Company Registration No. 01902341 {England and Walesl MAHARISHI SCHOOL TRUST LTD (A COMPANY LIMITED BY GUARANTEE) GOVERNORS, REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 MAHARISHI SCHOOL TRUST LTD CONTENTS Page Reference and administrative detsils Governors, report 3-12 Governance slalement 13-16 Slalemenl of regularity, propriety and compliance 17 Slalemenl of Govemors, responsibilitie5 18 Independent audilorfs report on the financial slalements 19-22 Independent reporting aceounlanfs report on regularity 23-24 Slalemenl of financial actNilies indLKling ir￿rne and experKliture a¢￿Unt 25-26 Balance sheet 27 Slalemenl of cash flows 28 Notes lo the financial statements induding accounliry poliaes 29-46 MAHARISHI SCHOOL TRUST LTD REFERENCE AND ADMINISTRATIVE DETAILS Members G Valenle G Evans 18imbaum J Scott P D Mitchell {Reggned 24th January 20251 R W Buswell WGOfr E A Dent {Apwinted 6th March 20251 Governors l Bimbaum L J Edwards A O'Neill C L MccFoskey C K Latham C Wnleringham G Evans JRHLees L Gaskell L V Walters M Ingram R F Hobson {Re&gned 24 January 20251 R W Buswell R Marriott L E J Andrews (Re￿gned 8 November 20241 N W T Mercer (Appointed 14 February 20251 D Mcarthur-Gieenall (Apwinled 12 December 20241 Senlor managemgnt team Headteacher - Deputy Head Deputy Head Consciousness-based Education lead Business Manager L Edward$ L WaAers L Gaskell M Ingram P Magee Company secretsry P Magee Company reglstratlon number 01902341 (England and Wales) Reglstsrgd offlce Maharishi SChC￿l Cobbs Brow Lane Lathom Ormskirk Lancashire L40 6JJ Indepgndent audltor Cooper Pary Group Limited Sl James BuildiThJ 79 Oxford Street Manchester M16HT MAHARISHI SCHOOL TRUST LTD REFERENCE AND ADMINISTRATIVE DETAILS Bankers Lloyds PO Box 1000 Andover BX1 1LT Sollcltors HY EdL￿allOn Sandbrook House Sandbrook Park Rochdale OL11 1RY MAHARISHI SCHOOL TRUST LTD GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Govemors are pleased to present this report for Maharishi Free School for the year ended 31 August 2025. As a small rural all-through school in Laneashire, we provide education for pupils aged 4 10 16, fostering academic excellence, personal growth, and community engagement. Govemors are responSi￿e for strategic oversight and ensuring the school delivers high-quality educ*"on in lirbe wth our wsion and stalulory requirements. Structure, governance and management Constitution The academy trust is a company limited by guarantee and an exempt charity. The charitsble company's memorandum ar¢d articles of association are the primary goveming documents of the academy trust. Governors, ol Maharishi School Trust are also the direclors of the charitsble company for the purposes of company law. The charitsble company operates as Maharishi School Twst. The Academy Trusl's memorandum and a￿CleS of associab.on are the primary goveming d￿MentS of the School together with the Funding Agreement entered into with the Secretary of Stale for Education. Members of the Academy Trust comprise of the signatories to the memorandum. up lo 3 persons may be apprynted by Maharishi Foundation and 1 person who may be appointed by the Secretary of State, the Chair of Govemors and others whom existing members may unanimously appoint. The artiele5 of assoaation require the members of the Academy Trust to appoint al least th￿e Govemors lo be reswnsible for the statutory and conslitulional affairs and management of the Schc(A. Details of the Governors who served during the year, and lo the date these ￿0￿￿ts are approved are included in the Reference and Adminislralive Details on page 1. Member$, liabllity Each member of the charitable company undertakes to contn.bute to the assets of the charitable company in the event of it b￿ng wound up while they are a member. or wrthin one year after they cease to be a member, such amount as may be required, nol exceeding £10, for the debts and liabilit￿5 contracted before they ¢eas8d lo be a member. Gov&rnors' Indgmnltles The Academy has purchased Insuran￿ to protect G0Ven￿lS and officers from daims arising from negligent ads, errors or omissions occurring ￿11$1 on A￿demY business. The insur8nr* providès cover up to £10,000.000 lor Governors, liability on any one occurrence_ Method of recwltment and appointment or election of Governors The Members may appoint up lo 10 Govemors. The Members may appoint Staff Governors through such a process as they may determine, provided thal the totsl nUM￿r of Govemors (including the Headleacherl who are employees of the Academy Trust does not exceed one third of the total number of Govemors. The LA may apwint the LA Governor. The Headteacher shall be treated for all purposes as being an ex offiao Govemor. The Parent Governors shall be elected by parents of regISte￿d pupils at IheAcademy. A Parent Governor must be a parent of a pupil al the Academy at the bme when he is elected. The Goveming Body sh811 make all necessary arrangements for, and determine all other matters relating to. an election of pa￿nI Governors, inclLiding any question of whether a person is a parent of a registered pupil at the Academy. Any electicn of Parent Governors which is contested shall be held by secret ballot. The Governors are difectors of Ihg Ch￿l￿ble company the pU￿)se$ of the CompaniesAd 2006 and Governors for the purposes of charity legislation. The Govern￿ who were in office at 31 August 2025 and served throughout the year are listed on page 1. During the year undw review the G0vem￿S held 6 meetings. MAHARISHI SCHOOL TRUST LTD GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Pollcles and procedures adopted for the Induction and training of Governors Company law requires the Governors lo prepa￿ financial statements foi each financial year. which give a true and fair view of the slate of affairs of the charitsble company al the end of the financial year and of ils incomiry resources and application of resources. including inc(*ne and expendrture. for the financAal year. In preparing financial slalemenls which give a true and fair wew. the Govemots are reqUI￿d to". select suitable accounting policies and then apply them consislenlly.. make judgements and estimates that are ￿3$Onable and prudent, stale whether appIl￿ble a¢￿untIng stsndards have been followed. sufy.ect to any material departure$ disclosed and explained in the finanaal slalemenls.. a￿1 prepare Ihe financial slatements on the g26, Govemors wll focus on continuing to enhan￿ Ihe schcol's provision, wellbeing. and engagement across all phases". 10- MAHARISHI SCHOOL TRUST LTD GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Acadernlc Prlorltles Improving outcomes in reading across primary and secondary phases. in line with Ofsted reCoMmer￿allOns. Expanding and enhanang the enrichment offer. ensuring all pupils experience a broad and balanced range of cultural. artsslic, and physical opportunities. Conb"nuing to improve attendan￿ levels across all year groups to support attainment and engagement. Facilities and Infrastructure Completing the Urgent Fire Safety and Statutory Compliance W(￿kS, funded through CIF and the Edna Linell Charitsble Tru51. Investing in infrastructure improvements to create modem. sustainable, and safe leaming environments across both sites. Staff Wellbelng and Development Strengthening the school's wellteing provision wlh a slruciured, tiered approach overseen by the wellbeing lead. Introducing half-lemily wdlbeing team meelings to share updates. diS￿$S ￿se$, and maintain a joined-up approach. Conts"nuing to invest in professional development and support lo retain and attract high-quality leaching and support stsff. Communlty. Partnershlps. and External Engagement Expanding the school communrty through iniliab.ves such as the PTFA WhatsApp Community, fostering connection, support, and a culture of reciproaty among staff. parents, and pupils. Launching seasonal celebrations and school-wide events that bring together the school community lor cultural. social, and creative experiences. Slrenglhening links with local and nab.onal partne￿ to provide pu￿15 wth unique leaming and development opportunities. Studgnt 0gvelopm?nt and Enrlchment Implementing a ¢￿t￿ra1 capital mapping project to ensu￿ that every pupil experiences a range of key learning. creative, and enrichment opportunthes across both primary and Secondary phases. Tracking and monitoring enrichment experiences to embed cross-curricular links and ensure continuity and progression. Governance, Compllancg, and IT Se¢yrlty Maintaining strong overwghl of information technology and cyber securtty. induding policy review, staff training, access controls. and risk management in line wth DIE standards. Strengthening estates management and business continuity planning lo ensure resiliènce and the ongoing delivery of high-quality education in all tircumstsnces. Funds held as custodian trustee on behalf of othe The Academy and its Govemors do nol act as the custodian trustees for any other Charity. 11 MAHARISHI SCHOOL TRUST LTD GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Audltor As sel in the Academies Trust Handbook, Aeademy tnjsts $￿Uld r&tender their audit contract at least every five years. The academy trust procured the services of Cooper Pary through a Departmenl for Education IDfEI framework. Insofar as the GoverrK)rs are aware". there is no relevant audit infornialion of which the charrtatAe company's auditor is unaware. the Governors have tsken all steps that they ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the auditor is awaie of that information. The Governors, report, incorporating a strategic report. was approved by Order of the Board of Govemors. as the comp y directors, on 11 December 2025 and S￿￿ed on ils behalf by.. Birnbaum Chalrman 12- MAHARISHI SCHOOL TRUST LTD GOVERNANCE STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 Scope of responsSblllty As Govemors, we acknowledge we have overall reSP￿sIbIlity ￿ ensuring that Maharishi School Trust Ltd has an effeth.ve and appropriate system of control, finanaal and otherwise. However. such a system is designed lo manage rather than eliminate the risk of failure to achieve bUSi￿sS ot4'ectives. and can provide only reaSona￿e and not ab501Lrte assurance against material misstatement or loss. The Board of Governors ha$ delegated the day4frday res￿nsibl"lrtY to the principal. as accounting officer. for ensuring finanaal controls confomi wlh the requ1￿mentS of both propnety and good financial management and in accordan￿ with the requirements and responsibilibes assigned to il in the funding agreement be￿een Maharishi School Trust Ltd and the Secretary of State for Education. The accounting officer is also responsible for reporting lo the Board of G0Verr￿rS any material weaknesse$ or trmeakdowns in inlemal control. Governance The information on governance included here supplements that described in the Govemors. Report and in the Statement of Governors. Responsibrlib"es. The Board of Governors has fomially met 6 times during the year. Attendance duriThJ the year at meetings oflhe Board of Govemots was as f￿10¥&￿. Governors Meetlngs attended Out of posslble l Birnbaum L J Edwards A O'Neill C L Mcdoskey C K Latham C Winteringham G Evans JRHLee5 L Gaskell L V Walters M Ingram R F Hobson (Resigned 24 January 20251 R W Buswell R Marriott L E J Andrews (Resigned 8 November 2024) N W T Mercer (Appointed 14 February 20251 D Mcarthur-Greenall {Appoinled 12 December 2024) The main rest%)nsibililies of the board are as follows.. Regular reviews by the finance and general purposes tx)mmitlee of rep)rts which irKlicate financial performance against the forecasts and of major purchase plans, capital works and expenditure programmes", Setting tsrgels lo measure financial and other perfomiance. Clearly defined purchasing lasset purchase of caFXtal imiestmentl gyidelines". Delegation of aulhoTty and segregation of duties., Identification and management risks. Conflicts of interest All Members. Governors and stsff purchasing auihority are required to declare their interests annually by completing the Declaration of Inte￿st profomia. This is reviewed by the academy and held by the Trust. The declaration of interest is updated on an annual basis or when thanges occur. 13- MAHARISHI SCHOOL TRUST LTD GOVERNANCE STATEMENT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Members, Trustees, Govemors and Stsff a￿ advised that if not sure what to dedare, or whether I when any declaration needs lo be updated. that they should err on the side of cauts"on. The Chair of the Board of Governors provides advice and il is their responsibility to ensure that professional advi￿ lie, from the audilorsl is sought where necessary. Interests are recorded on the Trust's Register of Inte￿$ts. which 15 maintained ty the Clerk. The ￿gIster 15 availablo on request. Al each meeting. the clerk ask$ for any conflicts of Inte￿$1 to be dedar&J. Meetlngs The information on govemance included he￿ suprAements that described in the Govemors. Report and in the Statement of Govemors, Responsibilites. The Board of Govemors has formally met 6 times during the year. So that the board a￿ lully aware of the financtal positron a Trustee has been invited to each Finance Planning rneeling. All Governors are sent a monthly report so that they are up to date ￿th thè current financial posrtion and LGB minutes are reviewed lo ensure the finance put into the rAace lo deliver the priorib.es in the School Development plan are being ulilised effectively. Governance reviews We have had 3 feviews made by extemal agencies throughout the year. These are Strategic Fraud, Anli-Bribery and Corruption, Risk Management and Data Proteth"on. The reports were distributed lo the Governors and actions were pul Into place lo address any oulslanding issues. Actions lo be pul into pFace were.. Fraud Anti-Bribe and Comj tion al All staff lo be reminded of the requirement fy the finwce team to wtness any requests for change of bank details. bl Historical differences in the schools finanaal sofiware to te resolved to enable 8ecurate reflection of the schools current position in the management accounts. cl Guidance related to the new Gifts & Hospitslity P)licy lo be circulateA al the earliest opp)rtunity. ill Educational whistteblowing policy to be implemented. el Training requirement identified lo be implemented and in induction process for stsff and Govemors. k Mana ment al Number of risks identtfied to be reduced to make for a more manageable documenl, including the femoval of overlapping risks. bl Business continuity plan to be updated and circulated to relevant staff. cl Governors lo be reminded of the terms of reference each committee. Data Protection al Data protection policies to be approved by Govemors at the next meeting and circulated lo all staff. bl Business Continuity F48n to be updated to include dats proteclion and cyter security measures. cl An asset information register should be produced. dl Business manager lo ensure all new staff re￿1ve apFYopriale data protection training wlhin one month of their start date. 14- MAHARISHI SCHOOL TRUST LTD GOVERNANCE STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Flnanco, Audll and Rlsk sulxommlttee The Finance. Audit and Risk committee is a sU￿COMMittee of the main Board of Govemors. Ils purpose is to set and monitor Ihe budget and provide assurance lo the Trust Board that the systems and practices within the Trust adhere to the Academy Tnjst handbook. Attendance at meetings in the yearwas as folluK'. Governors Paeetlngs attended Out of poyslble l Bimbaum L J Edwaids A O'Neill R W Buswell R Marriott Revl8w of value for money As accounting officer. the principal has responsibility for ensuring Ihat the academy trust delivers good value in the use of public resources. The accounting officer understands that value for money fefers lo the educational and wider societal outcomes, as well as eslales safety and management. achieved in relum for the taxpayer resources received. The accounting officer considers how the academy Iwst's use of its resources has provided good value for money during each academic year, and reports to the Board of Govemors where value for money can be improved, including the use of benchmarking data or by using a framework Whe￿ apwopriale. The accounting officer for the academy trust has delivered improved value for money during the year by.. Random sampling of the procurements made ensures that we a￿ getting thè highest quality for the best possible price. Benchmarking against similar In151 Is used lo verify decision making so that value for money is achieved. Consultation for best practices allow5 US to draw upon the experience of professionals to engage services within schools that are high qu8lrty. For example. we have renegotsaled contracts so that we have best value for money from I￿r energy suppliers. The purpose of the system of internal control The system of intemal control is de￿gned lo manage risk lo a reasonable ￿Ve1 Tather than to èliminate all risk of failure lo achieve policies. aims and objective5. It can therefore only provide reasonable and not absolute assurance of effectiveness The system of inlemal control 15 based on an on-going process designed lo identify and prioritise the risks to the achievement of ac8demy trust poliaes, aims and 04'ectives. lo evaluate the likelihood of those risks being realised and the impaci should they be realised, and to manage them efficiently, effectively and economically. The system of inlwnal control has been in pla￿ in Maharishi Schw)l Trust Ltd for the period I Septembei 2024 10 31 August 2025 and up to the dale of approval of the annual report and financial slalemenls. Capaclty to handle rlsk The Board of Governors has reviewed the key risks to which the academy trust is exposed together wth the operating, financial and Compliance controls that have been implemente(I lo mitigate those risks. The Board ol Governors is of the view that there is a fornial ongoing process for identifyt"ng, evaluating and managing the academy Irusl's significant risks that has been in place for the period 1 Seplembec 2024 10 31 August 2025 and up to the dale of approval of the annual report and financAal statements. This process is regulafly reviewed by the Board of Governors. 15- MAHARISHI SCHOOL TRUST LTD GOVERNANCE STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 The r￿k and control framework The academy trust's system of internal control is based on a framewoth of regulaf management inforrnation and administrative procedures including the segregation of dLrties and a system of delegation and accounlabilty. In particular, it includes". comp￿hen$1ve l￿dgetIng and monitoring Systems wilh an ￿nUal t￿￿get and periodic financial reports which are reviewed and agreed by the Board of Govemors,. regular reviews by the finance and general purposes committee of reports which indicate financial performance against the forecasts arid of major purchase plans. capital works and expendrt￿￿ programmes.. setting largels lo measure financial and other performance". clearly defined purchasing lasset purchase or capital investment) guidelines,. idenlificalion and management of risks. The board of Govemors has considered the need for a specific rntem81 audit funth.on and has decided to appoint a new Responsible Officer from School Business Services. follobwng the appointment of Cooper Pary as external auditors. who heads up their internal audit services function for the education Sector. The internal aL*Jitorfs role indudes giving advice on finanual and other matters performing a range of checks on the academy tnjsfs financial and other systems. In particJJlar. the checks carried oul in the current period included.. Fraud, Anti-Bribery & Corruption Risk Management Data Protection The internal auditors delivered their schedule of work as planned. provided detsils of any significant control issues arising as a result of the inleinal auditors work arid all remedial work was taken lo reclify the issues. For the period we are reporting for the audrtors made three reports to the board of Govemors. through the audit and risk committee on the matters noted above. Rovlew of effectiveness As accounting officef, the prinopal has respon￿bIlIty for reviewng the effecbveness of the system of internal control. During the year in question the review has been informed by: the work of the inlemal auditor the financial management and govemance self-8sse5sment process or Ihe school reS￿r¢e management seff- assessment tool., the work of the executive managers wlhin the ac£demy trust Vrt￿ have responsibility for the developmènt arKI maintenance of the inlemal control framework" the work of the extsmal auditor The accounting olficer has been advised of the implications of the ￿sUIt of their ￿VIeW of the system of internal control by the audit and risk eLJmmittee and o plan to address weakresses and ensure continuous improvement of the system is in place. Conclusion Bas&d on the adwce of the audit and risk committee and the accounting officer. the Board of Gove{r￿r$ is of the opinion that the academy trust has an adequate arbd effective framework for govemance, risk managernent and contiol. Appr by order ofthe Board of Govemors on 11 December 2025 and signed ￿ its behalf by.. Bimbaum Chalr of Governots dwa Accountlng Officer 16- MAHARISHI SCHOOL TRUST LTD STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE FOR THE YEAR ENDED 31 AUGUST2025 As accounting officer of Maharishi Schocd Trust Ltd. l Confirm thal I have had due regard to the framework of authorities governing regularity. propriety and complian￿. including the trust's lunding agreement with the Department for Education IDfEI. anil the requirements of the Academy Trust Handbook, induding responsibilitie5 for estates safety and management. I have also considered my responsbility lo notify the academy trust Board of Governors and DfE of matenal irregularity. impropriety aThJ non-cL￿p11an¢e temis and conditions of all funding, including for estates safety and managemenl. I confirm that l and the Board of Govemors a￿ able to idenb.fy any materi81 irregular or improper use of all fvnds by the academy trust, or material non-compliance the framewofk of authortiies. I confirm that no instances of material irregularity, impropriety or norFcomplIan￿ have been discovered lo dale. If any instsnces a￿ identified 8fter the date of this 5tstemenl. these will te notified to the Board of Governors and DE. L J Edwards Accountlng Officer 11 December 2025 17- MAHARISHI SCHOOL TRUST LTD STATEMENT OF GOVERNORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST2025 The Govemors (who act as trustees for Maharishi S¢hool Trust Ltd and are also the directors of Maharishi School Trust Ltd for the purposes of company lawl are responsitrAe for preparing the Governors, report and Ihe financial statements in accordan￿ with the Academies Accounts Di￿(￿on 2024 to 2025 published by the Department for Education. Unrted Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the Govemors lo prepa￿ financial slalemenls for eath fi￿ar￿la1 year. Under company law, Ihe Govemors musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the chartlable company and of i(s incc¥ning resources and appli¢ation ol resources, including ils income ar¥J expenditure, for that period. In preparing these fina￿la1 slatements. the Govemors are require(I lo" select suitable accounb'ng policies and then appty them con&stenUy". observe the methods and principles in the Charities SORP 2019 and the A&￿emieSAcC0U￿tS Direction 2024 to 2025.. make judgements and acwunling estimates that are reasonable and prudent-, slate whether applicable UK Accounting Standards have been foll(wed. subject to any material departures disclosed and explained in the financial ststemenls". and prepare the financial slalements on the going concem basis unless it is inappropiiate lo presume that the charitable company ￿111 continue in business. The GoverTh)rs are responsible for keeping adequate accounb.ng records that are sufficient lo show and explain the charitable company's transactions and disclose wrth reasonable accuracy at any time Ihe financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 20C6. They are also responsible safeguarding the assets of the chanta￿e company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Govemors are responsible for ensuring that in its conduct and operation the charitable company applies financial and other controls, which conform with the requirements both of propriety and of good financial management. They a￿ also ￿sponsI￿4e for ensuring that grants received from the DIE have been applied for the purposes intended. The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the Unile(l Kingdom goveming the preparation and dissemination of finanaal statements may drfter from legI￿atIon in other jurisdictions. App by order ofthe members of the Board of GovemoTS on 11 De￿rnber 2025 and signed on its behalf by.. Bimbaum Chalrman 18- MAHARISHI SCHOOL TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE PIIEMBERS OF MAHARISHI SCHOOL TRUST LTD FOR THE YEAR ENDED 31 AUGUST 2025 Opinion We have audited the finanaal slalements of Maharishi School Trust Ltd for the year ended 31 August 2025 which comprise the slalemenl of financial acb"vib"es, the balance sheet. the slalement of cash flows and notes to the finanaal statement5, induding significant accounting policies. The firbancial repo￿n9 framewoTk that has been applied in their preparatron is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsn(Jard 102 The Finanaal Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclice), the Charities SORP 2019 and the Academies Accounts Direcb'on 2024 to 2025 issued by the Department for Education. In our opinion the financial statements.. give a true and fair view ol the state of the charitable company's affairs as at 31 August 2025 and of its incoming res￿r¢e$ and applicakn.on of resources, incI￿11ng its irthme and expenditu￿, for the year the ended", have been propedy prepared in accordarrE wlh Unrted lQ"ngdom GenerallyA¢¢epledAccounting Practice". have been prepared in aC￿rdanCe wih the requirements of the Companies Act 2006., and have been prepared irb accordance with the C￿tres SORP 2019 and the Academies Accounts Direction 2024 10 2025. Ba$ls for oplnlon We conducted our audit irb accordance wth Inlemalional Standards C￿ Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under Ihose stsndards are further described in the 'Audilorfs fesponsibililies for the audit of the financial slalemenls, section of our ieport. We are independent of the academy trust in accordance with the ethical requirements that are relevant to our audrt of the financiJ slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical resprmsibilth'es in accordance wlh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu$lon$ rglallng to golng concern In auditing the financial statements. we have conduded thal the Govemors, use of the going con￿rn basis ol accounting in the preparation of finanryal slalemenls is appropriate. Based on the work we have perfotmed, we have not identsfied any material uncertainlie5 Telab"ng to events or conditions that, individually or collectively. may cast signifunt doubt on the academy Irusl's ability lo continue as going concern for a period of al least ￿e1ve months ftom when Ihe financial ststements are aulhorised for issue. Our responsibilities and the responsibilities of the Goverrors wih respecl to going coneem are described in the relevant seth.ons of this report. Othgr Informatlon The other informabon comprises the information irKluded in the annual ￿port other than the financial statements and our audilorfs report thereon. The Govemors are responsible for the other informalitsn eontained within the annual report. Our opinion on the financial statemenls does not cover the other informakn.on and, except lo the extent otherwise expliciuy slated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other informabon and, in d￿Tr9 so. consider whether the other information is materially inconsistent with the financial ststements or our knO¥￿edge obtained in the course of the audit, or otherwise appears lo be malerialty misstated. If we identify such maten'al inconsistencies or apparent material misslalemenls. we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material mi$statemenl of this other infomalion. we are reqUI￿d to report that fact. We have mthing lo rep)rt in this regard. 