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← Vipassana Trust

2025-05-31-accounts

VIPASSANA TRUST

TRUSTEES’ ANNUAL REPORT

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VIPASSANA TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2025

COMPANY NUMBER:- 2246810 REGISTERED CHARITY NUMBER:- 327798

RJ FRANCIS AND CO. Chartered Accountants & Registered Auditors Marshall Business Centre Faraday Road Hereford HR4 9NS

VIPASSANA TRUST FOR THE YEAR ENDED 31ST MAY 2025

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CONTENTS: PAGE
Company Information 1
Trustees’ Annual Report 2-4
Independent Auditor’s Report 5-8
Statement of Financial Activities 9
(Incorporating the Income and Expenditure Account)
Balance Sheet 10
Notes to the Financial Statements 11-15
Thefollowing page does notform part ofthe
statutory financial statements:
DetailedStatementofFinancialActivities 16

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|VIPASSANA TRUST | COMPANY INFORMATION | Trustees for Financial Year 2024/25 : : President James Chan Secretary Dattaprasad Mandnikar Treasurer Yoel Perlman Trustees serving throughout the year Claire Coache Robert Doyle Lisle Turner Kevin Clifford Raquel Faraco lan Cather Jacqueline Mullen Lal Mun Lam Jane Burnard Sam Frazer Trustees appointed during the year Milton Vera October 2024 Trustees resigned during the year Chandani Kotecha September 2024 2024 .

Trustees resigned during the year Chandani Kotecha September 2024 2024 Arthur Wolstenholme September 2024

Registered Office Dhamma Dipa Pencoyd St. Owens Cross Hereford HR2 8NG

Bankers HSBC UK Bank plc Bristol Commercial Centre 3 Temple Quay 4th Floor, Temple Back East Bristol BS1 6DZ

Charity Registered in England and Wales No: 327798

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VIPASSANA TRUST

TRUSTEES’ ANNUAL REPORT

TRUSTEES' ANNUAL REPORT

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2025. The trustees have adopted the provisions of 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),

AIMS AND CHARITABLE PURPOSES

Vipassana Trust exists to advance human happiness through the teaching of principles established by the late Sayagyi U Ba Khin. These include the practice of Vipassana meditation: a technique for developing concentration, insight and higher standards of morality that was originally taught by the Buddha.

ACTIVITIES — MEETING OUR CHARITABLE PURPOSES

Vipassana meditation courses are provided for adults and Anapana meditation courses are provided for children and teenagers. The trust's activities are based at two sites: Dhamma Dipa, a residential meditation centre at Pencoyd, Herefordshire; and Dhamma Padhana, a second purpose-built residential centre adjacent to Dhamma Dipa. Additional courses are held at rented sites in the North of England and in Scotland.

The number of full-time adult participants (and number of courses) this year are summarised below (excluding one day courses):

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f 2024/25 2023/24
Course Type Dipa Padhana Total Dipa Padhana Total
Gone10-day 2,283 [SES298 [aw2,581 2,264 [ES197 Ta2461
21 5 26 20 3 23
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3 11 14 4 14 15
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Note: 10-day courses are the standard introduction 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 rewarding but often demanding experience. The trust has a thorough application process to ensure that applicants understand the nature of what they are undertaking and have a good chance of benefitting from their commitment of time and effort.

RECENT ACHIEVEMENTS DHAMMA DIPA

DHAMMA PADHANA

FUTURE STRATEGY

The purpose of Vipassana Trust is to organise and run courses in Vipassana Meditation as taught by S.N. Goenka in the tradition of Sayagyi U Ba Khin.

For 2025/26, Vipassana Trust's ambitions at Dhamma Dipa are:

  1. Tocontinue to disseminate information about Vipassana meditation. 2. Tocontinue to support the existing regional groups in the UK.

  2. To continue the review of our policies and procedures

  3. Holding a ‘Scotland’ course at Dhamma Dipa giving priory to those living in Scotland

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VIPASSANA TRUST

TRUSTEES’ ANNUAL REPORT

  1. Open Day in 2026

  2. Male and Female mini-halls to be created in existing buildings after J block is complete 7. Evaluate and agree the medium to long term infrastructure plans for the campus.

The Dhamma Padhana Branch Future Strategies are:

  1. Tocontinue to provide suitable meditation facilities to those who wish to work more deeply in Vipassana Meditation, by providing longer courses and other courses for those who have sat a number of 10-day courses.

