Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C>92D4.9564E4B441FC Charity Registered numbers: 270157 & SC041919 MAHARISHI FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C>92D4-9564E4B441FC MAHARISHI FOUNDATION CONTENTS P8gè Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Indopondont audlt¢r'$ report on th• Ilnan¢lal $tat¢ments Consolidated statement of financlal actlvltles 2-13 14-17 18 Consolidated balance sheet 19-20 Charlty balan¢• sh••t Consolldat8d statement of cash flows 23 Notes to the flnanclal ¥tat*ments 24-59
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Jernima Pitman. Trustee representing England Iresigned 30 June 20241 Dr Aiay Prakash Shrivastava. Intemational Trustee Graham Orr, Trustee representing Scolland. Chaimian (resigned 30 April 20231 David Rae, Trustee representing S¢odand. National Dir8¢tor for S¢oUand Gwwdaf Evans. Trustee represenbng Wale5 David Hughes. Trustee representing Wales Deirdre Parsons. Trustee (appointed 22 June 20241 Charity registered numbers 270157 and SC041919 R¢gl$t8red offl¢e Maharishi Peace Palace Rendlesham Woodbridge Suffolk IP12 2GX Chl•f ¢xo¢utlv¢ offl¢•r Or Peter Warburton Ind8P8nd•nt audltor MHA 910 The Crescent Colchesler Business Pa Col¢hesler Essex C04 9YQ Bank•r8 Barclays Bank plc LLoyJs TS8 Bank pl¢ CAF Bank Limiled Scottish Widows Bank Edinburgh MonmoLrthsire Building Society NewKK>rt, S¢xJth Wales Virgin Money plc Newcaslle UFon Tyne Page 1
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their Annual Report together the audited consolKlated financial statements for the year ended 31 December 2023. The Trustges confirm that the Annual RetKJrt and finanual ststgments Comply wth ¢urrenl slalulory requirements, the requiremenis of the Irust deed, and the provisions of the Statement of Recommended Practi ISORPI applicable to chanties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 TRANSCENDENTAL MEDITATION ~ TM With our history of 1ga¢hing Transcendental MÈditation (TMI 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 Medilation is a simple, nalural, effortless procfjdure pract15ed for 15 10 20 minutes in the morning and evening. while sitting comfortably with eyes closed. 11 can be learned easily by anyone. Our courses are open to everyone regardless of gender, age, race, or religion hllps".Iluk.Im.org During the pra¢b'ce one's awaren¢ss settles down and one experiences a unique $tste of re$fful alertness. As the mind transcends mental activity to experience the simplesl 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 erealivily. darni$M. ord8rfine55, and organising power, resulting in increased effectiveness and success in daily life. Al the same lime, by experienclng deep rtssl durlng Transcendental Meditation accumulated stress and lali9ue in the body is dissolved. When praclised rggularfy, Transcendèntal Meditation offers evaryone o simple lechnique to enrich mind. body. 8motions, and p8rson81 relationships. The UK has over 125 Certified Teachers of Transcendental Meditation. We have two leaehèrs ree8ntly r8lumèd from the 2023 eourse with a further three now attending Ihe next course lo be completed earfy in 2024. To build pipeline of polen1181 new Te8chers we continue lo encourage Meditslors lo ¢Jeepen their experiences by attending TM residence Courses, now supplgmenle(I by a variety ol onling options. Transc•ndental Medltatlon cours• A seven-step introductory course comprises iwo lectures on Ihe benefits and nature of the practice, a personal interview with the Teacher, and four lessons ol aL¥)ul tsvo hours. each taken on four consecutive days. After this, new medil8lors are fully equipped to praclise TM on their own and enjoy all the benefits. Further le550n5 follow every two or four weeks to ensu that the practice is correcl and giving maximum benefit. Maharishi Foundation makes its courses as accessible as possible via concessionary fees and extended payment terms lor those on low incomes or in need. When Possible, scholarships are provided to those unable to pay lull fees, using lunds donated specifically for Ihis purpose. For exarnple, Ihe Charity has made grants available lo NHS staff, lincluding awnbulance driver51, wnilrtary personnel (often suffering from PTSDI, students, individuals and families on low in¢x>mes elc. Some of this support has come from the Edna Linnell Trust for whom Maharishi Foundation is a named beneficiary. Course fe6s for leaming Transcènd8ntsl Mèditstion are listed here.. https:Iluk.tm.orgllransnden131- meditalion course-fee Comprehensive follow-up is available for all who wish to take advantage of il. In a series of meetings, praclilioners can discuss their experiences in meditation and leam more about the practice and ils effects in daity life. Page 2
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Scientific research on Transcendental MediL*ion More Ih8n 380 pegr-rgviewed s(ienlrfi¢ rgsear(l) studies have been conducted al 300 universiligs and $arCh institutes in 30 countries, induding HaNard Medical School, Stanford Medical Sch1 and Yale Medical School. Findings have been published in over 160 scienlific joumals. induding The Lancet. British Medical Joumal and American Joumal of Cardiology. These studies have shown that regular practice leads lo a widè range of benefits including decreasèd anxiety and depression, improved memory and clearer thinking. reduc8(I high blood pressure, decreased Sllness and morg harmonious relabonships. See.. https."/IwvKW.Im.orglresear¢h-on-meditalion Advanc8d T•chniques of Transc•ndental M8ditation & th• TM4ldhi Programm• Maharishi Foundation also leaches optional advanced courses. These can be tsken in sequence by anyone who has learned TM. They further develop mind-body co-or(Jin8lion an(J other benefits. There are four Advanced Techniques, each of which is ideally leamed fouf months after the previous lechnique. Onco someone has leamgd all four Advanwl TechnNu8s. she or he may then go on lo Igam the Tm-sidhi Programme after a further four months. The Tm-sidhi Programme trains the individual to operats Irom the level of Transcendental Consciousness, greatly enhancing co-ordination between mind and body. and developing thè ability lo think and act in accord with N81ural Law. The most powerful aspect ol the TM-Si(Jhi Programme is the Yogic Flyng ltrchniqutr, durlng which people rgport an experience of 'bubbling bliss,. Published research shows that at the same ts'me a powerful influence of coherence. positivity, and ham)ony radiates throughout the anvironmont. The MaharSshl Eff•ct Even a small proportion of the population practising Transcendentsl Meditatson produces measurable effects in sociely. Extensive scientific SearCh has established that Crime detxeases significantly in a community when as lrttle as ong Pgr¢enl of Ihg population praclices TM. This phenomenon is named 'thg Maharishi Effe¢¢' in honour of Maharishi who had predicted it as as 1960. The Maharishi Effert has been repeatedly confirmed in 50 published scientific research papers. An even greater effect of coherence is produeed in Society by the Tm-sidhi Programme. This is particularly pronounced when Yogic Flying is pr8cts.ced in a group. The number required was found lo correspond lo the square root of one per cent of the wpulation- for example. 800 for Great Britain, 2.000 for Europe, or 9,000 for tho Current populats'on of the wodtl. Maharishi Foundation, and affiliated organizations in other countries, support initiatives to establish coherence creating groups of experts in the Tm-sidhi Programme who, through their daily group practice, generate 8 powerful influence of coherence and positiwty in each nation. FURTHER EDUCATION & OTHER INITIATIVES Maharlsh5 V•dlc Sclence Maharishi Foundation also offers courses in Maharishi Vedic Scien. Veda means 'knowledge' total knowledge of Natural Law. Maharishi Vedic Science courses offered by the Charity cover four main areas.. "Maharishi's Total Knoed9& and Higher States of Consciousnèss. la systématic and complatè ovèrvièw of Maharishi Vedic Science)". prevention-oriented hearth care through Maharishi Ayurveda,. knowledge of architecture and planning in accord with the laws of nature through Maharishi Sthapatya Veda,. and the saence and art of music that is in accord wilh Natural Law through Maharishi Gandharva Veda. Page 3
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 During 2023, Dr Peter Warburton, the Chief Execulive of Maharishi FourKlation, in concert with the Maharishi Peace Palace adminislralive team. ¢onlinued lo le8d a comprehensive series of online courses based on Maharishi's Totsl Know18dge attended by parti¢ipants from the UK and many parts of the globe. A lotsl of approximately 80Q people have attended these courses in 2023. Also, during 2023 Sidential courses and retreats were able to restart in the Maharishi Peace Pala, Rendlesham. encouia9ing a post covid recovery for the Foundation and its facilities. Mahirl$hl Ayurveda Thè Charity is also involved in the Pfomotion of Maharishi Awrveda in th8 UK. Awrveda is thè worfd's longest continually practised medical science. Developed in India over 6,000 years ago. Ayurveda (knowledge of the quality and span of lifel is a natural approach to creating balance and strengthening the body s innate healing ability. 11 is acknowledged by the Worfd Health Organization and is growing in its global use as one of the most effective 5y51ems of natural healthcare. Twenty years ago. Ayurved8 was alm051 unknown outside India. Comprehensive knowledge of il had become fragmente(J and lost. Working with the foremtssl AyuNeda experts in India, Maharishi syslemalized and $tored il in its completeness. This revitalized form of Ayurved8 is now known as Maharishi Ayurveda. The goal of Maharishi AyurV8da is to prevent si¢kn8ss and promote balanced health and longevity by enlivening the inner intelligence of the body and strengthening its natural healing ability. Ayurveda Ltd.'s trading position deteriorated lurther duriThJ 2023, with supply difficulties, reduced sales and reducing profilabilily whilst costs kept rising. Tho decisKJn was therefore taken lo cease trading once existing orders had been fulfilled. To this end the staff were rele8sed and the offices closeLI al the end ol Oclobtrr 2023. The company was made dom)anl whilst managing mainIng creditors in advance of closure. PROPERTIES OWNED BY MAHARISHI FOUNDATION AND ITS SU8SIOIARIES MaharlBhl Peace Palace. Rendlesham, Suffolk The Maharishi Peace Palace, the first ol its kind in the UK. lies al the heart of the Maharishi G8r(len Village IMGVI in Rendlesham, Suffolk. The Peacg Palace has been cons¢nJ¢led acrdIng to Maharishi Slhapatya Veda, which embodies the ancient principles of Vedic architedure in accord wth natural law, to promote the well- being 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 Meditslion and 8ssocialed programmes. The Pea¢e Palace residentsal course programmo has succossfully providod courses and retreats throughout 2023 wth 1,603 Course partiapant days12022 - 622) and retumed a small but noteworthy profit, with a slrong program underway for 2024 In the absence of residential Courses during the coronavirus pandemic. Maharishi Education Cenlre, the owner and operator of the Peace Pala, continued lo run a series of online covr5es through the Maharishi-online plarfom. Suppl8m8ntary income from 804 cours8 partiopants 12022 - 1.4631 was g8nèrat8d throughout th8 year. These live interactive online courses, haviThJ siarted to fulfil the desire for knowledge during lockdown, have now become a regular feature, covering a variety of subjects presented by some of the organisalion's foremost teachers for all lo enjoy in the comfort of their own homes. P85t (x)urse5 are available to wew on-demand a5 "Ar¢hive Treasurès.. Golden Dome Skelmersdal• A variety of online and in-person, individual meetings, one day and residential courses were held through the year with a lolal of 1396 course participant days 12022 - 5751. These induded two new offerings= a special theme 'Cons¢iousness in Art, weekend and a one week advan¢ed Course in Maharishi's Apaurosheya Bhashya Page 4
