Company Registration Number: N1028840 HMRC Charity Numbèr.. 916tr7878 CCNI Registration Number: 100270 Mayfair Busine55 Centre Ltd (A company limited by guarantee) Report and Financial Statements for the year ended 30 September 2025
Mayfalr Business Centre Limited {A company limited by guarantee) CONTENTS Page Reference and administrative details of the charity. its tmstees and advisers Trustees, report Directors, Report Independent auditors. report 9-11 Statement of financial activities 12 Balance sheet 13 Cash Flow Statement 14 Notes to financial statements 15-23
Mayfair Business Centre Limited {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Trustees and Company Directors K Twyble B Lindsay JP Hagan B G McKeown C Whiteside Cllr P Duffy C Mercer C Tennyson l Milne (Resigned 12 October 20251 C Murphy Company registered number Nl 028840 Charlty registered number 100270 Inland Revenue Charity Number 916Th7878 Registered office 193-205 Garvaghy Road Portadown Co. Armagh BT62 IHA Northern Ireland Auditors AAB Group Accountant5 Limited Chartered Accountants and Statutory Auditors Dromalane Mill The Quays Newry Co. Down BT35 8QS Northern Ireland Bankers Bank of Ireland 43 High Street Portadown BT62 IHY
Mayfair Business Centre Lim4ted (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Solicitors JPH Law Ltd 17 Church Street Portadown BT62 3LN Company secretary B Nac Cionnaith CEO B Mac Cionnaith
Mayfair Busine55 Centre Limited (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Trustees (who are also directors of the charity for the purposes of the Companies Act 20061 present their annual report together with the audited financial statements of Mayfair Business Centre Limited for the year ended 30 September 2025. The Directors confirm that the Annual report and Itnancial statements of the company comply with the Charities Act INI) 2008, the Companies Act 2006, the Memorandum and Articles ol Association, and Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Report(ng Standard applicable in the UK Charities SORP IFRS 10211. Structure. governance and management Constitutlon The company is registered as a charitable company limited by guarantee INI 02884013nd was set up by a Memorandum of Association on 6 October 1994 as MayFair Business Centre Limited. The company is constituted under a Memorandum of Association dated 6 October 1994 and became a registered charity on 25 June 2014 (Northern Ireland Charity Number NIC 1002701, having previously been granted charitable status for tax purposes by HMRC. Method of appointment of election of Directors The Directors are appointed annually by the members of the Company at an Annual General Meeting. Any Director so appointed shall hold office until the next following Annual General Meeting and shall then be eligible lor re-election. The Directors have the power at any time and from time to time to appoint any person to be a Director, either lo fill a casual vacancy or as an addition to the existing Directors. Unless oiherwise determined by the Company in the General Meeting. the number of Directors shall not be more than siKteen nor less than five. Organisational structure and decision making None of the Directors have any beneficial interest in the company. All of the directors are members of the company and guarantee to contribute £1 in the event of a winding up. DeclOnS at General Meetings shall be made by passing resolutions. Decisions involving an alteration of the Nemorandum and Articles of AsSOClation ol the Company and other decÉsions so required by statute shall be made by special resolution. A special resolution 15 one passed by a majority of not less than three-fourths of members present and voting at a General Meeting. All other decisions shall be made by ordinary re501ution requiring a simple majority of members present and voting. Risk management The Dkrectors 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. Liquidity Risk The company cont(nue5 to ensure that it has svflicient available funds for operations and planned maintenance work. Interest Rate/Cash Flow Risk During the year, the company did not acquire any new long tem interest bearing liabilities.
