Contents of the Financial Statements
for the Period Ended 31 August 2024
Directors' report period ended
31 August 2024
The directors present their report with the financial statements of the company for the period ended 31 August 2024
Principal activities of the company
Chair's Statement
It is 6 years since the Owlcotes MAT was founded and we now have 7 primary schools in our Trust as Morley
Victoria Primary School joined in September 2024. We have continued to develop the Central Team to support
the infrastructure of systems and policy frameworks and to ensure that we are geared for growth. We have
expanded the school improvement team, finance team and admin support function in line with the growth of the
Trust.
We have a strong governance model with a dedicated and skilled Board of Trustees, which has grown in
numbers since last year. The Board of Trustees is committed to continual school improvement and is well
supported by effective school Local Governing Boards.
We place a strong emphasis on collaboration and professional development in our commitment to the pursuit
of excellence, with children at the heart of all we do. All of our schools have improved from their starting points;
Armley Park, a sponsored academy received a 'Good' Ofsted judgement in April 2024 which demonstrates
excellent progress for the school. The support provided by the CEO and Central Team has enabled our schools
to focus on improving educational outcomes. We have continued to develop the collective expertise within the
Trust which now includes two NLEs, a Trust Development Team, Specialist Practitioners, trained moderators
and trained coaches offering bespoke coaching for staff. The Executive Leadership Team drives the work of
these teams in line with our philosophy of 'Working Together to Achieve Excellence'.
Chief Executive Officer's Review of the Year
We have had another successful year. In October 2023, Pudsey Primrose Hill Primary School were graded
'Outstanding' in all areas of judgment by Ofsted and, in April 2024, Armley Park Primary School were graded
'Good' in all areas of judgment. This is a really positive achievement from a school that had a previous
judgement of 'Inadequate' prior to being sponsored by Owlcotes MAT and is testament to the exceptional work
of the whole staff team and school community. In August 2024, Manor Wood Children's Centre were judged as
'Outstanding' again in their inspection.
We were delighted to welcome Spring Bank Primary School to the Owlcotes Trust in May 2024 and Morley
Victoria Primary School in September 2024. We are looking forward to continuing to work dosely with all of our
schools.
Throughout the year, there has been continued collaboration between our schools. The curriculum in each
school continues to be reviewed and improved and all schools are teaching a broad, balanced and suitably
challenging curriculum.
Our Leadership and SENDCo networks are working well and contributing positively to staff development and
sharing best practice across our schools. We have developed subject leader networks which are supporting our
schools to continue to review and refine their curriculum and are also providing support and training for subject
leaders. We have developed a 'leadership coaching' offer for all schools which has been well received by our
schools.
As CEO, I am proud that Owlcotes is a growing community of effective, like-minded schools, determined to
provide high quality teaching and learning and an ambitious curriculum offer to our pupils. I am privileged to
work with school leaders and staff teams who put children at the heart of their schools.
Trustee's Report
The Board of Trustees present their annual report together with the financial statements and auditor's report of
the charitable company for the period 1st September 2023 to 31 st August 2024. The annual report serves the
purpose of both a Trustees' report and a directors' report under company law.
The academy trust operates seven primary schools in Leeds. The schools have a combined pupil capacity of
approximately 2,500 FTE pupils.
The seven schools in the Trust are:
Pudsey Primrose Hill Primary School, LS28 6AB - Joined 1st March 2018
Pudsey Waterloo Primary School, LS28 7SR - Joined 1st March 2018
Calverley Parkside Primary School, LS28 5PQ - Joined 1st November 2018
Armley Park Primary School, LS12 2L Y - Joined 1st December 2019
Manor Wood Primary School, LS17 5DJ - Joined 1st June 2023
Spring Bank Primary School LS6 1AD - Joined 1st May 2024
Morley Victoria Primary School LS27 9NW- Joined 1st September 2024.
