OWLCOTES MULTI ACADEMY TRUST

Company limited by guarantee

Company Registration Number:
11188252 (England and Wales)

Unaudited statutory accounts for the year ended 31 August 2024

Period of accounts

Start date: 1 September 2023

End date: 31 August 2024

OWLCOTES MULTI ACADEMY TRUST

Contents of the Financial Statements

for the Period Ended 31 August 2024

Directors report
Balance sheet
Additional notes
Balance sheet notes

OWLCOTES MULTI ACADEMY TRUST

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

OWLCOTES MULTI ACADEMY TRUST

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

OWLCOTES MULTI ACADEMY TRUST

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

OWLCOTES MULTI ACADEMY TRUST

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.

OWLCOTES MULTI ACADEMY TRUST

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

OWLCOTES MULTI ACADEMY TRUST

Notes to the Financial Statements

for the Period Ended 31 August 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 September 2023 20,358,000 0 175,000 30,000 19,000 20,582,000
Additions 644,000 0 193,000 153,000 54,000 1,044,000
Disposals 0 0 0 0 0 0
Revaluations 0 0 0 0 0 0
Transfers 3,120,000 0 0 0 0 3,120,000
At 31 August 2024 24,122,000 0 368,000 183,000 73,000 24,746,000
Depreciation
At 1 September 2023 1,439,000 0 69,000 2,000 3,000 1,513,000
Charge for year 314,000 0 47,000 23,000 6,000 390,000
On disposals 0 0 0 0 0 0
Other adjustments 0 0 0 0 0 0
At 31 August 2024 1,753,000 0 116,000 25,000 9,000 1,903,000
Net book value
At 31 August 2024 22,369,000 0 252,000 158,000 64,000 22,843,000
At 31 August 2023 18,919,000 0 106,000 28,000 16,000 19,069,000

OWLCOTES MULTI ACADEMY TRUST

Notes to the Financial Statements

for the Period Ended 31 August 2024

4. Debtors

2024 2023
£ £
Trade debtors 0 0
Prepayments and accrued income 727,000 685,000
Other debtors 93,000 557,000
Total 820,000 1,242,000
Debtors due after more than one year: 0 0

OWLCOTES MULTI ACADEMY TRUST

Notes to the Financial Statements

for the Period Ended 31 August 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 1,000 1,000
Trade creditors 119,000 302,000
Taxation and social security 0 0
Accruals and deferred income 470,000 359,000
Other creditors 0 0
Total 590,000 662,000

OWLCOTES MULTI ACADEMY TRUST

Notes to the Financial Statements

for the Period Ended 31 August 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 6,000 6,000
Other creditors 0 0
Total 6,000 6,000