MAITREYA BUDDHIST CENTRE LTD REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2020
The trustees, who are also directors of the charity for the purposes of the Companies Act, present their annual report and the unaudited financial statements for the year ended 31st December 2020. The trustees
have adopted the provisions of the Statement of Recommended Practice (SO Accounting and Reporting by Charities' update issued in October 2019 in pre the annual report and financial statements of the charity.
Objects of the charity and its principal activities
The charity is constituted as a company limited by guarantee, and is therefo governed by a memorandum and articles of association.
The objects of the charity are to promote the Buddhist Faith under the spiritual guidance of the elected Spiritual Director of the New Kadampa Tradition-Internation Kadampa Buddhist Union (NKT-IKBU) principally through activities of teaching, study practice and the observance of moral discipline all within the Mahayana Buddhist Tradition of Atisha and Je Tsongkhapa, as taught by Venerable Geshe Kelsang Gyats the founder of the NKT-IKBU through the continuous implementation of the three NK Study Programmes; the General Programme, the foundation Programme and the Teacher Training Programme.
Transactions and financial position
The Statement of Financial activities shows a surplus for the year of £5,723. (2019 loss £5,451)
Tangible fixed assets for use by the charity.
Depreciation is provided on fixtures and fittings at 25% on a reducing balan
Investment policy and returns
Under the memorandum and articles of association, the charity has the pow make any suitable investment at the trustees' discretion.
Directors and trustees
All directors of the company are also trustees of the charity and there are no other trustees.
The Board has the power to appoint additional suitable trustees.
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MAITREYA BUDDHIST CENTRE LTD REPORT OF THE TRUSTEES CONTINUED
FOR THE YEAR ENDED 31ST DECEMBER 2020
Risk management and reserves policy.
The trustees have examined the major operational risks which the charity fa confirm that systems are in place to minimise those risks.
The Reserves Policy of the trustees is to hold on reserve an adequate level o sufficient to meet six months anticipated expenditure.
Trustees' responsibilities in relation to the financial statements
The trustees are required by company law to prepare financial statements f each financial period which give a true and fair view of the financial activitie of the charity and of its financial position at the end of that period. In prepa those financial statements the trustees are required to:
-
a. select suitable accounting policies and apply them consistently;
-
b. make judgments and estimates that are reasonable and prudent;
-
c. state whether the policies adopted are in accordance with the Co Act 2006 and with applicable accounting standards and statemen recommended practice, subject to any material departures disclo explained in the financial statements.
-
d. prepare the financial statements on a going concern basis unless inappropriate to assume that the charity will continue in operatio
The trustees are resonsible for keeping proper accounting records which dis with reasonable accuracy at any time the financial position of the charity an them to ensure that the financial statements comply with the Companies Ac They are also responsible for safeguarding the assets of the charity and hen taking reasonable steps for the prevention and detecion of fraud and other
Approval
This report was approved by the board of directors and trustees on 17th August 20 and signed on its behalf.
Anthony Broadhurst Trustee
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MAITREYA BUDDHIST CENTRE LTD DIRECTORS' AND TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
COMPANY REGISTERED NUMBER 5252761 CHARITY NUMBER 1108359
MAITREYA BUDDHIST CENTRE LTD
FOR THE YEAR ENDED 31ST DECEMBER 2020
CONTENTS
----- Start of picture text -----
Page 1 Charity Information
2 - 3 Report of the Trustees/Directors
4 Statement of financial Activities
5 Balance Sheet
6 - 9 Notes to the Accounts
10 Accountants Report
----- End of picture text -----
MAITREYA BUDDHIST CENTRE LTD NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2020
Unrestricted General Fund Y/E 31/12/20
£
| 9 Stock in shop current stock at cost 10 Creditors Insurance Chairs and Blinds Accounting Fees 11 Debtors Rent deposit Rates Insurance prepayment 12 Limited liability |
710 |
|---|---|
| 41 2,500 500 |
|
| 3,041 | |
500 108 - |
|
| 608 | |
The company is limited by guarantee and does not have a share capital. The liability of each trustee is limited to a maximum of £10.