  2. To resolve the construction issues that have emerged with the zinc roofing of the pagoda.

  3. Complete new dining room project 4, Commence conversion of former dining room to new AT residence

  4. Commence construction of Server Meditation Hall 6. In order to help satisfy demand for long courses, 6 additional single en-suite rooms to be added by converting former AT Accommodation once their new accommodation is complete.

  5. Complete major site maintenance repairs and enhancements.

FINANCIAL STATEMENT

The incoming resources for the year amounted to £1,423k (2023/24: £1,288k), expenditure was £1,110k (2023/24: £1,071k) leaving a net surplus of £313k (2023/24: £217k)

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 with the parts of the roof has become apparent which will require replacement. The Trust, through its subsidiary Vipassana Construction and Services Limited (VCSL), has sought legal advice and, while VCSL will do its best to resolve this dispute without resort to litigation, the Trustees acknowledge the potential for litigation if settlement attempis fail, as well as the attendant fees and costs of such litigation, many of which may not be recoverable even if there is a successful outcome.

ORGANISATION

Management of the trust's business affairs is by a Board of Directors.

Vipassana Trust directly runs a programme of ten-day and other shorter courses at Dhamma Dipa. !n addition, its branch, Dhamma Padhana, the European Long-Course Centre, is dedicated to running courses for experienced students. It provides special facilities for students who wish to take longer courses (20 days or more). Dhamma Dipa and Dhamma Padhana share many facilities, in particular the office, kitchen and maintenance workshop. In addition, it organises 3-day and 10-day courses at rented off-centre locations in different parts of the UK whenever possible. Unfortunately, this has not been possible in the financial year under review.

No charges are made for attending courses, either by way of fees or accommodation expenses, 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, which also receives donations 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 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-time self-employed finance manager.

SUBSIDIARY COMPANY

Vipassana Construction and Services Ltd (VCSL) was incorporated in 2013 but remained dormant until! April 2015. It was set up after consultation with professional advisors as an appropriate way to manage and administer certain activities of Vipassana Trust which fall outside its main objectives, most specifically to act as principal contractor for its building projects. VCSL is a wholly owned subsidiary of Vipassana Trust and its directors are appointed by the trust.

RESERVES POLICY

The policy of the Trust is to invest any liquid or current asset backed reserves into upgrading and building new facllities as funds allow, after providing sufficient funds to meet the anticipated running costs of the organisation.

Cash flow forecasts are prepared regularly to enable Trustees to make such investment decisions prudently. The Net Current Assets below represents the position of the two main funds in terms of the net of cash and near cash current assets less provisions and liabilities due within one year.

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VIPASSANA TRUST

TRUSTEES’ ANNUAL REPORT

General Funds Restrictedfunds funds
Dhamma Desig- Dhamma Other Total
Dipa nated Padhana restricted
Fixed Assets 2,155k “ 3,726k - 5,881k
LongTerm Liabilities (768k) - (3,810k) - (4,578k)
Loan to subsidiary - - 152k - 152k
Net Current Assets 614k 91k 1,488k 5k 2,198k
Total Funds 2,001k 91k 1,556k 5k 3,653k
2024
Fixed Assets 1,713k - 3,663k ~ 5,346k
Long Term Liabilities (490k) - (3,765k) - (4,255k)
Loan to subsidiary - - 95k - 95k
Net Current Assets 624k 80k 1,431k 19k 2,154k
TotalFunds 1,847k 80k 1,394k 19k 3,340k

FINANCIAL MANAGEMENT & RISK REVIEW

The finance committee regularly scrutinises the financial situation by way of monthly 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.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

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:

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 Companies Act 2006. 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. In so far as the trustees are aware:

AUDITOR

A resolution to re-appoint R J Francis & Co Limited as auditor for the ensuing year will be proposed at the Annual General Meeting. Registered office: Signed by order of the trustees Dhamma Dipa Pencoyd

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St. Owens Cross Hereford HR2 8NG

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James Chan

Trust President Date: 28'" September 2025

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VIPASSANA TRUST

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VIPASSANA TRUST

Opinton

We have audited the financial statements of Vipassana Trust for the year ended 31st May 2025, which comprise the Statement of Financial Activities, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including the charities SORP (FRS 102) ‘Accounting and Reporting by charities applicable in the UK and Republic of Ireland’ and the Companies Act 2006.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK), ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusion relating to going concern

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in preparation of the financial statements is appropriate. .

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cost significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. .

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections in this report.

