2022-08-31-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

Red Balloon Educational Trust Annual Report 2021/2022

Red Balloon has helped me by introducing me to new people and helping me back into learning. My confidence has grown, I’m amazed by that!

Jess Red Balloon of the Air

For young people like Jess, student life in mainstream schools can be anxietyprovoking, lonely and isolating. Lack of confidence can lead to a lack of learning. Red Balloon helps young people get their confidence back and sets them on the path to fulfilment and sucess.

Red Balloon Educational Trust Annual Report 2021/22

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-engagement 18 Alumni Case Study 20 Fundraising 22 Supporter case study 24 Our plans for the future 26 Financial review 30 Risk assessment 33 Structure, governance and management 34 Administrative details 37 Independent auditor's report 40 Financial statements 44 Notes to the financial statements 48

Red Balloon Educational Trust Annual Report 2021/22

Introduction from the Chair

In 2021 we made the shift to a new name, image and consolidated approach: Red Balloon Educational Trust. This year we celebrate our first year in this exciting journey to becoming a modern and streamlined organisation serving more children than ever before.

We have been hard at work preparing, because in September 2022 we opened our fifth Centre in Worthing, West Sussex. This expanded our capacity by 20 in-person students and 20 Red Balloon of the Air students. We appointed a wonderful Head Teacher, Kim Anderson, and opened our doors to the many students currently waiting to take that courageous first step towards recovery.

Looking to the next few years, we plan to continue this growth by opening three new Learner Centres and further expanding our Red Balloon of the Air Programme. Although lockdowns are over and many of us have largely resumed our activities, the impact the pandemic has had on our nation's children is dire and longlasting. The data shows that there were a large number of children just hanging on prior to the pandemic who, post-pandemic, have simply been unable to cope and re-enter the school environment. Our referral numbers are up and it is clear that across the country there is a need for Red Balloon. We believe we are well-placed to expand our provision and are determined to meet this challenge head on.

In another exciting development, at the end of the academic year Central Services and Red Balloon of the Air’s Milton team moved to our beautiful new building, Willow Lodge. We are so grateful to our staff for all the hard work that went into this move and to students who have taken this big change with grace and resilience. There is more work to be done to make this the perfect learning space, but we are so excited to call Willow Lodge our new home. With our mortgage we are able to reduce the amount of money we were previously paying in rent by almost 50%, which makes this a brilliant long-term investment and key step in our growth strategy.

As with every year, I want to take the time to recognize the incredible achievements of our students. Although these children had missed out on five or more terms of education before finding Red Balloon, their determination and commitment to learning could not be more evident. Red Balloon of the Air’s students are particularly vulnerable, but 100% of students who took Psychology GCSE and 76% of students who took English GCSEs received a 4-9.

Students taking other qualifications like BTECs, Arts Awards and Functional Skills also achieved fantastic results with 93% passing their exams.

Speaking to the broader success of our students’ recovery and development, nearly a third of our Red Balloon of the Air students were ready to graduate and transition to their next steps, whether college, apprenticeships or back into mainstream schools.

We could not be more proud and wish them the very best of luck in their endeavours.

With warm regards,

Bev Williams Chair of Trustees

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About Red Balloon

Red Balloon serves young people aged 11 to 18 who are unable to attend mainstream schools because of serious social, emotional and mental health difficulties, trauma or special educational needs that were not being met at their previous school(s). These students have missed out on months, sometimes years, of education and the opportunities and experiences that come with it. They’ve become increasingly socially isolated and have lost their confidence and self-esteem. Without intervention, they risk slipping through the cracks in our education and mental health systems, leaving them floundering in the adult world.

Together with our fantastic supporters, Red Balloon is able to provide a holistic educational programme focusing on wellbeing, social re-engagement and academic education. At Red Balloon, our students are given the care and support they need to get their confidence and self-esteem back. With us, they can find joy in learning again. After Red Balloon, they’re able to move forward in life and return to mainstream education, transition into further education or training, or begin employment.