Mayfair Business Centre Limited {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Mayfair Busine55 Centre Limited produces financial management reports which highlight the key areas that need to be monitored to minimise risk. These reports are presented al the company's regular board meetings. The company has assessed the major risks to which the charity is exposed. in particular those related to the operations and finances of the company and is satisfied that systems are in place to mitigate any exposure to major risks. Activities and achievements of current year Charitable Objects Mayfair Business Centre Limited is committed to encouraging and assisting business enterprise in the Portadown area for the benefit of the local economy. Ma5rfair Business Centre Limited was established in 1994 to assist in the social and economic regeneration within the Portadown area of Cratgavon. 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 l(Kal ellterpre development. The main areas in which Mayfair Business Centre Limited are involved with include.. Enterprise development including mentoring ènd small business initiatives-, Workspace provision and property management., Infrastructural improvement., and Community development. Strategit Outcomès Mayfair Business Centre Limited previotjsly 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'l, being an area of social and economic deprivation, by all or any of the following means- the relief of poverty in such ways as may be thought fit.. the relief of unemployment in such Was as may be thought fiL includin9 assistance to find employment., the advancement of education, training or retraining, particutarly among unemployed people, and providing unemployed people with work experience.. the provision of Itnancial assistance, technical assistance or bustness advice or consultancy in order to provkde training and employment opportunities for unemployed people in cases of financial or other charitable need through help.. lil in setting up their own business, or lill to existing businesses,. and the treation of training and employment opportunities by the provision of workspace, buildings and/or land for use on favourable terms. Achievements and performance Investment income of £156K12024-. £140KI was generated for the year ended 30 September 2025. A summary of Mayfair Business Centre Limited's achievement5 during the year are set out in the Annual Review 2025 which is due to be presented to the members at Maylair's AGM. At the annual review, the financial statements will be approved by the Direttors.
Mayfair Business Centre Limited (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Business Opèrations The main activities of the company remain unchanged and are set out in our mission statement and objectives. These include the promotion of busines5 development and the creation of employment opportunities to businesses and persons, including the unemployed, and the letting of office, service and industrial units. The business operation5 carried on by our tenants cover a wide range of activities and services. These include a charitable business operating 2 shops and a550Clated 'upcycling' adivities,. food Imeatl preparation,. specialist bakery,. a mini-call centre., fitness centre,. solicitor's olftce,. beautician,. training and edutation company, security sector company., hairdresser., financial 5eNices, physiotherapist,. rnigrant support & advice services,. ESOL centre,. Portugtjese Consular Office,. horticulturalist., carpet suppliers., St John's Ambulance 5eNice,' school of music., automotive repair.. Thai food restauranL cabinet-makers.. and a hospitality promotions business. The continued presence of the Clanrye Group within Mayfair Business Centre, has ensured the delivery of a comprehensive range of on-site high-qualtty progr3mmes and seNices. including Training and Qualifications, Health and Wellbeing services and Employment programmes to residents from across the Portadown ènd wider Craigavon area. During the year, Mayfair Business Centre assisted a number of local organisations including a local secondary school to continue the delivery of a health and well-being programme for pupils. 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. 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 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 untts. Overall, the occupancy levels across the site continue to demonstrate both the quality of our facilities and the desirability of Mayfair Business Centre a5 a preferred business location. Sustainabllity At the end of December 2024, Mayfair Business Centre was informed by the National Lottery that an application to that bodls Sustainable Community Buildings prramMe had been successful and the subsequent Letter of Offer was duly signed and returned. Throughout the first few months of 2025, both the Chairperson and Chief Executive of the Business Centre, successfully undertook a National Lottery training progrémme on environmental sustainability in line with the Programme's requirements. The project permitted the Business Centre to fund the installation of solar panels and movement- controlled LED lighting, along with adjustments to the extsting external lighting supply. Tenders were invited from a number of companies to deliver the project. with REI Electrical Contrattors being awarded the contact in the spring, with works takin9 place throughout the summer and completed in September 2025. The project is expected to generate an annual reduction in electrictty costs by Mayfair over the coming years.
