2021-08-31-accounts - Red Balloon Educational Trust

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Red Balloon Educational Trust

Willow Lodge 37 High Street Milton Cambridge CB24 6DF

Tel: 01223 366052 Email: admin@rbet.ac Charity no: 1109606

www.redballoonlearner.org

Before starting Red Balloon I was worried about who would be there and whether I'd be able to make any friends. I was also worried about the teachers. But I remember on my first day at the Centre I got a very warm welcome, and the worries I had left fast. I liked the other students at the Centre; they were friendly, funny, sporty. My biggest achievement at Red Balloon was probably making friends.

Mary-Jane, Red Balloon Reading

For young people like Mary-Jane, student life in mainstream schools can be anxietyprovoking, lonely and isolating. It can prevent growth and learning. Red Balloon helps them get their confidence back and sets them on the path to fulfilment and sucess.

Contents

Introduction from the Chair 4 About Red Balloon 6 Our year at a glance 7 Our locations 8 Message from the Director of Education 10 Our values, ethos and practice 13 Wellbeing 14 Education 16 Social re-engagament 18 Fundraising 20 Our plans for the future 22 Alumni case study 24 Financial review 28 Risk assessment 30 Structure, governance and management 31 Administrative details 34 Independent auditors' report 38 Financial statements 43 Notes to the financial statements 47

Introduction from the Chair

This past year Red Balloon celebrated its 25th Anniversary. As we reflected on our achievements and growth, we simultaneously began looking at the future direction of Red Balloon. From this has sprung a new name and image. Red Balloon Learner Centre Group and Red Balloon of the Air have merged under one charity name: Red Balloon Educational Trust.

All teaching provisions and day-to-day operations will remain exactly the same at each local Centre and Air, but the shared name and charity number will allow resources to be better allocated to where they are needed most. Red Balloon’s central administrative team will now be streamlined so each Centre can focus more on what they do best: helping young people recover.

We are also looking to move. Like many this year, we’ve found that we don’t need as large an office space to be effective in our work. Red Balloon Educational Trust has purchased a property in Cambridgeshire for both staff and students from RBAir and the central administrative team.

The purchase of a property with a mortgage will reduce the amount of money we have been paying in rent by almost 50%. This property also provides dedicated spaces for students to do practical workshops such as art, living skills, domestic science, counselling in person if necessary, meet for social gatherings, as well as having a professional space for staff training and meetings with commissioners and parents.

It's an exciting move with far-reaching benefits, and we look forward to sharing news of our new offices with you in the future.

This year we have also progressed towards our goal to reach more isolated and vulnerable children by beginning the expansion of our provision into West Sussex. We have begun establishing a new Centre in Worthing,

supported by the purchase of new premises by a generous donor, and Red Balloon of the Air has moved swiftly to support young people in this area.

The new Centre building is currently being refurbished but will be open for students by September 2022, providing both a Centre-based provision and a student hub for RBAir’s blended provision in the area. Red Balloon Worthing will be joining Red Balloon of the Air under the Red Balloon Educational Trust umbrella.

We are delighted to have been able to expand to this new location and to offer support to young people with no where else to turn.

For young people across the UK, the 2020-21 academic year proved challenging with the continuing impact of COVID. For those already struggling with mental health or trauma-related issues, lockdown served only to exacerbate their anxieties and obsessions, and we saw the impact these stressful times had on many of our students.

Despite these challenges, Red Balloon staff rose to the occasion, providing more wellbeing sessions, online counselling and personalised programmes. These were supported by extra charitable donations, and we thank our supporters for the difference they made during this most difficult time.

Regardless of the difficulties of the year, our students have again shown their determination to succeed both personally and academically.

This year's exam results were impressive. Considering most of the students at Red Balloon have missed at least five terms of education before they come to us, 74% of those who sat GCSE English, achieved passes (grades 9-4) and 79% achieved good passes in Maths.

In addition to GCSEs, our students received BTECs, ASDAN certificates, Arts Awards and other qualifications, with an incredible 91% pass rate.

On a much larger scale, we have seen the impact the pandemic has had on the mental health of our nation’s young people. What 25 years of Red Balloon have taught us is that the programme we offer must be rounded, holistic and integrated. Children’s wellbeing, academic, and social lives do not exist in separate spheres, and we will continue to support each aspect of our students' development to ensure they can reach a future they are proud of.

With warm regards,

Bev Williams Chair of Trustees

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About Red Balloon

Our year at a glance

Red Balloon’s programme is a holistic approach to education, aimed at those aged 11 to 18 who are out of school and unable to attend due to severe bullying, anxiety or illness. We focus on three critical areas: wellbeing, social re-engagement and, of course, education! Students come to us because their learning opportunities have been severely limited and they are becoming increasingly socially isolated at home. They risk falling through gaps in our education and mental health systems and struggling to find their footing in an increasingly complex adult world. Thanks to our incredible donors, we empower and assist students to rebuild their self-confidence, rekindle their desire to learn and succeed, and move forward into further education, training or work.

