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2022-12-31-accounts

Charity number: 270157 (England and Wales) & SCO41919 (Scotland)

MAHARISHI FOUNDATION

TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

MAHARISHI FOUNDATION

CONTENTS

Pages
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 12
Independent Auditor's Report on the Financial Statements 13 - 16
Consolidated Statement of Financial Activities 17
Consolidated Balance Sheet 18
Charity Balance Sheet 19
Consolidated Statement of Cash Flows 20
Notes to the Financial Statements 21 - 46

MAHARISHI FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees

Jemima Pitman, Trustee representing England Dr Ajay Prakash Shrivastava, International Trustee Graham Orr, Trustee representing Scotland, Chairman (Resigned 30 April 2023) David Rae, Trustee representing Scotland, National Director for Scotland Gwyndaf Evans, Trustee representing Wales David Hughes, Trustee representing Wales

Charity registered number

270157 (England and Wales)

Principal office

Maharishi Peace Palace, Rendlesham, Woodbridge, Suffolk, IP12 2GX

Independent auditor

SB Audit LLP, 820 The Crescent, Colchester Business Park, Colchester, Essex, CO4 9YQ

Key Management Personnel

Dr Peter Warburton-Chief Executive Nigel Grace- Chief Operating Officer Norma Sullivan-Director of Transcendental Meditation Teaching Charles Cunningham-Director of Communication

Bankers

Barclays Bank plc, Paddock Wood and St Helens LLoyds TSB Bank plc, Skelmersdale and Wigan CAF Bank Limited, Kent Scottish Widows Bank, Edinburgh Monmouthsire Building Society, Newport, South Wales Virgin Money plc, Newcastle Upon Tyne

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MAHARISHI FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their Annual Report together with the audited consolidated financial statements for the year ended 31 December 2022.

The Trustees confirm that the Annual Report and financial statements comply with current statutory requirements, the requirements of the trust deed, and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

TRANSCENDENTAL MEDITATION – TM

With our history of teaching Transcendental Meditation (TM) in Great Britain for over fifty years, we are encouraged by the continuing interest from people of all ages and all walks of life.

Founded by Maharishi Mahesh Yogi, Transcendental Meditation is a simple, natural, effortless procedure practised for 15 to 20 minutes in the morning and evening, while sitting comfortably with eyes closed. It can be learned easily by anyone. Our courses are open to everyone regardless of gender, age, race, or religion – https://uk.tm.org

During the practice one’s awareness settles down and one experiences a unique state of restful alertness. As the mind transcends mental activity to experience the simplest form of human awareness – Transcendental Consciousness – one’s body becomes deeply relaxed. There is also an increase in the coherence of brain functioning. Regular transcending enlivens qualities of creativity, dynamism, orderliness, and organising power, resulting in increased effectiveness and success in daily life. At the same time, by experiencing deep rest during Transcendental Meditation accumulated stress and fatigue in the body is dissolved. When practised regularly, Transcendental Meditation offers everyone a simple technique to enrich mind, body, emotions, and personal relationships.

The UK has over 120 Certified Teachers of Transcendental Meditation. Due to the COVID hiatus, no new Teachers from the UK were trained in 2022. We have two teachers recently returned from the 2022 course with a further three now attending the next course to be completed early in 2023. To build a pipeline of potential new Teachers we continue to encourage Meditators to deepen their experiences by attending TM residence courses, now supplemented by a variety of online options.

Transcendental Meditation course

The initial course of instruction in Transcendental Meditation involves a series of lessons over six months. A seven-step introductory course comprises two lectures on the benefits and nature of the practice, a personal interview with the Teacher, and four lessons of about two hours, each taken on four consecutive days. After this, new meditators are fully equipped to practise TM on their own and enjoy all the benefits. Further lessons follow every two or four weeks for six months to ensure that the practice is correct and giving maximum benefit.

Maharishi Foundation makes its courses as accessible as possible via concessionary fees and extended payment terms for those on low incomes or in need. When possible, scholarships are provided to those unable to pay full fees, using funds donated specifically for this purpose. For example, the Charity has made grants available to NHS staff, (including ambulance drivers) who have been under huge pressure during the pandemic, military personnel (often suffering from PTSD), students, individuals and families on low incomes etc. Some of this support has come from the Edna Linnell Trust for whom Maharishi Foundation is the sole named beneficiary. Course fees for learning Transcendental Meditation are listed here: https://uk.tm.org/transcendental-meditationcourse-fee

Comprehensive follow-up is available for all who wish to take advantage of it. In a series of meetings, practitioners can discuss their experiences in meditation and learn more about the practice and its effects in daily life.

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Scientific research on Transcendental Meditation

More than 380 peer-reviewed scientific research studies have been conducted at 300 universities and research institutes in 30 countries, including Harvard Medical School, Stanford Medical School and Yale Medical School. Findings have been published in over 160 scientific journals, including The Lancet, British Medical Journal and American Journal of Cardiology.

These studies have shown that regular practice leads to a wide range of benefits including decreased anxiety and depression, improved memory and clearer thinking, reduced high blood pressure, decreased illness and more harmonious relationships. See: https://www.tm.org/research-on-meditation These scientifically documented benefits are fully in accord with the objectives of the Charity.

Advanced Techniques of Transcendental Meditation & the TM-Sidhi Programme

Maharishi Foundation also teaches optional advanced courses. These can be taken in sequence by anyone who has learned TM. They further develop mind-body co-ordination and other benefits. There are four Advanced Techniques, each of which is ideally learned four months after the previous technique. Once someone has learned all four Advanced Techniques, she or he may then go on to learn the TM-Sidhi Programme after a further four months.

The TM-Sidhi Programme trains the individual to operate from the level of Transcendental Consciousness, greatly enhancing co-ordination between mind and body, and developing the ability to think and act in accord with Natural Law. The most powerful aspect of the TM-Sidhi Programme is the Yogic Flying technique, during which people report an experience of 'bubbling bliss'. Published research shows that at the same time a powerful influence of coherence, positivity, and harmony radiates throughout the environment.

The Maharishi Effect

Even a small proportion of the population practising Transcendental Meditation produces measurable effects in society. Extensive scientific research has established that crime decreases significantly in a community when as little as 1% of the population practises TM. This phenomenon was named ‘the Maharishi Effect’ in honour of Maharishi who had predicted it as early as 1960. The Maharishi Effect has been repeatedly confirmed in almost 50 published scientific research papers.

An even greater effect of coherence is produced in society by the TM-Sidhi Programme. This is particularly pronounced when Yogic Flying is practised in a group. The number required was found to correspond to the square root of one per cent of the population – for example, 800 for Great Britain, 2,000 for Europe, or 9,000 for the current population of the world.

Maharishi Foundation, and affiliated organisations in other countries, support initiatives to establish coherencecreating groups of experts in the TM-Sidhi Programme who, through their daily group practice, generate a powerful influence of coherence and positivity in each nation.

FURTHER EDUCATION & OTHER INITIATIVES

Maharishi Vedic Science

Maharishi Foundation also offers courses in Maharishi Vedic Science. Veda means ‘knowledge’ – total knowledge of Natural Law. Maharishi Vedic Science courses offered by the Charity cover four main areas: “Maharishi’s Total Knowledge and Higher States of Consciousness” (a systematic and complete overview of Maharishi Vedic Science); prevention-oriented health care through Maharishi AyurVeda; knowledge of architecture and planning in accord with the laws of nature through Maharishi Sthapatya Veda; and the science and art of music that is in accord with Natural Law through Maharishi Gandharva Veda.

During 2022, Dr Peter Warburton, the Chief Executive of Maharishi Foundation, in concert with the Maharishi Peace Palace administrative team, continued to lead a comprehensive series of online courses based on

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Maharishi’s Total Knowledge attended by participants from the UK and many parts of the globe. A total of approximately 2,500 people have attended these courses in 2021. Also during 2022 residential courses and retreats were able to restart in the Maharishi Peace Palace, Rendlesham, encouraging a post covid recovery for the Foundation and its facilities.

European Union co-funded educational projects

Maharishi Foundation's involvement in a second €0.5m EU project within the Erasmus+ programme aimed at demonstrating the reduction of stress and violence in schools and promotion of social inclusion has now concluded. The benefits observed ranged from improved learning, creativity, well-being and emotional balance to greater resilience and reduced stress and anxiety. For the schools’ teachers the research found that symptoms of burnout reduced, and resilience, psychological well-being and job satisfaction improved. The project exceeded all its targets, and this led to a very positive report from the EU Commission. Details can be found here: friends-project.eu

The team in Brussels continue to explore further opportunities for grants. Even though the UK has left the EU and withdrawn from the Erasmus+ programme, there are other possibilities for UK organisations to participate in EU funded projects and these are being pursued.