19- MAHARISHI SCHOOL TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAHARISHI SCHOOL TRUST LTD (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Oplnlons on other matters prescrlbed by the Companles Act 2006 In oui opinion, based on the work undertaken in the course of the audit-. the information given in the Govemors. report induding the In¢orKx)rat￿ strategic report for the financial year for which the financial statements are prepared is consistent ￿th the financial statements,. and the Govemors, report including the inCorp￿ated $lrat¢gi¢ report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by excepllon In the light of the kno￿edge and understanding of the academy trust and its environment obtained in the course ol the audit, we have not Identh"fied material misstatements in the Govemors, ￿pOrt. induding the incorporated strategic report. We have nothing to report in respect of Ihe follwng matters in ￿latI￿ lo which the Companies Act 2006 requires us lo report lo you rf, in OUT opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not VI￿led by us., or the financial slalemenls are not in agreement wth the accounting records and ￿tUrns." or certain disclosures of Governors. remuneration specified by law are not made,. or we have not received all the information and explanations we ￿uIre for our audit. Rgsponslbllltlgs ol Governovs As explained more fully in the statement of Govemors, ￿spOnsIbl1￿"e5, the Govemors are responsible for the preparation of the financial statements and for being satisfied that they give a tnje and fair view. and for such internal control a5 the Govemors determine is necessary lo enable the preparation of finanryal statements that are free from material mis51atemenl, whether due to fraud or error. In preparing the financial statements. the Governors are ￿spOnsible for assessing the academy trust's ability to continue as a going concem, disclosing. as applicaEIe, matters related to going concem and using the going con￿rn basis of accounts.ng unless the Govemors either intend to liquidate the charitable company. or have no realistic allemative but to do so. Auditor's responsibilities for the audll of the financlal statements Our objectives are lo obtain reasonable assuran￿ about whether the financial statements as a %thole are free from material misslalemenl, whether due to fraud or error. and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance bLrt is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material misstatement lthen it e￿$ts. Misslatemenls can arise from fraud o error and are considered material rf, individually or in the aggregate, they coul(J ￿aSOnablY be expected to inffluence the economic deasions of users taken on the ba&s of these finanoal statements. The extent to which our procedures are capable of detecting irregularib"e5. i￿luding fraud. is detailed below. Extent to whlch the audlt was Considered capable of detecllng Irvegularities including fraud Irregularities, including fraud, are instances of r￿n-ComplI0n￿ wlh laws and ￿gUlab"0ns. We design procedures in line with our responsibilities, outlined above. to deleLt malerial misslatemenls in respect of irregularits'es. induding fraud. The extent lo which our prcrtedures are Capab￿ of detsctir¥J irregularities, inLluding fraud. is detailed below. -20- MAHARISHI SCHOOL TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAHARISHI SCHOOL TRUST LTD (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Extent to whlch the audlt was consldered capable of detectlng Irregularltles Includlng fraud In identifying and assessing risks of material misslalemenl in respect of irregularities. induding fraud, we considered the following". The nature of the industry and sector, control enwronment and I￿SInesS ￿ToM7an¢e. Any matters we identified having obtained and reviewed the cOmp￿Y'S thxumentslion of their policies and pr￿edureS relating lo". Identifying, evaluating and complying with law5 and regulations and vthether they were aware of any instances of non-compliance.. Detecting and responding to the risks of fraud arnl vtsther they have knowledge of any actual, suspected or alleged fraud., The inte¥nal controls estsblished to mitigate risks of fraud or norKomplIar￿ wth laws and regulations., and The matters discussed among the audit engagement team and involving relevant intemal specialists, including lax, and industry specialists regarding how and vtsre fraud might ￿¢v1 in the financial stslemenls and any potential indKators of fraud. As a result of these procedures, we considered the opportunrties and incentsves that may exist wthin the organisalion for fraud and idenb.fied the greate51 potential for fraud in the following areas." recognition of income and rnisapproprialion of fijnds. In eofflmon ￿th all audits under ISAS (UK), we are also required to perform specifjc procedures lo respond lo the risk of management override. We a150 obtained an undetstanding of the legal and Tegulalory frameworks the academy operates in. focus5ing on provissons of those laws and regulatsons that had a d1￿ct eff&t on the deleTminats"on of material amounts and disclosures in the financial slatemenls. The key laws and regulations v* COn￿dered in this context included the UK Companies Act and Academies Accounts Directi￿. In additron, we ¢￿Sidered provi&ons of other laws and regulations Ihal do not have a direct effect on the financial stslemenls bul compliance wlh which may be fundamentsl to the academy's ability lo operate or to avoid a material penalty. Our Procedu￿8 to respond to risks identsfied induded Ihe follovAng'. Reviewing the financial statement disdosuTe5 and lestsng to supporting documentation lo assess compliance with provisions of relevant laws and regulations describ￿1 as having a direct effect on the financial statements.. Enquiring of management and those charged V*ilh governa￿e concerning actual and potential litigati￿ claims.. In addressing the risk of fraud through inappropriate reo)rding of income. we review the existence and completeness of DfE income and reconcile all other matwial income streams to Ihir¢J party eviden￿., We carry out a detailed rewew of deferred inccrfne. irKluding a reviv4V of amounts released to income in the year. We review a SaM￿e of expenditure lo ensure it has been appropriately authorised and that tender process have been followed where applicaNe.' We carry out a review of the register of interests and minutes to ensure that all related parties have been discloseil adequately", In assessing the risk of fraud through management override of ￿ntrol$, testing the appropriateness of journal entries and assessing whether judgements mae in making a￿Ounting estimate$ are indicative of potential bias. 21 MAHARISHI SCHOOL TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAHARISHI SCHOOL TRUST LTD ICONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 A further description of our ￿5￿)nSIbIlibes ts available on the FInar￿la1 Reporting Council's website at.. httpsjl wvm.frc.org.uklauditorsresponsibilities. This description fcrfms part of cojr auditorfs report. Use ofour report This report is made s￿elY lo the charitable company's membets, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable companls members those matters we are required to 5ts1e to them in an audito¢s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume iesponsbility lo anyone other than the charitable company and the charitable company's members as a trfxly. for our audit work. for this Teport, or for the opinions we have fornied. Stephen yson CA FCCA {Senior Statutory Auditor) for and on behalf of Cooper Pary Group Llmlted Statutory Audltor Sl James Building 79 Oxford Street Manchester M16HT -22- MAHARISHI SCHOOL TRUST LTD INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO MAHARISHI SCHOOL TRUST LTD AND THE SECRETARY OF STATE FOR EDUCATION FOR THE YEAR ENDED 31 AUGUST2025 In accordance wlh the terms of our engagement letter dated 18 Juty 2025 and ftjrther to the reqU1￿MentS of the Department for Education {DfEI as included in the extant Framework and Guide for Exlemal Auditors and Reporting Accountants of Aca(Femy Trusts, we have carried out an engagement to obtain limited assurance about whether anything has come to our attention that would suggest, in all material respects, the expendituie disbursed arKI income received by Maharishi School Trust Ltd during the period 1 Septemter 2024 10 31 August 2025 have not been applied lo the purposes intended by Parfiament and that the finanual transactions do not conform lo the authorities which govem them. This ￿port is made solely to Maharishi Sd)ool Trust Ltd and the Secretary of Slate for Education in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to Maharishi School Trust Ltd and the Secretary of Slate for Education those matters we are required to slate in a report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility lo anyone other than Maharishi School Trust Ltd and the Secretary of Slate for Education. for our work. for this report, or for the conclusion we have fomied. Respectlve responslbllllles of tho accounllng officer of Maharfshl School Trust Ltd and the reportlng accountant The accounting officer is responsible, under the requirements of Maharishi School Trust Lld's ftjnding agreement with the Secretary of Stste for Educaliorb and the Ac&Jemy Trust Handbook. extant from 1 September 2024, for ensuring that expenditure disbursed and income received is applied tor the purposes intended by Parliament atKI the finanrAal Iransactsons conform lo the authorits.es which govem them. Our responsibilities for this engagement are established in the United Kingdom by our profession's ethical guidan￿, and are lo obtain limited assuiance and reF)Ort in accordance with our engagement letter and thè requirements of the extant Framework and Guide for External Auditors and Reporting Accountants of Academy Trusts. We report to you whether anything has come to our attention in carrying out our work which suggests that in all material respects. expenditure disbursed and income received during the peric*J 1 septeM￿r 2024 10 31 August 2025 have not been applied for the purposes intended by Parfiament or that the finarKial transactions do not confomi to the authorities whieh govern them. Approach We conducted our engagement in accordance Framework and Guide for Extemal Auditors and Reporting Accountant ofAcademy Trusts iSsL￿d by the DfE, vthi¢h requires a limited assurance engagement as set out in our engagement letter. The objective of a limiteij assurance engagement is lo perfomi suth pr¢xedures as to obtain information and explanabons in order to provide us ￿ sufficient a￿¥￿OprIate e¥Kjen￿ to express a negative conclusion on regularity. A limited assurance engagement is more limited in scope than a reasonable assurance engagement and consequently does not enable us lo obtsin assurance that we would become aware of all significant matters that migttt be identified in a reasonable assur8￿ engagemerrt. Aeeordingty, we do not express a positive opinion. Our engagement includes examination. on a test basis. of evidence relevant lo the regularity and propriety of the academy Irusfs ir￿orne and expendrture. In line with the Framework and guide for Exiemal auditors and RekKJrting Accounlanls of aeademy Trusts issu March 2025, we have not perfornied any additional procedures ￿ardIng the academy trust's compliance wth safeguarding, health and safety and estates management_ -23- MAHARISHI SCHOOL TRUST LTD INDEPENDENT REPORTING ACCOUNTANTS REPORT ON REGULARITY TO MAHARISHI SCHOOL TRUST LTDAND THE SECRETARY OF STATE FOR EDUCATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Concluslon In the course of our work. nothing has come lo our attention which suggests that in all material respects the expenditure disbursed and income received during the period 1 September 2024 to 31 August 2025 has not been applied for the purposes intended by Parliament or Ihat the financi￿ transacbons do not ￿nforn to the authorities which govern them. Reporting Accountant Cooper Parry Group Limited Dale.. .£1. -24- MAHARISHI SCHOOL TRUST LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 AUGUST2025 Unrestrlctsd funds Restrictod funds: General Fixed asset Totsl 2025 Total 2024 Notss Income and gndowments from: Donations and capital grants Charitable activities.. Funding f(x educational operalions Other trading activities Invesbnenls 24,428 7,169 142.471 174.068 19.230 1.689,493 20,911 1.689,493 1,619,748 51,308 52,175 4,092 96 30.397 4.092 Totsl 58,917 1,717.573 142,471 1.918,961 1,691,249 Expendlture on.. Raising funds Charitable activtties". Educational operatI￿S 7.595 7,595 7,932 35.000 1.701.370 34.059 1,770,429 1,630,227 Totsl 42.595 1,701.370 34,059 1,778.024 1,638,159 Net income 16.322 16.203 108.412 140,937 53.090 Transfers btheen lunds 16 (6,040) 6.040 Other rgcognlsed galnslllossesl Actuarial gains on definetl benefit pension schemes Adjustment for restriction on pension assets 18 245.000 245.000 12.000 18 1264,000) {264,000) 120,0001 Net movement In funds 16.322 18.837) 114,452 121,937 45.090 Rèconciliation of funds Total funds brought fonyard 14B.810 100.488 713,892 963,190 918.100 Totsl funds carried forward 165.132 91,651 828.344 1.085.127 963.190 -25- MAHARISHI SCHOOL TRUST LTD STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025 Comparative year infomiation Year ended 31 August 2024 Unrestricted Restricted funds: Ggneral Flxed as$gt Total funds 2024 Notss Income and end0Y￿ents from: Donations and capital grants Charitable activities.. - Funding for educational operats'ons Other trading activities Investments 2.520 9,678 7,032 19,230 21,623 1.598,125 23,487 28,68B 1.619,748 52,175 96 Total 47,726 1.636,491 7,032 1,691,249 Expendlture on: Raising funds Charitable actiwlies.. Educational operati￿8 7.932 7,932 35.000 1,580,292 14,935 1,630.227 Total 42,932 1,580,292 14.935 1.638,159 Net incomellexpenditurg) 4.794 56.199 17,9031 53.090 Transfers between frJnds 16 4,736 14,7361 other recognlsed galnslllosses) Actuarial gains on defined benefft pension schemes Adjuslmenl for restriction on pension assets 12,000 {20,000) 12,000 120.0001 Net movement In funds 4.794 52,935 112.6391 45,090 Rgconclllatlon of funds Total funds t￿ugttt forward 144.016 47,553 726,531 918,100 Total funds ¢arrted fotward 148,810 100.488 713.892 963,190 MAHARISHI SCHOOL TRUST LTD BALANCE SHEET ASAT31 AUGUST2025 2025 2024 Notss Flxed assets Tan9ible assets 12 828,344 704.892 Current assets Debtors Cash al bank and in harKI 13 85,719 350,009 86.427 260.173 435.728 346.600 Current Ilabllltles Creditors.. amounts falling due wlhin one year 14 1178.9451 188,302) Net current assets 256.783 258.298 Net assats excludlng penslon asset 1,085.127 963.190 Defined benefit pension scheme asset 18 Totsl net assets 1.085,127 963,190 Funds of the academy trust: Restrlcted funds Fixed asset funds - Restricted income funds 16 828,344 91.651 713,892 100,488 Total restricted funds 919,995 814,380 Unrestrlct8d Income funds 16 165.132 148,810 Total funds 1.085,127 963,190 The financial statements on pages 25 to 46 were approved ty the Govemors and authorised for issue on 11 D$cembei 2025 and are signed on their behalf by- Birnbaum Chair of Trustfjes Company ￿gIStratIon number 01￿2341 (England and ￿￿les) -27- MAHARISHI SCHOOL TRUST LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2025 2025 2024 Notss Cash flows from operatlng acllvttles Net cash provided byllused inl operating activilies 19 100,784 125,5641 Cash flows from Investlng a¢llvltles Dividends. interest and rents from investments Capital grants from DIE Group Capital funding received from sponsors and others Purchase of tangible fixed assets Proceeds from sale of tangiile fixed assets 4.092 112,471 30.000 (157,511) 96 7,032 {1,0581 2,866 Net cash {u$ed Invprovided by Investing activities (10.9481 8,936 Net 5ncreasglldgcrease) In eash and cash equivalents in tho reportlng perlod 89.836 (16,6281 Cash and cash equwalents al beginning of the year 260,173 276,801 Cash and cash gqulvalents at end of the year 350,009 260.173 -28- MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 Accountlng poll¢lgS A summary of the principal accounting policies adopted {vkni¢h have been applied ¢onsislenlly, except where noted), judgements and key scmjrces of estimalK)n uncertainty, 1$ sel out below. 1.1 Basls of preparatlon The financial statements of the academy trust. ￿1¢h is a public benefft entity under FRS 102, have been p￿pared under the historical cost convention in acw(lance Trmth the Financial Reporting Standard Applicable in the UK and Republic of I￿land IFRS 1021. the AcctyJnts"ng and Reporting by Charities.. Stslemenl of Recommended Practice applieable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 102}I, the Academies A￿ount$ Directbon 2024 to 2025 issuejj by ts Department for Educatson, the Charities Act 2011 and the CompaniesAct 20C6. 1.2 Golng concem The Govemors assess whett*r the use of going coneem is appropriate, ie wthether there are any material uncertainties related lo events or conditions that may cast ￿gnIficAnt doubl on the ability of the charitable company to continue as a going concern. The Govemors make this assessment in respect of 8 period of at least one year trom the dale of aulhorisation for issue of Ihe finanaal stslemenls and have concluded that the academy trust has adequate resources to continue in operattronal existence for the foreseeable fLtture and there are no rnaterial uncertainties about the academy trusys ability to conb.nue as a going concern. Thus they continue to adopt the concem basis of w)unb"ng in preparing the ffinancial statements. 1.3 Income Al incoming resources are recognised when the ac&lemy trust has ent￿ement lo the funds, the receipt is probable and the amount can be measured reliably. Grants Gran15 are included in the slalemenl of financial &iivib"es on a receivable basis. The balance of income received for specific purposes but not expended durirYJ the period is shown in the relevant funds on the balance sheet. Where income ss recewed in advance of meets.ng any perfom)ance-relaled conditions there is not uneonditional entillemenl to the income and rts recognition is defe[￿d and included in creditors a$ deferred incorne unbl the perfomanee-related conditions are met. ￿￿ere enkn"Ilement 0￿￿r$ before income is received, the income is accrued. General Annual Grant is recognised in fijll in the statement of financial acliwties in the period for which il is receivable. and any abatement in respect of the period is deducted from income and recognised as a liability. Capitsl grants are recognised in full when there is an uncon¢Jilional entitlement lo the grant. Unspent amounts of cap(lal grants ale reflected in the balance sheet in the restricted fixed asset lund. Capitsl grants are recognised when there is entitlement and are not defer￿d over the life of the asset on which they are expended. onsorshi income Sponsorship income provided lo the academy trust ￿1¢h amounts lo a donation is recognised in the statement of finariaal activitses in the period in which il is ￿ceivable {where there are no perfomiance-related condits'onsl, where the le￿ipt 1$ probable and rt can b8 meaSU￿d reliably. Donations Donations are recognised on a receivable ba￿S there are no performance-related condib'onsl where the receipt is probable and the amount can be reliably measure(l. Other income Other income, inc1￿11Thg the hire of facilibes, is recogThseJJ in the period it is r￿e1Vable and to the extent the academy Irvst has provided the goods or semees. -29- MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng policies (Contlnuedl Donated oods fa ililies and seryices Goods donated for resale are included at fair value, being the exmed proceeds from sale less the expected costs of sale. If it is practical lo assess the fair value al receipt. il is recognised in stock and 'lncome frorn other trading activities,. Upon sale, the value of the stock is charged against 'lncome from other trading activities, and the woceeds are reeognised as 'lncome from other trading ath'vities,. ￿ere il is impractical lo lair value the items due to the volume of low value items they are not recognised in the financial slalements until they are sold. This income is recognised Wblhin 'lncome from other trading actr'vities,. Donalety fixed assets Donated fixed assets are measured at fair value unless it is impracfscal to measure this ￿lIablY, in which case the cost of the item lo the donor is used. The gain is recognised as income from donations and 8 C￿reSpOndIng amount is induded in the appropriate fixed asset Category and depreaate(l over the useful economic life in accordan￿ with the ac8demy trusfs accountr.ng polities. 1.4 Expenditure Expenditure 1$ recognised once there is a legal or COnstr￿1ve obligab.on lo transfer economic benefft to third party, il is probable that a transfer of economic tenefits will be required in setuement, and the amount of the obligation can be meaSU￿d reliably. Exwnditure is classified by activity. The costs of each actiwty are made up of the total of direct costs and shared costs, inclLtding supwrt costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated direcuy lo that activity. Shared costs vthich contribute to more than one activity and support cos15 which ale not attributable to a single actsvity are apportioned be￿een those activities on a ba51S consislenl wlh the use of ￿$OUrces. Central staff costs are allocated on the basis of time spent, and depreciation charges are alltKated on the ￿tion of the asset's use. Ex endi(ure on raisin fvnds This includes all expenditure incurred by the academy trust to raise funds for its charitable purposes and indudes costs of all fundraising aclivib.es events and n¢M-charitable trading. Charitable activities These are costs incurred ￿ the academy tnjsfs educats.onal operations, including support costs and costs relating lo the governance of the academy trust appo￿"Oned to charitable activities. AII ￿$1)jree5 expended are indusive of irrecoverable VAT. 1.5 Tanglble flxed assets and deprg¢latlon Asset5 Costing £1,000 or more ale capitsli5ed as tangible fixed assets and are carried al cost. depieaalion and any wovision for impaim)enl. ere tangible fixed assets have been acquired wth the aid of speufic grants, either from the government or from the pfivale sectoi. they are included in the balance sheet al cost and depreciated over their expected useful economic life. W)eTe there are specific condiliorts attach￿1 to the funding that reqLFire the continued use of the asset. the related grants ale cjedited lo a restricted fixed asset fund in the statement of financial activities and carried forward in the balance sheet. Depreciabon on the relevant assets is charged diredy lo the restricted fixed asset furnl in the statement of financial acb'vibes_ ￿ere tangiNe fixed 85sets have been acquired with unTestn'cted funds. depreaation ￿ such assets is charged to the unrestricted fund. MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Accountlnu pollcle$ Icontlnued) Depreciation is prowded on all tangible fixed assets other than freehold land. al rates calculated lo write off the cost of eath asset on a straighl-line basis over its expected uselul life, as follows." Freehold Land and Buildings Fixture & Equipment Computer equipment 1-25% straight line 25% straight line 33% straight line A rewew for impaimient of a fixed asset is carried out rf events or changes in circumstsn￿s indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls betsveen the carrying value of fixed assets and their recoverable amounts are recognised as impaimients. Impairmenl losses are recognised in the slalemenl of financial aclivits"es. 1.6 Llabllltlgs Liabilities are reccgnised when there is an obligation at balance sheet date as a result of a past event, il is probable that a transfer of economic ￿nefit wll be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are ￿¢(￿nised at the amwnt that the academy trust anticipates il will pay lo settle Ihe debt or the amount it has received as advanced payments for the goods of services il must provide. 