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VIPASSANA TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VIPASSANA TRUST

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

{n connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. !f, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception {n the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 required us to report to you if, in our opinion:

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| VIPASSANA TRUST | INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VIPASSANA TRUST | Responsibilities of Trustees : As explained more fully in the Statement of Trustee’s Responsibilities (set out on page 4), the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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In preparing the financial statements, the Trustees are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations was as follows:

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiring of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

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VIPASSANA TRUST INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF VIPASSANA TRUST

Material misstatements 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 description of our responsibilities for the audit of the financial statements is located on Financial Reporting Council’s website at www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of Our Report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

AA Houston (Senior Statutory Auditor) For and on behalf of R J Francis & Co Limited, Statutory Auditor

Marshal! Business Centre

Faraday Road Hereford HR4 9NS

28!" September 2025

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VIPASSANA TRUST

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STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING THE INCOME & EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31ST MAY 2025

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2025 2024
Note £ £ £ £
INCOMEAND ENDOWMENTS FROM:
DonationsandLegacies
Investment income		 3
4		 697,083
37,455		 554,762
61,956		 1,251,845
99,411		 1,128,816
91,097
Other Income 5 48,490 23,297 71,787 68,525
783,028 640,015 1,423,043 1,288,438
EXPENDITURE ON:
Costs of charitable activities 6 614,649 495,190 1,109,839 1,071,495
614,649 495,190 1,109,839 1,071,495
NET SURPLUS
FORTHEYEAR 7 168,379 144,825 313,204 216,943
TRANSFER BETWEEN FUNDS 13,398 (13,398) - "
RECONCILIATION OF FUNDS
Total funds broughtforward 4,927,231 1,412,982 3,340,213 3,123,270
TOTAL FUNDS CARRIED
FORWARD 2,109,008 1,544,409 3,653,417 3,340,213

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.

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All of the above amounts relate to continuing activities.

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VIPASSANA TRUST
. BALANCE SHEET
a
31ST MAY2025
2025
Note £ £ £
FIXED ASSETS

TangibleAssets
Investments		 9
10		 5,880,806
100
5,880,906 5,346,441
CURRENTASSETS
Debtors 11 204,452 223,775
Cash at Bankand in hand 2,254,453 2,433,650
2,458,905 2,657,405
CREDITORS: Amounts falling due
within one year 12 646,875 407,875
NETCURRENTASSETS 1,812,030 2,249,530
TOTAL ASSETS LESS
CURRENT LIABILITIES 7,692 936 7,595,971
CREDITORS: Amounts falling due
aftermorethan one year 13 4,027,714 4,238,723
Provisions for liabilities and charges 14 11,805 17,035
4,039,519 4,255,758
NETASSETS 3,653,417 3,340,213
FUNDS
Restricted Income Funds 15 1,544,409 1,412,982
Unrestricted Income Funds 16 2,109,008 1,927,231.
TOTALFUNDS 3,653,417 3,340,213

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved and signed on behalf of the board on 28'"" September 2025.

\Pamef hte! veddeeseeteeestetesseesttestteseeteestieeesseasee DeCtor James Chan

President and Director

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: 1. STATUTORY INFORMATION : Vipassana Trust is a private limited charitable company, limited by guarantee, registered in England and Wales. The | company's registered number, registered office address and registered charity number can be found on the company : information page.

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VIPASSANA TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2025

2. ACCOUNTING POLICIES a) 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 Companies Act 2006. The financla! statements have been prepared under the historical cost convention.

Cash Flow Statement

The trustees have taken advantage of the exemption in Update Bulletin 1 from including a cash flow statement in the financial statements on the grounds that the Company is small.

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Land & Buildings - 2% Straight Line Fixtures, Fittings and Equipment - Various between 4% - 25% Motor Vehicles ~ 25% Straight Line

it is the charity’s policy not to capitalise items that cost less than £5,000

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 translated at the closing exchange rates on that date; any exchange differences are recognised in the profit and loss account.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments’ and 'Other Financial Instruments Issues! of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Reserves Policy

g)

The reserves policy of the trust is to invest any liquid or current asset backed reserves in upgrading and building new facilities as funds allow after providing sufficient funds to meet the anticipated running costs of the organisation. Cash flow forecasts are prepared regularly to enable Trustees to make such investment decisions prudently.

Taxation

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The charity is exempt from corporation tax on its charitable activities.