With students still reeling from the pandemic, and nearly 100,000 children missing from our schools (Centre for Social Justice, Lost but not Forgotten, 2022) the need for Red Balloon’s provision has never been greater.

In this year’s annual report, you’ll see how together with our commissioners, donors, volunteers and wonderful supporters, Red Balloon is doing everything we can to meet this challenge and ensure that even though school isn’t for everyone, education can be.

Our year at a glance

Our students achieve amazing things. Of the 33 students who took GCSE exams in the 2021-22 year:

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100
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75% 76% 100%
75
50
25
0
achieved 9-4 grades in Science achieved 9-4 grades in all English combined achieved 9-4 grades in History
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This year, across 9 counties in England we supported:

About the Red Balloon Consolidated Group

Red Balloon Educational Trust operates the Red Balloon of the Air provision (since Oct 21) and Red Balloon Worthing (opened Sept 22), as well as continuing to act as the coordinating and service centre for the other four physical Centres. These four 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. The Red Balloon of the Air provision also operated through a separately registered charity and company limited by guarantee until Oct 21.

At the start of the prior 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 were included in the 2020-21 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.On 12 October 2021, the operations, assets and liabilities of Red Balloon of the Air, except for those in relation to a lease on the Danbury property, were transferred to its parent company, Red Balloon Educational Trust. The group results for 2021-22 include Red Balloon of the Air, the separate legal entity.

29 47

children total

90 72

with Education and Health Care Plans

students 'graduated' and said goodbye to Red Balloon

students joined in the 21/22 academic year

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Red Balloon Educational TrustRed Balloon Annual Report 20 1821 / 19 22 | 07

Our locations

Our RBET Centre, based at Willow Lodge in Milton, on the outskirts of Cambridge, is home to the blended online and face-to-face provision, Red Balloon of the Air, but covering various different counties, with several face-to-face hubs. RBET's Central Services team is also based at Willow Lodge.

In September 2022 RBET opened a new physical Centre in Worthing, and in April 2023 another RBAir face-toface hub was opened in Peterborough.

The four other Red Balloon Centres are run by four separately registered charitable companies limited by guarantee, operating under the Red Balloon name by way of an association agreement. They are based in domestic houses in Cambridge, Norwich, NW London and Reading.

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Notts
Staffs
Leicestershire
West
Mids
Cambs
Northants
Worsts Warks
Beds
Bucks
Gloucs
Oxon Herts
Red Balloon Educational Trust supports
students across the counties highlighted
above.
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RBET
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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 provide the underpinning support and organisational development for the network of associated 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.

During this year we gained DfE approval to open a new Centre in Worthing, West Sussex. We also continued to cooperate with the DfE in preparation for the launch of the new Online Education Accreditation Scheme. Successful accreditation under this scheme (anticipated in 2022-23) will provide regulatory validation from Ofsted, allowing more local authorities to refer students to us with confidence.

Another milestone was the purchase of a permanent base for Red Balloon of the Air and the central services team. The latter part of the year saw significant works being undertaken to make the property, now named “Willow Lodge”, fit for purpose. As well as providing a setting that better reflects the ethos and values of Red Balloon, Willow Lodge provides a greater opportunity for Red Balloon of the Air to extend the scope of its work in the forthcoming year.

Our focus this year has been to lay the foundations for future growth. Our provision has a long history of success, but the organisation is well aware that many more young people could benefit from our programme.

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 are thankful for our donors whose generosity has allowed us to plan with increased certainty. Each donation has made a great impact and enabled further mental health support for our students to meet their increased needs. We operate in a climate that has seen the scale of need grow substantially, but access to services become increasingly limited. We are happy to be a part of the solution to this national crisis and are planning to do more. As ever, we wish weren’t needed, but as a country, we seem further away from this panacea than at any time in our history.

