MAITREYA BUDDHIST CENTRE LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
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 2021. 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 deficit for the year of £2,860 (2020 surplus £5,723)
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 2021
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 19th 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 2021
COMPANY REGISTERED NUMBER 5252761 CHARITY NUMBER 1108359
MAITREYA BUDDHIST CENTRE LTD
FOR THE YEAR ENDED 31ST DECEMBER 2021
----- Start of picture text -----
CONTENTS
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
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MAITREYA BUDDHIST CENTRE LTD NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2021
Unrestricted General Fund Y/E 31/12/21
£
| 9 Stock in shop current stock at cost 10 Creditors Insurance Chairs and Blinds Accounting Fees 11 Debtors Rent deposit Rates Bank Charges due back Insurance prepayment 12 Limited liability |
710 |
|---|---|
| - - 700 |
|
| 700 | |
| 500 - 60 357 |
|
| 917 | |
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.
13 The Charity pays into a defined contribution pension scheme. Pension costs recognised when contributions become payable.
Unrestricted General Fund Y/E 31/12/20
£
710
41 2,500 500 3,041
500 108 - - 608
s are
MAITREYA BUDDHIST CENTRE LTD NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2021
| 7 Staf costs Resident Teacher 8 Tangible Fixed Assets Cost Balance 31/12/20 Additions Balance 31/12/21 Depreciation Balance 31/12/20 Proft and Loss Account Balance 31/12/21 NBV 31/12/20 NBV 31/12/21 |
Unrestricted General Fund Y/E 31/12/21 £ 4,068 |
|---|---|
8,344 - |
|
| 8,344 | |
7,869 119 |
|
| 7,988 | |
475 |
|
| 356 |
Unrestricted General Fund Y/E 31/12/20
£
8,344
8,344
7,710
159
7,869
634
475
MAITREYA BUDDHIST CENTRE LTD NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2021
| 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 376 Opening stock 710 Purchased 131 Closing stock 710 131 Surplus/(Defcit) 65% 246 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 31/12/21 £ 693 693 1,411 25 6,049 7,485 246 450 382 710 61% - 14,570 8,907 |
|---|---|
Unrestricted General Fund Y/E 31/12/20
£
445 445
4,502 11 5,380 9,893
195
317
122 195
13,800
10,000
MAITREYA BUDDHIST CENTRE LTD NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST DECEMBER 2021
1 ACCOUNTING POLICIES
(1.1) Basis of accounting
The financial statements have been prepared in accordance with Accounting by Charities: Statement of Recommended Practice applicable to charities pre accounts in accordance with the Financial Reporting Standard applicable in t Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP FR The Financial Reporting Standard applicable in the UK & Republic of Ireland ( (March 2018) 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
g & Reporting eparing their the UK & RS 102) (FRS 102)
ce basis.
g income, se. 25% of the rities constitution.
MAITREYA BUDDHIST CENTRE LTD BALANCE SHEET AS AT 31ST DECEMBER 2021
| 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 1/01/21 Net Income for the year Unrestricted General Fund |
### £ 11,454 710 917 |
£ 356 12,381 |
12/31/2020 £ 16,844 710 608 |
|---|---|---|---|
| 13,081 | 18,162 | ||
700 |
3,041 |
||
12,737 |
|||
15,597 -2,860 |
|||
12,737 |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st December 2021.
The members have not required the company to obtain an audit of its financial statements for the period ended 31st December 2021 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 19th August 2022 and signed on its behalf.
Anthony Broadhurst Trustee
The notes on pages 6 to 9 form part of these financial statements.
£
475
15,121 15,596
9,874 5,723 15,597
MAITREYA BUDDHIST CENTRE LTD STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021
| Note INCOMING RESOURCES Donations and Gifts 2 Classes and Centre Cards 3 Membership Fees 3 Shop Takings 4 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 Resident Teachers costs Teacher costs - other Training / Festival costs Gompa Expenses Event Food / Refreshments DBS / Co House Filing Fee Repairs and Renewals / Household Gompa air flter / furnishings Computer, Telephone & Broadband Rates & Water Light & Heat Stationery and Postage Advertising/Publicity Premises Insurance Bank Charges / Card Processing Sundries Accounts / Book keeping / Independent Examination Payroll Processing Donations Depreciation TOTAL charitable expenditure NET INCOMING RESOURCES |
Unrestricted General Fund Y/E 31/12/21 £ 693 7,460 25 376 8,907 14,570 |
|---|---|
32,031 - |
|
| 32,031 | |
131 13,020 181 4,068 545 786 373 66 23 4,591 1,544 1,986 2,409 1,828 211 523 495 217 519 865 392 - 119 |
|
| 34,891 | |
-2,860 |
The notes on pages 6 to 9 form part of these financial statements.
4
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 28,732 5,723
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 2021 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: 10th September 2022
MAITREYA BUDDHIST CENTRE LTD REPORT OF THE TRUSTEES CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2021
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 19th August 2022 and signed on its behalf.
Anthony Broadhurst
Trustee
MAITREYA BUDDHIST CENTRE LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
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 2021. 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 deficit for the year of £2,860 (2020 surplus £5,723)
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 John McBretney Anthony Broadhurst
4
Secretary
Rosemary Lindfield
- 5
Bankers
Nat West Devonshire Road Bexhill on Sea East Sussex
MAITREYA BUDDHIST CENTRE COMPANY NO. 05252761 CHARITY NO. 1108359 INDEPENDENT EXAMINATION CHECK usr checked Verify Companies House detsils- via onlne website PB Match bank payments (from bank statements } to receipts for I month. Match cheque payments to receipts. ,xJO oA(yS 1H Check cash income sheet totals- 1 in 5-1 see book) Match credit card statements to receipts for I month. Matth credit card statements to account postings l in 2 { See 5pread5heeti a rl O *ooecÉior< Cash paid receipts- cr05s match to daily sheets i in 4 months. P05t TB to Accounts PB Signed- .Julie Hunter DATE". 61£1202L