 relating to small companies and constitute the annual accounts required by
Companies Act 2006 and are for circulation to the members of the company.
The notes at pages IS to 24 form part of these financial statements.
The financial statements were approved by the Directors and authorised for issue on 20 June 2023 and
signed on their behalf by..
C Mercer
Director
ci
Dir
TwybLe
Company Registration Number., N1028840
HMRC Charity Number: 9161T7878
CCNI Reglstration Number: 100270
13

MAYFAIR BUSINESS CENTRE LIMITED
CASH FLOW STATEMENT
AS AT 30 SEPTEMBER 2022
Notes
2022
2021
Cash flows from operating activities
Cash (absorbed byl/generated from
operations
23
6,178
23,455
Net cash inflow from operatlng activities
6.178
23,455
Investing Activities
Purchase of tangible fixed assets
(2.079)
Net Cash used in Investing activities
(2.079)
Net Increase in cash and cash equivalents
6.178
21.376
Cash and cash equivalents at beglnning of
year
57,134
35,758
Cash and cash equivalents at end of year
63,312
57.134
Relating to:
Cash at bank and in hand
63,312
57,134
14

MAYFAIR BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Accounting pollcies
Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Companies Act 2006 and
"Accounting and Reporting by Charities: Statement of Recommended Practice applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK {FRS 102)" (as amended for accounting periods commencing l January
2019}. The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity.
Monetary amounts in these financial statements are rounded to the nearest £.
Company status
The company is limited by guarantee and has no share capital. The liability of the members is
limited.
Every member of the company undertakes to contribute to the assets of the company tn the
event of it being wound up while they are members or within one year thereafter. Every member
of the company undertakes to contribute for the payment of the debts and liabilities of the
company contracted before they ceased to be members. Every member of the company
undertakes to contribute to the costs, charges and expenses of winding up and for the
adjustment of the rights of the contributors among themselves such amount as may be
required, not exceeding £1.
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 company and which have not been
designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Directors for
particular purposes. The aim and use of each designated fund is set out in the notes to the
financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed
by funders which have been raised by the company for particular purposes. The cost of raising
and administering such funds are charged against the specific fund. The aim and use of each
restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Incoming resources
All incoming resources are included in the Statement of Financial Activtties when all of the
following criteria are met..
The charity has entltlement to the funds;
Any performance conditions attached to the item{s} of income have been fully met or
are fully within the control of the charity;
There is sufficient certainty that receipt of the income is considered probable,. and
The amount can be measured reliably.
15

MAYFAIR BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Accounting policies (continued)
Income represents the total invoice value, excluding value added tax, of rent received and
related services income during the year.
Grant income is recognised in the SOFA in the period in which it is receivable. Income is
deferred only when the charity has to fulfil conditions before becoming entltled to it or where
the donor/funder has specified that the income is to be expended in a future period.
Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment
to a third party, it is probable that settlement will be required and the amount of the obligation
can be measured reliably. Expenditure is classified under the following actiVLty headings:
Expenditure on charitable actlVLties includes the costs of renting out the properties.
Other expenditure represents those items not falling into any other heading.
All expenditure is accounted for on an accruals basis and has been tncluded under expense
categories that aggregate all costs for allocation to activities. Governance costs are those
incurred in connection with the compliance with constltutional and statutory requirements. All
costs are allocated between the expenditure categories on a basis designed to reflect the use
of the resource. Costs relating to a particular activity are allocated directly, others are
apportioned on an appropriate basis,
Operatin9 leases
The charity classifies the lease of telephone equipment as operating lease., the title of the
equipment remains with the lessor and the equipment is replaced every 5 years. Rental charges
are charged on a straight-line basis over the term of the lease.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates
calculated to write off the cost of f ixed assets, less their estimated residual value, over their
expected useful lives on the following bases..
Land & Buildings
Plant and Machinery
Fixtures, Fittings and Equipment
The carrying values of tangible fixed assets are reviewed for impairment when events or
changes in circumstances indicate the carrying value may not be recoverable.
1/0 Reducing Balance
IO¥o Reducing Balance
IOV. Reducing Balance
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount
offered. Prepayments are valued at the amount prepaid after taking account of any trade
discounts due.
16

