MAHARISHI SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

REPORT A D !I A CIAL STATEME TS "EAR E DED #$ AUGUST %&$%

Company Limited by Guarantee Registration Number: $'&%#($ (England and Wales) Charity Registration Number: )$*')+

MAHARISHI SCHOOL TRUST LIMITED CO TE TS

Pa,e Reference and administrative information Report of the Governors Independent auditors' report Statement of financial activities Income and expenditure account alance sheet !ash flo" statement %rincipal accountin& policies '(otes to the financial statements +he follo"in& pa&es do not form part of the statutor, financial statements.etailed income and expenditure account /nnex 10 Statement of Governors1 Responsi2ilities /nnex 20 Governance Statement /nnex #0 Statement of Re&ularit,3 %ropriet, and !ompliance 27 - #0 #2 ## - #) #* 1 2-7 8-9 10 11 12 1# - 1$ 1) - 2*

MAHARISHI SCHOOL TRUST LIMITED RE!ERE CE A D ADMI ISTRATI-E DETAILS O! THE ACADEM". ITS GO-ER ORS A D AD-ISORS Governors 4+rustees5 6 8 mem2ers of the 9inance !ommittee R us"ell6 4!hairman to 1*00*020125 G 7vans /lexander ! Ro2inson : is"as Griffiths I irn2aum6 4!hairman from 1700*020125 ! ;interin&ham < !oom2es Ro2ert :ohnstone 4Resi&ned 01011020115 % =itchell . !assells = In&ram S o"e, % =itchell !o22s ro" <ane <athom <$0 *:: +el- 01*9) 729912 1902#$1 47n&land and ;ales5 )179)8 !ha,tor Steele @ !o !hartered /ccountants 9a .er2, Street ?rmsAirA <#9 2 : arcla,s anA 2*)-2*7 <ord Street Southport %R8 1%. (at"est anA $ Standish&ate ;i&an <ancashire ;(1 1B: anA of Scotland %? ox 1000 C2 1< 0

Secretar, Senior mana&ers >ead .eput, >ead - Secondar, .eput, >ead - %rimar, .irector of 9inance and /dministration Re&istered ?ffice

!ompan, Re&istration (um2er !harit, Re&istration (um2er /uditors

anAers

Solicitors

ates ;ells @ raith"aite 2D* !annon Street !it, of <ondon <ondon 7!$= *E>

MAHARISHI SCHOOL TRUST LIMITED REPORT O! THE GO-ER ORS #$ Au,u/t %&$%

The governors present their annual report together with the financial statements and auditors report of the charitable company for the year ended 31 August 2012.
STRUCTURE. GO-ER A CE A D MA AGEME T Con/titution

The School is a company limited by guarantee with no share capital registration no. 1!023"1# and a registered charity registration no. $1%!$&#. The Academy Trust's memorandum and articles of association are the primary governing documents of the School together with the (unding Agreement entered into with the Secretary of State for )ducation. *embers of the Academy Trust comprise of the signatories to the memorandum+ up to 3 persons who may be appointed by the *aharishi (oundation and 1 person who may be appointed by the Secretary of State+ the ,hair of -overnors and others whom e.isting members may unanimously appoint. The articles of association re/uire the members of the Academy Trust to appoint at least three governors to be responsible for the statutory and constitutional affairs and management of the School.
Member/0 1iabi1ity

)ach member of the charitable company underta0es to contribute to the assets of the company in the event of it being wound up while he1she is a member+ or within one year after he1she ceases to be a member+ such amount as may be re/uired+ not e.ceeding 210+ for the debts and liabilities contracted before he1she ceases to be a member.
Go2ernor/

The governors are directors of the charitable company for the purposes of the ,ompanies Act 2003 and trustees for the purposes of charity legislation. -overnors are sub4ect to retirement by rotation but are eligible for re5election at the meeting at which they retire. At each Annual -eneral *eeting of the charitable company one third of the governors retire by rotation. The governors to retire are those who have been longest in office since their last election or appointment. The governors who were in office at 31 August 2012 and served throughout the year+ e.cept where shown are listed on page 1. 6uring the year under review the governors held 10 meetings. The training and induction provided for new -overnors will depend on their e.isting e.perience. 7here necessary induction will provide information on charity+ educational+ legal and financial matters. All new -overnors will be given a tour of the School and the chance to meet with staff and students. All governors are provided with copies of policies+ procedures+ minutes+ accounts+ budgets+ plans and other documents that they will need to underta0e their role as governors. As the number of new governors a year is limited+ induction tends to be done informally and is tailored specifically to the individual.
Statement o3 Go2ernor/0 Re/pon/ibi1itie/ +he &overnors 4"ho act as trustees for charita2le activities of =aharishi School +rust <imited and are also the directors of the !harita2le !ompan, for the purposes of compan, la"5 are responsi2le for preparin&

the &overnors1 report and the financial statements in accordance "ith the /nnual /ccounts ReFuirements issued 2, the 7ducation 9undin& /&enc,3 Bnited Gin&dom /ccountin& Standards 4Bnited Gin&dom Generall, /ccepted /ccountin& %ractice5 and applica2le la" and re&ulations0 !ompan, la" reFuires the &overnors to prepare financial statements for each financial ,ear0 Bnder compan, la" the &overnors must not approve the financial statements unless the, are satisfied that the, MAHARISHI SCHOOL TRUST LIMITED REPORT O! THE GO-ER ORS #$ Au,u/t %&$% STRUCTURE. GO-ER A CE A D MA AGEME T (4ontinued) Statement o3 Go2ernor/0 Re/pon/ibi1itie/ (4ontinued) &ive a true and fair vie" of the state of affairs of the !harita2le !ompan, and of its incomin& resources and application of resources3 includin& its income and 3expenditure3 for that period0 In preparin& these financial statements3 the &overnors are reFuired to- H select suita2le accountin& policies and then appl, them consistentl,I H o2serve the methods and principles in the !harities S?R%I H maAe Jud&ments and accountin& estimates that are reasona2le and prudentI H state "hether applica2le BG /ccountin& Standards have 2een follo"ed3 su2Ject to an, material departures disclosed and explained in the financial statementsI and H prepare the financial statements on the &oin& concern 2asis unless it is inappropriate to presume that the !harita2le !ompan, "ill continue in 2usiness0 +he &overnors are responsi2le for Aeepin& adeFuate accountin& records that are sufficient to sho" and explain the !harita2le !ompan,1s transactions and disclose "ith reasona2le accurac, at an, time the financial position of the !harita2le !ompan, and ena2le them to ensure that the financial statements compl, "ith the !ompanies /ct 200*0 +he, are also responsi2le for safe&uardin& the assets of the !harita2le !ompan, and hence for taAin& reasona2le steps for the prevention and detection of fraud and other irre&ularities0 +he &overnors are responsi2le for ensurin& that in its conduct and operation the !harita2le !ompan, applies financial and other controls3 "hich conform to the reFuirements 2oth of propriet, and of &ood financial mana&ement0 +he, are also responsi2le for ensurin& &rants received from the 79/'.f7 have 2een applied for the purposes intended0 +he &overnors are responsi2le for the maintenance and inte&rit, of the corporate and financial information included on the !harita2le !ompan,1s "e2site0 <e&islation in the Bnited Gin&dom &overnin& the preparation and dissemination of financial statements ma, differ from le&islation in other Jurisdictions0 /pproved 2, order of the mem2ers of the &overnin& 2od, on 17 =arch 201# and si&ned on its 2ehalf 2,-

I 5irnbaum C6airman

Or,ani/ationa1 Stru4ture

The structure consists of two levels8 the -overnors and The Senior *anagers. The aim of the management structure is to devolve responsibility and encourage involvement in decision ma0ing at all levels. The -overnors are responsible for setting general policy+ adopting an annual plan and budget+ monitoring the School by the use of budgets and ma0ing ma4or decisions about the direction of the School+ capital e.penditure and senior staff appointments. The Senior *anagers are the 9ead teacher+ two 6eputy 9eads and the 6irector of (inance and Administration. These managers control the School at an e.ecutive level implementing the policies laid down by the -overnors and reporting bac0 to them. As a group the Senior *anagers are responsible for the authorisation of spending within agreed budgets and the appointment of staff+ though appointment boards for posts in the *anagement Team always contain a -overnor.
Ri/7 mana,ement

