Company Reglstration Numb•r. N1028840 HMRC Charlty Number: 916m878 CCNI Re91stration Number: 100270 Mayfalr Buslness Centre Ltd (A company Ilmlted by guarantee) Report and Flnanclal Stat•ments for the year ended 30 September 2023
Mayfair Buslnqss Centre Llrnlted (A company tlmlted by guarantee) CONTENTS Page Reference and administrative detsils of the chanty, its trustees and advisers Trustées, report Dir•ctOTS' Report Independent auditors, report Statement of financlal actirftles Balance sheet 13 Cash Flow Ststement 14 Notos to financial ststements 15-24
Mayfair Business Centre Limlted (A company limlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Trustees and Company Dlrectors K Twyble B Lindsay JP Hagan G McKeown C Whiteside P Kelly Cllr P Duffy C Mercer C Tennyson Company r•glst•r•d numb•r Nl 028840 Charlty reglstered number 100270 Inland Revenue Charlty Number 916ff7878 Reglstered offl¢e 193-205 Garvaghy Road Portadown Co. Armagh BT62 IHA Northern Ireland Audltors 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 Buslne55 Centre Limlted (A company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Solldtors JPH Law Ltd 17 Church Street Portadown BT62 3LN Company secretary B Mac Cionnaith CEO B Mac Cionnaith
Mayfair Businoss Céntre Llmlted (A company limlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The TTUStees (tho are also dittor5 of the charity for the purposes of the Companies Act 2006) present their annual report together with the audited financial statements of Mayfair 8usines5 Centre Limited for the year ended 30 September 2023. 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 ArtLcle5 of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities pparg their accounts in accordance with the Financial Reporting Standard applicable in the UK Charities SORP (FRS 102)). Structure. governance and managem•nt Cpnstltutlon The company is registered as a charitable company Ilmited by guarantee (NI 028840) and was set up by a Memorandum of Associatlon on 6 October 1994 as maalr Business Centre Limited. The company is constLtuted 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 charitable status for tax purposes by HMRC. Nethod of appolntment of •LertLon of Dlrectors The Directors are appointed annually by the members of the Cornpany at an Annual General Meeting. Any Director so appointed shall hold office until the next following Annual General Meeting and shall then be eLigibte 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 otherwlse determined by the Company in the General Meeting, the number of Oirectors shall not be more than 5iXteen nor less than flve. Organlsatlonal structure and dectslon makln9 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 wlndlng up. Dectslons at General Meetings shall be made by passing resolutlons. Decisions involving an alteratlon of the Memorandum and Articles of Association of the Company and other decisions so required by statute shall be made by speci81 resolulion. A special re501ution is one pa55ed by a majority of not less than three-fourths of members present and voting at • General Meetlng. All other decisions shall be made by ordinary resolution requiring a simple majority of members present and votlng. Rlsk management The Dtrector5 hdve assessed the major risks to which 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. Ltquldlty Rlsk The company contlnue5 to ensure that it has sUfficnt 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 Contr• Limited (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDÉD 30 SEPTEMBER 2023 Mayfair Business Centre Limited produces financial management report5 which highllght the key areas that need to be monitored to minimise risk. Thesè 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 lated to the operations and finances of the company and is sat(sfied that systems are in place to mitigate any exposure to major iisks. Actlvlties and achievements of current year Charltable Objects Mayfair Business Centre Limited Is committed to encouraging and assisting business enterprise in the Portadown area for the benefit of the local economy. Mayfair Bustness Centre Limited was established in 1994 to assist in the social and economic regeneration within the Portadown area of Craigavon. The company seeks to cultivate a spirit of entrepreneurship and is pro-acttve in providing help and guidance and in seeking to attract investment in order to stimulate local enterprise developmenL The main area5 In which Mayfair Bu5ine55 Centre Limited are involved with include: Enterprise development including mentoring and small buslness (nitiatlves; Workspace provision and property management; Infrastructural improvement; and Community developmenL Strategic Oulcothes Mayfair Business Centre Limited previously reviewed and updated its Strateg(c Plan in whtch 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: o the relief of poverty In such ways as may be thought fil.. the relief ol unemployment in such ways as may be thought flc Including asslstance to find employmenc o the advancement of educatlon, training or retraining, particularly among unemployed people, and providing unemployed people with work Èxperience; the proVisn of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities tor unemployed people in cases of financial or other charitable need through help: (i) in setting up their own business, or (li) to existing businesses," and o the creation of training and employment opportunitie5 by the proV10n of workspace, buildtngs and/or land for use on favourable temis. Achhvemonts and p•rlormanc• Investment income of £141K (2022: £130K) was generated for the year ended 30 Septernber 2023. A summary of Mayfair Business Centre Limited's achievements during the year are set out in the Annual Review 2023 which is due to be presented to the members at Mayfair's AGM. At the annual revlew, the financial ststements will be approved by the Directors. Buslnets Operation5 The main activities of the company remain unchanged and are set out in our mission ststement and objectives.