Maharishi AyurVeda

The Charity is also involved in the promotion of Maharishi AyurVeda in UK via its ownership of AyurVeda Limited (Company number 02167993).

AyurVeda is the world’s longest continually practised medical science. Developed in India over 6,000 years ago. Ayurveda (knowledge of the quality and span of life) is a natural approach to creating balance and strengthening the body’s innate healing ability. It is acknowledged by the World Health Organization and is growing in its global use as one of the most effective systems of natural healthcare. Twenty years ago, Ayurveda was almost unknown outside India. Comprehensive knowledge of it had become fragmented and lost. Working with the foremost Ayurveda experts in India, Maharishi systematised and restored it in its completeness. This revitalised form of Ayurveda is now known as Maharishi AyurVeda. The goal of Maharishi AyurVeda is to prevent sickness and promote balanced health and longevity by enlivening the inner intelligence of the body and strengthening its natural healing ability.

The sale of Maharishi AyurVeda Products, through the Charity's subsidiary AyurVeda Limited, supports better health and peace of mind. Products include herbal supplements, natural cosmetics, organic foods, publications, and more.

AyurVeda Ltd has achieved steady sales during 2022, but the recovery from the covid period has proved slow and sales campaigns will be required in 2023 to achieve pre-covid sales levels.

Licensed Maharishi AyurVeda Health Centres in Suffolk and Lancashire provide authentic Maharishi AyurVeda consultations and treatments to boost the immune system, remove impurities, and promote vitality and good health.

PROPERTIES OWNED BY MAHARISHI FOUNDATION AND ITS SUBSIDIARIES

Maharishi Peace Palace, Rendlesham, Suffolk

The Maharishi Peace Palace, the first of its kind in the UK, lies at the heart of the Maharishi Garden Village (MGV) in Rendlesham, Suffolk. The Peace Palace has been constructed according to Maharishi Sthapatya Veda, which embodies the ancient principles of Vedic architecture in accord with natural law, to promote the wellbeing of all occupants. It has 30 luxurious en-suite bedrooms, a large dining room, a central Great Hall for conferences, numerous meeting rooms, and dedicated halls for practice of TM and the TM-Sidhi Programme. Courses vary from a weekend to one-month or longer. All deepen the understanding and experience of Transcendental Meditation and associated programmes.

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In late March 2020, in accordance with UK Government guidelines required to reduce the impact of the Coronavirus pandemic, the Peace Palace was closed. It remained closed until Spring 2022 when it opened for a series of residential retreats and for practice of the Transcendental Meditation and TM-Sidhi programme by the local community.

The Peace Palace residential course program has successfully provided courses and retreats throughout the balance of 2022 and with a strong program planned for 2023

In the absence of residential courses during the coronavirus pandemic, Maharishi Education Centre, the owner and operator of the Peace Palace, continued to run a series of online courses through the Maharishi.Online platform. Supplementary income from over 1000 course participants was generated through the year.

These live interactive online courses, having started to fulfil the desire for knowledge during lockdown, have now become a regular feature, covering a variety of subjects presented by some of the organisation’s foremost teachers for all to enjoy in the comfort of their own homes. Past courses are available to view on-demand as “Archive Treasures”.

Since 1980 a group of experts in Transcendental Meditation and the TM-Sidhi Programme have been living at a community in Skelmersdale with Maharishi Dome as its central facility. It is the largest such group in Europe. It numbers 150 permanent members including children and welcomes hundreds of visitors every year. Maharishi Dome is purpose-built for daily group practice and for courses. The long-term aim is to expand to a population that would enable 800 experts in Transcendental Meditation and the TM-Sidhi Programme to practise the programme together twice a day in the Maharishi Dome. Scientific research has established that 800 is the required number to create a significant influence of positivity and coherence in the collective consciousness of the entire UK.

The Dome has been running Transcendental Meditation retreats for 34 years and is estimated to have hosted over a million meditations.

A variety of online and in-person, individual meetings, one day and residential courses were held through the rest of the year with a total of 575 course participant days in the year. These included a very successful TM-Sidhi course for the first time in over 2 years. Together with continued strong financial support from Dome members, this allowed the Dome to end the year with a small profit. Membership levels and donations held steady throughout 2022.

In addition, Transcendental Meditation is taught regularly to people in the region including local parents and children at the Maharishi School.

Extensive refurbishments and upgrades have taken place during the last two years.

Other properties owned by Maharishi Foundation

Bournemouth Transcendental Meditation Centre (from 2010) 9 Garden Square, Rendlesham (2011)

SUBSIDIARY, ASSOCIATED & RELATED PARTIES

Subsidiary companies of Maharishi Foundation

Maharishi Education Centre Limited (MEC) Ayurveda Limited Maharishi Garden Village Limited Maharishi Limited (dormant) Maharishi Foundation Limited (Dormant)

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Related Parties of Maharishi Foundation

By virtue of common Trustees or Directors and related objects and activities, Maharishi Foundation is connected to:

The Spiritual Regeneration Movement of Great Britain (Charity number 204025) David Lynch Foundation UK (Company number 07933959 and Charity number 1146643) Maharishi World Development Fund (Charity number 328738) Invincible Scotland Trust (Scottish Charity number SC013238) Maharishi School Trust Ltd (Charity number 517958) Maharishi International Graduate School (Company number 9023572 and Charity number 1178230) Maharishi AyurVeda Institute (Charity number 800298)

Details of transactions and balances with these connected parties are given in note 30 to the financial statements.

POLICIES & OBJECTIVES

The objects of the Charity are to advance the education of the public by providing and assisting in the provision of training, meetings, classes and other learning opportunities; and to develop the physical, mental, creative and/or spiritual capacities of individuals and the public at large through the provision of, or assisting in the provision of, education and training, in particular in all aspects of Maharishi Vedic Science, including Transcendental Meditation and its advanced programmes, as founded by Maharishi Mahesh Yogi.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Investment policy

The Trustees have the power to invest unrestricted funds in such assets as they see fit in a prudent way that will attain good results with targeted returns.

Grant-making policy

The Trustees’ policy is to award grants to support activities that are in accordance both with the objects of the Charity and the intentions expressed by donors when making contributions.

Fund-raising

The Charity had several fund-raising activities during the year, but none requiring disclosure under S162A of the Charities Act 2016.

FINANCIAL STATEMENT AND RELATED POLICIES

Overall financial performance

Maharishi Foundation and its subsidiary undertakings generated a deficit of £244,499 in 2022 (2021: deficit of £280,521). The results for the year reflect the continued difficulties Covid 19 has brought to the Maharishi Foundation by significantly impacting demand for TM and ancillary courses. The Peace Palace run by Maharishi Education Centre Limited remained closed for the entire year and Ayurveda Limited also experienced reduced demand as it executed a transition to a slimmer operating model.

A key goal for 2022 was to improve on the TM teaching numbers by cautiously ramping up marketing activity in the first 6 months to match the continued easing of the UK Government's COVID restrictions. Thereafter, we expected a more normal pre-pandemic level of demand to manifest. In the event numbers averaged around

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two-thirds of pre-COVID levels for the remainder of the year despite marketing commitments. Even though numbers learning were slightly lower (2,106 vs 2,163), compared to 2021 income from TM instructions was 3.4% up (£871k vs £842k). This reflects the greater impact of the pandemic on lower income households. Apart from residential courses, other courses did attract more support during the year, but they represent only around 10% of total income. In consequence, we launched another annual fundraiser in order to allow us to continue to manage our costs and provide a reasonable contingency for the first quarter of 2022 – see next section.

People taking courses in 2022:

Course 2022 2021 +/- Transcendental Meditation 2,106 2,163 -2.6% TM Advanced Techniques 233 223 4.48% TM-Sidhi Course 11 16 -31.25% Residence Course participant days 692 211 228% Day Course participants days 0 51 -100% Online Course participants 1,463 2,620 -22.6%

Donations

The 2022 annual donation event raised £34.7k.In addition, a sponsored walk raise £36k for the benefit of scholarships to learn TM.

An amount of £259,320 (2021: £80,430) was raised in donations to promote the unique education provided by Maharishi Vedic Pandit students.

The Charity continued to receive donations for its Purusha Fund and THMD Fund (see note 22). Donations received by both groups combined were £171,718 (2021: £87,715) and grants made were £42,065 (2021: £61,216).

Charitable Grants

The Charity made charitable grants during the year of £287,137 (2021: £295,828). See note 8 of the financial statements.

Expenditure

Maharishi Foundation Charity results suffered from an impairment of their investment in subsidiaries totalling £141,571 (2021: £110,712 impairment charge). However, on consolidation this is reversed and therefore does not impact on the results of the Group.

