REGISTERED COMPANY NUMBER: 2246810 (England and Wales) REGISTERED CHARITY NUMBER: 327798 Re orto e Trustees and Financial Statemen sfo ear Ended 31 Ma 2024 vi assana Trust R l Francis & Co Llmited Marshall Buslness Centre Faraday Road Hereford Herefordshire HR4 9NS
a5sana Trust Contents of the Flnanclal Statements for the Year Ended 31 Ma 2024 Page Report of the Trustees Report of the Independent Auditors 7 to 10 ststement of Flnancial Actlvltles li Balance Sheet 12 Cash Flow Statement 13 Notos to the Cash Flow Ststement 14 Notes to the Flnanclal Statements 15 to 25 Detailed Statement of Finandal Actlvitles 26
assana Trust ort of the Trustees ear E ded 31 Ma 2024 for the The trustees who are also dlrectors of the charity for the purposes of the Companies Art 2006, present thelr report wlth the flnanclal statements of the charlty for the year ended 31 May 2024. The trustees have adopted the prDv151ons of Accountlng and Reporting by Charities: Statement of Recommended Practice applicable to charities preparlng thelr accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. STRATEGIC REPORT Achlevement and performance Alms and charltable purp05e5 Vlpassana Trust exlsts to advance human happiness through the teaching of princlples established by the late Sayagyi U Ba Khln. These Inelude the practlce of Vlpassana medltation.. a technique for developlng concentration, Inslght and higher stsndards of morallty that was orlginally taught by the Buddha. A¢itivite5- meeting our charttable purposes Vipassana meditation course5 are provlded for adults and Anapana meditatlon courses are provlded for chlldren and teenagers. The trust's activities are based at two sites., Dhamma Dlpa, a resldÈntial mèditation centre at Pencoyd, Herefordshire; and Dhamma Padhana, a second purpose-built residential centre adlacent to Dhamma Dlpa. Additional courses are held at rented sltes In the North of England and in Scotland. Th@ number of full-tlme adult partlclpants land number of course51 this year are summar15ed below, excluding one day courses,. 2023124 Dhamma Padhana 197 131 2022123 Dhamma Padhana 127 121 Course Dhamma Dlpo 2.264 1201 Dhamma Dlpa 2,269 1201 Total 2,461 123) Total 2,396 1221 10-day other 78 688 1141 766 1151 356 151 618 Iiii 974 1161 Note.. 10-day courses are the standard Introdurtlon of the technique to 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 for an adult Is a rewardlng but ¢)ften demanding experience. The trust has a thorough application process to ensure that appllcants understand the nature of what thoy are undertaking and have a good chance of benefitting from their commitment of tlme and effort. Page I
vi ssana Trust ort oftheT ustees for the Year ded 31 Ma 2024 srRATEGIC REPORT A¢hlevement and performance Recent achlevements Dharnma Dipa -The Masterplan media projett was Completed. - Twstees approved the bulldlng of Block J In the MastÈr Plan, a5 part of the Trust's vlslon of an Ideal Vipa55ana meditation centre in the tradition of S,N. Goenka. A new ventilation system in the Dhamma Hall, Purchased a shlpplng contalner a5 a cost-effectlve altemative to the maintenance extenslon. Gratitude course. la 14 day course for old students) was held in February to mark 100 years of our principal teacher, S.N. Goenka. Discourse resources project completed and implemented In the UK website, Ongolng revlew of our policy and procedures and the creation of the Complaints Procedure and Protectin8 People Pollcy. A UK Privacy team is also now operatlonal. Dhamma Padhana Completion in March of the second 60- day ¢our5e to be held at Dhamma Padhana Worl( has commenced on the next phase5 development of the centre with the re-slting of the Kltchen and Laundry blocks and groundworks for a number of bulldlngs. Doubllng of the Kltchen block by the additlon of another unit. Future Strategy The purpose of Wipassana Trust is to organise and run course9 In Vlpassana Medltatlon as taught by S.N. Goenka in the tradition of Sayagyi U Ba Khin. For 2024125, Vipassana Trust's ambitions at Dhamm8 Dipa are,. l. To continue to dlssemlnate information about Vipassana meditation. 2. To continue to support the exlstlng reglonal groups in the UK. 3. To contlnue the revlew of our pollcles and procedures 4. To start bullding Block J The Dhamma Padhana Branch Future Strategies are: l. To continue to provide suitable medltation facilities to those who wlsh to work more deeply In Vipa55ana Medltation, by provldlng longer COue5 and other courses for those who have sat a nL(mber of 10-day courses, 2. To resolve the constructlon rssues that have emerged wlth the zinc roofing of the pagoda. 3. In order to help satlsfy demand for long courses, the trust decided to delay the construction of a new offlc@/kitchenldlnlng bulldinE and Instead Is looklng to add 6 additional single en-suite rooms by converting the current dinlng halls into AT resldenc@s and building temporary dlning halls. 4. Complete major site malntenance repairs and enhancements FINANCIALSTATEMENT The Incomlng resoUrS for the year amounted to £1,288k 12022123., £1,095kl, expenditure was £1,071k 12022/23.. El,238kl leavln8 a net surplu5 of £217k12022123: deficit £143kl As stated in the note regarding a Contingent Liability for repairs to the Pagoda Roof, since the completion of the Pagoda In July 2017 a defect wlth the parts of the roof ha5 become apparent whlch will qUIre replacement. The Trust, through its subsldiary Vlpassana Construrtlon and Services Llmtted IVCSLI. has sought legal advice and, whlle VCSL will do Its best to resolve thls dispute wlthout resort to Iltigation, the Trustees acknowledge the potential for litl8ation if settlement attempts fail, as well a5 the attendant fees and c05ts of such Iltigatlon, many of which may not be recoverable even if there Is a successful outcome. Page 2