1.7 Leased assets Rentals under operating leases are charged on a straighl-line basi5 over the lease temi. 1.8 Flnanclal Instruments The academy trust only holds basic ffinancial instruments as defined in FRS 102. The financial assets and finanaal liabilities of the academy trust and their measurement ba515 are as follows. Financial assets Trade and other debtor5 are basic financial instruments a￿1 are debt instruments measured at amorttsed cost. Prepayments are not fin8nual inslruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilth-es Trade creditors, accruals and other credttofs are finanual instruments. and are measured al amortised cost. Taxation and social security are not induded in the finanaal instruments disclosu￿ definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place arbd there is an obligation lo ddiver services rather than cash or another financial instrument. 1.9 Taxauon The academy trust is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il mee15 the definits'on of a charitable company for UK c¢wrabon tax purposes. Accordingly, the academy trust is potentsalty exempl from taxation in ￿Spect of irKome or capital gains received within categories covered by chapter 3 part 11 of the Cotporatson Tax Act 2010 or Sect¢on 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such irwme or gains are applied exclusively lo charitable purposes. 1.10 Pensions b8neflts Retirernent benefits lo employees of the academy tnjsl are provided by the Teachers, Pension Scheme I'TPS'I and the Local Govemmenl Pension Scheme I'LGPS'I. These are defined benefit schemes and the assets are held separately from those of the academy trust. -31 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng poll¢les (Continued) The TPS is an unfunded scheme and contn"buhons are calculated to spread the cost of pensions over employees. working lives with the academy trust in such a way Ihal the ￿nsion cost is a substsnlially level percentage of Current and future pensionable payroll. The contributions afe determined by the Govemmenl Actuary based on quadrennial valuations using a prospective unit ¢￿di1 method. The TPS is an unfunded multi-employer scheme wlh no underfying assets to assign be￿n employers. Consequently. the TPS is tieated as a defined contribution scheme for accounkn.ng purposes and the contnbutions are recognised in the period to which they relate. The LGPS is a funded multiemployer scheme and the assets are held separately from those of the academy trust in separate Iruslee administered ftjnds. Pension scheme assets are measured at fair value and liabilibes are meaSU￿d on an actuarial basis using the projected unit credit method and discounted al a rate equivalent lo the current rale of relum on a high-quality corporate borKI of equivalent terni and Cu￿encY lo the liabilities. The actuarial valuations are obtained al least tn"ennially and a￿ utxjaled al each balance sheet dale. The amounts charged to nel income 01 expendrtvre are the current service c051s and the costs of scheme inlroducts'ons. benefit changes. settlements and curtailments. They are included as part of stsff costs as incurred. Net Inte￿$1 on the net defined benefit liatM"Ittylasset is also recognised in the slalemenl of financial activities and Comprises the interest cost on the defined benefit obligallon and interest income on the scheme assets. calculated by multiplying the fair value of the scheme assets al the beginning of the period by the rale used to discount the benefit obligatsons. The difference be￿en the interest income on the scheme assets and the actual return on Ihe scheme assets 15 recognised in other recognised gains and 10s5es. Actuarial gains and losses are recognised immediately in olher re￿gnised gains and losses. 1.11 Fund accounting Unrestricted income fijnds represent those resources which may be used towards meeb.ng any of the charitable objec15 ofthe academy trust at the discretion of the Govemors. Reslricled fixed asset fvnds are resource5 which are to be applied lo specific capitsl purposes imposed ty funders where the asset acquired or created is held for a spe¢rfic purpose. Reslricled general funds comprise all other reslricled funds re￿iVed with restrictions imposed by the lundeTI donor and include grants from the Department for Education. crftlcal accountlng estlmates and areas of Judgement Accounting estimates and jLbJgements are continually evaluated and are based on historical experience and other lactors, including exprftations of future evenls that are believed lo be feasonable under the circumstances. Critical accountin imales and assum The academy trust makes estimates and assumpb'(ms ¢ofThning lh8 fvtu￿. The resulting accounting eslimales and assumptions wll, by definition. seldom equal the related aclual ￿SUIts. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Local Government Penslon Seheme Liablllty". The present value of the Local Govemment Pension S¢t￿e defined benefit liabiltty depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions I￿lude the discount rate. Any changes in these assumptions, which are disdosed in note 18, will impact on the carrying amount of the pension liability. Furthermore. a roll forward approach which projects results from the latest ftjll actuarial valuation performed al 31 Mar¢h 2022 has been used by the actuary in valuing the pensons liabilty al 31 August 2025. Any differences behveen the figures derived from the roll forward approach and a full xtuarial valuation would impact on the carying amount of the pen￿on lia￿lity. MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Crltlcal accountlng 8Stlmates and areas of judgement (Continued) FRS 102 section 28.22 allows an entity lo recognise a Su￿uS within the Local Government Pension Scheme "only lo the exlenl il is a￿e lo recover the surplus either through reduced contributions in the future or through refunds from the plan., The Academy Trust has considered it unlikely that a surplus being recognised would ever result in a repayment or reduthon in contributions, given that $u¢h a surplus is probably only temporary. Therefore. although the actuarial report for Ihe year ended 31 August 2025 indicates a defined benefit a5sel ol £394.00012024." £130,000) exists al the year end date. the actuarial gain has been restricted by this amount to leave a break even position and neither an asset or liatslity has teen re￿3n1s8d. The ultimate responsit41ity for setting the assumpti'ons is Ihat of the Academy Trust, as the employer, however each year the LGPS actuary proposes a stsndard set of assumptions as part of the valuation exercise, using their expert opinion, and which comply with the accounting requirements. The Academy Trust has. in practice vAlh most employers, adopted the recommended aclvarial assumptions follow¢ng further consultation with its auditors to ensure these assumptions are reasonable and in line wth those adopted by other academy trusts. The key assumption is the discount rate, which is the esb"maled rate of long-tem investment returns. This year the discount rate of 6.2% is higher than the rate of 5.00% used in 2024. Since a higher discount rale means assets will grow rapidly in the future. this results in lower current liabilities. This is the key driver for the increase in the carried LGPS asset from £130k to £394k during the year. seful econofnic lives of itrAe assets The annual depreciation charge for tangible fixed assets is sensthe to changes in the estimated usefiJl economic lives and residual values of the assets. The useful economic lives and residual values a￿ re- assessed annualty. They are amended when necessary lo reflect curient estimates, based on t¢chnolo9ical advancement, future inveslments, economic ukn"lisation and the physical condition of the assets. Donation5 and capltal grants Unrestrlcted Restricted fund$ funds Total 2026 Total 2024 Capital grants Other donations 112.471 37,169 112,471 61.597 7,032 12.198 24.428 24,428 149,640 174,068 19,230 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Fundlng for thè academy trust's eduullonal opgratlons Unrestricted funds Restricted funds Totsl 2025 Total 2024 DfEIESFA grants General annual grant IGAGI Other DfEIESFA grants". Pupil premium Others 1.469,545 1,469,545 1,369,671 69,136 123.195 69.136 123.195 61,516 59,443 1,661,876 1,661.876 1,490,830 Other government grants Local authority grants 27.617 27.617 107.495 Other incoming resources 21.623 Total funding 1.689.493 1.689,493 1,619,748 Other trading activities Unrgstrlctsd funds Restrlcted funds Total 2025 Total 2024 Catering income Trip Income Other income 1.481 1,481 20,911 28,916 2,343 28.688 21,144 20.911 28.916 30.397 20,911 51,308 52,175 Investment Income Unrestrlcted funds Restricted funds Total 2025 Total 2024 Short tem deposrts 4.092 4,092 96 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Expenditure Non-pay expenditure Premises Other Total 2025 Total 2024 Staff costs Expenditure on raising fvnds Direct costs Academy's educational operations Direct costs - Allocated support costs 7.595 7.595 7,932 1.053.752 339,408 212,349 50.038 1.266,101 504,328 1.132,458 497,769 114,882 1,393.160 114,882 269,982 1.778,024 1.638,159 Net Incomellexpendlturel for the year in¢ludes- 2025 2024 Operating lease rentals Depreciation of tangible fixed assets Gain on disposal of fixed assets Fees payable to auditor for. - Audit Other semces Nel interest on defined benefit pension liats.lty 24,973 34.059 83 17.801 12.8661 12.335 2,890 (8.0001 12,500 2,500 {7.0001 Charltsble actlvltles Unrestrl¢tsd funds Restrfcted nds Total 2025 Total 2024 Dlrect costs Educ31ional operations 35.000 1,231.101 1.266,101 1.132,458 Support costs Educational operations 504.328 504.328 497,769 35,000 1.735.429 I,TIO,429 1,630,227 Anatysis of support costs 2025 2024 Support 51aff cosls Depreciats'on Premises costs Legal c051s Other support costs GovemarKe costs 341,￿7 34,059 80,823 5,945 25.240 17.254 358,762 14,935 66,802 9,909 29.185 18,176 504,328 497,769 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Govemors, remuneration and expenses One or more of the Governors has been paid remuneration or has ￿ceiVed other benefits from an employment with the academy Irusl. The principal and other staff Govemors only re￿1Ve remuneration in respect of Servi￿S they [￿0VIde undertaking the roles of principal and Stsff members under their contracts of employment. and not in respect of their services as GoVwnO￿. The value of Governors. ￿muneratIon and other beneffts was as follows.. L Edwards IPrincipal and Govemorl.. Remunerats"on £60,000- £65,00012024'. £60,OOQk£65.0001 Employers Fension ￿ntn"bU￿"onS £15,0￿£20.0OO L Waf(ers (Deputy Headl Remuneration £50,000-£55,00012024'.£45,000-£50.000) Employees pen&on contribution5 £10,00(k£15,000 L Gaskell IDeputy Headl Remunefation £50,00O-£55.00012024'.£40.000-£45.I￿0l Employer's pen￿on contributions £10.000-£15.000 M Ingram Iconsaousness based education lead) Remuneration £30,000-£35,00012024'.£25.000-£30.000) Employerfs penson contributions £5,000410,01)0 A O'Neil (Staff Govemorl Remunerab'on £30,O0￿£35.Ol)) {2024.'£25.001>£30.0001 Employer's pension contributions £5.OOIY£10.000 N Mercer Islaff Governor) Remuneration £Nil-£5,00012024.'£Nill Employerfs pension contributions £Nil-£5.000 Other related paty transactions involving the Govemors are set OLrt wthin the related parties note. There wwe no expenses reimbursed to Governc￿$ ￿thin the year. 10 Staff Staff costs and employee beneffts Stsff costs during the year we￿". 2025 2024 Vvages and salaries Soaal security costs Pension costs 1,012,297 95,911 232.526 955.787 74,875 215,647 Stsff costs- employees Agency staff costs 1,340,734 52,426 1,246,309 35.136 1,393,160 11,270 1,281,445 19,475 staff development and other staff costs Total stsff expendilure 1.404.430 1,300,920 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 10 Staff (Continued} Staff numbers The average number of persons em￿oyed by the eLademy trust during the year was as follows.. 2025 Number 2024 Number Teacher5 Adminislralion and support Management 13 15 14 17 32 34 Hlgher pald staff The number of employees whose em￿oyee beneffts lexduding employer pension costs and employer national insurance conlribLrtions) exceeded £60,000 was.. 2025 Number 2024 Numb9r £60,001 - £70,000 Key management personnel The key management personnel of the academy trust comprise the Govemors aNJ the senior management team as listed on page 1. The total amount of key management personnel benefi15 {including employer pension eonlributions and employer natsonal Insuran￿ contn'buts'onsl received by key management personnel for their services to the academy trust was £398.884 {2024= £345.253). 11 Governors. and offlcets. insurance The academy trust has opted into the department for Education's risk woteclion arrangement IRPAI, a alternative to insurance where UK government fijnds cover losses that arise. This scheme protects GovemoTS and offieers from daims arising from negligent acls. errors or omissions occurring whilst on Academy busines5, and provided cover up lo £10,000,000. It is not possible to quantify the Govemors and off￿ers indemnity element from the overall cost of the RPA scheme. -37- MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 12 Tanglble flxed assgts Freehold Flxture & Computer Land and Equlpmont 8qulpment 8uildings Total At 1 September 2024 Additions Disptssals 891.030 150,608 135.322 5,565 304,988 1,338 143,4171 1.331,340 157,511 143,4171 Al 31 August 2025 1.041,638 140,887 262,909 1,445,434 Depreclation Al 1 September 2024 On disposals Charge for the year 193.754 129,267 303.427 143,4171 1,959 626,448 143,4171 34,059 28,531 3,569 At 31 August 2025 222.285 132,836 261,969 617,090 Net book value At 31 August 2025 819.353 8.051 940 828,344 Al 31 August 2024 697,276 6.055 1,561 704.892 Included in Land and Building additions is £122k in relab'on lo healing improvement worf(s caffled out al the school during the year. 13 Debtors 2025 2024 Trade debtors VAT ￿COVerable Prepayments accrued income 2,690 28,680 54,349 4,606 12,360 69,481 85.719 86.427 14 Creditors: amounts falling due wlthln one year 2025 2024 Trade ¢￿ditorS Other taxation and swal security Other creditors Accruals and deferred income 20,218 20,407 26,672 111,648 22,319 17.277 25,082 23,624 178,945 88,302 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 15 Deferrnd Income 202S 2024 Deferred income is induded wthin.. Creditors due wthin one year 96,423 8.824 Deferred income al 1 September 2024 Released from previous year5 Resources deferred in the year 8,824 18.8241 96,423 6,050 16,0501 8.824 Deferred income at 31 August 2025 96,423 8,824 Al the balance sheet dale the Academy vrds holding fvnds received in advance relating lo fvlure capital works lo be carried out tolalling £76,970 and other DfE grants totalling £19,453. 16 Funds Balance at 1 September 2024 Galn$, losses and transfers Balance at 31 August 2025 Income Expendlture Restricted general funds General Annual Grant IGAGI Pupil premium Other DfEIESFA grants Other government grants Other restricted funds Pension reserve 100.488 1.469.545 69,136 123.195 27.617 28.080 {1.472.3421 189,136) (123,1951 {27,6171 128,0801 19,000 16,0401 91.651 119.000) 100.488 1.717.573 11.701.370) 125,0401 91,651 Restricted flxgd asset funds DfE gTOUP capital grants Private sedor capital sponsorship 713.892 112,471 (34,0591 36,040 828.344 30.000 130.000) 713.892 142.471 134.059 6.040 828,344 Total restrl¢led funds B14.380 1,860.044 (1.735,4291 (19,0001 919,995 Unrestricted funds Gèneral fvnds 148.810 58.917 142.5951 165,732 Total funds 963.190 1.918,961 {1.778.024) 119,0001 1,085,127 -39- MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 16 Funds IContlnu•d) The specific purposes for which the fvnds a￿ to be applied are as fcAIows'. Restricted general funds are those resour￿ that have been designated by the grant provider in meeting the o*'eth'ves of the academy. Reslricled fixed asset funds are those fvnds ￿rats"ng to the lorwJ term assets of the academy used in delivering the objectives ofthe academy. Unrestricted funds are those vthich the Goveming Body may use in the pursuance of the academy's objectives and are ex￿ndable at the discrth'on of the Govemors. Transfer of fvnds from General Annual Grant restricted g￿er81 furKls to restricted fixed asset funds are to fund assets for which no capital grant was 18ceived. Under the funding agreement with the Secretary of Stste, the academy trust was not subject lo a limit on the amount of GAG that il could carry forward al 31 August 2025. Comparative inforrnation In r9SPgCt of the prècedlng perlod 1$ as follows: Balance at 1 Septsmber 2023 Galns. losses and transfers Balance at 31 August 2024 Income Expendlture Restricted general funds General Annual Grant IGAGI Pupil premium Other DfEIESFA grants Other govefnrnenl grants Other reslricled funds Pension reserve 28,824 1.369.671 61,516 59.443 107.495 38.366 11,321 ,4721 161,5161 159,443) 1107,4951 138.366) 8,000 23,465 100,488 18.729 118.729} 18.0001 47.553 1.636,491 {1,580.292) 13.2641 100,488 Restrlcted flxed asset funds DfE group capital grants 726.531 7.032 {14,9351 (4,7361 713,892 Totsl restricted funds 774.084 1,643.523 11,595,227) 18,0001 814.380 Unre$trlcted funds General funds 144,016 47,726 142,932) 148,810 Total funds 918,100 1.691.249 {1.638,159} 18,0001 963,190 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 17 Anaty$ls of net assets betwetrn funds Vnrestricted Fund5 Restricted funds: General Flxed asset Total Funds Fund balances at 31 August 2025 are represented by- Tangible fixed assets Current assets Currenl liabilities 828,344 828,344 435,728 1178,9451 165.132 270,596 1178,9451 Total net assets 165,132 91.651 828.344 1.085,127 Unrnstrfcted Funds Restrlcted funds: General Flxed asset Total Funds Fund balanc8s at 31 August 2024 are represented by: Tangible fixed assets Current assets Current liabilities 704.892 9.000 704.892 346.600 188,302) 237.112 {88.302) IIYJ.488 Total net assots 148,810 100,488 713.892 963,190 18 Penslon and slmllar obllgatlons The academy trusfs employees ￿lOng lo principal pension schemes". the Teachers, Pension Scheme England and ￿leS (rpsi for a¢ademic arKI rel*ed stsfF, and the Local Government Pension Scheme ILGPSI for non-leaching staff. which is managed by Lancashire County Pension Fund. Both are mulli- employer defined t*nefit schemes. The latest actuarial valuation of Ihe TPS related lo the period ended 31 March 2020, and that of the LGPS related to the Feriod ended 31 Marth 2022. Contribulions amounting to £26,570 were payable lo the schemes al 31 August 202512024.. £25,848) and are included within creditors. Teachers, Pension Scheme Intrt)ductlon The Teachers. Pension Scheme (TPSI is a slalutory. ccffitribukny, defined benefit scheme, govemed by the Teachers. Pension Scheme Regulatsons 2014. Membership is automatic for leaehers in academy trusts. All teachers have the option lo opt OLrt of the TPS following enrolment. The TPS is an unfvnded scheme lo which both the member and employer makes contributs'ons, as a percentage of salary. These contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public fvnds piovided by Padiamenl. Valuation of the Teachers. Penslon Schemg The Govemment Acitjary. using nornial actuarial princiF4es, corKlucts a fomial actuarial review of the TPS in accordance with the Public Service Pensions Ivaluatiors and EM￿0yeT Cost Capl Diredions 2014 published by HM Treasury every 4 years. The aim of the review is lo ensure scheme costs are recognised and managed appropriately and the review 5peufies the levd of ftAure ¢￿tributIOns. -41- MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 18 Pension and slmilar obligatAons (Contlnuedl Actuarial scheme valuations are dependent on assumpbons abthjl the value of future Costs, design of benefits and many other factors The latest actuarial valuation of the TPS was cairied out as at 31 March 2020. The valuation report was published by the Departmenl for Educats"on on 27 October 2023, with the SCAPE rate. sel by HMT, apptying a notional investment retum based on 1.7% atove the rale of CPI. The key elements of the valuation outcome are.. Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% adminislralion levyi. This is an increase of 5% in ern￿Oyer contribubons and the cost wntrol result is such that no change in member benefits is needèl. Total scheme liabilitses Ipensions currerrtly in pa￿errt a)d the estimated ¢ost of future benefits) for service lo the effective dale of £262,000 million and notional assets lestimaled fLrture contiitxjlions together wlh the notional investments hdd at the valuab.on datel of £222.200 million, giving notional past service deficit of £39,81yJ million. The result of this valuation wll be implemenled from 1 April 2024.The next ValL￿tion result is due lo be implemented from 1 April 2027. The employer's pension costs paid to the TPS in the period amourrted lo £146.502 {2024.' £109,204). A copy of the valuabon report and suptKstt"ng documentslion is on the Teachers. Pensions website. Under the definition$ sel out in FRS 102. the TPS is an unfunded MUlti-em￿oYer pension scheme. The academy trust is unable lo identify 115 Share of the undedwng assets and liabilities of the plan. Accordingly, the academy trust has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined Contribution scheme. The academy trusl has Set out above the information available on the sctrwne. Local Government Penslon Scheme The LGPS is a fiJnded defined benefit pensi1￿ $ch￿e. tmth the assets held in separate trustee-adminislered funds. The total contributions afe as noted below. The agreed contribulion rates for frJture years are 20.7% for employers polentsally reducing to 15.6°k and 5.5 - 12.5% employees. Parfiament has agreed, al the request of the Secretary of Slate Education, to a guarantee that, in the event of academy closure, outstanding Local Govemment Pension Scheme liabililies would be met by the Department for Education. The guarantee came into force on 18 July 2013 and on 21 July 2022. the Department for Educats"on reaffimied its commitment lo the guarantee. with a partiamentsry minute published on GOV.UK. Totsl contrlbutions made 2025 2024 Employerfs contributions Employees, contributions 76,000 21,000 67,000 19,000 Total contributions 97.000 86.000 -42- MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 18 Penslon and slmllar obllgatlons {Contlnuedl Prlnclpal actuarlal assumptlons 2025 2024 Rale of increase in salaries Rale of increase for pensions in paymentfinflati Discount rate for scheme liabilitte$ Inflation assumption (CPI) The cu￿ent mortality assumptions include SLrffieient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are.. 2025 Ygars 2024 Years Retiring today Males Females Retiring in 20 years Males Females 21 23.5 22.2 25.2 22.2 25.3 21 23.5 Sensitivity anatysls Scheme liabilities would have ￿en affected by changes in assumptions as follows: Defined benefit ponslon scheme net assot 2025 2024 Scheme assets Scheme obligab.ons 1,290.000 1.140.000 1896.0001 11.010,000) Nel asset Restn"clion on ￿heme surplus 394,000 1394,0001 130,000 1130,0001 Total liatrAlity recognised MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 18 Penslon and slmllar obligations Icontlnuedl The academy trust's share of the assets In the schemo 2026 2024 Falr value Fair value Equilies Bonds Cash Property Other assets 582,000 4,000 39,000 107.000 556,000 544,000 2,000 16,000 97,000 481,000 Total market valLk of assets 1,290,000 1,140,000 The actual retum on scheme assets was £7S,0￿12024.. £20.0(KI). Amourtt recognlsed In thg Statement of financlal acllvltles 2025 2024 CUr￿n1 service cost Interest income Interest cost 65,000 159.0001 51.000 86,000 138,0001 36,000 Total amount reeognised 57.000 84,000 The nel gain recognised ￿ scheme assets has teen ￿StriC￿ed because the full pension SUTpIus is riot expected to be recovered through refunds or reduced ccffltributions in the frJture. Changes in the present value of defined bgnellt obllgatlons 2025 2024 Al 1 September 2024 Current service cosl Interest cost Employee contributions Actuarial gain Benefits paid 1,010,000 65,000 51,000 21,000 1229.0001 122,0001 834,000 86,000 36,000 19,000 1136,0001 {11,0001 Al 31 August 2025 896.000 828,000 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 18 Pgnslon and slmllar obllgatlons Icontlnuedl Changes In the faSr valuo of the acaderny trusys share of Scheme assets 2025 2024 Al 1 September 2024 Interest income Actuarial Igain}noss Employer contributions Employe¢ conlribulions Benefits paid 1,140.000 57.000 18,000 76,000 21,000 122,0001 848,000 36,000 {19,0001 67,000 19,000 {11,CK)01 At 31 August 2025 1.290,000 940,000 19 Reconclllatlon of ngt Income to net cash flow from operatlng activities 2025 2024 Notes Nel income lor the reporting period las ￿r the statement of ffinanoal activiliesl 140,937 53,090 Adjusted for. Capital grants from DfE and other cakytal income Investment income receivable Defined benefit pension costs less conth"butions payable Defined benefit pension scheme finance income Depreciation of tangible fixed assets (Lossllprofit on disposal of fixed assets Decreasellincreasel in debtors Increase in creditors {142,4711 {4,0921 111,0001 18,0001 34,059 1961 (1,0001 17,0001 17,801 12,8661 127,8311 87.231 18 18 708 90.643 Net cash provlded by operatlng actlvtiies 100.784 119,329 20 Analysls of changes In net funds 1 Septgmbgr 2024 Cash flows 31 August 2026 Cash 260.173 89,836 350,009 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 21 Long4emi commitments Operatlng leases Al 31 August 2025 the totsl of the academy trust's future minimum 18ase payments under non-cancellable operating leases was.. 2026 2024 Am(yJnts due within one year Amounts due in and five years 18.272 51.312 15,848 50.993 69,584 66,841 22 Related party transactlons Owng lo the nature of the academy Ifusl and the composiiion of Ihe Board of Govemors being drawn from local puNic and pnvale sector organisations, transactions may tske place wth ofganisations in which the Govemors have an interest. All transactions involving such organisats.ons are conducted in accordance with the requirements of the Academies Finanaal Hand￿)k 2025, including notfying DfE of all Iransaclions made on or after 1 April 2019 and obtaining their approval Whe￿ required. and in accordance with the academy trust's financial regulations and nom)al prLKuremenl rKocedufes ielating lo connected and related party Iransaclions. The follosyir5g related party ITansath"ons took in the financial period. Maharishi Dome- A number of Maharishi School Trust Govemors are members of Maharishi Dome. The trust made contributions lotslling £2.180 12024.. £2.717) in relation lo hire of the dome for meditation sessions for the high sch￿1 P￿lIs. Maharishi Foundation- A nLHnber of Maharishi School Trust Govemors are members of Maharishi Foundation. The trust made contributions totalling £5.800 in relab.on to CBE fees. The trust made contn"butions totalling £14,420 to the foundation for various reasons. 