Going concern

Although the impact of the COVID global pandemic continues to constrain demand, since July 2020 our Teachers have benefitted from the introduction of a smartphone App which partially reduces the need for person-to-person tuition during the four-day instruction programme, whilst still imparting to students the same detailed guidance and advice. Both our premier course facilities are now running residential programmes again based on more moderate COVID protocols and a full schedule of courses is planned for the remainder of this year.

However, with the advent of significant inflation in the UK from March 2022, combined with the relaxation of postCOVID restrictions, demand for TM remains at around two-thirds of pre-COVID levels. In consequence, the board and Trustees are reviewing our promotional strategy for the second half of the year.

In addition, the Charity benefited from a minimum of £300,000 in unrestricted legacy income before the end of 2023 (of which an interim distribution of £200,000 was received in June 2022). We are planning to use part of

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this income to underwrite further investment in an advertising campaign which progressively ramps up our monthly spend to levels exceeding those previously reached pre-COVID in a sustainable way. A significant proportion of the legacy income will be retained to improve the Charity's and the Group's deficit in unrestricted funds reserves and bring it back in line with the Charity's reserves policy.

The Trustees and management have prepared forecasts that indicate that the Charity and its subsidiary undertakings have sufficient resources to continue in operation and to meet their liabilities as they fall due for the foreseeable future, being a period of 12 months from the date of approval of the Annual Report and financial statements. Accordingly, the Trustees have prepared the financial statements on a going concern basis.

Reserves policy

Notes 21, 22 and 24 show the assets and liabilities attributable to each fund and summarise the movement on each fund during the year.

At a Trustee meeting on 30 December 2015, the Trustees approved an unrestricted reserves policy target of £50,000. This policy carries forward into the current year. The unrestricted reserves of the Charity at 31 December 2022 were in deficit of £431,215 (2021: deficit of £167,660). The increase In the deficit of £263,555 was due to the impairment of investments in trading subsidiaries amounting to £141,571 and the continued struggle to increase course numbers. The negative unrestricted funds reserves have arisen due to the effect of the global pandemic over the past couple of years. The Trustees are fully committed to replenishing these reserves in the year ending 31 December 2023 from the following:

Improved trading performance from its trading subsidiaries as the removal of restrictions result in increased in person courses and higher attendance levels generating additional funds;

Retention of a significant proportion of the legacy income expected to be received in FY 2023 to replenish the reserves, of which £100,000 has been received to date; and

Detailed review of specific restricted income in conjunction with donors to determine whether income has cautiously been treated as restricted funds within these financial statements but should have been treated as unrestricted funds and subject to designation.

The unrestricted reserves of the Group at 31 December 2022 were in deficit of £989,685 (2021: deficit of £518,797) the increase in the negative reserves is due to the losses in the year made in both subsidiaries and the parent charity.

Public Benefit statement

This statement complies with the duty in section 4 of the Charities Act 2011 to have due regard to Public Benefit guidance published by the Charity Commission. The Trustees have reviewed this guidance when reviewing our aims and objectives and in planning future activities. The Trustees consider how planned activities will contribute to the aims and objectives they have set.

Principal risks and uncertainties

The Trustees have a risk management strategy. This comprises an annual review of risks the Charity may face and the establishment of systems and procedures to mitigate those risks and the maintenance of a risk register.

Financial risk management objectives and policies

The Charity has been able to rely on largely consistent income from educational activities and donations from supporters over the years. This continues. However, major expansion activity has taken place during the past 5 years commencing with the construction of the Maharishi Peace Palace at Rendlesham and continuing with the increased marketing effort to instruct many more people in TM starting in January 2018.

Annual budgets are produced for each key department. Commencing In 2019, the Trustees now review these in the final quarter of each year. Generally, monthly budget reports are produced across the various key areas of

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the Charity and reviewed within each department. The key departments are: National/ Dome/ Peace Palace – each produce annual budgets, each of which is reviewed monthly.

The Charity has an unrestricted reserves policy target of £50,000. The unrestricted reserves of the Charity at 31 December 2022 were in deficit of £431,216 (2021: deficit of £167,660). Remedial action is in place to replenish these funds as detailed in the reserves policy note above.

Principal funding

About 90% of the operational funding of the Charity comes from the teaching of Transcendental Meditation. COVID impacts in 2021 and into 2022 caused a significant hiatus leading to teaching income at around twothirds of normal levels. Ancillary sources of course income, including new online offerings, have improved the situation. To date in 2023 we expect to finish at a slightly higher level for the year.

The other main source of income is regular donations. These usually come into specific restricted funds which are used to support different projects. Each is discretely managed and very reasonable capital exists for the major ones. Modest improvements in these were achieved during the year.

STRUCTURE, GOVERNANCE & MANAGEMENT

Constitution

Maharishi Foundation is a Registered Charity, number 270157 (England and Wales), Charity number: SC041919 (Scotland). The governing document of the Charity is a trust deed, dated 29 August 1975, amended 7 July 2016.

Appointment of Trustees

New Trustees are recruited from supporters of the Charity who are well-known to the Custodian and the current Trustees. Trustees are also chosen with a view to ensure that England, Scotland and Wales are always represented. The Trust Deed stipulates that the number of Trustees must not be less than three or more than fifteen. The existing Trustees may appoint new Trustees by a resolution of a meeting of the Trustees. A memorandum of appointment shall be signed and sealed by the person presiding at the meeting and attested by two others present at the meeting.

All Trustees give their time voluntarily. Any expenses reclaimed from the Charity are set out in note 13 to the accounts.

Trustee induction and training

New Trustees receive training notes and undergo training sessions to brief them on their legal obligations under Charity law and introduce them to the Trust Deed, Charity organisation and management structure, the latest audited accounts and management accounts, tax law, employment law returns to be completed, GDPR compliance, the advisers and auditors of the Charity, current issues and future plans of the Charity.

Custodian

The trust deed of the Charity provides for the appointment of a Custodian (the UK representative of Maharishi’s global organisation) who will have a duty to advise the Trustees on any matter relating to the insight and knowledge of all aspects of Maharishi Vedic Science, including the standards required for accrediting teachers, in order to ensure the Trustees are satisfied that the purity and full effectiveness of Maharishi Vedic Science is preserved. At present the Custodian is also the Chief Executive.

Maharishi Foundation Board

During 2022, Maharishi Board continued to regularly co-ordinate key aspects of operational management including strategy implementation, financial planning, marketing, and organisational priorities. Both the Chief

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Executive and Chairman of the Trustees are members. The Board works with key officers of the Charity and is empowered by the Trustees with responsibility for expansion, promotion, running of courses and the operation of facilities owned by the Charity. Monthly financial reports are forwarded to the Trustees.

Marketing Group

This is composed of various officers and advisers of the Charity and meets regularly to plan and commission various marketing initiatives. It has a regular fortnightly meeting with representatives of the GMG agency specifically to review performance and tactics around our online advertising and website revisions.

National Directors

The Trustees have an administrative structure in England, Scotland and Wales to carry out the objectives of the Charity. Policy decisions of Maharishi Foundation are made by the Trustees while implementation is carried out by the Chief Executive in collaboration with three national directors in Scotland, England, and Wales:

David Rae, Scotland Richard Johnson, England Helen Evans, Wales

The National Directors enlist the support of volunteers to promote education of higher consciousness in 12 areas of society, namely: schools and universities, health care, agriculture, architecture, administration, trade and commerce, science and technology, law and order, cultural studies, political science and the economy, defence, and communication.

Volunteers

The Trustees are immensely grateful to the many volunteers who contribute their time and skills to help run the Charity, both centrally and in teaching centres around the country. Activities by volunteers include fundraising, promotion of courses, administration, bookkeeping and supporting our teachers as they run courses and hold advanced meetings in local areas.

Pay policy for key management personnel

As a Charity with a keen sense of mission and many long-term supporters, we rely heavily on a combination of affordable compensation and voluntary additional input over and above formal contractual arrangements. The setting of pay for key management personnel is decided by the Trustees. There are four key management staff who receive a salary with a combined 2022 annual pay of £60,916 (2021: Four - £57,090).

Related party relationships

Trustees and principal officers complete a Declaration of Interests, Conflicts and Related Party Transactions each year. Some UK-based Trustees as well as the CEO and COO have director roles in various subsidiaries of Maharishi Foundation. None of these positions are remunerated. Occasionally there may be an external organisation which is also declared; the Trustees may then agree remuneration is in order on a case-by-case basis. A Conflict-of-Interest policy also helps ensure proper transparency and accountability.