MAYFAIR BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Accounting policies (contlnued)
Cash at bank and in hand
Cash at bank and cash in hand includes all cash balances of the charity as at the balance sheet
date.
1.10 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting
from a past event that will probably result in the transfer of funds to a third party and the
amount due to settle the obligation can be measured or estimated reliably. Creditors and
provisions are normally recognised at their settlement amount after allowing for any trade
discounts due.
1.11 Taxation
Current tax represents the amount expected to be paid or received in respect of taxable income
for the year and is calculated using the tax rates and laws that have been enacted or
substantially enacted at the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more tax in the future, or a right to pay less tax in the future.
Timing differences are temporary differences between the company's taxable income and its
results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply
in the periods in which the timing differences are expected to reverse, based on tax rates and
laws that have been enacted or substantively enacted by the balance sheet date.
1.12 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.
1.13 Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation
that the company has adequate resources to continue in operational existence for the
foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting
in preparing the financial statements.
17

MAYFAIR BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Income from charitable actlVLties
Restrlcted
funds
2022
Unrestricted
fund
2022
Total
funds
2022
Total
funds
2021
Grants Received
24,647
Total funds 2021 of £24,647 was comprised of £6,150 restricted funds and £18,497 unrestricted funds.
Investment income
Restricted
funds
2022
Unrestricted
fund
2022
Total
funds
2022
Total
funds
2021
Rental Income
129,992
129,992
126,050
Direct charitable expenditure
Restricted
fund5
2022
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Wages and salaries
Social security costs
Staff pension costs
Rates
Cleaning
Power, light and heat
Insurance
Computer running costs
Travel
Charitable donations
Bank charges
Printing and stationery
Advertising
Telephone
Sundry expenses
Depreciation
Governance costs (see Note 51
52,845
2,375
676
1,744
5,085
7.788
7,177
997
59
3.485
395
657
50
1.706
1.078
18.469
5.675
110.261
52.845
2.375
676
1.744
5.085
7.788
7.177
997
59
3.485
395
657
50
1,706
1,078
18.911
5,675
110,703
50,879
2.941
655
5,291
11,551
6,988
6,166
770
51
5,219
416
4,176
379
1,545
1,647
19,323
3,285
121,282
442
442
18

MAYFAIR BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Governance Costs
Restricted
funds
2022
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Legal and professional
Audit
3.145
2.530
3,145
2,530
650
2,635
5.675
5.675
3,285
6. Cost of raising funds
Restricted
funds
2022
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Investment management costs
Repairs and maintenance
22,606
22.606
21,577
22.606
22.606
21,577
Net income
Thls LS Stated after charging..
2022
2021
Depreciation of tangible fixed assets..
Owned by the charity
Audit Fees
18.911
2,530
21,441
19,323
2,635
21,958
8. Staff costs
Staff costs were as follows..
2022
2021
Wages and salaries
Social security costs
Staff pensions
52,845
2.375
676
55.896
50,879
2,941
655
54,475
19

MAYFAIR BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The average monthly number of employees during the year was as follows..
2022
2021
Administration
No employee received remuneration amounting to more than £60,000 in either year.
Key management personnel received the following remuneration..
2022
2021
Gross Salary
Employers NIC
Employers Pens(on Costs
52.845
2.375
676
55,896
50,879
2,941
655
54,475
During the year the company paid an insurance policy for director and office cover.
Tangible fixed assets
Land
Buildings
Plant and
Machinery
Fixtures,
Fittings &
Equipment
Totsl
C05t
At l October 2021
Addittons
Disposals
2,228,572
129,651
108,949
2,467,172
AI 30 September 2022
2,228,572
129,651
108,949
2,467,172
Depreciation and impairment5
At l October 2021
Charge for the year
Eliminated on disposal
669,839
15,587
127,251
240
78,106
3,084
875,196
18,911
At 30 September 2022
685,426
127,491
81,190
894,107
Net book value
At 30 September 2022
1.543.146
2,160
27,759
1,573,065
At 30 September 2021
1,558,733
2,400
30,843
1,591,976
The property at 193-205 GaNaghy Road, Portadown was valued on 22 June 2011 by Michael Hannath
Estate Agents who is a member of the Royal Institution of Chartered Surveyors who revalued the
property at open market value of £1.6m. The directors are satisfied that there is no impairment in the
value as stated in the financial statements.
20