Unrestricted General Fund Y/E 31/12/19
£
450
- 500 500
500 - 488 988
MAITREYA BUDDHIST CENTRE LTD NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2020
Unrestricted General Fund Y/E 31/12/20
£
| 7 Staf costs There are no staf costs. 8 Tangible Fixed Assets Cost Balance 31/12/19 Additions Balance 31/12/20 Depreciation Balance 31/12/19 Proft and Loss Account Balance 31/12/20 NBV 31/12/19 NBV 31/12/20 |
- |
|---|---|
| 8,344 - |
|
| 8,344 | |
7,710 159 |
|
| 7,869 | |
634 |
|
| 475 |
Unrestricted General Fund Y/E 31/12/19
£
8,344
8,344
7,499
211
7,710
845
634
MAITREYA BUDDHIST CENTRE LTD NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2020
| 2 Gifts and Donations Donations 3 Income from activities of charity Courses and class fees Membership Fees Centre Cards 4 Shop Trading Proft Trading Income (note 1.5) Takings 317 Opening stock 450 Purchased 382 Closing stock 710 122 Surplus/(Defcit) 61% 195 5 Investment Income Bank interest 6 Residents Income Rent / Utlities 7 Government Grant A National Grant in relation to Covid 19 restrictions. |
Unrestricted General Fund Y/E 31/12/20 £ 445 445 4,502 11 5,380 9,893 195 700 144 450 30% - 13,800 10,000 |
|---|---|
7
Unrestricted General Fund Y/E 31/12/19
£
1,713 1,713
6,111 11 3,210 9,332
194
588
394 194
13,800
MAITREYA BUDDHIST CENTRE LTD NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
1 ACCOUNTING POLICIES
(1.1) Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2019), update issued in October 2019.
applicable accounting standards and the Companies Act 2006
(1.2) Incoming Resources
Donations and gift aid receipts are included in incoming resources when they are received.
(1.3) Resources expended
Resources expended are included in the Statement of Financial Activities on an accrual basis.
Expenditure which is directly attributable to specific activities has been included in these cost categories.
(1.4) Tangible fixed assets
Depreciation is provided on fixtures and fittings at 25% on a reducing balanc
(1.5) Trading Income - (TA 1988, FA 2000, FA 2006)
It is the opinion of the Trustees that the charity is exempt from tax on tradin as a significant amount is used in the course of the charities primary purpos It is confirmed that the non primary purpose income accounts for less than 2 primary purpose income of the charity. This criteria is supported by the char
ce basis.
g income, se. 25% of the rities constitution.
MAITREYA BUDDHIST CENTRE LTD BALANCE SHEET AS AT 31ST DECEMBER 2020
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Cash at bank and in hand Stock in shop 9 Debtors 11 CURRENT LIABILITIES Creditors 10 TOTAL NET ASSETS FUNDS Balance b/d 1/01/20 Net Income for the year Unrestricted General Fund |
### £ 16,844 710 608 |
£ 475 15,122 |
12/31/2019 £ 8,301 450 988 |
|---|---|---|---|
| 18,162 | 9,739 | ||
3,041 |
500 |
||
15,597 |
|||
9,874 5,723 |
|||
15,597 |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st December 2020.
The members have not required the company to obtain an audit of its financial statements for the period ended 31st December 2020 in accordance with Section 476 of the Companies Act 2006.
However, in accordance with Section 43 of the Charities Act 1993 the accounts have been examined by an independent examiner.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respect of accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board of directors and trustees on 17th August 2021 and signed on its behalf.
Anthony Broadhurst Trustee
The notes on pages 6 to 9 form part of these financial statements.
5
£
634
9,239 9,873 15,325 - 5,451 9,874
MAITREYA BUDDHIST CENTRE LTD STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020
| Note INCOMING RESOURCES Donations and Gifts 2 Classes and Centre Cards 3 Membership Fees 3 Shop Takings 4 Rent of Desk Government Grant Residents 6 Gift Aid Tax Credit TOTAL incoming resources RESOURCES EXPENDED Costs of activities in furtherance of charitable objectives: Cost of shop sales 4 Rent of Premises Room hire/travel Teachers costs Gompa Expenses Event Food / Refreshments Ind. Examination / Co House Filing Fee Repairs and Renewals / Household Gompa furnishings Computer, Telephone & Broadband Rates & Water Light & Heat Stationery and Postage Advertising/Publicity Premises Insurance Bank Charges / Card Processing Sundries Accounts / Book keeping Donations Depreciation TOTAL charitable expenditure NET INCOMING RESOURCES |
Unrestricted General Fund Y/E 31/12/20 £ 445 9,882 11 317 - 10,000 13,800 |
|---|---|
34,455 - |
|
| 34,455 | |
122 13,020 205 2,149 106 135 43 3,219 2,500 756 2,266 1,624 140 959 529 160 120 500 20 159 |
|
| 28,733 | |
5,723 |
The notes on pages 6 to 9 form part of these financial statements.