Mayfair Business Centre Limited (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 A further application to the National Lottery by Mayfair Business Centre in March 2025 resulted in the awarding of a £16,000 grant for the purchase of two internal office pods to be located in unused space adjacent to the main reception area. Given the 100% occupancy of the Mayfair site, the purchase and installation of these 4-person and 6-person pod5 With National Lotter funding has provided opportunities for on-site businesses and external comm(Jnity groups to avail of these additional spaces for small, private meetings. The Board has continued to fulfil its original objectives. To date, the business has been self-supporting and had required no assistance from èxtemal bodÉes for staffing or other revenue cost5. All of our on-site tenants have been able to continue trading and to maintain their employment and customer levels. The ability of our tenants to do so has helped maintain occupancy levels and the compantys income generating abilities. As in previous years, we will continue to work closely with all our tenants who may be facing unforeseen challenges. Future Ptans The Directors are agreed that they will continue to promote Mayfair Business Centre as an ideal location for new and expanding companie5. The Directors are committed to driving the company forward by applying any surplus received on property activities against charitable objectives. In the longer term. the Directors. and their staff. are committed to securing future investment with a view to providing additional office/service space along with associated car-parking facilities, etc. Loss of fellow Director and Colleague The sudden death of lan Milne, at the end of September 2025, came as great shock to his fellow Directors and the staff of maair Business Centre. lan had been invited tojoin the Board of Directors 2022. He played an active role within Mayfair and the wider Portadown community where he was highly respected by all people for his commitment to helping others. Golng Concern Al the time of approving the financial statements, the dtrectors have a reasonable expertation 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 ol accounting in preparing the financial statements Financial review and reseNes poli 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 note5 to the fan(la1 statements. The directors are committed to driving the company forward by applying any surplus received on property activitie5 against objectives. Unrestricted fvnds are essential to provide sufficient 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 reseNes policy has been designed to recogni5e Mayfair Bu5ine55 Centre's requirements for reserves considering the main risks to the company. In formulating an assessment on the level of resetves
Mayfair Business Centre Limited IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 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 is to provide sufficient funds to cover any unforeseen costs which may arise, recognise the volatile grant environment as well as allowing for the payment of any liabilitie5 which would arise should the company cease to operate. The Trustee5 believe that thig level of reseNes provides sullicient confidence that the iompany is a going concem Bnd the accounts have been prepared on that basis.
Mayfair Business Centre Limited (A company limited by guarantee) DIRECTORS. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Statement of Directors. responsibilitie5 The Directors are responsible for preparing the Directors, report and the financial Statements in accordance with applicable Law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Practice). Company and charity law requires the Directors to prepare financial statements for each financial year which give a true and lair 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 lor that period. In preparing these financial statements, the Directors are required to.. Select suitable accounting policies and then apply them consistently., ObseNe the methods and principles in the Charitie5 SORP: Make estimales that are reasonable and prudent., Prepare the financial statements on the going concem basi5 unless it is inappropriate to presume that the charitable company will continue in operation. The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the ftnanciil position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Provision of information to aud(tors Each of the persons who are Directors at the time when this Directors, report is approved has confirmed that.. So far as the Directors are aware, there is no relevant audit information of which the charttable company's auditors are unaware., and The Directors have taken all the steps that ought to have been taken as Directors in order to be aware of any information needed by the charitable company's auditors in connection with preparing their report and to establish that the charitable company's auditors are aware of that information. The report of the Directors has been prepared taking advantage of the small companies, exemption of section 415A of the Companie5 Act 2006. Th report was approved by the Directors on the 18th June 2026 and signed on their behalf, ty. B Mac Cionnaith Company Secretary
MAYFAIR BUSINESS CENTRE LIMITED (A (ompany limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED Opinion We have audited the financial statements of Mayfair Business Centre Limited lor the year ended 30 September 2025 which cOMpre the Statement of Financial Activities Ilncorporating the Income and Expenditure Accovntl, the Balance Sheet, Cash Flow Statement, the Accounting Policies and the related notes. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the company's affairs as at 30 September 2025 and of its income for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Audittng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responSLbilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We belteve that ihe audit evidence we have obtained 15 sufficient and appropriate to provide a bas for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors. use of the going concem basis of accounting in the preparation of the financial statements is appropriate, Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, maycast significant doubt on the companls ability to continLJe as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilitie5 and the responsibilities of the director5 With respect to going concem are described in the relevant sections of this report. Other Information The other information comprises the information included in the annual report other than ihe financial Statements and our auditor's report thereon. The directors are responsible for the other information contained wÉthÉn the annual report. Our opinion on the financial statements does not cover ihe other infomation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read ihe other information ènd, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othenNise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether thi5 gives rise to a matertal mi55tatement in the financial statements themselves. If, based on the 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.