Mayfair Buslness Centre Llmited (A company limitsd by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 These include the promotion of business development and the creation of eMplonent opportuntties to businesse5 and persons, including the unemployed. and the letting of office, servlce and indusfrial Units. The business operations carrled on by our tenants cover a wide range of activittes and serrfices. These include a charltable business operating 2 shops and associated 'upcycling' actlVLtie5; food (rneat) preparation; specialist bakery; a mini-call cerbtre,. fitness centre,, solicitorfs offKe,' beautician,. tratning and education Company,. security sector company, hairdre55er, financial seNices, physiotherapi5C migrant support e4 advice setvices,. ESOL centre,. Portuguese Consular Office; horticulturalist carpet suppliers,. St John's Ambulance seNice; schoot of music; automotive repair, Thai food restsurant,. cabinet-makers; and a hospitalty promotions business. The continued presence of the Clanrye Group within Mayfalr Business Centre, has ensured the delivery of a comprehensive range of on-site high-quat(ty programmes and ser4ices, Including Training and Qualifications. Health and Wellbeing services and Employment programmes to restdents from across the Portadown and wider CraL9avon area. An agreement to let office unit I from October 2023, albeit for a period of several months, has enabled the Mayfair Business Centre to reach 100% occupancy. Although under threat of closure in early 2023, due to the ending of EU funding streams, the Clanrye Group was able to successfully secure altemative, replacement fundin9 from government. The Business Centre continues to retaln hand sanitislng statlons and protectlve screens In situ and 5aniti5Lng materials are renewed as required. This is primarily to provide reassurance to all users of, and vis¢tors lo, the Business Centre. Due to increased footfall and visitors to the Business Centre a number of additional CCTV cameras were installed to provide additional security tn October 2023. A new secure entry system for the centre's maln entrance/reception area is due io be Installed early in February 2024. During the year, Mayfalr 8uslness Centre asslsted a number of local organ(sations including a local secondary school to contlnue the delivery of a health and well-being programme for pupils. The Business Centre has also agreed to facilitate a local sprots club locate two storage unlts on unused ground at the rear of our site in orderto store sports equipment while their own facilitie5 undergo major development. In keeping with the company'5 charitable objectives, the Business Centre continued to work with other community-based organisations and statutory bodie5 acro55 the Portadown and wider Armagh, Banbridge & Craigavon counc(l area. OveralL the Board of Mayfair Business Centre Ltd continues to make a positive contribution to local enterprise, buslness development education and community deveLopmÈnl during the course of the year. Occupancy As previously mentioned, the agreement to let Office Unit l from October 2023 enabled the Business Centre to reach a major milestone by reachtng 100% occupancy for the first time. Previously, our total property base performed welL over the last year with consistently high occupancy levels within both the offLce Space and industrial units. OveralL the occupancy leve15 across the site continue to demonstrate both the quality of our facltLties and the desirability of Mayfair Busine55 Centre as a preferred business location.