Trustees' indemnitie s

The Trustees, directors and employees have a liability insurance policy which provides cover in relation to claims and investigations arising from breach of duty or trust, negligence, defamation, and breach of warrant of authority. It also provides cover in relation to injury or property damage and misuse of data.

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Post balance-sheet events

During 2021, the Trustees expressed concern about the financial performance of Ayurveda Limited, a subsidiary undertaking. Discussions were held with management in order to understand better the situation. The directors made a number of staff redundancies and the company is operating with a greatly pared down team. It has also sold the company warehousing facilities and engaged an independent fulfilment company. Throughout 2022, the company continued to trade, endeavouring to improve efficiency and increase profitability. Since 31 December 2022, the Trustees have continued to monitor the subsidiary's performance and it remains very possible that it will eventually be wound down and closed. Independently, plans are being developed for the future of Maharishi Ayurveda in the UK.

The Charity has benefited from £100k of legacy income since the year end.

Plans for future periods

A major focus Is being placed on branding and marketing development as a result of new funding having become available. Central to this are the development of a new public-facing website for advertising TM with a pilot landing page due to be launched by the autumn. Other areas under review are enhanced PR and social media presence on Facebook, Instagram & Twitter.

Maharishi Dome launched a new website by the end of 2022 with enhanced social media coverage.

Organisationally, the Maharishi Foundation Board is also looking at further opportunities to enhance the efficiency of the current organisation, particularly with several staff members looking to retire. The Board has succession planning as an ongoing focus.

Before the end of 2023, a major new facility is to be fully commissioned as the Edinburgh Peace Palace. This purpose-built building, like the Peace Palace in Rendlesham, is designed according to the Vastu principles of Maharishi Sthapatya Veda and will be occupied by 7 flats in addition to a new Transcendental Meditation teaching centre for the city. The development is being undertaken by Pada Vastu Ltd, a company wholly owned by Invincible Scotland Trust, a sister charity to Maharishi Foundation.

Finally, a major objective is to replace two premier teaching centres in London with a more central one. This will involve collaborative development with the Spiritual Regeneration Movement (SRM) and the Edna Linnell Trust who are the principal owners of these facilities.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

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MAHARISHI FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditor

Our auditors Scrutton Bland LLP transferred their audit registration and therefore that part of their business to a newly incorporated limited liability partnership, SB Audit LLP, on 1 April 2023. Accordingly Scrutton Bland LLP formally resigned as the Company's auditor with the directors duly appointing SB Audit LLP to fill the vacancy arising.

The auditor, SB Audit LLP, has indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on _______ and signed on their behalf by: 27 September 2023

David Hughes (Trustee)

Page 12

MAHARISHI FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAHARISHI FOUNDATION Oplnlon We have audited the financial stslements of Maharishi Foundation lthe'Parent Charity) and 115 subsidiarFes Ilhe 'Group'l lor the year ended 31 December 2022 which comprise the consol￿ated Slalement of Financial Activits'es, the Consolidated Balance Sheet, the Charity Balance Sheel, Ihe Consolidated Statement of Cash Flows and the related notes, including a summary of s19nrf￿anI a¢counbng policies. The financial reportsng framework that has been applied in their preparation is applrable law and United lQngdom Accounting Stsndards, including Finanual Rewrting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of I￿rand, {Untied Kingd￿ Generalty Accepted A¢counts"rKJ practi￿). In our opinion the finanehil ststements.. give a true and fair view ol the stsle of the Group's and ol the parent charitls affairs as at 31 December 2022 and of the Group's incoming resources and applicab.on of resources, including its income and expenditure for the year then ended". have been property PrePa￿d in accordance with United ￿.￿d0M Generally Accepted Accounting Practice.. and have been prepared in aC￿rdarKe wilh the requirements of the Charities Act 2011. Basis for opinlon We conducted our audit in accordance %wth Inlemational StandaTds on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilits'es for the audit of the financial stalements section of our report. We are independent of the Group in accordance with thè elhi¢al requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard, and we have fu￿111ed our other ethical respon5ibililies in accordance with these requirements. We belve that the audrt evIder￿ we have ¢tained is sufficient and appropriate lo provide a basis for our opinion. Conclusions rnlating to going ¢on¢•rn In auditing the financial slatemenls. we have concluded that the Trustees. use of Ihe going concern basis ol accounting in the preparalKJn of the financial 51alements is appropriate. Based on the work we have perfofmed. we have not Hdentthed any material un¢ertainltes relating to events or conditions Ihat. individualty or collectively. may cast significant doubl on the Group's or the parent charity's ability to continue as a going concern for a period of at least fv￿1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to wing concern are described in the relevant sections of this report. Page 13

MAHARISHI FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAHARISHI FOUNDATION ICONTINUEDI Other Infomiation The olher informalion comprises the information induded in the Annual Report other than Ihe financial stslemenls and our Audilorfs Report Ihereon. The Trustees are responsible for the other information corstained within the Annual Report. Our opinion on the financial statements does nol cover the other information and, except lo the extent otherwise expli¢itly staled in our report. we do not express any form of assurance conclijsion Ihereon. OUT responsibility is io read the olhef inf¢ymation and, in doing so. consider whether the other information is materially inconssslenl with the finaricial statements or fxjr krK>wledge obtained in the course of the audit, or otherwise appears lo be materialty misstated. If we identify such material inconsistencies or apparent material misstatemenls, we are required to delermine vthether thi5 gives rise lo a m8lefi81 misstslement in the financ¢al 5talemenls Ihemsefves. If. based on the work we have perfomied. we conclude thal ihere is a malefial misstatement of this other information, we are requifed lo ￿port that fa¢L We have nothing lo report in this regard. Matt•rs on whlch w• are required to report by except40n We have nothing to report in res[￿ of Ihe folkmng matters where the charib.es IAc¢ounts and Reports} Regulations 2008 requires us to report to you if. in our opinion.. the information given in the Trustees. Report is inconsistent in any material respect wi(h the financ￿1 statemÈnts', or the pa￿￿1 Chartty has nol kept SLrfficienl accounliThJ records; OT Ihe pa￿￿1 Charity financial statements are not in agreement with the accounting records and returns.. or we have not recerved all the information and ex￿ana￿"oriS we require for our audit. Responslbilitl•s of tru$t• As explained more fulty in Ihe Trijstees. ReSponsibil￿e$ Statemenl, the TnJslees are responsible for the preparation of the financial ststements which give a true and fair view, and for su¢h internal control as the Truslees determine is necessary to enab￿ the preparation of financial statements that are f￿e from material misstatement. whether due to fraud or error. In p￿paring the financial statements. the Trustees are responsfok for assessing the Group's and the parent chariV5 ability lo ¢onlit)ue as a gotng concem. disclosing, as applicable, matters related to going concern and using the 90ing concem basis of accounling unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations. or have no ￿311$￿¢ allemative bul lo do $0. Pw14

AHARISHI FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAHARISHI FOUNDATION ICONTINUEDI Audltorf$ respon5ibllltles for the audtt of the flnan¢lal statements We have been appointed as au¢Jitor urwlei section 151 of the chariti.es Act 2011 and report in accordance ￿th the Act and Tefevanl regu￿lorts made or having effect thefeuThler. Our objectives are to obtain reasonable assurance aknul whether the financial ststements as a whole are free from material misstatement, whether due to fraud or error. and lo issue an Auditorfs Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guafantee that an audit conducted in accordance with ISAS IUK) wll detect a matertal misstalement %then tl exists. Misststements can arise from fraud or error and are considered material rf, individualty of in the aggregate, they could reasonably be expected to influence the economic decis￿￿5 of users taken on the basis ol these financk41 statements The extent to which our prctedures are capable of delectir¥J irregularities, including fraud trs detailed below.. We identified areas of laws and regulations that could reasonably be expected lo havè a material effect on the financial statements from our general commercial and charity sector experiènce, through discussion with the Trustees las ￿qUired by auditing standards). inspect40n of the Group's and Parent Charity5 Tegulatory and18gal Correspondence and discLJssed with U)e Trustees the pol￿1￿$ and piocedures regarding compliance with laws and regulations. We communicated idenbfied laws and regulalions throughout our team and remained alert lo any indications of nonthcornpliance throughout the audrt. The following laws and regulations were identified as being of swJnffunce to the Gr￿p.. Those laws anty regulation consKlered lo have a tlire¢t effect on the financial stslemenls including UK financ1 reporting standards. laxalion regulations and the Charities Ad 2011". The Group and the Parent Charity a￿ subject lo many other laws and regulation5 where the consequence of non-compliance could have a material effecl on amounts or disclosures in the financial statement, lor instance through the imposilion of fines or lrtigation. We identthed the folk)w"ng areas as those that are most likely lo have such an effect which include employrnenl law, safeguarding provisions and healih and safety legislation. Audit pro¢edures undertaken in response to the Wenlial risks relating lo $r￿ularitieS Iwhich include fraud and r￿￿-COmpliance wlh laws and regulalionsl comprised of-. enquiries of management and those charged with governance as to whether the Group and Parent Charity comply wlh su¢h regulations., enquiries of management and those charged with govemance conceming any actual or potential litigation ol claims, inspection ol relevant legal documentab"on, review of Trustee meeting minutes. lesling the appropriateness of entries in the nominal ledger, including joumal entries and the performance of analylical procedures to identsfy any unexpected movements in account balances which may be indicative of fraud. The likelihood of detecting irregularlties. including fraud. is limited by th8 inherent ¢Jifficulty in detecting i￿egula￿￿eS. the effectiveness of the entitys contrds. and the nature . timing and extent of the audil procedures performed. Irregularities Ihat resuli from fraud might be inherently more difficult lo detect than irregularits'es Ihal result from error. A5 explained above. the￿ is an LFnavoKlable risk that material misstatements may nol be detected, even though the audrt has ten planned and perfomied in accordance with ISAS IUKI A further description of Our responsiblj ities for the audit ol the financial statements is located on Ihe Financial Reporting Council's web511e at.. www.frc.o .uklaudilorsres onsibililies. This description foms part of our Audilorfs Report. Page 15