23 Mgmbers. Ilablllty Each member of the ¢haritatrAe company undertakes to contribjte to the assets of the company in the event of il being wound up while he or she is a member. or wthin one year after he or she ceases lo be a member, such amount as may ￿ requi￿d, not exceediNd £10 for the debts and liaixlitses contracted befo￿ he 01 she ceases to be a member. Company Registration No. 01902341 {England and Walesl MAHARISHI SCHOOL TRUST LTD (A COMPANY LIMITED BY GUARANTEE) GOVERNORS, REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 MAHARISHI SCHOOL TRUST LTD CONTENTS Page Reference and administrative detsils Governors, report 3-12 Governance slalement 13-16 Slalemenl of regularity, propriety and compliance 17 Slalemenl of Govemors, responsibilitie5 18 Independent audilorfs report on the financial slalements 19-22 Independent reporting aceounlanfs report on regularity 23-24 Slalemenl of financial actNilies indLKling ir￿rne and experKliture a¢￿Unt 25-26 Balance sheet 27 Slalemenl of cash flows 28 Notes lo the financial statements induding accounliry poliaes 29-46 MAHARISHI SCHOOL TRUST LTD REFERENCE AND ADMINISTRATIVE DETAILS Members G Valenle G Evans 18imbaum J Scott P D Mitchell {Reggned 24th January 20251 R W Buswell WGOfr E A Dent {Apwinted 6th March 20251 Governors l Bimbaum L J Edwards A O'Neill C L MccFoskey C K Latham C Wnleringham G Evans JRHLees L Gaskell L V Walters M Ingram R F Hobson {Re&gned 24 January 20251 R W Buswell R Marriott L E J Andrews (Re￿gned 8 November 20241 N W T Mercer (Appointed 14 February 20251 D Mcarthur-Gieenall (Apwinled 12 December 20241 Senlor managemgnt team Headteacher - Deputy Head Deputy Head Consciousness-based Education lead Business Manager L Edward$ L WaAers L Gaskell M Ingram P Magee Company secretsry P Magee Company reglstratlon number 01902341 (England and Wales) Reglstsrgd offlce Maharishi SChC￿l Cobbs Brow Lane Lathom Ormskirk Lancashire L40 6JJ Indepgndent audltor Cooper Pary Group Limited Sl James BuildiThJ 79 Oxford Street Manchester M16HT MAHARISHI SCHOOL TRUST LTD REFERENCE AND ADMINISTRATIVE DETAILS Bankers Lloyds PO Box 1000 Andover BX1 1LT Sollcltors HY EdL￿allOn Sandbrook House Sandbrook Park Rochdale OL11 1RY MAHARISHI SCHOOL TRUST LTD GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Govemors are pleased to present this report for Maharishi Free School for the year ended 31 August 2025. As a small rural all-through school in Laneashire, we provide education for pupils aged 4 10 16, fostering academic excellence, personal growth, and community engagement. Govemors are responSi￿e for strategic oversight and ensuring the school delivers high-quality educ*"on in lirbe wth our wsion and stalulory requirements. Structure, governance and management Constitution The academy trust is a company limited by guarantee and an exempt charity. The charitsble company's memorandum ar¢d articles of association are the primary goveming documents of the academy trust. Governors, ol Maharishi School Trust are also the direclors of the charitsble company for the purposes of company law. The charitsble company operates as Maharishi School Twst. The Academy Trusl's memorandum and a￿CleS of associab.on are the primary goveming d￿MentS of the School together with the Funding Agreement entered into with the Secretary of Stale for Education. Members of the Academy Trust comprise of the signatories to the memorandum. up lo 3 persons may be apprynted by Maharishi Foundation and 1 person who may be appointed by the Secretary of State, the Chair of Govemors and others whom existing members may unanimously appoint. The artiele5 of assoaation require the members of the Academy Trust to appoint al least th￿e Govemors lo be reswnsible for the statutory and conslitulional affairs and management of the Schc(A. Details of the Governors who served during the year, and lo the date these ￿0￿￿ts are approved are included in the Reference and Adminislralive Details on page 1. Member$, liabllity Each member of the charitable company undertakes to contn.bute to the assets of the charitable company in the event of it b￿ng wound up while they are a member. or wrthin one year after they cease to be a member, such amount as may be required, nol exceeding £10, for the debts and liabilit￿5 contracted before they ¢eas8d lo be a member. Gov&rnors' Indgmnltles The Academy has purchased Insuran￿ to protect G0Ven￿lS and officers from daims arising from negligent ads, errors or omissions occurring ￿11$1 on A￿demY business. The insur8nr* providès cover up to £10,000.000 lor Governors, liability on any one occurrence_ Method of recwltment and appointment or election of Governors The Members may appoint up lo 10 Govemors. The Members may appoint Staff Governors through such a process as they may determine, provided thal the totsl nUM￿r of Govemors (including the Headleacherl who are employees of the Academy Trust does not exceed one third of the total number of Govemors. The LA may apwint the LA Governor. The Headteacher shall be treated for all purposes as being an ex offiao Govemor. The Parent Governors shall be elected by parents of regISte￿d pupils at IheAcademy. A Parent Governor must be a parent of a pupil al the Academy at the bme when he is elected. The Goveming Body sh811 make all necessary arrangements for, and determine all other matters relating to. an election of pa￿nI Governors, inclLiding any question of whether a person is a parent of a registered pupil at the Academy. Any electicn of Parent Governors which is contested shall be held by secret ballot. The Governors are difectors of Ihg Ch￿l￿ble company the pU￿)se$ of the CompaniesAd 2006 and Governors for the purposes of charity legislation. The Govern￿ who were in office at 31 August 2025 and served throughout the year are listed on page 1. During the year undw review the G0vem￿S held 6 meetings. MAHARISHI SCHOOL TRUST LTD GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Pollcles and procedures adopted for the Induction and training of Governors Company law requires the Governors lo prepa￿ financial statements foi each financial year. which give a true and fair view of the slate of affairs of the charitsble company al the end of the financial year and of ils incomiry resources and application of resources. including inc(*ne and expendrture. for the financAal year. In preparing financial slalemenls which give a true and fair wew. the Govemots are reqUI￿d to". select suitable accounting policies and then apply them consislenlly.. make judgements and estimates that are ￿3$Onable and prudent, stale whether appIl￿ble a¢￿untIng stsndards have been followed. sufy.ect to any material departure$ disclosed and explained in the finanaal slalemenls.. a￿1 prepare Ihe financial slatements on the g26, Govemors wll focus on continuing to enhan￿ Ihe schcol's provision, wellbeing. and engagement across all phases". 10- MAHARISHI SCHOOL TRUST LTD GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Acadernlc Prlorltles Improving outcomes in reading across primary and secondary phases. in line with Ofsted reCoMmer￿allOns. Expanding and enhanang the enrichment offer. ensuring all pupils experience a broad and balanced range of cultural. artsslic, and physical opportunities. Conb"nuing to improve attendan￿ levels across all year groups to support attainment and engagement. Facilities and Infrastructure Completing the Urgent Fire Safety and Statutory Compliance W(￿kS, funded through CIF and the Edna Linell Charitsble Tru51. Investing in infrastructure improvements to create modem. sustainable, and safe leaming environments across both sites. Staff Wellbelng and Development Strengthening the school's wellteing provision wlh a slruciured, tiered approach overseen by the wellbeing lead. Introducing half-lemily wdlbeing team meelings to share updates. diS￿$S ￿se$, and maintain a joined-up approach. Conts"nuing to invest in professional development and support lo retain and attract high-quality leaching and support stsff. Communlty. Partnershlps. and External Engagement Expanding the school communrty through iniliab.ves such as the PTFA WhatsApp Community, fostering connection, support, and a culture of reciproaty among staff. parents, and pupils. Launching seasonal celebrations and school-wide events that bring together the school community lor cultural. social, and creative experiences. Slrenglhening links with local and nab.onal partne￿ to provide pu￿15 wth unique leaming and development opportunities. Studgnt 0gvelopm?nt and Enrlchment Implementing a ¢￿t￿ra1 capital mapping project to ensu￿ that every pupil experiences a range of key learning. creative, and enrichment opportunthes across both primary and Secondary phases. Tracking and monitoring enrichment experiences to embed cross-curricular links and ensure continuity and progression. Governance, Compllancg, and IT Se¢yrlty Maintaining strong overwghl of information technology and cyber securtty. induding policy review, staff training, access controls. and risk management in line wth DIE standards. Strengthening estates management and business continuity planning lo ensure resiliènce and the ongoing delivery of high-quality education in all tircumstsnces. Funds held as custodian trustee on behalf of othe The Academy and its Govemors do nol act as the custodian trustees for any other Charity. 11 MAHARISHI SCHOOL TRUST LTD GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Audltor As sel in the Academies Trust Handbook, Aeademy tnjsts $￿Uld r&tender their audit contract at least every five years. The academy trust procured the services of Cooper Pary through a Departmenl for Education IDfEI framework. Insofar as the GoverrK)rs are aware". there is no relevant audit infornialion of which the charrtatAe company's auditor is unaware. the Governors have tsken all steps that they ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the auditor is awaie of that information. The Governors, report, incorporating a strategic report. was approved by Order of the Board of Govemors. as the comp y directors, on 11 December 2025 and S￿￿ed on ils behalf by.. Birnbaum Chalrman 12- MAHARISHI SCHOOL TRUST LTD GOVERNANCE STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 Scope of responsSblllty As Govemors, we acknowledge we have overall reSP￿sIbIlity ￿ ensuring that Maharishi School Trust Ltd has an effeth.ve and appropriate system of control, finanaal and otherwise. However. such a system is designed lo manage rather than eliminate the risk of failure to achieve bUSi￿sS ot4'ectives. and can provide only reaSona￿e and not ab501Lrte assurance against material misstatement or loss. The Board of Governors ha$ delegated the day4frday res￿nsibl"lrtY to the principal. as accounting officer. for ensuring finanaal controls confomi wlh the requ1￿mentS of both propnety and good financial management and in accordan￿ with the requirements and responsibilibes assigned to il in the funding agreement be￿een Maharishi School Trust Ltd and the Secretary of State for Education. The accounting officer is also responsible for reporting lo the Board of G0Verr￿rS any material weaknesse$ or trmeakdowns in inlemal control. Governance The information on governance included here supplements that described in the Govemors. Report and in the Statement of Governors. Responsibrlib"es. The Board of Governors has fomially met 6 times during the year. Attendance duriThJ the year at meetings oflhe Board of Govemots was as f￿10¥&￿. Governors Meetlngs attended Out of posslble l Birnbaum L J Edwards A O'Neill C L Mcdoskey C K Latham C Winteringham G Evans JRHLee5 L Gaskell L V Walters M Ingram R F Hobson (Resigned 24 January 20251 R W Buswell R Marriott L E J Andrews (Resigned 8 November 2024) N W T Mercer (Appointed 14 February 20251 D Mcarthur-Greenall {Appoinled 12 December 2024) The main rest%)nsibililies of the board are as follows.. Regular reviews by the finance and general purposes tx)mmitlee of rep)rts which irKlicate financial performance against the forecasts and of major purchase plans, capital works and expenditure programmes", Setting tsrgels lo measure financial and other perfomiance. Clearly defined purchasing lasset purchase of caFXtal imiestmentl gyidelines". Delegation of aulhoTty and segregation of duties., Identification and management risks. Conflicts of interest All Members. Governors and stsff purchasing auihority are required to declare their interests annually by completing the Declaration of Inte￿st profomia. This is reviewed by the academy and held by the Trust. The declaration of interest is updated on an annual basis or when thanges occur. 13- MAHARISHI SCHOOL TRUST LTD GOVERNANCE STATEMENT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Members, Trustees, Govemors and Stsff a￿ advised that if not sure what to dedare, or whether I when any declaration needs lo be updated. that they should err on the side of cauts"on. The Chair of the Board of Governors provides advice and il is their responsibility to ensure that professional advi￿ lie, from the audilorsl is sought where necessary. Interests are recorded on the Trust's Register of Inte￿$ts. which 15 maintained ty the Clerk. The ￿gIster 15 availablo on request. Al each meeting. the clerk ask$ for any conflicts of Inte￿$1 to be dedar&J. Meetlngs The information on govemance included he￿ suprAements that described in the Govemors. Report and in the Statement of Govemors, Responsibilites. The Board of Govemors has formally met 6 times during the year. So that the board a￿ lully aware of the financtal positron a Trustee has been invited to each Finance Planning rneeling. All Governors are sent a monthly report so that they are up to date ￿th thè current financial posrtion and LGB minutes are reviewed lo ensure the finance put into the rAace lo deliver the priorib.es in the School Development plan are being ulilised effectively. Governance reviews We have had 3 feviews made by extemal agencies throughout the year. These are Strategic Fraud, Anli-Bribery and Corruption, Risk Management and Data Proteth"on. The reports were distributed lo the Governors and actions were pul Into place lo address any oulslanding issues. Actions lo be pul into pFace were.. Fraud Anti-Bribe and Comj tion al All staff lo be reminded of the requirement fy the finwce team to wtness any requests for change of bank details. bl Historical differences in the schools finanaal sofiware to te resolved to enable 8ecurate reflection of the schools current position in the management accounts. cl Guidance related to the new Gifts & Hospitslity P)licy lo be circulateA al the earliest opp)rtunity. ill Educational whistteblowing policy to be implemented. el Training requirement identified lo be implemented and in induction process for stsff and Govemors. k Mana ment al Number of risks identtfied to be reduced to make for a more manageable documenl, including the femoval of overlapping risks. bl Business continuity plan to be updated and circulated to relevant staff. cl Governors lo be reminded of the terms of reference each committee. Data Protection al Data protection policies to be approved by Govemors at the next meeting and circulated lo all staff. bl Business Continuity F48n to be updated to include dats proteclion and cyter security measures. cl An asset information register should be produced. dl Business manager lo ensure all new staff re￿1ve apFYopriale data protection training wlhin one month of their start date. 14- MAHARISHI SCHOOL TRUST LTD GOVERNANCE STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Flnanco, Audll and Rlsk sulxommlttee The Finance. Audit and Risk committee is a sU￿COMMittee of the main Board of Govemors. Ils purpose is to set and monitor Ihe budget and provide assurance lo the Trust Board that the systems and practices within the Trust adhere to the Academy Tnjst handbook. Attendance at meetings in the yearwas as folluK'. Governors Paeetlngs attended Out of poyslble l Bimbaum L J Edwaids A O'Neill R W Buswell R Marriott Revl8w of value for money As accounting officer. the principal has responsibility for ensuring Ihat the academy trust delivers good value in the use of public resources. The accounting officer understands that value for money fefers lo the educational and wider societal outcomes, as well as eslales safety and management. achieved in relum for the taxpayer resources received. The accounting officer considers how the academy Iwst's use of its resources has provided good value for money during each academic year, and reports to the Board of Govemors where value for money can be improved, including the use of benchmarking data or by using a framework Whe￿ apwopriale. The accounting officer for the academy trust has delivered improved value for money during the year by.. Random sampling of the procurements made ensures that we a￿ getting thè highest quality for the best possible price. Benchmarking against similar In151 Is used lo verify decision making so that value for money is achieved. Consultation for best practices allow5 US to draw upon the experience of professionals to engage services within schools that are high qu8lrty. For example. we have renegotsaled contracts so that we have best value for money from I￿r energy suppliers. The purpose of the system of internal control The system of intemal control is de￿gned lo manage risk lo a reasonable ￿Ve1 Tather than to èliminate all risk of failure lo achieve policies. aims and objective5. It can therefore only provide reasonable and not absolute assurance of effectiveness The system of inlemal control 15 based on an on-going process designed lo identify and prioritise the risks to the achievement of ac8demy trust poliaes, aims and 04'ectives. lo evaluate the likelihood of those risks being realised and the impaci should they be realised, and to manage them efficiently, effectively and economically. The system of inlwnal control has been in pla￿ in Maharishi Schw)l Trust Ltd for the period I Septembei 2024 10 31 August 2025 and up to the dale of approval of the annual report and financial slalemenls. Capaclty to handle rlsk The Board of Governors has reviewed the key risks to which the academy trust is exposed together wth the operating, financial and Compliance controls that have been implemente(I lo mitigate those risks. The Board ol Governors is of the view that there is a fornial ongoing process for identifyt"ng, evaluating and managing the academy Irusl's significant risks that has been in place for the period 1 Seplembec 2024 10 31 August 2025 and up to the dale of approval of the annual report and financAal statements. This process is regulafly reviewed by the Board of Governors. 15- MAHARISHI SCHOOL TRUST LTD GOVERNANCE STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 The r￿k and control framework The academy trust's system of internal control is based on a framewoth of regulaf management inforrnation and administrative procedures including the segregation of dLrties and a system of delegation and accounlabilty. In particular, it includes". comp￿hen$1ve l￿dgetIng and monitoring Systems wilh an ￿nUal t￿￿get and periodic financial reports which are reviewed and agreed by the Board of Govemors,. regular reviews by the finance and general purposes committee of reports which indicate financial performance against the forecasts arid of major purchase plans. capital works and expendrt￿￿ programmes.. setting largels lo measure financial and other performance". clearly defined purchasing lasset purchase or capital investment) guidelines,. idenlificalion and management of risks. The board of Govemors has considered the need for a specific rntem81 audit funth.on and has decided to appoint a new Responsible Officer from School Business Services. follobwng the appointment of Cooper Pary as external auditors. who heads up their internal audit services function for the education Sector. The internal aL*Jitorfs role indudes giving advice on finanual and other matters performing a range of checks on the academy tnjsfs financial and other systems. In particJJlar. the checks carried oul in the current period included.. Fraud, Anti-Bribery & Corruption Risk Management Data Protection The internal auditors delivered their schedule of work as planned. provided detsils of any significant control issues arising as a result of the inleinal auditors work arid all remedial work was taken lo reclify the issues. For the period we are reporting for the audrtors made three reports to the board of Govemors. through the audit and risk committee on the matters noted above. Rovlew of effectiveness As accounting officef, the prinopal has respon￿bIlIty for reviewng the effecbveness of the system of internal control. During the year in question the review has been informed by: the work of the inlemal auditor the financial management and govemance self-8sse5sment process or Ihe school reS￿r¢e management seff- assessment tool., the work of the executive managers wlhin the ac£demy trust Vrt￿ have responsibility for the developmènt arKI maintenance of the inlemal control framework" the work of the extsmal auditor The accounting olficer has been advised of the implications of the ￿sUIt of their ￿VIeW of the system of internal control by the audit and risk eLJmmittee and o plan to address weakresses and ensure continuous improvement of the system is in place. Conclusion Bas&d on the adwce of the audit and risk committee and the accounting officer. the Board of Gove{r￿r$ is of the opinion that the academy trust has an adequate arbd effective framework for govemance, risk managernent and contiol. Appr by order ofthe Board of Govemors on 11 December 2025 and signed ￿ its behalf by.. Bimbaum Chalr of Governots dwa Accountlng Officer 16- MAHARISHI SCHOOL TRUST LTD STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE FOR THE YEAR ENDED 31 AUGUST2025 As accounting officer of Maharishi Schocd Trust Ltd. l Confirm thal I have had due regard to the framework of authorities governing regularity. propriety and complian￿. including the trust's lunding agreement with the Department for Education IDfEI. anil the requirements of the Academy Trust Handbook, induding responsibilitie5 for estates safety and management. I have also considered my responsbility lo notify the academy trust Board of Governors and DfE of matenal irregularity. impropriety aThJ non-cL￿p11an¢e temis and conditions of all funding, including for estates safety and managemenl. I confirm that l and the Board of Govemors a￿ able to idenb.fy any materi81 irregular or improper use of all fvnds by the academy trust, or material non-compliance the framewofk of authortiies. I confirm that no instances of material irregularity, impropriety or norFcomplIan￿ have been discovered lo dale. If any instsnces a￿ identified 8fter the date of this 5tstemenl. these will te notified to the Board of Governors and DE. L J Edwards Accountlng Officer 11 December 2025 17- MAHARISHI SCHOOL TRUST LTD STATEMENT OF GOVERNORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST2025 The Govemors (who act as trustees for Maharishi S¢hool Trust Ltd and are also the directors of Maharishi School Trust Ltd for the purposes of company lawl are responsitrAe for preparing the Governors, report and Ihe financial statements in accordan￿ with the Academies Accounts Di￿(￿on 2024 to 2025 published by the Department for Education. Unrted Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the Govemors lo prepa￿ financial slalemenls for eath fi￿ar￿la1 year. Under company law, Ihe Govemors musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the chartlable company and of i(s incc¥ning resources and appli¢ation ol resources, including ils income ar¥J expenditure, for that period. In preparing these fina￿la1 slatements. the Govemors are require(I lo" select suitable accounb'ng policies and then appty them con&stenUy". observe the methods and principles in the Charities SORP 2019 and the A&￿emieSAcC0U￿tS Direction 2024 to 2025.. make judgements and acwunling estimates that are reasonable and prudent-, slate whether applicable UK Accounting Standards have been foll(wed. subject to any material departures disclosed and explained in the financial ststemenls". and prepare the financial slalements on the going concem basis unless it is inappropiiate lo presume that the charitable company ￿111 continue in business. The GoverTh)rs are responsible for keeping adequate accounb.ng records that are sufficient lo show and explain the charitable company's transactions and disclose wrth reasonable accuracy at any time Ihe financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 20C6. They are also responsible safeguarding the assets of the chanta￿e company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Govemors are responsible for ensuring that in its conduct and operation the charitable company applies financial and other controls, which conform with the requirements both of propriety and of good financial management. They a￿ also ￿sponsI￿4e for ensuring that grants received from the DIE have been applied for the purposes intended. The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the Unile(l Kingdom goveming the preparation and dissemination of finanaal statements may drfter from legI￿atIon in other jurisdictions. App by order ofthe members of the Board of GovemoTS on 11 De￿rnber 2025 and signed on its behalf by.. Bimbaum Chalrman 18- MAHARISHI SCHOOL TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE PIIEMBERS OF MAHARISHI SCHOOL TRUST LTD FOR THE YEAR ENDED 31 AUGUST 2025 Opinion We have audited the finanaal slalements of Maharishi School Trust Ltd for the year ended 31 August 2025 which comprise the slalemenl of financial acb"vib"es, the balance sheet. the slalement of cash flows and notes to the finanaal statement5, induding significant accounting policies. The firbancial repo￿n9 framewoTk that has been applied in their preparatron is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsn(Jard 102 The Finanaal Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclice), the Charities SORP 2019 and the Academies Accounts Direcb'on 2024 to 2025 issued by the Department for Education. In our opinion the financial statements.. give a true and fair view ol the state of the charitable company's affairs as at 31 August 2025 and of its incoming res￿r¢e$ and applicakn.on of resources, incI￿11ng its irthme and expenditu￿, for the year the ended", have been propedy prepared in accordarrE wlh Unrted lQ"ngdom GenerallyA¢¢epledAccounting Practice". have been prepared in aC￿rdanCe wih the requirements of the Companies Act 2006., and have been prepared irb accordance with the C￿tres SORP 2019 and the Academies Accounts Direction 2024 10 2025. Ba$ls for oplnlon We conducted our audit irb accordance wth Inlemalional Standards C￿ Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under Ihose stsndards are further described in the 'Audilorfs fesponsibililies for the audit of the financial slalemenls, section of our ieport. We are independent of the academy trust in accordance with the ethical requirements that are relevant to our audrt of the financiJ slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical resprmsibilth'es in accordance wlh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu$lon$ rglallng to golng concern In auditing the financial statements. we have conduded thal the Govemors, use of the going con￿rn basis ol accounting in the preparation of finanryal slalemenls is appropriate. Based on the work we have perfotmed, we have not identsfied any material uncertainlie5 Telab"ng to events or conditions that, individually or collectively. may cast signifunt doubt on the academy Irusl's ability lo continue as going concern for a period of al least ￿e1ve months ftom when Ihe financial ststements are aulhorised for issue. Our responsibilities and the responsibilities of the Goverrors wih respecl to going coneem are described in the relevant seth.ons of this report. Othgr Informatlon The other informabon comprises the information irKluded in the annual ￿port other than the financial statements and our audilorfs report thereon. The Govemors are responsible for the other informalitsn eontained within the annual report. Our opinion on the financial statemenls does not cover the other informakn.on and, except lo the extent otherwise expliciuy slated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other informabon and, in d￿Tr9 so. consider whether the other information is materially inconsistent with the financial ststements or our knO¥￿edge obtained in the course of the audit, or otherwise appears lo be malerialty misstated. If we identify such maten'al inconsistencies or apparent material misslalemenls. we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material mi$statemenl of this other infomalion. we are reqUI￿d to report that fact. We have mthing lo rep)rt in this regard. 