ValueforMoneyStatement

Organisationname:MAHARISHISCHOOLTRUSTLTD
Companynumber:1902341
Yearended31August2014
IacceptthatasaccountingofficerofMAHARISHISCHOOLTRUSTLTDIamresponsibleandaccountablefor
ensuringthattheacademytrustdeliversgoodvalueintheuseofpublicresources.Iamawareoftheguideto
academyvalueformoneystatementspublishedbytheEducationFundingAgencyandunderstandthatvaluefor
moneyreferstotheeducationalandwidersocietaloutcomesachievedinreturnforthetaxpayerresources
received.
IsetoutbelowhowIhaveensuredthattheacademytrust'suseofitsresourceshasprovidedgoodvalueformoney
duringtheacademicyear.
MaharishiSchool2013/14ValueforMoneystatement.

ThisstatementistoshowthatMaharishiSchoolTrustsuseofpublicassetsandfundshasprovidedgoodvaluefor
moneyduringtheyearandtoidentifyanyopportunitiesforpotentialimprovement,particularlyinrespectofthe
following:
theeconomic,efficientandeffectiveuseofalltheresources,forexampletoproducebettereducationalresults
theavoidanceofwasteandextravagance
theprudentandeconomicaladministrationoftheorganisation
theestablishmentandmaintenanceofasystemoffinancialgovernance,(includingsoundinternalspending
controls,keepinguptodatefinancialrecords,continuousfinancialmonitoringandtimelyreporting)and
ensuringallfinancialtransactionsrepresentvalueformoney.

MaharishiSchoolTrustopenedasaFreeSchoolinSeptember2011withacapitalcosttotheDfEofunder
1million,comparedtotheaveragepremisescostofsettingupaFreeSchoolrecentlypublishedbytheNational
AuditOfficeof6.6million.Theschoolwasoriginallyconceivedonthebasisof15pupilsperclassbut,duetohigh
levelsofdemand,weareincreasingclasssizesto18bystages.Thiswillfilltheschoolsbuildingstoabsolute
capacity.Thefactofsmallerclasssizesensuresthatteacherscandevotemoretimetoindividualpupilsandtheir
particularrequirements.

MaharishiSchoolTrust,inkeepingwiththerequirementsofitsFundingAgreement(FA)withtheDepartmentfor
Education(DfE),hasalltherelevantpoliciesandproceduresinplacetoensurethattheTrustisproperlyrunand
providesvalueformoney.AllmattersrelatingtofinancearereferredtotheFinanceCommittee,whichisacutely
awareoftheTrustslimitedbudgetandthepressuresonit.Theyhaveactivelyquestionedexpenditureproposals,
challengedvariances,advisedonstrategyandexpressedtheirreportingrequirements.WhensatisfiedtheFinance
CommitteehavethenmadeappropriaterecommendationstotheGoverningBody.Bothofthesebodiesare
subjecttotheirownTermsofReference/RolesandResponsibilitiesdocuments.Bothbodiesroutinelymeetevery
othermonth,FinancemeetingstakingplaceoneweekbeforeGovernorsmeetingstoensurethatthedataand
topicsunderdiscussionarestillcurrent.Themeetingscheduleisdesignedtoaccommodatetheproductionof
Quarterlyfinancereportsinorderthatmattersarereportedandacteduponinatimelymanner.Apartfromstaff
Governors,allmembersoftheGoverningBodyareparentsofcurrentorpastpupilsoftheschool,withanacute
interestintheTrustsfinancialandeducationalperformance.TheChairoftheGoverningBodyisaformerChief
ExecutiveandDirectorofChildrensServicesofaLondonBorough.Also,asrequired,theschoolhasengagedan
independentResponsibleOfficer(RO)whoreviewsthefinancialoperations,risks,complianceetceteraonatermly
basis.

MaharishiSchoolsROisaretiredcharteredaccountant.

MaharishiSchoolTrusthasbeenauditedbytheEFAwhohaveexpressedtheirsatisfactionwiththefinancial
managementandgovernanceoftheTrust,includingtherequisitepoliciesandprocedures.Theseinclude:
Draftinternalfinancialregulations:theseensurethattheschoolmaintainsanddevelopssystemsoffinancial

controlwhichconformwiththerequirementsbothofproprietyandofgoodfinancialmanagement.
HeadteacherandGoverningBodyresponsibilities:thisdocumentdetailsthelevelsofdecisionmakingforall
aspectsoftheschool.
Delegatedauthoritytable:thisdetailsthelevelsofauthorityforandconditionspertainingtoexpenditureamounts.
Continuityplansforeachandbothschoolsites:theseprovidealltheinformationneededtoensurethefastest
possibledisasterrecoveryofschooloperations.
RiskRegister:thislistsallperceivedpotentialriskstotheschool,levelofriskandcontrolprocedures.Register
updatesareaGoverningBodystandingagendaitem.
Whistleblowingpolicy:thisisintendedtoenableindividualstoraiseconcernsaboutgeneralmalpractice,abuse
orwrongdoingatanearlystageandintherightway,withoutfearofvictimisation,subsequentdiscriminationor
disadvantage.Thepolicyisdesignedtoencourageandenableindividualstoraiseconcernswithintheschoolor,if
necessary,externallyratherthantooverlookaproblem.(Thisenablesanymemberofstaff,pupil,parentormember
ofthepublictonotifytherelevantauthorityofsuspectedwrongdoingandensuresinvestigationsareconducted,and
ifnecessaryactedupon,impartiallyandobjectively.)