MAHARISHI FOUNDATION INDEPENDENT AUOITOR'S REPORT TO THE MEMBERS OF MAHARISHI FOUNDATION (CONTINUED} Use ofour r•port This report is made solely to Ihe charitys trustees. a5 a body. in accordance %wih Part 4 01 the Charities IAccoun15 and Reports) ReguL4tions 2008. Our audit work has been undertaken $0 that we might slate lo the charitys Iru51ees those matters we a￿ required lo stale to them in an Auditor's Report and for no other purpose. To the fUl￿st extent permitted by law. we do not accept or assume responsibility lo anyone other than the charity and its trustees. as a body, for our audrt work. for this reporL or for the opinions we have formed. SB Audit LLP Chartered Accountants Statutory Auditor 820 The Cres¢&nt Colchesler Business Park Colchesler Essex C04 9YQ SB Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 16

MAHARISHI FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income
Expenditure on:
Raising funds
Charitable activities
10
Total expenditure
Net (expenditure)/income
Transfers between funds
21
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
114,731
959,831
532,622
1,803
1,608,987
677,230
1,401,856
2,079,086
(470,099)
(790)
(470,889)
(518,797)
(470,889)
(989,686)		 Restricted
funds
2022
£
541,571
101,119
21,811
476
664,977
-
439,377
439,377
225,600
790
226,390
4,359,738
226,390
4,586,128		 Total
funds
2022
£
656,302
1,060,950
554,433
2,279
2,273,964
677,230
1,841,233
2,518,463
(244,499)
-
(244,499)
3,840,941
(244,499)
3,596,442		 Total
funds
2021
£
499,517
971,821
714,865
7,008
2,193,211
754,004
1,719,728
2,473,732
(280,521)
-
(280,521)
4,121,462
(280,521)
3,840,941

Page 17

MAHARISHI FOUNDATION

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2022

2022
Note
£
Fixed assets
Tangible assets
14
5,015,590
Investments
15
10,291
5,025,881
Current assets
Stocks
16
16,341
45,875
Debtors: amounts falling due after more than
one year
17
25,000
25,000
Debtors: amounts falling due within one year
17
61,685
88,100
Cash at bank and in hand
627,865
719,943
730,891
878,918
Creditors: amounts falling due within one
year
18
(521,093)
(909,482)
Net current assets / (liabilities)
209,798
Total assets less current liabilities
5,235,679
Creditors: amounts falling due after more
than one year
19
(1,639,237)
Net assets excluding pension asset
3,596,442
Total net assets
3,596,442
Charity funds
Restricted funds
21
4,586,128
Unrestricted funds
21
(989,686)
Total funds
3,596,442
The
financial
statements
were
approved
and
authorised
for
issue
by
the
_______and signed on their behalf by:
27 September 2023		 2021
£
5,151,391
10,291
5,161,682
(30,564)
5,131,118
(1,290,177)
3,840,941
3,840,941
4,359,738
(518,797)
3,840,941
Trustees
on

David Hughes

(Trustee)

The notes on pages 21 to 46 form part of these financial statements.

Page 18

MAHARISHI FOUNDATION

CHARITY BALANCE SHEET AS AT 31 DECEMBER 2022

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors: amounts falling due after more than
one year
17
Debtors: amounts falling due within one year
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
22
Unrestricted funds
22
Total funds
22		 2,733,935
39,228
532,285
3,305,448
(219,607)		 2022
£
822,029
589,798
1,411,827
3,085,841
4,497,668
(659,695)
3,837,973
3,837,973
4,269,188
(431,215)
3,837,973		 2,696,083
55,814
490,144
3,242,041
(384,716)		 2021
£
841,666
731,369
1,573,035
2,857,325
4,430,360
(490,012)
3,940,348
3,940,348
4,108,008
(167,660)
3,940,348

The Charity's net movement in funds for the year was £(102,375) (2021 - £(90,314)).

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

David Hughes

(Trustee)

Date: 27 September 2023

The notes on pages 21 to 46 form part of these financial statements.

Page 19

MAHARISHI FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Cash flows from operating activities
Net cash used in operating activities
26
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Repayments of borrowing
Interest paid
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
27		 2022
£
(18,391)
773
-
(23,253)
(22,480)
41,900
(76,917)
(16,190)
(51,207)
(92,078)
719,943
627,865		 2021
£
105,763
7,008
35,000
(1,840)
40,168
-
(58,100)
(36,517)
(94,617)
51,314
668,629
719,943

The notes on pages 21 to 46 form part of these financial statements

Page 20

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. General information

Maharishi Foundation (the "Charity") is a charity registered in England and Wales (270157) and in Scotland (SC041919). The registered office is Maharishi Peace Palace, 6 Gardenia Close, Rendlesham, Woodbridge, Suffolk, IP12 2GX.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with ‘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) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following ‘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) (Second Edition)' rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Maharishi Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiary companies are consolidated on a line by line basis. Subsidiaries which have been excluded from the consolidation due to being immaterial are:

Maharishi Foundation Limited (Dormant) Maharishi Limited (Dormant)

The Charity has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only Cash Flow Statement within the consolidated financial statements.

A summary of the principal accounting policies, which have been applied consistently, is set out below:

Page 21

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.2 Going concern

The financial statements have been prepared on the going concern basis.

The Charity and its subsidiary undertakings (together the "Group") have slowly begun to deliver courses in person during the year whilst continuing to successfully deliver courses online. It is anticipated in the foreseeable future that courses will continue both in person and online to enable the courses to be offered to a wider range of people and management's forecasts for the next 12 months are based on this assumption. The Trustees and management have prepared forecasts that indicate that the Charity and its subsidiary undertakings have sufficient resources to continue in operation and to meet their liabilities as they fall due for the foreseeable future, being a period of 12 months from the date of approval of these financial statements. Accordingly, the Trustees have prepared the financial statements on a going concern basis.

In addition, the Directors of Ayurveda Limited are currently assessing the future operations of the subsidiary undertaking and there is a high likelihood that the subsidiary will be wound down and closed. In making their going concern assessment of the Group, the Trustees have considered whether there are sufficient funds available to the subsidiary to enable this to be undertaken.

At the year end the Charity and the Group had negative unrestricted funds reserves which have arisen due to the effect of the global pandemic over the past couple of years. The Trustees are fully committed to replenishing the reserves in the year ending 31 December 2023 from improved trading, partial allocation of legacy income expected to be received in 2023 and a detailed review of specific restricted funds in conjunction with donors to determine whether income has cautiously been treated as restricted funds within these financial statements but should have been treated as unrestricted funds and subject to designation.

2.3 Income

Course fees

Income from course fees for teaching the Transcendental Meditation and TM-Sidhi Programmes and other courses is recognised by reference to the course date.

Incoming resources

Other incoming resources such as voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the Charity is considered probable.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Page 22

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.4 Expenditure (continued)

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.

2.6 Interest receivable

Interest on funds held on deposit or on loans is included when receivable and the amount can be measured reliably by the Group. Where loans are interest free as the donors have requested funds are made available for specific causes, the loan is discounted and notional interest is calculated and accounted for.

2.7 Grants

The Trustees' policy is to award grants that support activities that are in accord with the objects of the Charity and restrictions imposed by the donors of the funds.