We know that school isn't for everyone, but we believe education should be. Last year, there were potentially 60,000 children missing from England’s state schools because of bullying or poor mental health. Post-pandemic, many students are reeling from instability and loss. With 25 years of experience, Red Balloon is reaching out to help the most vulnerable, one child at a time.

In this year’s annual report you'll see how, in partnership with our donors, commissioners and passionate supporters, we're doing everything we can to ensure our young people are cared for, encouraged, and supported to flourish.

Our students achieve amazing things. Of the 61 students who took GCSE exams in the 2020-21 year:

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100
87%
85%
80%
75
50
25
0
achieved 9-4 grades in Science achieved 9-4 grades in English achieved 9-4 grades in Maths
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This year, across 10 counties in England we supported:

About the Red Balloon Consolidated Group

Red Balloon Educational Trust, formerly Red Balloon Learner Centre Group, acts as the coordinating and service centre for the five Centres. These five Centres are separately registered charities and companies limited by guarantee, with the local trustees as their directors; they operate under the Red Balloon name by way of an association agreement. After the end of the year, on 12 October 2021, the operations, assets and liabilities of Red Balloon of the Air were transferred to its parent company, Red Balloon Educational Trust.

At the start of the year, 1 Sept 2020, the Red Balloon consolidated group consisted of Red Balloon of the Air, Red Balloon Reading and Red Balloon Cambridge. During 2020-21, Red Balloon Reading and Red Balloon Cambridge ceased to be consolidated, due to the FRS102 definition of control no longer being met. Together with Red Balloon of the Air, they are included in the group results up to their respective disposal dates; 19 May 2021 for RB-Reading and 11 May 2021 for RBCambridge, as required by UK accounting standards.

children 215 total 189

with Education and Health Care Plans

students 'graduated' and said goodbye to Red Balloon

students had an attendence rate of 70%+

100

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Our locations

We have five Centres. Four are based in domestic houses in Cambridge, Norwich, NW London and Reading. They do not resemble schools.

The fifth is a blended online and face-to-face provision, Red Balloon of the Air, based in Cambridge but covering various different counties, with several face-to-face hubs.

In 2022 we will open our sixth physical Centre in Worthing.

Red Balloon Learner Centres

Red Balloon supports students across the counties highlighted above

Red Balloon of the Air face-to-face hubs

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Message from the Director of Education

Red Balloon Educational Trust consists of Red Balloon of the Air, Red Balloon Worthing and a central services team that provides the underpinning support and organisational development for the network of Learner Centres. The central services team provide strategic educational, wellbeing, IT, HR, fundraising, communications and administrative support, so that staff in the Centres can focus on what they do best – changing the lives of bullied and vulnerable young people.

As with last year, we should recognise the work of our staff teams, who show incredible resilience and determination to keep supporting students throughout all the challenges Covid-19 has thrust upon us.

Whilst this year was marked by the continuing impact of the Covid-19 pandemic it also saw us becoming more agile and used to adapting to the consequences. Some of our responses have led to speeding up our adoption of new technology that has led to more efficient working. However, for young people everywhere the national restrictions have taken a dramatic toll on their wellbeing, which began to show in increased referrals to our Centres - a trend we expect to see an increase over the coming years.

We are thankful for our donors whose generosity has allowed us to plan for the future with increased certainty. Each donation has made a great impact and enabled further mental health support for our students to meet their increased needs due to the uncertainty of the pandemic.

In particular, we are proud to have moved significantly closer to opening our new Centre supporting young people across West Sussex. From its base in Worthing, this is the first opportunity to develop a fully integrated provision, linking Centre provision to that of Red Balloon of the Air. This will enable us to even more closely match the needs of our students to high-quality and appropriate provision.

We recognise the enormous adjustment mainstream schools are making to support their cohorts whose mental health has declined during this period. In most cases, their interventions will be successful, but for a small proportion of students, though sadly still measured in the thousands nationally, the intensive programme Red Balloon provides will be their lifeline towards a fulfilled adulthood.

As we look to the future we know it will be another unusual year, but we remain positive about the continued support we will provide to students. Our specialised education, wellbeing and social re-engagement programme will continue. The support we offer; putting the student voice first, celebrating personal achievements of every kind, and placing the mental health of students front and centre, will be a constant in the shifting pandemic landscape.

Warm regards,

Rob Watson Director of Education

"Students’ voices remain at the centre of all we do, and we will continue to support our young people through whatever challenges may lie ahead."

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Our values, ethos and practice

Carrie Herbert MBE, Red Balloon’s Founder, gives an overview of Red Balloon’s values, ethos and practice

Red Balloon Learner Centres were created to be safe and supportive learning communities for vulnerable young people who had been severely bullied, lost their confidence or suffered trauma or mental illness.

Our students have usually been out of school for some time, in some cases years, and have often lost their trust in peers, adults and the education system. But they can begin to learn again if they feel safe, listened to, valued and respected. Building trusting, open, respectful and inclusive relationships is at the heart of all we do, and we put the students' needs first.

Students are given support to:

rebuild their self-esteem and grow as individuals develop resilience and a positive self-image
build the necessary learning skills to succeed when they return to school, move on to further education or enter the world of work.