19- MAHARISHI SCHOOL TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAHARISHI SCHOOL TRUST LTD (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Oplnlons on other matters prescrlbed by the Companles Act 2006 In oui opinion, based on the work undertaken in the course of the audit-. the information given in the Govemors. report induding the In¢orKx)rat￿ strategic report for the financial year for which the financial statements are prepared is consistent ￿th the financial statements,. and the Govemors, report including the inCorp￿ated $lrat¢gi¢ report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by excepllon In the light of the kno￿edge and understanding of the academy trust and its environment obtained in the course ol the audit, we have not Identh"fied material misstatements in the Govemors, ￿pOrt. induding the incorporated strategic report. We have nothing to report in respect of Ihe follwng matters in ￿latI￿ lo which the Companies Act 2006 requires us lo report lo you rf, in OUT opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not VI￿led by us., or the financial slalemenls are not in agreement wth the accounting records and ￿tUrns." or certain disclosures of Governors. remuneration specified by law are not made,. or we have not received all the information and explanations we ￿uIre for our audit. Rgsponslbllltlgs ol Governovs As explained more fully in the statement of Govemors, ￿spOnsIbl1￿"e5, the Govemors are responsible for the preparation of the financial statements and for being satisfied that they give a tnje and fair view. and for such internal control a5 the Govemors determine is necessary lo enable the preparation of finanryal statements that are free from material mis51atemenl, whether due to fraud or error. In preparing the financial statements. the Governors are ￿spOnsible for assessing the academy trust's ability to continue as a going concem, disclosing. as applicaEIe, matters related to going concem and using the going con￿rn basis of accounts.ng unless the Govemors either intend to liquidate the charitable company. or have no realistic allemative but to do so. Auditor's responsibilities for the audll of the financlal statements Our objectives are lo obtain reasonable assuran￿ about whether the financial statements as a %thole are free from material misslalemenl, whether due to fraud or error. and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance bLrt is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material misstatement lthen it e￿$ts. Misslatemenls can arise from fraud o error and are considered material rf, individually or in the aggregate, they coul(J ￿aSOnablY be expected to inffluence the economic deasions of users taken on the ba&s of these finanoal statements. The extent to which our procedures are capable of detecting irregularib"e5. i￿luding fraud. is detailed below. Extent to whlch the audlt was Considered capable of detecllng Irvegularities including fraud Irregularities, including fraud, are instances of r￿n-ComplI0n￿ wlh laws and ￿gUlab"0ns. We design procedures in line with our responsibilities, outlined above. to deleLt malerial misslatemenls in respect of irregularits'es. induding fraud. The extent lo which our prcrtedures are Capab￿ of detsctir¥J irregularities, inLluding fraud. is detailed below. -20- MAHARISHI SCHOOL TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAHARISHI SCHOOL TRUST LTD (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Extent to whlch the audlt was consldered capable of detectlng Irregularltles Includlng fraud In identifying and assessing risks of material misslalemenl in respect of irregularities. induding fraud, we considered the following". The nature of the industry and sector, control enwronment and I￿SInesS ￿ToM7an¢e. Any matters we identified having obtained and reviewed the cOmp￿Y'S thxumentslion of their policies and pr￿edureS relating lo". Identifying, evaluating and complying with law5 and regulations and vthether they were aware of any instances of non-compliance.. Detecting and responding to the risks of fraud arnl vtsther they have knowledge of any actual, suspected or alleged fraud., The inte¥nal controls estsblished to mitigate risks of fraud or norKomplIar￿ wth laws and regulations., and The matters discussed among the audit engagement team and involving relevant intemal specialists, including lax, and industry specialists regarding how and vtsre fraud might ￿¢v1 in the financial stslemenls and any potential indKators of fraud. As a result of these procedures, we considered the opportunrties and incentsves that may exist wthin the organisalion for fraud and idenb.fied the greate51 potential for fraud in the following areas." recognition of income and rnisapproprialion of fijnds. In eofflmon ￿th all audits under ISAS (UK), we are also required to perform specifjc procedures lo respond lo the risk of management override. We a150 obtained an undetstanding of the legal and Tegulalory frameworks the academy operates in. focus5ing on provissons of those laws and regulatsons that had a d1￿ct eff&t on the deleTminats"on of material amounts and disclosures in the financial slatemenls. The key laws and regulations v* COn￿dered in this context included the UK Companies Act and Academies Accounts Directi￿. In additron, we ¢￿Sidered provi&ons of other laws and regulations Ihal do not have a direct effect on the financial stslemenls bul compliance wlh which may be fundamentsl to the academy's ability lo operate or to avoid a material penalty. Our Procedu￿8 to respond to risks identsfied induded Ihe follovAng'. Reviewing the financial statement disdosuTe5 and lestsng to supporting documentation lo assess compliance with provisions of relevant laws and regulations describ￿1 as having a direct effect on the financial statements.. Enquiring of management and those charged V*ilh governa￿e concerning actual and potential litigati￿ claims.. In addressing the risk of fraud through inappropriate reo)rding of income. we review the existence and completeness of DfE income and reconcile all other matwial income streams to Ihir¢J party eviden￿., We carry out a detailed rewew of deferred inccrfne. irKluding a reviv4V of amounts released to income in the year. We review a SaM￿e of expenditure lo ensure it has been appropriately authorised and that tender process have been followed where applicaNe.' We carry out a review of the register of interests and minutes to ensure that all related parties have been discloseil adequately", In assessing the risk of fraud through management override of ￿ntrol$, testing the appropriateness of journal entries and assessing whether judgements mae in making a￿Ounting estimate$ are indicative of potential bias. 21 MAHARISHI SCHOOL TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAHARISHI SCHOOL TRUST LTD ICONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 A further description of our ￿5￿)nSIbIlibes ts available on the FInar￿la1 Reporting Council's website at.. httpsjl wvm.frc.org.uklauditorsresponsibilities. This description fcrfms part of cojr auditorfs report. Use ofour report This report is made s￿elY lo the charitable company's membets, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable companls members those matters we are required to 5ts1e to them in an audito¢s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume iesponsbility lo anyone other than the charitable company and the charitable company's members as a trfxly. for our audit work. for this Teport, or for the opinions we have fornied. Stephen yson CA FCCA {Senior Statutory Auditor) for and on behalf of Cooper Pary Group Llmlted Statutory Audltor Sl James Building 79 Oxford Street Manchester M16HT -22- MAHARISHI SCHOOL TRUST LTD INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO MAHARISHI SCHOOL TRUST LTD AND THE SECRETARY OF STATE FOR EDUCATION FOR THE YEAR ENDED 31 AUGUST2025 In accordance wlh the terms of our engagement letter dated 18 Juty 2025 and ftjrther to the reqU1￿MentS of the Department for Education {DfEI as included in the extant Framework and Guide for Exlemal Auditors and Reporting Accountants of Aca(Femy Trusts, we have carried out an engagement to obtain limited assurance about whether anything has come to our attention that would suggest, in all material respects, the expendituie disbursed arKI income received by Maharishi School Trust Ltd during the period 1 Septemter 2024 10 31 August 2025 have not been applied lo the purposes intended by Parfiament and that the finanual transactions do not conform lo the authorities which govem them. This ￿port is made solely to Maharishi Sd)ool Trust Ltd and the Secretary of Slate for Education in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to Maharishi School Trust Ltd and the Secretary of Slate for Education those matters we are required to slate in a report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility lo anyone other than Maharishi School Trust Ltd and the Secretary of Slate for Education. for our work. for this report, or for the conclusion we have fomied. Respectlve responslbllllles of tho accounllng officer of Maharfshl School Trust Ltd and the reportlng accountant The accounting officer is responsible, under the requirements of Maharishi School Trust Lld's ftjnding agreement with the Secretary of Stste for Educaliorb and the Ac&Jemy Trust Handbook. extant from 1 September 2024, for ensuring that expenditure disbursed and income received is applied tor the purposes intended by Parliament atKI the finanrAal Iransactsons conform lo the authorits.es which govem them. Our responsibilities for this engagement are established in the United Kingdom by our profession's ethical guidan￿, and are lo obtain limited assuiance and reF)Ort in accordance with our engagement letter and thè requirements of the extant Framework and Guide for External Auditors and Reporting Accountants of Academy Trusts. We report to you whether anything has come to our attention in carrying out our work which suggests that in all material respects. expenditure disbursed and income received during the peric*J 1 septeM￿r 2024 10 31 August 2025 have not been applied for the purposes intended by Parfiament or that the finarKial transactions do not confomi to the authorities whieh govern them. Approach We conducted our engagement in accordance Framework and Guide for Extemal Auditors and Reporting Accountant ofAcademy Trusts iSsL￿d by the DfE, vthi¢h requires a limited assurance engagement as set out in our engagement letter. The objective of a limiteij assurance engagement is lo perfomi suth pr¢xedures as to obtain information and explanabons in order to provide us ￿ sufficient a￿¥￿OprIate e¥Kjen￿ to express a negative conclusion on regularity. A limited assurance engagement is more limited in scope than a reasonable assurance engagement and consequently does not enable us lo obtsin assurance that we would become aware of all significant matters that migttt be identified in a reasonable assur8￿ engagemerrt. Aeeordingty, we do not express a positive opinion. Our engagement includes examination. on a test basis. of evidence relevant lo the regularity and propriety of the academy Irusfs ir￿orne and expendrture. In line with the Framework and guide for Exiemal auditors and RekKJrting Accounlanls of aeademy Trusts issu March 2025, we have not perfornied any additional procedures ￿ardIng the academy trust's compliance wth safeguarding, health and safety and estates management_ -23- MAHARISHI SCHOOL TRUST LTD INDEPENDENT REPORTING ACCOUNTANTS REPORT ON REGULARITY TO MAHARISHI SCHOOL TRUST LTDAND THE SECRETARY OF STATE FOR EDUCATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Concluslon In the course of our work. nothing has come lo our attention which suggests that in all material respects the expenditure disbursed and income received during the period 1 September 2024 to 31 August 2025 has not been applied for the purposes intended by Parliament or Ihat the financi￿ transacbons do not ￿nforn to the authorities which govern them. Reporting Accountant Cooper Parry Group Limited Dale.. .£1. -24- MAHARISHI SCHOOL TRUST LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 AUGUST2025 Unrestrlctsd funds Restrictod funds: General Fixed asset Totsl 2025 Total 2024 Notss Income and gndowments from: Donations and capital grants Charitable activities.. Funding f(x educational operalions Other trading activities Invesbnenls 24,428 7,169 142.471 174.068 19.230 1.689,493 20,911 1.689,493 1,619,748 51,308 52,175 4,092 96 30.397 4.092 Totsl 58,917 1,717.573 142,471 1.918,961 1,691,249 Expendlture on.. Raising funds Charitable activtties". Educational operatI￿S 7.595 7,595 7,932 35.000 1.701.370 34.059 1,770,429 1,630,227 Totsl 42.595 1,701.370 34,059 1,778.024 1,638,159 Net income 16.322 16.203 108.412 140,937 53.090 Transfers btheen lunds 16 (6,040) 6.040 Other rgcognlsed galnslllossesl Actuarial gains on definetl benefit pension schemes Adjustment for restriction on pension assets 18 245.000 245.000 12.000 18 1264,000) {264,000) 120,0001 Net movement In funds 16.322 18.837) 114,452 121,937 45.090 Rèconciliation of funds Total funds brought fonyard 14B.810 100.488 713,892 963,190 918.100 Totsl funds carried forward 165.132 91,651 828.344 1.085.127 963.190 -25- MAHARISHI SCHOOL TRUST LTD STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025 Comparative year infomiation Year ended 31 August 2024 Unrestricted Restricted funds: Ggneral Flxed as$gt Total funds 2024 Notss Income and end0Y￿ents from: Donations and capital grants Charitable activities.. - Funding for educational operats'ons Other trading activities Investments 2.520 9,678 7,032 19,230 21,623 1.598,125 23,487 28,68B 1.619,748 52,175 96 Total 47,726 1.636,491 7,032 1,691,249 Expendlture on: Raising funds Charitable actiwlies.. Educational operati￿8 7.932 7,932 35.000 1,580,292 14,935 1,630.227 Total 42,932 1,580,292 14.935 1.638,159 Net incomellexpenditurg) 4.794 56.199 17,9031 53.090 Transfers between frJnds 16 4,736 14,7361 other recognlsed galnslllosses) Actuarial gains on defined benefft pension schemes Adjuslmenl for restriction on pension assets 12,000 {20,000) 12,000 120.0001 Net movement In funds 4.794 52,935 112.6391 45,090 Rgconclllatlon of funds Total funds t￿ugttt forward 144.016 47,553 726,531 918,100 Total funds ¢arrted fotward 148,810 100.488 713.892 963,190 MAHARISHI SCHOOL TRUST LTD BALANCE SHEET ASAT31 AUGUST2025 2025 2024 Notss Flxed assets Tan9ible assets 12 828,344 704.892 Current assets Debtors Cash al bank and in harKI 13 85,719 350,009 86.427 260.173 435.728 346.600 Current Ilabllltles Creditors.. amounts falling due wlhin one year 14 1178.9451 188,302) Net current assets 256.783 258.298 Net assats excludlng penslon asset 1,085.127 963.190 Defined benefit pension scheme asset 18 Totsl net assets 1.085,127 963,190 Funds of the academy trust: Restrlcted funds Fixed asset funds - Restricted income funds 16 828,344 91.651 713,892 100,488 Total restricted funds 919,995 814,380 Unrestrlct8d Income funds 16 165.132 148,810 Total funds 1.085,127 963,190 The financial statements on pages 25 to 46 were approved ty the Govemors and authorised for issue on 11 D$cembei 2025 and are signed on their behalf by- Birnbaum Chair of Trustfjes Company ￿gIStratIon number 01￿2341 (England and ￿￿les) -27- MAHARISHI SCHOOL TRUST LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2025 2025 2024 Notss Cash flows from operatlng acllvttles Net cash provided byllused inl operating activilies 19 100,784 125,5641 Cash flows from Investlng a¢llvltles Dividends. interest and rents from investments Capital grants from DIE Group Capital funding received from sponsors and others Purchase of tangible fixed assets Proceeds from sale of tangiile fixed assets 4.092 112,471 30.000 (157,511) 96 7,032 {1,0581 2,866 Net cash {u$ed Invprovided by Investing activities (10.9481 8,936 Net 5ncreasglldgcrease) In eash and cash equivalents in tho reportlng perlod 89.836 (16,6281 Cash and cash equwalents al beginning of the year 260,173 276,801 Cash and cash gqulvalents at end of the year 350,009 260.173 -28- MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 Accountlng poll¢lgS A summary of the principal accounting policies adopted {vkni¢h have been applied ¢onsislenlly, except where noted), judgements and key scmjrces of estimalK)n uncertainty, 1$ sel out below. 1.1 Basls of preparatlon The financial statements of the academy trust. ￿1¢h is a public benefft entity under FRS 102, have been p￿pared under the historical cost convention in acw(lance Trmth the Financial Reporting Standard Applicable in the UK and Republic of I￿land IFRS 1021. the AcctyJnts"ng and Reporting by Charities.. Stslemenl of Recommended Practice applieable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 102}I, the Academies A￿ount$ Directbon 2024 to 2025 issuejj by ts Department for Educatson, the Charities Act 2011 and the CompaniesAct 20C6. 1.2 Golng concem The Govemors assess whett*r the use of going coneem is appropriate, ie wthether there are any material uncertainties related lo events or conditions that may cast ￿gnIficAnt doubl on the ability of the charitable company to continue as a going concern. The Govemors make this assessment in respect of 8 period of at least one year trom the dale of aulhorisation for issue of Ihe finanaal stslemenls and have concluded that the academy trust has adequate resources to continue in operattronal existence for the foreseeable fLtture and there are no rnaterial uncertainties about the academy trusys ability to conb.nue as a going concern. Thus they continue to adopt the concem basis of w)unb"ng in preparing the ffinancial statements. 1.3 Income Al incoming resources are recognised when the ac&lemy trust has ent￿ement lo the funds, the receipt is probable and the amount can be measured reliably. Grants Gran15 are included in the slalemenl of financial &iivib"es on a receivable basis. The balance of income received for specific purposes but not expended durirYJ the period is shown in the relevant funds on the balance sheet. Where income ss recewed in advance of meets.ng any perfom)ance-relaled conditions there is not uneonditional entillemenl to the income and rts recognition is defe[￿d and included in creditors a$ deferred incorne unbl the perfomanee-related conditions are met. ￿￿ere enkn"Ilement 0￿￿r$ before income is received, the income is accrued. General Annual Grant is recognised in fijll in the statement of financial acliwties in the period for which il is receivable. and any abatement in respect of the period is deducted from income and recognised as a liability. Capitsl grants are recognised in full when there is an uncon¢Jilional entitlement lo the grant. Unspent amounts of cap(lal grants ale reflected in the balance sheet in the restricted fixed asset lund. Capitsl grants are recognised when there is entitlement and are not defer￿d over the life of the asset on which they are expended. onsorshi income Sponsorship income provided lo the academy trust ￿1¢h amounts lo a donation is recognised in the statement of finariaal activitses in the period in which il is ￿ceivable {where there are no perfomiance-related condits'onsl, where the le￿ipt 1$ probable and rt can b8 meaSU￿d reliably. Donations Donations are recognised on a receivable ba￿S there are no performance-related condib'onsl where the receipt is probable and the amount can be reliably measure(l. Other income Other income, inc1￿11Thg the hire of facilibes, is recogThseJJ in the period it is r￿e1Vable and to the extent the academy Irvst has provided the goods or semees. -29- MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng policies (Contlnuedl Donated oods fa ililies and seryices Goods donated for resale are included at fair value, being the exmed proceeds from sale less the expected costs of sale. If it is practical lo assess the fair value al receipt. il is recognised in stock and 'lncome frorn other trading activities,. Upon sale, the value of the stock is charged against 'lncome from other trading activities, and the woceeds are reeognised as 'lncome from other trading ath'vities,. ￿ere il is impractical lo lair value the items due to the volume of low value items they are not recognised in the financial slalements until they are sold. This income is recognised Wblhin 'lncome from other trading actr'vities,. Donalety fixed assets Donated fixed assets are measured at fair value unless it is impracfscal to measure this ￿lIablY, in which case the cost of the item lo the donor is used. The gain is recognised as income from donations and 8 C￿reSpOndIng amount is induded in the appropriate fixed asset Category and depreaate(l over the useful economic life in accordan￿ with the ac8demy trusfs accountr.ng polities. 