The governors have assessed the ma4or ris0s to which the School is e.posed+ in particular those relating to the specific teaching+ provision of facilities and other operational areas of the School+ and its finances. The governors have implemented a number of systems to assess ris0s that the school faces+ especially in the operational areas e.g. in relation to teaching+ health and safety+ relationships and school trips# and in relation to the control of finance. They have introduced systems+ including operational procedures e.g. vetting of new staff and visitors+ supervision of school grounds# and internal financial controls see below# in order to minimise ris0. 7here significant financial ris0 still remains they have ensured they have ade/uate insurance cover. The School has an effective system of internal financial controls and this is e.plained in more detail in the following statement.
MAHARISHI SCHOOL TRUST LIMITED REPORT O! THE GO-ER ORS #$ Au,u/t %&$% STRUCTURE. GO-ER A CE A D MA AGEME T (4ontinued) Statement on t6e /y/tem o3 interna1 3inan4e 4ontro1

As governors+ we ac0nowledge we have overall responsibility for ensuring that *aharishi School Trust has an effective and appropriate system of control+ financial and otherwise. 7e are also responsible for 0eeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the School and enable us to ensure the financial statements comply with the ,ompanies Act. 7e also ac0nowledge responsibility for safeguarding the assets of the School and hence for ta0ing reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that85 : The School is operating efficiently and effectively; : <ts assets are safeguarded against unauthorised use or disposition; : The proper records are maintained and financial information used within the Academy or for publication is reliable; : The School complies with relevant laws and regulations. The Schools system of internal financial control is based on a framewor0 of regular management information and administrative procedures including the segregation of duties and a system of delegation and accountability. <n particular+ it includes8

: comprehensive budgeting and monitoring systems with an annual budget and periodic financial reports which are reviewed and agreed by the governing body; : regular reviews by the (inance ,ommittee of reports which indicate financial performance against the forecasts and of ma4or purchase plans+ capital wor0s and e.penditure programmes; : setting targets to measure financial and other performance; : clearly defined purchasing asset purchase or capital investment# guidelines. : delegation of authority and segregation of duties; : identification and management of ris0s. The governors have considered the need for a specific internal audit function and have decided not to appoint an internal auditor. 9owever+ the governors have appointed = Scott as >esponsible ?fficer >?#. The >?s role includes giving advice on financial matters and performing a range of chec0s on the Academys financial systems. ?n a /uarterly basis+ the >? is re/uired to report to the governing body on the operation of the systems of control and on the discharge of the governing bodys financial responsibilities. These arrangements can provide only reasonable and not absolute assurance that assets are safeguarded+ transactions are authorised and properly recorded+ and that material errors or irregularities are either prevented or would be detected within a timely period.

MAHARISHI SCHOOL TRUST LIMITED REPORT O! THE GO-ER ORS #$ Au,u/t %&$% STRUCTURE. GO-ER A CE A D MA AGEME T (4ontinued)

O58ECTI-ES A D ACTI-ITIES Ob9e4t/. aim/ and ob9e4ti2e/

The principal ob4ect and activity of the charitable company is the operation of the *aharishi School Trust to provide education for pupils of different abilities between the ages of " and 13 including the provision of ,onsciousness5based )ducation. The Trust organises itself to comply with all the re/uirements of the (unding Agreement entered into with the Secretary of State for )ducation+ its *emorandum and Articles of Association and any other relevant policies re/uired by statute or approved by relevant authorities. The main ob4ectives of the School during the year ended 31 August 2012 are summarised below8 : to maintain the primacy of ,onsciousness5based )ducation as the uni/ue educational strategy : to ensure that every child en4oys the same high /uality education in terms of resourcing+ tuition and care; : to raise the standard of educational achievement of all pupils; : to improve the effectiveness of the School by 0eeping the curriculum and organisational structure under continual review;

: to provide value for money for the funds e.pended; : to comply with all appropriate statutory and curriculum re/uirements; and : to conduct the Academys business in accordance with the highest standards of integrity+ probity and openness.
Strate,ie/ and a4ti2itie/

The Schools main strategy is encompassed in its stated ethos and educational ob4ectives :to be a safe+ happy+ caring community of learners; :to help all individuals regardless of their race+ gender or disability to ac/uire the s0ills and 0nowledge needed to achieve their full potential in a rapidly changing world; :to develop understanding of and respect for a wide range of religious values+ languages+ cultural traditions and different ways of life; :to encourage an en4oyment of life5long learning; :to encourage positive parental and community involvement; :to promote healthy lifestyles; :to provide a curriculum that is stimulating+ broad+ balanced+ innovative and creative; :to celebrate achievement; : to provide tuition and learning opportunities for all students to attain appropriate academic /ualifications; and : to provide development and training opportunities for all staff+ and especially teaching staff.

MAHARISHI SCHOOL TRUST LIMITED REPORT O! THE GO-ER ORS #$ Au,u/t %&$% O58ECTI-ES A D ACTI-ITIES (4ontinued)

E:ua1 opportunitie/ po1i4y

The governors recognise that e/ual opportunities should be an integral part of good practice within the wor0place. The School aims to establish e/ual opportunity in all areas of its activities including creating a wor0ing environment in which the contribution and needs of all people are fully valued.
ACHIE-EME TS A D PER!ORMA CE

The School is in its first year of operation as a (ree School and continues to achieve the forecast numbers of students. Total students in the year ended 31st August 2012 numbered 13$. The School has obtained agreement from the 6epartment for )ducation 6f)# to grow to 1$$ students in the year commencing September 2012+ which represents an increase of 20 students.

).amination results for 2012 were very pleasing. At -,S) %$@ of students achieved $ or more passes at grades AA to ,. To ensure that standards are continually raised the School operates a programme of observation of lessons and is visited by inspectors. The School also participates in national programmes loo0ing at added value through the 0ey stages.
!I A CIAL RE-IE; !inan4ia1 report 3or t6e year

*ost of the School's income is obtained from the 6f) in the form of recurrent grants+ the use of which is restricted to particular purposes. The grants received from the 6f) during the year ended 31 August 2012 and the associated e.penditure are shown as restricted funds in the statement of financial activities. The School also receives grants for fi.ed assets from the 6f). <n accordance with the ,harities Statement of >ecommended Bractice CAccounting and >eporting by ,harities S?>B 200$#+ such grants are shown in the Statement of (inancial Activities as restricted income in the fi.ed asset fund. The restricted fi.ed asset fund balance is reduced by annual depreciation charges over the e.pected useful life of the assets concerned. 6uring the year ended 31 August 2012+ total e.penditure of 2 %!3+00% was more than covered by recurrent grant funding from the 6f) together with other incoming resources. The e.cess of income over e.penditure for the year e.cluding restricted fi.ed asset funds# was 2 %+&13. At 31 August 2012 the net boo0 value of fi.ed assets was 2&03+1!& and movements in tangible fi.ed assets are shown in note ! to the financial statements. The assets were used e.clusively for providing education and the associated support services to the pupils of the School. The School became a split site in April 2012 when the *orris Dirnbaum Duilding was opened. This was a large part of the schools e.pansion and made up a large part of the ,apital -rant <ncome. The staff were offered to 4oin the Eocal -overnment Bension Scheme and an accrual has been made to allow this to be implemented.
MAHARISHI SCHOOL TRUST LIMITED REPORT O! THE GO-ER ORS #$ Au,u/t %&$% !I A CIAL RE-IE; (4ontinued) Re/er2e/ po1i4y and 3inan4ia1 po/ition Reserves policy