Step into any of our Centres and you will feel warmth and an air of supportive companionship, with small groups of students engaged in creative activity and serious learning. Children thrive thanks to the three core components of our programme - wellbeing, community and education - which provide them with holistic support. You can read more about each of our components in later pages.

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To maintain our supportive learning communities we ensure that we:

treat our students with respect and kindness, using restorative approaches listen to our students and respond to their concerns
establish communities to which our students and staff feel they belong and to which they contribute
design individualised, negotiated educational and wellbeing plans to enable students to meet their goals

combine academic study with social and emotional recovery programmes encourage creativity at all levels.

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Wellbeing

Psychological, social and emotional support help our students face their challenges head-on

One of the best things at the start was the online and face-to-face therapy Red Balloon offers. It doesn't feel like therapy; it just feels like chatting to someone about your life.

Every child should be given the care and support they need to grow into more self-confident, resilient, engaged, and happier versions of themselves.

The young people in our programmes have reached a point of crisis in their lives and can no longer cope in a mainstream educational setting. Our approach supports them to develop their self-belief and re-engage with education at a pace that is appropriate to their personal recovery process. Nurturing students’ wellbeing, before and throughout their studies, is central to our students’ success. At Red Balloon, young people have individual psychological support timetabled directly into their academic day. Our trained therapists use a range of supports and therapies so students can express themselves and work through any trauma or issues in a safe, controlled and personalised way. These may include talk, music, art, and even equine therapy! We believe this support is an essential building block for getting students back on their feet and achieving their goals.

Students can also take part in wellbeing activities; from noncompetitive sports and physical exercise, to bushcraft, growing plants, golf and mental health crafts. They may take part in yoga and meditation, alongside different assertiveness and relaxation techniques. Sometimes a member of staff will bring in their dog, which can be especially helpful for those students who have trouble trusting people. Students also have the opportunity to recharge and learn in nature through activities such as gardening projects, forest school and the Duke of Edinburgh awards.

Many of our Red Balloon of the Air students are too anxious to attend a Centre, so in addition to timetabled therapy, mentors will visit them at home. These mentors support students’ social growth step-by-step, from standing outside the front door, to walking the dog, to taking the bus. When they’re ready, students attend sessions at our student hubs in Milton, Norwich, Harrow and Danbury to join fellow Red Balloon students in wellbeing and social activities - such as Therma Painting or pancake making - that allow them to develop their social skills in a safe environment.

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Education

A bespoke curriculum helps students re-engage with learning

I really value the teachers at RBAir and their flexibility to work with whatever is going on with me

When children get to negotiate their curriculum, we get to provide personallytailored challenges that engage them and their interests and help them reach their academic goals.

Teachers use topics that students are passionate about such as Japanese culture, astronomy or fishing, and are able to link them to curricular subjects which helps students find joy in learning again. We embrace the fact that we all learn in different ways, and actively use this to help students flourish.

Lessons are structured so each child can learn at their own pace. Students begin with one-to-one sessions and later progress to small group sessions of no more than six. The day consists of six 45minute sessions.

Red Balloon’s atmosphere is informal. There are no uniforms and students call staff by their first names. At the heart of our Centres sit big communal kitchens where students and staff come together, eat freshly cooked lunches, celebrate birthdays and other occasions, play games and discuss matters of the day.

All students have access to English, maths, science, humanities and personal, social, health and economic education (PSHEE). Some Centres will also offer subjects such as food technology, languages, psychology, history, design technology and PE. Children can also take part in a plethora of extra-curricular activities like songwriting or kayaking, for example.

For those studying with Red Balloon of the Air, equally personalised lessons take place at home, in real-time. Our teaching team uses hands-on practical activities and interactive digital technology to bring the curriculum to life.

This negotiated approach means every student is on a learning journey that is uniquely suited to them. This ensures that the young people are inspired and motivated to learn, challenged appropriately and prepared to take the next step to become happy, healthy and fulfilled adults.

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Social re-engagement

Supporting students to re-engage with their peers and the communities around them

I was encouraged to join in events – picnics, parties, groups who get together and do things. I’m not usually good at open spaces – but I really, really enjoyed myself on Red Balloon’s activities. We take things at our own pace.

Every young person should build positive relationships with others, feel that they belong and engage in the wider world.

Before joining Red Balloon, most of our students had withdrawn from school and become isolated at home. Most had lost their friendships and routines, and become socially confined. Gradually, they miss out on the day-to-day social interactions and development of personal skills which shape our lives.

Students may need help developing their confidence to use public transport independently, for example, make a phone call or use a cashpoint. As their time with Red Balloon comes to an end, mentors may help students plan the route to their college, familiarise them with the campus in advance, and identify where to go for help or to find quiet space.

This is particularly true for students studying with Red Balloon of the Air - most of whom have been missing from school for extended periods, and some of whom struggle to leave their rooms. For these vulnerable young people, mentors help develop their self-confidence at a pace that ensures their personal growth is sustainable.

