Company Registration Number: N1028840 HMRC Charity Number: 916m878 CCNI R•glstratlon Number: 100270 Mayfair Buslness Centre Ltd (A company limlted by guarantee) Report and Financial Statements for the year ended 30 September 2024 'AE55DXA0* 2110612025 COMPANIES HOUSE A12
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Mayfair Business Centre Limited (A company limited by guarantee) CONTENTS Page Reference and administrative details of the charity, its trustees and advisers Trustees. report Directors, Report Independent auditors, report 9-12 Statement of financlal activitLes 13 Balance sheet 14 Cash Flow Statement 15 Notes to financial statements 16-25
Mayfair Business Centre Llmited (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Trustees and Company Directors K Twyble 8 Lindsay JP Hagan B G McKeown C Whiteside P Kelly (deceased 1811012024) Cllr P Duffy C Mercer C Tennyson l Milne C Murphy Company regtstered number Nl 028840 Charlty reglstered number 100270 Inlarbd Revenue Charlty Number 916ff7878 Registered offlce 193-205 Gatvaghy Road Portadown Co, Armagh BT62 IHA Northern Ireland Auditors AAB Group Accountants Limited Chartered Accountants and Statutory Auditors Dromalane Mill The Qu8yS Newry Co. Down BT35 8QS Northern Ireland Bankers Bank of Ireland 43 High Street Portadown BT62 IHY
Mayfalr Business Centre Lirnlted (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Solicltors JPH Law Ltd 17. Church Street Portadown 8T62 3LN Company secretary B Mac Cionnaith CEO B Mac Cionnaith
Mayfair Business Centre Limited (A company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees (who are also directors of the charity for the purposes of the Companies Act 2006) present the¢r annual report together with the audited financial statements of MaaIr Business Centre Limited for the year ended 30 September 2024. The Directors confirm that the Annual report and financial stalements of the company comply with the Charities Act (Nl) 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 {FRS 102)). Structure. governance and management Constitution The company is registered as a charitable company limited by guarantee INI 028840) and was set up by a Memorandum of Association on 6 October 1994 as Mayfair 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 char(table status for tax purposes by HMRC. Method of appolntment of ele£tLon of Dlrectors The Directors are appointed annually by the members of the Company at an Annual General Meetlng. Any Dtrector 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 ppoint any person to be a Director, either to fill a casual vacancy or as an addition to the existing Directors. Unless otherwise determined by the Company in the General Meeting, the number of Directors shall not be more than sixteen nor less than five. Organisational structure and decision making None of the Directors have any beneficial interest in the company. All of the dirertors are members of the company and guarantee to contribute £1 in the event of a winding up. Decisions at General Meetings shall be ma(Je by passlng resolutions. Decisions involving an alteration of the Nemorandum and Articles of Association of the Company and other decisions 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 declonS 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 which the company is exposed, in particular those related to the operations and finances of the company and are satisfLed that systems and procedures are in place to mitigate our exposure to the major risks. Liquidity Risk The company continues to ensure that it has sufficient available funds for operations and planned maintenance work. Interest Rate/Cash Flow Risk During the year, the company did not acquire any new long temi interest bearing liabilities.
Mayfair Business Centre Limited (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 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 companrfs regular board meetings. The company has assessed the major rtsks to which the char(ty is exposed, in particular those related to the operations and finances of the company and is satisfled that systems are in place to mitigate any exposure to major risks. ActLVlties and athievements of current year Char(table Objects Mayfair Business Centre L(mited is committed to encouraging and asslsting business enterprise in the Portadown area for the benefit of the local economy. Mayfair Busines5 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-active in providing help and guidance and in seeking to attract investment in order to stimulate local enterprise development. The matn areas in which Mayfair Busine55 Centre Limited are involved with include: Enterprise development including mentoring and small business initiatives; Workspace provision and propety managemenL Infrastructural improvement,. and Communlty development Strategk Out¢omes Mayfair Business Centre L(mited 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 povety 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 educat(on, training or retraining, particularly among unemployed people. and providing unemployed people with work experience.. the provision of financial assistance, technical assistance or business advlce or consultancy in order to provide training and employment opportunities for unemployed people in cases of fLnancial or other charitable need through help: {i) in setting up their own business, or {(i) to existing businesse5,' and the creation of trainlng and employment opportunities by the provision of workspace, buildings and/or land for use on favourable terms. Achievements and performance Investment income of £140K12023: £143K) was generated for the year ended 30 September 2024. A summary of Mayfair Business Centre Limited's achievements during the year are set out In the Annual Review 2024 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.