The governors review the reserve levels of the School annually. This review encompasses the nature of income and e.penditure streams+ the need to match income with commitments and the nature of reserves. The reason for this is to provide sufficient wor0ing capital to cover delays between spending and receipt of grants and to provide a cushion to deal with une.pected emergencies such as urgent maintenance.
Financial position

The School held fund balances at 31 August 2012 of 2&%3+3$1 comprising 2&22+!"2 of restricted funds and 2$0+%0! of unrestricted general funds.
PLA S !OR !UTURE PERIODS

The School will continue wor0ing to improve the levels of performance of its students at all levels. The School will also increase its recruitment up to the new agreed levels in >eception to Fear !. 7e have received 2%!+022 in donations which are to be used for a variety of pro4ects within the school8 : Set up new free schools with an aim to be a multi academy trust : (und the teaching of Transcendental *editation to school children
AUDITORS

The auditors+ ,haytor+ Steele G ,o+ are willing to continue in office and a resolution to appoint them will be proposed at the annual general meeting. The report of the governors was approved by the governors on 20 =anuary 2013 and signed on their behalf by8

Ian 5irnbaum. C6airman

MAHARISHI SCHOOL TRUST LIMITED REPORT O! THE I DEPE DE T AUDITORS TO THE MEM5ERS O! MAHARISHI SCHOOL TRUST #$ Au,u/t %&$%

7e have audited the financial statements of *aharishi School Trust Eimited for the year ended 31 August 2012 on pages 10 to 23+ which have been prepared on the basis of the accounting policies set out on pages 1$ to 1%. This report is made solely to the charity's trustees+ as a body+ in accordance with section 1"" of the ,harities Act 2011 and regulations made under section 1$" of that Act. ?ur audit wor0 has been underta0en so that we might state to the charity's trustees those matters we are re/uired to state to them in an auditor's report and for no other purpose. To the fullest e.tent permitted by law+ we do not accept or assume responsibility to anyone other than the charity and the

charity's trustees as a body+ for our audit wor0+ for this report+ or for the opinions we have formed.

RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS The responsibilities of the directors for preparing the 6irectors Annual >eport and the financial statements in accordance with applicable law and Hnited Iingdom Accounting Standards Hnited Iingdom -enerally Accepted Accounting Bractice# and for being satisfied that the financial statements give a true and fair view are set out in the Statement of >esponsibilities of the 6irectors on page $. The directors have elected for the financial statements to be audited in accordance with the ,harities Act 2011 rather than the ,ompanies Act 2003. Accordingly we have been appointed as auditors under section 1"" of the ,harities Act 2011 and report in accordance with regulations made under section 1$" of that Act. ?ur responsibility is to audit the financial statements in accordance with relevant legal and regulatory re/uirements and <nternational Standards on Auditing HI and <reland#. 7e report to you our opinion as to whether the financial statements give a true and fair view and have been prepared in accordance with the ,ompanies Act 2003. 7e also report to you if+ in our opinion+ the information given in the 6irectors Annual >eport is not consistent with those financial statements+ if the charity has not 0ept ade/uate accounting records+ if the charity's financial statements are not in agreement with these accounting records and returns+ or if we have not received all the information and e.planations we re/uire for our audit. 7e read the 6irectors Annual >eport and consider the implications for our report if we become aware of any apparent misstatements within it.

MAHARISHI SCHOOL TRUST LIMITED REPORT O! THE I DEPE DE T AUDITORS TO THE MEM5ERS O! MAHARISHI SCHOOL TRUST #$ Au,u/t %&$%

BASIS OF AUDIT OPINION 7e conducted our audit in accordance with <nternational Standards on Auditing HI and <reland# issued by the Auditing Bractices Doard. An audit includes e.amination+ on a test basis+ of evidence relevant to the amounts and disclosures in the financial statements. <t also includes an assessment of the significant estimates and 4udgements made by the trustees in the preparation of the financial statements+ and of whether the accounting policies are appropriate to the charity's circumstances+ consistently applied and ade/uately disclosed.

7e planned and performed our audit so as to obtain all the information and e.planations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement+ whether caused by fraud or other irregularity or error. <n forming our opinion we also evaluated the overall ade/uacy of the presentation of information in the financial statements. OPINION <n our opinion8

the financial statements give a true and fair view+ in accordance with Hnited Iingdom -enerally Accepted Accounting Bractice+ of the state of the charity's affairs as at 31 August 2012 and of its incoming resources and application of resources+ including its income and e.penditure+ for the year then ended; and

the financial statements have been prepared in accordance with the ,ompanies Act 2003.

- * 6?DS?J Senior Statutory Auditor# (or and on behalf of !a 6erby Street ?rms0ir0 Eancashire E3! 2D= 20 =anuary 2013
MAHARISHI SCHOOL TRUST LIMITED STATEME T O! !I A CIAL ACTI-ITIES 3or t6e year ended #$ Au,u/t %&$% Unrestricte Restricted Restricted General Fixed d Funds Funds Asset ote Funds # # Inco$in% resources Incoming resources from generating funds: Koluntary income <nvestment income ' Total Funds !" # Total (unds 2011 2

,9AFT?> ST))E) G ,? ,hartered Accountants G Statutory Auditors

$&+$%$ "2$

$"+!&3 &

& &

113+$$& "2$

10&+32% $03

Incoming resources from charitable activities School fees (unding for the Academys educational operations
Total inco$in% resources

& ( & $!+000

& 33$+01! %20+002

& &2$+0%3

& 1+"!0+0!$

3""+323 ) "$3+"$3

&2$+0%3 1+30"+0%&

Resources ex*ended <nvestment management costs Charitable activities: Academys educational operations Governance costs Total resources ex*ended Net $o,e$ent in -unds + + 33+&%3 3$+!!$

32%+02$ %"+2!3

2"+&21 L

3&$+%1! 110+2&&

"30+3!2 1!+3&3

3!+&3&

%01+31&

2"+&21

%!3+00%

""!+%%$

10+&3&#

1&+3&"

&00+2$$

&0&+0%1

3+3%&

Total funds brought forward at 1 September 2011 Funds carried -or.ard at '" Au%ust !"

31+0&1

"+"!!

3$+$&0

31+!02

$0+213

23+1&3

&00+2$$

&%3+3$1

3$+$&0

MAHARISHI TRUST SCHOOL LIMITED I COME A D E<PE DITURE ACCOU T 3or t6e year ended #$ Au,u/t %&$%

!"
ote

2011
2 5 5 5 5 103+3!3 $03 3"!+$$"

# /"01("" 2 +1!3/ 21 0 "31'"/ 2+10 / ( + 31/'

Inco$e -eneral Annual -rant -A-# 6f)S capital grants ?ther 6f)S grants ?ther -overnment grants Brivate sponsorship and donations <nterest and receivable ?ther <ncome

$ ( ( ( % # %

Total inco$e Ex*enditure -eneral Annual -rant -A-# related e.penditure ?ther 6f)S grant e.penditure 6epreciation ?ther e.penditure Total ex*enditure Excess o- inco$e o,er ex*enditure STATEME T O! TOTAL RECOG ISED GAI S A D LOSSES 3or t6e year ended #$ Au,u/t %&$%

"1/!(1!32

"$3+"$3

/"213(2 01('' '"1/2+ ""/1"(" 30/1!!3 2!21!3"

5 5 "+%0$ ""$+0%0 ""!+%%$ 3+3%&

!"
ote

2011
2 3+3%&

).cess of income over e.penditure Net $o,e$ent to 4-ro$5 -unds >estricted funds Hnrestricted funds

# 2!21!3"

2"21((' 4"!1'3 5 2!21!3"

3+!3&# %+313 3+3%&

The income and e.penditure account and statement of total recognised gains and losses are derived from the statement of financial activities on page 10 which+ together with the notes to the financial statements on pages 1$ to 23 provides full information on the movements during the year on all the funds of the Academy. All of the Academys activities derived from continuing operations during the above two financial periods.

