**MAITREYA BUDDHIST CENTRE LTD REPORT OF THE TRUSTEES**
**FOR THE YEAR ENDED 31ST DECEMBER 2022**
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 2022. The trustees
have adopted the provisions of the Statement of Recommended Practice (S Accounting and Reporting by Charities' update issued in October 2019 in pr 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-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 £562. (2021 deficit £2,860)
## **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 2022**
## **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 20th July 2023 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 2022**
COMPANY REGISTERED NUMBER 5252761 CHARITY NUMBER 1108359
## **MAITREYA BUDDHIST CENTRE LTD**
## **FOR THE YEAR ENDED 31ST DECEMBER 2022**
## **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|
## **MAITREYA BUDDHIST CENTRE LTD NOTES TO THE ACCOUNTS (continued)**
## **FOR THE YEAR ENDED 31ST DECEMBER 2022**
|**9**
**Stock in shop**
current stock at cost
**10**
**Creditors**
Accounting Fees
**11**
**Debtors**
Rent deposit
Rates
Bank Charges due back
Insurance prepayment|**Unrestricted**
**Unrestricted**
**General Fund**
**General Fund**
**Y/E 31/12/22**
**Y/E 31/12/21**
**£**
**£**
795
710
700
700
700
700
500
500
-
-
-
60
360
357
860
917|**Unrestricted**
**Unrestricted**
**General Fund**
**General Fund**
**Y/E 31/12/22**
**Y/E 31/12/21**
**£**
**£**
795
710
700
700
700
700
500
500
-
-
-
60
360
357
860
917|
|---|---|---|
|||700|
|||700|
|||500
-
60
357|
|||917|
## **12 Limited liability**
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 are recognised when contributions become payable.
9
## **MAITREYA BUDDHIST CENTRE LTD NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022**
|**7**
**Staff costs**
Resident Teacher
**8**
**Tangible Fixed Assets**
**Cost**
Balance 31/12/21
Additions
Balance 31/12/22
**Depreciation**
Balance 31/12/21
Profit and Loss Account
Balance 31/12/22
NBV 31/12/21
NBV 31/12/22|**Unrestricted**
**General Fund**
**Y/E 31/12/22**
**£**
3,912
8,344
-
8,344
7,988
89
8,077
356
267|**Unrestricted**
**General Fund**
**Y/E 31/12/21**
**£**
4,068|
|---|---|---|
|||
8,344
-|
|||8,344|
|||
7,869
119|
|||7,988|
|||
475|
|||356|
## **MAITREYA BUDDHIST CENTRE LTD NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022**
|**2**
**Gifts and Donations**
Donations
**3**
**Income from activities of charity**
Courses and class fees
Membership Fees
Centre Cards
**4**
**Shop Trading Profit**
Trading Income
(note 1.5)
Takings
1263
Opening stock
710
Purchased
600
Closing stock
795
515
Surplus/(Deficit)
59%
748
**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 31/12/22**
**£**
1,659
1,659
5,609
13
4,843
10,465
748
710
131
710
65%
-
18,205
-|**Unrestricted**
**General Fund**
**Y/E 31/12/21**
**£**
693|
|---|---|---|
|||693|
|||1,411
25
6,049|
|||
7,485|
|||
246|
|||376
131
245
-|
|||14,570|
|||
8,907|
||||
**MAITREYA BUDDHIST CENTRE LTD NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31ST DECEMBER 2022**
## **1 ACCOUNTING POLICIES**
## (1.1) **Basis of accounting**
The financial statements have been prepared in accordance with Accounting & Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK & Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP FRS 102) The Financial Reporting Standard applicable in the UK & Republic of Ireland (FRS 102) (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 balance basis.
## (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 trading income, as a significant amount is used in the course of the charities primary purpose. It is confirmed that the non primary purpose income accounts for less than 25% of the primary purpose income of the charity. This criteria is supported by the charities constitution.
## **MAITREYA BUDDHIST CENTRE LTD BALANCE SHEET AS AT 31ST DECEMBER 2022**
|**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 1/01/22
Net Income for the year
Unrestricted General Fund|**12/31/2022**
**£**
10,953
795
860|**£**
267
11,908|**12/31/2021**
**£**
11,454
710
917|**£**
356
12,381|
|---|---|---|---|---|
||12,608||13,081||
||
700||
700||
||||||
|||
12,175||
12,737|
|||
12,737
-562||
15,597
-2,860|
|||12,175||
12,737|
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st December 2022.
The members have not required the company to obtain an audit of its financial statements for the period ended 31st December 2022 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 20th July 2023 and signed on its behalf.
Anthony Broadhurst Trustee
The notes on pages 6 to 9 form part of these financial statements.
**MAITREYA BUDDHIST CENTRE LTD STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022**
|**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 filter / 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 31/12/22**
**£**
1,659
10,452
13
1,263
-
18,205
31,591
699
32,291
515
13,020
872
3,912
-
1,171
328
3
13
2,052
- 110
1,374
2,704
4,444
75
290
390
148
139
700
725
-
89
32,853
-562|**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
518
865
392
-
119|
|||34,891|
|||
-2,860|
The notes on pages 6 to 9 form part of these financial statements.
4
**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 2022 set out on pages 4 to 9 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: 21st September 2023
## **MAITREYA BUDDHIST CENTRE LTD REPORT OF THE TRUSTEES CONTINUED**
## **FOR THE YEAR ENDED 31ST DECEMBER 2022**
## **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 irregularities.
## **Approval**
This report was approved by the board of directors and trustees on 20th July 2023 and signed on its behalf.
Anthony Broadhurst
Trustee
**MAITREYA BUDDHIST CENTRE LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022**
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 2022. 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 £562 (2021 deficit £2,860 )
## **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
tfMANY NO. 05252761
CHAAITr IKI. 11ts359
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