2.8 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.9 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 23

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.9 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives .

Depreciation is provided on the following bases:

Freehold property - 2% Leasehold rooms - Over the period of the lease Plant and machinery - Between 20% and 50% Fixtures and fittings - Between 20% and 50% Office equipment - Between 20% and 50%

2.10 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any discount offered. Prepayments are valued at the amount prepaid.

2.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.14 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

Page 24

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.15 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.16 Pensions

The Charity and its subsidiaries operate a defined contribution pension plan for its employees. A defined contribution pension plan is a plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in creditors a a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.17 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Designated funds-the Trustees have a policy of donation a percentage of course fees to support the tradition from which the teaching of Transcendental Meditation and its related techniques are derived.

2.18 Allocation of costs

Direct charitable costs are incurred in fulfilling the charitable objectives of the Charity.

Support costs of charitable activities include central management and administration costs, incurred directly in support of expenditure on the objects of the Charity. These costs are considered part of total expenditure relating to the objects of the Charity.

Governance costs include costs incurred in the governance of the Charity and its assets and are primarily associated with constitutional and statutory requirements.

Costs of generating funds include costs incurred in order to raise income to support the activities of the Charity and its subsidiary undertakings.

Page 25

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

3. Critical accounting estimates and areas of judgment

In the application of the accounting policies, Trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revisions affected current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are summarised below:

The Maharishi Peace Palace is included in the financial statements at original cost. An impairment review has been undertaken comparing original cost to value in use. Based on occupancy in 2019 a discounted future cashflow model supports the cost value included in the financial statements and no impairment is deemed necessary.

Fixed assets, including property, are depreciated to net residual value. In most cases this is nil. In the case of two properties that can or are used as residential properties, net residual value is considered to be higher than cost and on this basis no depreciation is charged.

The investment in Ayurveda Limited has been reduced to £Nil in prior years due to the probability that the subsidiary may not continue in operational existence in the foreseeable future.

The investment by the Charity in Maharishi Education Centre Limited has been written down in value so that it does not exceed the net assets of the subsidiary undertaking. The impairment change in the year amounting to £141,571 largely represents the annual depreciation charge on the Maharishi Peace Palace.

4. Income from donations and legacies

Unrestricted
funds
2022
£
Donations
114,731
Legacies
-
114,731
Unrestricted
funds
2021
£
Donations
193,567		 Restricted
funds
2022
£
333,330
208,241
541,571
Restricted
funds
2021
£
305,950		 Total
funds
2022
£
448,061
208,241
656,302
Total
funds
2021
£
499,517

Page 26

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

5. Income from charitable activities

Unrestricted
funds
2022
£
Transcendental Meditation
871,419
Other courses
88,412
959,831
Unrestricted
funds
2021
£
Transcendental meditation
842,064
Other courses
60,384
902,448		 Restricted
funds
2022
£
-
101,119
101,119
Restricted
funds
2021
£
-
69,373
69,373		 Total
funds
2022
£
871,419
189,531
1,060,950
Total
funds
2021
£
842,064
129,757
971,821

Page 27

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

6. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2022
£
Other trading income from subsidiary undertakings
301,691
Sale of Ayurveda products
212,770
Consultations and courses
-
Rental income and room hire
18,161
532,622
Unrestricted
funds
2021
£
Other trading income from subsidiary undertakings
224,790
Sale of Ayuverda products
466,363
Consultations and courses
-
Rental income and room hire
8,350
699,503		 Restricted
funds
2022
£
5,059
-
8,666
8,086
21,811
Restricted
funds
2021
£
5,606
-
8,486
1,270
15,362		 Total
funds
2022
£
306,750
212,770
8,666
26,247
554,433
Total
funds
2021
£
230,396
466,363
8,486
9,620
714,865

7. Investment income

Unrestricted
funds
2022
£
Investment income on bank deposits
98
Other investment income
1,705
1,803		 Restricted
funds
2022
£
476
-
476		 Total
funds
2022
£
574
1,705
2,279

Page 28

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

7. Investment income (continued)

Investment income on bank deposits
Other investment income		 Unrestricted
funds
2021
£
15
4,730
4,745		 Restricted
funds
2021
£
2,263
-
2,263		 Total
funds
2021
£
2,278
4,730
7,008

8. Analysis of grants

Grants, Transcendental meditation
Grants, Transcendental meditation		 Grants to
Individuals
2022
£
287,137
Grants to
Individuals
2021
£
295,828		 Total
funds
2022
£
287,137
Total
funds
2021
£
295,828

9. Analysis of grants

Unrestricted
funds
2022
£
National admin grants and sponsorship
117,489
General restricted grant
-
TMHD programme grants
-
Purusha programme
-
Vedic Pandits fund
-
117,489		 Restricted
funds
2022
£
50
29,633
13,587
28,478
97,900
169,648		 Total
funds
2022
£
117,539
29,633
13,587
28,478
97,900
287,137

Page 29

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Grants payable by Group and Charity
National admin 6 grants and sponsorship (2020: 6 grants)
General restricted 1 grant (2020: No grants)
TM Expenditure-MERU 4 grants (2020: No grants)
TMHD programme 6 grants (2020: 11 grants)
Purusha programme 5 grants (2020: 4 grants)
Vedic Pandits fund 5 grants (2020: 5 grants)
Woollacombe fund 1 grant (2020: No grants)		 Unrestricted
funds
2021
£
62,908
-
58,439
-
-
-
-
121,347		 Restricted
funds
2021
£
1,353
395
-
25,246
35,970
100,000
11,517
174,481		 Total
funds
2021
£
64,261
395
58,439
25,246
35,970
100,000
11,517
295,828

10. Analysis of direct costs

Direct costs-Charitable Activities
Direct costs-Charitable Activities		 Activities
undertaken
directly
2022
£
853,865
Activities
undertaken
directly
2021
£
704,408		 Grant
funding of
activities
2022
£
287,137
Grant
funding of
activities
2021
£
295,828		 Support
costs
2022
£
700,231
Support
costs
2021
£
719,492		 Total
funds
2022
£
1,841,233
Total
funds
2021
£
1,719,728

Page 30

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

10. Analysis of direct costs (continued)

Analysis of direct costs

Teachers Remuneration
Course administration, promotion and advertising		 Total
funds
2022
£
489,907
363,958
853,865		 Total
funds
2021
£
489,298
215,110
704,408

Analysis of support costs

Staff costs
Depreciation
Premises
Management
Finance and IT
Legal
Staff costs
Depreciation
Premises
Management
Finance and IT
Legal		 Activities
2022
£
399,206
15,541
83,908
55,563
98,217
47,796
700,231
Activities
2021
£
512,825
15,449
53,837
49,317
76,120
11,944
719,492		 Total
funds
2022
£
399,206
15,541
83,908
55,563
98,217
47,796
700,231
Total
funds
2021
£
512,825
15,449
53,837
49,317
76,120
11,944
719,492

Page 31

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

11. Auditor's remuneration

2022 2021
£ £
Fees payable to the Charity's auditor for the audit of the Group's Annual
Report 19,500 18,000
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above 9,000 14,352

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2022
£
385,853
4,643
8,710
399,206		 Group
2021
£
497,081
7,817
7,927
512,825		 Charity
2022
£
253,161
4,643
7,220
265,024		 Charity
2021
£
241,293
7,817
3,757
252,867

The average number of persons employed by the Charity during the year was as follows:

General Fund (Full time)
MEC Limited (Full time)
General Fund (Part time)
Golden Dome (Part time)
Ayuverda Limited (Part time)		 Group
2022
No.
6
5
8
8
5
32		 Group
2021
No.
5
7
8
7
10
37		 Charity
2022
No.
5
-
8
9
-
22		 Charity
2021
No.
5
-
8
9
-
22

No employee received remuneration amounting to more than £60,000 in either year.

Total remuneration paid to key management personnel in the year amounted to £60,916 (2021: £57,090).

Page 32

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL).