MAHARISHI SCHOOL TRUST LIMITED 5ALA CE SHEET at #$ Au,u/t %&$% (ote !i=ed a//et/ %&$% K %&$$ K

Tangible assets

&03+1!& MMMMMMM &03+1!& MMMMMMM 3"+0&1 133+32! MMMMMMM 13%+%10 !%+2$%#

220+23$ MMMMMMM 220+23$ MMMMMMM "!+3$$ %2+300 MMMMMMM 121+!!$ "&+!!2#

Current assets 6ebtors ,ash at ban0 and in hand

10

Current lia6ilities ,reditors8 Amounts falling due within one year 11

Net current assets Total assets less current liabilities ,reditors8 Amounts falling due after one year Net assets includin% *ension lia6ilit7 Funds o- t8e Acade$7 Income funds Restricted -unds >estricted fi.ed asset fund >estricted general fund 12

MMMMMMM %0+"$3 MMMMMMM &%3+3$1 5 MMMMMMM &%3+3$1 MMMMMMM

MMMMMM %2+!33 MMMMMM 2!3+22& 22%+3"&# MMMMMMM 3$+$&0 MMMMMMM

13 13

&00+2$$ 23+1&3 MMMMMMM &23+"3& MMMMMMM $0+213 9999999 $0+213 9999999 &%3+3$1 9999999

5 "+"!! MMMMMMM "+"!! MMMMMMM 31+0&1 999999 31+0&1 999999 3$+$&0 999999

Hnrestricted -unds -eneral fund Total Unrestricted -unds Total -unds

The financial statements on pages 10 to 23 were approved by the governors on 20 =anuary 2013 and signed on their behalf by8
Ian 5irnbaum. C6airman MAHARISHI SCHOOL TRUST LIMITED CASH !LO; STATEME T 3or t6e year ended #$ Au,u/t %&$% %&$% K Operatin, a4ti2itie/ RECEIPTS %&$$ K

>ecurrent grants received from the 6f)S . -eneral Annual -rant -A-# . ?ther grants ?ther receipts from the 6f)S ?ther receipts from -overnment ?ther receipts

31!+"11 2"+321 3+3%1 1%+313 113+$$& MMMMMMM %%&+$%% MMMMMMM

5 5 5 5 "2"+"$3 MMMMMMM "2"+"$3 MMMMMMM

PA:;ENTS Staff costs ?ther cash payments

Net cas8 in-lo. -ro$ o*eratin% acti,ities Returns on in,est$ents and ser,icin% o- -inance <nterest received

""3+!12# 23$+"2%# MMMMMMM %0!+33!# MMMMMMM /01 '2 "2$ MMMMMMM "2$ MMMMMMM ) MMMMMMM &2$+0%3 31"+31!# MMMMMMM

3$3+!!2# &3+%$3# MMMMMMM ""0+%"$# MMMMMMM 4"/1 205 $03 MMMMMMM $03 MMMMMMM ) MMMMMMM ) 2+210# MMMMMMM 210+"$%

Taxation Ca*ital 4ex*enditure5<inco$e ,apital grants from 6f)S Burchase of tangible fi.ed assets 2+210# ;ana%e$ent o- li=uid resources and -inancin% 4Decrease5 increase in cas8

2!1" ! MMMMMMM

4"3100/5 MMMMMMM

MAHARISHI SCHOOL TRUST LIMITED CASH !LO; STATEME T 3or t6e year ended #$ Au,u/t %&$% %&$% K %&$$ K

Reconciliation o- net cas8 -lo. to $o,e$ent in net -unds 6ecrease# increase in cash Jet funds at 1 September 2011 Jet funds at 31 August 2012
OTE TO THE CASH!LO; STATEME T $ Ana1y/i/ o3 46an,e/ in net 3und/

Jote 1

2&0+120 1"3+"!1# MMMMMMM 133+32! MMMMMMM

1%+!!3# 12&+"!$# MMMMMMM 1"3+"!1# MMMMMMM

At 1
September 2011 2 ,ash flows 2

At 31
August 2012 2

,ash in hand and at ban0 Dan0 Eoans

%2+300 21&+%!1# 1"3+"!1#

31+32! 21&+%!1 2&0+120

133+32! 5 133+32!

MAHARISHI SCHOOL TRUST LIMITED PRI CIPAL ACCOU TI G POLICIES #$ Au,u/t %&$% 5a/i/ o3 Preparation

The financial statements have been prepared under the historic cost convention and in accordance with applicable Hnited Iingdom Accounting Standards+ the ,harity ,ommission CStatement of >ecommended Bractice8 Accounting and >eporting by ,harities CS?>B 200$#+ the Academies Accounts 6irection issued by the )(A and the ,ompanies Act 2003. A summary of the principal accounting policies+ which have been applied consistently+ e.cept where noted+ is set out below.
Goin, Con4ern

The governors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The governors ma0e this assessment in respect of a period of one year from the date of approval of the financial statements. The financial statements have been prepared on a going concern basis.
In4omin, re/our4e/ Grants receivable

-rants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not e.pended during the period is shown in the relevant funds on the balance sheet.
ponsorship income

Sponsorship income provided to the Academy which amounts to a donation is recognised in the statement of financial activities in the period in which it is receivable.
!onations

6onations are recognised on a receivable basis where there is certainty of receipt and the amount can be reliably measured.
"nterest receivable

<nterest receivable is included within the statement of financial activities on a receivable basis.
Re/our4e/ e=pended

>esources e.pended are recognised in the period in which they are incurred and include irrecoverable KAT. They have been classified under headings that aggregate all costs relating to that activity.
Governance costs

-overnance costs include the costs attributable to the Academys compliance with constitutional and statutory re/uirements+ including audit+ strategic management and governors meetings and reimbursed e.penses.
!und a44ountin,

-eneral funds represent those resources which may be used towards meeting any of the ob4ects of the Academy at the discretion of the governors. >estricted funds comprise grants from the 6f)S and other donors which are to be used for specific

1&

purposes.
MAHARISHI SCHOOL TRUST LIMITED PRI CIPAL ACCOU TI G POLICIES #$ Au,u/t %&$% !und a44ountin,

-eneral funds represent those resources which may be used towards meeting any of the ob4ects of the Academy at the discretion of the governors. >estricted funds comprise grants from the 6f)S and other donors which are to be used for specific purposes as e.plained in note 13.
Tan,ib1e 3i=ed a//et/

Tangible fi.ed assets ac/uired since the Academy was established are included in the accounts at cost. 7here tangible fi.ed assets have been ac/uired with the aid of specific grants+ either from the -overnment or from the private sector+ they are included in the balance sheet at cost and depreciated over their e.pected useful economic life. The related grants are credited to a restricted fi.ed asset fund in the statement of financial activities and carried forward in the balance sheet#. The depreciation on such assets is charged in the statement of financial activities over the e.pected useful economic life of the related asset on a basis consistent with the depreciation policy. Assets costing less than 2$00 are written off in the year of ac/uisition. All other assets are capitalised.
Depre4iation

6epreciation is provided on a straight line basis on the cost of tangible fi.ed assets+ to write them down to their estimated residual values over their e.pected useful lives. Jo depreciation is provided on freehold land. The principal annual rates used for other assets are8 (reehold buildings 1@ (urniture and e/uipment including *inibus 2$@ ,omputer e/uipment and software 33@ Assets in the course of construction are included at cost. 6epreciation on these assets is not charged until they are brought into use.
Lea/ed a//et/

>entals applicable to operating leases where substantially all of the benefits and ris0s of ownership remain with the lessor are charged to the statements of financial activities on a straight line basis over the lease term.
Ta=ation

The school is a registered charity and as such is e.empt from income ta. and corporation ta. under the provisions of the <ncome and ,orporation Ta.es Act 1!&&. The cost of irrecoverable KAT incurred by the school has been included in the statement of financial activities.

1!