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 run by specialised trainers from Europe. We also held al short notice a Tm-sidhi course Part 1 series of weekends in advance of the '10000 for Wodd P&a¢e' held in Hyderabad, India in January 2024. In consequence, the courses programme finished Ihe year strongly a reasonable profit. Membership levels held steady throughout 2023 and regular donations were regularty raised as well as supplementary funding lor major rwf repairs. The internal refurbishment program is largely complete. The Dome has bèen rttnning Transcendental Meditation retreats for 34 years and is estimated lo have hosted over a million meditations. A variety of online and inyrson. individual meeknngs. one day and residential courses were held through the rest of the year with a total of 1601 course participant days in the year. Together with continued strong financial support from Dome members, this allowed the Dome lo end the year with a small profit. Membership levels and donations held steady throughout 2023. In addition. Transnde1 Meditation 1$ tsught regulaty to peOe in the region including local parents and children al the Maharishi School. Othèr propertity own•d by Maharlshl Foundatlon Boumgmoulh Transcendgnlal meditati Centre (from 20101 9 Garden Square, Rendlosham120111 SUBSIDIARY, ASSOCIATED & RELATEO PARTIES Sub8ldlary compan1•$ of Maharlshl Foundatlon Maharishi Education Centre Limited {MEC) Ayutveda Limited Maharishi Garden Village Limiied Maharishi Limited IDormanll Maharishi Foundation Limited Relattd Parties Of M•hari$hi Foundation By virtue of common Trustees or Directors and related objects and aCtivits, Maharishi Foundation is connected Tho SpiritU81 Regeneration Movement of G81 Britain (Charity number 204025 David Lynch Foundation UK (Company numb6r 07933959 and Charity numbèr 11466431 Maharishi Wodd Development Fund Icharity number 3287381 Invincible Scotland Trusl (Scoth'sh Charity number SC013238) Maharishi School Trusl Ltd Icharity number 5179581 Maharishi International Graduate School (Company number 9023572 and Charity nurnber 11782301 Maharishi AyuTVed8 Institute (Charity numiEr 8002981 Details of transactions and balances with these connecled parties are given in note 31 to the financial statements. Page 5
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 POLICIES & OBJECTIVES a. Pollclas and Oblèctlv•s The objects of the Charity are lo advan the education of the public by providing and assisting in the provision of Ir¥ining, meetings, ¢18sses and other leaming opportunib"es', 8nd to tlevelop the physi¢81. mentsl, crtsative andlor spiritual capa¢ities of individuals and the publi¢ at large through the provision ol, or assis¢J'ng in the provision ol, education and training, in particular in all aspects ol Maharishi Vedic Science, including TranSndental 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 lo public benefit, including the guidanee 'Public benefit.. running a charity IP821'. In setting objectives and planning for activities, the Trustees have given due cLJnsideration to general guidance published by the Charity Commission relating lo public benefit, induding the guidance 'Public benefit.. running a charity IPB21'. b. Inv•stment policy The Trustees have Ihg power lo invest unrestricted funds in such assets as they see fil in a prudent way that wlll attain good results with targeted retums. c. Fundwralslng roach taken to fundraisin The Charity raises funds by campaignin9 for donations for both general and specific purposes. The annual fundraising campaign generates donations towards general administration expenses, whilst Specific fundraising aclivilies generate funds for restricted funds such as Purush and Pvndils, or designated funds and investments such as new TM Centres and maintenance of existing ones. cific re ulations a licabl The charity has not been subject to any specific regulation outside of normal charity commission requirements. Monitorin fundraisers and com laints Fundraisers are appointed and monitored by the CEO and a issued with appropriate guidance, the a no professional fundraisers employed. Donation and bequest fomis are rffepared in accordance with CC rules and expectations. No ftjndraising complaints have been received Ste s lo ensure vulnerable le Vulnerable people are protected within the range and scope of the charity's policie5. Staff are regularfy reminded of their resFK>nsibililies regarding safeguarding of vulnerable inwdual5. The Charity had several fund-raising activities during the year, but none requiring disdosur& under S162A of the Charits'es Act 2016. FINANCIAL STATEMENT AND RELATED POLICIES a. Overall financial perforniance Maharishi Foundation and its subsrdiary undertakings generated a surplus of £1,199.620 in 202312022.. deficit of £244,499). The results for the year refiect the revaluation of properties and offset the impact of the cost of living crisis impacting demand lor TM and anullary courses. Page 6
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL STATEMENT AND RELATED POLICIES {continued) The Maharishi Peace Palace IMEC Ltd) compl8led its suesSfUl tumar¢xJnd program and for the first lime reports a small operating surplus. Ayurveda Ltd operating and market drfficulties resulted in further losses and an expected decision to cease trading was made with the cLJmpany becoming dormant in October 2023. A major project during 2023 was to implement a number of the prevlous Au(Jil recommen¢JaUons.' Change the status from restricted to designated. those funds which are managed by the Trustees and the leadership team including the Peace Palace,and the general restricted fund. Revaluation of the Golden Dome and the Boumemouth Centre. Closing ol surpluslduplicate bank 8¢counts and the cg)nsdidab'on of funds into high inlarest bèaring accounts Inol y9t Mplet9). A key goal lor 2023 was lo improve on the TM leaehing numbers by eautiously ramping up marketing activity in the second half of 2023. Thereafter, we expected a more nomi81 p-p8ndeMie level of demand lo manifest. Despite this markeling effort. numbers leaming TM remained slubLx)mly flat throughout 2023 ending on slmllar lgvels lo 2022. People taking courses in 2023.. Cour 2023 2022 +l- Trdnscendenlal Medi181i( TM Adwnced Techniques Tm-sidhi Course Tm-sidhi Refresher Residence Course participant days Day Cwrse participants days Online Cwrse participants 1.917 2,106 233 -9% -15% 109% 23 78 1.601 692 565 1.463 131% 147% 45% b. Donatlons The 2023 annual donation event raised £18,42812022- £34.7kl. An amount of £70,48012022 - £259,320) was raised in donations to promote the unique education provided to Maharishi Vedic Pandit students by Maharishi Mahesh Yogi Vedic University. The Charity continued to receive donalions for its Puwusha Fund and THMD Fund (see note 41. Donations received by both groups combine(I were £84,363 12022 - £171,71818nd grants made were £60,044 12022 - £42,065). . Charitable Grants The Charity made charitable grants during the year of £202,35712022- £287.1371. See noie 9 of the finanaal ststements. Page 7
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL STATEMENT AND RELATED POLICIES {continued) d. Expèndltur• Maharishi Foundation Charity results suffered no additional impainnent of their investment in subsidiaries12022 £141.571 impairment charge). However, on consolKlation this is reversed and therefore does not impact on the results of the Group. •. Golng concem As 8 charity historically providing lace lo lace me(liab"on course, the impact ol the COVID glob81 pandemic continues lo constrain demand, as somè members are stsll not confident in the close environment. To improve this situation our teachers have benefitted from the introdLJction of a smartphone App which partially reduces the need for person-tO•person tuition during the four4lay instruction programme. whilst still imparting to students the same detailed guidance and advice. After re-opening the centres in 2022 following the global pandemic, both our premier course facilities are now running residential programmes again and a lull schedule of courses is planned lor the remainder of this year. Subsequently the smart phone app has bèen made available lo all existing praclilioners of TM medilalion and has had beneficial results in lefms of regularity of practice and engagemenl with follow up programmes Despite this. with the advent of snIficant innalion in the UK from March 2022, demand for TM remains al around two-Ihird5 of "pre-COVID- levels. In consequence. the board and Trustees are reviewing our promotional strategy for 2024 and 2025 with a mvch lighter targeting approach focused on the most successful locations. In addition, the Charity benefited from a minimum of £300.000 in unreslricltrd legacy income before the ènd of 2023101 which an interim dislribution of £200,000 was received in June 20221. W8 used part of this income lo underwrite further inveslmonl in an adverlisiThJ COMpanI0Ve1$. The Trustees and management have prepared forecasls ihat indicate Ihat the Charity and its subsidiary undertakings have Sufficient resources to continue in operation and lo meet their liabilities as they fall due lor the foreseeable future. being a period of 12 months from the dale of approval of the Annual Report and financial stslements. Accordingly, the Trustees have prepared the financial statements on a going concem basis. a. R•8•rvo8 polley Notes 23 10 26 show the assets and liabililies attributsble lo each fund and summ8rise the movement on each fund during the year. At a Trustee meeting on 30 Dmber 2015, the Trustees approved an unrestricted reserves rx)licy target of £50,000. This policy carries forward into the current year. The UnStrICted reserves of the Charity at 31 December 2023 was in surplus of £3,289,95312022'. surplus of £2,422.631 restated). The surplus resulting from the poliaes employed followng auditor's recommendations. The Trustees are fully Committed lo Continuing to replenish these reserves from Improv Irading perfomian¢g from its trading SLJbsidiaries focussing on InCasing in person courses and higher attendan levels generating additional ftjnds. The unrestricted reserves of the Group al 31 December 2023 were in surplus of £3,109,29212022.' surplus of £1,987,676 Irestsledll. Page 8