MAYFAIR BUSINESS CENTRE LIMITED {A company limited by guarantèè) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED Opinions on other matters préscrlbed by the Comparties Act 2006 In our opinion, based on the work undertèken tn the course of our audit.. the information given in the directors, report lor the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 28 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 égreement with the accounting records and returns., or certain disclosures of dkrectors, remuneration specified by law are not made-, or we have not received all the information and explanations we require for our audit. Statement of Directors. re5ponslbilities As explained more fully in the directors, rèsponsibilities statement, the trustees, who are also the directors of the for the purpose of company law, are responsible for the preparation of the accounts and for being satisfted that they give a true and fair view. and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement. whether due to fraud or error. In preparing the accounts, they are responsible for assessing the companls ability to continue as a going concern, disclosing, as appltcable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the f4nancial statements Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material Misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstalement when it exists. Mtsstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the eionomic decisions of users taken on the basis of these account Irregularities. including fraud, are instances of non-compliance with laws and regulations. We dign procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud. is detailed bel¢)w. We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry ol management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulation5 relevant to the company Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. io
MAYFAIR BUSINESS CENTRE LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF MAYFAIR BUSINESS CENTRE LIMITED We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disc105ures within the financial statement5 which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management. Our procedures to respond to those risks identified included, but were not limited to.. Enquiry of management, those charged with governance and the entity's solicitors lor in-house legal team) around actual and potential litlgation and claim5. Enquiry of entity staff in tax and VAT functions to identify any instances of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged with govemance. Reviewing financial statement disclosure5 and testing to supporting documentation to assess compliance with applicable laws and regulation5. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Counctl's website él.. http'.//¥ww.frc.org.uVauditorsresponstbilities. This description forms part of our auditor's report. The purpose of our audit woyk and to whom we owe our rÈsponsibiiities This report is made 501ely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Actr 2006 and regulation5 made under that Act. Our audit work has been undertaken so that we might state to the chaiity's trustees those matters we are required to state to them in an aLJditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Teresa Campbell {Senior Statutory Auditor) for and on behalf of AAB Group Accountants Limited Chartered Accountants and Statutory Auditors Dromalane Mill The Quays Newry Co. Down BT35 8QS 18th June 2026 li
MAYFAIR BUSINESS CENTRE LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the In<ome and Expenditure Account) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Note Restricted fund5 2025 Unrestricted tund 2025 Toial funds 2025 Total funds 2024 In¢ome from: Charitable Activities InvestmÈnt Income Total income 1,557 1,557 140,679 142.236 140,679 140,679 139,688 139,688 1,557 Expenditure on.. Charitable ActLVLties Cost of raising funds Total expenditure 1,802 123,900 25,874 149.774 125.702 25,874 151.576 143,112 31.231 174,343 1.802 Net income / Ideficitl and net movement in funds for the year 12451 19,0951 19.3401 134,6551 econciliation ol funds Funds Brought Foard S,792 L611,900 1,617,692 1,652,347 Total funds carried foN¥ard 5,547 1,602,805 1,608,352 1,6L7,692 The Statement of Financial Activities includes all gain5 and losses in the year and therefore a Statement of Total Recognised Gains and L05ses has not been prepared. All income and expenditure derive from continuing activities. The notes èt pages 16 to 24 form part of these financièl statements. 12