MAHARISHI SCHOOL TRUST LIMITED PRI CIPAL ACCOU TI G POLICIES #$ Au,u/t %&$%

Pen/ion/

School staff are members of one of the following pension schemes8

!e#ined $ene#it chemes %eachers& 'ension cheme

(ull5time and part5time teaching staff+ employed under a contract of service are eligible to contribute to the Teachers Bension Scheme TBS#. The TBS+ a statutory+ contributory+ final salary scheme is administered by ,apita Teachers Bensions on behalf of the 6epartment for )ducation and S0ills. As the school is unable to identify its share of the underlying notional# assets and liabilities of the scheme+ the Academy has ta0en advantage of the e.emption in (inancial >eporting Standard (>S# 1% and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The pension costs for the scheme represent the contributions payable by the school in the year.
Local Government 'ension cheme

Jon5 teaching members of staff have been offered membership of the Eocal -overnment Scheme E-BS#. The E-BS is a defined benefit pension scheme and will be able to identify the schools share of assets and liabilities as per the re/uirements of (>S 1%+ >etirement Denefits. At the Dalance Sheet date no staff had ta0en up membership so no disclosure is re/uired during this financial year.
%&$% K $ GE ERAL A UAL GRA T (GAG) a> Re/u1t/ and Carry !or?ard 3or t6e "ear 2011 K

-A- allocation for current year Total GAG a,aila6le to s*end >ecurrent e.penditure from -AGAG carried -or.ard to next 7ear *a.imum permitted -A- carry forward at end of current year 12@ of allocation for current year# GAG to surrender to D-ES 12@ rule breached if result is positive#

31!+"11 31&+%"& MMMMMMM 333 %"+32! MMMMMMM 5 %3+333 no breach#

5 5 MMMMMMM ) 5 MMMMMMM ) no breach#

20

MAHARISHI SCHOOL TRUST LIMITED OTES TO THE !I A CIAL STATEME TS #$ Au,u/t %&$% % -OLU TAR" I COME %&$% K Pri,ate s*onsors8i* and donations 2011 K

*iscellaneous donations G fundraising 6onation L Scott re Eondon 6onation L re Suffol0 )dna Einnell Eegacy (undraising

2"+03! 31+3$0 3+31& 1%+31$ 3+!0" MMMMMMM &$+!23 MMMMMMM

!3+2"2 5 5 %+002 3+1$2 MMMMMMM 103+3!3 MMMMMMM 3""+323 "%% 1+03& 1+!%0 1+"13 MMMMMMM 3"!+$$" MMMMMMM 113+$$&
2011 K

Ot8er Inco$e

School (ees Bupil Trips Hniform Sale ?ut of 9ours <ncome ,atering <ncome

5 3+&&3 $+1%& !+!"$ $+323 MMMMMMM 2%+332 MMMMMMM

Total Voluntar7 Inco$e

# I -ESTME T I COME

"$2+!$0

%&$% K

Dan0 <nterest

"2$ MMMMMMM "2$ MMMMMMM

$03 MMMMMM $03 MMMMMMM

!U DI G !OR THE ACADEM"0S EDUCATIO AL OPERATIO S

6epartment for )ducation and S0ills grants -eneral Annual -rant -A-# note 1# ?ther 6epartment for )ducation -rants 1%+313 ?ther -rant 3+3%1 Start Hp -rants 2"+321 ,apital grants &2$+0%3 MMMMMMM 1+"!0+0!$ MMMMMMM

31!+"11 5 5 5 5 MMMMMMM 5 MMMMMMM

21

MAHARISHI SCHOOL TRUST LIMITED OTES TO THE !I A CIAL STATEME TS #$ Au,u/t %&$% %&$% K CHARITA5LE ACTI-ITIES @ ACADEM"0S EDUCATIO AL OPERATIO S !"REC% C( % 2011 K

Teaching and educational support staff costs 6epreciation Doo0s+ apparatus and stationery ).amination fees Staff development )ducational consultancy ?ther direct costs

""!+"03 31+3&$ 1!+12! 1+$%% 2+30! 2+$3$ 10+33! MMMMMMM $1%+2&0 MMMMMMM 3&+31! $+2"" !+0&1 3&+1!3 2+!%& %+11! 3+033 3+13" 5 1+!0" 11+$33 %+&10 13+%$$ "+3!1 1$+312 MMMMMMM 13&+"3! MMMMMMM 3&$+%1! %3+3%1 3+$%0 $!" &+2!1 21+132 MMMMMMM 110+2&& MMMMMMM %!3+00%

23"+!3$ "+%0$ 1$+3!0 2+!"" "20 5 5 MMMMMMM 2&&+3!" MMMMMMM %0+$$2 $+3$3 30+%2! %+3"" 1+0%2 3+300 "+!!" 3+2"$ 1+0&" 1+111 1+$&% %+%!! 5 3+%$3 5 MMMMMMM 1""+!33 MMMMMMM "30+3!2 11+1%$ 2+130 3+0"& 5 5 MMMMMMM 1!+3&3 MMMMMMM ""!+%%$

)LL(C)%E! *''(R% C( %

Support staff costs T* Teaching Bupil recruitment and support *aintenance of premises and e/uipment ,leaning >ent and rates 9eat and light <nsurance Security Telephone Transport ,atering Technology costs Dan0 interest and charges ?ther support costs

GO-ER A CE COSTS

Eegal and professional fees Audit fees 6ebt >ecovery Trust Strategy ,osts L Suffol01Eondon ?ther Support ,osts L Suffol01Eondon

MAHARISHI SCHOOL TRUST LIMITED OTES TO THE !I A CIAL STATEME TS #$ Au,u/t %&$%

22

STA!! COSTS

The average number of persons including senior management team# employed by the Academy during the year ended 31 August 2012 e.pressed as full time e/uivalents was as follows8
%&$% K Charitable )ctivities 2011 K

Teachers Administration and support *anagement

11 & 1 MM 20

10 2 1 MM 13
$ BB $( 2011 K

Governance activities

$ BB $' %&$% K

Staff costs comprise8 7ages and salaries Social security costs ?ther pension costs

"02+%$$ 2!+0$2 1$+1$% MMMMMMM ""3+!3" MMMMMMM

32"+3&0 22+&30 !+312 MMMMMMM 3$3+&22 MMMMMMM

Jo employees earned more than 230+000 per annum including ta.able benefits but e.cluding employers pension contributions# during the year ended 31 August 2012.

MAHARISHI SCHOOL TRUST LIMITED OTES TO THE !I A CIAL STATEME TS #$ Au,u/t %&$%

23

0 *

GO-ER ORS0 REMU ERATIO

A D E<PE SES

, >obinson+ an employee and staff governor of the Academy received remuneration of 2&+$!0. Jo other payments were made to the governors of the Academy during the year ended 31 August 2012.
+ GO-ER ORS0 A D O!!ICERS0 I SURA CE

<n accordance with normal commercial practice the Academy has purchased insurance to protect governors and officers from claims arising from negligent acts+ errors or omissions occurring whilst on Academy business. The insurance provides cover up to 21+000+000 on any one claim and the cost for the year ended 31 August 2012 was 21+$"0 2011 5 21+"!3#.
' TA GI5LE !I<ED ASSETS 9reehold <and and uildin&s K Co/t 9urniture @ 7Fuipment K !omputer 7Fuipment @ Soft"are K

+otal K

At 1 September 2011 Additions At 31 August 2012

Depre4iation

2"1+3"3 ""!+&32 MMMMMMM 3!1+20$ MMMMMMM 2"+333 "+2&% MMMMMMM 2&+320 MMMMMMM 21%+010 MMMMMMM 332+$&$ MMMMMMM

"3+!3$ 2"+10& MMMMMMM %1+0"3 MMMMMMM ""+3$1 %+$33 MMMMMMM $1+&&" MMMMMMM 2+$&" MMMMMMM 1!+1$! MMMMMMM

"3+1"3 1"0+3"! MMMMMMM 1&3+%!$ MMMMMMM "$+"%$ 1!+&33 MMMMMMM 3$+3"1 MMMMMMM 3%1 MMMMMMM 121+"$" MMMMMMM

33"+"2" 31"+31! MMMMMMM !"!+0"3 MMMMMMM 11"+1$! 31+3&3 MMMMMMM 1"$+&"$ MMMMMMM 220+23$ MMMMMMM &03+1!& MMMMMMM

At 1 September 2011 ,harged in year At 31 August 2012

et boo7 2a1ue/

At 1 September 2011 At 31 August 2012

2"

