## VIPASSANA TRUST (DHAMMA SUKHAKARI) ## FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 30TH SEPTEMBER 2022 REGISTERED CHARITY NUMBER 1175672 VIPASSANA TRUST (DHAMMA SUKHAKARI) TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30[TH] SEPTEMBER 2022 |CONTENTS:
Trustee’s Information
Trustees’ Annual Report
Independent Examiners Report
Statement of Financial Activities
(Incorporating the Income and Expenditure Account)
Balance Sheet
Notes to the Financial Statements|PAGE
1
2 - 3
4
5
6
7 - 9| |---|---| VIPASSANA TRUST (DHAMMA SUKHAKARI) TRUSTEES’ INFORMATION FOR THE YEAR TO 30TH SEPTEMBER 2022 ## **Trustees** Manoj Sethumadhavan Milind Bhagwat Guimin Ma Alex Reveley Vimal Prakash **Gideon Sawyer** Uma Maheswari Stephanie Weston Andy Forbes Marc Sethi Aditi Gandhi Harsha Bhundia Mark Phillips Nam Yamaguchi Annie Hailey Samir Patel Krupa Srivastava Chair Treasurer Secretary Resigned November 2022 Resigned November 2022 Appointed November 2022 Resigned November 2022 **Registered Office** Walnut Tree Manor Haughley Green Suffolk, IP14 3RQ **Bankers** HSBC 20 Market Place Stowmarket Suffolk IP14 1DW **Charity Number** 1175672 (1) 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 2022. ## **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: |Course Type|2021/22|2020/21| |---|---|---| |10-day|1101|327| ||(20)|(10)| |3 day|297|55| ||(5)|(2)| 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. In spite the impact of Omicron in Dec 2021 where a course had to be cancelled on day 9 and a few subsequent courses had to be run at reduced capacity, there was a significant improvement in the number of students completing 10 day and 3 day courses. ## **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 students completing a course during the year due to the pandemic leading to a course cancellation and reduction of student numbers on other courses. This did result in reduction of income without corresponding reduction in running costs. The incoming resources for the year amounted to £318k (2021 £180k) and costs £271k (2021 £173k) leaving a surplus of £47k (2021: £7k) giving a reserve balance of £1,183k (2021 £1,136k). (2) 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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, - 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. Milind Bhagwat 29[th] June 2023 Trustee, Treasurer Signed (3) 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 2022 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: - examine the accounts under section 145 of the 2011 Act; - 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 - 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: - to keep accounting records in accordance with section 130 of the 2011 Act; and - 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 29[th] June 2023 (4) VIPASSANA TRUST (DHAMMA SUKHAKARI) ## STATEMENT OF FINANCIAL ACTIVITIES ## (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT) ## FOR THE YEAR ENDED 30[TH] SEPTEMBER 2022 |






|**Restricted**
**Unrestricted**
**Total Funds**
**Total Funds**
**Funds**
**Funds**
**2022**
**2021**
**Note**
**£**
**£**
**£**
**£**
INCOME AND ENDOWMENTS FROM:
Donations and Legacies
2
5,125
305,777
310,902
145,425
Other Income
3
-
4,000
4,000
34,386
Investment Income
4
-
3,181
3,181
24
______
_______
_______
_______
5,125
312,958
318,083
179,835
______
_______
_______
_______
RESOURCES EXPENDED:
Costs of charitable activities
5
-
270,642
270,642
173,015
______
_______
_______
_______
TOTAL RESOURCES EXPENDED
-
270,642
270,642
173,015
______
_______
_______
_______
NET INCOMING/(OUTGOING) RESOURCES
5,125
42,316
47,441
6,820
______
_______
_______
_______
RECONCILIATION OF FUNDS
TOTAL FUNDS BROUGHT FORWARD
21,250
1,114,639
1,135,889
1,129,069
______
_______
_______
_______
TOTAL FUNDS CARRIED FORWARD11
26,375
1,156,955
1,183,330
£1,135,889
______
_______
_______
_______| |---|---| 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. (5) VIPASSANA TRUST (DHAMMA SUKHAKARI) ## BALANCE SHEET ## 30[TH] SEPTEMBER 2022 |









|Note
£
FIXED ASSETS
Tangible Assets
7
CURRENT ASSETS
Debtors
8
9,586
Cash at Bank and in hand
569,373
_______
578,959
_______
CREDITORS:Amounts falling due
within one year
9
180,507
_______
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
Restricted Income Funds
11
TOTAL FUNDS|2022
**£**
£
1,978,341
11,583
666,861
_______
678,444
_______
129,639
_______
398,452
_______
2,376,793
1,193,463
_______
1,183,330
_______
1,156,955
26,375
_______
1,183,330
_______|2021
£
1,924,941
548,805
________
2,473,746
1,337,857
________
£1,135,889
________
1,114,639
21,250
________
£1,135,889
________| |---|---|---|---| The financial statements were approved and signed on behalf of the board on 29[th] June 2023 ........................................................ Trustee Milind Bhagwat Treasurer (6) VIPASSANA TRUST (DHAMMA SUKHAKARI) NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES a) b) Incoming resources e) f) g) ## FOR THE YEAR ENDED 30[TH] SEPTEMBER 2022 ## Basis of preparing the financial statements 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. 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. ## c) ## 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|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 that cost less than £1,000. ## d) ## 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 revalued 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|**Restricted**|**Unrestricted**|**Total Funds**|**Total Funds**| |---|---|---|---|---| ||**Funds**|**Funds**|**2022**|**2021**| ||**£**|**£**|**£**|**£**| |Dana (Donations)|4,225|260,362|264,587|125,881| |Gift Aid|900|45,415|46,315|19,544| ||______|_______|_______|_______| ||5,125|305,777|310,902|145,425| ||______|_______|_______|_______| |OTHER INCOME|**Restricted**|**Unrestricted**|**Total Funds**|**Total Funds**| ||**Funds**|**Funds**|**2022**|**2021**| |||**£**|**£**|**£**| |Foreign Exchange Gains|-|-|-|6,329| |Covid Grant|-|4,000|4,000|28,057| ||______|_______|_______|_______| ||-|4,000|4,000|34,386| ||______|_______|_______|_______| (7) ## VIPASSANA TRUST (DHAMMA SUKHAKARI) ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 30[TH] SEPTEMBER 2022 |4.