Objectives and Activities
The Owlcotes Multi Academy Trust was formed on 5th February 2018 with two schools; Pudsey Primrose Hill
Primary School and Pudsey Waterloo Primary School converting to join OMAT on 1st March 2018. Since then,
our Trust has grown and now consists of seven Leeds primary schools, with other schools in the pipeline to join
Owlcotes.
Our mission at Owlcotes Multi Academy Trust is to improve provision and outcomes for all our pupils by sharing
expertise through collaborative practice. Our aims are as follows:
To develop inclusive schools, sharing a common purpose to provide excellent education and improved
outcomes for pupils.
To provide high-quality education for all children within the local community by inspiring innovation,
creativity and aspiration through an enriched curriculum.
To ensure co-operation and collaboration between schools with a strong focus on staff development.
To preserve of the unique identity of all schools within the trust.
To build a strong network of schools, working collaboratively to provide excellent teaching and learning and
curriculum opportunities.
To maintain and establish excellent schools in local communities so that all schools within the trust
are good or better according to Ofsted criteria.
To keep learning, attainment and progress at the heart of each school. Developing shared
accountability for the outcomes of pupils within the trust.
To focus on making teaching as good as it can be, sharing best practice through a range of CPD
opportunities.
To develop people by attracting and retaining excellent staff, offering promotion within the Trusts so
that quality staff are retained.
To ensure good value for money, making the most effective use of resources and staffing.
Objectives
The Trust has an established a strategic plan (2024-2027). 'Working Together to Achieve Excellence'. This
plan builds on the successes we have achieved so far. We aim to make a positive difference in our schools by
continuing our collaborative work across the following five key priorities.
Strategic Priorities
Schools - Providing an exceptional educational experience so that Owlcotes schools become centres of excellence
in their community.
People - Providing extensive professional development opportunities and well-being support.
Infrastructure - Providing excellent central services supporting leadership, finance, and compliance.
Estates - Prioritising environmental sustainability and investment in infrastructure to provide excellent facilities for
our pupils, communities and staff.
Growth - Prioritising effective contribution to education in our communities and planning for sustainable growth.
Owlcotes Multi- Academy Trust recognises its important role in supporting schools to flourish and as such, is
engaged in school-to-school support with schools who are not members of the Trust. Currently the Trust is
working with two schools outside of the Trust, one of which will join the Trust in 2025. The Trust is committed
to considering other schools who may wish to join. OMAT will act as a sponsor for schools as directed by the
RD.
OMAT has a transparent leadership structure, clear levels of accountability with three separate boards.
1. Local Governing Board (each school)
2. Board of Trustees
3. Board of Members
Every member of each board is recruited for the skills and expertise they bring to the academy trust and the
contribution they can make towards ensuring its success. The leadership structure ensures that there is an
appropriate focus on school improvement and financial accountability.
The responsibilities for each board are clearly defined in the Owlcotes Multi Academy Trust's Scheme of
Delegation. This scheme considers the requirements of the founder schools who are both 'convertor' academies
and also the requirements of sponsored schools as the board recognise
Directors
The directors shown below have held office during the whole of the period from
1 September 2023
to
31 August 2024
Lesley West
Judith Norfolk
Claire Waspe
Jo Robinson
Gordon Grant
Guy Gibson
John Woods
Stephen Greene
Emma Palmer
Anne Reed
The director shown below has held office during the period of
12 December 2023
to
31 August 2024
Elise Barker
The director shown below has held office during the period of
12 October 2023
to
31 August 2024
Michael Urwin
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
12 December 2024
And signed on behalf of the board by:
Name: Judith Norfolk
Status: Director
Balance sheet
As at
31 August 2024
|
Notes |
2024
|
2023
|
|
|
£
|
£
|
| Fixed assets |
| Intangible assets: |
|
0
|
0
|
| Tangible assets: |
3 |
22,843,000
|
19,069,000
|
| Investments: |
|
0
|
0
|
| Total fixed assets: |
|
22,843,000
|
19,069,000
|
| Current assets |
| Stocks: |
|
0
|
0
|
| Debtors: |
4 |
820,000
|
1,242,000
|
| Cash at bank and in hand: |
|
3,429,000
|
3,266,000
|
| Investments: |
|
0
|
0
|
| Total current assets: |
|
4,249,000
|
4,508,000
|
| Prepayments and accrued income: |
|
0
|
0
|
| Creditors: amounts falling due within one year: |
5 |
(
590,000
)
|
(
662,000
)
|
| Net current assets (liabilities): |
|
3,659,000
|
3,846,000
|
| Total assets less current liabilities: |
|
26,502,000
|
22,915,000
|
| Creditors: amounts falling due after more than one year: |
6 |
(
6,000
)
|
(
6,000
)
|
| Provision for liabilities: |
|
0
|
0
|
| Accruals and deferred income: |
0
|
0
|
| Total net assets (liabilities): |
|
26,496,000
|
22,909,000
|
| Members' funds |
| Profit and loss account: |
|
26,496,000
|
22,909,000
|
| Total members' funds: |
|
26,496,000
|
22,909,000
|
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 August 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen not to file a copy of the company's profit and loss account.
