Abbreviated Company Accounts - MAAT ACADEMY TRUST

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards, the Statement of Recommended Practice, “Accounting and Reporting by Charities” (SORP 2005) issued in March 2005 and the Companies Act 2006.

Turnover policy
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life over five years. Freehold buildings - 2% on cost or revalued amounts, Plant and Machinery - 15% on cost, Fixtures and fittings - 10% on cost, Motor vehicles - 25% on cost.

Intangible assets amortisation policy
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives, not to exceed twenty years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Valuation information and policy
Stocks and work -in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Other accounting policies
The company was entitled to exemption from audit under section 477(2) of the Companies Act 2006 for the year ended 31 March 2013 relating to small companies. No members of the company have deposited a notice, pursuant to section 476 of the Companies Act 2006, requiring an audit of these accounts.
The trustees acknowledge their responsibilities for:
i. ensuring that the charity keeps adequate accounting records which comply with section 386 of the Act,and
ii. preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the charity. Accumulated funds:
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.


Resources expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All resources expended are accounted for on an accruals basis and the irrecoverable element of VAT is included in the expenses to which it relates.
Charitable expenditure is represented by grants made to individuals and institutions which are included in the accounts when paid. Expenditure in support of such activities is also included on an accruals basis.
Governance costs are represented by expenditure involving the public accountability of the charity and its compliance with regulation and good practice. These costs include those incurred with regard to strategic planning, legal and audit fees and meeting its statutory obligations.
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Research and Development Expenditure on research and development is written off in the year in which it is incurred.
Taxation:
As a registered charity the Trust is exempt from taxation on its activities which fall within the scope of part 10 ITA 2007 and section 256 of the Taxation Chargeable Gains Act 1992. Restricted funds are subject to specific conditions by donors as to how they may be used.

2Company limited by guarantee
Company is limited by guarantee and consequently does not have share capital.

3Fixed assets Investments
Company Dormant

Company Dormant