MAYFAIR BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
io.
Debtors
2022
2021
Trade debtors and accrued income
PAYE
Prepayments
26.311
13,361
30
1,489
14,880
870
27.181
ii.
Creditors: Amounts falling due within one year
2022
2021
Trade creditors
Taxation (Note 12)
Other creditors
Accruals
211
4,789
4,063
2,380
11,443
433
4,447
1,488
2,190
8,558
The following is held as security as at 30 September 2022:
Bank of Ireland hold security over part of the lands of Ballyoran, Portadown known as Mayfair
Business Centre.
12.
Taxation
2022
2021
VAT
4.789
4.789
4,447
4,447
13.
Corporation Tax
The chartty is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or
section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its
charitable objects.
21

MAYFAIR BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
14.
Analysis of charitable funds
Brought
Forward
Income
EMpendLlure
Gains I
(Losses)
Carried
Forward
General funds
General funds
Total Unrestricted funds
1,648,710
1,648,710
129,992
129,992
132,867
132,867
12,8751
12,8751
1,645,835
1.645,835
Restricted funds
Restricted funds
Total Restricted funds
6,722
6,722
442
442
{442)
1442)
6,280
6,280
Total of funds
1,655,432
129,992
133,309
16671
1,652,115
15. Analysis of net assets
Brought
Fonvard
Movement
Carried
Fo￿ard
Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors due within one year
Total Unrestricted funds
1,585,254
14,880
57,134
18,558)
1,648,710
118,4691
12,301
6,178
{2,8851
12,8751
1,566,785
27,181
63,312
111,4431
1,645,835
Tangible fixed assets
Total Restricted funds
6,722
6.722
14421
14421
6,280
6,280
16.
Going Concern Review
The company's business activities, together with the factors likely to affect its future development,
performance and position are set out in the Trustees report on pages 3 to 7. The financial position of
the company, Lts cash flows, and liquidity position are described in the notes to the financial statements.
The company meets Lts day to day working capttal requirements through rental income received. The
Company's forecasts and projections, taking account of reasonably possible changes tn operating
performance show that the company will be able to operate wtthin its current facilities.
The directors are constantly reviewing new funding applications and have a reasonable expectation that
the company has adequate resources to continue in operation for the foreseeable future. Accordlngly,
they continue to adopt the going concern basis in preparing the annual report and financial statements.
22

MAYFAIR BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
17.
Related party transactions
During the year, Mayfair Business Centre Ltd acted as a guarantor for Drumcree Community Trust.
Drumcree Community Trust was formed in 1991 with the aim of addressing social and economic needs
within the Northwest Portadown area which resulted in the establishment of Mayfair Business Centre
Limited. The Board of Mayfair Business Centre Limited is appointed annually by Drumcree Community
Trust, its members, thereby ensuring accountability back to the local community.
During the year, Mayfair Business Centre Limited donated £3,000 {2021- £500) to Drumcree Community
Trust.
During the year, no Directors received any remuneration12021 £nil).
During the year, no Directors received any benefits in kind12021- £nil).
During the year, remuneration paid to officers of the company totalled £28,77012021'. £28,080) in salary
costs.
18. Operating lease commitments
At the reporting end date, the company had no outstanding commitments for future minimum lease
payment under non-cancellable operating leases.
19.
Control
The board of directors are the ultimate controlling party of the company.
20.
Financial Commitments
The company had no financial commitments at the balance sheet date.
21.
Capital Commitments
The company had no capital commitments at the balance sheet date.
22.
Contingent Liabilities
Mayfair Business Centre Limited has a contingent liabillty to repay government grants if certain
conditions are not met, but in the opinion of the directors, these circumstances are unlikely to occur.
23

MAYFAIR BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
23.
Cash Generated from Operations
2022
2021
(Outgoing} / Incoming resources for the year
13,317)
7,838
Adjustments for..
Depreciation of tangible fixed assets
18,911
19,323
Movement of working capital..
(Increase) in debtors
Increase in creditors
(12,301)
2,885
(4,776)
1,070
Cash generated from operations
6.178
23.455
24.
Limited Liability Agreement
The directors, on behalf of the company, have entered into a Limited Liability Agreement with their
auditors, dated 2 March 2023. The auditors, liability is limited to an amount which is considered fair
and reasonable. This has been disclosed in line with companies legislatlon.
24