Mayfair Business Centre Limited (A company Ilmited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Business OpeTattons 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, seNice and industrial units. The business operations carried on by our tenants cover a wide range of activities and service5, These include a charitable business operating 2 shops and associated 'upcycling' actLVLties; food (meat) preparation,. specialist bakery; a mini-call centre,. fltness centre,. solicitor's office; beautician; tratning and education company, security sector company, hairdresser, financial services, physiotherapist. migrant support & advice services., ESOL centfe; Portuguese Consular Office,. horticult¢Jralist; carpet suppliers- St John's Ambulance seNice: school of music,. automotive repair,. Thai food restaurant; and a cabinet- makers. The cont(nued presence of the Clanrye Group within Mayfair Business Centre, has ensured the delivery of a comprehensive range of on-stte high-quality programmes and services, including Training and Qualifications, Health and Wellbeing services and Employment programmes to rÈsidents from across the Portadown and wider Cratgavon area. During the year, Mayfair 8ustness Centre assisted a number of local organisations including a local secondary school to continue the delivery of a health and well-being pro9ramme for puplls. The Business Centre continues to facilitate a local sports club locate two storage units on unused ground t the rear of our site in order to slore sports equipment while their own facilities undergo major development. That project is expected to be completed by late 20251early 2026. In keeping with the company's charitable objectives, the Business Centre continued to work with other community-based organisations and statutory bodies across the Portadown and wider Armagh, 8anbrtdge & Craigavon council area. Overall, the Board of Mayfair Business Centre Ltd continues to make a positive contribution to local enterprise, business development, education and community development during the course of the year. Occupancy Our total propety base performed well over the last year with 100% occupancy levels within both the office space and industrial unit& There is one tenant on-site. operating an automotive repair business. who has posed problems for the Business Centre and for adjacent tenants. The tenant has been advised in writing on a number of occasions about those issues. The matter is being kept under close attention and review by the staff and Direttors and the tenant has been requested to ensure full compliancewith allterms and conditions of the tenancy agreemenL OveralL the occupancy levels across the site continue to demonstrate both the quality of our facilitie5 and the desirability of Mayfair Business Centre as a preferred business locatLOn.
