VIPASSANA TRUST (DHAMMA SUKHAKARI)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2020
REGISTERED CHARITY NUMBER 1175672
VIPASSANA TRUST (DHAMMA SUKHAKARI)
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 30[TH] SEPTEMBER 2020
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CONTENTS: PAGE
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| CONTENTS: | PAGE |
|---|---|
| Trustee’s Information | 1 |
| Trustees’ Annual Report | 2 - 3 |
| Independent Examiners Report | 4 |
| Statement of Financial Activities | 5 |
| (Incorporating the Income and Expenditure Account) | |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 9 |
VIPASSANA TRUST (DHAMMA SUKHAKARI)
TRUSTEES INFORMATION
FOR THE YEAR TO 30TH SEPTEMBER 2020
Trustees Krupa Srivastava Chair Milind Bhagwat Treasurer Alex Reveley Secretary Vimal Prakash Gideon Sawyer Uma Maheswari Manoj Sethumadhavan Stephanie Weston Andy Forbes Appointed April 2020 Rewa Mandnikar Resigned November 2020 Annie Hailey Resigned November 2020 Ajay Kapoor Resigned November 2020 Ping Tan Resigned November 2020 Marc Sethi Appointed November 2020 Lizzie Cheetham Appointed November 2020 Aditi Gandhi Appointed November 2020 Mark Phillips Appointed February 2021 Nam Yamaguchi Appointed February 2021
Registered Office Walnut Tree Manor Haughley Green Haughley Stowmarket Suffolk, IP14 3RQ Bankers HSBC 88 High Street Hanham Bristol, BS15 3EJ Charity Number 1175672
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VIPASSANA TRUST (DHAMMA SUKHAKARI)
TRUSTEES’ ANNUAL REPORT
The trustees present their report and the financial statements of the charity for the period ended 30th September 2020.
AIMS AND CHARITABLE PURPOSES
The Vipassana Trust (Dhamma Sukhakāri) exists to advance human happiness through the teaching of Vipassana meditation as taught by S N Goenka in the tradition of Sayagyi U Ba Khin.
ACTIVITIES – MEETING OUR CHARITABLE PURPOSES
During the period under review the Trust ran residential Vipassana meditation courses. The number of full-time adult participants (and number of courses) this year are summarised below:
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Course Type 2019/20 2018/19
10-day 591 654
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3 day 374 478
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10-day courses are the standard introduction of the technique for adult students; ‘old’ students, that is those who have already completed a course in this tradition, may participate in these courses as well as in others that are shorter or longer.
A Vipassana course is a rewarding and often demanding experience. The Trust has a thorough application process to ensure that applicants understand the nature of what they are undertaking course and have a good chance of benefiting from their commitment of time and effort.
COVID -19 PANDEMIC:
Like many other organisations Vipassana Trust has been affected by the pandemic. A covid response team was set up by the Trust to ensure that government guidelines were followed. As a result, for part of the year, no courses were held and when courses did resume the number of students on each course was reduced.
The Trust’s cash flow projections were kept up to date to reflect the financial impact of the reduced number and size of courses. Despite the effects of covid, the trust achieved a surplus for the year thanks to the donations received from old students.
The Trustees are confident that Dhamma Sukhakāri will continue to run full courses as conditions allow.
ORGANISATION
Management of the Trust's affairs is by a Board of Trustees supported by a number of committees which look after various aspects of managing the centre. All trustees are old students who have generally sat a number of courses, served on committees and have been involved in the running of the Centre. They are appointed by the Centre Teacher to serve until the next annual general meeting. The charity is a CIO controlled by its Governing constitution which Document is registered with the Charity Commission.
No charges are made for attending courses and donations are accepted only from students who have successfully completed a 10-day course. It is made clear to all participants that these donations are not payment for the teaching and accommodation that they have received, but contributions towards the costs of providing courses in the future for others to attend. The donations are called 'dana' (a Pali word). Donations given at the end of a course (course dana) are the main source of funding for the Trust. It is also supported by monthly standing orders and one-off donations from old students as well as student loans of varying amounts and duration. Donations given at the end of a course are the main source of funding for the Trust, which also receives donations from old students by way of monthly standing orders and one-off donations. We also receive student loans of varying amounts and duration.
Teaching and serving (working) on courses is always done on a voluntary basis. The day to day running of the centre is done by volunteers.
FUTURE STRATEGY
The Trust intends to increase both the number of courses and the capacity on each course to enable more students to learn and practice Vipassana meditation. Demand for courses is high and the waiting list, on every course, is long.
FINANCIAL STATEMENT
There were a reduced number of courses during the year due to the pandemic leading to a reduction of income and of running costs. However, due to the support of old students and a Covid support grant a surplus was achieved.