Mayfalr Buslness C@ntr@ Llmlted (A company Ilmited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Sustslnabulty The Board has continued to fulfil many of its original objectives. To date, the business has been self- supporting and had Tequired no assistance from external bodies in respect of staffLng or other revenue costs. Nevertheless, the dirertors are mlndful that the possibility of wid•r adverse economic conditions globally could undoubtedly have an adverse °trickie-down" impact upon a number of our tenant To date, we have been very fortunate that all of our on-site tenants have been able to continue to trade and maintain their ernployment and customer levels, despite the consecutive years of adverse trading conditions. That In tur has helped to maintain occupancy levels and the companls income generating ab¢lities. As in the pasc we will continue to work closely with any of our tenants who may be facing unforeseen challenge5. Futurn Plans The Directors are agreed that they will continue to prornote Mayfalr Business Centre as an ideal location for new and expandtng companies. The Directors are aEso committed to driving the company forward by applying any Surplus received cn property activities agalnst charitable objectives. It was extremely disappointing to leam that the governmenys latest round of Levelling-up funLfLng was confined only to those applicants which had successfully comp(eted capital build projects within previou5 five year period. WhiLe it had been intended to submit an appltcation to that funding stream in respect of the provision of additional offKe and work spaces on our site, that criteria automatically excluded Mayfair Business Centre and qulte a number of s¢milar projects. Equally disappointing has been the contlnued absence of any new capltat funding streams within the Department for Communities due to wider political issues, The Department has prevlously proven. and continues to b•, very supportive of Mayfair Business Centre and other similar economic development Initiatlves. In the longer term, the Directors, and iheir slaff, are commltted to securing future investment wtth a view to provtding additional office/serrfLce space on-SLte along with a5$0Ciated car-parking etc. Golng Concern At the time of approving the fancial 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 nancial revl•w and reserves poli¢y 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.
Mayfalr Busln•5s Centre Limlted (A company Ilmlted by guarantee) The directors are committed to driving the company foNard by applying any surplus received on propety activities against objectives. Unrestricted funds are essential to provide sUffLCnt tunds to cover any unforeseen costs which may arise and futfil the legal obLigations of the Charity if current levels of income are not maintsined. The reseryes policy has been deswJned to recognise Mayfair Business Centre's requirements lor reserves considering the main rsks to the company. In formulating an assessment on the level of reserves requid the Business Centre h¥s considered the programmes and seNices that the centre pLans to deliver in the period covered by the Strategic Plan. It has established a policy whereby the unrestricted fund5 not committed should equate to 6 months. total resources expended. The aim is to provide sufficient funds to cover any unforeseen costs which may atise, recognise the volatile grant environment as well as auowing for the payment of any liabilities which would arise should the cornpany cease to operate. The Trustees believe that thls level of reseNes provides sufficient confidence that the company is a going concern and the accounts have been pPared on that basls.
Mayfair Business Centre Llmlted (A company limlted by guarantee) DIRECTORS. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Statement of DLrectors' responslbl(Itles The Dlrectors are responsible for preparing the Direttor5' report and the financial statements in accordance with applicable Law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company and charity law requ(res the Directors to prepare financial statements for each financial year which give a true and fair view Df the state of affaits of the charitable company and of the incoming resources and application of resource5, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Director5 are required to.. Select suitable accounting policies and then apply them conslstently,. Observe the methods and princ(ples in the Chaiities SORP,. Make estimates that are reasonable and Prudenc Prepare the financiaL statements on the going concern basis unless Lt i5 inappropriate to presume that the charitable company will continue in operatLOn. The Directors are re5ponslble for keepln9 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable cornpany and enable them lo ensure that the flnancial statements comply with the Companies Act 2006. They are atso responsible for safeguarding the assets of the charitable company and hence for tsking reasonable steps lor the prevention and detection of fraud and other ifregularities. Provlslon of Informatlon to audltors Each of the person5 who are Directors at the time when this Directors, report is approved has confirmed that: So tar as the Directors are aware, there is no relevant audit information of which Ihe charitable COMpanS auditors are unaware; and The Director5 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 audltors in connection with preparing their report and to establish that the charitable compan5 auditors are aware of that infomiation, The report of the Direttors has been prepared taking advantage of the small companies, exemption of section 415A of the Companie5 Act 2006. This report was approved by the Directors on the 19th June 2024 and SLgned on their behalf, ty. B Mac Cionnaith Company Secretary