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 b. Public Benerrt statement This stalemenl complies with the duty in section 4 of the Charities Act 2011 to have due regard to Public Benéfit guidance published by Ihe Charity Commission. The Trustees have reviewed Ihis guidance when reviewing our aims and objectives and in planning future activibes. The Trustees consider how planned activities will contribute to the aims and objectives Ihey have set. e. Prlnclpal rSsks and unc8rtaintiès The Trustèes have a risk management slT8tegy. This ts)mprises 8n annu81 review of risks the Charity may faee and the eslablishmenl of systems and pr¢xe(lures lo mits.gale those risks 8nd the mainltrnance of a rSsk register. d. Flnanclal rfsk management objectlves and policles The Charity has bggn able to rely on largely ccfflsistent income from educational activitle$ 8nd donats'ons from supporters over the years. This continues. However, major expansion aclivity has taken place during the past 10 years commencing with the construction of the Maharishi Peace Palace al Rendlesham and continuin9 with the in¢reasèd marketsng effort to instruct many more people in TM Starting in January 2018. Annual budgets are produced lor each key department. Commenong In 2019. the Trustees now review these In th8 final quBrt8r of èach year. G8n8rally, monthly budget reports are produced across thè various key areas of the Charity and reviewed within each department. The key departments are.. Nationall Domel Peace Palace - each produce annual budgets, each of which is reviewed monthly. •. Prlnclpal fundlng About 90010 of the operational funding of the Charity comes from ihe leaching of Transcendental Meditation. COVID impacts in 2021 and into 2022 caused 8 significant hiatus leading lo leaching income with 2023 continuing a18round two thirds of nomal levels. Ancillary sources of course income, including new online offèrings, have improved Ihg siltjation. To dale w8 expect to finish al a slightly higher level lor th8 next year. The other main source of income is regular donations. These usually come into specific restricted funds which are used lo support differenl projects. Each is discretely managed and very reasonable capital exists for the major ones. Modest improvements in these were athieved during the year STRUCTURE, GOVERNANCE & MANAGEMENT a. Constitution Maharishi Foundation is a Regislered Charity, number 270157 {England and Wales), Charity number.. SC041919 (Scollandl. The goveming document of the Charity 15 a trust deed. dated 29 Augu51 1975, amended 7 July 2016. Page 9
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE & MANAGEMENT (continued) b. Appolntment of Trusteès 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 5tspulates that the number of Tru51ee5 must not be less than three or more than fbfteen. The existing Trustees may appoint new Trustees by a $0IUbOn of 8 meeb.ng of the Trustees. A memorandum of appointment shall be signed and sealed by the rsOn presiding al the meeting and alleslgd by two others present at the meeting. All Trustees give their time voluntarily. Any expenses reclaimed from the Charity are set out in note 14 to the accounts. c. Twstfje Indu¢tSon and tralnlng New Trustees receive training notes and undergo training sessions to brief them on their legal obligations under Charity law and introduce them lo the Trust Deed. Charity org8nisalion and management slruclure. the lalesl audited accounts and managemenl accounts. lax law. employment law relums lo be ¢omplel8d, GDPR compliance. the advisers and auditors ol the Charity. current issues and future plans ol the Charity. d. Custodlan The trust deed of the Charity provides for the appointment of a Custodian Ithe UK representative of Maharishi's global or9anisalionl who will have a duty (o advise ihe Trustees on any matter relats'ng to the insight and knowledge of all aspects ol Maharishi Vedic Science. including the standards required lor accrediting leachets, in order to ensure the Trustees 8re satisfied th81 the purity and full effeclivenesg of Maharishi Vedic Science is preserved. Al present the Cusllxlian is also the Chief Executsve. •. Maharf8h5 Foundatlon Board During 2023. Maharishi Board ¢tin[O lo regulady c(wrdinale key aspects of operational management including strategy implementation, financial planning, matl(eting. and organisational priorits'es. The Chief Executive is chairman ol this board. The Board works with key orricers of the Charity and is empowered by the Trustees with responsibility for expansion, promotion, running of courses and the operation of f8cililies owned by the Charity. Monthly financial reports a foThY8rded to the Trustees. f. Marketlng Group This is composed of various officers and advisèrs ol thè Charity and mèèts règulady to plan and commission various marketing initiatives. It has a regular lorthighuy meeting with representatives of the GMG agency speafically to review performan and iactics around our online advertising and website revisions. Page 10
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE & MANAGEMENT (continued) g. Natlon*l Dlre¢tors The Trustees have an administrabve structure in England. Scouand and Wales to cary out the objectives of the Charity. Policy des1OnS 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, En9land Helen Evans, Wales The National Directors enlist the suPrt of voluntser5 to promote education of higher consciousness in 12 areas ol society. namely". schools 8nd universities, hearth care. agri¢ullure. 8rchilecture, adminislralion, trade and ¢omm8r¢e, science and lechnology. law and order. cullural studies, political science and the 8conomy, defence, and Communication. h. Volunt¢ers The Trustees are immensely grateful to the many volunleers who contribule their time and skills to help run the Charity, both centrally and in teaching cenires around ihe country. Activities by volunteers include fundraising, promotion of courses, administration, bookkeeping and supporting our teachets as they run eourseg and hold advanced meetings in local areas. l. Pay pollcy for key managem•nt p•rsonnel As 8 Charity wlh a keen sense ol mission and many long-lemi supporters. we rety heavily on a combination of affordable Compensation and voluntary additional inptjt over and above fomial ¢ontractual 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 2023 annual pay of £62,00012022'. Four- £60,916). . R•l8tod paty rnlatlonshlps Trustees and principal officers complete a Declaration of Inleresls. Conflicts and Related Party Transactions each year. Some UK-b8sed Trustees as well as the CEO and COO have direGtor role5 in various sub5idi8ries ol Maharishi Foundation. None ol these positions are munerated. Occasionally there may bg an external organisation which is also declared., the Twstees may then agree remuneration is in order on a case-by-case basis. A Conflict-of-Inleres( policy also helps ensure proper fransparency and accountability. k. Trutstee$' indemniti¢$ The Trustees, directOTS and eMploeS have a liability insurance policy which provides o)ver in relation lo claims and investigations ansing from breach of duty or trust. negligence. defamation. and breach of warrant of authority. 11 also provides ¢over in relation to injury or proptrrty damage and misuse of dats. Page11
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Plans for future periods A major focus Is being placed on branding and marketing development. 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 end of 2025. Other areas under review are enhanced PR and enhanced social media presence on Facebook, Instagram, Twitter and Tiktok. Organis8tionally, the hAaharishi Foundation Board is also looking 81 fvrther opportunities to enhance the effi¢ien¢y ol the current organisalion. paCul8Y with several stsff members looking to relire. The Board has succession planning as an ongoing [US. During 2025, a major new facility is to be fully commissioned as the Edinburgh Peace Palac4. This purposevbuill building is designed according lo the Vastu principles of Maharishi Sthapatya Veda and includes 7 private flats in addition lo a new Transcendental Meditslion leaching eenlre for the city. The development is being undertaken by Pada Vaslu Ltd, a company wholly owned by Invincible ScoUan¢J Trusl, 8 sister Charity lo Maharishi Foundatn. Finally, a major objective is to replace Iwo premier teaching centres in London with a more central one. This will involve collaborative development with the Spirilual Regeneraknon Movement {SRMI and the Edna Linnell Trust, Stat•mgnt of Tru$t•g$' re$pon8lblllll The Trustees (who are also the d1clOr$ of the charity for the purptsges of Company lawl are sponsible for preparing the Trustees, report and Ihe financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Gengrally Acc8pled Accounting Pracli¢el. Company law requires Ihe Trustees lo preparè financial statements for each financial . Under company18w. thè Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of Ihe slate of affairs of the group and the charity 8n(l ol their incoming resources and application ol resources, including their incomg and expenditu, lor that period. In pparing Ihese financial statgmenls, the Trustees are required to.. selecl suitable accounting policies and Ihen apply them consislenlly., observe the methods and principles of ihe Charilies SORP IFRS 1021,. make judgments and accounting eslimale5 that are re850nable and prudent., state whether applicab16 UK Accountsng Standards IFRS 1021 havo been followed, Subject to any material departures disclosed and explained in ihe financial stalements.. prep8re the fin8nci81 ststements on the going ¢on¢em basis unless it is in8ppropri8te lo presume that the group will continue in business. The Trustees are responsible for keeping adeqvale accounb.ng records that a SLrfficienl lo show and explain the group and the charitls transactions and disclose wi(h reasonable accuracy al any lime the financial position of the group and the charity and enable them to ensure that the finanual statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the group and the charity and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. Page 12
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Disclosure of infomiation to auditor Each of the wrsons who are Trustees al thè time whèn this Trustees. report is approvèd has confimied that.. so far as that Tnjslee is aware. there is no relevanl audit infomiation of which the Charitable group's auditor is unaware, and th81 Trustee has tsken all the steps that Lxjght to ha been tsken as 8 Trustee in ordor lo be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information. Audltor The audrtor, MHA, has indicated his willingness lo continue in office. The designated Trustees wll propose a motion reappointing the avdilor at a meeting ol the Trustees. Approved by order of the members of the tM)ard of Twslees an(J $Thed on their behalf by.. Davld Hughes Trustee Dal8'. September 12, 2025 Gwyndaf Evans Trustee Page 13