assana Trust Re orto eTr stees for the Year Ended 31 Ma 2024 STRATEGIC REPORT Or8anisation Management of the trust's buslness affalr5 is by a Board of Directors. Vipassana Trust directly runs a programme of ten-day and other shorter courses at Dhamma Dlpa. In addltlon. Its branch, Dhamma Padhana, the European Long-course Centre, Is dedleated to runnlng wurse5 for exwrlenced students. It provldes speclal facllltles for students who wish to take longer courses120 days or morel. Dhamma Dlpa and Dhamma Padhana share many facllltles, in partlcular the office, kitchen and maintenance workshop. In addition. It organlses 3-day and 10-day courses at rented off-centre locations in different parts of the UK whenever posslble. Unfortunately, this has not been posslble In the flnanclal year under review. No charges are made for attendlng courses, elther by way of fees or accommodatlon expenses, and donatlons a accepted only from students who have successfully completed a 10-day course. It 15 made clear to all particlpants that these donations are not payment for the teachlng and accornmodatlon that they have received, but tontrlbutlons towards the costs of providlng courses in the future for others to attend, The donatlons are called 'dana' la Pall word). Donat'ions glven at the end of a course Icourse danal are the main source of fundlng for the trust, wh5ch also rece5ve5 donatlons by way of monthly standln8 orders and one-off donotions. We a150 receive student loans of varying amounts and duration. Teaching and 5eNlng Iworkingl on cour5e5 is always done on a voluntary basis, The day to day running of the ¢entre Is largely done by volunteers, although the Trust employs two part-time office staff and a full-time maintenance manager, It also pays for the services of a part-tlme self-employed finan manager. Restrclted ndS Branch activitie5 and Specific projects are funded by donations glven speclflcally for these actlvltles and from surplus funds designated by trustees, In addltlon, the trust collects dana from old students for specific projects or for it5 Slster organisation5 in other countries such as the Global Pagoda fund. These monies are used solely tQ 5UPPQrt the pro1ts to whlth they have been donated, The Outreach and Global Pagoda Funds are the only ones that may receive gifts from those who have not completed a 10-day course. Subsldlary company Vipassana Construction and Services Ltd (VCSLI was incorporated In 2013 but remained dormant untll April 2015. It was set up after Consultation with profession81 advlsors as an appropriate way to manage and administer certain actlvities of Vipa5sana Trust which fall outside its main objectives, m05t specifically to act as principal contractor for Its building projects. VCSL is a wholly owned Subsidiary of Vipassana frust and Its directors are appointed by the trust. Page 3
a5sana Trust orto e Trustees for the YÈar E ded 31 20 srRATEGIC REPORT Reserves poll¢y The policy of the trust is to Invest any liquld or current asset backed reserves into upgrading and E)ullding new facllrties as funds allow, after providing sufficlent funds to meet the antlcipated runnln8 Costs of the organisation. Cash flow forecasts are prepared regularly to enable Trustees to make such Investment decisions prudently. The Net Current A55et5 below represents the positlon of the two maln funds In term5 of the net of cash and near cash current assets less provlslons and liabllltles due within one year. General Funds Dhamma Deslgnated Dlpa Restricted funds Dhamma Other Padhana Restrl¢ted 2024 3,633k 13,765kl 95k 1,431k Total Flxed Assets Long Term Llabllltle5 Loan to Subsldlary Net Current Assets 1,713k 1490kl 5,346k 14,255k 95k 2,154k 624k 80k 19k Total funds 1,847k 80k 1,394k 19k 3,340k 2023 3,659k {3,851kl 79k 1,391k Flxod Assets Long Term Llabllltlos Loan to Subsidiary Net Current Assets 1,734k 1642kl 5,403k 14,493kl 79k 2,134k 453k 71k 19k rotal Fund5 1,745k 71k 1,288k 19k 3,123k STRUCTURE, GOVERNANCE AND MANAGEMENT Flnanclal management and rlsk revlew The finance commlttee règularly scrutlnlses the financial situation by way of monthly Income and èxpendlture revlew. cash flow statements and forecasts. We alm to be prudent in our financial management with regards to commltments to fL4ture expenditure. REFERENCE AND ADMINISTRATIVE DETAILS RegIsted Company number 2246810 (England and Wale51 Reglstered Charlty number 327798 Registered offlce Dhamma Dlpa Pencoyd St Owens Cross Hereford HR28NG Page 4