MAYFAIR BUSINESS CENTRE LIMITED {A company limited by guaranteè) BALANCE SHEET AS AT 30 SEPTEMBER 2025 Note 2025 2024 FbEed assets Tangible assets 1,568,021 1,536,673 Current a55ets Debtors Cash at bank and in hand io 55,689 42952 98,641 14,096 76,591 90,687 Credlioys: amounts faWin9 due within one year li 111,6221 (9,668 Net current assets 87,019 8L019 Total assets less current iiabiLities Creditors: amounts falling due after more than one year 12 146,6881 Net a55ets 1,60&352 1,617,692 The funds of the th8rity 15 RestrÉ£ted funds Unfestricted funds 5,547 1,602,805 5,792 1.611,900 Totsl Charity Funds 1,608,352 1,617,692 These financial statements are prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by Companies Act 2006 and are for circulatton to the members of the company. The note5 at pages 16 to 24 form part of these financial statements. The financial statements were approved by the Directors and authorised for issue on 18th June 2026 and slgned on thetr behalf by.. C Mercer Director ble or Irec Company RègL8tration Number.. N1028840 HMRC Charity Number: 916Th7878 CCNI Registratioh Number: 100270 13
MAYFAIR BUSINESS CENTRE LIMITED {A company limited by guarantèe) CASH FLOW STATEMENT AS AT 30 SEPTEMBER 2025 Notes 2025 2024 Cash flows from opeyatlng actlvitLes Cash generated from operatlQll5 23 16,778 118,0031 Net cash inflow trom optratiny adlvltLes 16,778 118,0031 Investing Activities Purch3sÈ of tangible fixed assets 150,4171 Net Decrease in cash artd cash equivalents 133.639) 118,0031 Cash and cash equivaLent5 at beginning ol year 76.591 94,594 Cash and cash equivalents at end of year 42,952 76,59L Relating to: Cash at bank and in hand 42,952 76,591 14
MAYFAIR BUSINESS CENTRE LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting pollcies Basis of preparatlom of financial statements The financtal stalements have been prepared in accordance with the Companies Act 2006 and "AccoUntg and Reporting by Charities-. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK IFRS 1021. las amended lor accounting periods commencin9 1 January 20191. The charity is a Public Benelit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these finencial statements are rounded to the nearest £. Company status The company is limited by guarantee and has no share capital. The liability of the members is limited. Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up while they are members or within one year thereafter. Every member of the company undertakes to contribute for the payment of the debts and liabilitie5 of the company contracted before they ceased to be members. Every member of the company undertakes to contribute to the costs, charges and expenses of winding up and for the adjustment of the rights of the contributors among themselves such amount as may be required, not exceeding £1. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Directors for pèrticular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by funders which have been raised by the company for particular purposes. The cost of raising and administering such lunds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Incoming resourcès 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 itemlsl of income have been fully met or are lully within the control of the charity,. There is suffLcient certainty that receipt of the income is considered probable,. and The amount can be measured reliably. 15
MAYFAIR BUSINESS CENTRE LIMITED IA £ompany limited by guaYantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Ac<ounting poll£Eès {continuedl Income represent5 the total invoice value, excluding value added tax, of rent received and related seNices income during the year. Grant income is recognised in the SOFA in the period in which il is receivable. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor/funder has specified that the income is to be expended in a future period. Rèsources expended Expenditure is recognised once there is a legal or constructive obligation lo make 8 payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Expenditure on charitable activities includes the costs of renting out the properties. Other expenditure represents those items not falling into any other heading. All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all cost5 for allocation to ailLvilies. Governance costs are those incurred in connection with the compliance with constitutional and statutory requirements. All costs are allocated between the expenditure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. Operatlng leases The charity classifies the lease of telephone equtpment as operattng lease., the title of the equipment remains with the lessor and the equipment is replaced every 5 years. Rental charges are charged on a straight-line basis over the term of the lease. TangibLe fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the lollowing base& Land & Buildings Plant and Machinery Fixtures, Fittings and Equipment 1% Reducing Balance IO% Reducing Balance IO¥o Reducing Balance The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the cayrying value may not be recoverable. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount olfered. Prepayments are valued at the amount prepaid after taking aicount of any trade discounts due. Cash at bank and in hand Cash at bank and cash in hand Éncludes all cash balances of the charity as at the balance sheet date. 16