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION INDEPENDENT AUOITOR'S REPORT TO THE MEMBERS OF MAHARISHI FOUNDATION Opinion We havg audited thg financial stalements of Maharishi Foundation lthe 'parenl charity) and ils subsidiaries Ilhg 'group'l for the year ended 31 December 2023 vthith comprise Ihe Consolidated statemenl ol financial activities, the Consolidated statement of finanaal position. the Charity statement of financial position, the Consolidated ststemenl of cash flows and the related notes. induding significant accounting policies. The financial reporting framework that has been applied in their preparats.on is applicable law and United Kingdom Accounting Sl8nd8rds. including Finanei81 Reporting Sland8rd 102 The Fin8n¢i81 Reporting Standard applic8bl& in the UK and Republic of Ireland, (Unitsd Kingdom Generally Apted Accounting Practice). The financial statements have en prepared in accordance with Accounting and Reporting by Charits'es preparing their accounis in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporb'ng by Charities.. Statement of Recommended Practsce issued on 1 Apn"12(K)5 whith is referred to in the extant regulations bul has been withdrawn. This has been done in order for the accounts to provide a tnJe and fair view in accordance with the Ggngrally Accepted Accountin9 Practsce effective for reporti'ng periods beginning on or after 1 January 2015. In our opinion the financial slalements.. give a true and fair view of the stsle of the group's and of Ihe parent charitys affairs as al 31 December 2023 and of the group's incoming resou$ aThJ applicatw ol rgsourcfjs, induding its in¢ome and expenditure lor the year then ended.. have begn properfy prepared in accordance with United Kingdom Generally Accepted Accounllng Practice., and have been prepared in 8ccord8nce with requirements of the Charities Act 2011, the Charilias and Trust88 Invostmenl Iscoljandl Acl 2005 and regulations 6 aThJ 8 of the Charities Accounts (Scotlandl Regulations 2006. Basi$ for opinlon We conducted our audit in accordance wilh Inlemalional StarKlards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under th standards are further described in the Audilorfs responsibilities for the audit of the financial slalemen15 Section of our report. We are independent of the group in accordance with the ethical rgquiremgnls that are relgvanl lo our audil of the financial statements in the United Kingdom. in¢luding the Financial Reporting Council's Ethical Stsndard, and we have ftjlfilled our other ethical responsibilities in accordance with these requiremenis. We believe that the aL1t eVence we have obtained is sufficient and appropriate to provide a basis for our Onn. Page 14
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION INDEPENDENT AUOITOR'S REPORT TO THE MEMBERS OF MAHARISHI FOUNDATION ICONTINUEDI Conclusions relating to going concern In auditing the financial stalemgnls. we have Conduded that the Trustees, use of the going ¢on¢em basis of accounting in the preparation of the financial stalements is appropriate. Based on the work we have perfomed. we have not identified any maleiial uncertainties relating lo events or conditions th81, individually or ¢olle¢tively. may cast significant doubl on the group's or the parent ¢hariWs ability to continue as a going concem for a period of al least twelve months from when the financial statements a authorised for issue. Our respx)nsibililies an(J the reswnsibililies of the Trustees wlh respect lo going concern 8re described In the relevant sections ol this report. Other Infomiatlon Th8 Other infomation compris8s thè infom)atI includ8d in th8 Annual report other thBn th8 fin8nciBI statements and our Auditor's report thereon. The Trustees are responsible for Ihe other infomiation contained within the Annual report. Our opinion on the financAal siatemenls does not cover the other information and, except to the exlenl olhewse expiciuy staled in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information arKI, in doing so. consider whether the other information is malenally inconsislenl with the financial slalemenls or our knowledge obtained in th8 course ol Ihg audit, or olheThvise appears lo materially misslaled. If we identify such mat8rial in¢onsisten¢igs or apparent material misstatements. we are required to detemiine whether this gives rise to a material misstatement in the financial slatemenis ihemselves. 11, based on the work we have performed, we conclude that there is a material misstatement ol Ihis other informaknon. we are required lo report that fact. W8 h8ve nothing to report in this regard. Matters on whlch wè arè rnqulr•d to rnport by •x¢optlon We have nothing to report in respect of Ihe following matters where the Charities {Accounts and Reports) Regulations 2008 and the Charilies Accounts IScotland} Regulations 2006 {as amendedl requires us to report to you if, in our opinion.. the information given in the Trustees. report is inconsistent in any material respect with the financial stalemenls,. or the parent charily has not k8pI suffici8nt and prwr coUnting r8cords', or the parent charily financial stalements are not in agreement with Ihe accounting record5 and returns. or we have not received all the infomiation and explanations we require for our audit. Responslbilitles of trustees As explained more fully in the Tru$tsg$' SponSIbl1111eS statem8nt, the Trustges who are responsible for the preparation of the financial ststements and for being satisfied thal they give a twe and lair view, and for su¢h intemal control as the Trustees detemiine is necessary to enable the preparation of financial siatements that are free from material misstalement. wheiher due to fraud or error. In preparing thg financial statements. the TrustÈ8s are responsible for assessing the group's and tha parent charitys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis ol accounting unless the Truslees eilher inlend to liquidate Ihe group or the parent charitable company or lo cease operations, OT have no realistic altemative but to do so. Page 15
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION INDEPENDENT AUOITOR'S REPORT TO THE MEMBERS OF MAHARISHI FOUNDATION ICONTINUEDI Auditorfs responsibilities for the audit ol the financial statements We have been appoinle(l as auditors under section 151 of the Chariligs Act 2011 and se¢tion 4411 Ilcl of the Charities and Trustee Investmenl (Scotlandl Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as 8 whole are frtre from material misstatement, whelher due to Iraud or error, and lo issue an Auditorfs pOrt that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee thal an audit conducted in accordance with ISAS IUKI wll detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities. induding fraud. are instances of Th)rrfompliance with laws and regulations. We design procedures in line wth our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including Iraud. The extent to which our procedures are capable ol detecting irregularities, including Iraud is det8iled below.. Enquiry of management around actual and polential litigation and claims.. Performing 8urJil work over the risk ol management override ol controls. including lesling of joumal entries and other adjustments for appropriateness. evaluation of the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias,. Reviewing minutes of meelings ol Ihose charged with govemance Reviewing financial statement disclosures and testing to supporting documentation lo assess compliance with applieable18ws and regulations. Because of the inherent limitations of an audit, there is a risk that we wll not delecl 811 irregularities, including thosè leading to a matèrial misslat8m8nt in th8 financial slat8ments or non-compliancè with régulation. This risk increases the more that compliance with a law or regulalion is removed from the events and transactions reflected in the financial slatemenis, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo Iraud ralher Ihan error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further desuiption ol our responsibilitses for the audil of the financial statements is localed on the Financial Reporting Council's website al.. vM¥.Irc.o .ukJaudiiorsres nsibilities. This description forms part of our Auditorfs report. Us• of our r•port This report is made solely lo the charitys trustee5. 35 a body. in accordance with Part 4 01 the Charitie5 (Accounts and Reports) Regulations 2008 and regulation 10 of the Charities Accounts IS¢otlandl Regulations 2006. Our audit work has been undertaken so Ihal we might slate to the ¢haritls members those matters we are required to state to them in an Auditorfs report and for no other purrx)se. To the fullest extenl permitted by law, we do not accept or assume responsibility to an)ne olher Ihan the charity and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. Page 16
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION INDEPENDENT AUOITOR'S REPORT TO THE MEMBERS OF MAHARISHI FOUNDATION ICONTINUEDI Cara Millgr ACCA Isenlor Ststutory Auditor) for and on b•half of MHA Statutory audltor Colchesler, United Kingdom Dale..September 12, 2025 MHA is the trading name ol MHA Audit Services LLP, a limited liabilrty P8rtnership in England and Wales Iregislere(I number OC4555421 Page 17
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTNMES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Restricted fund$ 2023 Total funds 2023 Tol&l fvnds 2022 Nots Income from.. Don8lions and lègacies Charitable activities Other trading activities Investments Other income 235,902 957.488 $61.643 3.791 20,000 362,312 167.324 25,347 3,266 598,214 1.124,812 586,990 7,057 20,000 656,302 1,060,950 554,433 2,2T9 Total income 1,778,824 558,249 2,337,073 2,275,964 Exp•ndlture on: Raisin9 funds Charitable activities 596.988 1,424.867 596,988 1.913,835 677,230 1,847,233 488,968 Total •xp•ndltur• 2,021.855 488.968 2.510,823 2,518,463 Ng1 lexpendllurellln¢ome Transfers between funds 1243.0311 18.7231 69.281 8,723 1173,7501 (244,499? 23 N•t movemont In funds boforo other recognisfrd gainsllloss¢81 1251,7541 78,004 1173,7501 (244,499) Other rocognlsed galnsl{lossesl: Gains on valUation of fixed assets 1.373.370 1.373,370 Net mov8m•nt In funds 1.121,616 78.004 1,199,620 (244,499) R•eoneiliatian of fund$= Toial funds brought forward Nel movement in funds 1,987.676 1,121.616 1,608,766 78,004 3,596,442 1.199,620 3,840,941 (244,499) Total funds carrf•d forward 3.109.292 1.686.770 4.796,062 3,596,442 The Consolidated stalement of financial activities indudes all gains and lo&ses recognised in Ihe year. The notes on pages 24 to 59 form part of ihese financial slaiements. Page 18
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION REGISTERED NUMBER: 270157 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023 As restated 2022 2023 Fix8d assets Intangible asse15 Tangiblg assets Investments 15 16 17 25,508 6,243,278 10.291 5,015,590 10,291 6.279,077 5,025,887 Curr•nt a$$•t$ Stocks Debtors.. amounts falling due after more than one year Debtors.. amounts lalling due withln one year Cash at bank and in hand 18 16,341 19 19 25,000 110,384 508,415 25.000 61.685 627,865 643,799 T30,891 Credllors: amounts falllng due wllhln one year 20 (540,6401 (521,093) N•t curront ass•ts 103,159 209, 798 Total a$$•t$ less current Ilabllltl¢s 6.382,236 5,235,679 Creditors.. amounts falling due after more than one year 21 11.586,1741 (1,639,23TJ Net assets excluding pension asset 4.796,062 3,596.442 Total not assets 4.796.062 3,596,442 Charlty funds Restricted funds Unrestricte(J funds 23 23 1.686,T70 3.109,292 1,608, 766 1,987,676 Total funds 4,796,062 3,596,442 Page 19