Students may even need help to talk to someone outside of their immediate family, so mentors take engagement at the student's pace, step by step until the students are ready to take part in face-to-face sessions. This may mean carefully coaxing the young person to take a step outside, take a walk and more, until they decide they are ready to move to the next step.

Celebration days and trips planned by students further support their personal and social development. These events encourage them to research, plan, coordinate together and navigate real-world tasks such as public transport, all of which are big achievements as well as being fun opportunities to experience something new.

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Fundraising: a year of amazing support

Very special thanks to:

The AB David Charity Ashridge Group BBC Children In Need The Ben Cohen Stand Up Foundation Ralph Burditt The Charles S French Charitable Trust Kevin Holmes Homelands Charitable Trust Nic Humphries

The Ingles Charitable Trust Katrina Lamberton Diarmuid Ó Séaghdha Philip King Charitable Trust Qualcomm Foundation Mike and Carol Romanos Nick Salter The Sussex Community Foundation Catherine Viola

For every £1 we spent in 2020/21 in the Red Balloon Educational Trust consolidated group, 85.5p went on direct costs supporting students:

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85.5p
Supporting
students 11p
£1
Support and
Governance
3.5p
Fundraising
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We cannot operate effectively without good management and fundraising efforts. Last year 11p of every £1 was spent on support and governance 3.5p was spent on raising funds.

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Our plans for the future

Our strategic objectives for the next three years are to:

Improve the way students are supported

We will continue to work with the student body to improve the measurement tools we use to assess their progress and achievement.

We will continue to make effective use of existing technologies, as well as explore new ones, to enhance students’ learning and wellbeing experiences.

We will continue to provide flexible and additional support to minimise the impact of COVID on students’ attainment.

Reach more isolated and vulnerable children

To meet the growing need, we will expand Red Balloon so we can reach more bullied, anxious and traumatised children.

This past year we have achieved this goal by:

progressing towards opening a Centre in the new location of Worthing, West Sussex. encouraging the expansion of Cambridge and NW London Centres - by 20 children each. supporting the increase in the number of students at Red Balloon of the Air.
And we will continue to work towards this aim by:
opening a further additional Centre in a new location

continued support of increasing the number of students on Red Balloon of the Air.

Inspire more people to support our work

Manage our charity as effectively and efficiently as possible

We will continue to move towards a consolidated governance model across Red Balloon, which has already begun with the merger of Red Balloon of the Air and Red Balloon Educational Trust (RBET), and the establishment of Red Balloon Worthing as part of RBET. We will continue to review processes to ensure transparency, accountability, responsiveness and compliance with relevant regulations and legislation.

We will continue to identify and manage major risks to the organisation.

We will diversify our funding sources to reflect the challenging fundraising landscape and to finance our growth plans.

We will continue to develop our donor stewardship so every one of our supporters has a positive experience, however they choose to support our work.

We will establish relationships with new charitable trusts and individual donors.

We will strengthen our national voice and influence regarding children missing from school because of bullying, anxiety and trauma.
We will reinforce to local authorities and other educational bodies the importance of student wellbeing; particularly in regions which we have identified for growth.

We will maintain pressure on the Department for Education to accredit online education as per its commitment in June 2020.

We will develop, implement and maintain a workforce plan that enables Red Balloon to recruit, motivate, train and retain staff with the skills and competencies required to meet needs now and in the future.

We will continue to develop and implement a volunteer involvement programme to enrich students’ Red Balloon experience.

We will utilise appropriate existing and new technologies to enhance the ways that staff support students.

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Alumni case study: Daniel, Cambridge Centre

I had an awful time at my first senior school; I was bullied horrendously. I arrived late in the year and I was an outsider and found it hard to make friends. It just went from bad to worse really, the teachers were not supportive and it rapidly reached the point where I didn’t have any friends at all at school and I was miserable.

When I left my first senior school I was pretty torn up. I was ill with post-traumatic stress disorder, bipolar disorder and anxiety. So that wreaked havoc in my mind and in my brain. I just couldn’t cope with the full-on social stuff and the workload. So I had to leave my second school too, after which I spent about a year in a psychiatric hospital. I’d had to take a lot of time out at that point and I was feeling hopeless. I wondered “what the hell is going to happen to my education? Am I going to have to be home-schooled? What’s going to happen with university?

It was at that point that I came to Red Balloon. I was about 15 and had been out of education for a year. But I wasn’t well enough to go to mainstream education, and that’s what was going on for me when I joined Red Balloon.

Things at Red Balloon were different to my previous schools; it was quieter, more relaxed, and it felt more comfortable. The teachers were very supportive, and there was a big sense of them wanting me to do well. They were kind, encouraging, motivating, treated me as an equal and as someone to be respected, which was a big important thing to me.

I think my biggest achievement while at Red Balloon, corny and obvious though it may sound, was actually getting GCSEs; because I didn’t think that would be possible when I joined. But I got my A and my A-stars so I was happy with that. Just getting through was the biggest achievement I could have hoped for. I am now studying Pharmacology at university, as well as setting up my own pharmacology business.