MAHARISHI SCHOOL TRUST LIMITED OTES TO THE !I A CIAL STATEME TS #$ Au,u/t %&$% ' TA GI5LE !I<ED ASSETS (CO TI UED)

+he a2ove net 2ooA value at #1 /u&ust 2012 represents fixed assets used for9reehold <and and uildin&s K 9urniture @ 7Fuipment K !omputer 7Fuipment @ Soft"are K

+otal K

)ducation provision Support services -overnance

"2"+0$" 1"$+%3! !2+%32 MMMMMMM 332+$&$ MMMMMMM

12+232 "+21$ 2+3&2 MMMMMMM 1!+1$! MMMMMMM

%%+%31 23+%20 1%+003 MMMMMMM 121+"$" MMMMMMM

$1"+0"% 1%3+%0" 112+""% MMMMMMM &03+1!& MMMMMMM

Sour4e o3 3undin, 3or a//et/ a4:uired (4umu1ati2e to date) %&$% C

6f)S capital grants ?ther funds non grant income#

Co/t o3 3i=ed a//et/ at #$ Au,u/t %&$%

&$$+!32 !3+0&1
'('.&(#

Eess8 Accumulated depreciation

et boo7 2a1ue o3 3i=ed a//et/ at #$ Au,u/t %&$% $& DE5TORS %&$% C

1"$+&"$#
+&#.$'+

%&$$ C

Trade debtors Brepayments Sundry debtors

5 10+3"0 23+%"1 3"+0&1

23+&!% 2+%"! 23+00! "!+3$$

2$

MAHARISHI SCHOOL TRUST LIMITED OTES TO THE !I A CIAL STATEME TS #$ Au,u/t %&$%

$$

CREDITORSD AMOU TS !ALLI G DUE ;ITHI

O E "EAR %&$% C %&$$ C

Dan0 Eoan Trade creditors Ta.ation and social security Sundry creditors Accruals

5 13+&33 !+&3& 10+3&! 2&+10$ "&+&!$ !%+2$%

13+"!& %+""2 !+!33 "+2$3 "&+!!2

$%

CREDITORSD AMOU TS !ALLI G A!TER MORE THA O E "EAR %&$% C %&$$ C

Dan0 Eoan Trade creditors Sundry creditors Accruals

$# RESTRICTED !U DS

5 20"+!2$ 5 1+3%$ 5 21+3"& 5 22%+3"&

The income funds of the Academy comprise the following balances of grants to be applied for specific purposes8
alance 1 Septem2er Incomin& 2011 resources K K Re/tri4ted ,enera1 3und Resources 7xpended K Gains alance at losses and #1 /u&ust +ransfers 2012 K K

-eneral Annual -rant -A-# 5 Start Hp -rants 5 ?ther 6f) -rants 5 ?ther -overnment -rant 5 *ulti Academy (und 5 Eondon 5 *ulti Academy (und 5 Suffol0 5 )dna Einell L T* Teaching 5 Kastu (und "+"!! MMMMMMM "+"!! MMMMMMM
MAHARISHI SCHOOL TRUST LIMITED

31!+"11 2"+321 1%+313 3+3%1 31+3$0 3+31& 1%+31$ 5 MMMMMMM %20+002 MMMMMMM

31&+%"3# 5 2"+321# 5 1%+313# 5 5 1&+%!$# 5 $+021# 5 13+&1!# 5 5 5 MMMMMMM MMMMMMM %01+31&# 5 MMMMMMM MMMMMMM

33$ 5 5 3+3%1 12+$$$ 1+2!% "!3 "+"!! MMMMMMM 23+1&3 MMMMMMM

23

OTES TO THE !I A CIAL STATEME TS #$ Au,u/t %&$% $# RESTRICTED !U DS alance 1 Septem2er Incomin& 2011 resources K K Re/tri4ted 3i=ed a//et 3und/ Resources 7xpended K Gains alance at losses and #1 /u&ust +ransfers 2012 K K

6f)S capital grants

5 MMMMMMM 5 MMMMMMM

&2$+0%3 MMMMMMM &2$+0%3 MMMMMMM

2"+&21# 5 MMMMMMM MMMMMMM 2"+&21# 5 MMMMMMM MMMMMMM

&00+2$$ MMMMMMM &00+2$$ MMMMMMM

Notes i# -eneral Annual -rant must be used for the normal running costs of the Academy. The Academy is allowed to carry forward up to 12@ of the current -A-#. ?f the carried forward amount+ up to 2@ of -A- can be used for general purposes at the discretion of the Academy+ but any balance over 2@ must be used for capital purposes. ii# >estricted fi.ed asset were funded by government grants or sponsors.
$( A AL"SIS O! ET ASSETS 5ET;EE !U DS

(und balances at 31 August 2012 are represented by8 RestrictedRestricted Unrestricted GeneralFixed asset Funds Funds Funds Tangible fi.ed assets 2+!"3 5 &00+2$$ ,urrent assets 1""+$2% 23+1&3 5 ,urrent Eiabilities !%+2$%# 5 5 MMMMMMM MMMMMMM MMMMMMM $0+213 23+1&3 &00+2$$ MMMMMMM MMMMMMM MMMMMMM
$) CO TI GE T LIA5ILITIES

Total &03+1!& 13%+%10 !%+2$%# MMMMMMM &%3+3$1 MMMMMMM

6uring the period of the (unding Agreement+ in the event of the sale or disposal by other means of any asset for which a -overnment capital grant was received+ the Academy is re/uired either to re5invest the proceeds or to repay to the Secretary of State for )ducation and S0ills the same proportion of the proceeds of the sale or disposal as e/uates with the proportion of the original cost met by Secondary of State. Hpon termination of the (unding Agreement+ whether as a result a result of the Secretary of State or the Academy serving notice+ the Academy shall repay to the Secretary of State sums determined by reference to8 a# the value at that time of the Academys site and premises and other assets held for the purpose of the Academy8 and b# the e.tent to which e.penditure incurred in providing those assets was met by payments by the Secretary of State under the (unding Agreement.
MAHARISHI SCHOOL TRUST LIMITED OTES TO THE !I A CIAL STATEME TS

2%

#$ Au,u/t %&$% $A PE SIO A D SIMILAR O5LIGATIO S

The academys employees belong to the Teachers Bension Scheme )ngland and 7ales TBS# for academic and related staff; Jon5teaching staff have been given the option to 4oin the Eocal -overnment Bension Scheme E-BS#+ 210+000 has been accrued in the financial statements for any non5teaching staff that may wish to 4oin but no5one has been entered into the scheme at the year end. The pension costs are assessed in accordance with the advice of independent /ualified actuaries. The latest actuarial valuation of the TBS was 31 *arch 200". ,ontributions amounting to 22+123 2011 5 21+0""# were payable to the TBS at 31 August 2012 and are included within creditors0
Tea46er/ Pen/ion S46eme (TPS)

The Teachers Bension Scheme NTBSO# is a statutory+ contributory+ defined benefit scheme. The regulations under which the TBS operates are Teachers Bensions >egulations 2010. Although teachers and lecturers are employed by various bodies+ their retirement and other pension benefits+ including annual increases payable under the Bensions <ncrease# Acts are+ as provided for in the Superannuation Act 1!%2+ paid out of monies provided by Barliament. Hnder the unfunded TBS+ teachers contributions on a Cpay5as5 you5go basis+ and employers contributions+ are credited to the ).che/uer under arrangements governed by the above Act. The Teachers Bensions >egulations re/uire an annual account+ the Teachers Bension Dudgeting and Kaluation Account+ to be 0ept of receipts and e.penditure including the cost of pensions increases#. (rom 1 April 2001+ the Account has been credited with a real rate of return in e.cess of price increases and currently set at 3.$@#+ which is e/uivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return. The -overnment Actuary N-AO#+ using normal actuarial principles+ conducts formal actuarial reviews of the TBS. The aim of the reviews is to specify the level of future contributions. The contribution rate paid into the TBS is assessed in two parts. (irst+ a standard contribution rate NS,>O# is determined. This is the contribution+ e.pressed as a percentage of the salaries of teachers and lecturers in service or entering service during the period over which the contribution rate applies+ which if it were paid over the entire active service of these teachers and lecturers would broadly defray the cost of benefits payable in respect of that service. Secondly+ a supplementary contribution is payable if+ as a result of the actuarial investigation + it is found that accumulated liabilities of the Account for benefits to past and present teachers+ are not fully covered by standard contributions to be paid in future and by the notional fund built up from past contributions. The total contribution rate payable is the sum of the S,> and the supplementary contribution rate.