as5ana Trust of the Tru5tee5 the Year Ended 31 202 Trustee$ Jane Burnard lappointed I,10,231 lan Cather James Sze Hoo Chan Kevin Clifford Robert Stephen Doyle Raquel Faraco Samuel Thomas Bllss Fraier (appointed 15.11.231 Chandani Kotecha Lai Mun Lam {appointed l.10.231 Dattaprasad Mandnlkar Jacqueline Mary Mullen Yoel Mordecal Perlman (appointed l.10,231 Robert Li51e furner Arthur Wolstenholme Claire simone Coache Angel Yanez Iresigned 31,10,231 Orsolya Szabados Ires18ned 31.10.231 Gavln Mltchell Ireslgned 31.10.231 Alexandra Ursu Iresigned 30.6,231 Company Secretary Dattaprasad Mandnikar Auditors R J Francis & Co Limited Marshall Buslness Centre Faraday Road Hereford Herefordshire HR49NS STATEME OF TRU5TEE5' RESPONSIBILITIES The trustees Iwho are also the direthors of Vipassana Trust for the purposÈs of company lawl are responsible for preparlng the Report of the frustees and the finan¢ial statements in accordance with appllcable law and United Kingdom Accounting Standards Iunlted Kingdom Generally Accepted Accounting Practicel. Company law requlres the trustees to prepare flnancial ststements for each financlal year which give a true and tsir vSew of the state of affairs of the charitable company and of the Incoming resources and appllcation of resources, including the income and expenditure, of the charltable company for that perlod. In preparing those financial statements, the trustees are required to select sultable accounting policles and then apply them conslstently,, observe the rnethods and principle5 in the Charity SORP,. make judgements and e5tlm8tes that are reasonable and prudent,, state whether appllcable accountlng standards have been followed, subject to any material departures dlsclosed and explained In the flnanclal statements,, prepare the financial statements on the going concern basis unless it is inapprcpriate to presume that the charltable company wlll contlnue in business. Page S
assana Trust ort of the Trustees or the Year ded31Ma 2024 5fATEMENT OF TRUSTEES, REsPONSIBILlES- contlnued The trustees are responslble for keeplng proper accounting records whlch dlsclose wlth reasonable accuracy at any tlme the financial positlon of the charitable company and to enable them to ensure that the financlal statements comply with the Companies Act 2006. They are a Iso responsible for 5afe8uarding the assets of the charitable company and hence for taking reasonable steps for the preventlon and detectlon of fraud and other Irregularlties. In so far as the trustees are aware.. there Is no relevant audlt Information of whlch the charitable company's auditors are unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establlsh that the audltors are aware of that Informatlon. AUDrroRS The auditors, R J Francls & Co Limited, wlll be proposed for re-appointment et the forthcoming Annual General Meetlng. Report of the trustees, incorporating a strateglc report. approved by order of the board of trustees, as the company directors, on 29 September 2024 and slgned on the board's behalf by: James Sie Hoo Chan- Trustee Page 6
Re ort of the Inde endent ors to the Members of assana Trust Oplnlon We have audited the flnanclal statements of Wipassana Trust Ithe 'charitable company'l for the year ended 31 May 2024 which compdse the Statèment of Flnantlal Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, includlng a summary of slgnlflcant accounting policles. The financial reporting framework that has been applied In their preparatlon Is appllcable law and Unlted Klngdom Accountlng Standards Iunlted Klngdom Generally Accepted Accountlng Prarticel, In our oplnlon the fina nclal statements: glve a truo and falr vlew of the state of the charitable company's affalrs as at 31 May 2024 and of Its Incoming resources and applicatlon of rosource5, Including Its Income and expendlture, for the year then ended,. have been properly prepared In accordance with Unlted Kingdom Generally Accepted Aocountlng Practlce,. and have been prepared In accordance with the requirements of the Companies Act 2006, Basis for opinion We conducted our audlt In accordance with Internatlonal Standards on Audltlng IUKI IISAS IUKII and applicable law. Our respon5ibllltles under those standards are further described in the Auditors, responsibilltles for the audlt of the financlal statements Section of our report. We are independent of the charitable company In accordance wlth the ethlcal requlrements that are relpvant to our audlt of the flnarFcial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethlcal rosponsibilitles In accordan with these requirements, We believe that the audlt evidence we have obtained is sufflclent and appropriate to provide a ba515 for our opinion. Conclusions relating to 8olng conrern In audltlng the flnanclal statements, we have concluded that the twstees, use of the going concern basls of accountlng in the preparatlon of the flnanclal statements is appropri£te, Based on the work wo have performed, we have not identified any material uncertainties relating to events or cendltlons that, Indlviduall¥ or collectlvely, may cast slgnlflcant doubt on the charitable company's ability to continue as a golng oncern for a period of at least twelve monthg from when the flnanclal statements are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees wlth respect to golng concern are de5crlbed In the relevant sectlons Of thls report. Other Informatlon The trustees are responslble for the