1.4 Expenditure Expenditure 1$ recognised once there is a legal or COnstr￿1ve obligab.on lo transfer economic benefft to third party, il is probable that a transfer of economic tenefits will be required in setuement, and the amount of the obligation can be meaSU￿d reliably. Exwnditure is classified by activity. The costs of each actiwty are made up of the total of direct costs and shared costs, inclLtding supwrt costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated direcuy lo that activity. Shared costs vthich contribute to more than one activity and support cos15 which ale not attributable to a single actsvity are apportioned be￿een those activities on a ba51S consislenl wlh the use of ￿$OUrces. Central staff costs are allocated on the basis of time spent, and depreciation charges are alltKated on the ￿tion of the asset's use. Ex endi(ure on raisin fvnds This includes all expenditure incurred by the academy trust to raise funds for its charitable purposes and indudes costs of all fundraising aclivib.es events and n¢M-charitable trading. Charitable activities These are costs incurred ￿ the academy tnjsfs educats.onal operations, including support costs and costs relating lo the governance of the academy trust appo￿"Oned to charitable activities. AII ￿$1)jree5 expended are indusive of irrecoverable VAT. 1.5 Tanglble flxed assets and deprg¢latlon Asset5 Costing £1,000 or more ale capitsli5ed as tangible fixed assets and are carried al cost. depieaalion and any wovision for impaim)enl. ere tangible fixed assets have been acquired wth the aid of speufic grants, either from the government or from the pfivale sectoi. they are included in the balance sheet al cost and depreciated over their expected useful economic life. W)eTe there are specific condiliorts attach￿1 to the funding that reqLFire the continued use of the asset. the related grants ale cjedited lo a restricted fixed asset fund in the statement of financial activities and carried forward in the balance sheet. Depreciabon on the relevant assets is charged diredy lo the restricted fixed asset furnl in the statement of financial acb'vibes_ ￿ere tangiNe fixed 85sets have been acquired with unTestn'cted funds. depreaation ￿ such assets is charged to the unrestricted fund. MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Accountlnu pollcle$ Icontlnued) Depreciation is prowded on all tangible fixed assets other than freehold land. al rates calculated lo write off the cost of eath asset on a straighl-line basis over its expected uselul life, as follows." Freehold Land and Buildings Fixture & Equipment Computer equipment 1-25% straight line 25% straight line 33% straight line A rewew for impaimient of a fixed asset is carried out rf events or changes in circumstsn￿s indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls betsveen the carrying value of fixed assets and their recoverable amounts are recognised as impaimients. Impairmenl losses are recognised in the slalemenl of financial aclivits"es. 1.6 Llabllltlgs Liabilities are reccgnised when there is an obligation at balance sheet date as a result of a past event, il is probable that a transfer of economic ￿nefit wll be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are ￿¢(￿nised at the amwnt that the academy trust anticipates il will pay lo settle Ihe debt or the amount it has received as advanced payments for the goods of services il must provide. 1.7 Leased assets Rentals under operating leases are charged on a straighl-line basi5 over the lease temi. 1.8 Flnanclal Instruments The academy trust only holds basic ffinancial instruments as defined in FRS 102. The financial assets and finanaal liabilities of the academy trust and their measurement ba515 are as follows. Financial assets Trade and other debtor5 are basic financial instruments a￿1 are debt instruments measured at amorttsed cost. Prepayments are not fin8nual inslruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilth-es Trade creditors, accruals and other credttofs are finanual instruments. and are measured al amortised cost. Taxation and social security are not induded in the finanaal instruments disclosu￿ definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place arbd there is an obligation lo ddiver services rather than cash or another financial instrument. 1.9 Taxauon The academy trust is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il mee15 the definits'on of a charitable company for UK c¢wrabon tax purposes. Accordingly, the academy trust is potentsalty exempl from taxation in ￿Spect of irKome or capital gains received within categories covered by chapter 3 part 11 of the Cotporatson Tax Act 2010 or Sect¢on 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such irwme or gains are applied exclusively lo charitable purposes. 1.10 Pensions b8neflts Retirernent benefits lo employees of the academy tnjsl are provided by the Teachers, Pension Scheme I'TPS'I and the Local Govemmenl Pension Scheme I'LGPS'I. These are defined benefit schemes and the assets are held separately from those of the academy trust. -31 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng poll¢les (Continued) The TPS is an unfunded scheme and contn"buhons are calculated to spread the cost of pensions over employees. working lives with the academy trust in such a way Ihal the ￿nsion cost is a substsnlially level percentage of Current and future pensionable payroll. The contributions afe determined by the Govemmenl Actuary based on quadrennial valuations using a prospective unit ¢￿di1 method. The TPS is an unfunded multi-employer scheme wlh no underfying assets to assign be￿n employers. Consequently. the TPS is tieated as a defined contribution scheme for accounkn.ng purposes and the contnbutions are recognised in the period to which they relate. The LGPS is a funded multiemployer scheme and the assets are held separately from those of the academy trust in separate Iruslee administered ftjnds. Pension scheme assets are measured at fair value and liabilibes are meaSU￿d on an actuarial basis using the projected unit credit method and discounted al a rate equivalent lo the current rale of relum on a high-quality corporate borKI of equivalent terni and Cu￿encY lo the liabilities. The actuarial valuations are obtained al least tn"ennially and a￿ utxjaled al each balance sheet dale. The amounts charged to nel income 01 expendrtvre are the current service c051s and the costs of scheme inlroducts'ons. benefit changes. settlements and curtailments. They are included as part of stsff costs as incurred. Net Inte￿$1 on the net defined benefit liatM"Ittylasset is also recognised in the slalemenl of financial activities and Comprises the interest cost on the defined benefit obligallon and interest income on the scheme assets. calculated by multiplying the fair value of the scheme assets al the beginning of the period by the rale used to discount the benefit obligatsons. The difference be￿en the interest income on the scheme assets and the actual return on Ihe scheme assets 15 recognised in other recognised gains and 10s5es. Actuarial gains and losses are recognised immediately in olher re￿gnised gains and losses. 1.11 Fund accounting Unrestricted income fijnds represent those resources which may be used towards meeb.ng any of the charitable objec15 ofthe academy trust at the discretion of the Govemors. Reslricled fixed asset fvnds are resource5 which are to be applied lo specific capitsl purposes imposed ty funders where the asset acquired or created is held for a spe¢rfic purpose. Reslricled general funds comprise all other reslricled funds re￿iVed with restrictions imposed by the lundeTI donor and include grants from the Department for Education. crftlcal accountlng estlmates and areas of Judgement Accounting estimates and jLbJgements are continually evaluated and are based on historical experience and other lactors, including exprftations of future evenls that are believed lo be feasonable under the circumstances. Critical accountin imales and assum The academy trust makes estimates and assumpb'(ms ¢ofThning lh8 fvtu￿. The resulting accounting eslimales and assumptions wll, by definition. seldom equal the related aclual ￿SUIts. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Local Government Penslon Seheme Liablllty". The present value of the Local Govemment Pension S¢t￿e defined benefit liabiltty depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions I￿lude the discount rate. Any changes in these assumptions, which are disdosed in note 18, will impact on the carrying amount of the pension liability. Furthermore. a roll forward approach which projects results from the latest ftjll actuarial valuation performed al 31 Mar¢h 2022 has been used by the actuary in valuing the pensons liabilty al 31 August 2025. Any differences behveen the figures derived from the roll forward approach and a full xtuarial valuation would impact on the carying amount of the pen￿on lia￿lity. MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Crltlcal accountlng 8Stlmates and areas of judgement (Continued) FRS 102 section 28.22 allows an entity lo recognise a Su￿uS within the Local Government Pension Scheme "only lo the exlenl il is a￿e lo recover the surplus either through reduced contributions in the future or through refunds from the plan., The Academy Trust has considered it unlikely that a surplus being recognised would ever result in a repayment or reduthon in contributions, given that $u¢h a surplus is probably only temporary. Therefore. although the actuarial report for Ihe year ended 31 August 2025 indicates a defined benefit a5sel ol £394.00012024." £130,000) exists al the year end date. the actuarial gain has been restricted by this amount to leave a break even position and neither an asset or liatslity has teen re￿3n1s8d. The ultimate responsit41ity for setting the assumpti'ons is Ihat of the Academy Trust, as the employer, however each year the LGPS actuary proposes a stsndard set of assumptions as part of the valuation exercise, using their expert opinion, and which comply with the accounting requirements. The Academy Trust has. in practice vAlh most employers, adopted the recommended aclvarial assumptions follow¢ng further consultation with its auditors to ensure these assumptions are reasonable and in line wth those adopted by other academy trusts. The key assumption is the discount rate, which is the esb"maled rate of long-tem investment returns. This year the discount rate of 6.2% is higher than the rate of 5.00% used in 2024. Since a higher discount rale means assets will grow rapidly in the future. this results in lower current liabilities. This is the key driver for the increase in the carried LGPS asset from £130k to £394k during the year. seful econofnic lives of itrAe assets The annual depreciation charge for tangible fixed assets is sensthe to changes in the estimated usefiJl economic lives and residual values of the assets. The useful economic lives and residual values a￿ re- assessed annualty. They are amended when necessary lo reflect curient estimates, based on t¢chnolo9ical advancement, future inveslments, economic ukn"lisation and the physical condition of the assets. Donation5 and capltal grants Unrestrlcted Restricted fund$ funds Total 2026 Total 2024 Capital grants Other donations 112.471 37,169 112,471 61.597 7,032 12.198 24.428 24,428 149,640 174,068 19,230 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Fundlng for thè academy trust's eduullonal opgratlons Unrestricted funds Restricted funds Totsl 2025 Total 2024 DfEIESFA grants General annual grant IGAGI Other DfEIESFA grants". Pupil premium Others 1.469,545 1,469,545 1,369,671 69,136 123.195 69.136 123.195 61,516 59,443 1,661,876 1,661.876 1,490,830 Other government grants Local authority grants 27.617 27.617 107.495 Other incoming resources 21.623 Total funding 1.689.493 1.689,493 1,619,748 Other trading activities Unrgstrlctsd funds Restrlcted funds Total 2025 Total 2024 Catering income Trip Income Other income 1.481 1,481 20,911 28,916 2,343 28.688 21,144 20.911 28.916 30.397 20,911 51,308 52,175 Investment Income Unrestrlcted funds Restricted funds Total 2025 Total 2024 Short tem deposrts 4.092 4,092 96 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Expenditure Non-pay expenditure Premises Other Total 2025 Total 2024 Staff costs Expenditure on raising fvnds Direct costs Academy's educational operations Direct costs - Allocated support costs 7.595 7.595 7,932 1.053.752 339,408 212,349 50.038 1.266,101 504,328 1.132,458 497,769 114,882 1,393.160 114,882 269,982 1.778,024 1.638,159 Net Incomellexpendlturel for the year in¢ludes- 2025 2024 Operating lease rentals Depreciation of tangible fixed assets Gain on disposal of fixed assets Fees payable to auditor for. - Audit Other semces Nel interest on defined benefit pension liats.lty 24,973 34.059 83 17.801 12.8661 12.335 2,890 (8.0001 12,500 2,500 {7.0001 Charltsble actlvltles Unrestrl¢tsd funds Restrfcted nds Total 2025 Total 2024 Dlrect costs Educ31ional operations 35.000 1,231.101 1.266,101 1.132,458 Support costs Educational operations 504.328 504.328 497,769 35,000 1.735.429 I,TIO,429 1,630,227 Anatysis of support costs 2025 2024 Support 51aff cosls Depreciats'on Premises costs Legal c051s Other support costs GovemarKe costs 341,￿7 34,059 80,823 5,945 25.240 17.254 358,762 14,935 66,802 9,909 29.185 18,176 504,328 497,769 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Govemors, remuneration and expenses One or more of the Governors has been paid remuneration or has ￿ceiVed other benefits from an employment with the academy Irusl. The principal and other staff Govemors only re￿1Ve remuneration in respect of Servi￿S they [￿0VIde undertaking the roles of principal and Stsff members under their contracts of employment. and not in respect of their services as GoVwnO￿. The value of Governors. ￿muneratIon and other beneffts was as follows.. L Edwards IPrincipal and Govemorl.. Remunerats"on £60,000- £65,00012024'. £60,OOQk£65.0001 Employers Fension ￿ntn"bU￿"onS £15,0￿£20.0OO L Waf(ers (Deputy Headl Remuneration £50,000-£55,00012024'.£45,000-£50.000) Employees pen&on contribution5 £10,00(k£15,000 L Gaskell IDeputy Headl Remunefation £50,00O-£55.00012024'.£40.000-£45.I￿0l Employer's pen￿on contributions £10.000-£15.000 M Ingram Iconsaousness based education lead) Remuneration £30,000-£35,00012024'.£25.000-£30.000) Employerfs penson contributions £5,000410,01)0 A O'Neil (Staff Govemorl Remunerab'on £30,O0￿£35.Ol)) {2024.'£25.001>£30.0001 Employer's pension contributions £5.OOIY£10.000 N Mercer Islaff Governor) Remuneration £Nil-£5,00012024.'£Nill Employerfs pension contributions £Nil-£5.000 Other related paty transactions involving the Govemors are set OLrt wthin the related parties note. There wwe no expenses reimbursed to Governc￿$ ￿thin the year. 10 Staff Staff costs and employee beneffts Stsff costs during the year we￿". 2025 2024 Vvages and salaries Soaal security costs Pension costs 1,012,297 95,911 232.526 955.787 74,875 215,647 Stsff costs- employees Agency staff costs 1,340,734 52,426 1,246,309 35.136 1,393,160 11,270 1,281,445 19,475 staff development and other staff costs Total stsff expendilure 1.404.430 1,300,920 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 10 Staff (Continued} Staff numbers The average number of persons em￿oyed by the eLademy trust during the year was as follows.. 2025 Number 2024 Number Teacher5 Adminislralion and support Management 13 15 14 17 32 34 Hlgher pald staff The number of employees whose em￿oyee beneffts lexduding employer pension costs and employer national insurance conlribLrtions) exceeded £60,000 was.. 2025 Number 2024 Numb9r £60,001 - £70,000 Key management personnel The key management personnel of the academy trust comprise the Govemors aNJ the senior management team as listed on page 1. The total amount of key management personnel benefi15 {including employer pension eonlributions and employer natsonal Insuran￿ contn'buts'onsl received by key management personnel for their services to the academy trust was £398.884 {2024= £345.253). 11 Governors. and offlcets. insurance The academy trust has opted into the department for Education's risk woteclion arrangement IRPAI, a alternative to insurance where UK government fijnds cover losses that arise. This scheme protects GovemoTS and offieers from daims arising from negligent acls. errors or omissions occurring whilst on Academy busines5, and provided cover up lo £10,000,000. It is not possible to quantify the Govemors and off￿ers indemnity element from the overall cost of the RPA scheme. -37- MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 12 Tanglble flxed assgts Freehold Flxture & Computer Land and Equlpmont 8qulpment 8uildings Total At 1 September 2024 Additions Disptssals 891.030 150,608 135.322 5,565 304,988 1,338 143,4171 1.331,340 157,511 143,4171 Al 31 August 2025 1.041,638 140,887 262,909 1,445,434 Depreclation Al 1 September 2024 On disposals Charge for the year 193.754 129,267 303.427 143,4171 1,959 626,448 143,4171 34,059 28,531 3,569 At 31 August 2025 222.285 132,836 261,969 617,090 Net book value At 31 August 2025 819.353 8.051 940 828,344 Al 31 August 2024 697,276 6.055 1,561 704.892 Included in Land and Building additions is £122k in relab'on lo healing improvement worf(s caffled out al the school during the year. 13 Debtors 2025 2024 Trade debtors VAT ￿COVerable Prepayments accrued income 2,690 28,680 54,349 4,606 12,360 69,481 85.719 86.427 14 Creditors: amounts falling due wlthln one year 2025 2024 Trade ¢￿ditorS Other taxation and swal security Other creditors Accruals and deferred income 20,218 20,407 26,672 111,648 22,319 17.277 25,082 23,624 178,945 88,302 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 15 Deferrnd Income 202S 2024 Deferred income is induded wthin.. Creditors due wthin one year 96,423 8.824 Deferred income al 1 September 2024 Released from previous year5 Resources deferred in the year 8,824 18.8241 96,423 6,050 16,0501 8.824 Deferred income at 31 August 2025 96,423 8,824 Al the balance sheet dale the Academy vrds holding fvnds received in advance relating lo fvlure capital works lo be carried out tolalling £76,970 and other DfE grants totalling £19,453. 16 Funds Balance at 1 September 2024 Galn$, losses and transfers Balance at 31 August 2025 Income Expendlture Restricted general funds General Annual Grant IGAGI Pupil premium Other DfEIESFA grants Other government grants Other restricted funds Pension reserve 100.488 1.469.545 69,136 123.195 27.617 28.080 {1.472.3421 189,136) (123,1951 {27,6171 128,0801 19,000 16,0401 91.651 119.000) 100.488 1.717.573 11.701.370) 125,0401 91,651 Restricted flxgd asset funds DfE gTOUP capital grants Private sedor capital sponsorship 713.892 112,471 (34,0591 36,040 828.344 30.000 130.000) 713.892 142.471 134.059 6.040 828,344 Total restrl¢led funds B14.380 1,860.044 (1.735,4291 (19,0001 919,995 Unrestricted funds Gèneral fvnds 148.810 58.917 142.5951 165,732 Total funds 963.190 1.918,961 {1.778.024) 119,0001 1,085,127 -39- MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 16 Funds IContlnu•d) The specific purposes for which the fvnds a￿ to be applied are as fcAIows'. Restricted general funds are those resour￿ that have been designated by the grant provider in meeting the o*'eth'ves of the academy. Reslricled fixed asset funds are those fvnds ￿rats"ng to the lorwJ term assets of the academy used in delivering the objectives ofthe academy. Unrestricted funds are those vthich the Goveming Body may use in the pursuance of the academy's objectives and are ex￿ndable at the discrth'on of the Govemors. Transfer of fvnds from General Annual Grant restricted g￿er81 furKls to restricted fixed asset funds are to fund assets for which no capital grant was 18ceived. Under the funding agreement with the Secretary of Stste, the academy trust was not subject lo a limit on the amount of GAG that il could carry forward al 31 August 2025. Comparative inforrnation In r9SPgCt of the prècedlng perlod 1$ as follows: Balance at 1 Septsmber 2023 Galns. losses and transfers Balance at 31 August 2024 Income Expendlture Restricted general funds General Annual Grant IGAGI Pupil premium Other DfEIESFA grants Other govefnrnenl grants Other reslricled funds Pension reserve 28,824 1.369.671 61,516 59.443 107.495 38.366 11,321 ,4721 161,5161 159,443) 1107,4951 138.366) 8,000 23,465 100,488 18.729 118.729} 18.0001 47.553 1.636,491 {1,580.292) 13.2641 100,488 Restrlcted flxed asset funds DfE group capital grants 726.531 7.032 {14,9351 (4,7361 713,892 Totsl restricted funds 774.084 1,643.523 11,595,227) 18,0001 814.380 Unre$trlcted funds General funds 144,016 47,726 142,932) 148,810 Total funds 918,100 1.691.249 {1.638,159} 18,0001 963,190 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 17 Anaty$ls of net assets betwetrn funds Vnrestricted Fund5 Restricted funds: General Flxed asset Total Funds Fund balances at 31 August 2025 are represented by- Tangible fixed assets Current assets Currenl liabilities 828,344 828,344 435,728 1178,9451 165.132 270,596 1178,9451 Total net assets 165,132 91.651 828.344 1.085,127 Unrnstrfcted Funds Restrlcted funds: General Flxed asset Total Funds Fund balanc8s at 31 August 2024 are represented by: Tangible fixed assets Current assets Current liabilities 704.892 9.000 704.892 346.600 188,302) 237.112 {88.302) IIYJ.488 Total net assots 148,810 100,488 713.892 963,190 18 Penslon and slmllar obllgatlons The academy trusfs employees ￿lOng lo principal pension schemes". the Teachers, Pension Scheme England and ￿leS (rpsi for a¢ademic arKI rel*ed stsfF, and the Local Government Pension Scheme ILGPSI for non-leaching staff. which is managed by Lancashire County Pension Fund. Both are mulli- employer defined t*nefit schemes. The latest actuarial valuation of Ihe TPS related lo the period ended 31 March 2020, and that of the LGPS related to the Feriod ended 31 Marth 2022. Contribulions amounting to £26,570 were payable lo the schemes al 31 August 202512024.. £25,848) and are included within creditors. Teachers, Pension Scheme Intrt)ductlon The Teachers. Pension Scheme (TPSI is a slalutory. ccffitribukny, defined benefit scheme, govemed by the Teachers. Pension Scheme Regulatsons 2014. Membership is automatic for leaehers in academy trusts. All teachers have the option lo opt OLrt of the TPS following enrolment. The TPS is an unfvnded scheme lo which both the member and employer makes contributs'ons, as a percentage of salary. These contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public fvnds piovided by Padiamenl. Valuation of the Teachers. Penslon Schemg The Govemment Acitjary. using nornial actuarial princiF4es, corKlucts a fomial actuarial review of the TPS in accordance with the Public Service Pensions Ivaluatiors and EM￿0yeT Cost Capl Diredions 2014 published by HM Treasury every 4 years. The aim of the review is lo ensure scheme costs are recognised and managed appropriately and the review 5peufies the levd of ftAure ¢￿tributIOns. -41- MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 18 Pension and slmilar obligatAons (Contlnuedl Actuarial scheme valuations are dependent on assumpbons abthjl the value of future Costs, design of benefits and many other factors The latest actuarial valuation of the TPS was cairied out as at 31 March 2020. The valuation report was published by the Departmenl for Educats"on on 27 October 2023, with the SCAPE rate. sel by HMT, apptying a notional investment retum based on 1.7% atove the rale of CPI. The key elements of the valuation outcome are.. Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% adminislralion levyi. This is an increase of 5% in ern￿Oyer contribubons and the cost wntrol result is such that no change in member benefits is needèl. Total scheme liabilitses Ipensions currerrtly in pa￿errt a)d the estimated ¢ost of future benefits) for service lo the effective dale of £262,000 million and notional assets lestimaled fLrture contiitxjlions together wlh the notional investments hdd at the valuab.on datel of £222.200 million, giving notional past service deficit of £39,81yJ million. The result of this valuation wll be implemenled from 1 April 2024.The next ValL￿tion result is due lo be implemented from 1 April 2027. The employer's pension costs paid to the TPS in the period amourrted lo £146.502 {2024.' £109,204). A copy of the valuabon report and suptKstt"ng documentslion is on the Teachers. Pensions website. Under the definition$ sel out in FRS 102. the TPS is an unfunded MUlti-em￿oYer pension scheme. The academy trust is unable lo identify 115 Share of the undedwng assets and liabilities of the plan. Accordingly, the academy trust has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined Contribution scheme. The academy trusl has Set out above the information available on the sctrwne. Local Government Penslon Scheme The LGPS is a fiJnded defined benefit pensi1￿ $ch￿e. tmth the assets held in separate trustee-adminislered funds. The total contributions afe as noted below. The agreed contribulion rates for frJture years are 20.7% for employers polentsally reducing to 15.6°k and 5.5 - 12.5% employees. Parfiament has agreed, al the request of the Secretary of Slate Education, to a guarantee that, in the event of academy closure, outstanding Local Govemment Pension Scheme liabililies would be met by the Department for Education. The guarantee came into force on 18 July 2013 and on 21 July 2022. the Department for Educats"on reaffimied its commitment lo the guarantee. with a partiamentsry minute published on GOV.UK. Totsl contrlbutions made 2025 2024 Employerfs contributions Employees, contributions 76,000 21,000 67,000 19,000 Total contributions 97.000 86.000 -42- MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 18 Penslon and slmllar obllgatlons {Contlnuedl Prlnclpal actuarlal assumptlons 2025 2024 Rale of increase in salaries Rale of increase for pensions in paymentfinflati Discount rate for scheme liabilitte$ Inflation assumption (CPI) The cu￿ent mortality assumptions include SLrffieient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are.. 2025 Ygars 2024 Years Retiring today Males Females Retiring in 20 years Males Females 21 23.5 22.2 25.2 22.2 25.3 21 23.5 Sensitivity anatysls Scheme liabilities would have ￿en affected by changes in assumptions as follows: Defined benefit ponslon scheme net assot 2025 2024 Scheme assets Scheme obligab.ons 1,290.000 1.140.000 1896.0001 11.010,000) Nel asset Restn"clion on ￿heme surplus 394,000 1394,0001 130,000 1130,0001 Total liatrAlity recognised MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 18 Penslon and slmllar obligations Icontlnuedl The academy trust's share of the assets In the schemo 2026 2024 Falr value Fair value Equilies Bonds Cash Property Other assets 582,000 4,000 39,000 107.000 556,000 544,000 2,000 16,000 97,000 481,000 Total market valLk of assets 1,290,000 1,140,000 The actual retum on scheme assets was £7S,0￿12024.. £20.0(KI). Amourtt recognlsed In thg Statement of financlal acllvltles 2025 2024 CUr￿n1 service cost Interest income Interest cost 65,000 159.0001 51.000 86,000 138,0001 36,000 Total amount reeognised 57.000 84,000 The nel gain recognised ￿ scheme assets has teen ￿StriC￿ed because the full pension SUTpIus is riot expected to be recovered through refunds or reduced ccffltributions in the frJture. Changes in the present value of defined bgnellt obllgatlons 2025 2024 Al 1 September 2024 Current service cosl Interest cost Employee contributions Actuarial gain Benefits paid 1,010,000 65,000 51,000 21,000 1229.0001 122,0001 834,000 86,000 36,000 19,000 1136,0001 {11,0001 Al 31 August 2025 896.000 828,000 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 18 Pgnslon and slmllar obllgatlons Icontlnuedl Changes In the faSr valuo of the acaderny trusys share of Scheme assets 2025 2024 Al 1 September 2024 Interest income Actuarial Igain}noss Employer contributions Employe¢ conlribulions Benefits paid 1,140.000 57.000 18,000 76,000 21,000 122,0001 848,000 36,000 {19,0001 67,000 19,000 {11,CK)01 At 31 August 2025 1.290,000 940,000 19 Reconclllatlon of ngt Income to net cash flow from operatlng activities 2025 2024 Notes Nel income lor the reporting period las ￿r the statement of ffinanoal activiliesl 140,937 53,090 Adjusted for. Capital grants from DfE and other cakytal income Investment income receivable Defined benefit pension costs less conth"butions payable Defined benefit pension scheme finance income Depreciation of tangible fixed assets (Lossllprofit on disposal of fixed assets Decreasellincreasel in debtors Increase in creditors {142,4711 {4,0921 111,0001 18,0001 34,059 1961 (1,0001 17,0001 17,801 12,8661 127,8311 87.231 18 18 708 90.643 Net cash provlded by operatlng actlvtiies 100.784 119,329 20 Analysls of changes In net funds 1 Septgmbgr 2024 Cash flows 31 August 2026 Cash 260.173 89,836 350,009 MAHARISHI SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 21 Long4emi commitments Operatlng leases Al 31 August 2025 the totsl of the academy trust's future minimum 18ase payments under non-cancellable operating leases was.. 2026 2024 Am(yJnts due within one year Amounts due in and five years 18.272 51.312 15,848 50.993 69,584 66,841 22 Related party transactlons Owng lo the nature of the academy Ifusl and the composiiion of Ihe Board of Govemors being drawn from local puNic and pnvale sector organisations, transactions may tske place wth ofganisations in which the Govemors have an interest. All transactions involving such organisats.ons are conducted in accordance with the requirements of the Academies Finanaal Hand￿)k 2025, including notfying DfE of all Iransaclions made on or after 1 April 2019 and obtaining their approval Whe￿ required. and in accordance with the academy trust's financial regulations and nom)al prLKuremenl rKocedufes ielating lo connected and related party Iransaclions. The follosyir5g related party ITansath"ons took in the financial period. Maharishi Dome- A number of Maharishi School Trust Govemors are members of Maharishi Dome. The trust made contributions lotslling £2.180 12024.. £2.717) in relation lo hire of the dome for meditation sessions for the high sch￿1 P￿lIs. Maharishi Foundation- A nLHnber of Maharishi School Trust Govemors are members of Maharishi Foundation. The trust made contributions totalling £5.800 in relab.on to CBE fees. The trust made contn"butions totalling £14,420 to the foundation for various reasons. 