Warm regards,

Rob Watson Director of Education

"Student wellbeing remains at the heart 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 established for the recovery of severely bullied, traumatised or highly anxious children and young people who are missing education.

The students are typically those who self-excluded and had been out of school for some time, in some cases years. They have lost their confidence in learning, making friends, their trust in adults and the education system. The Recovery Programme that was developed has three components: a robust and negotiated curriculum, an integrated therapy and creative arts programme, and local community activities.

The breakdown of these three areas is based on the learners’

needs. Often when they first arrive it is important to create a safe space, so therapy, community activities and the creative arts provide the opportunity to build confidence before academic learning can begin.

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.

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

Social, emotional and psychological support is critical to our young people's ability to recover, learn and succeed

Since coming to RB I have made lots of friends and have unforgettable good memories.

Every child deserves to grow up in an environment that fosters their selfconfidence, resilience, and social and emotional health.

The young people who find themselves at Red Balloon are not able to attend mainstream education. Bullying, trauma, mental illhealth and a lack of adequate support have pushed them to a breaking point. At Red Balloon, we start with wellbeing. We help these young people to regain their self-belief and self-worth and re-engage with education at a pace that is suited to each individual. We timetable psychological support directly into their day because students’ wellbeing is key to their ability to learn, grow and succeed. Our licensed therapists use a range of different tools to help students open up and work through any trauma or issues in a safe and confidential environment. This time with a dedicated wellbeing professional is crucial for students’ emotional recovery and further success.

Now, not all wellbeing work happens in a counselling session. Students can also recharge by taking part in wellbeing activities like non-competitive sports, yoga, and meditation. They might challenge themselves to stretch outside their comfort zone by trying new activities like bushcraft, visiting museums or making candles, knowing that they will always be in a positive, encouraging and safe environment. At Red Balloon, we make space for our animal friends, and for some students who struggle to interact with and trust other people, pets are the perfect helpers in encouraging these young people out of their shells.

When they begin, many of the young people attending Red Balloon of the Air are too anxious to attend a Centre in person. Mentors play a critical role in their social and emotional recovery by visiting them at home and working with them one-on-one to develop the confidence and skills needed to thrive outside their homes. They might start by talking to a student through their bedroom door and coaxing them to the kitchen table. They’ll continue to build that relationship with the student throughout their time at Red Balloon, acting as a mentor, role model and first point of contact. They’ll support students to attend in-person sessions or extracurricular trips and work with students to achieve personal goals like becoming comfortable talking to new people. When it’s time for students to leave, their mentors help support them as they start their next venture.

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Education

Tapping into students' natural curiosities with a bespoke curriculum encourages them to become an active part of their own learning journey

I’m so fortunate to be here at Red Balloon and finally love learning again.

When children get to negotiate their curriculum, they buy into and get excited about learning. It also means we can offer them individualised challenges that suit their needs and progress, and tap into their natural curiosities.

When students are curious, interested and passionate about something it turns them into active and engaged learners. Our teachers embrace and tap into students' passions to help them better engage with learning and flourish in the classroom. A student who writes about their hobby of Japanese poetry or photography will still learn grammar and punctuation but will be much more excited and motivated to do so.

We recognize that every student will work at a different pace and will need different things to thrive. Lessons at Red Balloon are structured with this in mind. Students begin with one-to-one sessions and later progress to small group sessions of no more than six. A typical day will consist of six 45-minute sessions.

Our negotiated approach means every student is on a learning journey that is uniquely suited to them. This inspires and motivates the young people to learn, challenges them appropriately and prepares them to take the next step towards becoming happy, healthy and fulfilled adults.