other Information. The other information comprises the information included Sn the Annual Report, other than the flnanelal statements and our Report of the Independent Auditors thereon. Our opinlon on the financial statements does not cover the other informatlon and, except to the extent otherwise expllcitly stated in our report, we do not express any form of a55urance concluslon thereon. In connectlon wlth-our audit of the financial Statements, our responslblllty Is to read the other Informatlon and. In dolng so, conslder whether the other information Is materially inconsistent th the financial statements or our knoedge obtalned In the audit or otherwlse appears to be materially mi5Stated. If we identify such material Inconsistencies or appant materlal mlsstatement5, we are roquired to deternilne whether this gives rise to a material misstaternent in the financlal statements themselves. If, based on the work we have performed, we conclude that there is a materlal misstatement of thls other Information, we are requlred to report that fact, We have nothin8 to report in this regard. Oplnions on other matter5 Pte5crlbed by the Companles Act 2006 In our oplnlon, based on the work undertaken In the course of the audlt: the Informatlon glven in the Report of the Trustees for the flnanclal year for whlch the flnanclal statements are prepared15 consistent with the financial statements; and the Report of th2 Trustees has been prepared in accordance wlth appllcable legal requirements. Page 7
Re ortcfthe I endent Auditor5 to the Members of assana Trust Matters on which we are requlred to report by ÉxcÈptlon In the light of the knowledge and understanding of the charltable Company and its environment obtalned in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothlng to report In respect of the following matters where the Companie5 Act 2006 require5 US to report to you if, in our opinion.. adequate occountlng records have not beon kopt or returns adequate for our audlt have not been received from branches not vlslted by us,. or the financial Statements are not In agreement with the accounting records and returns; or ertain disclosures of trustees, remuneratlon specified by law are not made,, or we have not received all the Information and explanations we requlre for our audlt. Responslbllltles of trusteÈs As explalned more fully in the Statement of Trustees, Responslbllltles, the trustee5 Iwha are also the directors of the charitable company for the purposes of company lawl are responslble for the preparation of the flnan¢lal statements and for being satisfied that they give a true and fair vlew. and for such internal control as the trustees determlne Is necessary to enable the preparaticn of flnancial statements that are free from materlal m1s5tatèmÈnt. whether due to fraud or error, In preparlng the flnancial statements, the trustees are responsible for assessing the charttable company's ablllty t'o contlnue as a going concern, dlsclosln& as applicable, matters related to going concern and using the going concern basls of accountlng unless the trustee5 either Intend to Ilquldate the charitable company or to cease operation5, or have no reallstic alternatlve but to do so. Page 8
Re t of the Inde endent Aucfitorg to the Members of as5ana Trus Our responslbillties for the audlt of the flnanclal statements Our objectlves are to obtain reasonable assurance about whether the financial statements a5 a whole are free fro material misstatement, whether due to fraud or error, and to Issue a Report of the Independent Auditors that include5 our oplnlon. Reasonable assurance Is o hlgh level of assurance, but is not a guarantee that an audlt conducted In accordance with ISAS {UKI wlll always detect a materlal mi55tatement when it exlsts. Mlsgtatements can arlse from fraud or error and are consldered materlal ff, indlvldually or in the aggregate, they could reasonably be expected to influence the economic declslons of users taken on the basls of these financlal statements. The extent to which our procedures are capable of detecting Irre8ularltles, Including fraud is detalled below,, The engagement partner ensured that the audit team collectlvely had the appropriate competen¢e, capabllities and skills to Identify or recogn15e non-compllance with applicable laws and regulatlons. We Identlfled thÈ laws and regulatlon5 applicable to the Company throuEh dlscusslons wlth Directors and other management and from our commercial knowledge and experience of th15 bu5ine55 sector. We assessed the extent of compllance with the laws and regulations identified above through making enqulrles of management and Inspecting legal correspondence. We a55e55ed the susceptibility of the Company's financial statements to materlal misstatemenL includin8 obtaining an understandSng of howfraud mi8ht occur, bv., Maklng @nquiries of manaEement as tg where they considered there was susceptlblllty to fraud, thelr knowledge of actual, suspected and alleged fraud. Considering the internal controls In pla¢e to mltigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through managemènt blas and overrlde Of controls we: Performed analytlcal procedures to identify any unusual or unexpetted relationshlps. Assessed whetherJudgements