3. DONATIONSANDLEGACIES Unrestricted Restricted Total Funds Total Funds
Funds Funds 2025 2024
£ £ £ £
Dana 593,958 508,016 1,101,974 4,009,218
GiftAid 103,125 38,607 141,732 115,898
Legacies - 8,139 8,139 3,700
697,083 554,762 1,251,845 1,128,816
4. INVESTMENT INCOME Unrestricted Restricted Total Funds Total Funds
Funds Funds 2025 2024
£ gE £ £
Bank Interest Receivable 37,455 61,956 99,411 91,097
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VIPASSANA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2025

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |5.|OTHER INCOME|UnrestrictedFunds|RestrictedFunds|Total|Funds2025|Total Funds2024| |£|£|£|£| |Feed|in|Tariff|Income|4,071|-|4,071|6,443| |Other|Income|1,260|626|1,886|712| |RHI|Subsidy|40,975|20,488|61,463|57,004| |Capital|Grant|Income|2,184|2,183|4,367|4,366| |48,490|23,297|71,787|68,525| |6.|COST|OF|CHARITABLE| |ACTIVITIES|Unrestricted|Restricted|Total|Funds|Total|Funds| |Funds|Funds|2025|2024| |£|£|£|£| |Cost|of Charitable|Activities|614,649|495,190|1,109,839|1,071,495| |Cost|of|Charitable|Activities|includes:| |GOVERNANCE COSTS|Unrestricted|Restricted|Total|Funds|Total|Funds| |Funds|Funds|2025|2024| |£|£|£|£| |Audit|Fees|5,218|-|5,218|5,640| |7.|NET|INCOMING|RESOURCES|FOR THE|YEAR| |This|is|stated|after charging:|2025|2024| |£|£| |Auditor's|Remuneration|5,218|5,640| |Depreciation|168,377|168,550| |8.|STAFF|COSTS|AND|EMOLUMENTS| |Total|staff|costs were|as|follows:|2025|2024| |£|£| |Wages|and|Salaries|59,409|61,103| |Particulars|of employees:| |The|average|number of employees|during|the|year,|was|as|follows:| |2025|2024| |Full|Time|No.s||No.|| |Part Time|4|4| |No|employee|received|emoluments|of more|than|£60,000|during|the|year (2024|-|£Nil).|

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NOTES TO THE FINANCIAL STATEMENTS

FORTHE YEAR ENDED 31ST MAY 2025 FORTHE YEAR ENDED 31ST MAY 2025 FORTHE YEAR ENDED 31ST MAY 2025
TANGIBLE
FIXED ASSETS		 Dhamma
Land & Padhana Plant& Motor
Buildings
£		 Buildings
£		 Equipment
£		 Vehicles
£		 Total
£
Cost
At 18June 2024 3,257,610 4,365,578 551,411 13,342 8,187,941
Additions
Transfers		 517,387
-		 185,455
-		 “
-		 -
-		 702,842
-
At31stMay2025 _
3,774,997		 _
4,551,033		 ee
551,411		 ___
13,342		 ee
8,890,783
Depreciation
At 1% June 2024		 1,742,692 831,327 254,239 13,342 2,841,600
Charge forthe Year 57,566 81,118 29,693 “ 168,377
Transfers - - - ” -
At 31stMay2025 1,800,258 912,445 283,932 13,342 3,009,977
Net Book Value
At 31st May 2025 1,974,739 3,638,588 267,479 - 5,880,806
At318 May 2024 1,514,918 3,534,251 297,172 - 5,346,341
INVESTMENTS 2025 2024
Subsidiary Interest at Cost £100 £100
Representing 100% ofOrdinary Shares held forVipassana Construction and Services Limited.
DEBTORS 2025 2024
£ £
GiftAid Outstanding
Prepayments		 20,700
8,988		 13,230
8,026
RHI Subsidy 13,743 14,748
Other Debtors 8,010 92,751
Amounts owed by Subsidiary Undertaking 1,011 -
Loan to Subsidiary Undertaking 152,000 95,000
204,452 223,755

9, TANGIBLEFIXED ASSETS

Loan to Subsidiary Undertakings:

This is a working capital loan to cover costs prior to commencement of the next phase of building. There is no specific repayment date, although it is confirmed that the loan will not be repayable within 12 months.

