Mayfair Bu51ness Centre Llmltod
(A company IlmLted by guarantao)
TRUSTEES. REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Trustees Iwho are also directors of the charity for the purposes of the Companie5 Act 2006) present
their annual report together with the audited f￿ancial statements of Mayfair Busines5 Centre limtted
for the year ended 30 September 2023.
The Oirectors 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 Article5 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
Charttie5 SORP IFRS 102)).
Structure. governanc• and managem•nt
Con5tltutlon
The company is registered as a charitable company limited by guarantee (NI 028840) and was set up
by a Memorandum of Assoclation on 6 October 1994 as Ma￿aIr Business Centre Limited.
The company is constituted under a Mernorandum of Association dated 6 October 1994 and became a
registered charlty on 25 June 2014 (Northern Ireland Charity Number NIC 100270), having previously
been granted charitable status for tax purposes by HMRC.
Method ol appolntm•nt of elertlon of Dlrectors
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 fdl a casual vacancy or a5 an addition to the existing
Directors.
Unless otheNI(se determined by the Company in the General Meeting, the number of Directors shalL
not be more than sixteen ncr less than live.
OrganlsatLonal structure and d•clJlon Maklng
None of the Dlrectors have any beneficial interest in the company. All of the directors are members of
the company and guarantee to cantribute £1 in the event of a wlnding up,
Decislons at General Meetings shall be made by passing resolutions. DeC￿lOn5 Lnvolving an alteration
of the Memorandum and Articles of A550ciation of the Company and other decision5 50 required by
ststute shall be made by special resolution. A special resolutton is one pa55ed by a majority of not less
than three-fourths of members present and votirwJ at a General Meeting.
All other decisions shall be made by ordinary resolution requiring a simple majority of members present
and voting,
Rlsk management
The Directors have 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 system5 and Procedures are in
place to mitigate our exposure to the major risks.
Liquidcty RLsk
The company continues to ensure that (t has sufficient available funds for operat(ons and planned
maintenance work.
Interest Rate/Ca5h Flow Risk
During the year, the company did not acquire any new long term interest beanng liabilities.

Mayfalr Businéss Centre Limited
(A company Ilmlted by guarantee)
YRUSTEES, REPORT
FOR THE YEAR ENDÉD 30 SEPTEMBER 2023
Mayfair Bustness Centre Limited produces financial management reports which highlLght the key areas
that need to be monitored to minimise risk. These ieports are presented at the company's reguLar board
meeting
The company has assessed the major risks to which the charity is exposed, in particuLar those related to
the operations and fmance5 of the company and is sattsfied that systems are in place to mitigate any
exposure to major risks.
Actlvltles and achlevem¢nts of current year
Charitable Objects
Mayfair Business Centre Limited Is committed to encouraglng and ass¢sting business enterprise in the
Portadown area for the benefit of the local economy. Mayfair Business Centre Limited was established
in 1994 to assist in the social and economic fegeneration within the Portadown area of Craigavon. The
company seeks to cultivate a spirit of entrepreneurship and i5 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 buslness Initiatives,.
Workspace provision and propety management;
Infrastructural improvemenl; and
Community development
Strategk Oulcoihes
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 lts 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 ol unemployment in such ways as may be thought tic induding assistsnce to
r￿d employment;
o the advancement of education. Iraining or retraining, particularly among unemployed
people. and providing unemployed people with work experience;
o the provision of financial assistance, technical assistance or business advice or
onsultancy in order to provide Iraining and employment opportunities for
unemployed people in cases of financial or other charitsble need through help.. ro in
setting up their own business, or (ill to existing busine55e5,- and
o the creation of training and employment opportunities by the proV￿10n of workspace,
buildings and/or land for use on favourable tem5,
Achlevements and p•rformancg
Inve5trnent income of £141K (2022: £130K) was generated for the year ended 30 September 2023. A
Summary of Mayfair Business Centre Limited's achievements during the year are set out in the AnnuaL
Kevtew 2023 which is due to be presented to the members at Mayfair's AGM. At the annuaL review, the
financial statements will be appioved by the Directors.
BuJineM Operations
The main activities of the company remain unchanged ¥nd are Set out in our mission ststement and
objectives.