and assumptions Inade in determlnlng accountlng estlmates Included In the Accounts were Inrllcatlve of potential bla5. There are inherent limltatlons In our audlt procedures descrlbed above. The more removed that laws and regulatlons are from financial transactions, the less Ilkely it Is that we would become aware of non-co¥llpliance. Auditing standards also limit the audit procedure5 required to Sdentify non-compllance wlth laws and regulations to enquiring of the Directors and other management and the inspection of regulatory and legal ¢orre5pondence. If any. Material mlsstatements that arise due to fraud can be harder to detect than those that arise from error, as they may involve deliberate concealment or collusion. A further descrlptlon of our responslbllltles for the audit of the financial statements is located on the Flnanclal Reportlng Council's website at www,frc.org,uk/auditorsresponslbilities. This descriptioll form5 part of our Report of the Independent Audltors, Page 9
Re ortoft ent Audltors to the M mbers of assan Trust Use of our report This report is made solely to the ¢harltable company's member5, as a body, in accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audit worl< has been undertaken so that we might state to the charitable company's members thosÉ matters we are requlred to state to them In an auditors, report and for nc other purpose. To the fullèst extent permttted by law, we do not accept or assume responsibility to anyone other than the charltable company and the charltable company's members as a body, for our audit work, for thls report, or for the opinlons we have fomied, AA Houston FCA Isenlor Statutory Auditorl for and on behalf of R J Francis & Co Llmited Marshall Buslness Centre Faraday Road Hereford Hereford5hire HR4 9NS 29 September 2024 Page 10
assana Trust te ent of Financlal Activities or the Year En ed31Ma 2024 2024 Totsl funds 2023 Total funds Unrestrlcted funds Restrlcted funds Notes INCOME AND ENDOWMENT5 FROM Donatlons and legacies 71WJ,140 497,201 ¥197,341 1,068,993 Investment income 31,U8 59,869 91,097 25,895 Tctsl 731,368 557,070 1.288,438 1,094,888 EXPENDrruRE ON Charitable activlties Meditatlon courses 634,027 471.187 1.105,214 1,188,672 Other 133,719) 133,7191 49,050 Total 634,027 437.468 1,071,495 1,237,722 NET INCOMEIIEXPENDITURE) Transfer5 belween funds 97,341 12,958 119,602 {12,938} 216,943 1142.8341 17 Net movement In funds 110.279 106,664 216,943 1142,8341 RECONCIUATION OF FUNDS Total funds brought forward 1,816,953 1,306,317 3,123.270 3,266.104 TOTAL FUNDS CARRIED FORWARD 1,927,232 1,412,981 3,340,213 3,123,270 The notes form part of these financial statements Page 11
assana Trust Balance Sheet 31 2024 Totsl lunds 2023 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tan8lble a'ssets Investments io li 1,713.053 loo 3,633288 5,346041 loo 5,403,380 loo 1,713,153 3,633288 5,346,441 5,403,480 CURREfrJT ASSETS Oebtors Cash at bank and In hand 12 Z17.000 670,897 6,755 1,762,753 223,755 2A33.650 146,146 2,253,912 887.897 1,769,508 2,657005 2,400,058 CREDITORS Amount5 falling due withln one year 13 1183,5311 1224,3441 {407,875) 1477,5531 NET CURRENT ASSETS 704.366 1,545,164 2,249.530 1,922,505 TOTAL ASSFfs LESS CURRENT LIABIUTIES 2,417,519 5,178A52 7,595,971 7,325,985 CREDITOR5 Amount5 falling due after more than one year 14 {490,2881 (3,748A35} {4,238.723} 14.185,5221 PROVISIONS FOR IIABILITIES 16 (17,Q35) 117,035 117.193} NET ASSETS 1,927,231 1,412,982 3,340,213 3,123,270 FUNDS Unrestricted fund5 Restricted funds 17 1,927,231 1,411982 1.816,953 1,306,317 TOTAL FUNDS 3,a40,213 3,123,270 The f Inanclal statements were approved by the Board of Trustees and f Uthorised for issue on 29 Septernber 2024 and were slgned on Its behalf bv: fv7¢of// James Sze Hoo Chan - Trustee The notes form part of these financlal statements Page 12
dssana Trust Cash Flow State for the Year Ended 31 Ma 2024 2024 2023 Notes Cash flows from operatlng atllvltles Cash generated from operations Interest paid 233,621 1120,7371 239,837 1163,6531 Net Cash provlded by operatlng actlvitles 112,884 76,184 Cash flows from In¥estlng actlvltlos Purchase of tangible fixed assets Interest received 1111,509} 91,097 1269,044} 25,895 Net cash used in investin8 activities 120,4121 1243,149 C&%'h flows from flnanclng 3Ctlvltles Bank103n repayments In year student loan movement In year (27,1581 114A24 128,5031 974,583 Net cash provided by financing activities 87,266 946,080 Change In cash and cash equl¥alents In the reportlng pÈrlod Cash and cash equlvalents at the beglnnlng of the reporting perlod 179.738 779,115 2,253,912 1,474,797 Cash and cash equlvalents at the end of the reporting period 2,433,650 2,253.912 The notes form part of these financial ststements Page 13
assana Trust ote5 to the C ow Statemen for the r Ended 31 Ma 2024 RECONCILIATION OF INCOMEIIEXPENDITUREI TO NETCASH FLOW FROM OPERATING AcfiviTIES 2024 2023 Net incomellexpenditurel for the reportln8 period las per the Statement of Flnanclal Actfvltlesl Adjustments for.. Depreciatlon charges Interest recelved Interest paid Increase in debtor5 {Decreasel/lncrease. in credltors 216,943 1142,8341 168,548 191,097) 120,737 (77,609) 1103,901) 168,549 125,8951 163,653 125,7371 102,101 Net cash provlded by operatlon5 233,621 239,837 ANALYSIS OF CHANGES IN NET DEBT At 1.6.23 Cash flow At 31.5.24 Nei cash Cash at bank and In hand 2,253,912 179,738 2,433,650 2,253,912 179,738 2,433,650 Debt Debts falllng due wlthln l year Debt5 falling due after l year {286,406) 14,185,522) 129,6991 1316,105) 153,2011 14238,7231 14A71,928} 1819001 14,554,828) Total {2.218.016) 96,838 12.121,178 The notes form part of these flnancial statements Page 14