4
Unrestricted General Fund Y/E 31/12/19
£
1,713 9,321 11 588 100 - 13,800 25,533 - 25,533
394 13,020 971 2,561 337 42 - 4,926 840 831 2,890 1,592 68 886 535 96 173 601 10 211 30,984 - 5,451
MAITREYA BUDDHIST CENTRE LTD REPORT OF THE ACCOUNTANT TO THE TRUSTEES OF MAITREYA BUDDHIST CENTRE LTD
As described on page 3 of the Trustees Report you are responsible for the preparation of the financial statements for the year ended 31st December 2020 set out on pages four to nine and you consider that the Company is exempt from an audit.
In accordance with your instructions, I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and explanations supplied to me.
PRB Accounting Limited 49 Station Road Polegate BN26 6EA
Signed: Paul Bedwell Date: 30th June 2021
MAITREYA BUDDHIST CENTRE LTD REPORT OF THE TRUSTEES CONTINUED
FOR THE YEAR ENDED 31ST DECEMBER 2020
Risk management and reserves policy.
The trustees have examined the major operational risks which the charity faces and confirm that systems are in place to minimise those risks.
The Reserves Policy of the trustees is to hold on reserve an adequate level of cash, sufficient to meet six months anticipated expenditure.
Trustees' responsibilities in relation to the financial statements
The trustees are required by company law to prepare financial statements for each financial period which give a true and fair view of the financial activities of the charity and of its financial position at the end of that period. In preparing those financial statements the trustees are required to:
-
a. select suitable accounting policies and apply them consistently;
-
b. make judgments and estimates that are reasonable and prudent;
-
c. state whether the policies adopted are in accordance with the Companies Act 2006 and with applicable accounting standards and statements of recommended practice, subject to any material departures disclosed and explained in the financial statements.
-
d. prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The trustees are resonsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detecion of fraud and other irregularitie
Approval
This report was approved by the board of directors and trustees on 17th August 2021 and signed on its behalf.
Anthony Broadhurst
Trustee
MAITREYA BUDDHIST CENTRE LTD REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2020
The trustees, who are also directors of the charity for the purposes of the Companies Act, present their annual report and the unaudited financial statements for the year ended 31st December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP 2019) Accounting and Reporting by Charities' update issued in October 2019 in preparing the annual report and financial statements of the charity.
Objects of the charity and its principal activities
The charity is constituted as a company limited by guarantee, and is therefore governed by a memorandum and articles of association.
The objects of the charity are to promote the Buddhist Faith under the spiritual guidance of the elected Spiritual Director of the New Kadampa Tradition-International Kadampa Buddhist Union (NKT-IKBU) principally through activities of teaching, study, practice and the observance of moral discipline all within the Mahayana Buddhist Tradition of Atisha and Je Tsongkhapa, as taught by Venerable Geshe Kelsang Gyatso, the founder of the NKT-IKBU through the continuous implementation of the three NKT Study Programmes; the General Programme, the foundation Programme and the Teacher Training Programme.
Transactions and financial position
The Statement of Financial activities shows a surplus for the year of £5,723. (2019 loss £5,451)
Tangible fixed assets for use by the charity.
Depreciation is provided on fixtures and fittings at 25% on a reducing balance basis.
Investment policy and returns
Under the memorandum and articles of association, the charity has the power to make any suitable investment at the trustees' discretion.
Directors and trustees
All directors of the company are also trustees of the charity and there are no other trustees.
The Board has the power to appoint additional suitable trustees.
MAITREYA BUDDHIST CENTRE LTD
CHARITY INFORMATION
1 Company Number: 5252761
Charity Registration Number: 1108359
Maitreya Buddhist Centre was incorporated on 7th October 2004
2 Office
13 Sea Road Bexhill on Sea East Sussex TN40 1EE
3 Trustees/Directors
Jennifer Andrews Rosemary Lindfield John McBretney Anthony Broadhurst
4 Bankers
Nat West Devonshire Road Bexhill on Sea East Sussex
1
MAITREYA BUDDHIST CENTRE LIMITED COMPANY NO. 05252761 CHARITY NO. 1108359 INDEPENDENT EXAMINATION CHECK LIST checked Verify Companies House details- via online website PB Match cheque payments to invoices JYI Check cash income sheets totals- l in 5. JH Match bank income from residents to accounts record. SA Match credit card statements to accounts postings. l in 2. NA Cash paid receipts - cross match to daily sheets. l in 4 months Post Trial Balance to Accounts. PB Signed: Julie Hunter DATE: