MAITREYA BUDDHIST CENTRE LIMITED
A company limited by guarantee
Annual Trustees Report and Financial Statements
st 31 December 2024
MAITREYA CENTRE LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered charity number 1108359
Registered company number 5252761 ( England and Wales)
| Index | Page |
|---|---|
| Report of the Trustees | 3-6 |
| Independent examiner's report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to fnancial statements | 10 – 11 |
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MAITREYA CENTRE LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees/Directors
Mary Cansdale Bruce Robinson Derek Russell
Secretary
Rosemary Lindfield
Charity number 1108359
Company number 5252761
Registered office
13 Sea Road Bexhill on Sea East Sussex TN40 1EE
Independent examiner
Alistair Jenkins FCA 14 Shiels Drive Bristol BS32 8EA
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MAITREYA CENTRE LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
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.
Achievements and performance
TBC
Public Benefit
In exercising their powers and duties, the Trustees have due regard to the guidance on public benefit published by the Charity Commission. They believe that the work of the Buddhist Faith has clearly identifiable public benefits. The Charity believes that there are three important public benefits to promoting the Buddhist Faith: to help people develop their wisdom, to cultivate a good heart and to maintain a peaceful mind.
The Charity's programme of classes, services and meditation is open to everyone, whether Buddhist or not, regardless of nationality, age or gender. All classes are accessible to the public and both "drop-in" and more advanced courses of Buddhist instruction are offered. Some are offered free of charge, whilst modest fees are charged for others.
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MAITREYA CENTRE LIMITED
ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
Financial review
The accounts show a surplus for the year 2023 of £2,793 (2023: £627). As at the year end net assets were £15,596 (2023: £12,802).
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.
Structure, governance and management
The Charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The Trustees, who are also the directors for the purpose of company law, and who served during the year are shown on page 1.
Trustee recruitment and training
To be elected or appointed as a Trustee, the nominee must be a member of the charity and are elected by members at the Annual General Meeting or by the Trustees when a need arises according to the Articles of Association. The third Trustee is an ex-officio Trustee, by virtue of them being the Administrative Director of a centre specified in the Articles of Association. Each new Trustee is guided by current Trustees and other members of the organisation, in particular the Administrative Director and Resident Teacher, who have vast experience within the organisation.
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MAITREYA CENTRE LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RELATION TO FINANCIAL STATEMENTS
The charity trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing the financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (and related regulations);
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to 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 the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' report was approved by the Board of Trustees.
Name ……………………............... (Director)
Signed ……………….....................
Date ……………………................
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MAITREYA CENTRE LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
Independent Examiner's Report to the Trustees of Maitreya Buddhist Centre Ltd
This is a report on the accounts of Maitreya Buddhist Centre Ltd for the year ended 31 December 2024, which are set out on pages 8 to 12.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under
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section 145(5)(b) of the Charities Act), and
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to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with relevant general Directions of the Charities Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given on whether the accounts present a “true and fair view”.
Independent examiner's statement
In the course of my examination, no matter has come to my attention:
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1 . which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations
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to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or
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2 . to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
The prior year going concern matter is addressed at accounting note 1 ‘going concern uncertainty’; a similar matter is not being raised this year.
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MAITREYA CENTRE LIMITED
ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
Signed ____ Date ___
Alistair Jenkins
14 Shiels Drive, Filton, Bristol.
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MAITREYA CENTRE LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
(A Company Limited by Guarantee not having a Share Capital)
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 December, 2024
| Income from: Donations Other (Shop) Charitable activities Accommodation Education Total Income Expenditure on: Charitable activities Fundraising costs Governance Total Expenditure Net (Expense) / Income for the Year RECONCILIATION OF FUNDS Funds brought forward Unrestricted funds Net (Expense) / Income for the Year Funds Carried Forward |
2024 2023 £ Unrestricted Unrestricted Funds Funds 5,943 4,051 1,515 1,165 16,766 18,110 16,341 14,098 40,566 37,423 36,216 34,341 1,077 1,675 480 780 37,772 36,796 2,793 627 12,802 12,737 2,793 627 15,596 12,802 |
|---|---|
The accompanying notes on pages 10 – 12 form part of these financial statements.
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MAITREYA CENTRE LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
BALANCE SHEET
As at 31 December, 2024
| Notes CURRENT ASSETS Cash at Bank Debtors 5 Stock CREDITORS Amounts falling due within one year 6 NET ASSETS OF THE CHARITY FUNDS OF THE CHARITY Unrestricted Income Funds TOTAL CHARITY FUNDS |
2024 2023 £ £ Unrestricted Unrestricted Funds Funds 14,483 11,837 518 518 1,295 1,147 16,296 13,502 (700) (700) (700) (700) 15,596 12,802 15,596 12,802 15,596 12,802 |
|---|---|
The accompanying notes on pages 10 – 12 form part of these financial statements.
· The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024
· The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
· The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
· These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees:
Name & position …………………………….. Signed ………………..................... Date …….….
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MAITREYA CENTRE LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
Basis of Preparation
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Income
All income is without restriction and is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stock represents items which have been purchased for resale and not yet sold, this is the stock available at the reporting date in the on site shop. The stock is valued at the lower of cost and net realisable value.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
All funds, income and expenditure are Unrestricted, meaning they can be used in accordance with the charitable
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MAITREYA CENTRE LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 objectives at the discretion of the trustees.
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MAITREYA CENTRE LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging:
| 2024 | 2023 | |
|---|---|---|
| Accountancy | 480 |
780 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the prior year. There were no trustees' expenses paid for the year ended 31 December 2021 nor for the prior year.
4. STAFF COSTS
There was ONE employee during the year (2022 - 1).
| 2024 | 2023 | ||
|---|---|---|---|
| 5 | Debtors | ||
| Rent deposit | 500 | 500 | |
| Prepayments | 18 | 18 | |
| 518 | 518 | ||
| 2024 | 2023 | ||
| 6 | Creditors falling due within one year | ||
| Other creditors | 700 | 700 |
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MAITREYA CENTRE LIMITED
ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
| STATEMENTOF Income and Expenditure | STATEMENTOF Income and Expenditure | STATEMENTOF Income and Expenditure | STATEMENTOF Income and Expenditure | STATEMENTOF Income and Expenditure | |||
|---|---|---|---|---|---|---|---|
| For theyear ended 31 December,2024 | |||||||
| 2024 | 2023 | ||||||
| £ | £ | ||||||
| Unrestricted | Unrestricted | ||||||
| Funds | Funds | ||||||
| Income: | |||||||
| Donations(inclgift aid) | 5,943 | 4,051 | |||||
| Charitable activites | |||||||
| Accommodation | 16,766 | 18,110 | |||||
| Education | 16,341 | 14,098 | |||||
| Other(Shop) | 1,515 | 1,165 | |||||
| 40,566 | 37,423 | ||||||
| Expenditure: | |||||||
| Charitable activities | |||||||
| Staff | 5,028 | 5,529 | |||||
| Publicity | 589 | 318 | |||||
| Gompa / offerings | 357 | 252 | |||||
| PropertyExpenses | 2,901 | 1,550 | |||||
| Rent rates water | 13,620 | 14,011 | |||||
| Light heat | 9,108 | 8,503 | |||||
| Educational activities | 3,008 | 1,839 | |||||
| Other expenses | 940 | 1,678 | |||||
| Bank charges / Finance | 665 | 662 | |||||
| 36,216 | 34,341 | ||||||
| Fundraisingcosts | |||||||
| Shopexpenses | 1,077 | 1,675 | |||||
| Governance costs | 480 | 780 | |||||
| 1,557 | 2,455 | ||||||
| Total Expenditure | 37,772 | 36,796 | |||||
| Net(Expense) / Income for the Year | 2,793 | 627 | |||||
| This note isprovided for management and need not be submitted externally |
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