Mayfair Buslness Centre Llmlted
(A company limited by guarantee)
YRUSTEES, REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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, seNice and industrial
Units.
The business operations carried on by our tenants cover a wide ranye of actLVities and serrfices. These
include a charitsble business operating 2 shops and associated 'upcycling' actiVLties,' food (meat)
preparation.. specialist bakery; a mini-call centre,, fitness centre,. solLCLtorfs offLce; beautician,- training and
education company,. security sector company; hairdresser,. financial seNices physiatherapisc migrant
5tsPPOrt & advice seNices,' ESOL centré," Portuguese Consular Office; horticulturalist,. carpet suppliers.. St
John's AmbuLance sérvice., school of music,. automotive repair, Thai food restaurant,. cabinet-makers;
and a hospitality promotions business.
The cantinued presence of the Clanrye Group within Mayfair 8ustness Centre, has ensured the delivery
of a comprehens(ve range of on-site high-quallty programmes and service5, Including Training and
QualificatLons, Health and Wellbeing services and Employment programmes to residents trom across
the Portadown and wider Craigavon area.
An agreement to let office unit I from October 2023. albeit for a period of several months, has enabled
the Mayfalr Business Centre to reach 100% occupancy.
Although under threat of closure in early 2023, due to the ending af EU funding streams, the Clanrye
Group was abLe to succe55fully secure alternative, replacement funding from government.
The Business Centre continues to reta4n hand sanitising ststlons and protectlve screens In situ and
sanit15ing mateilals are renewed as required. This ts prtmariiy to provide reassurance to all users of, and
visitors to, the Bu5Lness Centre.
Duè to increased footfall snd vlsitors to the Business Centre a number of additionaL CCTV cameras were
installed to provide additional security in Ortober 2023. A new secure entry system for the centre's maln
entrance/reception area is due to be Installed early tn February 2024.
During the year, Mayfair Business Centre asslsted a number of local organisations including a local
secondary school to continue the delivery of a health and well-being programme for pupils.
The Business Centre has aLso agreed to facilitate a local sprots dub locate trNo storage unlts on unused
ground at the rear ofoursite in orderto store sports equipment whiletheir own facilities undergo major
development.
In keeplng with the company's charitable objectives. the Business Centre continued to work with other
community-based organLSations and statLrtory bodies across the Portadown and wider Armag
Banbridge & Craigavon council area.
Overall the Board of Mayfair Business Centre Ltd continues to make a positive contribution to local
enterprise, business development, education and communlty development during the course of the
year.
Ottupancy
As previousLy mentioned. the agreement to let Office Unit l from October 2023 enabled the Business
Centre to reach a major milestone by reaching 100% occupancy for the first time.
Previously, our total property base performed weLI over the last year with conststently high occupancy
levels within both the office space and industrial units.
OveralL the occupanry Levels across the site continue to demonstrate both the quality of our facilities
and the desirability of Mayfair Business Centre as a preferred business location.

Mayfalr Buslness Contrè Llmlted
(A company (Imited by guaranteé)
TRUSTEES. REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Su5talnablUty
The Board has continued to fulfil many of its original objectives. To date, the business has been self-
supporting and had requtred no assistance from external bodies in respect of stsffing or other revenue
Costs.
Nevertheless. the director5 are mindful that the possibility of wider 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 employment and customer levels, despite three consecutive years of adverse trading
conditions. Thac in turrn has helped to maintain occupancy levels and the companrfs income
generating abilities.
As in the pasc we will continue to y￿rk closely with any of our tenants who may be facing unforeseen
challenges.
Futur• Plans
The Directors are agreed that they will continue to promote Maylalr Buslness Centre as an ideal location
for new and expanding companies.
The Directors are abo committed to driving the company fomard by applying any Surplus received on
property activities agalnst charitable objectives.
It was extremely disappointing to leam that the government's latest round of Levelling-up funding was
confined only to those applicant5 which had successfully completed capital build projects within a
previous five year period.
WhiLe (t had been intended to submit an application to that funding stream in respett of the pro￿SiOn
of additional offKe and work spaces on our site, that criteria automatically excluded Mayfair Business
Centre and qulte a number of simitar projects.
Equally disappointing has been the continued absence of any new capital funding streams wilhin the
Departrnent for Communities due to wlder political issues. The Department has prevLously proven. and
continues to be, very supportive of Mayfair Buslness Centre and other similar economic development
inltlatives.
In the Longer temi, the Directors, and their staff, are committed to securing future investment with
VLew to prov(ding additional office/service space on-SLte along w(th associated car-parking etc.
Going Concem
At the time of approving the f￿anCIal statements, the directors have a ￿aSOnable expectation that the
company ha5 adequate resources to continue in operational existence for the foreseeable futuie. Thus,
the directors continue to adopt the going concem basis of accounting in preparing the financial
statements
Flnancial revlew and reserves pollcy
The results for the year are set out in the attached financial statements. The total fund5 held at the end
of the year are shown in the notes to the financial 5tatement5.

Mayfalr Business Centre Llmlted
(A company Ilmited by guarantee)
The directors are committed to driving the company forward by applying any surplus recelved on
Propety attivities against objectives.
Unrestricted funds are essential to provide suffLcient funds to cover any unforeseen costs which may
arise and fvifil the legaL obligations of the Charity if current levels of income are not maintsined.
The reserves policy has been designed to recagnlse Mayfair Business Centre's requirements for reserves
considering the main rsks to the compary. In formuLating an assessment on the level of reserves
required the Business Centre has considered the programmes and services that the centre plans to
deliver in the period covered by the Strategic Plan.
It has established a policy whereby the unrestricted funds not committed should equate to 6 months,
total resources expended. The aim (s to provide sufficient funds to cover any unforeseen costs whlch
may arise, recognise the volatile grant environment as well as allowing *or the payment of any liabilities
which would arise Should the company cease to operate. The Trustees believe that this level of reseNes
provides sufficient Confiden￿ that the company is a going concern and the accounts have been
p￿Pared on that basls.