Mayfair Buslness Centre Llmited (A company limlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Sustainabillty 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 extemal bodies in respect of staffLng 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, de5PLte three consecutive years of adverse trading conditions. That, in turn, has helped to maintain occupancy levels and the company's income generating abilities. As in the past, we will continue to work closely with any of our tenants who may be facing unforeseen challenges. 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 fOard by applying any surplus received on property actlVLties against charitable objectives. Ourtng 2024, MaaIr Business Centre applied for inclusion to the Sustainable Community Buildin95 Programme, delivered by the National Lottery. The programme is intended to support organisations wlth reducing their carbon footprint, create an environment plan, and improve the environmental performance of their community buildings. As part of that bid, both maair Business Centre's Chairperson and the Chief Executive Officer were required to undertake carbon literacy training delivered by Business in the Commun(ty, to assist them in looking at ways to reduce the company's carbon footprint. Action Renewables also supported our organisation's representatives to develop and implement an environmental plan to improve sustainability and cut costs. A decision on the outcome of that funding bid is not expected until December 2024. If successful, the Programme could potentially be worth up to £50K to the Business Centre. In the longer term, the Directors, and the(r staff, are also committed to securing future investment with a v(ew to provid(ng addit(onal offLce/seryice space on-stte along with associated car-parking etc. Golng Concern At the tlme of approving the financial statements, the dlrectors have a reasonable expectatlon that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concem basis of accounting in preparing the financial statements
Mayfair Business Centre Limited (A company limited by guarantee) 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 fOard by applying any surplus received on property actlVLties against objectives. Unrestricted funds are essential to provide sufficlent funds to cover any unforeseen costs which may arise and fulfil the legal obligations of the Charity if current levels of income are not maintained. The re5erve5 policy has been designed to recognise Mayfair Business Centre's requirements for reserves considering the ma(n risks to the company. In formulating an assessment on the level of reserves required the Business Centre has considered the programrnes and seNices that the centre plans to deliver in the period covered by the Strategic Plan. It has established a pollcy whereby the unrestricted funds not committed should equate to 6 months, total resources expended. The aim is to provide sufficient funds to cover any unforeseen costs which may ar(se, recOgne the volatile grant environment as well as allowing for the payment of any liabilities which would arise should the company cease to operate. The Trustees believe that this level of reseNes provides sufficient confldence that the company is a going concern and the accounts have been prepared on that basis.
Mayfalr Business Centre Limited (A company Ilmited by guarantee) DIRECTORS. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Statement of Directors, responslbllities The Direciors are responsible for preparing the Directors, report and the financial statements in accordance with applicable Law and Untted Kingdom Account¢ng Standards (United Kingdom Generally Accepted Accounting Practice). Company and charity law requires the Directors to prepare financial statements for each flnancial 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 accountlng palicles and then apply them consistentlyi Observe the methods and principles in the Charities SORP- Make estimates that are reasonable and prudent; Prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company wtll continue in operation. The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial pos(tlon of the charitable company and enable them to ensure that the financ(al 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 preventlon and detect40n of fraud and other irregularitie& Provision of Information to auditors Each of the persons who are D(rectors at the time when this Directors. report Is approved has confirmed that: So far as the Dtrectors are aware, there is no relevant audit infomation 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 char(table company's auditors are aware of that (nformation. The report of the Directors has been prepared taking advantage of the srnall companies. exemption of section 415A of the Cornpanies Act 2006. This report was approved by the Directors on the 17 June 2025 and signed on their behalf, by. B Mac Cionnalth Company Secretary
MAYFAIR BUSINESS CENTRE LIMITED (A company Limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED OplnLon We have audited the financ1 statements of Mayfair Business Centre Limited for the year ended 30 September 2024 which comprise the Statement of Financial ActLVlties (Incorporating the Income and Expenditure Account), 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 f(nancial statements.. give a true and fair view of the company's affairs as at 30 Jeptember 2024 and of its tncome for the year then ended., have been properly prep3red in accordance with United Kingdom Generally Accepted Accounting Practlce,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)l and applicable law. Our responstbilities under those standards are further described in the Auditor's responsibilities for the audit of the 3ccountr rortion of our report. We aro indopendont of thc company in accordance with thc cthical rcquirementsr that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfLlled our other eLI'IiL¢il I'éSVUI'isibLlities iii ycLui'iJdl ILe willi tFiese requii'eriieiils". We believe that tkie audit evideilie we lidve obtdiiieLJ is sufficient and appropriate to provide a basis for our opinion. Concluslons reiatlng to golng <oncern 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. BaJcd on the work. we have performed, we have not identifLed any m8terial unkertainties relating to events oi" conditions tlial, iridividudlly or colleLtively, Inay cast siyi iificdiit doubt oli tli¥ iOlilPdliy'S ybilily Iu LUlItillUil d5 d yvirig Lvriceii I lui period of at least e1ve months from when the fLnancial statements are authorised for issue. Our responsibilit(es and the responsibilities of the dirertors with respect to going concern are described in the relevant sections of this report.