vi assana Trust Notes to the Flnanclal Statements for the Year Ended 31 Ma 2024 STAT(TfoRY INFORMATION Vlpassana Trust Is a prlvate Ilmlted eharltable company, Ilmited by guarantee, reglstered In England and Wales, The company's reglstered number, reglstered office address and reglsterÉd charlty number can be found in the trustees report under the headlng Reference and Admlnlstratlve Details. ACCOUNTING POLICIES Ba51s of preparlng the flnan¢lal statements The financlal statements of the charltable companyi which 15 a public benefit entity under FRS 102, have been preparod In accordanco wlth the Charitles SORP IFRS 1021 'Accountin8 and Reportlng by Charlties: Statement of Recommended Prartlce applicable to charitle5 preparing their accounts In aceordance with the Flnanclal Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 leffectlve l January 2019),, Financial Reportlng Standard 102 'The Flnancial Reporting Standard applicable In the UK and Republic of Ireland, and the Companles Act 2006, The financial statements have been preparÈd under the historical cost conventlon, with the exception of investments which are included at market value, Income All Income Is recognised in the Statement of Flnanclal Actlvitles once the charfty has entltlement to the funds, It 15 probable that the Income wlll be recolved and the amount can be measured reliably. Expenditure Liabilities are reco8nised as expenditure as soon as there 15 a legal or constructive obligation committing the charity to that expenditure, tt is probable that a transfer of economic benefits will be required in setllement and the amount of the obllgation can be measured reliably. Expenditure is 4ccounted for on an accruals basis and ha5 been classlfled under headlngs that aggregate all cost related to the category. Where costs cannot be directly attrlbuted to particular headlngs they have been allocated to a¢tlvltles on a basls eonsSstent wlth the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Plant and machlnery Motor vehicle5 2% straight line Varlous between 4%- 25% 25% stralght Ilne Taxatlon The charlty is exempt from corporatlon tax on Its charltable actlvltles. Fund a¢¢ountlng Unrestricted funds can be used In ac¢ordance with the charitable objectives at the discretion of the trustee5. Restrlcted funds can only be used for partlcular restrlcted purposes wlthln the obJect5 of the charlty. Restrlctlon5 arlse when speclfied by the donor or when funds are ralsed for particular restrlcted purposes. Further explanation of the nature and purpose of each fund Is Included In tho notÈs to the flnanclal statements. Foreign ¢urren¢les Assets and liabilities in foreign currencies are translated Into sterling at the rates of exchange rullng at the balance sheet date. Transactions in foreign currencies ale translated into sterling at the rate of exchange ruling at the date of transactlon. Exchange dlfference5 are taken into aeccunt in arriving at the operatlng result. Pago 15 contlnuèd.
vi a$5ana frust Note5 to the Flnanclal Statements- contlnued forthe Yèar EndÉd 31 Ma 2024 DONATIONS AND LEGACIES 2024 2023 Donatlons Glft ald Feed In larlff Income Sundry income Capltal grant Income RHI subsldy Legacles 1.009,218 115,898 6,443 712 4,966 57,004 3,700 895,158 115,953 4,548 552 4,366 48,416 1,197,341 1,068.993 INVESTMENT INCOME 2024 2023 Deposit account Interest 91,097 25,895 CHARITABLE ACTIVITIES COSTS Direct Costs Medltatlon courses 1,105,214 NEf INCOMEIIEXPENDITURE) Net income/lexpenditurel is stated after charglngllcredltlngl., 2024 2023 Depreclatlon - owned asset5 Auditors remuneration 168548 5.640 168,549 4,680 TRUSTEES, REMUNERATION AND BENEFITS There were no tru5tee5' remuneration or other beneflts for the year ended 31 May 2024 nor for the year ended 31 May 2023. Truslees, expenses There were no trustees, expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023. Page 16 contlnued.
a5sana Trus Notes to the Fi cia Statements - contlnued or the Year Ended 31 Ma 2024 STAFF COSTS Total 5tsff costs were a5 follows,. 2024 2023 Wages and Salarles Soclal Security Costs 59,010 58,738 59,010 58,738 The average monthly number of employees during the year was as follows: 2024 2023 Full time Part time No employees received emoluments In excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIALACTIVITIES Unrestrlcted funds Restrlcted funds Total fLJnds INCOME AND ENDOWMENTS FROM Donatlons and legacles 681,172 387,821 1,068,993 Investment income 15.408 10,487 25,895 Total 696,580 398,308 1,094,888 EXPENDITURE ON Charltable a¢tlvltles Medltatlon courses 635,815 552,857 1,188,672 Other 49,050 49,050 Total 635,815 601,907 1,237,722 NET INCOME/IEXPENDrruREI 60,765 1203,5991 1142,8341 RECONCILIATION OF FUNDS Totsl funds brought forward 1,756,188 1,509,916 3,266,104 Page 17 contlnued.,.