MAYFAIR BUSINESS CENTRE LIMITED (A company Ilmited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED Oplnlon We hwe audited the financial statement5 of Mayfair Buslness Centre Limlted for the year ended 30 September 2023 wh(ch cornprise the Statement of Financial ActiVLties (Incorporating the Income and Expenditure Account), the Balance Sheet, Cash Flow Staternent, the Accounting Policies and the related notes. The fLnancial reporting framework that ha5 been applied in thelr preparatlon (s applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Prartice). In our opinion the financial 5tatements', give a true and fair view ofthe companvs affairs as at 30 September 2D23 and of its income forthe year then ended., have been properly prepared in accordance with United Klngdom Generally Accepted Accountin9 Practlce,. and have been prepared in accordance with Ihe requirements of the Companies Act 2006. BasLs lor oplnlon We conducted our audit in accordance with Inlematlonal Standards on Auditing (U K) IISAS IUKI} and applicable law. Our responsibilitie5 under those standards are further descrlbed in the Auditor's responsibillties 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 UL includ¢ng the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibiltties 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. Con¢lvstons relatlng to gotng concern In auditing the fLnancial statements. we have concluded that the dirertors, use of the going concem basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any materiaL uncertainties relatlng to events or condltions that individually or coLiectively, may cast significant doubt on the companl5 ability to continue as a going concern for period of at least twelve months from when the financial statements are authorised for issue. Our responsibillties and the responsibilitie5 of the director5 With respert to going concern are described In the relevant sections of this report,
MAYFAIR BUSINESS CENTRE LIMITED (A conipany Umited by guarant99) INDEP¢NDENT AUDITORS. REPORT TO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED Other informatlon The other information comprises the information included in the annual report other than the financial statements and our audLtols report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financlal statement5 does not cover the other information and. except to the extent otherwise explicitly stated in our repo¢ we do not express any fonn of assurance conclusion thereon, Our responsibility 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 otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatements, we are required to determine whether this gives rise to a materiaL misstatement in the financial ststements themselves. If, based on the work we have pertormed, we conclude that there is a material misstatement of this Other information, we are required to report that facL We have nothlng to report Ln thts regard. Oplnlong on oth•r matt•r8 pr•scrlb•d by th• C•mpanl•s Act 2006 In our opinion, baséd on the work undertaken in the course of our audit: the infomation given in the directors, report for the financial year for which the financtal statements are prepared is consistent WLth the financial statements; and the directors, report has been prepared in accordance with applicable legal requlrement Matters on which we are requlred to report by exceptlon In the Light of the knowledge and understanding of the company and its environment obtained in the course of the aud(t we have not identifLed material m(sstatements in the directors, report. We have nothing to report In respect of the following matters in relation to which the Charities {Account5 and Reports) ReguLatlons 2008 require us to report to you if, in our opinion.. adequate accounting records have not been kepL or returns adequate for our audit have not been received from branches not vlslted by us," or the financial statements are not in agreement with the accounting record5 and returns; or certain dbclosures of dlrectors, remuneralion specified by taw are not made,. or we have not received all the information and explanations we require for our audit. Statèment Df Dlrertors, responslbulties As explalned more fully in the directors, responsibililies statement, the trustees. who are also the directors of the for the puipose of company law, are responsible for the preparation of the accounts and for being satisfied that they give true and fair view, and for such internal control as the directors determine is necessary to enable the pieparation of accounts that are free from materiaL misstatemen¢ whether due to fraud or erior. io