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 auditorfs report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the ftnancial statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fonm of assurance conclusion thereon. Our responsibility is to read the other informat(on 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 misstatements, we are required to determine whether thi: givcJ fiJC to a material miaotatcmcnt in thc f(nancial rtatcmcntr themselves. If, based on thc work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard,. Opinions on other matters prescrlbed by the Companies 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 whlch the f(nancial statements are prepared is consistent with the financial statements., and the directors, report has been prepared In accordance with applicable le9al requirements. Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the company and its environment obta(ned 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 account(ng records and returns,. or certain disc105ures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audtt. Statement of Dlrectors. responsibiiltles As explained more fully in the directors, responsibilities statement, the trustees, who are also the director5 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 intemal control as the directors determine 15 necessary to enable the preparation of accounts that are free from material mi55tatement, whether due to fraud or error. io
MAYFAIR BUSINESS CENTRE LIMITED (A company Ilmited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED In preparing the accounts, they arc rcapon -blc for o::C"4rfJing the companlft ability to continue ar a going concern, dirJcIoding, applicable, mattor" relatcd to going conccrn and Uaing the going conccrn bapJlJ of Jccounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Audltor's responslblutles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material m(sstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance but is not a guarantee that an audit conducted tn accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or eThor and are considered matcrial if, individually or in the aggregote, they could reaeonably be e)(perted to influence the economic dcciJrionG of users taken on the basis of these accounts. Irregularitie5, includÈng fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi5Statements in respect of irregular(ties, including fraud. The extent to wh(ch 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 manJgemcnt, indurtry reJreJrch and the opplication of cumulative audit knowlcdgc. We identified tho 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 102). We developed an understanding of the key fraud risks to the entlty (including how fraud might occur). the controls in place to help mitigate t1103e risk's, and the ackounts. balance5 and disc105ures within the financi815tatements which may be susceptible to management bias. Our understanding wa5 obtained through review of the financial statements for significant accounting estimates, analysis ofjournal entries, walkthrough of the k'ey 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 wtth governance and the entity's solicitors around actual and potential l(tigation and claims. Enquiry of entity staff in tax and VAT functions to identify any instsnces of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged with govemance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. furthcr dcpJcription of our rcdpondibilitiera for the uudit of thc accounta IJ locatcd on the Financial Reporting Council.: website at: http'./lwww.frc.org.uklauditorsrespons(bilitie& This description forms part of our auditor's report. li
MAYFAIR BUSINESS CENTRE LIMITED (A company Ilmlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED Th• purpose of our audtt work and to whom we owe our r•sponsibULtI•s 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'5 trustees as a body, for our audit wor for this report, or for the opinions we have formed. Feargal Mccormack (S•nlor Statutory Audltor) for and on behalf of AAB Group Aciountants Llmlted Chartered Accountants and Statutory Auditors Dromalane Mill The Quays Newry Co. Down BT35 8QS 17 June 2025 12