At Red Balloon we want students to feel safe, welcomed and respected. We ditch the formalities of mainstream schools, so when students come into Centre they don’t need to wear uniforms and they call staff by their first names. At Red Balloon of the Air, students log in at home and take their lessons online, in real time. The teaching team uses the same Red Balloon teaching ethos and approach, but harnesses the power of digital technology to create fun, hands-on activities which bring the curriculum to life. Lessons will often begin simply with the teachers checking in with students, chatting to them about how they’re feeling that day, if they did anything fun over the weekend or how their family pet is doing.

All students have access to English, maths, science, humanities and personal, social, health and economic education (PSHEE). Beyond that, each Centre will have different subjects on offer. At Red Balloon of the Air animal care, art, and psychology are popular options. These extra subjects are chosen based on student interest. There are also extracurricular activities like songwriting or coding, for example.

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Social re-engagement

Helping students to develop the confidence and skills they need to engage with their peers and wider communities

I am now able to trust people and be more sociable and I have begun to develop longlasting friendships that I have not had for such a long time.

We want our young people to build positive and genuine relationships, find a sense of belonging and feel confident engaging with the wider world.

Prior to finding Red Balloon, our students were not attending school and some were unable to leave their homes. Most had lost their friendships and routines, and become socially confined. Our students were missing out on everyday social interactions and the chance to develop vital interpersonal skills.

This is especially true of students at Red Balloon of the Air. Some of these students may not have spoken to someone outside their immediate family for a long time. For these young people, Link Mentors play a critical role in their progression towards in-person activities and re-engaging with the world.

A big step for Red Balloon of the Air students is being able to come to a Student Hub. Initially, this might be for a 1:1 practical music or science session for example. However, as the children gain more confidence they can take the next step and join in an in-person group session with their peers. This is a huge milestone! This may still be for a practical lesson or they might join a more social baking session. We see students make remarkable progress when they are able to engage in safe and positive interactions with their peers.

Staff and Link Mentors, in particular, help students build their confidence to carry out everyday interactions like making a phone call, using public transport independently or talking to a cashier in the shop. When students are ready to move on from Red Balloon they may need help with moving into a new environment. This might include assisting them to plan their route to college, explore the campus in advance or identify and meet people who can help them should they begin to struggle.

Social re-engagement can be a slow process, but it is incredibly rewarding for students who, for a long time, didn’t have friends, didn’t feel they could trust the adults around them and had become increasingly fearful of everyday interactions with the wider world. It is wonderful when staff get to send them on to their next adventure and can visibly see the shift in their confidence and willingness to engage with others and take those everyday risks.

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Alumni case study: Hannah

When my parents contacted my old school about me being bullied, the school denied anything was wrong. My parents were told that I needed to become less sensitive to ‘banter’, ‘just get on with things’ and maybe if I smiled more I would make friends.

The school said that in actual fact other kids were scared of me because the people who bullied me spread rumours that I wanted to stab people. I was told to apologise, as the bullies told the school that I was the one bullying them. Even when I was physically attacked, the school did nothing. I didn’t feel that I got any support from my school.

I was struggling at the time with my home situation. I was finding it very difficult to cope with serious illness and disability in family members, it put so much pressure on me and I received no help or understanding whatsoever from the school.

When I left school I was so traumatised by what happened that I was suicidal. I didn't leave my room for months. I refused to even contemplate getting back into education, because I thought that it was just another way of getting me back into the same situation.

Little did I know, Red Balloon was about to save my life.

I honestly don’t know what I would do without the counselling sessions. I got a 45 minute counselling session every week called wellbeing. It was a time that I could be honest about how I was feeling and what I was struggling with. My counsellor arranged extra sessions if I was feeling particularly low. My worst fear was falling behind academically, so my learning was really important to me. The lessons that I was offered at Red Balloon were great, I could keep learning and I could begin to see a future for myself. I remember thinking that I was clever enough to go to college and university. I sat my GCSEs and thanks to my teachers I was on track to achieve good grades.