2&

MAHARISHI SCHOOL TRUST LIMITED OTES TO THE !I A CIAL STATEME TS #$ Au,u/t %&$% $A PE SIO A D SIMILAR O5LIGATIO S (4ontinued)

The last valuation of the TBS related to the period 1 April 2001 L 31 *arch 200". The -As report of ?ctober 2003 revealed that the total liabilities of the Scheme pensions currently in payment and the estimated cost of future benefits# amounted to 2133+$00 millions. The value of the assets estimated future contributions together with the proceeds from the notional investments held at the valuation date# was 2133+2"0 millions. The assumed real rate of return is 3.$@ in e.cess of prices and 2@ in e.cess of earnings. The rate of real earnings growth is assumed to be 1.$@. The assumed gross rate of return is 3.$@. As from 1 =anuary 200%+ and as part of the cost5sharing agreement between employers and teachers representatives+ the S,> was assessed at 1!.%$@+ and the supplementary contribution rate was assessed to be 0.%$@ to balance assets and liabilities as re/uired by the regulations within 1$ years#. This resulted in a total contribution rate of 20.$@+ which translated into an employee contribution rate of 3."@ and employer contribution rate of 1".1@ payable. The cost5sharing agreement also introduced L effective for the first time for the 200& valuation L a 1"@ cap on employer contributions payable. (rom 1 April 2012 to 31 *arch 2013+ the employee contribution rate will range between 3."@ and &.&@+ depending on a members (ull Time )/uivalent salary. (urther changes to the employee contribution rate will be applied in 201351" and 201"51$. Actuarial scheme valuations are dependent on assumptions about the value of future costs+ design of benefits and many other factors. *any of these are being discussed in the conte.t of the design for a reformed TBS and scheme valuations are+ therefore+ currently suspended. The -overnment+ however+ has set out a future process for determining the employer contribution rate under the new scheme+ and this process will involve a full actuarial valuation. Hnder the definitions set out in (inancial >eporting Standard 1%+ >etirement Denefits+ the TBS is a multi5employer pension schemes. The Academy is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly+ the Academy has ta0en advantage of the e.emption in (>S 1% and has accounted for its contributions to the scheme as if it were defined contribution scheme. The academy has set out above the information available on the scheme and the implications for the academy in terms of the anticipated contribution rates. ' ;E;BERS> LIABILIT: )ach member of the charitable company underta0es to contribute to the assets of the company in the event of it being wound up while he1she is a member+ or within one year after he1she ceases to be a member+ such amount as may be re/uired+ not e.ceeding 210 for the debts and liabilities contracted before he1she ceases to be a member.

2!

MAHARISHI SCHOOL TRUST LIMITED DETAILED I COME A D E<PE DITURE ACCOU T 3or t6e year ended #$ Au,u/t %&$% T6i/ pa,e doe/ not 3orm part o3 t6e /tatutory 3inan4ia1 /tatement/

!"
# Inco$e General Annual Grant 4GAG5 D-ES ca*ital %rants Ot8er D-ES %rants Startup -rant ?ther (1/ " '1/3" "1(3 1330 Ot8er Go,ern$ent %rants ?ther "31'"/ "31'"/ Pri,ate s*onsors8i* and donations ?ther ""'1++2 ""'1++2 Ot8er Inco$e <nterest and receivable ( + ( + Total inco$e "1/!(1!32 /"01("" 2 +1!3/

30

MAHARISHI SCHOOL TRUST LIMITED DETAILED I COME A D E<PE DITURE ACCOU T 3or t6e year ended #$ Au,u/t %&$% T6i/ pa,e doe/ not 3orm part o3 t6e /tatutory 3inan4ia1 /tatement/

!"
# Ex*enditure General annual %rant ex*enditure Sta-- Costs Teaching )ducational support ?ther Total GAG sta-- costs ;aintenance o- *re$ises Duilding maintenance ' 1 / (1 "/ 031('( (('10" 10 0 10 0 Ot8er occu*anc7 costs ,leaning 7ater (uel >ates <nsurance ?ther 1032 '1!22 /1!'' 1/"0 /1"/( 1 ! '1!2( Educational su**lies and ser,ices Doo0s ?ther )ducational e.penditure Stationery+ postage and materials Transport ).amination fees )ducational visits 9ire of facilities ?utdoor learning pro4ect "1" " 1(!/ "1(0' ""1+'+ "1+33 "1("2 '10"( +1!!+

31

21(/0 MAHARISHI SCHOOL TRUST LIMITED DETAILED I COME A D E<PE DITURE ACCOU T 3or t6e year ended #$ Au,u/t %&$% T6i/ pa,e doe/ not 3orm part o3 t6e /tatutory 3inan4ia1 /tatement/

!"
# Ot8er su**lies and ser,ices Hniforms *ar0eting Eegal and professional fees Audit and accountancy fees Dan0 interest and charges ,atering Eicenses and subscriptions Telephone ?ther 312"/ 01!2" '21 3! /1+3! (1/0" 31((0 "1+02 "10!+ "1"3/ 321++/ Furniture and E=ui*$ent >epairs and maintenance (urniture and e/uipment minor purchases /12(3 /"3 31(/( Tec8nolo%7 costs 4not ca*italised5 9ardware Software <,T contract charges ,onsumables (1( 0 +1/32 1 '' "1("+ "'13++ +30 /"213(2

Sta-- de,elo*$ent

Total GAG Ex*enditure

32

MAHARISHI SCHOOL TRUST LIMITED DETAILED I COME A D E<PE DITURE ACCOU T 3or t6e year ended #$ Au,u/t %&$% T6i/ pa,e doe/ not 3orm part o3 t6e /tatutory 3inan4ia1 /tatement/

!"
# Ot8er D-ES Grant Ex*enditure )ducational supplies Brinting+ postage and stationery <,T annual maintenance Staff training Staff costs ?ther +1+"' 21+03 312!! "1//' +1(0( '// 01('' '"1/2+ Ot8er ex*enditure Staff costs T* teaching )ducational consultancy Advertising *ar0eting and fundraising >oom hire Trust strategy costs 9uman resources and legal fees ?ther '21/"2 +1 (( 1+'+ "21(0/ "1 3" "13(2 21 0" '+1(!" (1+'/ ""/1"(! 30/1!!3