CREDITORS: Amounts falling due within one year 2025 2024
£ £
Trade Creditors 29,018 35,403
Bank Loans 23,050 22,251
Loansfrom students and othercentres 510,584 293 854
Taxation and Social Security 1,848 4,429
Accruals 24,021 23,221
Other Creditors 53,987 25,432
Solar Panel Grant 4,367 4,367
Amounts owed to subsidiary undertaking ~ 1,918
646,875 407,875

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VIPASSANA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |||13.|CREDITORS: Amounts|falling|due|after more than|one year|2025|2024| ||| ||Bank|Loan| |||Due within|1|-|2|years|33,216|26,215| |||Due within|2|- 5 years|116,239|92,531| |:|Due|after 5 years|192,825|254,359| ||| |342,280|373,105| |Loans|from|students|and|other|centres:| |Due|within|1|- 2|years|411,692|195,441| |Due|within|2|-|5|years|607,304|510,080| |Due|after 5|years|2,666,438|3,155,730| |3,685,434|3,861,251| |Solar|Panel|Grant:| |Due|within|1|-|2|years|-|4,367| |-|4,367| |4,027,714|4,238,723|

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The Company bank loans are secured by the following charges: -

A legal charge in respect of the Freehold Property Dhamma Dipa, Harewood End, Hereford, HR2 8NG. A debenture Including a fixed charge over all present freehold and leasehold property.

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||||||||| |---|---|---|---|---|---|---|---| |PROVISIONS|FOR|LIABILITIES|AND|CHARGES|2025|2024| |£|£| |Provision|for|future|payment|of reciprocal|gifts|£11,805|17,035|

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Reciprocal gifts represent Dana given by centres across Europe to support the building of the European Long Course Centre. Loans were provided by local students to their respective European Trusts. This figure was then donated to Dhamma Padhana, on the understanding that Dhamma Padhana would make a reciprocal donation of the same amount back to each Trust, to facilitate repayment of these loans.

Whilst technically the only contract is between the student and their local Trust, Vipassana Trust has scheduled potential repayment dates of these reciprocal gifts, with some reciprocal gifts already having been repaid in full. The Trust recognises its commitment to repay these sums, hence the full provision for these figures in the Financial Statements.

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|||||||| |---|---|---|---|---|---|---| |RESTRICTED|FUNDS|Incoming|/| |Balance|as|(Outgoing)|Transfer|of|Balance| |at|1°! June|2024.|Resources|Funds|31st May 2024| |£|£|£|£| |Dhamma|Padhana|1,391,938|146,862|-|1,538,800| |East Anglia|1,626|(1,374)|-|252| |Other|Restricted|Funds|19,418|(663)|(13,398)|5,357| |21,044|(2,037)|(13,398)|5,609| |1,412,982|144,825|(13,398)|1,544,409|

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18,

VIPASSANA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2025

NOTES EXPLAINING NATURE OF FUNDS ZED! Fund: For installing a suitable Zedi on the pagoda. Outreach Fund: for promoting the spread of Dhamma in the UK. New Building Fund: for the new building projects at Dhamma Dipa Funds donated to Vipassana Trust on behalf of affiliated overseas organisations: Vipassana Research Institute (India) Grand Pagoda Fund (India) Dhamma Tapovana Fund (India) Kenya Fund

UNRESTRICTED FUNDS

UNRESTRICTED FUNDS
Balance as Incoming/ Transfer of Balance
at 1%'June 2024 (Outgoing) Funds 31stMay2025
Resources
£ £ £ £
Unrestricted Funds 1,847,217 157,584 13,398 2,018,199
Designated Funds
North ofEngland 63,164 1,637 - 64,801
Scotland 16,850 9,158 - 26,008
1,927,231 168,379 13,398 2,109,008

When Dana is given at the end of courses not held at Dhamma Dipa or Dana is given to further Dhamma in certain geographical areas within the UK it is made clear that such funds are of a ‘designated’ nature. That is the Trustees will apply such funds to that area or to other areas within the UK in line with the general objectives of the Trust.

Designated funds are allocated by the trustees for specific purposes. Any decision to designate funds requires express approval of the Trust.

With the exception of funds given to Dhamma Padhana, the Second Centre Fund and certain overseas Trusts it Is Trust's policy only to accept funds as ‘restricted’ in special circumstances and that, as far as possible, all Dana is given to assist with the spread of Dhamma throughout the UK in line with the Trust’s overail objectives.

RELATED PARTY TRANSACTIONS

Included in the student loans total is a Joan from a direct family member of a current director of Vipassana Trust. The loan was taken out in July 2024,is interest free and a total of 250k was outstanding at 31' May 2025.