MAYFAIR BUSINESS CENTRE LIMITED STATEMENT OF FINANCIAL AcfiviTIES (Incorporattng the Income and Expendlture Account) FOR THE YEAR ENOED 30 SEPTEMBER 2024 Note Re5tthted funds 2024 Unrestricted lund 2024 Totsl fund5 2024 Total lund$ 2023 Income from: Charitable Actlvitie5 Investment Income Total incom• 1,993 140,666. 142,659 139688 139.688 139,688 139.688 Exp•ndltur• on: Charitable Activities Cost of raising funds Total •xptnditur• 362 142,750 31,231 173.981 143,112 123,940 362 174.343 142,427 N•t Incame / Id•fi¢lt) •nd n•t movement In lunds for the year (362) (34.293) (34.655) 232 Re¢onclliation ol funds Funds Brought Forward 6,154 1,646,193 1,652 347 1,651115 Totsl funds carried forward 1611900 1617 692 1652.347 The Statement of Financial ActiVLties includes all gains and losses in the year and therefore a Statement of Total ReCOgned Gain5 and Losses has not been prepared. All income and expenditure derive from continuing activitles. The notes at pages 16 to 25 form part of these financial statements. 13
MAYFAIR BUSINESS CENTRE LIMITED BALANCE SHEEr AS AT 30 SEPTEMBER 2024 Note 2024 2023 FiJ(ed ass•ts Tangible assets L536,673 I554,642 Current assets Debtor5 Cash at bank and In hand io 14,096 15,821 90,687 110,415 Cradltar•: amounts falling due wlthln one year li 19.668). 12,710 N•t ¢urrent assets 81,019 97.705 Net Assets 1,617,692 1,652,347 The funds of the ch•Tity 14 Restricted funds Unrestricted funds 5,792 1,611,900 6,154 1,646,193 Total Charity Funds 1617 692 1652,347 These financial statements are prepared in accordance with the special Prov10nS 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 16 to 25 form part of these financial statements. The financial statements were approved by the Directors and authorised for issue on 17 June 2025 and signed on their behalf by. C Mercer Director Company Registratlon Nurnber: N1028840 HMRC Charity Number. 9161r7878 CCNI Reglstration Number: 100270 14
MAYFAIR BUSINESS CENTRE LIMITED CASH FLOW STATEMENT AS AT 30 SEPTEMBER 2024 Notes 2024 2023 Cash flows from op•rntlng aciivltLes Cash generated from operations 23 (18.003) 31,282 Net tash Inflow from op•r•ting artivittes (18.003) 31,282 Investin9 Artiviti•$ Purchase of tan9tbLe fed assets Nel Decrease In ¢a$h and eqUil•ts {18.003) 31,282 Cash and cash equivalents at beginnlng of year 94,594 63,312 £h and ¢8sh equlvaients at end al year 94,594 Relatln9 to: Cash at bank and in hand 76,591 94.594 15
MAYFAIR BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies Basls of preparatLon of financial slatements 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 LS a Public 8enefLt Entity as deftned by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these fLnanc(al statements are rounded to the nearest £. Company status The company is limited by guarantee and has no share capitsl. The liability 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 wh(le theyare members orwithin 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 contrlbutors among themselves such amount as may be required, not exceeding £1. Fund ac<ounting 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. Restr(cted 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 nd 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 appropr(ate fund. Incomin9 resources All incoming resources are included in the Statement of Financial Activities when all of the following criteria are met. The charity has entitlement 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 char(ty,' There is sufficient certainty that receipt of the income is considered probable; and The amount can be measured reliably. 16
MAYFAIR BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ÉNDED 30 SEPTEMBER 2024 Accountlng policies (continued) Income represents the total invoice value, excluding value added taK of rent received and related seNices income during the year. Grant (ncome 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 specifLed that the income is to be expended in a future period. Resources expend•d Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it 15 probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following actlvity 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 expendtture Is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Governance costs are those incurred in connection with the compliance with const(tutional and statutory requirements. All costs are allocated between the expen¢Jiture categories on a basis designed to reflect the use of the resource. Costs relating to a part(cular activity are allocated directly, others are apportioned on an appropriate basis, Operatlng 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 S years. Rental charges are charged on a straight-line basis over the term of the lease. Tangible fixed asse1$ and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed a55ets, le55 their estimated resldual 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 tangible fixed assets are reviewed for (mpairment when events or changes in circumstances tndicate the carrying value may not be recoverable. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepald after taking account of any trade discounts due. 17
