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 #36 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 Ma￿aIr 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 dec￿lonS 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 fO￿ard by applying any surplus received on property actlVLties against charitable objectives. Ourtng 2024, Ma￿aIr 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 ma￿air 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 fO￿ard 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, recOgn￿e 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 financ￿1 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