23 Mgmbers. Ilablllty Each member of the ¢haritatrAe company undertakes to contribjte to the assets of the company in the event of il being wound up while he or she is a member. or wthin one year after he or she ceases lo be a member, such amount as may ￿ requi￿d, not exceediNd £10 for the debts and liaixlitses contracted befo￿ he 01 she ceases to be a member. MAHARISHI SCHOOL TRUST AUDIT FINDINGS REPORT YEAR ENDED 31 AUGUST 2025 PREPARED BY: STEPHEN GRAYSON. AUDIT PARTNER DATE OF ISSUE: 20/11/2025 ## CONTENT THE DETAILS ## **1. INTRODUCTION** **2. OVERVIEW** **3. INDEPENDENCE** **4. AUDIT SCOPE AND OBJECTIVES** **5. OVERALL AUDIT STRATEGY AND APPROACH TO SIGNIFICANT RISKS** **6. STATUS OF AUDIT ISSUES RAISED IN PRIOR YEAR** **7. RECOMMENDATIONS FOR THE CURRENT YEAR** **8. APPENDICES** - **I. FINANCIAL OVERVIEW** - **II. AGREED ACCOUNTING ADJUSTMENTS** - **III. SUMMARY OF FINANCIAL PERFORMANCE AND POSITION** - **IV. UNADJUSTED AUDIT DIFFERENCES** 1. INTRODUCTION ## INTRODUCTION ## INTRODUCTION This report has been prepared for the trustees of Maharishi School Trust to bring attention to those charged with governance various matters arising from the audit of the academy trust for the year ended 31 August 2025. Our audit and assurance procedures, which have been designed to enable us to express an opinion on the financial statements and provide a limited assurance conclusion on regularity, have included an examination of the transactions and controls thereon of the company. The work we have done was not primarily directed towards identifying weaknesses in the company’s accounting systems, other than those that would affect our audit or assurance opinions, nor to the detection of fraud. We have, however, designed our audit and assurance procedures in such a way that we felt would increase our chance of detecting any fraud. We have included in this report only those matters that have come to our attention as a result of our normal audit and assurance procedures and, consequently, our comments should not be regarded as a comprehensive record of all weaknesses that may exist or improvements that could be made. This report is to be regarded as confidential to the trustees of Maharishi School Trust and is intended only for use by them, and the staff of the academy. No responsibility is accepted to any other person in respect of the whole or part of its contents. Before this report, or any part of it, is disclosed to a third party, other than to the Education & Skills Funding Agency, our written consent must be obtained. The report is designed to include useful recommendations that may help improve performance and avoid weaknesses that could result in material loss to the academy trust or misstatement of the financial statements and other financial data. ## ROLES AND RESPONSIBILITIES The trustees are responsible for the preparation of the financial statements and for making available to us all of the information and explanations we consider necessary. Therefore, it is essential that the trustees confirm that our understanding of all of the matters referred to in this report are appropriate, having regard to their knowledge of the particular circumstances. **----- Start of picture text -----**
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2. OVERVIEW ## OVERVIEW ## Audit Status and overall opinion We set out below the current status of the audit and our timetable to completion. We have substantially completed our work, and intend to issue an unmodified audit opinion, subject to the trustees' approving the financial statements and any other minor outstanding items listed below being received and/or completed. The follow matters are outstanding at the date of this report: - Final review and approval by you of the final financial statements; - Agreement of the final financial statements, including the Trustees Annual Report, to the latest draft; - Post balance sheet events review to the date of signing the financial statements, including review of latest minutes and management accounts; and - Receipt of signed letters of audit and regularity assurance representations. ## **INDEPENDENCE AND ETHICAL STANDARDS** We have not identified any potential threats to our independence as auditors. Please see section 3 for further details. ## **AUDIT SCOPE AND OBJECTIVES** We set out the scope and objectives of our audit. Please see section 4 for further details. ## **OVERALL AUDIT STRATEGY** We set out our overall audit approach in section 5. ## **KEY AUDIT AND ACCOUNTING ISSUES** We have obtained sufficient, appropriate audit evidence for the significant issues and risks identified during our audit. During our audit we found no instances of fraud or irregularity. **----- Start of picture text -----**
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During our limited scope assurance engagement on regularity we did not identify any instances where the trust has not been compliant with the Academy Trust Handbook. ## **RECOMMENDATIONS** We are required to report to you on the significant deficiencies we found in internal controls during the course of our audit, along with any other deficiencies identified. Please refer to section 7 for a summary of these findings ## **MISSTATEMENTS AND ADJUSTMENTS TO THE ACCOUNTS** It is considered good practice to inform you of any material misstatements within the financial statements presented for audit that have been discovered during the audit. A material misstatement is one where the auditors believe that the misstatement is such as to affect the reader’s understanding of the accounts. Materiality is considered in relation to the value of the misstatement and also its context and nature. In addition to performing the audit you engaged us to complete the preparation of the financial statements from your underlying records. As part of this work we made various adjustments as set out in Appendix II. It is generally not practicable to make accounts completely accurate because judgements need to be made and it is difficult to obtain 100% of information about all transactions. Our role is to ensure that deviations from complete accuracy are not material to the reader of the accounts. During the course of our audit we have come up with various proposed adjustments to make the accounts more accurate. We are required by Auditing Standards to inform you of any such adjustments which have not been made, other than those deemed to be clearly trivial. Details of these are given in Appendix IV. We are required to request that you review these adjustments and consider amending the financial statements accordingly, and to confirm your reasons for not making the adjustment, if this is your decision. ## **GOING CONCERN** The trustees need to give consideration to the level of reserves maintained, and consider going concern for the period to 31 December 2026, being at least 12 months from the approval of the accounts and ensure they agree with the assessment. The trustees have confirmed that they believe the academy trust's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the academy trust's needs. Our review supports the going concern status of the academy trust. ## **THANKS:** We would like to take this opportunity to thank the entire finance team and other staff for their co-operation and assistance afforded to us during the course of the audit. **----- Start of picture text -----**
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3. INDEPENDENCE ## INDEPENDENCE Under current UK Ethical Standards we are required as auditors to confirm our independence to “those charged with governance” i.e. the trustees/directors. Our internal procedures are designed to ensure that all partners and professional staff are aware of relationships that may be considered to bear on our objectivity and independence as auditors. The procedures require that audit engagement partners are made aware of any matters which may reasonably be thought to bear on the firm’s independence and the objectivity of the audit engagement partner and the audit staff. This document considers such matters in the context of our audit for the year ended 31 August 2025. In addition to performing the statutory audit, we also provide the following non-audit services |**Non-audit service provided**|||**Safeguards in place to ensure our independence**| |---|---|---|---| |**Preparation of the statutory financial**|||The preparation of the financial statements from your own draft accounts is largely a mechanical| |**statements**|||function to present the results in the necessary format required by the Annual Accounts Direction. Any| ||||adjustments required, have been made following approval, and are listed in Appendix II to this report.| ||||We are able to treat your board of trustees, as a body, as informed management. Furthermore, an| ||||independent CP reviewer, who is not otherwise involved in the audit process, has carried out a review| ||||of all journal adjustments and the financial statements.| |**Certification of the Teachers’ Pension End**|||The certification of the Teachers’ Pension EOYC does not affect our audit.| |**of Year Certificate (“EOYC”)**|||| |**Completion of the Academies Accounts**|||The completion of the Academies Accounts Return is largely an exercise involving the extraction of| |**Return**
**and**
**providing**|**an**|**assurance**|the relevant numbers from the financial statements and support accounting records, and the provision| |**thereon;**|||of an assurance report confirming that the Return has been completed consistently with the financial| ||||statements and other supporting records is not considered to affect our audit.| |**Other non-audit services**|||Ad-hoc services have been reviewed by an independent CP reviewer, who is not otherwise involved| ||||in the audit process.| **----- Start of picture text -----**
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4. AUDIT SCOPE AND OBJECTIVES ## AUDIT SCOPE AND OBJECTIVES Our statutory audit of the financial statements is carried out in accordance with International Standards on Auditing (UK), with the aim of forming an opinion whether: The financial statements give a true and fair view of the state of the academy trust’s affairs as at 31 August 2025 and of the academy trust’s result for the year then ended. The financial statements have been properly prepared in accordance with FRS 102. The financial statements have been prepared in accordance with the requirements of the Companies Act 2006, and the Annual Academies Accounts Direction issued by the Department for Education. The information given in the Trustees’ Report for the financial year is consistent with the financial statements. We also report on whether: The academy trust has The financial statements Other information kept adequate are in agreement with contained in the annual accounting records. the accounting records report is not consistent and returns. with the audited financial statements. Certain disclosures of We have not received all trustees’ remuneration the information and specified by law are not explanations we require made. for our audit. ## **LIMITATIONS** The matters raised in this report and other reports that flow from the audit are part of our continuous communication with the trust. These matters are those that have come to our attention and which we believe need to be brought to your notice. They are not a comprehensive record of all the matters arising, and in particular we cannot be held responsible for reporting all risks in your trust or all internal control weaknesses. This report has been prepared solely for the use of the trust and should not be quoted in whole or in part without our prior written consent. We do not accept responsibility to any trustee acting in an individual capacity. No responsibility to any third party is accepted, as the report has not been prepared for, and is not intended for, any other purpose. **----- Start of picture text -----**
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5. OVERALL AUDIT STRATEGY ## OVERALL AUDIT STRATEGY ## **RISK-BASED AUDIT** We performed a risk-based audit, focussing our work on key audit areas. We began by developing further our understanding of the trust’s activities and the specific risks it faces. We held an initial planning meeting with key management and finance staff to ascertain management’s own view of potential audit risk, and to gain an understanding of the trust’s activities. We have also developed an in depth understanding of the accounting systems and controls so that we may ensure their adequacy as a basis for the preparation of the financial statements, and that proper accounting records have been maintained. Our audit procedures were carried out, and then we ensured the presentation and disclosure in the accounts meet all the necessary requirements. ## **RISK-BASED LIMITED ASSURANCE ENGAGEMENT** In addition to our audit opinion we are also required to perform a limited scope assurance engagement, reporting both to you and to the Department for Education (“DfE”), considering whether the expenditure disbursed and the income received by the trust during the period 1 September 2024 to 31 August 2025 has been applied to the purposes identified by Parliament and that the financial transactions undertaken by the trust conform to the authorities which govern them. This latter point is concerned with looking at compliance with the requirements of the various frameworks that apply to trust, including your memorandum and articles, your funding agreements, the Academy Trust Handbook(s) extant for the relevant period, the Academies Accounts Direction 2024 to 2025, the Charities Act 2011 and the Companies Act 2006. Our approach was once again risk-based. We began by developing our understanding of the trust’s own approach to ensuring the proper application of funds received and to ensuring compliance with relevant legal and contractual frameworks. We developed an understanding of the trust’s governance arrangements and internal control procedures, planning our work accordingly to allow us to gain sufficient evidence to give the required limited assurance opinion. Our assurance procedures included reviewing and commenting on the Accounting Officer’s Statement on Regularity, Propriety and Compliance, and the trustees’ report and governance statement. We also discussed with the Accounting Officer the procedures performed so that he may sign the Regularity report. **----- Start of picture text -----**
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## **SIGNIFICANT RISKS** As part of our audit procedures we are required to consider the significant risks that require special audit attention. Auditing Standards require us to consider: - Whether there is a risk of fraud; - Whether the risk is related to recent significant economic, accounting or other developments and, therefore, requires specific attention; - The complexity of transactions; - Whether the risk involves significant transactions with related parties; - The degree of subjectivity in the measurement of financial information related to the risk, especially those measurements involving a wide range of measurement uncertainty; and - Whether the risk involves significant transactions that are outside the normal course of business for the entity, or that otherwise appear to be unusual. The identified significant audit risks were communicated to you in our audit planning report issued before our main fieldwork began. We now note the work performed and conclusions drawn on the following pages: **----- Start of picture text -----**
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||**SIGNIFICANT RISKS**
As part of our audit procedures we are required to consider the significant risks that require special audit attention.
Auditing Standards require us to consider:
•
Whether there is a risk of fraud;
•
Whether the risk is related to recent significant economic, accounting or other developments and, therefore, requires specific attention;
•
The complexity of transactions;
•
Whether the risk involves significant transactions with related parties;
•
The degree of subjectivity in the measurement of financial inform**a**tion related to the risk, especially those measurements involving a wide
range of measurement uncertainty; and
•
Whether the risk involves significant transactions that are outside the normal course of business for the entity, or that otherwise appear to be
unusual.
The identified significant audit risks were communicated to you in our audit planning report issued before our main fieldwork began. We now note the
workperformed and conclusions drawn on the following pages:
15
**Significant**
**risk**
**Explanation of the risk**
**Audit work performed**
**Conclusion**
**Revenue**
**recognition**
**(mandatory**
**risk)**
There is an inherent risk in all organisations in relation to
revenue recognition, i.e. that income may be accounted for in
the wrong period. The auditor’s responsibility to consider fraud
in an audit of financial statements therefore is an assumption
that revenue recognition is a fraud risk.
Income from grants should be recognised when the conditions
of recognition have been satisfied.
Income from contractual arrangements should be recognised in
the period in which entitlement has been earned through service
delivery.
Management exercise judgment in determining when income
from grants should be recognised.
There is also potentially management judgement in the
classification of income between restricted and unrestricted
funds.
We documented the income systems and carried out
audit procedures to gain assurance over the
operation of internal financial controls in place to
prevent the loss of income and to ensure that
income is recorded in the correct period.
We discussed with the trustees and academy
finance staff whether they are aware of any cases of
fraud occurring during the year. We also reviewed
FGB and Finance & Resources Committee minutes.
Our audit testing involving sampling income
b lances and the associated funding agreements,
verifying to supporting documentation to ensure
income has been recognised in the correct period.
We also considered whether income had been
correctly classified between restricted and
unrestricted funds, reviewing any terms and
conditions of, for example, grant income.
No significant issues arose
during our sample based checks
including on our work on DfE
and non-DfE income.| |---|---| ||**SIGNIFICANT RISKS**
As part of our audit procedures we are required to consider the significant risks that require special audit attention.
Auditing Standards require us to consider:
•
Whether there is a risk of fraud;
•
Whether the risk is related to recent significant economic, accounting or other developments and, therefore, requires specific attention;
•
The complexity of transactions;
•
Whether the risk involves significant transactions with related parties;
•
The degree of subjectivity in the measurement of financial information related to the risk, especially those measurements involving a wide
range of measurement uncertainty; and
~~•~~
~~Whether the risk involves significant transactions that are outside the normal course of business for the entity, or that otherwise appear to be~~
unusual.
The identified significant audit risks were communicated to you in our audit planning report issued before our main fieldwork began. We now note the
work performed and conclusions drawn on the following pages:
16
**Significant**
**risk**
**Explanation of the risk**
**Audit work performed**
**Conclusion**
**Management**
**override**
**(mandatory**
**risk)**
The trustees and other management have the primary
responsibility for the detection of fraud, as an extension of their
role in preventing fraudulent activity. Trustees should ensure a
sound system of internal controls is in operation to support
these, and other, objectives.
Auditing Standards presume a significant risk of management
override of the system of internal controls.
Our audit is designed to provide reasonable assurance that the
accounts are free from material misstatement, whether caused
by fraud or error.
We are not responsible for preventing fraud or corruption,
although our audit mayserve to act as a deterrent.
Management often find themselves in a unique
position where they potentially could override routine
day to day financial controls.
Our audit considers this risk and we adapt our
procedures accordingly.
During our audit we considered the possibility of
manipulation of financial results, for example
through the use of journals or management
estimates, such as provisions and accruals.
Our audit procedures have not
identified any instances of
management override.
**Valuation**
**and**
**disclosure**
**of the LGPS**
**surplus and**
**related**
**disclosures**
**required**
**under FRS**
**102**
This is a material provision and accounting estimate to be
included with complex disclosures that are subject to a high
degree of judgement.
Review the documentation from the actuary and
ensure that the assumptions therein are valid and
reasonable, paying particular attention to
adjustments made (or not made) in respect of
updated assumptions.
Ensure that the correct provision has been made
at the end of the period and that all movements
and disclosures in the period have been treated
correctly.
The basis of the FRS 102
liability appears reasonable,
and is in line with that used by
other academies.
You have instructed the
actuary to prepare the FRS
102 report using their default
assumptions.
We have restricted the asset
on the LGPS scheme. This is
because the “asset” does not
meet the recognition criteria of
an asset.| |---|---| ||**SIGNIFICANT RISKS**
As part of our audit procedures we are required to consider the significant risks that require special audit attention.
Auditing Standards require us to consider:
•
Whether there is a risk of fraud;
•
Whether the risk is related to recent significant economic, accounting or other developments and, therefore, requires specific attention;
•
The complexity of transactions;
•
Whether the risk involves significant transactions with related parties;
•
The degree of subjectivity in the measurement of financial information related to the risk, especially those measurements involving a wide
range of measurement uncertainty; and
•
Whether the**r**i**s**k involves significant transactions that are outside the no**r**mal course of business for the entity, or that otherwi**s**e appear to be
unusual.
The identified significant audit risks were communicated to you in our audit planning report issued before our main fieldwork began. We now note the
work performed and conclusions drawn on the following pages:
17
**Significant**
**risk**
**Explanation of the risk**
**Audit work performed**
**Conclusion**
**Regularity**
**and**
**propriety of**
**income and**
**expenditure**
As set out on page 13 we are required to obtain limited
assurance about whether the expenditure disbursed and
income received by the trust during the financial year have
been applied to the purposes intended, and whether the
financial transactions conform to the authorities which govern
them.
The Academies Accounts Direction lists the following matters
which apply to the trust which may potentially trigger an
increased likelihood of irregularity in an established academy
trust:
•
culture (attitude and values) within the academy trust;
•
a change in accounting officer, principal finance officer
o ignificant changes in the board of trustees;
•
an expansion of the number of academies within the
academy trust; and
•
changes to the scheme of delegation or major
accounting systems.