MAYFAIR BUSINESS CENTRE LIMITED (A coffwany Itmlted by guarantw) INDEp£MDENT AUDITORS, REPORT TO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED In preparing the account5, they are respDnsible for assesslng the company's ability to continue a5 a going concern, disclosing, as applicable, matters related to going concern and using the going concem basi5 of accounting unless they either intend to liquidate the company or to cease operations, or have no realisttc alternative but to do so. Audlt(pf's responslbllLtles for th• audlt ot the financiaL stat•m•nts Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatemenc whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assuran(e is a high level of assurance but is not a guarantee that an aud(t conducted in accordance with ISAS {UK) MII 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. Irregularltles. Includlng fraud, are instances of non-compliance with laws and regulatlons. WÉ design procedures in line with our responslbillties, outlined above, to detect material mLsstatements in respect of irregularities, including fraud. The extent to which ¢ur procedures are capable of detecting Irregularities, includlng fraud, is detailed below. We obtalned an understanding of the legal and regulatory framework applicable to the company through enqulry of management, industry research and the application of cumulative audit knowledge. We identifled the following prlncipal laws and regulations relevant to the company- Companies Act 2006 and the Flnanciol Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). We developed an understanding of the key Iraud risks to the entity (including how fraud might occur). the corbtroLs in place to help mitigate those r(sks, and the accounts, balances and disclosures within the financlal staternents 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 enqulry of management. Our procedure5 to respond to those risks (dentifd Include4 bLrt were not Ilmlted to: Enquiry of management, those char9ed wlth governance and the entity's solicitors (or in-house legal team) around actual and potential litigation and claims, Enquiry of entity Staff in tax and VAT functions to identlfy any instances of non-compliance w(th Laws and regulations. Reviewing minutes of meetings of those charged wllh govemance. Reviewing financial statement dLsclosures and testing to supporting documentation to a55ess compliance with applicable laws and regulations. A further description of our responsibilities for the audit of the account5 15 located on the Financial Reporting Council's website at: http../lw.ffc.0Y9.auditQrSreSpQnSibi1itIe& This description foryn5 Part of our auditor's report. 11
MAYFAIR BUSINESS CENTRE LIMITED (A coPanY Elmltod by guarantee) INDEPMDENT AUDITORS. REPORT TO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED The purpos• of our audit work and to whom we owe our rosponslbULtles Thi5 report 15 made 501ely to the charitable company'5 members, as a body, in accordance with Chapter 3 of Part 16 of the Cornpanies Act 2006 and regulations made under that ACL Our audit work ha5 been undertaken so that we might state to the charitys 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 charitys trustees as a body, for o udit work, for this repor¢ or for the opinion5 we have formed. Fearyal Mccomiack (S•nlor Ststutory Audltor) for and on behalf of FPM Accountants Llmlt•d Chartered Accountants and Statutory Auditors Dromalane Mlll The Quays Newry Co. Down BT35 8QS 19th June 2024
MAYFAIR BUSINESS CENTRE LIMITED STATEMENT OF FINANCIAL AcfiviTIES (Incorporntlng the Income and Expendlture Account) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Note Restrl¢ted fun(ts 2023 Unrnstricled fund 2023 Total funds 2023 Totsi funds 2022 In¢orn• fn>n Charttsble Activitie5 Investment Income Totsl inGome 1,993 1,993 140.666 142 659 140,666 140.666 129.992 129 992 EIndItUr• on: Char4tablg ActLVities C05t of raising funds Totsl exPendIra 2,119 121,821 123.940 18.487 141427 110.703 21606 133 309 2.L19 140 308 Net Income / (dofl¢lt) •nd n•1 movement in funds for th• y•or {126) 358 232 (3,31n R•con¢llla¢ion of fun¢ts Funds Broughl Forward &280 1645 835 652,115 1,655,432 Totsl funds carriod lorward 1,646,193 L652 347 1,6S2 115 The Statement of Financial Activlties Lncludes all 9ains and105ses in the year and therefore a Statement of Total Recognised Gains and Losses has not been prepared. All incorne and expenditure derive from continuing actLVltie5. The notes at pages 15 to 24 form part of these financial statements. 13
MAYFAIR BUSINESS CENTRE LIMITED BALANCE SHEEr AS AT 30 SEEllIBER 2023 Note 2023 2022 Tangible assets 1,554.642 ¥573,065 Curr•nt x8s•ts Debtors Cash 8t b8nk and in hand io 15,821 ,1 63312 90,493 IIOA15 Cr•ditorJ: amounts fauing due thin one ytsr 710 443 Net current aM•ts 97.705 79,050 N•t AsJ•ts 347 L651115 Th• fvnds ol the ¢h•rfty Restrkted fvr)d5 Unrestrlcted funds 154 L64&193 280 LfAI83S Totol Charlty Fun L6S2,347 L652 115 These financlal ststements are prepared In accordance wlth the speclal provisions in Part IS of the Companles Act 2006 relatlng to small companles and constitute the annual accounts requtred by Companles Act 2006 and are for clrculat1 to the members of the company. The notes at pages 15 to 24 form part of these flnancial statemen The financlal statements werè •pproved by the Directors and 8UthorLsed for issve on 19 June 2024 8nd slgned on their behalf ty. C MeKer Diroct4X K Tvrybl• Director Company Regbtration Number: N1028840 HMRC Chavlty Number: 916/r7878 CCNI Reg(stratlon Numb•r. 100270 14
MAYFAIR BUSINESS CENTrE LIMITED CASH FLOW STATEMENT AS AT 30 SEPTEMBER 2023 Notes 2023 2022 Cash Ilows from operndn9 adivltle* Cash generated from operations 23 31282 6,178 N•t cath Inflow from ap•vatlThg •ciiviil•i 31282 4178 Inmtlng Actlvlties Purchase of tsngLb fLYed assets Net Incr••ge In ¢•th •nd ¢Mh •qulval•nts 3L202 178 Cash and cash equlvalents at beginnlng of 63.312 57,134 Cmh •nd cash •4vIlents at •nd of year 94,594 312 R•l•tlng Cash at bank and in nd 94.594 63,312 15