Red Balloon taught me a lot about managing social interactions as well as treating others as equals. Being on equal terms with teachers with first names, I think that was definitely one of the things that enabled me to form my network of pharmacology contacts, which is what got me where I am today.

If I hadn’t gone to Red Balloon, honestly I’d probably be back in the psychiatric hospital. For one thing, I definitely wouldn’t have managed in mainstream education. Red Balloon absolutely prepared me for the future.

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Financial review

Risk assesment Structure, governance and management

Financial review

Red Balloon Educational Trust, formerly Red Balloon Learner Centre Group (‘the Charity’) acts as the coordinating and service centre for a number of related Red Balloon Learner Centres in Cambridge, Norwich, North West London (in Harrow) and Reading, and a blended online and face-to-face provision, Red Balloon of the Air (‘RBAir’). These entities are separately registered charities and companies limited by guarantee, with the local trustees as their directors; they operate under the Red Balloon name by way of an association agreement. After the end of the year, on 12 October 2021, the operations, assets and liabilities of RBAir were transferred to its parent company, Red Balloon Educational Trust.

At the start of the year, 1 Sept 2020, the RB consolidated group consisted of Red Balloon of the Air, RB-Reading and RB-Cambridge. During 2020-21, RB-Reading and RB-Cambridge ceased to be consolidated, due to the FRS102 definition of control no longer being met. Together with Red Balloon of the Air, they are included in the group results up to their respective disposal dates; 19 May 2021 for RB-Reading and 11 May 2021 for RB-Cambridge, as required by UK accounting standards.

Consolidated income increased by £444k on the prior year to £3,461k (2020: £3,017k) despite RBReading and RB-Cambridge’s results only being included for part of the year; £556k from an increase in fee income, which was mainly due to 71% higher fee income in RB-Cambridge, following the opening of their second Centre in Autumn 2020 and 31% increase in RBAir due to higher student numbers, partially offset by the decrease in fee income in RB-Reading due to the shorter consolidation period. Income from donations and grants decreased by £104k on prior year to £653k (2020: £757k). Other income decreased by £30k on prior year to £8k (2020: £38k) in relation to the Coronavirus Job Retention Scheme grant claimed; £5k by the Charity and £3k by RBAir (2020: £38k Charity and £Nil RBAir).

Expenditure increased by £596k on prior year to £3,455k (2020: £2,859k), however, included within expenditure for the current year is £850k in

relation to the disposal of the RB-Reading and RBCambridge subsidiaries. Expenditure in the Charity decreased by 36% (2020: 3% increase), RBAir increased by 3% (2020: 17% decrease), RBCambridge increased by 18% due to the opening of their second Centre although only consolidated for part of the year (2020: 6%) and RB-Reading decreased by 17% due to only being consolidated for part of the year (2020: 26% increase).

Overall, there was a consolidated surplus of £6k (2020: £159k), of which £236k (2020: £28k) was attributable to the Charity, £221k (2020: £2k) to RBAir, £196k (2020: £16k) to RB-Cambridge, £152k (2020: £127k) to RB-Reading, £58k in relation to the reclassification of the Cambridge and Reading properties to programme related investments, £850k deficit arising on the disposal of subsidiaries (2020: £Nil) and the balance of £7k deficit (2020: £14k deficit) due to consolidation adjustments.

RBAir’s fee income increased by £362k in 2020-21 (2020: £144k decrease) to £1,527k (2020: £1,165k) due to an increase in student numbers and a review of the pricing strategy carried out during the previous year. In response to the fall in student numbers at the start of the prior year in 2019-20, a comprehensive restructure was carried out, with the ultimate result of reducing the fixed costs and improving efficiencies across the board, placing RBAir in a strong position to weather any future fluctuations in income. RBAir’s expenditure, therefore, only increased by £33k (2020: £278k decrease). At 31 August 2021, RBAir held £387k (2020: £148k) of unrestricted reserves which provided approximately 3.3 months (2020: 1.2 months) of expenditure cover.

The Charity’s net assets increased by £236k (2020: £28k) to £2,136k (2020: £1,899k) in the year. Its income decreased by £140k (2020: £17k) to £856k (2020: £996k); £91k decrease (2020: £2k) from donations and grants income, £33k decrease (2020: £38k increase) in relation to the Coronavirus Job Retention Scheme, £Nil (2020: £56k decrease) due income generated from fundraising events, and £16k net decrease (2020: £3k net increase) in other income categories. Costs decreased by £348k (2020: £29k increase) to £619k

(2020: £967k) due to lower expenditure in the following areas: £255k (2020: £47k higher) in bursaries and grants awarded to other Red Balloons; £27k (2020: £13k higher) in premises costs, £144k in staff costs (2020: £1k higher) and £13k net decrease (2020: £3k) in other areas. This was partially offset by higher expenditure of £4k (2020: 23k lower) in fundraising expenses, £59k (2020: £10k lower) in recruitment and professional costs and £28k (2020: £4k) in depreciation and amortisation charges.

At 31 August 2021, the consolidated group’s net assets amounted to £2,546k (2020: £2,540k), of which approximately £1,613k (2020: £1,624k) is in fixed assets (net of mortgages).