Regularity also covers compliance with the Academy Trust
Handbook which contains a significant number of ‘must’
requirement which the trust needs to adhere to.
Review of systems in place to ensure that there
are financial controls in place that comply with
guidelines in the Academies Accounts Direction.
We have asked the Accounting Officer to complete
a regularity checklist and ATH questionnaire
asking for confirmation of compliance with Annex
C ‘musts’. The answers to these were reviewed
and, if necessary, discussed with the AO to obtain
further explanations. Where necessary the
answers were corroborated with other information
available to us.
An assessment of the risk of material irregularity
and imp opriety across all of the academy trust's
activities.
Sample check of transactions, including purchases
and salary payments, to source documentation to
ensure expenditure incurred for a valid purpose
and does not indicate any regularity issues.
Review and testing of credit card transactions.
We also considered whether income had been
correctly classified between restricted and
unrestricted funds, reviewing any terms and
conditions of, for example, grant income.
We have not been informed of
any material control
weaknesses or irregularity.
Based on our review of the
regularity checklist and ATH
questionnaire, the work
undertaken to verify the
responses provided, and our
consideration of the regularity
and propriety of transactions
selected for our sample based
testing, we are satisfied that
the conclusion reached in our
regularity as urance report is
appropriate.
We have not noted any
instances of non-compliance
with the ATH.| |---|---| |**SIGNIFICA**
**Significant**
**risk**|**NT RISKS**
**Explanation of the risk**|**Audit work performed**|**Conclusion**| |---|---|---|---| |As part of our
Auditing Stan
•
Whe
•
Whe
•
The
•
Whe
•
The
rang
•
Whe
unu
The identified
work perform
**Related and**
**connected**
**parties**|audit procedures we are required to consider the sign**i**fican
d**a**rds require us to consider:
ther there is a risk of fraud;
ther the risk is related to recent significant economic, accou
complexity of transactions;
ther the risk involves significant transactions with related p
degree of subjectivity in the measurement of financial infor
e of measurement uncertainty; and
ther the risk involves significant transactions that are outsid
sual.
significant audit risks were communicated to you in our au
ed and conclusions drawn on the following pages:
We are required to consider if the disclosures in the financ al
statements concerning related party transactions are complete
nd adequate and in line with the requirements of the
Companies Act 2006 and Academies Accounts Direction. In
particular, the Accounts Direction requires that:
•
declarations of business interests have been completed
by those in a position to influence the academy trust,
including key staff;
•
contracts with connected parties have been procured
following the academy trust’s procurement and
tendering process;
•
where contracts are entered into or renewed the
academy trust has obtained statements of assurance
(confirming no profit element was charged) and the
academy trust has followed their internal processes in
reviewing this;
•
the academy has requested, under the open book
arrangement, a clear demonstration that the charges
do not exceed the cost of supply;
•
any trustees who provide consultancy services to the
academy are not receiving a profit for their services and
the correct procurement and tendering process is being
followed;
•
no connected party gains from their position by
receiving payments under terms that are preferential;
and
•
if employees are providing external consultancy that
the income is being received into the academy’s
accounts if the work was performed within the
academy’s normal working hours.
•
relevant new related party contracts of other
agreements entered into post 1 September 2023 have
been notified to the ESFA in advance, and that pre-
approval has been obtained for any such transactions
in excess of £40,000 (including cumulatively in the
year).|t risks that require special audit attention.
nting or other developments and, therefore, requ
arties;
mation related to the risk, especially those measu
e the normal course of business for the entity, or
dit planning report issued before our main fieldw
We discussed with management and reviewed
trustee and other senior management declarations
to ensure there are no potential related party
transactions which have not been disclosed.
Internal procedures in place for the identification of
related party transactions were reviewed and
assessed, and any relevant information
concerning any such identified transactions was
reviewed.
A Companies House search was completed for
each of the trustees to identify possible related
parties with which the trust may have transacted.
We have requested written management
representations from you confirming the full
disclosure of related party transactions.|ires specific attention;
rements involving a wide
that otherwise appear to be
ork began. We now note the
A small number of related
party transactions have taken
place between the trust and
parties connected to the
trustees during the year.
Based on the work
undertaken, we have not
identified concerns over the
completeness of related party
transaction disclosures.
We will obtain written
representations from you also,
asking the Board to confirm
their satisfaction with the
completeness of the
disclosures made.| **----- Start of picture text -----**
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||19
**Significant risk**
**Explanation of the risk**
**Audit work performed**
**Conclusion**
**Fixed asset**
**classification**
There is a risk that assets may be recognised incorrectly
as expenses and not capitalised correctly.
Review of the Fixed asset register.
Review of any large expenses during the year to
ensure they do not relate to fixed asset purchases.
A number of issues identified
in relation to the posting of
fixed asset additions and
disposals during the year.
Audit adjustments have been
posted to correct the issues
but a greater understanding
around the treatment of
business assets is needed.| |---|---| 6. STATUS OF AUDIT ISSUES RAISED IN PRIOR YEAR ## STATUS OF AUDIT ISSUES RAISED IN PRIOR YEAR This section updates you on the status of the issues we brought to your attention last year, and confirms whether any further action is required. ||**Issue raised in prior year**
**Priority**
**prior**
**year**
**Solution suggested in prior year**
**Follow up comments / further**
**action required**| |---|---| |**1.**|Fixed Assets
Discussed with Paul that not all the Chromebooks are
owned by the school as they are paid for by the
parents. We have discussed not adding any additions
to computers until it is clear the value owned by the
school.
CFO to review which Chromebooks are owned
by the school and which need removing as they
are owned by the pupils.
Cooper Parry provided a fixed asset
register last year but this was not
updated during the year to correct this
issue.
M| |**2.**|Cash and Bank
In relation to Redwood bank, reconciliations are not
undertaken each month to ensure that the bank
balances in the accounts are correct.
Bank reconciliations should be undertaken each
month to ensure that all bank balances agree to
statement balances.
Full bank reconciliations are still not
carried out with trivial differences
identified on some account balances.
M| |**3.**|VAT
VAT reconciliations are not completed to ensure that
the VAT figure in the accounts is correct.
VAT reconciliations should be undertaken as
part of the monthly management account
process.
VAT reconciliations are still not
performed, this has led to some
unclaimed VAT during the year
discovered during the audit work.
M| |**4.**|Fixed Assets
The fixed asset register has not been reviewed by the
client for a number of years, thus there is a risk £0 Net
Book Value assets need to be written off.
The Fixed Asset register needs to be reviewed
to ensure fully depreciated assets are still in use
and should remain on the Fixed Asset Register.
Fixed asset register was provided last
year but this was not updated by the
client during the year.
L| |**5.**|Cash and Bank
Petty cash is not been reconciled correctly with a
credit balance in the year end trial balance.
Petty cash is to be reviewed and reconciled
periodically to ensure that the figure in the
accounts agrees to the amount of petty cash
held.
Balance is more in-line with expectations
in the current year.
L| |**6.**|General
There was several instances where things were
posted to the incorrect nominal e.g. a VAT refund
posted to payroll control account.
All postings should be reviewed to ensure that
they are posted to the correct nominal, and all
postings should be consistent.
Still a number of issues found with miss
postings during the year.
L| **----- Start of picture text -----**
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## STATUS OF AUDIT ISSUES RAISED IN PRIOR YEAR ||**Issue raised in prior year**
**Priority**
**prior**
**year**
**Solution suggested in prior year**
**Follow up comments / further**
**action required**| |---|---| |**7.**|Accruals and Prepayments
It was found that Accruals and prepayments,
particularly accrued and deferred income schedules
were not being prepared by the client.
Accrued and deferred income need to be
calculated with the monthly management packs
with schedules produced clearly showing
accruals, prepayments, accrued and deferred
income.
Schedules still not prepared properly,
one provided for prepayments however it
does not agree to the accounts.
L| |**8.**|Regularity
Risks identified should have a gross risk score, this is
the combined score of the estimated likelihood and
impact, without control measures being implemented.
An extra column should be added to the register
to include the gross risk score.
Gross risk score now added to the Risk
Register.| |**9.**|Regularity
The whistleblowing policy refers to reporting to a
company director.
This should be updated to be more academy
specific - i.e. Headteacher/chair of trustees.
Could be clearer who the report needs to be
made to.
This has now been updated in the latest
version of the policy.| **----- Start of picture text -----**
22
**----- End of picture text -----**
7. RECOMMENDATIONS FOR CURRENT YEAR ## RECOMMENDATIONS FOR CURRENT YEAR ## **SIGNIFICANT DEFICIENCIES IN INTERNAL CONTROL** We are required to report to you, in writing, significant deficiencies in internal control that we have identified during the audit. These matters are limited to those which we have concluded are of sufficient importance to merit being reported to you. As the purpose of the audit is for us to express an opinion on the trust’s financial statements, you will appreciate that our audit cannot necessarily be expected to disclose all matters that may be of interest to you and, as a result, the matters reported may not be the only ones which exist. As part of our work, we considered internal control relevant to the preparation of the financial statements such that we were able to design appropriate audit procedures. This work was not for the purpose of expressing an opinion on the effectiveness of internal control. **We confirm that we have not identified any significant deficiencies in internal control during the current year audit.** We did, however, note some areas where minor improvements could be made and these are listed later in this report. We are also required to communicate other significant audit findings such: - where we consider a significant accounting practice, that is acceptable under the applicable financial reporting framework, not to be most appropriate in the particular circumstances of the entity; - significant difficulties, if any, encountered during the audit; or - other matters, if any, arising from the audit that, in our professional judgement, are significant to the oversight of the financial reporting process are communicated to those charged with governance. **We confirm that we have nothing to report to you in any of the above three areas.** **----- Start of picture text -----**
24
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## **OTHER DEFICIENCIES IN INTERNAL CONTROL** We also bring to your attention other deficiencies that came to our attention during our work, again along with our recommendations, and your own response: **Medium risk/priority - internal** M **controls should be** L **strengthened to enhance operational efficiency but action is not time critical.** **Low risk/priority - Internal controls could be strengthened but there is little risk of material loss. This may be a point for future consideration as risks faced by the Trust evolve over time.** **Advisory only. This point has been raised merely to bring something to your attention, or to highlight areas of inefficiencies or good practice.** ||**Priority**|**Area**|**Observation**|**Recommendations**||**Management response**| |---|---|---|---|---|---|---| |**1.**||**Cash and bank**|Due to system issues in Iris financials, there|We recommend that bank reconciliations are||Going forward, we will ensure that all| ||||was an account missing from the TB.|agreed to the TB balances to ensure bank
balances are correct in the TB.||bank reconciliations are routinely
reviewed and agreed to the TB| |||||||balances as part of month-end| ||M|||||procedures to maintain accuracy
and completeness. We will also run| |||||||periodic checks to ensure no| |||||||accounts are omitted during system| |||||||updates.| |**2.**||**VAT**|Full VAT reconciliations are not carried out|A full VAT reconciliation needs to be carried out||A monthly VAT reconciliation| ||||which has led to a large amount of unclaimed
VAT in the year.|at the end of each month ensuring
claim agrees to the VAT claimable|that the VAT
per the TB.|process will be implemented and
incorporated into the month-end
checklist. This will ensure that VAT| |||||||recoverable per the TB is matched| ||M|||||to the VAT claim and that any
anomalies are promptly investigated
and resolved. A review of historic| |||||||unclaimed VAT will also be| |||||||undertaken to recover any| |||||||outstanding amounts.| **----- Start of picture text -----**
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||26
**3.**
**Fixed assets**
We provided a fixed asset register last year
but this has not been updated during the
year for any additions and disposals during
the year.
We recommend that the fixed asset register is
reviewed to ensure it is up to date and that in
the future it is updated accordingly for any
additions and disposals.
The fixed asset register will be
updated to include all additions
and disposals for the year, with
cross-checks against purchase
records and capital expenditure
approvals. Going forward, the FAR
will be updated on a quarterly
basis (or promptly following any
known addition/disposal) to ensure
it remains accurate and supports
timely reporting and depreciation
calculations.
**4.**
**Prepayments**
A prepayment schedule is prepared
however it does not agree to the figure in
the accounts.
All schedules should be properly reconciled to
the figure in the trial balance to ensure that
everything agrees and any incorrect balances
are corrected.
A reconciliation step will be
incorporated into the monthly
accounting process to ensure the
schedule and TB remain
consistent and any discrepancies
are identified and corrected
promptly.
M
L| |---|---| ## **OTHER DEFICIENCIES IN INTERNAL CONTROL** |**Priority**|**Area**|**Observation**|**Recommendations**|**Management response**| |---|---|---|---|---| |**5.**|**General**|A number of transactions were identified to|More care needs to be taken when posting|To prevent recurrence, we will| |L||have been posted to the incorrect nominals
with similar transactions posted inconsistently
across numerous nominals.|transactions to ensure that transactions are
posted to correct nominals and similar
transactions are posted to a consistent nominal.|implement clearer internal
guidance and coding rules for
frequently used nominals. A
monthly review of nominal| |||||postings will be introduced to| |||||ensure consistency and early| |||||detection of miscoding.| |**6.**|**Regularity**|Risk regarding recruiting of wrong person|Should include things such as DBS checks,|The recruitment-related risk| |||states nothing can be done.|barred list checks, obtaining references, checking
qualifications|will be updated to reflect the
robust controls already in
place. These controls will be| |||||clearly documented in the risk| |||||register, reflecting the| |||||mitigation measures that| |||||reduce the likelihood of| |||||appointing an unsuitable| |||||candidate.| |**7.**|**Regularity**|The risk register does not consider an updated|An updated net risk score should be considered|The register will be updated to| |||net risk score post response.|post response and added to the risk register.|include a residual (net) risk
score following the application| |||||of controls, and this will form| |||||part of future termly reviews.| **----- Start of picture text -----**
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APPENDICES ## APPENDICES ## **APPENDIX I – FINANCIAL OVERVIEW** ## **FINANCIAL STATEMENTS – SOFA** ||**2025**
**2024 Variance**| |---|---| |**Note in**
**FS**|**£000s**
**£000s**
**£000sComments**| |Income
Educational income
**4**
Other trading income
**5**
Investment income
**6**
Donations & capital grants
**3**
Expenditure
Raising funds
**7**
Educational operations
**8**
**Net income / (expenditure)**
Pension movement
**18**
**Net movement in funds**|1,690
1,620
70Increase predominantly driven by additional GAG income received during the year.
51
52
(1)In-line with previous year.
4
0
4Increase in bank interest received during the year due to increased interest rates.
174
19
155
Increase in capital grants received due to successful CIF bid for heating improvement
works.
1,919
1,691
229
(8)
(8)
0In-line with previous year
(1,770)
(1,630)
(140)
Increase in expenses as would be expected in-line with increase in income. Mainly
due to increase staff costs.
**141**
**53**
**88**
(19)
(8)
(11)Gain and restriction on pension asset posted for this year
**122**
**45**
**77**| **----- Start of picture text -----**
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## **FINANCIAL STATEMENTS – BALANCE SHEET** ||**2025**
**2024**
**Variance**| |---|---| |**Note in**
**FS**|**£000s**
**£000s**
**£000sComments**| |Fixed assets
**12**
Debtors
**13**
Bank
Creditors < 1 year
**14**
Pension liability
**18**
**Net assets**|828
705
123
Increase mainly due to additions relating to heating works carried out during the
year.
86
86
0In-line with previous year.
350
260
90
Strong bank balance remains at the year end. Increase mainly due to capital funds
received towards fire improvement works to be carried out next year.
(179)
(88)
(91)
Increase mainly due to capital funds received towards fire improvement works to
be carried out next year currently in deferred income.
0
0
0 Pension remains in a surplus.
**1,085**
**963**
**122**| **----- Start of picture text -----**
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## **APPENDIX II – AGREED ACCOUNTING ADJUSTMENTS** The following differences have been identified during the audit and posted to the statutory accounts, following agreement with your key management: |**Adjustment**|**Description of adjustment**|**Effect on gain/loss**| |---|---|---| |**reference**||**during the year -**| |||**£000’s**| ||**Deficit reported by the academy trust prior to the audit**|**(64)**| |||| |**[1]**|Late client adjustments|(9)| |||| |**[2]**|Opening balance adjustments|9| |||| |**[3]**|Reversal of capital grant deferral to match previous year treatment|7| |||| |**[4]**|To correct classification of capital income|135| |||| |**[5]**|To correct postings of LA income|7| |||| |**[6]**|Depreciation charge for the year|(34)| |||| |**[7]**|To correct treatment of teachers pay and core school grants|38| |||| |**[8]**|To correct audit and accountancy fees|(1)| |||| |**[9]**|To correct pupil premium income|27| |||| |**[10]**|To correct bad debt provision|7| |||| ||**Surplus reported in the Statement of Financial Activities**|**122**| **----- Start of picture text -----**
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## **APPENDIX II – AGREED ACCOUNTING ADJUSTMENTS** ## **[1] – LATE CLIENT ADJUSTMENTS** ADJUSTMENTS PER CLIENT TO CORRECT TRIAL BALANCE AFTER SYSTEM ISSUES LEADING TO INCORRECT TRIAL BALANCE PROVIDED ## **[2] – OPENING BALANCE ADJUSTMENTS** ADJUSTMENT POSTED TO AGREE BROUGHT FORWARD BALANCES TO THE PREVIOUS YEAR SIGNED ACCOUNTS. ## **[3] – REVERSAL OF CAPITAL GRANT DEFERRAL TO MATCH PREVIOUS YEAR TREATMENT** TO REVERSE CAPITAL GRANT DEFERRAL TO BRING INTO OUR YEAR TO MATCH THE PREVIOUS YEAR TREATMENT. ## **[4] – TO CORRECT CLASSIFICATION OF CAPITAL INCOME** TO RECOGNISE CAPITAL INCOME RECEIVED INCORRECTLY POSTED TO THE BALANCE SHEET. ## **[5] – TO CORRECT POSTINGS OF LOCAL AUTHORITY INCOME** TO CORRECT ACCRUED AND DEFERRED INCOME IN RELATION TO LOCAL AUTHORITY INCOME. ## **[6] – DEPRECIATION CHARGE FOR THE YEAR** DEPRECIATION CHARGE FOR FIXED ASSETS CALCULATED AND POSTED IN THE YEAR. ## **[7] – TO CORRECT TREATMENT OF TEACHERS PAY AND CORE SCHOOL GRANTS** TO RECOGNISE GRANT INCOME INCORRECTLY POSTED TO PREPAYMENTS. ## **[8] – TO CORRECT AUDIT AND ACCOUNTANCY FEES** ADJUSTMENT TO CORRECT COOPER PARRY FEES FOR THE YEAR. ## **[9] – TO CORRECT PUPIL PREMIUM INCOME** TO CORRECT THE TREATMENT OF PUPIL PREMIUM INCOME IN THE ACCOUNTS. ## **[10] – TO CORRECT BAD DEBT PROVISION** TO BRING BAD DEBT PROVISION IN LINE WITH CLIENT WORKINGS. **----- Start of picture text -----**
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## **APPENDIX III – SUMMARY OF FINANCIAL PERFORMANCE AND POSITION** ## **FINANCIAL PERFORMANCE** Based on the audited financial statements, the trust’s total reserves increased by an amount of £122k (2024: £45k) during the year. This total movement on funds is shown in the main statutory financial statements on the Statement of Financial Activities. Excluding movements on tangible fixed assets, the LGPS defined benefit pension liability, and other non-recurring items, the trust’s “operational” surplus on revenue funds for the year was £33k (2024: £61k), as reconciled below. |||**2025 (£000s)**|**2024 (£000s)**| |---|---|---|---| |Overall net movement in funds for the year per SOFA||122|45| ||||| |(Increase) / Decrease attributable to fixed asset fund|**See A**|(114)|14| |(Increase) / Decrease attributable to LGPS|**See B**|19|8| |**Operational surplus /(deficit) on revenue funds after transfers to capital**||**27**|**66**| |Add: Transfers from revenue to capital to fund fixed asset additions||6|(5)| |**Operational surplus /(deficit) on revenue funds before transfers to capital**||**33**|**61**| **Note A -** The movement on restricted fixed asset funds comprises capital grant income received during the year less depreciation charged on capitalised assets purchased from such funds. Since these do not relate to day-to-day operational matters the movement on fixed asset funds is excluded from the operational result. **Note B -** The Balance Sheet carries the trust’s share of the deficit on the Local Government Pension Scheme. A detailed report has been prepared by an actuary detailing the movement in the deficit during the year. The movement is in two parts: (1) the actuarial gain relates to movement linked to the assumptions made by the actuary, (2) other movements comprising (i) net interest costs (ii) current service costs - the value of benefits accrued by members over the accounting period less contributions paid and (iii) past service costs for additional benefits granted during the year. Again since the LGPS movement do not relate to operational matters these have been excluded from the operational result. **----- Start of picture text -----**
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**FINANCIAL POSITION –** The Balance Sheet summarises the financial position of the trust at 31 August 2025 and a more detailed split is contained in the Statement of funds note within the financial statements. The table below highlights the key numbers you should be aware of and the prior year comparatives: ||||**2025 (£000s)**||**2024 (£000s)**| |---|---|---|---|---|---| |**Total funds**|||1,085||963| |**Split between:**|||||| ||||||| |**Revenue income funds**|Restricted funds|36%|92|40%|100| ||Unrestricted funds|64%|165|60%|149| |**(1) Total revenue income funds**|||257||249| ||||||| |**(2) LGPS pension reserve**|||-||-| ||||||| |**Restricted fixed asset funds**|Net book value of fixed assets||828||705| ||Unspent capital grants not deferred||0||9| ||||||| |**(3) Total fixed asset funds**|||828||714| **----- Start of picture text -----**
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## **KEY DISCLOSURES AND OTHER INFORMATION IN THE STATUTORY ACCOUNTS** **Trustees’ report financial review.** The financial review and financial position sections of the trustees’ report narrative provide a detailed explanation of the financial performance in the year. **Reserves.** This section of the trustees’ report compares the financial position and funds held against your reserves policy. **Related party disclosures.** This note discloses any related party transactions taking place during the year, and also discloses whether any close family of any trustee, member or senior management work for the trust. **Going concern.** Accounting policy 1.2 explains why trustees have concluded that the use of the going concern basis to prepare the financial statements is appropriate. **----- Start of picture text -----**
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## **APPENDIX IV – UNADJUSTED AUDIT DIFFERENCES** We are required to bring to your attention audit adjustments that the trustees are required to consider. A schedule of such adjustments is included below. |**£000s**
**Dr**
**£000s**
**Cr**|**£000s**| |---|---| ||**Funds**| ||| |**Net movement in funds per final accounts**|122| ||| ||| |Bank
5|| |Donations Income
5|5| |**To bring in donations from missing bank account**|| ||| |**Net movement in fundsper final accounts afterpotential adjustments**|127| **----- Start of picture text -----**
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