The incoming resources for the year amounted to £293k (2019: £446k) and costs £173k (2019: £202k) leaving a surplus of £119k (2019: £244k) giving a reserve balance of £1,129k (2019 £1,009k).
Financial Support from Vipassana Trust
We are most grateful for the financial support of £3,000 per month that we received from our sister charity Vipassana Trust, from our incorporation until November 2020. This support was discontinued in October 2020 at our request when we felt that we had achieved financial stability.
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VIPASSANA TRUST (DHAMMA SUKHAKARI)
TRUSTEES’ ANNUAL REPORT
RESERVES POLICY
The Trustees operate a policy of investing most of its liquid funds in improving the site and its facilities while ensuring that it has sufficient funds to meet the anticipated running costs of the organisation.
FINANCIAL MANAGEMENT & RISK REVIEW
The finance committee regularly scrutinises the financial situation by way of regular income and expenditure review, cash flow statements and forecasts. We aim to be prudent in our financial management with regards to commitments to future expenditure.
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
In preparing these 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;
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make judgements 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 operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the charity SORP. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed
Milind Bhagwat 26 July 2021 Trustee, Chair
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VIPASSANA TRUST (DHAMMA SUKHAKARI)
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF VIPASSANA TRUST (DHAMMA SUKHAKARI)
I report on the accounts of the Trust for the year ended 30[th] September 2020 which are set out on pages 5 to 9.
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(2) of the Charities Act 2011 (the 2011 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 2011 Act;
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to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 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 the General Directions given by the Charity 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 the seeking of explanations from you as 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 as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met;
or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
MR A A Houston On behalf of RJ Francis & Co Limited Marshall Business Centre Faraday Road Hereford HR4 9NS
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VIPASSANA TRUST (DHAMMA SUKHAKARI) STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING THE INCOME & EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30[TH] SEPTEMBER 2020
| Unrestricted Total Funds Total Funds Funds 2020 2019 Note £ £ £ INCOME AND ENDOWMENTS FROM: Donations and Legacies 2 260,044 260,044 445,621 Other Income 3 32,988 32,988 238 Investment Income 4 209 209 84 _ _ _ 293,241 293,241 445,943 _ _ _ RESOURCES EXPENDED: Costs of charitable activities 5 173,789 173,789 201,805 _ _ _ TOTAL RESOURCES EXPENDED 173,789 173,789 201,805 _ _ _ NET INCOMING RESOURCES 119,452 119,452 244,138 _ _ _ RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD 1,009,617 1,009,617 765,479 _ _ _ TOTAL FUNDS CARRIED FORWARD 1,129,069 1,129,069 £1,009,617 _ _ _ |
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The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
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VIPASSANA TRUST (DHAMMA SUKHAKARI) BALANCE SHEET
30[TH] SEPTEMBER 2020
| Note £ FIXED ASSETS Tangible Assets 7 CURRENT ASSETS Debtors 8 5,866 Cash at Bank and in hand 232,743 _ 238,609 _ CREDITORS: Amounts falling due within one year 9 52,486 _ NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year 10 NET ASSETS FUNDS Unrestricted Income Funds 11 TOTAL FUNDS |
2020 £ £ 1,828,438 6,542 136,585 _ 143,127 _ 35,940 _ 186,123 _ 2,014,561 885,492 _ £1,129,069 _ 1,129,069 _ £1,129,069 _ |
2019 £ 1,715,563 107,187 _ 1,822,750 813,133 _ £1,009,617 _ 1,009,617 _ £1,009,617 __ |
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The financial statements were approved and signed on behalf of the board on 26 July 2021. Signed.
........................................................ Trustee
Milind Bhagwat
Chair
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VIPASSANA TRUST (DHAMMA SUKHAKARI) NOTES TO THE FINANCIAL STATEMENTS
a) Basis of preparing the financial statements
b)
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d)
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f)
g)
FOR THE YEAR ENDED 30[TH] SEPTEMBER 2020
1. ACCOUNTING POLICIES
The financial statements have been prepared in accordance with the charities SORP (FRS 102) ‘Accounting and Reporting by charities applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Depreciation Policy
Depreciation is provided at rates calculated to write off the cost, less residual value, of each asset over its expected useful life, as follows:
Buildings - 2% Straight line
Fixtures & Fittings - Various between 5%-25% Straight line Motor Vehicles - 25% Straight line
It is the charity’s policy not to capitalise items below £1,000.
Resources expended
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. The charity is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT and is reported as part of the expenditure to which it relates.
Foreign Currency
Transactions in foreign currency are recorded at the rate on the day when the transaction is made. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are revealed at the closing exchange rates on that date; any exchange differences are recognised in the profit and loss account.