MAYFAIR BUSINESS CENTRE LIMITED IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting policies {continued) 1.10 Creditors and provisions Creditors and provisions are recogniged where the charity has a present obligation resulting from a past event that will probably result in the transfer of lund5 to a third paty 2nd the amount due to settle the obligation can be measured or estimated reliably. Creditors and provision5 are normally recogni5ed at their Settlement amount after allowing for any trade discounts due. 1.11 Taxation Current tax represents the amount expected to be paid or received in respect of taxable income for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the balance sheet date. Deferred tax 15 recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the fL)ture, or a right to pay le55 tax in the future. Timing differences are temporary differences between the company's taxable income and its results as ststed in the finaniial statements. Deferred tax is measured on an undiscounted basis èt the tax rate5 that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws thal have been enacted or substantively enacted by the balance sheet date. 1.12 Financial instruments The charity only has ftnancial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic finat)cial instruments are initially recognised al transaction value and subsequently measured at their settlement value. 1.13 Going Concern At the time of approving the financial statements. the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. Income from chayitable actlvlties Restricled hjnds 2025 Unre5tri¢ted fund 2025 Total nds 2025 Total funds 2024 Grant5 Received L557 1,557 Invèstment Income Restn(ted funds 2025 Unrestricted fund 2025 Totsl funds 202S Totsl funds 2024 Rental Income 140,679 140.679 139,688 17
MAYFAIR BUSINESS CENTRE LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Direct charitablè expenditvre Restricted funds 2025 Unrestricted fund5 2025 Total funds 202S Total funds 2024 Wages and 5aiafies Social seturity costs Staff pension costs Rates Cleaning Power, light and heat Insurance Computer running costs Travel Charitable donations Bank charges Security Printing and stationery Advertising Telephone Sundry expenses Bad debts DeprKiation Governance costs (see Note 51 58,369 6.376 1.167 11.845) 3.713 14.800 10.004 2,104 49 1.960 360 58.369 6.376 1,167 11.8451 3.713 14.800 10.004 2.104 49 1.960 360 54208 5,522 990 3,131 6,119 19,589 8,207 2,417 49 5,900 387 1,920 1,435 265 2,076 1,586 3,504 17,969 3,838 143,112 876 275 2.163 3,200 876 275 2.163 3,200 1.802 17.267 3,062 123.900 19.069 3,062 125.702 1.802 Governance Costs Restricted funds 2025 UnrestTlrted funds 2025 Total funds 2025 Total funds 2024 Legal and professional Audit 387 2.675 387 2.675 1,263 2,575 3,062 3,838 6. C05t of ralsing fund5 Restyitted fund5 2025 Unrestricted funds 2025 Totsl funds 2025 Total funds 2024 Investment management costs 25.874 25.874 31,231 25.874 25.874 31.231 18
MAYFAIR BUSINESS CENTRE LIMITED {A company limited by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Net Income This is stated after charging.. 2025 2024 Depreciation of tsn9ible fixed assets.. Owned by the charity Amortisation tsf Grant Income Audit Fees 19.069 11.5571 2.675 20.187 17,969 2,575 20,544 Staff ¢¢sts Staff cost5 were as follows.. 2025 2024 Wage5 and $913ries Sotthl security costs Staff PenSn$ 58,369 6.376 1,167 65,912 58,208 5,522 990 64,720 The average monthly number of employees during the year was as follows: 2025 2024 Administration No employee received remuneration amounting to more than £60,000 in either year. Key management personnel received the following remuneration.. 2025 2024 GTOSS Salary Employers NIC Ernployers Pension Costs 58.369 6,376 1.167 65.912 58,208 5.522 990 64,720 During the year the company paid an insurance policy for director and oflice cover. 19
MAYFAIR BUSINESS CENTRE LIMITED (A company limited by guayantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Tangible fixed assèts Lanil BuiLdings Plant and Machinery Fiytures, Flttin95 & Equipment Total Cost At l October 2024 Additions Disposals At 30 September 2025 1228,572 129,651 108,949 50,417 2,467,172 50,417 1228,572 129,6SI 159,366 2,517 589 Deprecialion and impairments At l October 2024 Charge lor the year Eliminated on disposal At 30 September 2025 716,134 15,124 127,901 175 86,464 3.770 930,499 19,069 731,258 128,076 90,234 949,568 Net book value At 30 September 2025 1,497,314 1.575 69.132 1.568.021 At 30 September 2024 1,512,438 1,750 22,485 1,536.673 The property at 193-205 GaTv3ghy Road, Portadown was valued on 10 July2024 by Ivan Holmes, Holmes Doran Chartered Surveyors, who is a member of the Royal Institution of Chartered SuTveyDrs. The property was valued on an open market value wtth a valuation range of £1.3m to £1.5m. The directors are satisfied that there is no impairment in the value as ststed in the financial statements. io. Debtors 202S 2024 Trade debtors VAT recoverable Prepayments Accrued Income 16.693 451 1.112 37.433 55.689 12.984 1,112 14,096 ii. Crèditors: Amounts falling due wlthin one year 2025 2024 Trade creditors Taxation (Note 131 Other creditors Deferred Income Accruals 206 970 1285 3,669 3,484 5.188 2.744 11.622 2,744 9,668 20