Investment policy and performance

Surplus funds are split between CAF Bank savings accounts, paying interest during the financial year at approximately 0.01% pa (2020: 0.01% pa) and funds held with Investec. Around 65% of the Investec funds are held as cash paying 0% pa (2020: 0% pa) interest, 10% in fixed interest investments and the remaining 20% in UK and international equities; in the year ended 31 August 2021, the average return on all Investec funds was 0.99% pa (2020: 1.07%). The trustees believe this appropriately balanced the need for ready access, good security and investment return. In May 2022, the decision was made to withdraw all funds held with Investec and other investment options are being considered. CAF Bank savings account interest has increased in the first half of 2022 and is currently at 0.35% pa.

Reserves policy

The trustees aim to keep reserves in line with Charity Commission guidance, and, having assessed the various risks to the Charity, believe a policy to maintain a level of free reserves at six months underlying operating costs is appropriate. Free reserves are calculated as unrestricted reserves, less fixed assets excluding fixed asset investments, net of mortgages. At 31 August 2021, the Charity held free reserves of £557k (2020: £309k), equating to around 14.6 months (2020: 7.1 months) operating costs.

The Charity’s net costs decreased in 2020-21 due to lower staff costs following redundancies and a role not being replaced. Some of the free reserves was used towards the purchase of a new property in Milton in April 2022. Following the merger of Red Balloon of the Air with the Charity in October 2021, the trustees of the Charity will review its reserves policy and continue to closely monitor the reserves position in the forthcoming year.

Monies donated for a specific purpose are held as restricted reserves and separately tracked and accounted for (see financial statements and accompanying notes).

Going concern

The RBAir provision was able to maintain its provision despite the challenges posed by the Covid-19 situation and has seen no major adverse impact on operations as a result of the pandemic. Student numbers have, however, been lower than anticipated in 2021-22, and a 6% fall in fee income is predicted. Fee income is forecast to increase again the following year, as a result of further review of pricing strategy and based on the level of enquiries. In the Charity, grants and donations income has been lower in 2021-22 compared to the previous couple of years but this has been more than offset by a successful fundraising event in October 2021. The Charity is opening a new Centre in Worthing in Sept 2022 and various set-up costs have been incurred in 2021-22 but a significant proportion has been covered by restricted grants and donations received for this purpose. Following a detailed review of the Company’s forecasts and projections, the trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

There were no significant events affecting the Charity’s financial position during the year and the Charity's financial position at the end of the reporting period remained stable.

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Risk assessment

The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that the appropriate actions, policies and procedures are in place to mitigate, but not totally eliminate, the exposure to the major risks. These are described below:

Major risks, and impact Mitigating actions and responses

Taster day for potential students to experience Red Balloon and agree to its operating principles.

Inadequate service provision – students fail to improve and to return to mainstream education

Individually negotiated curriculum for each student, and proper assessment of their needs.

or training.

Recruitment of high-quality staff and counsellors who embrace Red Balloon’s way of operating.

Regular assessment of each student's holistic progress; student feedback and discussion; adaptation of curriculum and approach as needed. Training for staff to keep up to date with subject material and regulations.

Student safeguarding – students harmed or self-harming.

Management will ensure staff members are fully conversant and compliant with safeguarding policies, and ensure their training is up-to-date. Appropriate de-escalation procedures are in place in the event of an incident.

Health and safety risk assessment policies are up-to-date and inspections are carried out at appropriate intervals.

Central monitoring of compliance at Learner Centres and RBAir.

Monitoring of changes in regulation, policies and approach with government departments, regulators, commissioners and inspectorates, and adjusting Red Balloon policies, processes and provisions as required. Monitoring the status of RBAir, and managing its online provision in line with all applicable regulations. Engagement with lawmakers and educators on support for bullied children, including acting as secretariat for the All-Party Parliamentary Group on Bullying.

Changes in government policy or regulation – adverse inspections of Learner Centres, and ability to deliver online provision through RBAir.

– Financial insolvency Focused fundraising by a dedicated development team; setting fees at an inadequate funding to cover appropriate level; marketing of Red Balloon services to ensure an adequate expenditure pipeline of students. Proper budgeting and efficient cost management. Monitoring cash balances with an appropriate level of reserves on hand.

Implementation of IT strategy that ensures compliance, ensuring hardware and software purchases can be centrally supervised. Training to ensure compliance with revised IT strategy. Improved authentication procedures.

Cyber Security - resulting in a safeguarding risk, data breach (also see below), failure to conform to regulation

Loss of IT data and/or access to central systems – resulting in confidential data loss and/or operational disruption including online provision.

Ensuring software and virus protection on devices are up-to-date, as well as restricted physical access. Appropriate password protection maintained and offsite/cloud backup in line with IT policies. Confidential personal information is identified and encrypted. A second and distinct data line maintained for RBAir.

Structure, governance and management

iv) The Financial Controller acquaints them with the financial basis of the Charity.

Constitution

v) The trustees are given the documents issued by the Charity Commission regarding the duties of trustees ("The Essential Trustee"), together with "Red Balloon - An Introduction".