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION REGISTERED NUMBER: 270157 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 The Trustees acknowledge their responsibilities for o)mplying wlh the requirements of the Act with respect lo accounting records and preparation of financial statements. Thè financial statemènts have been prepared in a¢¢or(lan¢e wth the provisions applicable to entitles subje¢l to the small companies re9ime. The financial statements were approved and authorised for issue by the TnJslees and signed on their behalf by.. David Hughes Trustee Data.. September 12. 2025 The notes on pages 24 10 59 form part of these financial stalemenls. Gwyndaf Evans Trustee) Page 20
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION REGISTERED NUMBER: 270157 CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023 As restated 2022 2023 Fix8d assets Tangible assets Inveslmenls 16 17 2.160,979 589,798 822,029 589, 798 2.750,777 9,411,827 Current assets Oeblors.. amounts falling due after more Ihan one year Debtors-. amounts falling due wiihin on8 year Cash al bank and in hand 19 19 746,463 1.918,694 467,919 T81,810 1,867.837 532,285 3,133,076 3, 181,932 Creditors.. amounts falling due wilhin one year 20 (230,2661 f279,607J Net Current assets 2.902,810 2,962,325 Total asset8 less current Ilab115tSes 5.653,587 4,374, 152 Creditors.. amounts falling due after more than one year 21 1676,8681 (659,695) Net assets excludlng p•ns5on asset 4,976.719 3, 714,457 Total net assets 4.976,719 3,714.457 Charity fund$ Restricted ftjnds 23 1,686,766 1,291,826 Unrestricted funds Designated funds General funds 23 23 2.573,181 716,772 2,853,846 (431,215) Total unrestricted funds 23 3.289,953 2,422,631 Total lund$ 4.976,719 3,714,457 The ¢hartys net movement in funds for the year was £1,262,262 (2022- £(102,375J). The Trustees acknowledge their responsibilities for complying wth the requirements of the Act with respect to accounting records and preparation of financial statements. Page 21
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION REGISTERED NUMBER: 270157 CHARITY BALANCE SHEET ICONnNUED) AS AT 31 DECEMBER 2023 The financial statements have been prepared in accordance th the provisions applicable to entities subject lo the small companies regime. The financial ststements were approve(l and authorised lor issue by the Trustees and signed on their behalf by.. Davld Hughts Tnjstee Gwyndaf Evans Truslee Dale.. September 12, 2025 Thè notes on pages 24 10 59 form part of these financial $18lemenls. Page 22
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activities Nel cash used in operating aclivibes Inole 271 34,634 (18,391) Cash flows from investing activities Dividends, Interests and rents from Investments Purchase of intangible assets Purchase of tangible fixed assets 7,057 129,9501 17501 773 (23,253) Nèt cash usèd In Investlng *¢tlvltl•s 123,6431 122.4801 Cash flows from flnanclng a¥111 Cash inflows from new borrowing Repayments ol Lxsrrowing Interg$1 paid 41,900 (76,917) (16, 190J 177,3391 153,1021 Net cash used In flnanclng actlvbtbes 1130,4411 151.2071 Change In cash and cash equlvalents In the y••r Cash and cash equivalents at the beginning of Ihe year 1119,4501 627,865 192,0781 719,943 Cash and ¢o$h ¢qulval•nt$ at the end of the year (nots 291 508,415 627,865 The notes on pages 24 10 59 f¢)m part of these finanual statements Page 23
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 G8n8ral Infomiation Maharishi Foundation Ilhe"Chariif} is a charity registered in England and Wales12701571 and in Scotland ISC0419191. The registered office is Maharishi Peace Palace, 6 Gardenia Close, Rendlesham, Woodbridge. Suffolk. IP12 2GX. Accounting policies 2.1 Bas1$ of preparatlon of finan¢lal statsm•nts Th8 financial statements have been prepared in accordance with th8 Charities SORP IFRS 1021- 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 IFRS 1021 (effective 1 January 20191. the Financial Reporting Standard 8ppli¢able in the UK an(J Republic ol Irelan(J IFRS 1021 and the Companies Act 2006. Thg financial siatemenls have been prepared to give a 'lrue and fair, view and have departed from the Charilies IAccounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view.. This departure has involved fdlowng 'Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Sl8nd8rd 8pplieable in the UK and Republic of Ireland IFRS 1021 Isecond Edition), rather than the Accounting and Reporting by Charities.. Slalement of Recommended Practs'cg effective from 1 April 2005 which has since been withdrawn. Maharishi Foundation meets Ihe definilion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cosl or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated statement of financial actwilies ISOFAI and Consolidated balance sheet consolidat8 the financial stat8mgnts of tho tharity arn1 ils subsidiary undertakings. The results ol the subsidiaries are consolidated on a line by line basis.. Subsidiaries which have been excluded from the consolidation due to being immaterial are.. Maharishi Foundation Limited (Domanll Maharishi Limited IDom)anll Maharishi Garden Village Limiied Ilmmaleriall The Charity has taken advantage of Ihe exemption available to a qualifying ents'ty in FRS 102 from the requirernenl to present a charity only Cash Flow Slatemenl wthin the consolidated financial statements. A summary of the principal accounting poli(ies, vthi(J) have been applied consistently, is set out ovedeaf.. Page 24
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.2 In¢omo All income is recognised once the charity has entitlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. The re)gnitIOn of income from legacies is dependent on establishing enliuemenl, the probabilty of receipt and the ability lo eslimale with sufficient accuracy the amount receivable. Eviden¢e of 8ntitlem8nt to a legacy èxists when th& charity has sufficient evidence that a gift has been left to them Ithrough knowledge ol the existence ol a valid wll and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable. vthich TrMII generally be the expected cash amount lo be distributed to the charity, can be reliably measured. Cours• f••s Income from course fees for teaching the Transcendental Meditab'on and Tm-sidhi Programmgs and other rLJurses is recognised by reference lo the course date. Incomlng rt$our¢•8 Other Incoming SourCeS such as voluntsry incoming resources are accounted for as and when enlillgmgnl arises, the amwnl can be reliably quantified and the economic benefit lo the Charity is considered probable. Rental Income Income received lor rentsl of properties is allocated ¢)n a receivable b8SiS. Incorne tax recover8ble in relation lo investment income is recognised 81 the time the inveslmgnt income is r8c8ivable. 2.3 Golng concorn The finanaal slalemenls have been prepared on the going concem basis. Thg Charity and ts subsidiary undertakings Itog8thèr the 'Group'l havg slowly b8gun to dglivèr courses in person during the year whilst continuing to SusSfullY deliver courses online. It is anticipated in the foreseeable future thal courses will conlinue both in person and online to enable the courses to be offered to a wider range of peOe and management's forecasts for the next 12 months are based on this assumption. The Trustees and management have prepared forecasts that indicate that the Ch8rity and its subsidiary undertakings have sufficient resources lo continue in operation and to meet their liabilitses as they fall due for the fo$¢¢able fvlure, being a period of 12 months from the date of approval ol these finan¢ial statements. Accordingly, the Trustees have prepared Ihe financial statements on a going concem basis. Page 25
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.4 Exp•ndltur• Expendilure 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 obligab.on can be measured reliably. Expenditure is classified by 8Ctivity. The costs 01 each activty are made up of the lo181 of direct cos15 and sh8rtsd costs. including support costs involve(l in undertaking each activity- Dire¢t costs attributsble 10 8 singlo activity are allocated dIY to Ihat acts'vity. Sharèd costs which contributè to more than onè activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent th the use of reSours. Central staff costs are allocated on the basis of tsme spent, and depreciation charges allocated on the portion of the asset's use. Expendllure on raising lunds Indudes all expendilure Incurred by the group lo ralse funds for ils charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expendilure on charitable activities is incurred on direcuy undertaking the activth'es 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 granls being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditsons which have not been mel al the ygar end are noted as a commitmont. but not accrued as frxpenditure. All expendilure is indusive of irrecoverable VAT. 2.5 Int•r•8t rocelvabl Int8r8st on funds held on d8posii is included wh8n receivabl8 and thè 8mount can b8 m8asur8d reliably by the group. Where loans are InleSt free as the donors have requested funds are made available for specific causes, Ihe loan is discounled and nolional interest is calculated and accounted for. 2.6 Grants Tho Twstees, policy is to award grants that support activities that are in acr wth the objects of the Charity and restrictions imposed by the donors of the funds. 2.7 Taxation The Charity is considered to pass Ihe tesis set Otjt in Paragraph 1 S¢hedule 6 of the Finan Act 2010 and therefore it meeis the definition of a charitable company for UK corporats'on tax purposes. Accordingly, the Charity is wlentially exempl 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 Taxahon of Chargeable Gains Act 1992, to the extent that such income or gains are applie(l exdusively to Charitable purFM)ses. Page 26
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.8 Intanglbl¢ a$$•ts and amortl$atlon Intangible assets are capitalised and recognised when fvture economic benefits are probable, and the cost or value of the asset can be measured reliably. Intsngible assets are initially recognised at cost. After recognition, under the cost model. intangible assets are measured at cost less 8ny accumulated amortisation and any accumulated impairment Ioss8S. Amortisation is provided on intangible assets at rales calculated to write off the cost of each asset on a straight-line basis over its expected useful life. The esmated uselul Ilves are as folh)ws: Website costs 3 years. 2.9 Tanglble fixed a88ets and depreclatlon Tangible fixed assets are initially recognised 81 cost. After recognition, under the revaluation model, tangible fixed assets whose lair value can be meastjred r81iably shall be carried al a rgvalued amount, being their fair valu¢ at the date of revaluation less any subsequent ac¢umulated depreciab'on and subsequent accumulated impairment losses. Revaluatsons are made with sufficient glanty lo ensu that the carrying amount doès not differ materially from that which would be detemined using fair value al the end of the reptsrting dale. Fair v81u8S 8r8 d8t8rn1ined Irom mark8t4&ased evidencè by appr8is81 that is nomially und8rtakèn by professionally qualified valuers. If there is no market-based evidence ol fair value because of the specialised nature of the tar¥Jible fixed assel and it is rarely sold, except as part ol a contributing business. a charity may need to estimate fair value using an income or depreciated replacement cost approach. Gains and Ioss8s on rgvaluation arè recognised in the Consolidat8d statèment of financial 8CtivitlgS, with a separate revaluation serve being shown in the Statement of funds note. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives. Depreciation is provide(l on the folknng bases". Freehold propety Leasehold rmms Plant and machinery 2Y• Straight line Over ihe period of Ihe lease - Between 20°k and 50% Page 27