This report was approved by the board of directors on
12 December 2024
and signed on behalf of the board by:
Name:
Judith Norfolk
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 August 2024
-
1. Accounting policies
Basis of measurement and preparation
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102
Tangible fixed assets depreciation policy
Assets costing £2,000 or more are capitalised as tangible fixed assets and are carried at cost, net of
depreciation and any provision for impairment.
Where tangible fixed assets have been acquired with the aid of specific grants, either from the
government or from the private sector, they are included in the Balance Sheet at cost and
depreciated over their expected useful economic life. Where there are specific conditions attached to
the funding requiring the continued use of the asset, the related grants are credited to a restricted
fixed asset fund in the Statement of Financial Activities and carried forward in the Balance Sheet.
Depreciation on the relevant assets is charged directly to the restricted fixed asset fund in the
Statement of Financial Activities. Where tangible fixed assets have been acquired with unrestricted
funds, depreciation on such assets is charged to the unrestricted fund.
Depreciation is provided on all tangible fixed assets other than freehold land and assets under
construction, at rates calculated to write off the cost of each asset on a straight-line basis over its
expected useful life, as follows:
Depreciation is provided on the following basis:
Long-term leasehold property - 2%
Furniture and equipment 20%
Assets in the course of construction are included at cost. Depreciation on these assets is not charged
until they are brought into use and reclassified to freehold or leasehold land and buildings.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate
that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying
value of fixed assets and their recoverable amounts are recognised as impairments. Impairment
losses are recognised in the Statement of Financial Activities.
Intangible fixed assets amortisation policy
Intangible assets costing £2000 or more are capitalised and recognised when future economic
benefits are probable, and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost and are subsequently measured at cost net of
amortisation and any provision for impairment.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on
a straight-line basis over its expected useful life.
Amortisation is provided on the following basis:
Computer software - 33 %
Other accounting policies
Accounting policies
OWLCOTES MUL Tl ACADEMY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
A summary of the principal accounting policies adopted (which have been applied consistently,
except where noted), judgments and key sources of estimation uncertainty, is set out below.
1.1 Basis of preparation of financial statements
The financial statements of the Academy, which is a public benefit entity under FRS 102, have been
prepared under the historic cost convention in accordance with the Financial Reporting Standard
Applicable in the UK and Republic of Ireland (FRS 102), the Accounting and Reporting by Charities:
Statement of Recommended Practice applicable to charities preparing their accounts in accordance
with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP
(FRS 102)), the Academies Accounts Direction 2023 to 2024 issued by ESFA, the Charities Act 2011
and the Companies Act 2006.