a55ana Trust Notes to the Flnancla for the Year Ended 31 Ma s-co 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AMTlEs- contlnued Unrestricted fund5 Restricted funds Total funds TOTAL FUNDS CARRIED FORWARD 1,816,953 1,306,317 3,123,270 io. TANGIBLE FIXED ASSETS Freehold property Plant and machinery Motor vehlcles Totals cosr At Ilune 2023 Additions 7,511,679 111,509 551,411 13,342 8,076,432 111,509 At 31 May 2024 7,6Z3,188 551,411 13,342 8,187?41 DEPRECIATION At l June 2023 Charg@ for year 2.435,165 138,854 224,545 29,694 13,342 2,673,052 168,548 At 31 May 2024 2,574,019 254,239 13,342 2,841,600 NET BOOK VALUE At31May2024 5,049,169 297.172 5,346,341 At 31 May 2023 5.076,514 326,866 5,403,380 ii. FIXED A55ET INVESTMEPs Share5 in group undertakin8S MARKET VALUE At ljune 2023 and 31 May 2024 loo NET BOOKVALUE At 31 May 2024 loo At 31 May 2023 loo There were no Investment asset5 Outside the UK. Page 18 continued,..
vi assana Trust Notes to the Flnanclal 5tatements- contlnued for the Year Ended 31 Ma 2024 12. DEBTORS: AMouMfs FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors Glft ald outstandlng RHI Subsidy Loan to subsidiary Prepayrnents 92,751 13,230 14,748 95,10 8,026 44,255 915 14,365 79,000 7,611 223,755 146,146 Other debtors Includes a loan of £25,000 from the North of England brdnch. It Is conflrmed that there are no flxed repayment terms for this108n', The loan is to Dhamma Sukhakari lan affiliated orEanlsation of Wipassana Trust) Loan to Subsidlary Undertakin8S', Thls is a worklng capital loan to cover Costs prior to commencement of the next phase of bullding, There Is no speclflc repayment date, although It Is ¢onflrmed that the loan wlll not be repayable wlthln 12 months, CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 151 Ot,her loans {see note 151 Trade creditor5 Soclal securlty and other taxe5 Other credltors Grant on solar panels Amounts owed t0 Subsidiary Accrued expenses 22,251 293,854 35,403 1,429 25,432 4,367 1,918 23,221 25,846 260,560 68,140 1,385 94,460 4,367 116 22,679 407,875 477,553 Page 19 contlnued.
assana Trust Not@g to the Flnancial Statements- contlnued fDr the Year Ended 31 Ma 2024 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank Loans (see note 141 Other loans (see note 141 373,105 3,865,618 396,663 3,788,854 4,238,723 4,185,522 15. LOANS An analysis of the maturity of loans Is glven below.. 2024 2023 Amounts falling due within one year on demand; Bank loans less than l year Other loans 22,251 293,854 25,846 260,560 316,105 286,40S Amounts falling between one and two years., Bank loans- 1-2 years Solar panel grant 1-2 years Student loans- 1-2 years 26,215 4,367 195A41 28,075 4,367 179,478 226,023 211,920 Amounts falling due between two and five years,, Bank loan5- 2-5 years Student loans- 2-5 years Solar panel grant 2 - 5 year5 92,531 510,080 99,604 327,513 4,366 602,611 431,483 Amounts falllng due In more than flve years: Repayable by instalments: Bank loan5 more than 5 year5 Repayable otherwise than by Instalments: Stbjdent loan5 more than 5 years 254,359 268,989 3,155,730 3,273,130 The Company bank loans are secured by the following charges:. A legal charge in respect of the Freehold Property Dh2mma Dlpa, Harewood End, Hereford, HR2 8NG. A debenture including a fixed charge over all present freehold and leasehold propertv, Page 20 contlnued...
vi assana Trust Note5 to the Financlal Statements- continued or he Year Ended 31 Ma 2024 16. PROVISIONS FOR LLaBILITIES 2024 2023 Provision for reciprocal gifts 17,035 17,193 Reclprocal 8lfts represent Dana glven by centres acro55 Europe to support the buildin8 of the European Long Course Centre. Loans were provlded by local students to their respective European Trusts. Thls fi8ure was then donated to Dhamma Padhana, on the understandlng that Dhamm? Padhana would make a reciprocal donatlon of the Same amount back to each Trust, to facilitate repayment of these loan5. Whi15t technically any loan or Similar agreement Is between the student and thelr local trust, Vipassana Trust has scheduled potentlal repayment date5 of these reciprocal gifts, with some reciprocal gifts already having been repald In full. The Trust re¢ogni5e5 an obllgation, when funds are available, to repay these sums, hence the full provision for these flgures In the FSnanclal Statements. 17. MOVEMENT IN FUNDS Net movement in fund5 Transfers between funds At 31.5.24 At 1,6.23 Unrestrlcted funds Dhamma Dipa Designated fund East AnElia 1,745,248 67,608 4,097 97,340 1,847,217 80,014 12.406 {4,097) 1016,953 97,340 12,938 1,927,231 Restrlrted funds Dhamma Padhana Other restrlcted East Anglia 1,287854 18*63 IZ&519 555 12,471 117,035) 1,391,938 19,418 ¥626 1,306A17 119,603 112,938) 1,412,982 TOTAL FUND5 3,123,270 216.943 3,340,213 Page 21 continued...