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.10 Inv•$tm•nts Fixed asset investmenls are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case rt is rneasured at cost les5 impaimienl. Investment g8ins and 10s5es. whether re8115ed or unre81ised. are combined and presented as 'GainsllLossesl on investsnenls. in the Consdidated slatemenl ol finanual activities. Investments in subsidiaries are valued at $1 less provision for impairnient. 2.11 Stocks Stocks are valuefj al the lower of cost and nel 811$able value after making due allowance for obsolete and slow-moving stocks. Cost indudes all direct costs. 2.12 O•btors Trade and other deblots are recognised al Ihe setuement amount after any trade discount offered. PrepayTrenls are valued al the amount prepaid. 2.13 Cash at bank and In hand Cash al bank and in hand indudes cash and short-temi highly liquid investments with a short malurily ol three months or less from the date of acquisition or opening of the deposit or similar account. 2.14 Liobiliti08 and proYi$lon$ Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, it is probable thal a transler of economic benefil will be required in settlement, and the amount ol the settlement ean be eslimaled reliabty. Liabilities are cOgnised al the amounl that the charity anlicipales il will pay lo settle the debt or the amount il has rgcgived as advanced payngnts for the g(K%ls servic8s il musl provide. Provisions are measured at the best eslimale of the amounts required to setde the obligation. Where the effect of Ihe time value ol money is malerial, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate Ihat reflects the risks specific to the liabilty. The unwinding of the di5couwII is recognised in the Con501idalwJ Statement of financAal activities a5 a finan¢e ¢ost. 2.1S Flnanclal Instrum•nts The group only has financial assets and financial liabilities of a kind that qualty as basic financial instrumen15. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value wth the excepb.on of b8nk loans which are subsequently measured at amorts'sed cost using the effective interest method. Page 28
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.16 P•n$lon$ The group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the group to the fund in respect of the year. 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 lunds. 2.17 Fund accountSng 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. Designaled funds comprise unreslricled funds that have been sel aside by the Trustees lor parts'cular purposes. The aim and use ol each designaled ftjnd is set out in the notes lo the financi81 statements. The Trustee5 have a polity of donatiThJ a percantage of eourse fe8S to SUPPOrt the tradition frorn which the leaching of Transcendentsl Meditstion and its lated techniques are derived. Reslricled funds are funds which a lo be used in accordance with specific reslri¢lions imposgd 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 lo the financAal statements. Investment income, gains aNJ losses are all(xated lo the appropriate fut)d. 2.18 Allacatlon of costs Direct charitable cosis are incurred in fulfilling the charilable objeclives of the Charity. Support Costs of charitable activities indu¢Je central m8nagemenl and adminislralion costs, inCUrd directly in support of expendilure on the objects of the Charity. These costs arè considered part of lotsl expenditure relating lo the ot4'8cts of th8 Charity. Governance costs indude costs incurred in the govemance ol the Charity and its assets and are primarily associated wilh constitulional and slalutory requirements. Cos15 of generating funds include cos15 incurred in order to raise income to support the activities of the Charity and its subsidiary undertakings. Page 29
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Crltlcal accounting •stlmat•s and ar•as of Sudgmènt In the application of Ihe accounknng policies, Tnjslees 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 eslimales and underfw'ng as5umplK)ns are based on historical experience and other factors th818r8 considered to be relevant. Actual results may drffer from these estimates. The esb'males and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the pericmj 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 sour¢8s of eslimalion uncetsinty that have a signifi(8nl 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 induded in the financial statements and no impairment is deemed necessary. Fixed assets. including propety. are depreciateij to net residual value. In most cases this is nil. In the case of properties that can or are used as residential properties. net residual value is considered lo be higher than cost and on this basis no dèpreciation is chargèd. The Investment in Awrveda Limited has been reduced to £Nil in prior years as the subsidiary has now dis¢onbnugd in operational exislgnce. The investment by the Charity in Maharishi Educali(ffi Centffj Limited has been written down in value so that il does not exceed the nel assets of the subsidiary undertaking. The imp8irmenl ¢harge in the year amounting lo £NIL12022.. £141,571) largely rewesents th8 annLbal depreciation charge on the Maharishi Peace Palace Page 30
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Incomè from donatlons and l•gac••s Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Donations 177.955 57.947 301,176 61,136 479,131 119,083 Legacies 235,902 362,312 598.214 Unrestricted lunds 2022 Restfr7Cted funds 2022 Total funds 2022 Donations Legacies 144,830 303,231 208,241 448,061 208,241 144,830 511,472 656,302 Page 31
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Incomè from charltablè actlviti•s Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Transcendentsl Meditstion Other courses 887,015 70,473 887,01 S 237,797 167,324 957,488 167,324 1,124,812 Unrnstricted funds 2022 Restiicled funds 2022 Tot81 funds 2022 TranSndental Meditation Other courses 871,419 88,412 871,419 189,531 101, 119 959,831 ioi, t 19 1,060,950 Page 32
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Incomè from athèr tradlng activltlès Income from non charitable trading activities Unrostrl¢t#d Rostrlct•d fund$ funds 2023 2023 Total funds 2023 Other Ir8ding income from subsi(Jiary undertakings Sale ol Ayurveda products Consultations and courses Rental income and room hire 413.356 123,590 9,092 15.605 5,492 418,846 123,590 25,113 19.439 16,021 3,834 561,643 25,347 586.990 Unrestricted funds 2022 Restfr7¢ted funds 2022 Total funds 2022 Other trading income from subsidiary undgrtakings Sale of Ayurveda products Consullalions and courses Rentsl income and room hire 301,691 212,770 5,059 308, 750 212, 770 8,666 26,247 8,666 8,086 18, 161 532,622 21,811 554,433 Investment Income Unr&$trl¢ted Re$trl¢ted funds funds 2023 2023 Total funds 2023 Investmgnl income on bank dgposits 3,791 3,266 7.057 Page 33
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Invèstment Incom• Icontlnu•d} Unr8Stricted funds 2022 Resliicled funds 2022 Total funds 2022 Investment income on bank deposits Other investment income 1,705 98 1, 705 574 476 7,803 476 2,279 Other incoming r•sourc•s Unr•strl¢ttrd funds 2023 Total fund$ 2023 Total funds 2022 Other operating income 20,th 20,000 During 2023 Ira(le ceased in the sub$18ry, Ayurveda Limited after receivin9 £20,000 for payment of the goodwill. Summary of granis Grants to Indlvldu81$ 2023 Total fund$ 2023 Grants, Transcendental me(litstion 202,357 202,357 Grants to Individuals 2022 Total funds 2022 Grants, Transcendental meditation 287, t37 287, 137 Page 34
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Analysls of grants Unrestricted Restricted funds funds 2023 2023 Total funds 2023 National admin grants and sponsorship Generdl restricted grant TMHD programme grants PurLJsha programme Vedic Pandits fund 30.171 74,193 30,171 74.193 20,475 16,519 60,999 20,475 16,519 60,999 104,364 97,993 202,357 Unrastri¢ted funds 2022 R8slri¢led funds 2022 Total funds 2022 Nallonal admin grants and sponsorship General reslri¢lgd grant TMHD programme grants Purusha programme Vedi¢ Pandits fund 177,489 50 29,633 13,587 28,478 97,900 117,539 29,633 13,587 28,478 97,900 117,489 169,648 287, 137 Page 35
Do¢Jslgn Envdope ID." 4FA9F12C.38LKL41C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Analysls of dlr•et Costs Activities undertaken dIrecY 2023 Grant fundlng of actlvltles 2023 Support ¢osts 2023 Total fund$ 2023 Direct costs- charitable actsvities 959.053 202.357 752,425 1,913.835 Acfy"wbes undertaken dire¢tly 2022 Gr8nt lundin9 01 activities 2022 Support costs 2022 Total funds 2022 Direct costs- charitable activities 853.865 287, 137 700.237 1,841,233 Analysls of dlr¢d ¢o$t$ Total fund8 2023 Actlvltles 2023 Teachgrs romungration Course adminislralion. promotion and advertising 559.328 399,725 559,328 399,725 959,053 959,053 Tot81 funds 2022 ActivItS 2022 Teacher5 remuneration Cours8 administration. promotion 8nd advesIng 489.901 363,958 489,907 363,958 853,865 853,865 Page 36
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Analysls of dlr•et Costs Icontlnuad) Analysis of support costs Totsl funds 2023 A¢tlvltl¢$ 2023 Stsff costs Depreciation Premises Management Finance an(i IT Legal 388,135 29.212 102,677 100,694 84,279 47.428 388,135 29,212 102,677 100,694 84,279 47,428 752,425 752,425 Total funds 2022 Activities 2022 Staff costs Depreciation Premises Management Finance and IT 399.206 75,541 83,908 55.563 98.217 47.796 399,206 15.547 83,908 55,563 98,217 4T,79S Legal 700,231 700,231 12. Audltorfs r•mun•ratlon 2023 2022 Fees payable to the chariVs auditor for the audil of the charitys annual accoLJnts 2S,000 19,500 Fees payable lo the charivs audilor in res of: All non-audit services not include(l above 10,000 9,000 Page 37
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Staff costs Group 2023 Group 2022 Charity 2023 Charity 2022 Wages and salaries Social security costs Contribution to defined contribution nsIon schemes 373.629 7.645 385.853 4,643 238,643 6,658 253, 161 4,643 6,861 8.710 7,220 388,135 399,206 247,347 265,024 The average number of persons employed by Ihe charity during the year was as follows.. Group 2023 No. Group 2022 No. Charlty 2023 No. Charity 2022 No. General Fund (Full timel MEC Limited (Full tirne} Genèral Fund IPart lime} Golden Dome IP8rt lime Al1varda Limit8d IPart timo) 23 32 18 22 No employee received remuneration amountsng to more than £60,CKKI in eilher year. Total remuneT8lion paid to key management personnel in the year amounted lo £62,000 (2022 £60,916). 14. Trustees. remuneratlon and expenses During the year, no TTuslee5 received any remuneration or other benefits f2022- £NIL). During the year ended 31 December 2023, no Twstee expenses have been incurred (2022- £NILJ. Page 38