Vipassana Trust holds a participating interest in Vipassana Construction and Services Limited. All transactions between the two Companies are at a strictly agreed commercial rate. Included in the debtors figure at Note 11 in the accounts are amounts due from Vipassana Construction and Services Limited totalling £152,000 (2024 - £95,000). Included in the creditors figure at Note 12 in the Accounts are amounts due to Vipassana Construction and Services Limited totalling £53,982 (2024 - £17,454)

COMPANY LIMITED BY GUARANTEE

Under the terms of the Company’s Memorandum and Articles every member of the Company undertakes to contribute to the assets of the Company if it is wound up during the time that they are a member, or within one year afterwards for payment of debts and liabilities of the Company contracted before they ceased to be a member, up to a maximum of £100.

:

CAPITAL COMMITMENTS

Capital commitments authorised by the board and contracted for totalled £498.9k

There were no capital commitments authorised but not contracted for.

CONTINGENT LIABILITIES

Since the completion of the Pagoda in July 2017, a defect with parts of the roof has become apparent, which will require replacement. The Trust, through its subsidiary Vipassana Construction and Services Limited (VCSL), has sought legal advice and, while VCSL will do its best to resolve this dispute without resort to litigation, it is possible that such litigation, with attendant fees, will be required with no guarantee of a successful outcome and recovery of those costs.

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;| | VIPASSANA TRUST | | | NOTES TO THE FINANCIAL STATEMENTS | | , FOR THE YEAR ENDED 31ST MAY 2025 | Other : Dhamma Dhamma East Restricted 2025 2024 Dipa Padhana_ Anglia Fund Funds Total Total i

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Other| |Dhamma|Dhamma|East|Restricted|2025|2024| |Dipa|Padhana_|Anglia|Fund|Funds|Total|Total| |Income| |Dana|593,958|500,979|1,480|5,557|1,101,974|1,009,218| |Gift Aid|103,125|36,742|220|1,645|141,732|115,898| |697,083|537,721|1,700|7,202|1,243,706|1,125,116| |Bank|Interest|Received|37,455|61,956|-|-|99,411|91,097| |Legacies|-|8,139|-|-|8,139|3,700| |Feed|in|Tariff|Income|4,071|-|-|-|4,071|6,443| |RHI|Subsidy|40,975|20,488|-|”|61,463|57,004| |Sundry|Income|1,260|626|-|-|1,886|712| |Capital|Grant|Income|2,184|2,183|-|-|4,367|4,366| |783,028|631,113|1,700|7,202|1,423,043|1,288,438| |Expenditure| |Other Course|Expenses|16,443|6,807|“|-|23,250|20,208| |Kitchen|168,866|92,325|-|-|261,191|269,962| |Household|21,715|11,527|“|-|33,242|29,840| |Maintenance|120,924|102,324|-|5,397|228,645|205,821| |Office|Costs|84,032|47,853|-|547|132,432|132,976| |Utilities,|Rates|and|Insurance|85,626|62,919|-|-|148,545|148,618| |Motor Expenses|2,220|1,213|-|~|3,433|3,416| |Financial|Costs|7,781|6,579|60|60|14,480|16,030| |Mortgage|Interest and|Loan|Interest|29,119|72,484|-|-|104,603|104,707| |Foreign|Exchange|Losses|/|(Gains)|-|(12,034)|“|-|(12,034)|(33,719)| |Donations|to|other|centres|1,800|-|3,014|1,861|6,675|5,086| |538,526|391,997|3,074|7,865|941,462|902,945| |Change|in|Current Assets|244,502|239,116|(1,374)|(663)|481,581| |Depreciation|76,123|92,254|-|-|168,377|168,549| |Total|Costs|614,649|484,251|3,074|7,865|1,109,839|1,071,495| |Net|Gain|/ (Loss)|for Year|168,379|146,862|(1,374)|(663)|313,204|216,943| |Balance|of funds|brought|forward|1,927,231|1,391,938|1,626|19,418|3,340,213|3,123,270| |Transfer|13,398|“|“|(13,398)|-|-| |1,940,629|1,391,938|1,626|6,020|3,340,213|3,123,270| |Balance|of funds|carried|forward|2,109,008|1,538,800|252|5,357|3,653,417|3,340,213|

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Note that the above are balances of revenue reserves (income less expenditure) and do not reflect capital expenditure. To arrive at the figure for funds available for projects capital expenditure should be deducted. Please refer to note 19 capital commitments.

(16) This page does not form part of the statutory financial statements