TheMaharishiSchoolTrustGoverningBodyhasbeenabletoapproveabalancedbudgetandachieveasmall
GAGfundingcarryforwardwithinrecommendedlimitsinallitsyearsofFreeSchooloperation.TheTrusthas
submittedstatutoryfinancialreports,includingAuditedAccounts,EFAAccountsReturnandEFABudgetForecast
ReturnwhichhavesatisfiedtheEFAAuditors(Deloittes).TheTrusthasalsocompareditsfinancialperformance
withtheBishopFleming(charteredaccountants)AcademiesBenchmarkReport2013.Wearesatisfiedthatour
performanceiscomparabletothemajorityofAcademyTrustsdespitethediseconomiesofscaleduetoour
smallerclasssizesandresultantperclassfunding,especiallystaffpupilratio.Thisdemonstratesahighlevelof
responsibilityintheuseoftheTrustsfunds.

TheTrustmakeseveryefforttogainthemaximumvalueinprocurementofservicesandproducts.Iamconfident
theTrustdoesverywellatobtaininggoodvalueoverallinprocurementduetotheongoingreviewofsuppliersand
theirpricesbythefinanceandadminteams.IntermsoftheeducationalandsocietaloutcomesofMaharishiSchool
Icandemonstratethattheresourcesexpendedareofferingexceptionalvalueformoney.MaharishiSchoolwas
inspectedbyOfstedinJuly2013resultinginaGoodreportinallareas.IntheschoolsfirstyearofKeyStage2
SATS,withthemajorityofchildrentakingthembeingnewtotheschool,83%hadmadetheexpected2levelsof
progresssinceKeyStage1
FifteenpupilstooktheirGCSEsintheSummer.TengotfiveormoreA*Csandallbuttwoofthoseincluded
Englishandmaths.Overall,70%ofthegradesachievedwereA*C,andalmostaquarterofthosewereAorA*.Art
andmathsdeservespecialmentionwithover90%gettingfiveormoreA*Cs,withscienceclosebehind.
EighteenpupilstooktheirKeyStage2assessmentsintheSummer.Overalltheresultsweregood,withparticularly
strongoutcomesatlevel5inreading,writing,Englishandscience,andatlevel4andaboveinEnglishand
science.

DevelopmentoffullpotentialisnurturedatMaharishiSchoolasindicatedbyotherpupilachievements.Inaddition
tostatutorytestingMaharishiSchoolutilisesstandardisedability,attainment,andattitudetestingtoregularly
monitorpupilabilitiesandsocialdevelopment.Extracurricularactivitiesareencouragedandfacilitated,including
theintroductionduring2013/14oftheDukeofEdinburghaward.Thisintroductionhasbeenassistedbytheschool
fundraisinggroup,whoalsoassist,forexample,inschooltripfunding,whichallowsustoofferafullrangeof
educationalvisitsacrossthewholeschool.

Staffrecruitmentanddeploymenthasbeenundertakenwithcare(usingthepracticesrecommendedbySafer
Recruitment),andisregularlyreviewed,toobtainthemostbeneficialoutcomesforpupils.Thishasbeen
particularlythecaseinthePrimaryschoolwhichhasundergoneplannedexpansionwheretheallocationofteaching
assistantsreflectsthespecificrequirementsofclassesasawholeandindividualpupils,includingthoserequiring
degreesofonetoonesupport.Asplanned,theschoolnowprovidesmoregeneralliteracyandnumeracysupport
intheSecondaryphase.MaharishiSchoolcontinuestoutiliseeducationalconsultantstoassiststaffinmaximising
andadaptingtheirskillstothechangingconditionsresultingfromFreeSchoolstatus.Staffarealsointheprocess
ofdevelopingrelationshipswithneighbouringschoolstosharegoodteachingpracticeandgainabetter
understandingofthestatesector.MaharishiSchoolTruststartedasaFreeSchoolwithagoodtrackrecordinboth
educationalprovisionandfinancialmanagement,andcontinuesthatethostothepresent.Wealwaysproactively
seekthebestvalueintheuseofourfundsandwillcontinuetorefineourapproachtoimproveonpastperformance.
Thedevelopmentofourpupilsisofparamountimportancetousandwewillcontinuetodowhateverwecanto
maximisethevaluetothemofourfunding
Name:DrDerekCassells
AcademyTrustAccountingOfficer

Date:26Dec2014