5.|INVESTMENT INCOME
**Restricted**
**Unrestricted**
**Total Funds**
**Total Funds**
**Funds**
**Funds**
**2022**
**2021**
**£**
**£**
**£**
**£**
Bank Interest Receivable
-
3,181
3,181
24
_____
_____
_____
_____
COST OF CHARITABLE
ACTIVITIES
**Restricted**
**Unrestricted**
**Total Funds**
**Total Funds**
**Funds**
**Funds**
**2022**
**2021**
**£**
**£**
**£**
Cost of Charitable Activities
-
270,642
270,642
173,015
______
_______
_______
_______
Cost of Charitable Activities includes:
**Restricted**
**Unrestricted**
**Total Funds**
**Total Funds**
**Funds**
**Funds**
**2022**
**2021**
**£**
**£**
**£**
**£**
Accountancy Fees
-
1,266
1,266
1,330
______
_______
_______
_______| |---|---| ## 6. TRUSTEES’ REMUNERATION AND BENEFITS There were no trustees’ remuneration or other benefits for the year ended 30[th] September 2022 ## Trustees Expenses There were no trustees’ expenses paid for the year ended 30[th] September 2022 ## 7. |TANGIBLE FIXED ASSETS||||| |---|---|---|---|---| ||**Fixtures &**|**Land &**|**Motor**|| ||**Fittings**|**Buildings**|**Vehicle**|**Total**| ||**£**|**£**|**£**|**£**| |Cost||||| |At 1stOctober 2021|320,444|1,772,585|2,450|2,095,479| |Additions|16,989|105,221|-|122,210| |Disposals|(2,070)|-|-|(2,070)| ||_______|________|______|________| |At 30thSeptember 2022|335,363|1,877,806|2,450|2,215,619| ||_______|________|______|________| |Depreciation||||| |At 1stOctober 2021|86,290|82,410|1,838|170,538| |Charge for the Year|35,999|31,371|612|67,982| |Eliminated on disposal|(1,242)|-|-|(1,242)| ||_______|________|______|________| |At 30thSeptember 2022|121,047|113,781|2,450|237,278| ||_______|________|______|________| |Net Book Value||||| |At 30thSeptember 2022|214,316|1,764,025|-|£1,978,341| ||_______|________|______|_________| |At 1stOctober 2021|234,154|1,690,175|612|£1,924,941| ||_______|________|______|_________| (8) VIPASSANA TRUST (DHAMMA SUKHAKARI) ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 30[TH] SEPTEMBER 2022 |8.
9.
10.
11.|DEBTORS
Gift Aid Outstanding
Prepayments
Accrued Income
Miscellaneous Debtors
CREDITORS:Amounts falling due within one year
Trade Creditors
Credit Cards
Accruals
Student Loans
Bank Loans
CREDITORS:Amounts falling due after more than one year
Bank Loans:
Due within 1-2 years
Due within 3-5 years
Due after 5 years
Student Loan
Due within 1-2 years
Due within 2-5 years
Due after 5 years
MOVEMENT IN FUNDS
Balance at
1stOctober 2021
£
Unrestricted Income Funds
1,114,639
Restricted Income Funds
21,250
_______
1,135,889
_______|2022
£
3,500
2,354
3,732
-
_______
£9,586
_______
9,221
299
13,118
119,845
38,024
_______
£180,507
_______
27,426
99,723
351,314
_______
478,463
39,250
520,000
155,750
_______
715,000
_______
£1,193,463
_______
Incoming
Resources
£
42,316
5,125
_______
47,441
_______|2021
£
1,686
5,699
3,931
267
_______
£11,583
_______
15,529
533
9,564
67,125
36,888
_______
£129,639
_______
40,160
119,209
352,113
_______
511,482
113,500
557,125
155,750
_______
826,375
_______
£1,337,857
_______
Balance at
30thSeptember|2021
£
1,686
5,699
3,931
267
_______
£11,583
_______
15,529
533
9,564
67,125
36,888
_______
£129,639
_______
40,160
119,209
352,113
_______
511,482
113,500
557,125
155,750
_______
826,375
_______
£1,337,857
_______
Balance at
30thSeptember|2021| |---|---|---|---|---|---| |||||September|| |||||
2022
£
1,156,955
26,375
________
1,183,330
________|
2022| 12. RELATED PARTY TRANSACTIONS We do not consider that there were any related party transactions requiring disclosure for the year ended 30[th] September 2022. ## 13. CAPITAL COMMITMENTS There were no capital commitments approved or contracted for at the year end. (9)