MAYFAIR BUSINESS CENTRE UMITED NOTES TO THE FINANCIAL STATEMÉNTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accountkng polkle5 Basi5 of preparatlon of Ilnanclal statements The financial statements have been prepared in accordance with the Companies Act 2006 and "Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charItS preparing their account5 in accordance with the Financial Reporting Standafd applicable in the UK (FRS 102). las amended for accounttng periods comrnencing l January 2019). Thè charity is a Public BenéfLt Entity as defined by FRS 102. The financlal statements ar• prepared in sterling, which is the funrtional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 1.2 Company status The company is limited by guarantee and has no share capltaL The liabuity of the members Is limited. Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up while they are members or within one yearthereafter, 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 accountlng General funds are unrestricted funds which are available for use at the dwretion of the Directors in furtherance of the general objeclives of the company and which have not been designated for other purposes. Designated funds comprlse unrestricted funds that have been set asidè by the Directors for partiojlar purposes. The alm and use of each designated fund Is set out in the notes to the linancial statements. Restrtcted funds are funds which are to be used In accordance wlth specific restrictions Imposed by funder5 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 i5 set out in the notes to the financial statements. Investment incomei gains and losses are allocated to the appropriate fund. Incomlng r•sourc•5 All incoming resources are included in the Statement of Financial Activities when ali of the following criteria are met.. The charity has entitlement to the fund5; Any performance conditions ottached to the item(5) of income have been fully met or are fully within the control of the charity, There ts suffklent certainty that receipt of the income is considered probable," and The amount can be measured reliably. 16
MAYFAIR BUSINESS CENTRE LIMITED MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 A¢counting pollcles (contlnued) Income represents the total invoice value, excluding value added of rent received and related services income during the year. Grant income is recognised in the SOFA in the period in whlch it is receivable. Income is deferred only when the charity has to fulfd condltions befo becoming entitled 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 rellably. Expenditure is classified under the following activity headings: Expendilure on charitable activities indudes the costs of renting out the properties. Other expenditure represents those item5 not falling into any other heading. All expenditure is accounted for on an accNais basis and ha5 been incLuded 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 apportlaned on an appropriate basis. Op•ratlng leaw$ The charity classifles the lease of tèlephone equipment as operating lease,. the title of the equipment remains with the Lessor and the equipment is replaced every S years. Rentsl charges are charged on a straight-line basis over the term of the lease. Tanglbl• fixed a$seti and depredatlon Tangible rd assets are ststed at cost less deprec(ation. Depreciation is provided at rates calculated to write off the cost of fed assets, less their estimated residual vaLue, over their expected useful lives on the following bases: land & Buildings Plant and Machinery Fixtures, Fittings and Equipment 1% Reducing Balance IO% Reducing Balance IO% Reducing Balance The carrying vaLues of tsngible fed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. Debtors Trade and other debtors are reCOgned at the settlement amount due after any trade discount offered. Prepayrnents are volued at the amount prepatd after takin9 account of any trade discounts due. 17
MAYFAIR BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting poL(¢les (¢ontlnued) 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 provtsions Creditors and provisions are recognised where the charity has a present obligation resultlng 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 recogniséd at their settlement amount after allowing for any trade discounts due. 1.11 Taxatlon 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 rate5 and laws that have been enacted or substantially enacted at the balance sheet date. Deferred tax is recognised in respect of all tlmlng 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 Ihe future. Timing differences are temporary differences between the companls tsxable income and its result5 a5 Stated in the financial statements. Defeffed tax is measured on an undi5counted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tsx rales and taws that have been enacted or substantively enacted by the baLance sheet date. 1.12 Flnandal Inruments The charity only has fLnancial assets and financial liabilities of a kind that qualify as baslc finantial instruments. Basic financial Instruments are Initiauy recognlsed at transaction value and subsequently rneasured at their settlement vaLue. 1.13 Golng Concern At the time of approving the financi8l staternents. the directors have a reosonable expectation that the company has adequate resource5 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.