MAYFAIR BUSINESS CENTRE LIMITED {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 12. Creditors: Amounts falllng due after one year 2025 2024 Deferred Income 46.688 46.688 The following is held as security as at 30 September 2025.. Bank of Ireland hold security over part of the lands of Ballyoran. Portadown known as Nayfair Busines5 Centre. 13. Taxation 2025 2024 VAT PAYE 2.285 2,285 14. Corporation Tax The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chorgeable Gains Act 1992 to the extent that these are applied to its charitable objects. 15. AnaLysis of charitable funds Brought Forward Ih<om¢ Expendlture Net Income / Ideficitl Carried Forward General fund$ General funds Totsl Unrestricted funds 1,611,900 1,611,900 140,679 140,679 149,774 149,774 19,0951 19,0951 1,602,805 1,602,805 Restritt¢d fvnds Restricted funds Totsl Restricted funds 5,792 5,792 I,S57 L557 1,802 1,802 12451 12451 5,547 5,547 Total ol funds 1,617,692 142,236 151,576 19,3401 1,608,352 21
MAYFAIR BUSINESS CENTRE LIMITED (A company limited by guarantee) 16. Analysis of net assets Brought Forward MovÈm•nt Carried Fotwjrd Tangible fixed assets Debtors Cash at bank and in hand Creditors due within one year Total Unrestricted turtds 1,530.881 14,096 76,591 19,668 1,611,900 116,9871 4,160 498 3,234 19.0951 1,513,894 18,256 77,089 16.4341 L602.805 Tangible fixed assets Debiors Cash at bank and in hand CredÈtor5 due within one al Creditors due more than one year Total Restricted funds 5,792 48,335 37.433 134,1371 15,1881 146,6881 12451 54,127 37.433 134,1371 15,1881 146,6881 5.547 5,792 17. Going Concern Rèview The company s business activities, together with the factors likely to affect its future development, performance and position are set out in the Trustees report on page5 3 to 7. The financial position of the company, its cash flows, and liquidity position are described in the notes to the flnancial statements. The company meets its day to day working capital requirements through rental income received. The Company's forecasts and projections, taking account of reasonably possible changes in operating performance show that the company will be able to operate within Its current facilities. The directors are constantly reviewing new funding applications and have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Accordingly, they continue to adopt the going concem basis in preparing the annual report ènd financial statements 18. Related party transactions During the year, MaOair BusinFtaxess Centrè Ltd acted as a guarantor for Drumcree Community Trust. Drumcree Community Trust was formed in 1991 with the aim of addressing social and economic needs within the Northwest Portadown area which resulted in the establishment of Nayfair Business Centre Limited. The Board ol Mayfair Business Centre Limited is appointed annually by Drumcree Community Trust, its members, thereby ensuying accountability back to the l(Kal community. During the year, Masrfair Business Centre Limited donated £nil 12024 - £5,000) to Drumcree Community Trust. During the year, no Directors received any remuneration {2024 - £nill. During the year, no Directors received any benefits in ktnd12024 - £nill. During the year, remuneration paid to officers of the company totalled £31,55212024.' £31,552) in Salary costs. 22
MAYFAIR BUSINESS CENTRE LIMITED {A company Limited by guaranteè) 19. Operating lease <ommitMents At the reporting end date, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows.. 2025 2024 240 240 20. Control The board of directors are the ultimate controlling party of the company. 21. Flnancial Commitments The company had no financial commilments at the balance sheet date. 21. CapitaL Commitments The company had no capital commitments at the balance sheet date. 22. Contingent Liabilities Maytair Business Centre Limited has a contingent liability to repay government grants if certain conditions are not met, but in the opinion of the directors, these circumstances are unlikely to occur. 23. Cash Generated from Operations 2025 2024 (Outgoing) I Incoming resources lor the year 19.340) 134,6551 Adjustments for.. Depreciation of tangible fixed assets 19,069 17,969 Movement of working capital.. Increase in deferred income Increase in debtors Decrease in creditors 51,876 141,5931 13.2341 1,725 13,0421 Cash generated from operations 16.778 (18,003) 24. Limited Liability Agreement The directors, on behalf of the company, have entered into a Limited Liability Agreement with their auditors, dated 18th June 2026. The auditors, liability is limited to an amount which (s considered fair and reasonable. This has been disclosed in line with companieos legislation. 23