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Intanglblè assets Group Web6it¢ ¢o$ts Cost Additions 29,9 At 31 December 2023 29,9SO Amortlsatlon Charge for the year At 31 December 2023 4,442 Net book valuo At 31 December 2023 25,508 Al 31 December 2022 Page 39
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Tanglblè fixèd assèts Group Long40rn1 leasèhold Flxturès and proprty oqulpmant Freehold property Total Cost or valuatlon Al 1 January 2023 Additions 5.114.601 750 781,579 958,534 6,854,714 750 Disposals Transfers between c18sses Revaluations 1161,0261 1161,0261 781,579 948.390 (781.579) 948,390 At 31 Decèmber 2023 6.845,320 797,508 7.642,828 Depr•clatlon Al 1 January 2023 Charge for the year On disposals Transfers between classes On revalued assets 885,916 110,831 133.114 820,094 35,601 1161,0261 1.839,124 146,432 1161,0261 133,114 1424,9801 1133.114) 1424,9801 At 31 Docember 2023 704,881 694,669 1.399,550 Ntt book value At 31 December 2023 6,140,439 102,839 6,243,278 At 31 December 2022 4,228,685 648,465 138,440 5,015,590 Page 40
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Tanglblè fixèd assèts Icontlnuod) Charity Long4erni leasehold Fixtures and property fittings Freehold property Total Cost or valu¥tl¢n At 1 January 2023 Transfers between classe$ Revaluations 568.955 739,913 948,390 781.579 (739.913) 46,818 1.397,352 948,390 Al 31 December 2023 2.257.258 41.666 46,818 2,345,742 Depr•clatlon Al 1 January 2023 Charge for the year Transfers between classes On revalueij assets 371,764 27,600 133,114 1424,9801 159.501 5,208 1133.114) 44,058 1,612 575,323 34,420 1424,9801 At 31 D¢¢ember 2023 107,498 31.595 45,670 184,763 Net book value Al 31 December 2023 2,149,760 10,071 1,148 2,160,979 At 31 December 2022 197. 191 622,078 2,760 822,029 Page 41
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Tanglblè fixèd assèts Icontlnuod) The Golden Dome was valued by Carter Jonas LLP at £1.380,0 on 6 April 2023, and Bournemouth Peace palace was valued at £425,000 in August 2024 IThe directors are of the opinion this is reflective of the value of the asset al 31 December 20231. Revaluation adjustments overall of £1.373,370 have b&&n made in th8 finan¢ial ststem8nts lo reffled these valuats"ons. The group has adopted a policy of revaluation for tangible fixed assets. Had these assets been measured al historic cost, the carrying values woukl have been as follows.. Group 2023 Group 2022 Charlty 2023 Ch8rily 2022 Freehold property Long-lerm leasehold PrortY Fixtures and lith'ngs 4.177,799 616,870 102,839 197,191 616,870 1,148 4.897,508 81 S,209 Page 42
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Flx8d assat Snv•stm•nts Investrnents $ub$ldlary Unll$t•d companl8s In¥•stments Total Group Cost or valuatlon Al 1 January 2023 291 10,000 10,291 At 31 December 2023 291 10,000 10,291 Net book value At 31 December 2023 291 10,000 10,291 Al 31 December 2022 291 10,000 10,291 Investrnents In subsidiary Unlisted companies Inv¢$tm¢nt$ Total charfty Cost or valuatlon At 1 January2023 2,097,968 10,000 2,107,968 Al 31 December 2023 2,097,968 10,000 2,107,968 Impalrm•nt At 1 January 2023 1,518.170 1,518,170 Al 31 December 2023 1,518,170 1,518,170 N•t book valu• At 31 December 2023 579,798 10,000 589,79B Al 31 Da¢ember 2022 579, 798 10,000 589, 798 Prlncipal subsldlaries The following were subsidiary undertakings of the charity.. Page 43
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Flx8d assat Snv•stm•nts (continu) Names Company number Class of share5 Holding Included in con5011datlon Ayuverda Limilgd Maharishi Education Centre Limited Maharishi Garden Village Limited Maharishi Foundation Limited 02167993 03362427 05322967 0304864 Ordinary Ordinary Ordinary No share capitsl Ordinary 99% Yes 100% Yes 75¥. No 100.1. No Maharishi Llmiled 5121468 The financial results of the subsKliarie$ for the year were.. Namos Income Expendlture ProflVILo881 I Surplu IDofi¢itl for tho y•ar Ayuverda Limited Maharishi Education Centre Limited Maharishi Garden Village Limited Mah8rishi Foundation Limited Maharishi Limitgd 143,590 589,380 24,295 {181,1791 {586,9531 125,9561 137,5891 2,427 1.661 N•t *8gèt$ 1183,0811 581,934 15,776 14,7061 100 Maharishi Garden Village Limiled, Maharishi Foundats'on Limited, and Maharishi Limiled have not been included in the consolidalion as they are considered immaterial in amount. 18. Sto¢k$ Group 2023 Group 2022 G¢x)ds for resale 16,341 Page 44
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Dèbtors Group Group As restated 2023 2022 Charity Charlty As restalecl 2023 2022 Due aftar more than on8 year Amounts owed by group undertakings Other debtors 721,463 25,000 756,810 25,000 25,000 25.(KlO 25,OOD 25.000 746.463 781,810 Group 2023 Group 2022 Charlty 2023 Charity 2022 Due wlthln on• year Trade debtors Amounts owed by group undertakiros Other debtors Prepayments and a¢ved income Tax rgcoverable 51,976 39,384 33,530 1.847,520 31,250 30,291 1,828,609 2,424 59 8,454 51,250 764 6,394 15.788 59 6,454 6,394 110,384 67.685 1.918,694 7,867,837 20. Cr•dltorn: Amounts falllng due wlthln on• y•ar Group 2023 Group 2022 Charlty 2023 Gh8rity 2022 Bank loans Oth8r loans Trade creditors 40.441 29,325 242,968 77,314 33,814 194.922 7,000 18,328 97,171 3,345 3,101 63,907 37,414 3,583 21,000 64,397 Amounts owed lo group undertaking5 Other laxalion and social security Other creditors Accruals and deferred income 14.761 143.811 15,582 15.028 184.433 2,924 6,408 121,295 521,093 230,266 219,60T Page 45
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Crèditors: Amounts falllng due aftèr mor• than onè yoar Group 2023 Group 2022 Charity 2023 Charity 2022 Bank loans Other loans Accru81s and deferred income 170.836 1.398,189 17,149 212.490 1,392.512 34.235 137.173 539,695 147,021 512,674 1,586,174 1,639.237 676.868 659,695 The aggregale amount of liabilities payable or repayable wholty or in part morg than five y9ars after the reporting date is.. Group 2023 Group 2022 Payable or repayable by instalments 9,901 612,258 9,901 612,258 Group bank loans are secured by a leg81 charge over land and buildings, included in the Group loans Is an amount of £150,25412022'. £143,783) which is secured by a18gal charge over land 8nd buildings. 22. Prlor yoar adjustment8 Following the recommendations of pviOUS auditors and our own inveslig81ion of the status of the MF Peace Palace fund, Ihe Trustees, Chiel Execulive and MF board have de¢idgd lo move this fund from rgstricted to designated on the basis there are no resirictive clatjses in any of tho original fund raising or re-financing used to build the Rendlesham Peace Pala. All original gifts and donations have been properly discharged in the constnjciion and rrt out ol the building, none being of a restricted nature. As this decision making process began prior to 1 January 2022 the Iruslees have restated the funds in their intended purposes, including the Peace Pala lund as a designated fund. The effect of this on the results for the year were £Nil12022.'£Nill. An adjustment was made to coThect Ihe loan inlerest incorrectly charged on an interest free loan to the subsidiary, resuf(ing in an adjustment in the parent charity only to reduce designated reserves by £123.516 and debtor5 by the same amount. In addib.on debtors falling due after more than one year of £1,828.609 was re¢lasstfied lo dèbtors falling duè wthin one yoar. Therg was no effect on the consolidated balance sheel or results for either adjustment. Page 46
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Statèm8nt of funds - Group Statement of funds - current year Balance at 31 Galnsl D&¢èmbèr (Lossès) 2023 B•l•n¢• at 1 January 2023 Transkrs Inlout Income Expendlture Unrestrlctèd funds Deslgnated funds Maharishi Peace Pala¢elSuffolkl General grants fund 2.977.362 59,629 {6,0271 3,030,964 76,865 {44,4441 17,1941 25,227 2,977,362 136.494 {50,4711 17,1941 3,056,191 General lund$ Genèral Funds Revaluation reserve 1989,686) 1,642,330 11,971,384) 11,529} 11,320,269) 1,373.370 1.373,370 1989,686) 1,642,330 11.971,3841 11,529} 1,373,370 53,101 Total Unrestricted fund$ 1,987,676 1.778,824 12.021,8551 18.723} 1,373,370 3,109,292 Page 47
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Statèm8nt of funds Icontlnu•d} Restricted funds General restricted fijnd Golden Dome fund Vedic Pandils fund Purusha fund 28,565 128,5651 242.721 324,140 {298,7121 268,149 210.046 149.931 132,441 111.237 48,226 56,516 {77,6031 {17,1571 150,9271 5.494 4.395 249,174 185,395 138,030 THMD National Cohergnce Lesley Woolley Legacy 8ournemoulh TM Centre Invincibility Schools fund Ladies Peace Palace Woollacomt* fund Global Mother Divine Oxford 422.775 1,495 16,9011 417,369 51.006 51,654 186.681 12,813 18,0571 11.166) 190,271 942 {2381 1,400 3.594 (601 3,541 25 25 11,915) 181,954 1,887 {6321 (1161 182,422 1,608,766 558,249 1488,9681 8,723 1.686,770 Total of funds 3.596.442 2.337.073 12.510.823) 1,373.370 4,796,062 Page 48
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Statèm8nt of funds Icontlnu•d} Statement of funds - prior year Bal8nce 8t 31 Da¢8mber 2022 {restatedJ Balance at l January 2022 As stated As reslated (restatedj Inwe Expenditure Transfers in/out Unrostrlctod funds Dg$lgnated funds Maharishi Peace Palaeelsuffolkl 2.950, T42 (3.479J 2,977,362 General funds General Funds (518, 797) 1,608,987 (2,079,086J (790) (989,686) Total UnrestrScted funds 2.431.945 1,639.086 (2,082.565J (790) 7,987.676 Page 49
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Statèm8nt of funds Icontlnu•d} Balanc8 at 31 December 2022 {restaled) Balance at l January 2022 As restated As restated (restated) Income Expendlture Transfers in/out Re$trl¢tod fund$ General restricted fund Golden Dome fund Vedic Pandits luntl Purusha fund 37.386 288,277 65,234 62,287 114,465 421,999 49,369 183,309 1, 101 3.686 25 (120) 181.978 20,216 170,973 259,320 118,725 52,993 1,780 120 9,453 692 (29,037J {216.529J {113,533J (30. 106J (34.042J (2,231J 28,565 242, T21 210,046 149,931 132,441 422, TT5 51,006 186.681 942 3,594 25 (7,915) 187,954 (975) (975) (9T5) 1,227 1,517 1,262 (297) THMD National Coherence Lesley Woolley Legacy Bournemouth TM Centre (7,343J (560J (95) InvinrAbility Schools lund Ladies Peace Palace Woolla¢ombe fund Global Molher Divine Oxford 532 (2,327J (95J 71 1,408.996 634,878 {435,898J 790 1,608, 766 Total of funds 3.840.941 2,273.964 (2,518.463J 3,596.442 Page 50
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ststemgnt offund$- Charity ststem¢nt of funds- current Balance at 1 January 2023 Irgststsd Balance at GOIn 31 Dg¢ember ILossgs1 2023 Tran4grs Inlout In¢¢m• Exp•ndltur• Unr•strlet•d funds Déslgnatèd fund$ Maharishi Peace pala¢g Isuffdkl Gener81 grants fvjnd 2.536,917 84,282 76,865 173,2351 144,4541 2,547.964 25.217 17,1941 2.536.917 161.147 1117.6891 17.1941 2,573,181 G•n•ral fvnds Gèneral funds RQluatIOn reseTre 1431.2151 1.W7.582 {1.231,4371 11,5281 1656.5981 1,373,370 1,373,370 1431,2151 I,7.582 {1,231.4371 11,5281 1.373,370 716,772 Unr•strScted funds 2.105.702 1,168,729 11.349,1261 18.7221 1.373.370 3,289,953 Page 51