14. Tangible fixed assets

Group

Cost or valuation
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
On disposals
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Freehold
property
Long-term
leasehold
property
£
£
5,100,151
781,579
14,450
-
-
-
5,114,601
781,579
770,142
154,293
89,387
5,208
-
-
859,529
159,501
4,255,072
622,078
4,330,009
627,286		 Plant and
machinery
£
815,555
7,691
(63,011)
760,235
628,479
59,140
(63,011)
624,608
135,627
187,076		 Fixtures
and fittings
Office
equipment
£
£
21,756
175,431
-
1,112
-
-
21,756
176,543
18,963
171,204
1,268
4,051
-
-
20,231
175,255
1,525
1,288
2,793
4,227		 Total
£
6,894,472
23,253
(63,011)
6,854,714
1,743,081
159,054
(63,011)
1,839,124
5,015,590
5,151,391

Page 33

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

14. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 January 2022
Additions
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
Fixed asset investments
Group
Cost or valuation
At 1 January 2022
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Freehold
property
£
568,955
-
568,955
360,385
11,379
371,764
197,191
208,570		 Long-term
leasehold
property
£
781,579
-
781,579
154,293
5,208
159,501
622,078
627,286		 Fixtures and
fittings
£
18,331
-
18,331
15,538
1,268
16,806
1,525
2,793
Investments
in
subsidiary
companies
£
291
291
291
291		 Office
equipment
£
27,375
1,112
28,487
24,358
2,894
27,252
1,235
3,017
Unlisted
investments
£
10,000
10,000
10,000
10,000		 Total
£
1,396,240
1,112
1,397,352
554,574
20,749
575,323
822,029
841,666
Total
£
10,291
10,291
10,291
10,291

15. Fixed asset investments

Page 34

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

15. Fixed asset investments (continued)

Charity
Cost or valuation
At 1 January 2022
At 31 December 2022
Impairment
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
Principal subsidiaries
The following were subsidiary undertakings of the Charity:
Names
Company
number
Ayuverda Limited
02167993
Maharishi Education Centre Limited
03362427
Maharishi Garden Village Limited
05322967
Maharishi Foundation Limited
0304864
Maharishi Limited
5121468		 Investments
in
subsidiary
companies
Unlisted
investments
Total
£
£
£
2,097,968
10,000
2,107,968
2,097,968
10,000
2,107,968
1,376,599
-
1,376,599
141,571
-
141,571
1,518,170
-
1,518,170
579,798
10,000
589,798
721,369
10,000
731,369
Class of
shares
Holding
Included in
consolidation
Ordinary
99% Yes
Ordinary
100% Yes
Ordinary
75% Yes
No share
capital
100% No
Ordinary
100% No		 Total
£
2,107,968
2,107,968
1,376,599
141,571
1,518,170
589,798
731,369

Page 35

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

15. Fixed asset investments (continued)

The financial results of the subsidiaries for the year were:

Names
Income
£
Expenditure
£
Profit/(Loss)
/ Surplus/
(Deficit) for
the year
£
Ayuverda Limited
212,770
(300,364)
(87,593)
Maharishi Education Centre Limited
392,526
(534,388)
(141,862)
Maharishi Garden Village Limited
38,783
(21,346)
(17,437)
16.
Stocks
Group
2022
£
Goods for resale
16,341
17.
Debtors
Group
Group
Charity
2022
2021
2022
£
£
£
Due after more than one year
Amounts owed by group undertakings
-
-
2,708,935
Other debtors
25,000
25,000
25,000
25,000
25,000
2,733,935
Group
Group
Charity
2022
2021
2022
£
£
£
Due within one year
Trade debtors
39,384
42,664
30,291
Amounts owed by group undertakings
-
-
-
Other debtors
15,788
36,726
2,424
Prepayments and accrued income
59
6,943
59
Tax recoverable
6,454
1,767
6,454
61,685
88,100
39,228		 Net
assets/(liabi
lities)
£
(142,626)
579,507
24,623
Group
2021
£
45,875
Charity
2021
£
2,671,083
25,000
2,696,083
Charity
2021
£
29,620
1,455
20,800
2,172
1,767
55,814

Page 36

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

18. Creditors: Amounts falling due within one year

Bank loans
Other loans
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2022
£
77,314
33,814
194,922
-
15,582
15,028
184,433
521,093		 Group
2021
£
21,827
446,741
204,748
-
23,649
80,142
132,375
909,482		 Charity
2022
£
3,583
21,000
64,397
-
2,924
6,408
121,295
219,607		 Charity
2021
£
8,200
173,880
77,287
2,339
1,617
14,251
107,142
384,716

19. Creditors: Amounts falling due after more than one year

Bank loans
Other loans
Accruals and deferred income		 Group
2022
£
212,490
1,392,512
34,235
1,639,237		 Group
2021
£
196,722
1,059,220
34,235
1,290,177		 Charity
2022
£
147,021
512,674
-
659,695		 Charity
2021
£
150,349
339,663
-
490,012

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Payable or repayable by instalments Group
2022
£
612,258
612,258		 Group
2021
£
625,791
625,791

20. Secured creditors

Group bank loans are secured by a legal charge over land and buildings, included in the Group loans is an amount of £143,783 (2021: £137,592) which is secured by a legal charge over land and buildings.

Page 37

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21. Statement of funds

Statement of funds - current year - The Group

Unrestricted funds
General Funds - all funds
Restricted funds
General restricted fund
Golden Dome fund
Vedic Pandits fund
Purusha fund
THMD
National Coherence
Lesley Woolley Legacy
Maharishi Peace Palace
(Suffolk)
Bournemouth TM Centre
Invincibility Schools fund
Ladies Peace Palace
Woollacombe fund
Global Mother Divine
Organisation#
Oxford
Total of funds		 Balance at 1
January
2022
£
(518,797)
37,386
288,277
65,234
62,287
114,465
421,999
49,369
2,950,742
183,309
1,101
3,686
25
(120)
181,978
4,359,738
3,840,941		 Income
£
1,608,987
20,216
170,973
259,320
118,725
52,993
1,780
120
30,099
9,453
692
3
-
532
71
664,977
2,273,964		 Expenditure
£
(2,079,086)
(29,037)
(216,529)
(113,533)
(30,106)
(34,042)
(2,231)
-
(3,479)
(7,343)
(560)
(95)
-
(2,327)
(95)
(439,377)
(2,518,463)		 Transfers
in/out
£
(790)
-
-
(975)
(975)
(975)
1,227
1,517
-
1,262
(291)
-
-
-
-
790
-		 Balance at
31
December
2022
£
(989,686)
28,565
242,721
210,046
149,931
132,441
422,775
51,006
2,977,362
186,681
942
3,594
25
(1,915)
181,954
4,586,128
3,596,442

Page 38

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21. Statement of funds (continued)

Statement of funds - prior year - The Group

Unrestricted funds
General Funds - all funds
Restricted funds
General restricted fund
Golden Dome fund
Vedic Pandits fund
Purusha fund
THMD
National Coherence
Lesley Woolley Legacy
Maharishi Peace Palace
(Suffolk)
Bournemouth TM Centre
Invincibility Schools fund
Ladies Peace Palace
Woollacombe fund
Global Mother Divine
Organisation#
Oxford
Total of funds		 Balance at
1 January
2021
£
(245,765)
31,283
295,503
101,559
64,581
102,387
420,461
47,927
2,920,771
185,180
788
3,780
11,542
(377)
181,842
4,367,227
4,121,462		 Income
£
1,800,263
6,610
185,045
80,430
35,655
52,060
-
7
31,461
497
600
-
-
345
238
392,948
2,193,211		 Expenditure
£
(2,070,499)
(507)
(192,271)
(116,755)
(37,949)
(39,982)
(1,573)
-
(1,490)
(618)
(287)
(94)
(11,517)
(88)
(102)
(403,233)
(2,473,732)		 Transfers
in/out
£
(2,796)
-
-
-
-
-
3,111
1,435
-
(1,750)
-
-
-
-
-
2,796
-		 Balance at
31
December
2021
£
(518,797)
37,386
288,277
65,234
62,287
114,465
421,999
49,369
2,950,742
183,309
1,101
3,686
25
(120)
181,978
4,359,738
3,840,941

Page 39

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

22. Statement of funds - current year - The Charity

Balance at 1
January
2022		 **Income ** Expenditure Transfers
in/out		 Balance at
31
December
2022
Unrestricted funds - - - - -
General Funds-all funds (167,660) 1,182,265 (1,445,030) (790) (431,215)
Restricted funds - - - - -
General restricted fund 37,376 20,216 (29,037) - 28,555
Golden Dome fund 288,277 170,973 (216,529) - 242,721
Vedic Pandits fund 65,234 259,320 (113,533) (975) 210,046
Purusha fund 62,286 118,725 (30,106) (975) 149,930
THMD 114,465 52,993 (34,042) (975) 132,441
National Coherence 421,999 1,780 (2,231) 1,227 422,775
Lesley Woolley Legacy 49,369 120 - 1,517 51,006
Maharishi Peace Palace
(Suffolk)		 2,699,023 30,099 (68,689) - 2,660,433
Bournemouth TM Centre 183,309 9,453 (7,343) 1,262 186,681
Invincibility Schools fund 1,101 692 (560) (291) 942
Ladies Peace Palace 3,686 3 (95) - 3,594
Woollacombe fund 25 - - - 25
Global Mother Divine
Organisation		 (120) 532 (2,327) - (1,915)
Oxford 181,978 71 (95) - 181,954
Total of funds 4,108,008
3,940,348		 664,977
1,847,242		 (504,587)
(1,949,617)		 790
-		 4,269,188
3,837,973

Page 40

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

23. Description of funds

a) Unrestricted funds

The General Fund includes all of the unrestricted funds of the Charity. These include the National Offices in Skelmersdale and Rendlesham, which deal with the administration of courses and the finances and accounts of the Charity, expansion and media activities, administration of Maharishi Open University in the UK, and the publication “Transcendental Meditation News” magazine.

b) Restricted funds

i) General Restricted Fund

This fund contains investments and some cash. Investment of funds and grants awarded from this fund are made at the recommendation of the donors of the funds, within the objects of Maharishi Foundation, and with the approval of the Trustees.

ii) Golden Dome Fund

A special fund, ‘The Golden Dome Fund’, was established in February 1983 to finance a project to build a Golden Dome that would accommodate a group of 800 practitioners of the Transcendental Meditation and TM-Sidhi Programme. This number is the square root of one per cent of the population of Great Britain – the number required to produce the Maharishi Effect.