The Charity is registered as a charitable company limited by guarantee.

The Charity is constituted under a Memorandum of Association dated 21 February 2005 and its charity registration number is 1109606.

vi) All trustees are required to provide satisfactory DBS clearing, complete basic online PREVENT and Child Protection training, a Trustee Declaration of Interests and confirm that they are a suitable person to stand as a Trustee.

Method of appointment or election of trustees

vii) The induction process includes meetings with the main contact staff relevant to their specific job role and other trustees. Final election and confirmation as a trustee is carried out at a full trustee meeting.

The management of the Charity is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association. Trustees are recruited to fulfil specific roles. Job roles are clearly described and the appropriate level of skills and experience required is clearly defined. Positions are advertised and formal applications are requested. Interviews take place and candidates who most closely match the selection criteria are invited to attend a trustee meeting as an observer. No person or external body other than the trustees are entitled to appoint trustees.

Organisational structure and decision making

i) The Charity operates from its offices at Winship House in Milton, Cambridge. The Executive Officer oversees individuals with responsibility for development and fundraising, marketing and communications, IT, finance and human resources.

Policies adopted for the induction and training of trustees

ii) Day-to-day decisions are made by the Executive Officer, who will refer to the Chair of Trustees, the President or another trustee for advice or guidance if necessary.

i) All new trustees are invited to visit an existing Red Balloon Learner Centre in order to appreciate how it differs from a school and how it operates. ii) All new trustees meet with the Chair, the Executive Officer, the President and the Financial Controller. The Chair explains the aims of the Charity.

iii) The Board of Trustees meets formally approximately every six weeks when they receive and discuss written reports from the Executive Officer and Financial Controller.

iv) Major policy and project proposals are brought to the attention of the trustees by the Executive Officer, discussed, and decisions made are minuted and subsequently implemented. There is a schedule of matters reserved for the board. v) At each meeting, the Chair asks the trustees to record any potential conflict of interest.

iii) The President describes the history of the founding and development of Red Balloon, defines 'bullying' with examples of the kind of treatment to which students were subjected in mainstream school and which led to them refusing or becoming unable to attend. She expounds the five core principles governing the operation of the individual Learner Centres.

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Structure, governance and management

Compliance with the Code of Fundraising Practice

Pay policy

A set of pay bands has been established which define a pay range for each group of staff, taking into account level of responsibility, qualifications and experience. Key management remuneration on appointment and any subsequent changes are authorised by the trustees. An appropriate local set of pay bands has been implemented at other locations. Performance reviews take place for all staff. Key management remuneration details are included in note 11.

The Charity is registered with the Fundraising Regulator to demonstrate its commitment to transparent charity management and adhering to the Code of Fundraising Practice. Supporters have the right to know that the Charity can be trusted to be open and honest and that they will be treated with care and respect. The Charity’s fundraising promise is published on its website which explains what supporters can expect from it and what to do if they have any concerns.

Fundraising standards information CA 162A

The data protection statement online has been expanded so supporters can see how the Charity manages and uses their data within the General Data Protection Regulations. They are invited to change the way the Charity communicates with them at any time. It has introduced Donorfy Customer Relationship Management system to ensure that its donor data is held appropriately and securely. This forms an integral part of achieving readiness for growth.

Red Balloon Educational Trust (RBET) raises some funds from the public.

i) RBET undertakes fundraising through our internal resources and we do not commission a professional fundraiser/commercial participator for these;

ii) RBET is not subject to an undertaking to be bound by any voluntary scheme for regulating fundraising, or voluntary standard for fundraising in respect of activities on behalf of the charity; iii) RBET monitors fundraising activities via the board reports and via fortnightly meetings; iv) RBET received no complaints during the year about activities for the purpose of fundraising; v) RBET has adopted principles of GDPR legislation and also has safeguarding policies to protect the data of vulnerable people and other members of the public from:

The Charity's fundraising activities continue to be largely focused on approaches to grant-making bodies as well as high net-worth individuals, but it has been developing its stewardship of individual donors, to encourage regular giving and community fundraising.

Public benefit

a. Unreasonable intrusion on a person’s privacy;

The trustees have had regard to the Charity Commission's guidance on Public Benefit. Red Balloon Learner Centres provide an 'intensive care' full-time education, mainly for children aged 11 -18 who have been so seriously bullied or traumatised that they exclude themselves from school. There is no other purpose-made scheme to help this group of children recover and restore them to normal life. They are provided with a safe environment with clear boundaries for behaviour and a bespoke full-time academic, pastoral and therapeutic programme.

b. Unreasonable persistent approaches for the purpose of soliciting or otherwise procuring money or other property on behalf of the charity;
c. Placing undue pressure on a person to give money or other property.

Structure, governance and management

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

According to research carried out by the National Centre for Social Research in 2011 (Estimating the Prevalence of Young People Absent from School because of Bullying), of the approximately 3.1 million 11 to 15-year-olds in England, about five in one thousand, or 16,500 children, have been bullied to the point that they have left the mainstream educational system.