Taxation
The charity is exempt from tax on its charitable activities
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
There were no restricted funds for this year or the previous year.
2.
3.
| DONATIONS AND LEGACIES | Unrestricted | Total Funds | Total Funds |
|---|---|---|---|
| Funds | 2020 | 2019 | |
| £ | £ | £ | |
| Dana (Donations) | 213,572 | 213,572 | 416,861 |
| Gift Aid | 46,472 | 46,472 | 28,760 |
| _ | _ | _ | |
| 260,044 | 260,044 | 445,621 | |
| _ | _ | _ | |
| OTHER INCOME | Unrestricted | Total Funds | Total Funds |
| Funds | 2020 | 2019 | |
| £ | £ | £ | |
| Misc Sales Income | 230 | 230 | 238 |
| Foreign Exchange Gains | 7,758 | 7,758 | - |
| Covid Grant | 25,000 | 25,000 | - |
| _ | _ | _ | |
| 32,988 | 32,988 | 238 | |
| _ | _ | _ |
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VIPASSANA TRUST (DHAMMA SUKHAKARI) NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30[TH] SEPTEMBER 2020
| 4. 5. |
INVESTMENT INCOME Unrestricted Total Funds Total Funds Funds 2020 2019 £ £ £ Bank Interest Receivable 209 209 84 _ __ COST OF CHARITABLE ACTIVITIES Unrestricted Total Funds Total Funds Funds 2020 2019 £ £ £ Cost of Charitable Activities 173,789 173,789 201,805 _ _ _ Cost of Charitable Activities includes: Unrestricted Total Funds Total Funds Funds 2020 2019 £ £ £ Accountancy Fees 1,169 1,169 1,045 _ _ _ Foreign Exchange Losses - - 9,085 _ _ _ (2020 Gains £7,758) |
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6. TRUSTEES’ REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 30[th] September 2020.
Trustees Expenses
There were no trustees’ expenses paid for the year ended 30[th] September 2020
7.
TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|
| Fixtures & | Land & | Motor | ||
| Fittings | Buildings | Vehicle | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1stOctober 2019 | 247,915 | 1,515,529 | 2,450 | 1,765,894 |
| Additions | 35,065 | 133,257 | - | 168,322 |
| Disposals | - | - | - | - |
| _ | __ | ______ | __ | |
| At 30thSeptember 2020 | 282,980 | 1,648,786 | 2,450 | 1,934,216 |
| _ | __ | ______ | __ | |
| Depreciation | ||||
| At 1stOctober 2019 | 24,850 | 24,868 | 613 | 50,331 |
| Charge for the Year | 27,302 | 27,533 | 612 | 55,447 |
| _ | __ | ______ | __ | |
| At 30thSeptember 2020 | 52,152 | 52,401 | 1,225 | 105,778 |
| _ | __ | ______ | __ | |
| Net Book Value | ||||
| At 30thSeptember 2020 | 230,828 | 1,596,385 | 1,225 | £1,828,438 |
| _ | __ | ______ | ___ | |
| At 1stOctober 2019 | 223,065 | 1,490,661 | 1,837 | £1,715,563 |
| _ | __ | ______ | ___ |
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VIPASSANA TRUST (DHAMMA SUKHAKARI) NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30[TH] SEPTEMBER 2020
8.
9.
10.
11.
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DEBTORS 2020 2019
£ £
Gift Aid Outstanding 1,022 2,795
Prepayments 1,968 2,739
Accrued Income 1,012 1,008
Amount owed by Parent Undertaking 1,864 -
_ _
£5,866 £6,542
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CREDITORS: Amounts falling due within one year
Trade Creditors 20,485 6,911
Credit Cards 654 439
Accruals 7,351 6,579
Student Loans - -
Mortgage 23,996 22,011
_ _
£52,486 £35,940
_ _
CREDITORS: Amounts falling due after more than one year
Bank Loan:
Due within 1-2 years 24,676 45,951
Due within 2-5 years 78,308 74,394
Due after 5 years 396,429 405,201
_ _
499,413 525,546
Student Loan
Due within 1-2 years 25,000 25,000
Due within 2-5 years 162,587 162,587
Due within 5 years 198,492 100,000
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386,079 287,587
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£885,492 £813,133
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MOVEMENT IN FUNDS
Balance at Incoming Balance at
1 [st] October 2019 Resources 30 [th] September
2020
£ £ £
Unrestricted Income Funds 1,009,617 119,452 1,129,069
_ _ _
1,009,617 119,452 1,129,069
_ _ _
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12. RELATED PARTY TRANSACTIONS
We do not consider that there were any related party transactions requiring disclosure for the year ended 30[th] September 2020.
13. CAPITAL COMMITMENTS
£10k capital expenditure had been authorised but not contracted for at the Year End.
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