At Red Balloon, I had a place where I finally belonged. I had friends that weren’t going to turn on me and bully me, or talk about me behind my back. I was safe at Red Balloon, at the Satellite Centre when I went once a week for social activities. I didn’t feel alone and scared anymore. I didn’t attempt suicide or hurt myself any more. People that haven’t been bullied cannot possibly understand how essential it is to belong to a community.

In school I was an outcast, but at Red Balloon, I had a place and I knew that I would always have friends, friends that understood me and liked me for the person that I was.

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Fundraising: a year of amazing support

We couldn't do what we do without our incredible supporters who have donated money, time, and expertise to keep our Centres running and help us reach more young people in need of our provision. It is thanks to them that our young people are able to turn their lives around.

A very special thanks to our supporters below

Michael Thorne BBC Children in Need Nic Humphries The Beatrice Laing Trust Nick Munday Cambridge Intelligence Philip Goldenberg Cheryl Sfetas Philip King Charitable Trust Christine Buccella and John Wadham Rachel Munday Clare King Charitable Trust Ralph Burditt David Soanes Revd Prof Michael Reiss Diarmuid Ó Séaghdha Ruth Loshak Francis Burkitt The Screwfix Foundation Garfield Weston Foundation Stan Webster Ingles & Hayday Susan Cooklin The Ingles Charitable Trust The Sussex Community Foundation The Leri Charitable Trust Tim and Charlotte Ingles

For every £1 we spent in 2021/22 in the Red Balloon Educational Trust consolidated group, 80.9p went on direct costs supporting students:

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80.9p
Supporting
students 15.8p
£1
Support and
Governance
3.3p
Fundraising
80.9%
15.8%
3.3%
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We cannot operate effectively without good management and fundraising efforts.

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Supporter case study: Cambridge Intelligence

Cambridge Intelligence builds data visualization tools that make the world a safer place. From law enforcement to cyber security and fraud detection, they work with organisations around the globe. Every day thousands of analysts rely on their technology to ‘join the dots’ in data and uncover hidden threats.

They began a Charity of the Year programme in 2021 to give back and support the local community. Red Balloon was chosen as one of the charities and Cambridge Intelligence kindly donated £25,000 in Dec 2021, and pledged to donate a further £14,000 in Dec 2022.

Cambridge Intelligence

A Charity of the Year donation to support opening Red Balloon Educational Trust's new premises at Willow Lodge, 37 High Street, Milton

£25,000 in 2021

Creating a versatile, well-equipped and homely space for students is a vital part of the Red Balloon Educational Trust's provision. Red Balloon Centres all feel as little like a standard school as possible to avoid any bad associations our students may have with attending a formal setting, and to ensure they feel comfortable and at ease while with us. Our spaces need to be flexible and well-equipped to meet the changing needs of our students: this enables us to adapt sessions to follow students' interests or in response to wellbeing needs, to make sure they’re getting the best possible support to reach their goals.

Moving within Milton from Winship House to our new Willow Lodge premises gave us the opportunity to create the spaces our students most need. Support from Cambridge Intelligence enabled us to grasp this opportunity fully and make optimum student spaces a reality.

Cambridge Intelligence’s donation helped renovate and equip student spaces including three main in-person session spaces, a science lab, therapy rooms and a kitchen for functional

skills sessions. These new spaces allow our students to truly explore and learn about subjects that they are passionate about. There is breakout space if needed for wellbeing, designated areas for therapy, cooking and science, and ample storage for all the equipment our students need to engage with learning and personal development.

The new student space has made such a difference to our young people! We're able to offer so much more and be more adaptable to their needs in sessions.

Jacqui from the in-person staff team

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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, recognising the impact of the COVID pandemic on our current students and those who will access our services in the future.