Experience in Red Balloon’s Centres and at RBAir causes us to believe that there is a need in the UK for much wider access to provision of the kind that Red Balloon offers. Red Balloon improves the skills and life opportunities of a group of socially isolated, anxious and ignored children. It contributes to stronger communities by identifying and addressing the problem of seriously bullied and traumatised children with the help of the community, and for the benefit of the community.

Disclosure of information to the auditor

Each of the persons who are trustees at the time when this Trustees' Report is approved has confirmed that so far, as that trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any information needed by the charitable company's auditors in connection with preparing their report and to establish that the charitable company's auditors are aware of that information.

Trustees' responsibilities

The Trustees (who are also Directors of Red Balloon Educational Trust for the purposes of company law) are responsible for preparing the Trustees' Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Auditor

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The auditors, Price Bailey LLP, have indicated their willingness to continue in office. The designated trustees will propose a motion re-appointing the auditors at a meeting of the trustees. In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the trustees on 23 August 2022 and signed on their behalf by:

Beverley Williams

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Administrative details of the charity, its trustees and advisors

Charity registration number 1109606

Company registration number

05385341

Dr Carrie M H Herbert, President Ms Beverley A Williams, Chair Revd Prof Michael J Reiss Mr Kevin J Taylor (resigned 17 September 2020) Ms Elizabeth M Allan (resigned 17 April 2021) Mr Edward A Bowers (resigned 16 October 2020) Mr Simon P Mace (appointed 19 November 2020) Ms Jennifer R Raine (appointed 25 November 2021)

Trustees and Directors

Chief Executive Officer: Ms Lena Milosevic (resigned 5 October 2020)

Executive Officer

Director of Education: Mr Robert Watson (appointed 2 January 2020)

Dr Carrie M H Herbert

Company Secretary

Principal/Registered office

Willow Lodge, 37 High Street, Milton Cambridge CB24 6DF

Price Bailey LLP Chartered Accountants & Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Independent auditors

Bankers

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

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Auditors' report and financial statements for the year ended 31 August 2021

Independent auditors' report to the members of Red Balloon Educational Trust

Opinion

We have audited the financial statements of Red Balloon Educational Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2021 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheet, the Group Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’’.

In our opinion the financial statements:

give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 August 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter in relation to the control of Red Balloon

Cambridge

We draw attention to note 27 in the financial statements which describes that the accounts of Red Balloon Learner Centre Cambridge for the year ended 31 August 2021, filed at Companies House dated 6 June 2022 (received at Companies House on 27 May 2022), still state that 'Red Balloon Learner Centre Cambridge is owned 100% and controlled by Red Balloon Learner Centre Group' (p23 Controlling Party note). Red Balloon Educational Trust believes this statement to be incorrect and that control ceased on 11 May 2021 and therefore Red Balloon Learner Centre Cambridge ceased to be consolidated from 11 May 2021 as described in note 27.

Our audit opinion is not modified in respect of this matter.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Independent auditors' report to the members of Red Balloon Educational Trust

Conclusions relating to going concern (continued)

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees’ Annual Report, incorporating the Director’s Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

The Directors’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

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Independent auditors' report to the members of Red Balloon Educational Trust

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement in the Trustees’ Report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and how it operates and considered the risk of the group and the parent charitable company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the group and the parent charitable company this included employment law, financial reporting and health & safety.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified these included the following:

We reviewed systems and procedures to identify potential areas of management override risk. In particular, we agreed the financial statements to underlying records and we carried out testing of journal entries and other adjustments for appropriateness.

We reviewed accounting policies for evidence of management bias and ensured that the accounting policies were correctly applied to the financial statements.

We reviewed minutes of Trustee Board meetings and agreed the financial statement disclosures to underlying supporting documentation.
We have made enquiries of management and officers of the parent charitable company regarding laws and regulations applicable to the organisation.

Independent auditors' report to the members of Red Balloon Educational Trust

Auditor’s responsibilities for the audit of the financial statements

(continued)

We reviewed the risk management processes and procedures in place including a review of the Board assurance reporting.
We have reviewed any correspondence with the Charity Commission and reviewed the procedures in place for the reporting of incidents to the Trustee Board including serious incident reporting of any such matters if necessary.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation as to what extent the audit was considered capable of detecting irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of this Report

This report is made solely to the charitable company’s members, 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 state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members, for our audit work, for this report, or for the opinions we have formed.

Helena Wilkinson (Senior Statutory Auditor) For and on behalf of

PRICE BAILEY LLP

Chartered Accountants Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Date: 26 August 2022

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) REGISTERED COMPANY NUMBER: 05385341

RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) REGISTERED COMPANY NUMBER: 05385341

CONSOLIDATED BALANCE SHEET

AS AT 31 AUGUST 2021

CHARITY BALANCE SHEET

AS AT 31 AUGUST 2021

........................................................................................................... ........................................................................................................... Beverley Williams - Trustee Jennifer Raine - Trustee

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

(a company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2021

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee)

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee)

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

FOR THE YEAR ENDED 31 AUGUST 2021

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee)

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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