MAYFAIR BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Income from charitable activltie5 Restri¢t•d funds 2023 Unr•strl¢ted fund 2023 Total funds 2023 Tol•l funds 2022 Grants Recetved 1,993 L993 Investm•nt Lncomg Reslri¢ied funds 2023 Unreitrlct•d nd 202> Total funds 2023 Total funds 2022 Rent81 Income 140,666 129,992 Dlrect charltable •xpendlture R•sirld•d funds 2023 Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Wages and salaries Social security costs Staff pension costs Rates Cleaning P£hver, light and heat Insurance Computer running costs Travel Charltable donations Bank charges Piinting and Stationery Advertislng Telephone Sundry expenses Depreciation Governance costs tsee Note 51 55.865 3.053 1.580 3.756 4.083 9.798 7.963 L653 55 6,26D 369 723 250 L756 3,294 18.024 3.339 121.821 55.865 3.053 1.580 3.756 4.083 9.798 7.963 L653 55 6.260 369 723 250 1.756 5.014 18.423 3.339 123,940 52,845 2,375 676 1,744 5,085 7.788 7.177 997 59 3.485 395 657 1,7C L078 18.911 5,675 110,703 1.720 399 2.119 19
MAYFAIR BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Gov•rnanc• Costs Re5trkted nth 2023 Unre5tr1ct•d nds 2023 Total funds 2023 Total funds 2022 Legal and professional Audit 500 1839 3.145 1530 1839 3,339 3.339 5,675 6. Cost of ralslng funds R•strlrted funds 2023 UnroJtrl£ted funds 2023 Total funds 2023 Total lunds 2022 Investment management costs 18.487 18.487 22,606 18.487 18,487 22,606 Net Incom• Thls Is stated after charging: 2023 2022 Depreciation of tsngible fixed •ssetr. Owned by the charity Audit Fees 18823 2.839 2L262 18,911 530 21,441 8. Staff costs Staff costs were as follows: 2023 2022 Wages and satartes Social security costs Slaff pensions 55.865 3.053 L580 60A98 51845 1375 676 55,8% 20
14AYFAIR BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMEhrrs FOR THE YEAR ENDED 30 SEPTEMBER 2023 The average monthly number of employee5 durtng the year was as foltows.. 2023 2022 Administration No employee received remuneration amounting to more than £60,000 in elther year. KÈY management personnel received the following remuneration: 2023 2021 Gross Salary Employers NIC Employers Pension Costs 55.865 3.053 LS80 60,498 51845 2,375 676 55,896 During the year the company paid an Insurance policy for director and offLce cover. Tang(ble flxed assets Land Buudings Plant and Machlnery Fixtur Fltllngs & Equlpment Total Cast At l October 2022 Additions 0pOSal$ Z228,572 129.651 108,949 1467,172 At 30 September 2023 2,22&572 129,651 108.949 2A67,172 D•pr•clathD •nd Impalrnients At l October 2022 Charge for the year Eliminated on disposal 685A26 15,431 127,491 216 8L190 1776 894.107 18,423 At 30 September 2023 700.857 127,707 83.966 912.530 Net book value At 30 September 2023 L527.71S 24.983 1554642 At 30 September 2022 L543,146 1160 27.759 L573.065 The property at 193-205 Garwaghy Road, Portadown was valued on 22 June 2011 by Michael Hannath Estate Agents who is a member of the Royal Institution of Chartered Surveyor5 who revalued the propety at open market value of £1.6m. The directors are satiSfd that there is no impairment in the vaLu8 as stated in the financial 5tatsments. 21
MAYFAIR BUSINESS CEKfRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 D•btors 2023 2022 Trade debtors and accnjed income Prepayments 15,289 532 15,821 24311 870 27,181 11. Cr•dltors: Amounts falllng du• wlthln on• y•ar 2023 2022 Trade credltors Taxation (Note 12) Other creditors Accruals 106 5,962 3,898 2.744 Il710 211 4,789 4,063 2,380 11,443 The fouowing is held as security as at 30 September 2023: 8ank of Ireland hold security over part of the lands of Ballyoran, Portadown known as Mayfair Business Centre. 12. Taxatlon 2023 2022 VAT PAYE 4776 L186 4.789 CoOratIon Tax The charity is exempt from tsx on Income and galns falllng within section SOS of the Taxe5 Act 1988 or Section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitabte objects. 22