1.2 Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any
material uncertainties related to events or conditions that may cast significant doubt on the ability of
the company to continue as a going concern. The Trustees make this assessment in respect of a
period of at least one year from the date of authorisation for issue of the financial statements and
have concluded that the Academy Trust has adequate resources to continue in operational existence
for the foreseeable future and there are no material uncertainties about the Academy Trust's ability to
continue as a going concern, thus they continue to adopt the going concern basis of accounting in
preparing the financial statements.
1.3 Income
All incoming resources are recognised when the Academy Trust has entitlement to the funds, the
receipt is probable and the amount can be measured reliably.
Grants
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of
income received for specific purposes but not expended during the period is shown in the relevant
funds on the Balance Sheet. Where income is received in advance of meeting any performancerelated
conditions there is not unconditional entitlement to the income and its recognition is deferred
and included in creditors as deferred income until the performance-related conditions are met. Where
entitlement occurs before income is received, the income is accrued.
General Annual Grant is recognised in full in the Statement of Financial Activities in the period for
which it is receivable and any abatement in respect of the period is deducted from income and
recognised as a liability.
Capital grants are recognised in full when there is an unconditional entitlement to the grant. Unspent
amounts of capital grants are reflected in the Balance Sheet in the restricted fixed asset fund. Capital
grants are recognised when there is entitlement and are not deferred over the life of the asset on
which they are expended.
Donations
Donations are recognised on a receivable basis (where there are no performance-related conditions)
where the receipt is probable and the amount can be reliably measured.
Other income
Other income, including the hire of facilities, is recognised in the period it is receivable and to the
extent the Academy Trust has provided the goods or services.
Donated goods, facilities and services
Goods donated for resale are included at fair value, being the expected proceeds from sale less the
expected costs of sale. If it is practical to assess the fair value at receipt, it is recognised in 'Stocks'
and 'Income from Other Trading Activities'. Upon sale, the value of the stock is charged against
'Income from Other Trading Activities' and the proceeds are recognised as 'Income from Other
Trading Activities'. Where it is impractical to fair value the items due to the volume of low value items
they are not recognised in the financial statements until they are sold. This income is recognised
within 'Income from Other Trading Activities'.
Transfer on conversion
Where assets and liabilities are received by the Academy Trust on conversion to an academy, the
transferred assets are measured at fair value and recognised in the Balance Sheet at the point when
the risks and rewards of ownership pass to the Academy Trust. An equal amount of income is
recognised as a transfer on conversion within 'Income from Donations and Capital Grants' to the net
assets received.
Donated fixed assets (excluding transfers on conversion or into the Academy)
Where the donated good is a fixed asset it is measured at fair value, unless it is impractical to
measure this reliably, in which case the cost of the item to the donor should be used. The gain is
recognised as 'Income from Donations and Capital Grants' and a corresponding amount is included
in the appropriate fixed asset category and depreciated over the useful economic life in accordance
with the Academy Trust's accounting policies.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third party, it is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly
to that activity. Shared costs which contribute to more than one activity and support costs which are
not attributable to a single activity are apportioned between those activities on a basis consistent with
the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation
charges allocated on the portion of the asset's use.
Charitable activities
These are costs incurred on the Academy's educational operations, including support costs and costs
relating to the governance of the Academy apportioned to charitable activities.
All resources expended are inclusive of irrecoverable VAT.
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the Academy Trust; this is normally upon notification of the interest paid or payable by the
institution with whom the funds are deposited.
1.6 Taxation
The Academy Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance
Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax
purposes.
Accordingly, the Academy Trust is potentially exempt from taxation in respect of income or capital
gains received within categories covered by Part 11, chapter 3 of the Corporation Tax Act 2010 or
Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains
are applied exclusively to charitable purposes.
1.7 Intangible assets
Intangible assets costing £2000 or more are capitalised and recognised when future economic
benefits are probable, and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost and are subsequently measured at cost net of
amortisation and any provision for impairment.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on
a straight-line basis over its expected useful life.
Amortisation is provided on the following basis:
Computer software - 33%
1.8 Tangible fixed assets
Assets costing £2,000 or more are capitalised as tangible fixed assets and are carried at cost, net of
depreciation and any provision for impairment.