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Stat8m•nt of funds - Charity Icontlnuad) Balance at 1 January 2023 Ire*atèd} Balance at GainFJ 31 Decernber ILoss8sl 2023 Tran4gr5 inlout Incom• Exp•ndlturo Rèarict•d fund$ General reslricled nd 28,555 128,555 1298.7121 (77,603 {17,157 I),927 6,9011 Goldan Domè fijnd 242.721 324. 140 111,237 49,872 56,516 494 266,149 Vedic Pandits ftJrKI 210,046 149,930 132,441 422,775 5,494 2,747 249,174 185,392 138,030 417,368 PurtAsha fvnd THMD National Coherence Lesley WOleY Legacy Boumemoulh TM C4nlre In%4ncibillty S¢h¢)ols nd 51,CX 51,654 186,661 12.813 18,0561 11,1671 19),271 942 12381 1601 1,400 3,541 25 Ladies Peace Palace Woolacombe fund 25 Global Mother DiI4ne 11,9151 181,954 1,887 16321 11181 16601 182,422 Oxford Restrl¢ted lund$ 1.608,755 558,246 1488,9571 8,722 1,686,766 Total of funds 3,714,027 1,726.975 {1,838,083} 4,976,719 Page 52
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 D8scrlptlon of funds al Unrestricted funds il General Fund The General Fund includes all of the unstriCted funds of the Charity. These include the National Offices in Skelmersdal8 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 publicabon Yranscendental Meditats'on News" magazine. ii1General Grants Fund This fund contains amounts rley(l with no specffic restnclions, bLrt which have been deslgnated for use by the Iruslees. iiil Maharishi Peace Palace Suffolk Fund In September 27 the Trustees passed a resolution to establish the Maharishi Peace Palace (Suffolkl Fund lo fund the construction and maintenance ol an educational facility in Suffolk. The Maharishi Peace Palace is being used lo provide educational courses arKI a venue for group practice of Transcendentsl Medilalion and the TM- Sidhi programme. ibl Ro$lrl¢tgd fund$ il General Restricted Fund This lund contain5 investmènts 8nd some cash. Investment of lunds 8nd gr8nts awarded from this fund are made al the recommendation of the donors of the funds, wlhin the objects of Maharishi Foundation, and wilh the approval of the Tmslees. Dlden Dom Fund A special fund, 'The Golden Dome Fund,. was established in February 1983 finance a project to build a Golden Dome Ihat would accommodate a group 01800 practitsoner5 of ihe Transcendental Meditation and Tm-sidhi Programme. This number is the square rtK)l of one per cent of the population of Great Britsin- the number required lo produce the Maharishi Effe¢t. This facility. Golden Dome bn Skelmersdalg. is used, for educational courses and group pr8¢tice of Transcendentsl Meditstion and the Tm-sidhi Programme by local SIdents and visitors to the facility. iiil Vedic Pandits Fund This fund was established in 2001 10 5UPPOrt the settiro up and maintenance of groups of Maharishi Vedic Pandils from India. The purpose of these groups is to praclise different aspects of Maharishi's v1C Science in order to develop higher stales of consciousness and Spad an influence of pe8¢e and harmony throughout th8 wodd. iv) Purusha and THMD The Purusha and THMD Teslricled funds were set up to promote courses to develop the mentsl and creative potential ol the individual. The Purusha fund supports urseS for men and the THMD fund supports courses for ladies. vl National Coherence Pro ect This is a restricted fund set up with the aim of raising funds to suppcffl a pemianent group ol people practising the Transcendental Meditation and Tm-sidhi Programme to create coherence in national consciousness through the Maharishi Effect. vil Lesle Woolle The Charity was left a legacy by Lesley wlley. who died in August 2001. The Trustees want to honour the wishes of Lesley Woolley as dosely as possible and are currendy developing new projects where her legacy can be applied in a manner that will fulfil her inientions as expressed in her Will. Page 53
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 vill Revaluation Reserve Fund The revaluation of the Bournemouth TM Cenlre and the Golden Dome have been kept in a seperate restricted fund to match the cost of the properties. funded by restricted donations. viiil Boumemoulh TM Centre In 2010 a propety was purchased in Boumemouth to be use(1 for a Transcendentsl Meditation TeachSng Centre. The purchase price was largely funded from a granl. ixl Maharishi Invincibili Schools Fund The Maharishi Invincibility Schools Fund. fvnds the promotion and introductK)n of Consciousness-Based Education ICBEI In existing schools and colleges. including costs of faculty training and provision of CBE courses and study f8¢ilities for students and te8¢hers. The fund will 81s0 be used lo fund the development of new schools and cle98$ buill according lo the principles ol IAaharishi Sthapalya Veda. lo provide scholarships to assist students and teach8(S to leam Transcendental Meditation and related Advanced Techniques, and to provide scholarships lo students who may require help lo pay tUItn fees and other school or college fees in the context of CBE. xl Ladies Peace Palace Fund The Fund was sel up lo raise funds to establish an educational facility for ladies lo be known as a Ladies Peace P8lacg. with similar objectives lo the facility bein9 developed in Suffolk. xil Global Mother Divine O anisalion The Global Mother Divine Or9anisalion IGMDO} is as a separale division ol Maharishi Foundation which serves and nourishes the ladies and girls of the UK arKI the world through Total Knowledge. The GMDO divisK)n ol M8h8rishi Foundation indudes five e(lucational departments. The fund had an overspend In the year which was rectsfied in 2024. xiil Oxford The Oxford fund is a special fund set up for a Transcandantal Meditaknon centre for Oxford to be established. The aim is lor any building acquired lor teaching purposes to be named after the donor's mother Edith Saunders who passed away in the mid 1990s. xiiil Wooll8¢ombe fund A gift from the estste of Graham Woollacombe's mothgr used ft)r 0$10n81 training and educational grants 25. Sumfflary of funds Page 54
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 25. Summary of lunds Icontlnuod) Summary of funds - current year- The Group IRestatedl B•l¥nce at 1 January 2023 Balance at 31 Galnsl D&¢èmbèr (Lossès) 2023 Transfèrs Inlout Income Expendlture Designated funds General funds Restricted funds 2,977,362 1989.686) 136,494 {50,4711 1,642.330 11.971.384) 17,194) 11.529} 3,056,191 53,101 1,373.370 1,6Q8.766 558,249 {488,9681 8.723 1.686,770 3.596.442 2,337,073 12.510.823) 1,373.370 4,796,062 Summary of funds. prlor year Belance at 31 Deceml)er 2022 as rgslatsd Balance 8t l January 2022 8s As Trslated As Trsl8led slated Income Expenditu Trnnsfers in/oul Designated fijnds Gentrr81 funds Restridgd funds 2.950. T42 {3.479J (518, 797) 7,*S08,987 (2,079.086J 1,408.996 634,878 {435,898J 2,977,362 (790) (989,686) 790 1,608, 766 3,840,947 2,273,964 (2,578,463J 3,596,442 Page 55
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 26. Analysls of n•t ass•ts b8lw8•n funds Analysis of net assets between funds - current year Unrestricted Restrlcted funds fund$ 2023 2023 Total funds 2023 Tangible fixed assets Intangible fixed assets Fixed assel investments Debtors due after more than one year Current assets Creditors due within one year Credilors due in more Ihan one year 5,838,803 25.508 291 404,475 6,243.278 25,508 10,291 25,000 618.799 1540,6401 11,588.1741 10,000 25,000 1,247,295 1628.4961 1540.640 (1,586,174 Totsl 3,109,292 1,686,770 4,796,062 Analysls of net a$$•ts b•twa•n fvnds - prlor ar Unr9s1ricl8d funds as r&slated 2022 Restrictsd funds 8$ restaled 2022 Total funds 2022 Tangible fixed assets Fixed asset investments 4.567, 155 291 448,435 5,015.590 10,000 10,291 25,000 25,000 882,905 705,891 f78,668) (521,093) 321,094 (1,639,2371 Debtors due after more than one year Current asse15 Creditors dLJg Wlthin ong year Credilors due in more than one year {777.014) (442,425) (1,960,331J Total 1.98T.676 1,608. 766 3,596,442 Page 56
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 27. R•conelllatlon of not mov•m•nt In lunds to net cash flow from 0ratIng activltlès Group 2023 Group 2022 Net expenditure for Ihe year las per Slatement of Financial Actiwtiesl 1173,7501 f244,499) Adjustments for: Deprgualion Charges Amortisation charges Dividends. interests and rents from investments Decrease in stocks DecreaseIlinea$e> in debiors Increaselldecreasel in creditors Intere51 payable and similar expensès 146,432 4,442 17,0571 16,341 148,6991 43,823 53,102 159,054 (773) 29,534 26,415 (27,937) 39,875 Net ¢a$h provldod byl{u$ed In} operatlng a¢tlvltS0• 34.634 (18,391) Page 57
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 28. Analysls of cash and cash •qulval•nts Group 2023 Group 2022 Cash at bank 508.415 627,865 Total cash and cash equivalents 508,415 627,865 Analysls of Changes In net debt At1 January 2023 Cash flow8 At31 Docember 2023 Cash al bank and in hand Debt due within 1 year Debt due 8ftèr l year 627.865 1111.128) {1,605.002) 1119.450 508,415 41,362 {69,7661 35,977 11,569,025) {1,088.265} 142,1111 11,130,376) 30. P•nslon commStm•nts The group operates a defined ¢onlribulion pension scheme. The asse15 of the scheme are held sep8ralely from those of the group in an independenuy administed funij. The pension ¢osl charge represents contributions payable by the group lo the fund and amounted lo £6,861 12022 - £6,289) No amounts were outstanding lo the scheme al either 31 Decembgr 2022 or 2023. Page 58
Do¢Jslgn Envdope ID." 4FA9F12C.38LKH1C3-92D4-9564E4B441FC MAHARISHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 31. Related party transactions By virtue of at least c£Jmmon Trustee and certain related objects and activities, Maharishi Foundab'on is connected lo the followng parties.. al Spiritual Regeneration Movemenl of Great Britain SRM made a loan of £155,1#)O 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 k)an caffles 8 first charge over the property and accrues interest 0130A above bank base rate. The loan is a long-tem 108n and the loan plus 3rued interest is not rgpayable until the propety is sold or until the Truslees of Maharishi Foundation decide to make r8paym8nt at th8ir discretion. Inlefèsl accyuèd in 2023 was £16,94612022- £9,128>. bl David Lynch Foundation UK In 2023 Maharishi Foundation paid £700 12022.. £8001 to Davi(J Lynch Foundation UK to support ils promotional 8Ctivilies Ihal sU11e¢l in many people taking courses offered by M8harishi Foundalitsn. A grant of £23.05012022". £NILI was awarded lo David Lynch Foundation. No amounts wer8 due lo David Lynch Foundatson al 31 December 2023131 December 2022- £Nill. cl Invincible Scotland Trust In 2023 Maharishi Founijalion paid standard commission on leaching fees of £30,754 to Invincible Scolland Trusl12022. £27,352). No amounts were due lo Invincible Scotland Trust al 31 December 2023 131 Oecember 2022- £Nill. dl Peace Palace Membership A number of the Trustees are membets of the Pe8ee Palace. Memberships have been purchased on normal commercial lems. el Stitching Maharish5 P Warburton has confirmed he is a member wilh some degree ol rnanagement over 3 Siilching Maharishi Organisalions. A total of £31,85412022'. £NILI was paid to these organisations in the year. No amoun15 were due lo Slilching Maharishi at 31 December 2023131 December 2022- £Nill. fl Closg Family remun8rabon During the year an amount of £12,36012022: £12.3601 was paid as remuneration to L Warburton Iwfe of P Warburtonl. The Charity h85 tsken advantage of the exemption available in paragraph 33.1A of FRS 102 and has not dIlOSéd transactions 8ntèred into bètween wholly ownéfj group èntities that havè been eliminated on ¢onsolidation. Page 59