MAYFAIR BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting polLcies (continu•d) 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 provLSLons are recognised where the charity has a present obl(gation 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 provLSLons are normally recognised at the¢r 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 origtnated 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 CoMpanS taxable income and its results as stated in the financlal statements. Deferred tsx 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 Flnanti&l Instruments The chartty only has financial assets and financial liabllities 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 Golng Con¢•rn 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. 18
MAYFAIR BUSINESS CEKfRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Intome from charltsbLe activLtie5 Restfficted lunds 2024 Unmstrirted fvnd 2024 Total funds 2024 Tot•L lunds 2023 Grants Received 1,993 Invostment Income Restrtcted lunds 2024 Unvejtricted lynd 2024 Total nds 2024 Totsl funds 2023 Rental Income 139,688 139 688 140,666 Dlrert charltable expendlture Restrlfted funds 2024 Unr•strict•d funds 2024 Total funds 2024 Total funds 2023 Wages and salaries Social security costs Staff pension costs Rates Cleaning Power, light and heat Insurance Computer runn(ng costs Travel Charitable donations 8ank charges Security Printing and ststionery Advertlsing Telephone Sundry expenses ead debts Depreciation Governance costs Isee Note S) 58,208 5.522 990 3.131 119 19,589 8.207 2,417 49 5.900 387 1.920 1,435 265 2.076 1.586 3.504 17,607 58.208 5.522 990 3.131 6.119 19.589 ¢207 2.417 49 5,900 387 1.920 1,435 265 2,076 1,586 3.504 17.969 3.838 143.112 55,865 3,053 1.580 3.756 4,083 9.798 7,963 1.653 55 6,260 369 723 250 1,756 5,014 362 18,423 3,339 123.940 362 142.750 19
MAYFAIR BUSINESS cErRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Governance Costs Restrided funds 2024 Unrestricted funds 2024 Tolal funds 2024 Total funds 2023 Legal and professional Audit L263 2.575 1.263 2.S75 500 2,839 3.838 3.838 3,339 6. Cost of raising funds Aestrleted funds 2024 Unrestrlrted funds 2024 Tatsl funds 2024 Total funds 2023 Investment management costs 31,231 31.231 18,487 31.231 18.487 Net Income ThLs1s slated •fter charging.. 2024 2023 Depreciation of tangible fixed assets., Owned by the charity Audit Fees 17.969 2.575 2Q.544 18,423 2.839 21.262 8. Staff costs Staff costs were as follows: 2024 2023 Wages and salaries Social security costs Staff pension5 58,208 5.522 990 55,865 3,053 1,580 20
MAYFAIR BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 The average monthly number of employees during the year was as follows: 2024 2023 AdMIntration No employee received remuneration amounting to more than £60.000 in either year., Key management personnel received the following remuneratLOn'. 2024 2023 Gr05s Salary Employers NIC Employers Pension Costs 58.208 5.522 990 64.720. 55,865 3,053 1.580 During the year the company paid an insurance policy for director and office cover. Tangible lixed asSQtS L•nd 8t Buildings Pijnt •nd Ma<h(nery FL¥¢ureJ, Fiitings Equlpm•nt Total Cost At l October 2023 Additions Dlsposa15 2,228,572 129,651 lQ8,949 2.467,172 At 30 September 2024 2228 572 129 651 108 949 2 467 172 Depfeclatlon and impairmefits At l October2023 Charge for the year Eliminated on disposal 700,857 15,277 127,707 83.966 2A98 912,530 17,969 At 30 September 2024 716,134 86.464 930 499 Net book v•iue At 30 September 2024 1512 438 1.536.673 At 30 September 2023 1,527,715 24,983 L554,642 . The propety at 193-205 Garvaghy Road. Portadown was valued on 10 July 2024 by Ivan Holmes. Holmes & Doran Chartered Surveyors, who 15 3 member of the Royal Institution of Chartered Surveyors. The property was valued on an open market value with a valuation range of £1.3m to £1.5m. The directors are satisf(ed that there is no (mpairment in the value as ststed in the flnancial statements. 21