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: completing preparations for opening a new Centre in Worthing, West Sussex. expanding Cambridge and NW London Centres - by 20 children each.
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 emphasise 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 in line with 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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Financial review

Risk assesment Structure, governance and management

Financial review

Red Balloon Educational Trust (RBET), 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. 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. In addition, since 12 October 2021, Red Balloon’s blended online and face-to-face provision, Red Balloon of the Air (‘RBAir Education Activity’), has been directly operated by the Charity. Prior to this date, the RBAir Provision was operated through a separately registered charity and company limited by guarantee, Red Balloon of the Air (‘RBAir Company’).

At the start of the prior year, 1 Sept 2020, the RB consolidated group consisted of RBAir Company, 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 RBAir Company, 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. On 12 October 2021, the operations, assets and liabilities of RBAir Company, except for those in relation to a lease on the Danbury property, were transferred to its parent company, Red Balloon Educational Trust. The group results for 2021-22 include RBAir Company.

Consolidated income decreased by £1,057k (2021: £444k increase) on prior year to £2,404k (2021: £3,461k), which can mostly be attributed to RB-Reading and RB-Cambridge’s results being included for part of the year in the prior year. Fee income decreased by £1,216k (2021: £556k increase) to £1,475k (2021: £2,691k), £52k of which was due to 3.4% lower fee income from

the RBAir Education Activity and the balance due to RB-Cambridge and RB-Reading no longer being consolidated. Income from donations and grants decreased by £47k (2021: £104k) on prior year to £606k (2021: £653k). However, fundraising events, included in other trading activities, increased significantly by £147k (2021: £0.5k) to £147k (2021: £0.5k), mostly in relation to a Giving Dinner held in Oct 2021. Other income decreased by £6k (2021: £30k) on prior year to £2k (2021: £8k), £8k decrease was in relation to the Coronavirus Job Retention Scheme grant claimed; £5k by the Charity and £3k by RBAir in 2021.

Expenditure decreased by £1,294k (2021: £596k increase) on prior year to £2,168k (2021: £3,462k), however, included within expenditure for the prior year were £850k in relation to the disposal of the RB-Reading and RB-Cambridge and £770k of their expenditure for part of the year. There was £326k, 18% increase in expenditure for RBET and the RBAir Education Activity combined, £69k of which related to various set up costs for the new Worthing Centre. Expenditure in the Charity increased by 223% (2021: 36% decrease) and in RBAir Company decreased by 61% (2021: 3% increase); the significant movements due to the RBAir Education Activity being transferred from RBAir Company to RBET during the year.

Overall, there was a consolidated surplus of £228k (2021: £6k), of which £241k (2021: £236k) was attributable to the Charity, £13k deficit (2021: £221k surplus) to RBAir Company, £Nil (2021: £196k) to RB-Cambridge and £Nil (2021: £152k) to RB-Reading. In the prior year, there were additional factors attributable to the consolidated surplus: £58k surplus in relation to the reclassification of the Cambridge and Reading properties to programme related investments; £850k deficit arising on the disposal of subsidiaries and the balance of £7k deficit due to consolidation adjustments.

RBAir Education Activity’s fee income decreased by £52k in 2021-22 (2021: £362k increase) to £1,475k (2021: £1,527k) due to slightly lower student numbers. £148k of the fees were in RBAir Company and £1,327k in RBET. RBAir Education Activity’s expenditure increased by £154k (2021: £33k), £124k increase in staff costs and £33k increase in property costs, due to the 5 months overlap of the Winship House and Willow Lodge properties. At 31 August 2022, RBAir Company held £31k (2021: £387k) of unrestricted reserves, following the transfer of £26k restricted and £340k unrestricted reserves totalling £366k to RBET on 12 October 2021. The unrestricted reserves transferred became restricted to the RBAir Education Activity in RBET on transfer; £112k was spent as a contribution towards the purchase of Willow Lodge and £228k spent on staff costs in 2021-22.