assana Trust Notes to the Flnanclal Stat@mentg- contlnued for the Year Ended 31 Ma 2024 17. MOVEMENT IN FUNDS- contlnued Net rnovement in funds, Included In the above are as follows: Incoming resource5 Resources expended Movement In funds Unre5lricted tunds Dhamma Dipa 731,368 {634,028 97,340 RÈstrl¢tod funds Dhamma Padhana Other restricted East Anglia 552,476 2,214 2,380 (410,957 {1,659 14,851). 121,519 555 114711 557,070 {437,467 119,603 TOTAL FUNDS 1288,438 (1.071,495 216,943 Comparatives for movement in funds Net movement In funds At 31.5.23 At 1.6.22 Unrestrlcted funds Dhamma Dipa Designated fund East Anglia 1,683,222 67,608 5,358 62,026 1,745,248 67,608 4,097 11,261} 1,756,188 60,765 1,816,953 Restrlcted funds Dhamma Padhana Other restrlcted 1,491,561 18,3S5 1204,1071 508 1,287,454 18,863 1,509,916 1203,5991 1,306,317 TOTAL FUNDS 3,265.104 1142,8341 3,123,270 Page 22 contlnued...
vi assana Trust Notes to the Flnanclal Statements- contlnued forthe Year Ended 31 Ma 2024 17. MOVEMENT IN FUNDS- contlnued Comparatlve net movement in funds, Included In the above arè as follows: Incoming resources Resources expended Movement In funds Unrestrlcted lunds Dhamma Dlpa East Angliè 694,018 2,562 1631,9921 13,823 62,026 11,2611 696,580 1635,815 60,765 Restrl¢ted funds Dhamma Padhana Other restricted 392,912 5,396 IS97,0191 14,888 1204,1071 S08 398,308 1601,9071 1203,5991 TOTAL FUNDS 1,094,888 11,237,722 1142,8341 A current year 12 months and prior year 12 month5 combined position is as follows: Net Movement Infunds Transfers between funds At 31.5.24 At 1.6.22 Unreserlcted fund5 Dhamma Dlpa Designated fund East Anglia 1,683,222 67,608 5,358 159,366 4,629 12,406 14,0971 1,847,217 80,014 11,2611 1,756,188 158,105 12,938 1,927,231 Restrl¢ted funds Dhamma Padhana Other restricted East Anglia 1,491,561 18,355 182,5881 1,063 12,4711 117,0351 1,391,938 19,418 1,626 4,097 1,509,916 183,9961 112,9381 1,412,982 TOTALFUNDS 3,266,104 74,ID9 3,340,213 Page 23 contlnued...
assana Trust
Notes to the Flnanclal Statements- eontlnued
for the Year Ended 31 Ma
2024
17.
fvIOVEMENT IN FUNDS- contlnued
A current year 12 months and prior year 12 months comblnod net movement In funds, Included In the above are
as follow5..
Incomlng
resources
Resources
expended
Movement
In funds
Unrestrlrted lunds
Dhamma Dipa
East Anglla
1,425,386
2,562
11,266,020
13,8231
159,366
11,2611
1,427,948
11,269,843>
158,105
Restrl
vi 2S5ana Trust Notes to the Flnanclal Statemènts- contlnued forthe Year Ended 31 Ma 2024 20. COMPANY LIMITED BY GUARANTEE Under the terms of the Company's Memorandum and Artlcle5 evpry member of the Company undertakes to contribute te the assets of the Company if it Is wound up durlng the tlme that they are a member, or wlthln one year afterwards for payment of debts and Ilabilities of the Company contracted before they ceased to be a member, vp to a maxlmum of £lOO, Pago 25
a55ana Trust Detalled Statement o Flnanclal Activltles for the Yoar Ended 31 Ma 2024 2024 Total funds 2023 Total funds Unrestricted fLJnds Re5trlcted funds INCOME AND ENDOWMEhrrs Donatlons and legacles Donatlons Glft aid Feed in tariff incorne Sundry income Capital grant Income RHI subsldy Legacles 560,950 88,504 6043 357 2,183 38,003 3,700 448,268 27,394 1,009,218 115,898 6043 712 4,366 57,004 3,700 895,158 115,953 4,548 5S2 4,366 48,416 355 2,183 19,001 700,140 497,201 1,197,541 1,068,993 Investment In¢ome Deposit account interest 31.228 59.869 91,097 25.895 Total Incomlng resources 731,368 557.070 1288,438 1,094,888 EXPENDITURE Charitable a¢tlvlties Utilities, rates and insurance O)Tits costs Motor expenses Maintenance Household costs Oonatlons to other centres Kitchen costs other course expenses. Depreciation of tan8ible fixed assets Financial costs Interest on loans 89,540 84.705 2.207 132.950 16,123 59,078 48.271 1.209 72,871 13,717 5,086 93,750 4,160 92,254 8,948 71,842 148,618 132.976 3,416 205,8ZI 29,840 5,086 269,962 20,208 168,550 16,030 104,707 191,472 110,285 3,837 252,987 33,121 5,608 244,451 14,709 168,549 11,324 152,329 176,212 16,048 76,296 7.082 32.865 634,028 471,186 1,105,214 1,188,672 Other Foreign exchan8e105sesllgalns1 133,7191 133,7191 49,050 Total resour5 expended 634,028 437,467 1.071,495 1,237,722 Net lexpendlturelllncome 97.340 119,603 216,943 1142,8341 Thls page does not f0rn1 part of the statutory flnanclal statements Page 26