De*reciation

Total ex*enditure

33

Anne. 1 ;a8aris8i Sc8ool Trust Li$ited State$ent o- Go,ernors> Res*onsi6ilities '" Au%ust !"
The governors who act as trustees for charitable activities of *aharishi School Trust Eimited and are also the directors of the ,haritable ,ompany for the purposes of company law# are responsible for preparing the governors report and the financial statements in accordance with the Annual Accounts >e/uirements issued by the )ducation (unding Agency+ Hnited Iingdom Accounting Standards Hnited Iingdom -enerally Accepted Accounting Bractice# and applicable law and regulations. ,ompany law re/uires the governors to prepare financial statements for each financial year. Hnder company law the governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the ,haritable ,ompany and of its incoming resources and application of resources+ including its income and +e.penditure+ for that period. <n preparing these financial statements+ the governors are re/uired to8 : select suitable accounting policies and then apply them consistently; : observe the methods and principles in the ,harities S?>B; : ma0e 4udgments and accounting estimates that are reasonable and prudent; : state whether applicable HI Accounting Standards have been followed+ sub4ect to any material departures disclosed and e.plained in the financial statements; and : prepare the financial statements on the going concern basis unless it is inappropriate to presume that the ,haritable ,ompany will continue in business. The governors are responsible for 0eeping ade/uate accounting records that are sufficient to show and e.plain the ,haritable ,ompanys transactions and disclose with reasonable accuracy at any time the financial position of the ,haritable ,ompany and enable them to ensure that the financial statements comply with the ,ompanies Act 2003. They are also responsible for safeguarding the assets of the ,haritable ,ompany and hence for ta0ing reasonable steps for the prevention and detection of fraud and other irregularities. The governors are responsible for ensuring that in its conduct and operation the ,haritable ,ompany applies financial and other controls+ which conform to the re/uirements both of propriety and of good financial management. They are also responsible for ensuring grants received from the )(A16f) have been applied for the purposes intended. The governors are responsible for the maintenance and integrity of the corporate and financial information included on the ,haritable ,ompanys website. Eegislation in the Hnited Iingdom governing the preparation and dissemination of financial statements may differ from legislation in other 4urisdictions. Approved by order of the members of the governing body on 1% *arch 2013 and signed on its behalf by8

I Birn6au$ C8air$an

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Anne. 2 ;a8aris8i Sc8ool Trust Li$ited Go,ernance State$ent '" Au%ust !"
Sco*e o- Res*onsi6ilit7
As governors+ we ac0nowledge we have overall responsibility for ensuring that *aharishi School Trust has an effective and appropriate system of control+ financial and otherwise. 9owever such a system is designed to manage rather than eliminate the ris0 of failure to achieve business ob4ectives+ and can provide only reasonable and not absolute assurance against material misstatement or loss. The governing body has delegated the day5to5day responsibility to 6r 6 ,assells + as Accounting ?fficer+ for ensuring financial controls conform with the re/uirements of both propriety and good financial management and in accordance with the re/uirements and responsibilities assigned to it in the funding agreement between *aharishi School Trust and the Secretary of State for )ducation. 9e is also responsible for reporting to the governing body any material wea0nesses or brea0downs in internal control.

Go,ernance
The information on governance included here supplements that described in the -overnors >eport and in the Statement of -overnors responsibilities. The Go,ernin% Bod7 has formally met ! times during the year. Attendance during the year at meetings of the governing body was as follows8 Go,ernor ;eetin%s attended Out o- a *ossi6le < Dirnbaum ,hairman & ! from 131312012# > Duswell ,hairman to % ! 131312012# - )vans $ ! D Ale.ander 3 ! , >obinson Staff 3 ! -overnor# = Diswas ! ! D -riffiths % ! , 7interingham % ! E ,oombes & ! > =ohnson >esigned 1 1 0111112011# 6 ,assells Brincipal and & ! Accounting ?fficer# 6uring the year one -overnor resigned after the first meeting of the year and the ,hairman resigned after the final meeting of the year and an e.isting -overnor with ideal e.perience for the role was voted as the new ,hairman. These changes did not cause any issues for+ and there have been no other challenges within the membership or composition of the -overning Dody. The Finance Co$$ittee is a sub5committee of the main governing body. <ts purpose is to assist the decision ma0ing of the -overning Dody+ by enabling more detailed consideration to be given to the best means of fulfilling the -overning Dodys responsibility to ensure sound management of the Schools finances and resources+ including proper planning+ monitoring and probity. 6uring the year+ 6r < Dirnbaum+ who is a member of the -overning Dody and a former 6irector of ,hildrens Services and <nterim ,hief ).ecutive of a Eondon Dorough+ 4oined the committee. Attendance at meetings in the year was as follows8

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Go,ernor 6 ,assells > Scott > Duswell < Dirnbaum = Scott B *itchell

;eetin%s attended 3 3 3 2 2 3

Out o- a *ossi6le 3 3 3 2 3 3

;a8aris8i Sc8ool Trust Li$ited Go,ernance State$ent '" Au%ust !" 4continued5
T8e Pur*ose o- t8e S7ste$ o- Internal Control
The system of internal control is designed to manage ris0 to a reasonable level rather than to eliminate all ris0 of failure to achieve policies+ aims and ob4ectives; it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on5going process designed to identify and prioritise the ris0s to the achievement of the Trusts policies+ aims and ob4ectives+ to evaluate the li0elihood of those ris0s being realised and the impact should they be realised+ and to manage them efficiently+ effectively and economically. The system of internal control is now in place at *aharishi School Trust and continues to be up to the date of approval of the annual report and financial statements.

Ca*acit7 to ?andle Ris@

The -overning Dody has reviewed the 0ey ris0s to which the academy trust is e.posed together with the operating+ financial and compliance controls that have been implemented to mitigate those ris0s. The -overning Dody is of the view that there is a formal on5going process for identifying+ evaluating and managing the Trust's significant ris0s that is in place and continues to be up to the date of approval of the annual report and financial statements. This process is regularly reviewed by the -overning Dody.

T8e Ris@ and Control Fra$e.or@

The academy trusts system of internal financial control is based on a framewor0 of regular management information and administrative procedures including the segregation of duties and a system of delegation and accountability. <n particular+ it includes8 : comprehensive budgeting and monitoring systems with an annual budget and periodic financial reports which are reviewed and agreed by the -overning Dody; : regular reviews by the (inance ,ommittee of reports which indicate financial performance against the forecasts and of ma4or purchase plans+ capital wor0s and e.penditure programmes; : setting targets to measure financial and other performance; : clearly defined purchasing asset purchase or capital investment# guidelines. : delegation of authority and segregation of duties; : identification and management of ris0s. The -overning Dody has considered the need for a specific internal audit function and has decided not to appoint an internal auditor. 9owever+ the governors have appointed * *iley+ a retired ,hartered Accountant+ as >esponsible ?fficer C>?#. The >?s role includes giving advice on financial matters and performing a range of chec0s on the academy trusts financial systems. ?n a termly basis+ the >? reports to the governing body on the operation of the systems of control and on the discharge of the governing bodys financial responsibilities.

Re,ie. o- E--ecti,eness
As Accounting ?fficer+ the Brincipal has responsibility for reviewing the effectiveness of the system of internal control. 6uring the year in /uestion the review has been informed by8

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: the wor0 of the Dusiness *anager and reports to the (inance ,ommittee; : the wor0 of the e.ternal auditor; : the financial management and governance self5assessment process;

;a8aris8i Sc8ool Trust Li$ited Go,ernance State$ent '" Au%ust !" 4continued5
: the wor0 of the e.ecutive managers within the trust who have responsibility for the development and maintenance of the internal control framewor0. The Accounting ?fficer has been advised of the implications of the result of their review of the system of internal control by the (inance ,ommittee and a plan to address wea0nesses and ensure continuous improvement of the system is in place. Approved by order of the members of the governing body on 1% *arch 2013 and signed on its behalf by8

I Birn6au$ C8air$an

D Cassells Accountin% o--icer

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Anne. 3 ;a8aris8i Sc8ool Trust Li$ited State$ent on Re%ularit71 Pro*riet7 and Co$*liance '" Au%ust !"
As Accounting ?fficer of *aharishi School Trust < have considered my responsibility to notify the academy trust -overning Dody and the )ducation (unding Agency of material irregularity+ impropriety and non5compliance with )(A terms and conditions of funding+ under the funding agreement in place between the academy trust and the Secretary of State. As part of my consideration < have had due regard to the re/uirements of the Academies (inancial 9andboo0. < confirm that < and the academy trust governing body are able to identify any material irregular or improper use of funds by the academy trust+ or material non5compliance with the terms and conditions of funding under the academy trusts funding agreement and the Academies (inancial 9andboo0. < confirm that no instances of material irregularity+ impropriety or funding non5compliance have been discovered to date.

D Cassells Accountin% o--icer "3 ;arc8 !"'

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