The Charity’s net assets increased by £607k (2021: £236k) to £2,743k (2021: £2,136k) in the year. Its income increased by £1,786k (2021: £140k decrease) to £2,642k (2021: £856k); £1,327 from fee income which was not previously generated in the Charity, £366k (2021:£Nil) donation on the transfer of RBAir, £108k increase (2021: £91k decrease) from donations and grants income, £5k decrease (2021: £33k) in relation to the Coronavirus Job Retention Scheme, £147k increase (2021: Nil ) in income generated from fundraising events, and £157k net decrease (2021: £16k) in other income categories, including levies and recharges to other Red Balloons, which are no longer charged to RBAir Company, following the transfer of the RBAir Education Activity to RBET. Costs increased by £1,398k (2021: £348k decrease) to £2,025k (2021: £627k) due to higher expenditure in the following areas: £26k (2021: £255k lower) in bursaries and grants awarded to other Red Balloons; £76k (2021: £27k lower) in premises costs, £1,112k in staff costs (2021: £144k lower), £81k (2021: £59k higher) in recruitment and professional costs, £25k (2021: £Nil) in education activity costs, £47k (2021: £Nil) impairment of

programme related investments and £51k net increase (2020: £13k net decrease) in other areas. This was partially offset by lower expenditure of £4k (2021: 4k higher) in fundraising expenses and £16k (2021: £28k higher) in depreciation and amortisation charges.

At 31 August 2022, the consolidated group’s net assets amounted to £2,774k (2021: £2,546k), of which approximately £1,766k (2021: £1,613k) is in fixed assets (net of mortgages).

Investment policy and performance

Surplus funds were split between CAF Bank savings accounts, paying interest at the end of the financial year at approximately 0.5% pa (2021: 0.01% pa) and funds held with Investec. During 2021-22, Investec funds were liquidated and transferred in full to the CAF Bank savings accounts. Around 65% of the Investec funds were held as cash paying 0% pa at the start of the year and from April 22, 0.15% (2021: 0% pa) interest, 10% in fixed interest investments and the remaining 20% in UK and international equities. The trustees believe the CAF Bank savings accounts, currently paying interest at 1.35% pa, appropriately balance the need for ready access, good security and investment return, although other investment options are also being considered.

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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 minimum level of free reserves at three to six months of the forecasted future annual 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 £755k (2021: £557k), equating to around 4.3 months (2021: 14.6 months) operating costs. The operating costs of RBET have increased significantly following the transfer of the RBAir Education Activity in Oct 2021 and the opening of the Worthing Centre in Sept 2022. Some of the free reserves at the prior year end were used towards the purchase of a new property in Milton, in April 2022. 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 Education Activity was able to maintain their 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 remained stable in 2022-23 but an increase in fee income is forecast due to higher fees, as a result of a review of pricing strategy. Fee income is forecast to increase again the following year, as a result of further fee adjustments and based on the level of enquiries. Grants and donations income has been lower in 2022-23 compared to the previous couple of years but the RBAir Education Activity and the new Worthing Centre are both forecast a surplus, which will offset any reduction in fundraising income. Following 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.

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. Individually negotiated curriculum for each student, and proper assessment of their needs. Recruitment of high-quality staff and counsellors who embrace Red Balloon’s way of operating. Regular assessment of students' overall 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.

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

Management will ensure staff members are 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 & safety risk assessment policies up-to-date and inspections carried out at appropriate intervals. Central monitoring of compliance at Learner Centres and RBAir.

Student safeguarding – students harmed or self-harming.

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.

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

Engagement with lawmakers and educators on support for bullied children, including acting as secretariat for the All-Party Parliamentary Group on Bullying.

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

– Financial insolvency inadequate funding to cover expenditure

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

Ensuring software and virus protection on devices are up-to-date, as well as restricted physical access.

Loss of IT data and/or access to

central systems – resulting in confidential data loss and/or operational disruption including online provision.

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.

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Structure, governance and management

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". 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.

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.

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 are carried out at a full Trustees’ 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 requested. Interviews take place and candidates who most closely match the selection criteria are invited to attend a trustees meeting as an observer. No person or external body other than the trustees is entitled to appoint trustees.