This facility, Golden Dome in Skelmersdale, is used, for educational courses and group practice of Transcendental Meditation and the TM-Sidhi Programme by local residents and visitors to the facility.

iii) Vedic Pandits Fund

This fund was established in 2001 to support the setting up and maintenance of groups of Maharishi Vedic Pandits from India. The purpose of these groups is to practise different aspects of Maharishi's Vedic Science in order to develop higher states of consciousness and spread an influence of peace and harmony throughout the world.

iv) Purusha and THMD

The Purusha and THMD restricted funds were set up to promote courses to develop the mental and creative potential of the individual. The Purusha fund supports courses for men and the THMD fund supports courses for ladies.

v) National Coherence Project

This is a restricted fund set up with the aim of raising funds to support a permanent group of people practising the Transcendental Meditation and TM-Sidhi Programme to create coherence in national consciousness through the Maharishi Effect.

vi) Lesley Woolley Legacy

The Charity was left a legacy by Lesley Woolley, who died in August 2001. The Trustees want to honour the wishes of Lesley Woolley as closely as possible and are currently developing new projects where her legacy can be applied in a manner that will fulfil her intentions as expressed in her Will

.

Page 41

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

vii) Maharishi Peace Palace (Suffolk) Fund

In September 2007 the Trustees passed a resolution to establish the Maharishi Peace Palace (Suffolk) Fund to fund the construction and maintenance of an educational facility in Suffolk. The Maharishi Peace Palace is being used to provide educational courses and a venue for group practice of Transcendental Meditation and the TM- Sidhi programme.

viii) Bournemouth TM Centre

In 2010 a property was purchased in Bournemouth to be used for a Transcendental Meditation Teaching Centre. The purchase price was largely funded from a grant.

ix) Maharishi Invincibility Schools Fund

The Maharishi Invincibility Schools Fund, funds the promotion and introduction of Consciousness-Based Education (CBE) in existing schools and colleges, including costs of faculty training and provision of CBE courses and study facilities for students and teachers. The fund will also be used to fund the development of new schools and colleges built according to the principles of Maharishi Sthapatya Veda, to provide scholarships to assist students and teachers to learn Transcendental Meditation and related Advanced Techniques, and to provide scholarships to students who may require help to pay tuition fees and other school or college fees in the context of CBE.

x) Ladies Peace Palace Fund

The Fund was set up to raise funds to establish an educational facility for ladies to be known as a Ladies Peace Palace, with similar objectives to the facility being developed in Suffolk.

xi) Global Mother Divine Organisation

The Global Mother Divine Organisation (GMDO) is as a separate division of Maharishi Foundation which serves and nourishes the ladies and girls of the UK and the world through Total Knowledge. The GMDO division of Maharishi Foundation includes five educational departments – see page 3.

xii) Oxford

The Oxford fund is a special fund set up for a Transcendental Meditation centre for Oxford to be established. The aim is for any building acquired for teaching purposes to be named after the donor’s mother Edith Saunders who passed away in the mid 1990s.

xiii) Woollacombe fund

A gift from the estate of Graham Woollacombe's mother used for occasional training and educational grants.

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MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

24. Summary of funds

Summary of funds - current year - The Group

General funds
Restricted funds		 Balance at 1
January
2022
£
(518,797)
4,359,738
3,840,941
- The Group
Balance at
1 January
2021
£
(245,765)
4,367,227
4,121,462		 Income
£
1,608,987
664,977
2,273,964
Income
£
1,800,263
392,948
2,193,211		 Expenditure
£
(2,079,086)
(439,377)
(2,518,463)
Expenditure
£
(2,070,499)
(403,233)
(2,473,732)		 Transfers
in/out
£
(790)
790
-
Transfers
in/out
£
(2,796)
2,796
-		 Balance at
31
December
2022
£
(989,686)
4,586,128
3,596,442
Balance at
31
December
2021
£
(518,797)
4,359,738
3,840,941
Summary of funds - prior year
General funds
Restricted funds

25. Analysis of net assets between funds Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Tangible fixed assets
4,567,155
Fixed asset investments
291
Debtors due after more than one year
-
Current assets
(3,796,564)
Creditors due within one year
(442,425)
Creditors due in more than one year
(1,318,143)
Total
(989,686)		 Restricted
funds
2022
£
448,435
10,000
25,000
4,502,455
(78,668)
(321,094)
4,586,128		 Total
funds
2022
£
5,015,590
10,291
25,000
705,891
(521,093)
(1,639,237)
3,596,442

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MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

25. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Debtors due after more than one year
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2021
£
4,704,589
291
-
(3,401,062)
(681,052)
(1,141,563)
(518,797)		 Restricted
funds
2021
£
446,802
10,000
25,000
4,254,980
(228,430)
(148,614)
4,359,738		 Total
funds
2021
£
5,151,391
10,291
25,000
853,918
(909,482)
(1,290,177)
3,840,941

26. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
(Profit)/loss on the sale of fixed assets
Decrease in stocks
Decrease in debtors
Decrease/(increase) in creditors
Interest payable and similar expenses
Net cash (used in)/provided by operating activities		 Group
2022
£
(244,499)
159,054
(773)
-
29,534
26,415
(27,937)
39,815
(18,391)		 Group
2021
£
(280,521)
163,853
(7,008)
(16,316)
47,151
6,078
156,009
36,517
105,763

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MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

27. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2022
£
627,865
627,865		 Group
2021
£
719,943
719,943

28. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1
January
2022
£
719,943
(468,568)
(1,255,942)
(1,004,567)		 Cash flows
£
(92,078)
357,440
(349,060)
(83,698)		 At 31
December
2022
£
627,865
(111,128)
(1,605,002)
(1,088,265)

29. Pension commitments

The Group operates a defined contribution pension scheme. The assets if the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £6,289 (2021: £7,927). No amounts were outstanding to the scheme at either 31 December 2021 or 2022.

Page 45

MAHARISHI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

30. Related party transactions

By virtue of at least common Trustee and certain related objects and activities, Maharishi Foundation is connected to the following parties:

a) Spiritual Regeneration Movement of Great Britain

SRM made a loan of £155,000 to Maharishi Foundation in 2010 in order to help it purchase a building to be used as an administrative centre for the Charity in Rendlesham, Suffolk. An additional £5,000 was added to the loan by SRM in 2012. The loan carries a first charge over the property and accrues interest of 3% above bank base rate. The loan is a long-term loan and the loan plus accrued interest is not repayable until the property is sold or until the Trustees of Maharishi Foundation decide to make repayment at their discretion. Interest accrued in 2022 was £9,128 (2021 - £6,115).

b) David Lynch Foundation UK

In 2022 Maharishi Foundation paid £800 (2021- £1,100) to David Lynch Foundation UK to support its promotional activities that resulted in many people taking courses offered by Maharishi Foundation.

c) Invincible Scotland Trust

In 2022 Maharishi Foundation paid standard commission on teaching fees of £27,352, to Invincible Scotland Trust (2021: £40,920). An amount of £NIL (2021: £360) was received as a contribution towards marketing costs.

d) Peace Palace Membership

A number of the Trustees are members of the Peace Palace. Memberships have been purchased on normal commercial terms.

e) Stitching Maharishi

P Warburton has confirmed he is a member with some degree of management over 3 Stitching Maharishi Organisations. A total of £NIL (2021: £24,148) was paid to these organisations in the year.

f) Close Family remuneration

During the year an amount of £12,360 (2021: £12,360) was paid as remuneration to L Warburton (wife of P Warburton).

Page 46