MAYFAIR BUSINESS CENTRE UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Analysls of charltable funds BTh)ught Forw•rd Incom• Exp•ndltUM Net Income / (d•ficlt) Carrl Fonvard Generalfvhds General funds Totsl Unrestr4Cted funds L645,835 L64S835 140,666 140,666 140,308 140,308 358 358 L646.193 L646,193 R•strlctsd fvnds Restricted funds Total Restricted funds 6,280 6,280 L993 1,993 2,119 2,119 (126) (126) 6,154 6,154 Total of funds L652,115 142.659 141427 232 L652,347 IS. Analysls of net assets Brought Fon¥ard Mo¥•mqnt Carrl•d Fornard Tangtbie fixed assets Debtors Cash at bank and in hand Creditors due withln one year Tolal Unreslrkt•d funds L573,065 27,181 63.312 111,443 1645,835 118.297) (IL360) 31282 1,548,488 15,821 94.594 12,71 1646,193 358 TangIb f¢xed assets Total Rostrkt•d funds 6,280 126 126 6.154 16. Golng Conc•rn Reviow The companls busine55 actlvlties, together wlth the factors likely to affect its future development performance and position are set out in the Trustees report on pages 3 to 6. The linancial position of the company, its cash tlows, and liquidity position are described in the notes to the financial statements. The company meets its day to day working capital requirements through rentsl incorne received. The Companls forecasts and projections, taking account of reasonably possible changes in operating performance show that the company will be able to operate wlthin its current facilities. The directors are constantly reviewing new funding appllcations and have a reasonable expectation that the company has adequate resources to continue In operation for the fcreseeable future. knordingly. they conttnue to adopt the golng concern basis In preparing the annual report and financla15tatement& 23
MAYFAIR BUSINESS CENTrE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 17. Related party trnnsactlons During the year, Mayfair Business Centre Ltd acted a5 a guarantor for Drumcree Communty Trust. Drumcree Community Trust was fomied in 1991 with the aim of addressin9 social and economic needs Withtn 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 Tru5( its members, thereby ensuring accountability back to the local community. During the year, MaaIr Business Centre Limited donated £5,000 (2022 £3,000) to Drumcree Community Trust During the year, no Dlrectors received any remuneration (2022 - £nlL). Durin9 the year, no Directors received any benefits In kind (2022 - £nil). During the yéar, remuneration paid to officers of the company totsiied £30,914 (2022: £28,770) in salary costs. l& Op•ratlng l•as• ¢QMmltments At the reporting end date, the company had no outstanding commitments for future minirnum lease payment under non-cancellable operating lease5. 19. Contro( The board of directors are the ultimate controlling paty of the company. 20. Flnanclal Commltm•nts The cornpany had no financial commitments at the balance sheet date. 21. Capltsl Cpmmltmonts The company had no capital commitments at the balance sheet date. 22. Contlngqnt UabUitl95 MaaIr Business Centre Limited has a corrtingent liability to repay govemment grants if certaln conditions are not met but in the opinion of the directors, these circumstances are unlikely to occur. 24
MAYFAIR BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 23. Cash Generated from Operatlons 2023 2022 (Outgoing) / Incoming resources for the year 232 (3,3171 Adjustments for. Depreaation of tangible fed assets 18,423 18,911 Movernent of working capital: Decrease in debtors Increase in credito 11.360 1,267 {12,3011 2,885 Cash generated from operations 31.282 6.178 24. Lknlted Llablltty Agreement The directors, on behalf of the iompany, have entered into a Limited Liabillty Agreement w(th their auditors dated 11 Apr412024. The auditors, liability is limited to an amount which is considered fair and reasonable. Thls has been disclosed in line with companles legislation. 25