Organisational structure and decision making

i) The Charity operates from its premises at Willow Lodge in Milton, Cambridge. The Executive Officer oversees individuals with responsibility for the RBAir & RB-Worthing provisions, 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.

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

v) At each meeting, the Chair asks the trustees to record any potential conflict of interest.

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.

1.RBET undertakes fundraising through our internal resources and we do not commission a professional fund-raiser/commercial participator for these;
2.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;

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.

3.RBET monitors fundraising activities via the board reports and via fortnightly meetings;
4.RBET received no complaints during the year about activities for the purpose of fundraising;
5.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:

Public benefit

The Trustees have had regard to the Charity Commission guidance on Public Benefit. Red Balloon Learner Centres provide an 'intensive care' full-time education, mainly for children (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 to 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.

a.Unreasonable intrusion on a person’s privacy;
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.

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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 for much wider access in the UK 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 reappointing 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 18 May 2023 and signed on their behalf by:

Beverley Williams

Administrative details of the charity, its trustees and advisors

Charity registration number

1109606

Company registration 05385341 number

Dr Carrie M H Herbert, President Ms Beverley A Williams, Chair Revd Prof Michael J Reiss Mr Simon P Mace (resigned 22 November 2022) Ms Jennifer R Raine (appointed 25 November 2021 and resigned 3 February 2023) Mr Nicholas H P Munday (appointed 5 October 2022)

Trustees and Directors

Director of Education: Mr Robert Watson

Executive Officer

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

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

Bankers

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Auditor's report and financial statements for the year ended 31 August 2022

Independent Auditor’s 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 2022 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheet, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 2022, and of the group’s 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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.

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 and 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 Auditor’s Report to the Members of Red Balloon Educational Trust

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. The trustees are responsible for the other information contained within the trustees’ annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 the 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

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

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’ exemption in preparing the strategic report.

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Independent Auditor’s 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 parent 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 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 parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act.

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 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.

We reviewed systems and procedures to identify potential areas of management override risk. In particular, 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, any correspondence with the Charity Commission and reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission. certain disclosures of trustees’ remuneration specified by law are not made; or
We agreed the financial statement disclosures to underlying supporting documentation, made enquiries of management and officers of the parent charitable company regarding laws and regulations applicable to the organisation and discussed whether there had been any known breaches of laws and regulations in order to consider any possible further considerations or impact upon the charity.

Independent Auditor’s Report to the Members of Red Balloon Educational Trust

Auditor responsibilities for the audit of the financial statements (continued)

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.

A further description of our responsibilities is available on the FRC'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 our 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 BSc FCA DChA (Senior Statutory Auditor)

for and on behalf of

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

Date: 30 May 2023

We reviewed the risk management processes and procedures including a review of the Board assurance reporting.

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee)

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 2022

REGISTERED COMPANY NUMBER: 05385341

CONSOLIDATED BALANCE SHEET

AS AT 31 AUGUST 2022

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RED BALLOON EDUCATIONAL TRUST

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

CHARITY BALANCE SHEET

(a company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022

AS AT 31 AUGUST 2022

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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RED BALLOON EDUCATIONAL TRUST

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

(a company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

FOR THE YEAR ENDED 31 AUGUST 2022

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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RED BALLOON EDUCATIONAL TRUST

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

FOR THE YEAR ENDED 31 AUGUST 2022

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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RED BALLOON EDUCATIONAL TRUST

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

FOR THE YEAR ENDED 31 AUGUST 2022

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

RED BALLOON EDUCATIONAL TRUST

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

FOR THE YEAR ENDED 31 AUGUST 2022

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RED BALLOON EDUCATIONAL TRUST

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

FOR THE YEAR ENDED 31 AUGUST 2022

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RED BALLOON EDUCATIONAL TRUST

(a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022