Where tangible fixed assets have been acquired with the aid of specific grants, either from the
government or from the private sector, they are included in the Balance Sheet at cost and
depreciated over their expected useful economic life. Where there are specific conditions attached to
the funding requiring the continued use of the asset, the related grants are credited to a restricted
fixed asset fund in the Statement of Financial Activities and carried forward in the Balance Sheet.
Depreciation on the relevant assets is charged directly to the restricted fixed asset fund in the
Statement of Financial Activities. Where tangible fixed assets have been acquired with unrestricted
funds, depreciation on such assets is charged to the unrestricted fund.
Depreciation is provided on all tangible fixed assets other than freehold land and assets under
construction, at rates calculated to write off the cost of each asset on a straight-line basis over its
expected useful life, as follows:
Depreciation is provided on the following basis:
Long-term leasehold property - 2%
Furniture and equipment 20%
Assets in the course of construction are included at cost. Depreciation on these assets is not charged
until they are brought into use and reclassified to freehold or leasehold land and buildings.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate
that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying
value of fixed assets and their recoverable amounts are recognised as impairments. Impairment
losses are recognised in the Statement of Financial Activities.
1.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
1.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
1.11 Liabilities
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Academy
anticipates it will pay to settle the debt or the amount it has received as advanced payments for the
goods or services it must provide.
1.12 Provisions
Provisions are recognised when the Academy has an obligation at the reporting date as a result of a
past event which it is probable will result in the transfer of economic benefits and the obligation can
be estimated reliably.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where
the effect of the time value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The
unwinding of the discount is recognised within interest payable and similar charges.
1.13 Operating leases
Rentals paid under operating leases are charged to the Statement of Financial Activities on a
straight-line basis over the lease term.
1.14 Pensions
Retirement benefits to employees of the Academy are provided by the Teachers' Pension Scheme
("TPS") and the Local Government Pension Scheme ("LGPS"). These are defined benefit schemes.
The TPS is an unfunded scheme and contributions are calculated to spread the cost of pensions over
employees' working lives with the Academy in such a way that the pension cost is a substantially level
percentage of current and future pensionable payroll. The contributions are determined by the
Government Actuary based on quadrennial valuations using a prospective unit credit method. TPS is
an unfunded multi-employer scheme with no underlying assets to assign between employers.
Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the
contributions recognised in the period to which they relate.
The LGPS is a funded multi-employer scheme, and the assets are held separately from those of the
Academy in separate trustee administered funds. Pension scheme assets are measured at fair value
and liabilities are measured on an actuarial basis using the projected unit credit method and
discounted at a rate equivalent to the current rate of return on a high quality corporate bond of
equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially
and are updated at each Balance Sheet date. The amounts charged to operating surplus are the
current service costs and the costs of scheme introductions, benefit changes, settlements and
curtailments. They are included as part of staff costs as incurred. Net interest on the net defined
benefit liability/asset is also recognised in the Statement of Financial Activities and comprises the
interest cost on the defined benefit obligation and interest income on the scheme assets, calculated
by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to
discount the benefit obligations. The difference between the interest income on the scheme assets
and the actual return on the scheme assets is recognised in other recognised gains and losses.
Actuarial gains and losses are recognised immediately in other recognised gains and losses.
1.15 Fund accounting
Unrestricted income funds represent those resources which may be used towards meeting any of the
charitable objects of the Academy at the discretion of the Trustees.
Restricted fixed asset funds are resources which are to be applied to specific capital purposes
imposed by the funders where the asset acquired or created is held for a specific purpose.
Restricted general funds comprise all other restricted funds received with restrictions imposed by the
funder/donor and include grants from the Department for Education Group.
Investment income, gains and losses are allocated to the appropriate fund.
Notes to the Financial Statements
for the Period Ended 31 August 2024
-
2. Employees
|
2024 |
2023 |
| Average number of employees during the period |
397
|
245
|