MAYFAIR BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 10. Debtors 2024 2023 Trade debtors and accrued income Prepayments 12.984 1.112 14.096 15,289 532 15,821 ii. CredLtoYs: Amounts fall¢n9 due within one year 2024 2023 Trade creditors Taxation INote 12) Other (ditorS Accruals 970 2.285 3.669 2.744 106 5,962 3,898 2,744 The following is held as security as at 30 September 2024: Bank of Ireland hold security over part of the lands of Ballyoran, Portadown known as Mayfair Business Centre. 12. Taxatlon 2024 2023 VAT PAYE 2.285 4,776 1,186 5,962 13. Corporatlon Tax The charity is exempt from tax on income and gain5 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 object 22
MA YFAIR BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 14. Analysis of charttable funds Brought Fotrward Income Expenditure Net In¢omo 1 (deficit) Carried Forward General funds General funds Total Unrestricted funds 1,646,193 1,646,193 139,688 139,688 173,981 173,981 134.2931 134,2931 1,611,900 1,611,900 Restrirtèd funds Restricted funds Total Restricted funds 6,154 6,154 362 362 (362} 13621 5,792 5.792 Total of funds 1,652,347 139,688 174,343 134,655)) 1,617,692 15. Analysis of net assets Brou9ht Fotward Movemenl Carried Fonvard Tangible fixed assets Oebtors Cash at bank and in hand Creditors due within one year Total Unrestrl£ted funds L548,488 15,821 94,594 12,7101 1,646 193 117,607) (1,725) (18.003} 3,042 34,293 1.530,881 14,096 76,591 9,668 1.611.900 Tangible fLKed a55ets Total Restrt¢ted funds 362 362 5.792 5,792 6,154 16. Golng Concern Ravlew The company's business attivities, together with the factors likely to affect (ts future development, performance and position are set out in the Trustees report on pages 3 to 7. The financial POSLtion of the company. its cash flows, and liquidity position are described in the notes to the financial statements. The company meets Lts day to day working capital requirements through rental income rece(ved. The Company's forecasts and projection5, taking account of reasonably possible changes (n operating performance show that the company will be able to operate within its current facilities. The d(rectors 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. Accordingly. they continue to adopt the going concern basis in preparing the annual report and fmancial statements. 23
MAYFAIR BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 17. Related party transactions During the year, Mayfair Business Centre Ltd acted as a guarantor for Drumcree Community Trust. Drumcree Community Tnjst was fomed in 1991 with the aim of addressing social and economic needs within the Northwest Portadown area which resulted in the establishment of maair 8usiness 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 £5,000 (2023 - £5.000) to Drumcree CommunLty Trust. During the year, no Directors received any remuneration {2023 - £nil). During the year, no Dirertors received any benefits in kind (2023 - £nil). During the year, remuneration paid to offLcer5 of the company totalled £31.552 (2023: £30,914) in salary costs. 18. Operating leas• commitments At the reporting end date. the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows; 2024 2023 240 240 19. Control The board of directors are the ultimate controlling party of the company. 20. Flnan<iaL Commltm•nts The company had no financial commitments at the balance sheet date. 21. CapLtal Commitments The company had no capital commitments at the balance sheet date. 22. Contingent Liabliities Mayfair Business Centre Limited has a contingent liabil(ty to repay govemment grants if certain conditions are not met, but in the op(nion of the directors. these circumstances are unlikely to occur. 24
MAYFAIR BUSINESS CENTRE LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 23. Cash Generated from Operations 2024 2023 (Outgoing) I Incoming resources for the year (34,655) 232 Adjustments for. Depreciation of tangible fLxed assets 17,969 18,423 Movement of working capitaL Decrease in debtors Decrease In creditors 1,725 (3,042) 11,360 1,267 Cash generated from operations (18,003) 3L282
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24. Llmlt•d Liabluty Agreement The directors. on behalf of the company. have entered into a Limited Liability Agreement Wlth their uditors, dated 27 March 2025. The auditor5. liability i5 limited to an amount which is considered fair and reasonable. This has been disclosed in line with compan(es legislation. 25